First-quarter productivity revised up to 1.8% (by Jeffry Bartash)
WASHINGTON (MarketWatch) - The productivity of U.S. businesses rose 1.8% in the first quarter, slightly faster than previously reported, the U.S. Labor Department said Thursday. The government originally reported an increase in first-quarter productivity of 1.6%. Real output was revised slightly higher to 3.2% from 3.1%, while the increase in hours worked was unchanged at 1.4%. Unit labor costs rose a smaller 0.7% in the first three months of the year, compared to a prior estimate of a 1.0% increase.