Despite the media’s portrayal of the Trump presidency as being a total disaster, the billionaire businessman is leading the economy in the right direction, based on new forecasts Wednesday. U.S. worker productivity increased at its fastest pace in three years in the third quarter.
The Labor Department said Thursday that non-farm productivity, which measures hourly output per worker, rose at a 3.0 percent annualized rate. That was the quickest pace since the third quarter of 2014. Growth in second-quarter productivity was unrevised at a 1.5 percent rate.
Economists polled by Reuters had forecast productivity rising at a 2.4 percent pace in the July-September quarter.
According to Reuters, first-time claims for state unemployment insurance benefits fell from the previous week, coming in below expectations.
U.S. weekly jobless claims totaled 229,000 in the week ended October 28, below the 235,000 claims economists polled by Reuters anticipated. This was a 1.7 percent decline from the previous week when claims totaled a revised 234,000.