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Productivity Growth Slower Than Expected

The government says that nonfarm labor productivity climbed at a seasonally adjusted 2.8% annual rate, falling below expectations.
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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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