Productivity growth in fourth quarter 2008 revised downward
March 06, 2009
In the nonfarm business sector, productivity—as measured by output per hour—decreased at an annual rate of 0.4 percent in the fourth quarter of 2008, as output decreased 8.7 percent and hours of all persons decreased 8.3 percent. Productivity growth for the fourth quarter was originally estimated at 3.2 percent.
The decline in nonfarm business output was the largest since the first quarter of 1982 and the decline in hours was the largest since the first quarter of 1975.
Productivity increased 2.2 percent from the fourth quarter of 2007 to the fourth quarter of 2008.
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, Fourth Quarter and Annual Averages for 2008, Revised" (PDF) (HTML), news release USDL 09-0223.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Productivity growth in fourth quarter 2008 revised downward on the Internet at http://www.bls.gov/opub/ted/2009/mar/wk1/art05.htm (visited August 30, 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.