Productivity Growth Highest in Years

With nearly 6 million jobs lost in the past 12 months, the output per hour of remaining workers grew at its highest rate since 2003.

The US Department of Labor reported that non-farm productivity grew at an annual rate of 6.6% in the second quarter, higher than economists expected. Overall output fell 1.5% from one year ago while the number of hours worked fell a higher 7.5%. Compensation per hour, adjusted for inflation, fell 1%.