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U.S. non-farm productivity rises more-than-expected in Q1

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Forex Pros - U.S. non-farm productivity rose more-than-expected in the first quarter, official preliminary data showed on Thursday.

In a report, the U.S. Bureau of Labor Statistics said non-farm business sector labor productivity increased by a seasonally adjusted 1.6% in the first quarter, after rising by 2.9% in the preceding quarter, whose figure was upwardly revised from 2.6%.

Economists had expected non-farm productivity to rise by 1.0% in the first quarter.

The report also said unit labor costs rose more-than-expected, increasing by a seasonally adjusted 1.0% in the first quarter, after falling by -1.0% in the preceding quarter, whose figure was revised from a decline of -0.6%.

Economists had expected unit labor costs to rise by 0.8% in the first quarter.

Following the release of the data, the U.S. dollar was higher against the euro, with EUR/USD dropping 0.76% to hit 1.4713.

Meanwhile, the outlook for U.S. equity markets was downbeat. The Dow Jones Industrial Average futures pointed to a drop of 0.66%, S&P 500 futures indicated a loss of 0.69%, while the Nasdaq 100 futures retreated 0.22%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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