WASHINGTON (Reuters) — U.S. non-farm productivity was stronger than initially thought in the second quarter as companies slashed costs to protect profits, data showed on Wednesday.
The Labor Department said non-farm productivity rose at a 6.6% annual rate, rather than the 6.4% pace it reported last month. That was the biggest increase since the third quarter of 2003.
Productivity rose at a 0.3% pace in the first quarter.
Analysts polled by Reuters had forecast productivity, which measures the hourly output per worker, rising at a 6.4% rate in the second quarter.
Unemployment still at an inadequate level.
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