UK productivity finally returns to pre-crisis high in Q2

[LONDON] British workers' hourly output finally returned to the level last achieved before the financial crisis during the three months to June, official figures showed on Thursday.

Britain's economic output per hour worked rose by 0.6 per cent in the second quarter of 2016, up from 0.5 per cent in the first quarter and the fastest growth rate in a year, raising hourly output to match the record high seen in Q4 2007.

"Productivity on this metric has now returned to its pre-downturn level and has slightly exceeded it for the first time since 2008," the Office for National Statistics said.

Compared with a year earlier, output per hour was up 0.4 per cent, slowing from a 0.5 per cent growth rate seen in the first quarter, while unit labour costs were 1.9 per cent up on a year earlier.

REUTERS