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Free AccessANALYSIS:US 2Q Productivity Up 0.9%, Unit Labor Costs Up 0.6%>
By Kevin Kastner, Holly Stokes, and Sara Haire
WASHINGTON (MNI) - Second quarter nonfarm productivity rose 0.9%
above the 0.8% gain expected, while unit labor costs were up only 0.6%
rather than the 1.1% rise expected, data released by the Bureau of Labor
Statistics Wednesday showed.
In addition, first quarter productivity was revised up to a 0.1%
rate of growth from the flat reading previously reported. More
importantly, unit labor costs are now reported up 5.4% in the first
quarter, compared with a 2.2% rise in the previous estimate.
The annual revisions to the GDP data are included in the report.
Second quarter output rose at a 3.4% rate, compared with the 1.8%
rate now reported for the previous quarter. Hours worked rose 2.5% in
the second quarter after 1.6% in the first quarter.
Compensation rose 1.6% in the second quarter after a sharply upward
revised 5.5% jump in the first quarter, but rose 1.9% after inflation
adjustment. Real compensation rose 2.3% in the first quarter, compared
with 0.9% decline previously reported for that quarter.
The year/year pace of productivity growth held steady at 1.2% in
the second quarter, both improvements from the string of declines
reported earlier in 2016.
Unit labor costs now stand 0.2% lower than they were a year ago, a
deterioration from the revised 0.7% year/year rate in the first quarter.
The year/year rate for unit labor costs is likely to rebound later in
the year, as unit labor costs fell in the third and fourth quarters of
2016.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$]
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