2008 First Quarter (Preliminary) Productivity and Costs — 2008-05-07

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 2008. The seasonally adjusted annual rates of productivity change in the first quarter were: 1.9 percent in the business sector and 2.2 percent in the nonfarm business sector. In both sectors, the productivity gains were due primarily to declines in hours worked. In the business sector, output edged up 0.2 percent while hours fell 1.6 percent. In nonfarm businesses, output rose 0.4 percent and hours declined 1.8 percent (seasonally adjusted annual rates). In both sectors, productivity grew faster than in the fourth quarter of 2007, when output per hour rose 0.9 percent in the business sector and 1.8 percent in the nonfarm business sector. First quarter measures are summarized in table A and appear in detail in tables 1 through 5.