Labor Productivity up 4.6 Percent, Output up 43.4 Percent in Third Quarter 2020

Nonfarm business sector labor productivity increased 4.6% at an annual rate in the third quarter of 2020, as output increased 43.4% and hours worked increased 37.1%. These were the largest gains for output and hours worked since 1947.

The third quarter productivity gain follows an increase of 10.6% during the second quarter. This reflected a decline in output of 36.8% and a decline in hours worked of 42.9% —the largest declines in both series.