Headline Alert
Economic Update: Nonfarm Productivity and Unit Labor Costs
The government reported Nonfarm Productivity in the second quarter fell by -1.8%, which was in line with the consensus for -1.8% and below Q1’s unrevised decline of -0.9% (Q4 was+6.6%)
On the inflation front, Unit Labor Costs were reported to have risen +1.2%, which was a tenth below economist projections but above the Q1reading of +0.2%
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