- Special Sections
- Public Notices
WASHINGTON (AP) — Productivity grew at a slower rate in the first three months of the year than previously thought, a sign that businesses may be reaching the limits on how much they can squeeze out of leaner staffs.
The Labor Department says productivity advanced at an annual rate of 2.8 percent in the January-March period. That is the slowest pace in a year and lower than the 3.6 percent rate the government initially reported last month.
Labor costs declined at a 1.3 percent annual rate, slower than the 1.6 percent drop initially estimated.
A separate report Thursday showed layoffs fell for a second straight week. They dipped by 10,000 to 453,000 last week. Still, the declines come after a sharp increase three weeks ago and claims remain at elevated levels.
A slowing in productivity gains could mean fewer layoffs are coming.
The downward revision in productivity reflected the government's revised estimate of total output as measured by the gross domestic product. GDP was revised to show the economy growing at a 3 percent rate in the first quarter, down from an initial estimate of 3.2 percent.
Less output translated into slower growth in productivity, which is a measure of the amount of output per hour of work.
If you currently subscribe or have subscribed in the past to the Los Alamos Monitor, then simply find your account number on your mailing label and enter it below.
Click the question mark below to see where your account ID appears on your mailing label.
If you are new to the award winning Los Alamos Monitor and wish to get a subscription or simply gain access to our online content then please enter your ZIP code below and continue to setup your account.