U.S. Worker Productivity and Labor Costs Rise

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Economic Update: Nonfarm Productivity and Unit Labor Costs

The government reported U.S. Nonfarm Productivity in the second quarter of 2012 rose by +1.6%, which was above the consensus for a reading and Q1’s rate of -0.5% (Q4: +0.7%, Q3: +2.3%, Q2: -0.1%, Q1 2011: +0.6%, Q4: +2.6%, Q3: +2.4%, Q2: +1.9, Q1 2010: +3.9%).

On the inflation front, Unit Labor Costs rose by +1.7% versus the consensus of +0.6% and Q1’s +5.6% - which saw a massive revision higher from the initial read of +1.6% (Q4: +1.2%, Q3: +2.2% Q2: +2.8%, Q1 2011: +4.8%, Q4’s reading was -1.0%).

Recall that Unit Labor Costs are a closely watched measure of wage inflation.

Other stories on the US Economy to review:

• ISM Services Perks Up
  
• Job Growth Improves in July
  
• Factory Orders Miss Mark in June
  
• Challenger Planned Job Cuts Drop in July
  
• ISM Manufacturing Still Sub-50 in July
  
• ADP Employment Report Surprises to Upside in July
  
• Consumer Confidence Perks Up in July, But...
  
• Chicago PMI Headline BTE, But Employment Dives
  
• Personal Income Up, Spending Flat in June
  
• GDP Slows to 1.5% in Q2
  
• Pending Home Sales Down in June
  
• Durable Goods Up on Transportation Orders
  
• Markit's Flash Manufacturing PMI Weakest in 19 Months
  
• Philly Fed Down Again in July
  
• LEI Falls Again in June
  
• Existing Home Sales Fall in June
  
• Housing Starts Higher, Permits Lower in June
  
• Industrial Production Above, Capacity Utilization Below Expectations
  
• CPI Shows Inflation Flat in June
  
• Empire Manufacturing Improves in July
  
• Retail Sales Disappoint in June
  
• PPI Up in June
  
• Import/Export Prices Down in June
  
• NFIB Small Business Optimism Index Pulls Back Again

 

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