US labor market productivity tanked in the third quarter. Paychecks grew and the number of hours worked jumped, but workers' output increased only at a moderate pace.
Revisions to the data that were initially published a month ago show that the productivity drop was even worse than feared, falling 5.2% on a seasonally adjusted basis. That's the steepest decline in the quarterly rate since the second quarter of 1960 when productivity fell 6.1%. READ MORE