Labor productivity in the U.S. shot up by more than expected in the third quarter of 2023, according to a report released by the Labor Department on Thursday.
The Labor Department said labor productivity soared by 4.7 percent in the third quarter after surging by a revised 3.6 percent in the second quarter.
Economists had expected productivity to spike by 4.2 percent compared to the 3.5 percent jump that had been reported for the previous quarter.
Meanwhile, the report said unit labor costs fell by 0.8 percent in the third quarter after shoot up by a revised 3.2 percent in the second quarter.
Unit labor costs were expected to climb by 0.7 percent compared to the 2.2 percent increase that had been reported for the previous quarter.