In these tough economic times, people are working harder, and it’s showing. The Labor Department has announced a revision to its initial worker productivity reading, saying productivity went up 2.2% in the second quarter. The government had initially believed the average productivity per worker rose 1.6% in the quarter. Labor costs were also revised, with the figure rising by 1.5%, rather than the previously believed 1.7%.A rise in productivity is good for company profits, but it can make companies hire less as they try to get as much as they can out of their current workforce. Companies hiring less will ultimately add to the already high unemployment rate. For more news and analysis, follow us on twitter @fnnonline
