A report released by the Labor Department on Thursday unexpectedly showed a modest decrease in U.S. labor productivity in the fourth quarter, although the report also showed a sharp jump in labor costs.
The report said labor productivity edged down by 0.1 percent in the fourth quarter after surging up by a revised 2.7 percent in the third quarter.
Economists had expected productivity to climb by 1.0 percent compared to the 3.0 percent jump that had been reported for the previous quarter.
Meanwhile, the Labor Department said unit labor costs spiked by 2.0 percent in the fourth quarter after slipping by a revised 0.1 percent in the third quarter.
Labor costs were expected to increase by 0.8 percent compared to the 0.2 percent dip that had been reported for the previous quarter.
by RTT Staff Writer
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