U.S. Productivity Rebounds In Second Quarter, Wage Inflation Muted
U.S. nonfarm productivity rebounded more strongly than expected in the second quarter, but a sharp slowdown in unit labor costs pointed to still-tame wage pressures that could give the Federal Reserve room to keep interest rates low for a while. The Labor Department said on Friday that productivity increased at a 2.5 percent annual rate after contracting at a revised 4.5 percent pace in the first quarter, which was the fastest decline since the fourth quarter of 1981. Productivity, which measures hourly output per worker, was previously reported to have declined at a 3.2 percent rate in the first three months of the year.
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