Economy

Worker output fell 7.5% in the first quarter, the biggest decline since 1947

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People work at the Rivian Automotive electric vehicle factory in Normal, Illinois, April 11, 2022.

Kamil Krzaczynski | Reuters

Worker productivity fell to start 2022 at its fastest pace in nearly 75 years while labor costs soared as the U.S. struggled with surging Covid cases, the Bureau of Labor Statistics reported Thursday.

Nonfarm productivity, a measure of output against hours worked, declined 7.5% from January through March, the biggest fall since the third quarter of 1947.

At the same time, unit labor costs soared 11.6%, bringing the increase over the past four quarters to 7.2%, the biggest gain since the third quarter of 1982. The metric calculates how much employers pay workers in…



Source cnbc.com

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