FX.co ★ UK Labor Productivity Declines In Q3

Labor productivity in the UK declined in the third quarter but remained above the pre-pandemic levels, the Office for National Statistics said Tuesday.

Output per hour worked decreased 0.3 percent from a year ago, offsetting the 0.3 percent rise in the second quarter. Nonetheless, this was 2.5 percent above the pre-coronavirus period. Quarter-on-quarter, output per hour was down 0.2 percent, reversing prior quarter's 0.7 percent increase.

Preliminary estimates showed that output per worker slid 0.1 percent annually as a 0.6 percent rise in gross value added was offset by a slightly higher 0.7 percent increase in the number of workers, the ONS said.