RTTNews - Thursday morning, the Labor Department released its revised report on labor productivity and unit labor costs in the first quarter, showing that productivity increased by more than previously expected while labor costs rose less than originally estimated.
The report showed that productivity increased by 1.6 percent in the first quarter compared to the 0.8 percent increase that had been reported last month. Economists had been expecting the increase in productivity to be revised up to 1.2 percent.
Additionally, the Labor Department said that unit labor costs increased by 3.0 percent in the first three months of the year, a downward revision from the originally reported 3.3 percent increase. The increase in costs was expected to be revised down to 2.9 percent.
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