2008 First Quarter (Revised) Productivity and Costs — 2008-06-04

The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised productivity data--as measured by output per hour of all persons--for the first quarter of 2008. The revised seasonally adjusted annual rates of productivity change in the first quarter were: 2.4 percent in the business sector and 2.6 percent in the nonfarm business sector. In both sectors, the first-quarter productivity gains were greater than the preliminary estimates reported on May 7, due primarily to upward revisions to output growth. In manufacturing, the revised productivity changes in the first quarter were: 3.6 percent in manufacturing, 2.6 percent in durable goods manufacturing, and 5.7 percent in nondurable goods manufacturing. Manufacturing productivity growth was slower in the first quarter of 2008 than reported on May 7 as output was revised down by more than hours. Output and hours in manufacturing, which includes about 12 percent of U.S.