Material Is Embargoed — 2003-09-04

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 second quarter of 2003. The seasonally adjusted annual rates of productivity change in the second quarter were: 7.2 percent in the business sector and 6.8 percent in the nonfarm business sector. In both sectors, increases in productivity were larger than reported on Aug. 7, due primarily to upward revisions to output. (See table C.) 3.7 percent in manufacturing, 3.5 percent in durable goods manufacturing, and 3.4 percent in nondurable goods manufacturing. In total manufacturing, the change in productivity was revised down from a preliminary estimate of 4.2 percent. Output and hours in manufacturing, which includes about 15 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.