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US Q4 prelim unit labor costs +4.5% vs +4.3% expected

Fourth quarter labor costs and productivity

  • Prior unit labor costs +1.8% (revised to 1.9%)
  • Non-farm productivity -3.0% vs -2.0%
  • Prior productivity +2.2% (revised to 2.1%)

There was a wide range of estimates on unit labor costs, from 1.9% to 5.8%. Similarly, productivity was forecast as high as +1.0% and as low as -3.5%.

It's not a great signal when labor costs rise because productivity was weak.

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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