U.S. productivity gain largest since third quarter 2003

The Bureau of Labor Statistics of the U.S. Department of Labor today reported preliminary productivity data—as measured by output per hour of all persons—for the second quarter of 2009. The seasonally adjusted annual rates of productivity change in the second quarter were 6.3 percent in the business sector and 6.4 percent in the nonfarm business sector. Gains in both sectors were the largest since the third quarter of 2003 and were due to hours worked declining faster than output.

In manufacturing, the preliminary productivity changes in the second quarter were 5.3 percent in manufacturing; 3.9 percent in durable goods manufacturing; and 2.0 percent in nondurable goods manufacturing.

The full report can be found here.