The U.S. Labor Department released its revised non-farm productivity figures on Wednesday. Revised productivity in the U.S. non-farm businesses rose at a 2.2% annual rate in the third quarter, up from the preliminary reading of a 1.6% increase, after a 3.5% increase in the second quarter. The second quarter's figure was revised up from a 3.3% gain.

The upward revision was driven by higher nonfarm business output, which rose 1.8% in the third quarter, up from the preliminary reading of a 1.2% gain.

Hours worked declined by 0.3% in the third quarter, up from the preliminary reading of a 0.5% fall.

Revised unit labour costs climbed 1.8% in the third quarter, up from the preliminary reading of a 1.4% increase, after a 2.0 gain in the second quarter. The second quarter's figure was revised up from a 1.8% drop.