Productivity growth in third quarter 2008
November 07, 2008
During the third quarter of 2008, productivity—as measured by output per hour—increased at a revised seasonally adjusted annual rate of 1.1 percent in the nonfarm business sector. Output and hours fell 1.7 percent and 2.7 percent, respectively.
The decline in output was the largest since third-quarter 2001. The drop in hours was the largest since the first quarter of 2002.
Over the last four quarters, nonfarm business output per hour increased 2.0 percent; output rose 0.3 percent, and hours fell 1.7 percent. From 2000 to 2007, nonfarm productivity increased at a 2.5-percent average annual rate, as output grew 2.5 percent and hours edged up 0.1 percent on average.
These data are from the BLS Productivity and Costs program. Data in this report are seasonally adjusted annual rates. These estimates are subject to revision. Additional information is available in "Productivity and Costs, Third Quarter 2008, Preliminary," (PDF) (HTML) news release USDL 08-1616.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Productivity growth in third quarter 2008 on the Internet at https://www.bls.gov/opub/ted/2008/nov/wk1/art05.htm (visited January 21, 2017).
Recent editions of Spotlight on Statistics
Workplace injuries and illnesses and employer costs for workers’ compensation
Workplace injury and illness data and the costs to employers for workers’ compensation in natural resources, construction, and maintenance occupations.
A look at the future of the U.S. labor force to 2060
Projected long-term trends in the growth, size, and composition of the labor force.
Union membership in the United States
Historical trends in union membership among employed wage and salary workers; union membership by a variety of demographic characteristics.
A look at healthcare spending, employment, pay, benefits, and prices
Spending on healthcare, current and projected employment in the industry, employer-provided healthcare benefits, healthcare prices, and pay for workers in healthcare occupations.
Self-employment in the United States
Trends in self-employment by various demographic and socioeconomic characteristics, including both the unincorporated and the incorporated self-employed, as well as data on paid employees who work for the self-employed.