Material Is Embargoed — 2001-12-06

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 third quarter of 2001. The seasonally adjusted annual rates of productivity growth in the third quarter were: 1.1 percent in the business sector, and 1.5 percent in the nonfarm business sector. In both sectors, the downward revisions to productivity were due to declines in output that were larger than originally reported and smaller declines in labor hours. 2.5 percent in manufacturing, 1.8 percent in durable goods manufacturing, and 2.6 percent in nondurable goods manufacturing. Manufacturing productivity rose faster than reported on November 7. Both output and hours show smaller declines than originally reported, but the revision to output was greater than that to hours. Output and hours in manufacturing, which includes about 16 percent of U.S.