Market expectation was that non-agricultural labor productivity would increase by 4.1 percent, but the data exceeded this estimate.
This data, recorded as the largest increase since the third quarter of 2020, reflected the vitality of the economy and the increase in workforce productivity.
While production increased by 5.9 percent in the same period compared to the previous quarter, a 1.1 percent increase in working hours was recorded.
Additionally, non-agricultural labor productivity increased by 2.2 percent on an annual basis in the July-September period.
Unit labor costs unexpectedly decreased by 0.8 percent in the third quarter compared to the previous quarter. This exceeded economists’ predictions; because a 0.7 percent increase was expected in this period. The decline in unit labor costs showed that labor costs were increasing more slowly and inflationary pressure was decreasing.