WASHINGTON, Dec. 6 (Xinhua) -- U.S. labor productivity and cost both rose in the third quarter of 2018, according to the revised figure released by U.S. Department of Labor on Thursday.
Nonfarm business sector labor productivity, which measures the output per hour of workers on nonfarm payrolls, increased 2.3 percent in the third quarter, according to the department.
Compared to the same period last year, productivity was 1.3 percent higher in the third quarter. Specifically, output rose 3.7 percent as hours worked increased 2.3 percent.
For U.S. manufacturing sector, labor productivity was 1 percent higher than previous quarter, as output increased 4.1 percent and hours worked increased 3.1 percent. Total manufacturing sector productivity increased 1.4 percent over the last four quarters.
Unit labor costs, which was the ratio of hourly compensation to labor productivity, rose 0.9 percent in the third quarter as hourly compensation rose 3.1 percent. Over the last four quarters, the indicator rose 0.9 percent.
Economists believe rising productivity helps an economy to sustain prosperity, while the rising unit labor costs put more inflation pressure on an economy.
