US productivity growth unrevised at 5.4% rate in Q1

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WASHINGTON (AP) — U.S. productivity growth was unrevised at a 5.4% rate in the first three months of the year while labor costs rose at an even faster rate. The first quarter gain in productivity was unchanged from the initial estimate a month ago, the Labor Department reported Thursday. The 5.4% gain at a seasonally adjusted annual rate followed a steep plunge at a 3.8% rate in the fourth quarter. Labor costs rose at a  1,7% rate in the first quarter, up from the initial estimate of a 1.6% increase. Productivity, the amount of output per hour of work, turned in weak gains over the record-long economic expansion that ended with the pandemic-triggered recession last year.

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