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U.S. unit labor costs rise 0.5% in second quarter

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Investing.com -

Investing.com - U.S. unit labor costs rose more than expected in the second quarter, while non-farm productivity came in below forecasts, official preliminary data showed on Tuesday.

In a report, the U.S. Bureau of Labor Statistics said unit labor costs increased by a seasonally adjusted 0.5% in the three months ended June 30, above forecasts for a gain of 0.1% and following rise of 2.3% in the first quarter.

The report also said that non-farm business sector labor productivity increased by a seasonally adjusted 1.3% in the second quarter, missing expectations for a gain of 1.6%. The preceding quarter's figure was revised to a drop of 1.1% from a previously reported fall of 3.1%.

EUR/USD was trading at 1.1067 from around 1.1063 ahead of the release of the data, GBP/USD was at 1.5596 from 1.5594 earlier, while USD/JPY was at 124.83 compared to 124.80 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 97.02, compared to 97.05 ahead of the report.

Meanwhile, the outlook for U.S. equity markets was downbeat. The Dow futures indicated a loss of 0.8% at the open, the S&P 500 futures pointed to a drop of 0.75%, while Nasdaq 100 futures shed 0.5%.

Elsewhere, in the commodities market, gold futures traded at $1,108.70 a troy ounce, compared to $1,108.40 ahead of the data, while crude oil traded at $43.96 a barrel from $44.02 earlier.

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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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