A report released by the Labor Department on Thursday showed U.S. labor productivity pulled back by much less than expected in the first quarter.
The Labor Department said labor productivity slumped by 2.5 percent in the first quarter after jumping by 1.2 percent in the fourth quarter of 2019. Economists had expected productivity to plunge by 5.5 percent.
Meanwhile, the report said unit labor costs spiked by 4.8 percent in the first quarter after climbing by 0.9 percent in the fourth quarter. Labor costs had been expected to surge up by 4.0 percent.
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