(RTTNews) - The Labor Department released a report on Thursday showing U.S. labor productivity surged by more than expected in the fourth quarter of 2023.
The report said labor productivity shot up by 3.2 percent in the fourth quarter after soaring by a downwardly revised 4.9 percent in the third quarter.
Economists had expected labor productivity to jump by 2.5 percent compared to the 5.2 percent spike that had been reported for the previous quarter.
Meanwhile, the Labor Department said unit labor costs rose by 0.5 percent in the fourth quarter after falling by 1.1 percent in the third quarter.
Unit labor costs were expected to increase by 1.7 percent compared to the 1.2 percent slump that had been reported for the previous quarter.
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