Canadian Labor Productivity Continues To Decline In Second Quarter
(RTTNews) - Statistics Canada reported Wednesday morning that Canadian business labor productivity declined 0.2% in the second quarter of 2008, after declines of 0.6% in each of the previous two quarters. This is the longest series of consecutive quarterly declines since 1990.
In the second quarter, declining exports contributed to the second consecutive quarterly drop in real gross domestic product of Canadian businesses. The number of hours worked in the Canadian business sector edged up 0.1% for the second consecutive quarter. This is a slowdown from 2007, when hours worked grew by 0.5% per quarter on average.
Labor productivity in the goods producing industries fell for a fifth consecutive quarter. Mining, oil and gas extraction industries, as well as construction, were the major contributors to the overall decline. In contrast, labor productivity in manufacturing grew 0.8%, its first gain since the third quarter of 2007.
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