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Stronger Than Expected ULC Growth In Q2

US DATA
  • Nonfarm productivity was revised lower in Q2 but by less than expected, printing a still strong 3.5% jump (cons 3.4, initial 3.7) as it bounced from -1.2% in Q1.
  • A stronger rise in wages meant unit labor cost growth was revised higher by more than from productivity alone, printing 2.2% annualized (cons 1.9, initial 1.6) in less of a moderation from the 3.3% in Q1 than first thought.

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