WASHINGTON – U.S. productivity increased at a solid 4.6% pace in the July-September quarter, slightly below the initial estimate, while labor costs fell at a slower pace.The third quarter increase in productivity was below the first estimate a month ago of a 4.9% increase, the Labor Department reported Tuesday.
Productivity had surged at a 10.6% rate in the second quarter.Labor costs fell at a 6.6% rate in the third quarter , a smaller drop than the 8.9% decline estimated a month ago.Productivity, the amount of output per hour of work, is the major factor determining living standards.