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U.S. Q4 non-farm productivity revised down to -2.2% from -3.0%

Investing.com -

Investing.com - U.S. non-farm productivity fell less than initially expected in the fourth quarter, while unit labor costs were revised lower, official data showed on Wednesday.

In a report, the U.S. Labor Department said non-farm business sector labor productivity decreased by a seasonally adjusted 2.2% in the three months ended December 31, below forecasts for a decline of 3.2% and smaller than an initial estimate of a -3.0% drop.

The report also said that unit labor costs increased by a seasonally adjusted 3.3% in the fourth quarter, lower than expectations for a rise of 4.7% and compared to an initial estimate of a 4.5% gain.

EUR/USD was trading at 1.0903 from around 1.0900 ahead of the release of the data, GBP/USD was at 1.4078 from 1.4075 earlier, while USD/JPY was at 113.81 compared to 113.91 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 98.06, compared to 98.08 ahead of the report.

Meanwhile, the outlook for U.S. equity markets was stagnant. The blue-chip Dow futures lost 12 points, or 0.07%, by 13:34 GMT, or 8:34AM ET, the S&P 500 futures shed 2 points, or 0.08%, while the tech-heavy Nasdaq 100 futures traded down 1 point, or 0.02%.

Elsewhere, in the commodities market, gold futures traded at $1,242.90 a troy ounce, compared to $1,243.70 ahead of the data, while crude oil traded at $34.45 a barrel from $34.53 earlier.

This data was published at the same time as the U.S. jobless claims that rose to 4-week high last week.

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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.


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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