Worker output fell 7.5% in the first quarter, the biggest decline since 1947

People work at the Rivian Automotive electric vehicle factory in Normal, Illinois, April 11, 2022.

The Bureau of Labor Statistics reported Thursday that worker productivity fell to its fastest pace in 75 years as labor costs soared.

The decline in nonfarm productivity was the biggest since the third quarter of 1947.

Over the past four quarters, unit labor costs have increased by 7.2%, the biggest gain since the third quarter of 1982. The metric shows how much employers pay their workers.

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The inflation surge in the U.S. has seen prices rise at the fastest level in more than 40 years. Federal Reserve officials said on Wednesday that they would be raising interest rates by half a percentage point.

The Labor Department report showed that the unemployment rate went up to 200,000 for the week ended April 30 from 182,000 the previous week.

The number of continuing claims fell to their lowest level in over forty years.

A variety of factors contributed to a decline in the rate of economic growth as measured by gross domestic product.

Most economists expect growth to resume later in the year after the Russian invasion of Ukraine and rising Covid cases. If the recovery is to remain strong, inflation must be kept under control, according to Fed Chairman Powell.

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