Nonfarm business labor productivity rose by 1.5% on a year-over-year basis in the third quarter of 2012 and 1.9% from the second quarter, according to preliminary figures released today by the government's Bureau of Labor Statistics. Output and hours worked both advanced year-over-year, by 3.3% and 1.8%, respectively.
Of the five sectors tracked by the BLS, durable manufacturing saw the highest productivity increase over the one-year period, climbing 3.9%. The category's output rose 7.4% over that time frame while hours worked increased 3.3%.
In its release, the BLS also revised its second-quarter numbers. Nonfarm business productivity advanced at 1.9% year-over-year during the quarter, down from the previously announced 2.2%.
Revised third-quarter numbers are scheduled to be released Dec. 5.
