Labor productivity growth in the US rose to the highest level in two years in the third quarter, further confirming that increased efficiency is curbing inflationary pressure induced by wages. According to data released by the US Bureau of Labor Statistics on Thursday, productivity increased at an annual rate of 4.9% month-on-month, and increased 4.1% after revising the second-quarter data. Despite a slowdown in the labor market, the US economy recorded its fastest pace in two years in the third quarter. Unit labor costs fell 1.9%, the first time since 2019 that it has declined for two consecutive quarters.

Labor productivity growth in the US rose to the highest level in two years in the third quarter, further confirming that increased efficiency is curbing inflationary pressure induced by wages. According to data released by the US Bureau of Labor Statistics on Thursday, productivity increased at an annual rate of 4.9% month-on-month, and increased 4.1% after revising the second-quarter data. Despite a slowdown in the labor market, the US economy recorded its fastest pace in two years in the third quarter. Unit labor costs fell 1.9%, the first time since 2019 that it has declined for two consecutive quarters.