Second-quarter U.S. productivity falls 0.3%

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WASHINGTON (MarketWatch) - The productivity of U.S. businesses fell 0.3%` in the second quarter while first-quarter figures were revised lower to show a decline, as labor costs rose faster than the amount of goods and services produced, according to government data. Economists surveyed by MarketWatch had expected productivity to decline by 0.9% in the second quarter. Productivity in the first quarter, meanwhile, was revised to a 0.6% decline instead of a previously reported increase of 1.8%, the Labor Department said Tuesday. The amount of goods and services produced, known as real output, grew at an annual rate of 1.8%. Hours worked rose 2.0%. Compensation per hour rose 1.9% at an annual rate, but hourly wages adjusted for inflation actually fell 2.1%. The unit cost of labor, meanwhile, rose by a 2.2% annual rate.

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