Output Efficiency Improves Slightly, Still Worst Since ’82
The nation’s efficiency in churning out goods and services improved slightly in the fourth quarter of last year instead of taking a downturn as earlier estimated, the government said today.
Based on revised figures last week for the gross national product, the Bureau of Labor Statistics said non-farm productivity rose at an annual rate of 0.3% from October through December last year instead of declining 0.2% as reported in preliminary figures a month ago.
The fourth-quarter changes had little impact on the productivity figures for all of 1987, raising the efficiency gains for the year a tenth of a percentage point from 0.8% to 0.9%.
Under the revised figures, the showing is still the worst since 1982, when an economic recession depressed output so much that businesses were 0.6% less efficient than they had been in 1981.