Material Is Embargoed — 2003-02-06

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 2002. The seasonally adjusted annual rates of productivity change in the fourth quarter and the annual average changes were: In the fourth quarter, productivity dipped 0.7 percent in the business sector as output increased 0.9 percent but hours at work increased more, 1.5 percent (seasonally adjusted annual rates). A similar pattern of growth occurred in the nonfarm business sector where output rose 0.8 percent, hours increased by 1.0 percent, and productivity fell 0.2 percent. On an annual average basis, productivity in both the business and nonfarm business sectors rose 4.7 percent in 2002. 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.