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Final Q2 Productivity +10.1%; Unit Labor Costs +9.0%

US DATA
MNI (Washington)
  • U.S. final Q2 productivity grew by a revised 10.1% (prev 7.3%), the largest quarterly increase since 1971 and far above market expectations for a 7.5% increase, according to figures released Thursday by the Bureau of Labor Statistics. Output fell 37.1% and hours worked declined 42.9%.
  • From a year earlier, Q2 productivity increased 2.8%, reflecting an 11.2% decrease in output and a 13.6% decrease in hours worked, the BLS said.
  • Unit labor costs were up by a revised 9% (prev 12.2%) in Q2, below the 12% growth predicted by financial markets and reflecting a 20% increase in hourly compensation, the largest increase since 1947.
  • Unit labor costs grew 4.9% from a year earlier.
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
Energy BulletsCommodities
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
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