Productivity growth in third quarter 2008
November 07, 2008
During the third quarter of 2008, productivity—as measured by output per hour—increased at a revised seasonally adjusted annual rate of 1.1 percent in the nonfarm business sector. Output and hours fell 1.7 percent and 2.7 percent, respectively.
The decline in output was the largest since third-quarter 2001. The drop in hours was the largest since the first quarter of 2002.
Over the last four quarters, nonfarm business output per hour increased 2.0 percent; output rose 0.3 percent, and hours fell 1.7 percent. From 2000 to 2007, nonfarm productivity increased at a 2.5-percent average annual rate, as output grew 2.5 percent and hours edged up 0.1 percent on average.
These data are from the BLS Productivity and Costs program. Data in this report are seasonally adjusted annual rates. These estimates are subject to revision. Additional information is available in "Productivity and Costs, Third Quarter 2008, Preliminary," (PDF) (HTML) news release USDL 08-1616.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Productivity growth in third quarter 2008 on the Internet at http://www.bls.gov/opub/ted/2008/nov/wk1/art05.htm (visited July 23, 2016).
Recent editions of Spotlight on Statistics
A look at healthcare spending, employment, pay, benefits, and prices
As one of the largest U.S. industries, healthcare is steadily growing to meet the needs of an increasing population with an increasing life expectancy. This Spotlight looks at how much people spend on healthcare, current and projected employment in the industry, employer-provided healthcare benefits, healthcare prices, and pay for workers in healthcare occupations.
Employment and Wages in Healthcare Occupations
Healthcare occupations are a significant percentage of U.S. employment. Some of the largest and highest paying occupations are in healthcare. This Spotlight examines employment and wages for healthcare occupations.
Fifty years of looking at changes in peoples lives
Longitudinal surveys help us understand long-term changes, such as how events that happened when a person was in high school affect labor market success as an adult.