U.S. manufacturing productivity was substantially stronger in the second quarter than previously estimated, with the largest upward revision coming in durable-goods industries, the Labor Department reported Thursday.
\n\nManufacturing labor productivity rose at a 2.4 percent annualized rate from April through June, the Bureau of Labor Statistics said, up from its preliminary estimate of 1.9 percent. The agency also revised first-quarter manufacturing productivity higher, to 2.2 percent from 1.9 percent.
\n\nThe second-quarter revision reflected stronger estimates of factory output as well as a smaller upward adjustment to hours worked. Manufacturing output is now estimated to have surged at a 5.4 percent annual rate, compared with the previously reported 4.6 percent. Hours worked increased 2.9 percent, revised up from 2.6 percent.
\n\nThe increase in manufacturing output was the largest since the second quarter of 2021, when output rose 6.7 percent. Productivity measures the amount of output produced for each hour worked.
\n\nThe revisions were particularly large among manufacturers of durable goods, which include machinery, computers and electronics, fabricated metals, transportation equipment, and other long-lasting products.
\n\nProductivity in durable manufacturing increased at a 3.6 percent annualized rate in the second quarter, sharply higher than the preliminary estimate of 2.7 percent. Durable-goods output was…
Original source: https://www.breitbart.com/economy/
