Key points:
Nonfarm labor productivity, or output per hour worked, increased at a robust 3.6% annualized rate in the third quarter, putting year-over-year productivity growth at 2.1%, according to the Bureau of Labor Statistics. Unit labor costs (i.e., the productivity-adjusted cost of labor), fell at a 0.7% annualized rate over the quarter but are still up 2.4% over the