US labor productivity grows slower than expected in the second quarter

The US Department of Labor said that labor productivity in the United States rose 2.1% in the second quarter, compared to a previous estimate of 2.3%, and analysts had expected that US labor productivity would rise to 2.4% in the second quarter. The productivity of American labor rose by 4.3% in the first quarter of this year, and on an annual basis, the productivity of American labor increased by 1.8% in the second quarter compared to the second quarter of 2020.

Labor costs increased by 1.3% in the second quarter after declining by 2.8% in the first quarter. On an annual basis, labor costs increased by 0.2% in the second quarter compared to the second quarter of last year, and working hours increased by 6.0% in the second quarter.