U.S. productivity increased by a 1.9% annual rate in the third quarter, slightly faster than revised pace in the prior period, the Labor Department said
Economists polled by MarketWatch had forecast productivity to climb by 2.4%
Output of goods and services jumped 3.7% from a 3.3% gain in the second quarter, while hours worked rose by 1.7% vs. 1.4% in the previous period
Unit-labor costs, however, fell by 0.6% and inflation-adjusted hourly compensation of American workers declined by 1.3% after rising 2.3% in the second quarter
Compensation rose 1.3% without taking inflation into account
In the manufacturing sector, the increase in productivity slowed a 0.4% annual clip from a 2.7% increase in the second quarter
And productivity over the past year - the key to a richer society - is unchanged, according to the government's data
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"The Federal Reserve is using its monetary policy tools to promote a more robust recovery. A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases. I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy," Yellen said.
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