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Article: Productivity grows at 9.4 percent rate in third quarter, best since 1983
- Article from:
- AP Worldstream
- Article date:
- December 3, 2003
- Author:
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JEANNINE AVERSA, Associated Press Writer
AP Worldstream
12-03-2003
Dateline: WASHINGTON
Productivity of U.S. companies rocketed at a 9.4 percent annual rate in the third quarter, the best showing in 20 years, offering an encouraging sign that the economic resurgence will be lasting.
The increase in productivity _ the amount an employee produces per hour of work _ reported by the Labor Department on Wednesday was even stronger than the 8.1 percent pace initially estimated for the July-to-September quarter a month ago and was up from a 7 percent growth rate posted in the second quarter of this year.
The third-quarter's productivity gain, based on more complete data, was better than the 9.2 ...