Material Is Embargoed — 2004-02-05

The Bureau of Labor Statistics of the U.S. Department of Labor today reported preliminary productivity data-as measured by output per hour of all persons-for the fourth quarter and for the full year 2003. The seasonally adjusted annual rates of productivity change in the fourth quarter and the annual average changes were: In the fourth quarter, productivity increased 1.8 percent in the business sector following an 8.7-percent increase (as revised) one quarter earlier (seasonally adjusted annual rates). In nonfarm businesses, productivity also grew more slowly in the fourth quarter, 2.7 percent, than it had one quarter earlier, when it rose 9.5 percent. On an annual average basis, productivity rose 4.3 percent in the business sector and 4.2 percent in the nonfarm business sector. Fourth-quarter productivity and related measures are summarized in table A and annual average data in table B. Detailed information is presented in tables 1 through 5.