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Economic Report: Productivity declines for third straight quarter

Bloomberg

Auto worker at Fiat Chrysler Automobiles NV’s Warren Stamping Plant in Warren, Michigan

WASHINGTON (MarketWatch) — Productivity, a sore spot for the U.S. economy over the past few years, has now declined in three straight quarters, according to new data released Tuesday.

Productivity in the second quarter unexpectedly fell 0.5%, well below expectations.

Economists surveyed by MarketWatch had forecast a 0.3% gain in productivity in the second quarter.

Productivity is down 0.4% from a year earlier, the first year-over-year decline since the second quarter of 2013.

Output of goods and services increased at a 1.2% clip in the second quarter. Hours worked rose 1.8%.

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