NEW YORK (TheStreet) -- The government said Thursday that nonfarm labor productivity climbed at a seasonally adjusted 2.8% annual rate during the first quarter, with output rising 4% and hours rising 1.1%.
That figure fell below expectations. Economists polled by Thomson Reuters expected productivity growth at an annual rate of 3.4%.
Furthermore, the government originally said that productivity climbed up at a seasonally adjusted 3.6% annual clip in the first quarter, compared with a 6.3% gain in the fourth quarter.
-- Reported by Andrea Tse in New York
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