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Notably Strong Productivity Growth In Q2

US DATA


  • Productivity growth easily exceeded expectations in preliminary Q2 data at 3.7% annualized (cons 2.3) and also saw the Q1 hit revised lower again, this time to -1.2% from -2.1% and -2.7% before that.
  • It’s the strongest quarterly growth for productivity since 3Q20, although in level terms it’s only back to early 2022 levels.
  • In turn it helps ULCs come in much softer than expected at 1.6% (cons 2.5) after a downward revised 3.3% (4.2% prior, which in turn was 6.3% in the first reading).

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