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Archived News Release--Caution:
information may be out of date.
For more information call: 202-693-4650
The U.S. economy entered the 21st century with a productivity bang.
Today's preliminary report shows that businesses are still finding creative
ways to increase productivity and that the paychecks of American workers are
benefiting from these efforts.
This is the first time that the nonfarm business and manufacturing
sectors have shown four years of sustained and steady productivity growth this
deep into any previous economic boom since BLS started providing annual
estimates in 1960.
In the fourth quarter, productivity in the nonfarm business sector rose
5.0 percent, the same increase seen in the third quarter. These gains are the
largest since the fourth quarter of 1992. Real hourly compensation rose 1.1
percent, compared to a 2.0 percent increase in the third quarter.
For the year 1999, productivity in the nonfarm business sector expanded
by 2.9 percent, compared to a 2.6 percent increase in real hourly compensation.
Manufacturing continued to show signs of growing strength. Productivity
grew at a 10.7 percent annual rate in the fourth quarter, compared to a 4.6
percent increase in the third quarter. On an annual basis, the sector's
productivity increased by 6.4 percent in 1999, recording the largest increase
since a 6.9 percent rise in 1971.
Archived News Release--Caution:
information may be out of date.
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