Material Is Embargoed — 2001-11-07

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 third quarter of 2001. The preliminary seasonally-adjusted annual rates of productivity growth in the third quarter were: 2.2 percent in the business sector and 2.7 percent in the nonfarm business sector. In both the business and the nonfarm business sectors, productivity increases in the third quarter occurred because hours fell more than output (table A). The tragic events of September 11 occurred late in the reference period for the productivity and costs measures. BLS has made small downward adjustments to the hours of employees of private nonfarm businesses in the third quarter in order to be consistent with the output and compensation measures from the Bureau of Economic Analysis. See Adjustments for further information. 1.1 percent in manufacturing, 2.5 percent in durable goods manufacturing, and -1.3 percent in nondurable goods manufacturing.