Labor productivity in the US grew faster than expected in the second quarter, indicating that companies are working to improve efficiency to ease the pressure caused by rising costs. According to data released by the US Bureau of Labor Statistics on Thursday, non-farm labor productivity increased at an annual rate of 1.4%. Previously, the increase in the first quarter was 0.8% after being revised up. Meanwhile, unit labor costs — that is, the employee costs that companies pay for each unit of output produced — increased by 1.3%. On a year-over-year basis, US labor productivity increased 2.2% in the second quarter. The median expectations of economists surveyed by Bloomberg showed that US labor productivity increased by 0.6% per annum and unit labor costs increased by 2.1% in the second quarter.

Labor productivity in the US grew faster than expected in the second quarter, indicating that companies are working to improve efficiency to ease the pressure caused by rising costs. According to data released by the US Bureau of Labor Statistics on Thursday, non-farm labor productivity increased at an annual rate of 1.4%. Previously, the increase in the first quarter was 0.8% after being revised up. At the same time, unit labor costs — that is, the employee costs that companies pay for each unit of output produced — increased by 1.3%. On a year-over-year basis, US labor productivity increased 2.2% in the second quarter. The median expectations of economists surveyed by Bloomberg showed that US labor productivity increased by 0.6% per annum and unit labor costs increased by 2.1% in the second quarter.