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Rare Productivity Growth In Q4

CANADA DATA
  • Canada finally saw positive productivity growth in Q4, rising 0.43% Q/Q (1.7% annualized) along with some net positive revisions that left the Q3 level 0.8% higher than previously thought.
  • It meant unit labor costs fell -0.1% Q/Q (-0.5% annualized) in Q4, a sharp change from the 1.5% Q/Q (6.3% annualized) averaged in Q1-Q3.
  • The historical contrast with the US remains stark – see charts.

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