U.S. nonfarm business sector productivity slowed much more than initially estimated and unit labor costs increased less than expected in the first quarter of the year, revised data from the Department of Labor showed on Thursday.
Worker productivity, which is measured as output per hour, rose an annualized 0.3 percent from the previous quarter, reflecting a downward revision from the initially reported 0.8 percent increase. Economists had expected the rate to be revised down to 0.5 percent.
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