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The U.S. Labor Department released non-farm productivity figures on Thursday. Preliminary productivity in the U.S. non-farm businesses rose at a 1.6% annual rate in the third quarter, beating expectations for a 0.2% decrease, after a 3.5% increase in the second quarter. The second quarter's figure was revised up from a 3.3% gain.
The increase was driven by a rise in manufacturing productivity, which rose 4.9%. Hours worked fell by 2.1%.
Preliminary unit labour costs increased 1.4% in the third quarter, missing expectations for a 2.3% rise, after a 1.8 drop in the second quarter. The second quarter's figure was revised down from a 1.4% decrease.
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