2.9% increase in Productivity, and a 1.9% decrease in unit labor costs says the Bureau of Labor Statistics, per their December 5th, 8:30 A.M. release.
The bureau reported further that the increase in productivity reflects increases of 4.2% in output and 1.3% in hours worked. From the 3rd Quarter 2011 to the third Quarter 2012, productivity increased 1.7% as output and hours worked rose 3.5% and 1.8%.
True productivity, or output per hour, is calculated by dividing and index of real output by an index of all hours worked by all persons, including employees, proprietors and unpaid family workers. The bureau defined unit labor costs as the ratio of hourly compensation to hourly productivity. Manufacturing sector productivity declined .7% in the 3rd Quarter of 2012, as output decreased .7% and hours remained the same.
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