2d-Quarter Productivity Rises 4.7%: Productivity Up For 8th Quarter
4.7	percent annual rate in the second quarter, the largest jump in a year, the Labor Department-reported yesterday.</br></br>The rise marked the eighth consecutive quarter of productivity increases, the longest period of uninterrupted gains in 11 years, Labor said.</br></br>Productivity measures the output of goods produced per number of hours employes are paid to work. Productivity gains bode well for inflation and are a major reason for the low inflation record so far this year, economists said.</br></br>Unit labor costsÛÓthe cost of labor per unit of productionÛÓ dropped 0.9 percent during the second quarter, the first time decline in a year, Labor said.</br></br>The White House welcomed the news, calling it a ÛÏsnapshot of an economy that is producing goods and services with more efficiency and lower costs." ÛÏThe rise in productivity and the drop in unit labor costs portends continued control of inflation,Û said the statement issued by White House spokesman Larry Speakes. ÛÏMore Americans are working today than ever before, and their productivity is steadily increasing. ThatÛªs a winning combination.Û