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Productivity takes huge hit amid soaring inflation, surging labor costs

By Prathapan Bhaskaran - May 05, 2022, 06:37 PM ET
Last Updated - Feb 27, 2024, 07:12 AM EST
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U.S. nonfarm productivity declined 7.5% from January through March, the Bureau of Labor Statistics reported Thursday

Labor costs surged as the United States struggled with soaring Covid cases, according to the report. Worker productivity, a measure of output against hours worked, slid the sharpest in about 75 years in the first three months of the year, the report said. Fall is worst since the third quarter of 1947

  • Unit labor costs soar 11.6%, taking the increase over four quarters
    to 7.2%
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    The U.S. nonfarm productivity declined 7.5% from January through March, the Bureau of Labor Statistics reported Thursday.

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