UPDATE 1-Canada labor productivity edges up in third quarter

Fri Dec 6, 2013 8:37am EST
 
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* Labor productivity advances by 0.2 pct, less than forecast

* Real GDP of business up by 0.8 percent; hours worked increase

OTTAWA, Dec 6 (Reuters) - The labor productivity of Canadian businesses rose by a less-than-expected 0.2 percent in the third quarter, Statistics Canada data indicated on Friday.

The increase in productivity, which measures real gross domestic product per hour worked, was less than the 0.3 percent advance forecast by market operators. Statscan revised second-quarter growth down to 0.4 percent from an initial 0.5 percent.

U.S. productivity growth for the third quarter was 0.4 percent. Canadian businesses have generally been less productive than their U.S. counterparts in recent years.

Real GDP of businesses expanded 0.8 percent in the third quarter, its fastest pace since the 1.9 percent boost in the third quarter of 2011. The number of hours worked rose by 0.6 percent, Statscan said.

Output increased in both goods- and service-producing businesses. Mining, oil and gas extraction, manufacturing, wholesale trade and retail trade were the main contributors in the third quarter.