A report released by the Labor Department on Thursday showed U.S. labor productivity plunged by less than initially estimated in the fourth quarter of 2020.
The Labor Department said labor productivity tumbled by 4.2 percent in the fourth quarter compared to the previously reported 4.8 percent nosedive. Economists had expected the slump in productivity to be revised to 4.7 percent.
Meanwhile, the report showed the spike in unit labor costs in the fourth quarter was downwardly revised to 6.0 percent from the previously reported 6.8 percent. The revised data was expected to show a 6.7 percent surge in labor costs.