1Q nonfarm productivity rev down to +0.4%...>

US DATA: 1Q nonfarm productivity rev down to +0.4% vs +0.6% expected 

and +0.7% in prelim estimate on softer output and stronger hours worked 

growth.

- As a result, unit labor costs rev up to +2.9% vs +2.8% expected and 

+2.7% prelim, the strongest pace since the first quarter of 2017. 

- For 4Q, productivity unrev at +0.3%, but ULC revised up to +2.5% vs 

prev +2.1%, so overall the report suggests stronger labor cost growth 

than previously reported for the most recent quarters.

- Nonfarm productivity +1.3% y/y vs +1.2% in 4Q, while ULC +1.3% y/y vs 

+1.8% y/y in 4Q, indicating a slowdown, but still stronger than the 

y/y rates in early 2017.