U.S. productivity up 3%

American workers’ productivity went up 3 percent in the third quarter (July-September). It was the best showing in three years, while labor costs fell a second straight quarter. The increase in productivity was double that of the second quarter; and both quarters were significantly higher than the scant 0.1 percent rise in the first three months. Labor costs fell 0.2 percent. The second quarter had a 1.2 percent decline. Last week, the government reported GDP (gross domestic product) grew at an annual rate of 3.3 percent in the third period following a 3.1 percent rise in the second. It was the first back-to-back GDP gains of 3 percent or more since 2014. Economists are hopeful that the upturn in productivity may be a sign that living standards are improving after a prolonged period of weakness. (Source: The AP 12/06/17)