Business news

  • Follow Business

Worker productivity goes up 2.2 percent

WASHINGTON — U.S. companies got more output from their workers this spring than initially thought. Productivity rose at a modest 2.2 percent annual rate in the April-June quarter, largely because employers cut back sharply on hiring.

Most economists expect productivity will slow later this year, a trend that could boost hiring.

The Labor Department had estimated a 1.6 percent gain in the second quarter.

Homes spend less time on the market

LOS ANGELES — U.S. homes are taking less time to sell than a year ago, reflecting more homebuyer demand and fewer bank-owned homes.

The National Associa-tion of Realtors said Wed-nesday that the median time a previously occupied home was listed for sale shrank in July to 69 days. That’s down from 98 days in the same month last year.

One-third of the homes purchased in July were on the market for less than a month, while one in five was on the market for at least six months.

In other news

PRIVATE EQUITY FUNDS that control Solyndra LLC could reap more than $340 million in tax breaks after the failed solar power company emerges from bankruptcy. Solyndra’s net operating loss is estimated at $875 million to $975 million. If Argonaut Ventures I LLC and Madrone Partners LP generate an equal amount of income, they could use those losses to cut their federal income tax bills by up to $341 million.

– Associated Press

Search Augusta jobs
Top headlines
Defendant acquitted of top charges at rape trial
After less than two hours of deliberations, the jury acquitted Christopher Davis of rape and aggravated sodomy, convicting him only of aggravated assault, possession of a knife during the ...