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MNI: US non-farm productivity in the 1Q 2020 fell by -2.5%, the largest drop
since 4Q 2015 when productivity saw a -2.9% drop. The drop in quarterly non-farm
productivity was lower than the -5.5% expected by markets. However, productivity
had still risen in 15 of the last 16 quarters between 4Q 2015 and 1Q 2020. Unit
labor costs spiked by +4.8%, surpassing the expected +4.5%. Output fell by
-6.2%, the largest decline since 1Q 2009, during the global financial crisis,
when output fell by -6.5%. Hours worked fell by -3.8%, the biggest fall since 3Q
2009 which saw a -4.4% drop. Durable goods manufacturing saw the largest hits
with labor productivity falling by -8.3%, output falling by -11.9%, and unit
labor costs rising by +6.6%.

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