Material Is Embargoed — 2004-03-04

The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised fourth-quarter seasonally-adjusted annual rates of productivity change-as measured by output per hour of all persons-and revised annual changes for the full year 2003. Percent changes in business and nonfarm business productivity were: In the fourth quarter, productivity increased 2.0 percent in the business sector, slightly more than the 1.8 percent rise reported Feb. 5. In nonfarm businesses, productivity grew 2.6 percent, compared to the preliminary estimate of 2.7 percent (seasonally adjusted annual rates). On an annual average basis, productivity rose 4.5 percent in the business sector and 4.4 percent in the nonfarm business sector--0.2 percentage points higher than previously reported in both sectors. Fourth-quarter productivity and related measures are summarized in table A and appear in detail in tables 1 through 5. Preliminary and revised fourth-quarter and annual data appear in table C.