Q4 nonfarm productivity +1.9% vs +1.7% unit.>

US DATA: Q4 nonfarm productivity +1.9% vs +1.7% expected, while unit 

labor costs +2.0% vs +1.7% expected. This is the first look at both due 

to the lack of Census data.

- Q3 productivity rev down to +1.8% vs prev +2.2%, while ULC rev up to 

+1.6% vs prev +0.9%.

- Q4 productivity +1.8% y/y vs +1.2% y/y in Q3, while ULC +1.0% y/y vs 

+1.1% y/y in Q3.

- For the full year of 2018, productivity +1.3% vs +1.1% in 2017. ULC 

+1.4% in 2018 vs 2.2% in 2017.

- The data reflect slower output growth and slower hours worked growth 

than in the previous quarter, but an acceleration in compensation growth