Material Is Embargoed — 2004-06-03

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 2004. The revised seasonally adjusted annual rates of productivity change in the first quarter were: 4.6 percent in the business sector and 3.8 percent in the nonfarm business sector. In both sectors, the first-quarter productivity gains were somewhat higher than those reported initially on May 6. 2.9 percent in manufacturing, 5.9 percent in durable goods manufacturing, and -0.7 percent in nondurable goods manufacturing. Manufacturing productivity growth was revised down from the figure reported on May 6, reflecting a downward revision to productivity growth in nondurable goods manufacturing--which comprises less than forty percent of employment in the sector. Productivity in durable goods manufacturing was unchanged from the figure released last month. Output and hours in manufacturing, which includes about 13 percent of U.S.