Unit Labor costs 0.9% vs 1.0% estimate

  • US nonfarm productivity rose by 2.3%. That was as expected but higher than the 2.2% prior month
  • unit labor costs were weaker than expected at 0.9% versus 1.0% expectations. The prior estimate was a 1.2% increase
  • output rose 4.1%,(unchanged)
  • employee hours rose 1.8% (unchanged)
  • compensation hours rose 3.1% (3.5% previously)
  • unit nonlabor costs rose 1.8% (1.7 previously)
  • Price deflator rose 1.3% (1.4% previously)