Employee productiveness fell to start out 2022 at its quickest tempo in almost 75 years whereas labor prices soared because the U.S. struggled with surging Covid circumstances, the Bureau of Labor Statistics reported Thursday.

Nonfarm productiveness, a measure of output in opposition to hours labored, declined 7.5% from January via March, the most important fall for the reason that third quarter of 1947.

On the identical time, unit labor prices soared 11.6%, bringing the rise over the previous 4 quarters to 7.2%, the most important acquire for the reason that third quarter of 1982.

Taken collectively, the numbers underline the inflation surge within the U.S., which has seen costs rise on the quickest degree in additional than 40 years. Federal Reserve officers on Wednesday introduced they might be elevating rates of interest half a share level as a part of an ongoing effort to manage inflation.

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