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The productivity of the US economy is growing faster than expected

Productivity in the US economy rose more than expected in the summer. Third-quarter production and hours worked rose 0.8 percent year-over-year, according to a second estimate prepared by the Washington Department of Labor. This represents an upward revision to the first survey after an earlier increase of just 0.3 percent was reported.

Economists were surprised by the strength of the upward revision. They had expected an average increase of 0.6 percent. Productivity fell 4.1 percent in the second quarter.