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Productivity in the nonfarm business sector, as measured by output per hour, increased at a revised seasonally adjusted annual rate of 2.1 percent in the second quarter of 2001. A preliminary growth rate of 2.5 percent had been reported last month, based on information available at that time.
Both output and hours movements were revised downward. Output declined 0.5 percent—this was the first drop in output since the first quarter of 1993. The percent change in output earlier reported for the second quarter of 2001 (based on more limited information) was 0.1 percent.
Based on the latest information, hours in the nonfarm business sector decreased 2.6 percent in the second quarter of 2001. The drop in hours was the largest since the first quarter of 1991. The percent change in hours earlier reported for the second quarter of 2001 was –2.4 percent.
These data are a product of the BLS Quarterly Labor Productivityprogram. Data are subject to revision. Additional information is available in "Productivity and Costs, Second Quarter 2001 (revised)," news release USDL 01-292.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Downward revision in second-quarter productivity growth at https://www.bls.gov/opub/ted/2001/sept/wk1/art03.htm (visited May 31, 2023).