Revised figures from the U.S. Department of Labor show productivity in the manufacturing sector of the economy grew at a seasonally adjusted annual rate of 6.7% in this year's July-through-September quarter, nearly a percentage point higher than the 5.9% initially reported.
Factory output was higher than originally figured, actually growing at a 5.1% rate rather than the 4.2% rate earlier reported. There was no revision to the previously reported 1.6% decrease in work hours during the third quarter.
In the third quarter of this year, productivity grew at a 9% annual rate among durable goods manufacturers, and productivity advanced at a 3.1% rate among producers of non-durable goods.
The manufacturing sector of the U.S. economy dramatically outpaced productivity growth in the overall non-farm business sector, of which it is a part. Revised numbers show non-farm business productivity grew at an annual rate of just two-tenths of a percent in the third quarter. However, that's higher than the Labor Department's initial report, which should no productivity growth in the non-farm business sector from July through September.
