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The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised productivity data--as measured by output per hour of all persons--for the second quarter of 2002. The seasonally-adjusted annual rate of productivity growth in the second quarter was 1.5 percent. The increase in productivity is larger than the 1.1% reported on August 9, due primarily to upward revisions in the level of output. The productivity number referred to is that of the nonfarm business sector, the most commonly used gauge of productivity.
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