Material Is Embargoed — 2003-05-01

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 first quarter of 2003. The seasonally adjusted annual rates of productivity change in the first quarter were: 2.2 percent in the business sector and 1.6 percent in the nonfarm business sector. These productivity increases occurred as modest output increases were combined with modest declines in the hours worked. In the business sector, output grew 1.7 percent and hours of all persons fell 0.5 percent. In nonfarm businesses, output rose 1.4 percent and hours dropped 0.1 percent. First-quarter measures are summarized in table A and appear in detail in tables 1 through 5. 2.1 percent in manufacturing, 2.4 percent in durable goods manufacturing, and 1.7 percent in nondurable goods manufacturing.