Labor productivity drops in third quarter amid slump

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Labor productivity drops in third quarter amid slump

Korea’s labor productivity fell from a year earlier in the third quarter amid the protracted economic slowdown, a report showed yesterday.

The country’s overall labor productivity moved down 1.8 percent on-year to 104 in the July-September period, led by losses in the construction industry, where the productivity index plunged 14.1 percent, according to a report by the Ministry of Knowledge Economy.

Labor productivity is measured by dividing industrial output by labor input during a given period of time. The government uses 2008 as the base year.

The labor productivity index for the manufacturing industry edged up 2 percent in the third quarter from a year earlier to 102.8, while the service industry dropped 1.5 percent to 102.8, the report showed.

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