Productivity picked up in fourth quarter
The productivity of U.S. workers unexpectedly increased in the fourth quarter at a faster rate as companies sought to contain costs, Bloomberg reported. Employee output per hour rose at a 2.6 percent annual rate, compared with a revised 2.4 percent rate in the previous three months, according to figures released today by the U.S. Department of Labor. Economists had projected a 2 percent advance, according to the median forecast in a Bloomberg News survey. Labor expenses fell for the fifth time in six quarters.
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