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US productivity rose 1.3%

Tuesday, Aug 11 2015
The measure of employee output per hour increased at a 1.3% annualized rate from April through June, following declines of 1.1% in the first quarter and 2.2% in the last three months of 2014, a Labor Department report showed Tuesday in Washington. Economists called for a 1.6% advance. Productivity grew 0.3% in the 12 months ended June. 
 
A plunge in spending on new equipment during the recession and diminishing returns on investment in computers and software are among reasons productivity has slowed. Less efficiency limits how quickly the economy can grow without spurring inflation, adding another variable for Federal Reserve policy makers to consider in deciding when to raise interest rates. 
 
Expenses per worker increased at a 0.5% pace in the second quarter following a 2.3% increase in the previous three months that was much smaller than the 6.7% surge previously reported, the data showed.
 
Data did not have any major impact on the markets. Euro is currently being traded around 1.1070 level, Sterling is few points above 1.5570 level, while Aussie is around 0.7320 area.
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