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Q3 productivity revised upwards

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Q3 productivity revised upwards

Wage inflation remains low.

The Labor Department reported today that productivity expanded at a 2.3% annual rate instead of the previously reported 2.0%.

Analysts had expected a slightly higher revision, to 2.4%.

The Labor Department also reported a significant downward revision to compensation for the quarter, indicating that wage inflation remains muted even as the labor market continues to improve.

Compensation per hour increased at a 1.3% rate in the Q3 rather the 2.3% previously reported.

Compared to a year ago, hourly compensation rose 2.2% instead of the 3.3% previously reported.

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