• The U.S. Bureau of Labor Statistics released new economic data Tuesday showing the sharpest quarterly decline in labor productivity since 1948.
• BLS reported a 4.6% decrease in labor productivity in the second quarter of this year as the economy shrank and labor costs rose. This data follows a decrease in productivity the first quarter of 2022 as well.
• “From the same quarter a year ago, nonfarm business sector labor productivity decreased 2.5 percent, reflecting a 1.5-percent increase in output and a 4.1-percent increase in hours worked,” BLS said.
• “The 2.5-percent decline in labor productivity from the same quarter a year ago is the largest decline in this series, which begins in the first quarter of 1948.”

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