U.S. Fourth Quarter Productivity Revised Up to 0.8%
Companies in the United States were more efficient in the fourth quarter, a revised report by the Labor Department said Thursday. The department's quarterly report on productivity was revised upward to an annual rate of 0.8%.A separate report on weekly jobless claims rose, adding to previous reports that showed a softening economy in February.
The productivity report, which measure how much a worker produces in an hour, was revised upward from a decline of 0.2% (Click here for related coverage.). That report was issued on Feb. 6.
Analysts told Bloomberg that increasing productivity is a product of companies increasing output while the cut their staffs. Increased use of technology has also contributed to increasing efficiencies, experts said.
The report on initial jobless claims showed an increase in first-time filings for unemployment benefits of 12,000 to 430,000 in the week ended March 1.
The four-week moving average, which smoothes out volatility in the weekly statistics, rose to 408,750 from 399,750 the previous week.
