Q3 prelim nonfarm productivity +2.2% vs and.>

US DATA: Q3 prelim nonfarm productivity +2.2% vs +2.6% expected and 

unit labor costs +1.2% vs +0.6% expected, as output growth slowed 

faster than expected.

- Nonfarm productivity +1.3% y/y vs +1.3% in Q2, while ULC +1.5% y/y vs 

+1.9% y/y in Q2.

- For Q2, productivity rev up slightly to +3.0% vs +2.9% prev, but ULC 

unrev at -1.0%.

- Q3 output growth +4.1%, slower than +5.0% in Q2, while hours 

worked growth slowed more modestlty to +1.8% from +2.0%, resulting in 

the slowdown in productivity growth.

- Q3 hourly compensation +3.5% after +1.9% in Q2, while real hourly 

compensation +1.4% after +0.3%. Still, real compensation was up only 

0.1% y/y, continuing a string of soft readings.