US: Productivity rises 2.2% in third-quarter 2018; unit labor costs rise 1.2% to match expectations

"Nonfarm business sector labor productivity increased 2.2 percent during the third quarter of 2018 as output increased 4.1 percent and hours worked increased 1.8 percent," the U.S. Bureau of Labor Statistics reported on Thursday.

Key qoutes

• From the third quarter of 2017 to the third quarter of 2018, productivity increased 1.3 percent, reflecting a 3.7-percent increase in output and a 2.4-percent increase in hours worked.
• Unit labor costs in the nonfarm business sector increased 1.2 percent in the third quarter of 2018, reflecting a 3.5-percent increase in hourly compensation and a 2.2-percent increase in labor productivity. 
• Manufacturing sector labor productivity increased 0.5 percent in the third quarter of 2018, as output increased 3.4 percent and hours worked increased 2.9 percent.