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With output jumping by much more than hours worked, the Labor Department released a report on Thursday showing a bigger than expected increase in U.S. labor productivity in the third quarter.
The report said labor productivity surged up by 3.0 percent in the third quarter after climbing by 1.5 percent in the second quarter. Economists had expected production to increase by 2.4 percent.
The Labor Department also said unit labor costs rose by 0.5 percent in the third quarter after edging up by 0.3 percent in the second quarter. The uptick in costs matched economist estimates.
