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Canada's Labor Productivity Rises in Q2 in the Strongest Increase in Six Years

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Canadian business-sector labor productivity rose 1.0% in the second quarter, marking its strongest increase since the second quarter of 2020, supported by stronger business-sector output and fewer hours worked, Statistics Canada said Thursday/

Goods-producing businesses led the rebound, with productivity rising 1.7% following two consecutive quarterly declines, while services productivity increased 0.7% for a fourth straight quarter, StatsCan said.

Overall, productivity improved across 12 of 16 major industries, led by mining, oil and natural gas extraction, wholesale trade and manufacturing, the agency said.

Compensation rose 1.5%, driving unit labor costs up 0.6% for a fifth consecutive quarter, as labor costs continued to outpace output growth.

Total hours worked in the business sector edged down 0.1% in the second quarter, following a 0.4% increase in the previous quarter.

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