Material Is Embargoed — 2002-08-09

The Bureau of Labor Statistics of the U.S. Department of Labor reported preliminary productivity data--as measured by output per hour of all persons-- for the second quarter of 2002. The preliminary seasonally adjusted annual rates of productivity change in the second quarter were: 1.4 percent in the business sector and 1.1 percent in the nonfarm business sector. In the business sector, productivity grew as hours dropped 1.1 percent and output edged up 0.3 percent. A similar pattern occurred in nonfarm businesses, where hours fell 0.7 percent as output grew 0.5 percent. In manufacturing, the preliminary productivity changes in the second quarter were: 4.9 percent in manufacturing, 7.0 percent in durable goods manufacturing, and 2.9 percent in nondurable goods manufacturing. Manufacturing productivity grew 4.9 percent in the second quarter, compared with a 9.7-percent rise (as revised) in the first quarter. Output rose 4.1 percent in the second quarter of 2002 and hours of all persons fell 0.8 percent.