November 2, 2017 / 12:45 PM / 20 days ago

U.S. third-quarter productivity fastest in three years

WASHINGTON (Reuters) - U.S. worker productivity increased at its fastest pace in three years in the third quarter, holding down labor costs, but the trend in productivity growth remained moderate.

People take shelter from the rain under umbrellas as they cross the street in New York's Times Square July 19, 2012. REUTERS/Keith Bedford/Files

The Labor Department said on Thursday that nonfarm productivity, which measures hourly output per worker, rose at a 3.0 percent annualized rate. That was the quickest pace since the third quarter of 2014. Growth in second-quarter productivity was unrevised at a 1.5 percent rate.

Economists polled by Reuters had forecast productivity rising at a 2.4 percent pace in the July-September quarter.

Reporting by Lucia Mutikani; Editing by Chizu Nomiyama

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