U.S. Labor Productivity Spikes By More Than Initially Estimated In Q2

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Revised data released by the Labor Department on Thursday showed U.S. labor productivity soared by even more than initially estimated in the second quarter.

The report said labor productivity skyrocketed by 10.1 percent in the second quarter compared to the previously reported 7.3 percent spike. Economists had expected the jump in labor productivity to be upwardly revised to 7.5 percent.

Meanwhile, the Labor Department said the surge in unit labor costs in the second quarter was downwardly revised to 9.0 percent from the previously reported 12.2 percent. The spike in labor costs was expected to be downwardly revised to 12.1 percent.

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