India, Feb. 6 -- A report released by the Labor Department on Thursday showed U.S. labor productivity and unit labor costs both increased by less than expected in the fourth quarter of 2024.
The Labor Department said labor productivity climbed by 1.2 percent in the fourth quarter after surging by an upwardly revised 2.3 percent in the third quarter. Economists had expected labor productivity to jump by 1.7 percent.
The bigger than expected slowdown in the pace of productivity growth came as output shot up by 2.3 percent in the fourth quarter compared to the 3.6 percent spike in the third quarter. Productivity is a measure of output per hour.
The report said hours worked increased by 1.0 percent in the fourth quarter after climbing by 1.3...