Material Is Embargoed — 2001-09-05

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 second quarter of 2001. The seasonally adjusted annual rates of productivity change in the second quarter were: 2.2 percent in the business sector and 2.1 percent in the nonfarm business sector. In both sectors, increases in productivity were smaller than reported on Aug. 7; both output and hours movements were revised down. (See table C.) 1.1 percent in manufacturing, 1.7 percent in durable goods manufacturing, and 0.0 percent in nondurable goods manufacturing. In total manufacturing, the change in productivity was revised to show a small increase in the second quarter, compared with the preliminary estimate of a slight decline. Output and hours in manufacturing, which includes about 16 percent of U.S. business-sector employment, tend to vary more from quarter to quarter than data for the more aggregate business and nonfarm business sectors.