US productivity down in spring, while labor costs rise
WASHINGTON (AP) — U.S. productivity fell in the April-June quarter by a larger amount than first estimated, while labor costs accelerated sharply.
The latest figure reflected the fact that the government last week revised lower its estimate of overall output, as measured by the gross domestic product.
Economists believe that businesses need to start focusing more on raising the efficiency of their existing workforce rather than just hiring more workers to meet demand.