Material Is Embargoed — 2003-06-04

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 first quarter of 2003. The revised seasonally adjusted annual rates of productivity change in the first quarter were: 2.5 percent in the business sector and 1.9 percent in the nonfarm business sector. In both sectors, the first-quarter productivity gains were somewhat higher than those reported initially on May 1. In manufacturing, the revised productivity changes in the first quarter were: 1.9 percent in manufacturing, 2.1 percent in durable goods manufacturing, and 2.2 percent in nondurable goods manufacturing. Manufacturing productivity growth was revised down from the figure reported on May 1, reflecting a downward revision to productivity growth in durable goods manufacturing--which comprises about sixty percent of employment in the sector. Productivity in nondurable goods manufacturing was revised up. Output and hours in manufacturing, which includes about 15 percent of U.S.