US Productivity Growth Grows in Q3

Non-farm productivity in the United States maintained strong momentum, climbing 2.2% in Q3 2024, marking another quarter of robust growth despite market uncertainties. The Department of Labor's latest report reveals a continuing trend of solid productivity gains.

While slightly below analysts' projections of 2.5%, the Q3 performance builds on a revised Q2 growth of 2.1%. The previous quarter's figures were adjusted downward from an initial estimate of 2.5%.

Unit labor costs rose 1.9% during the period, showing moderation from Q2's 2.4% increase but exceeding market expectations of 1.1%. This suggests persistent wage pressures in the labor market.

Key Stats:

• Q3 Productivity: +2.2%

• Q2 Revised: 2.1%

• Unit Labor Costs: +1.9%

• Market Expectations: 2.5%

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