Analysts at Nomura point out that in the initial reading, Q3 nonfarm productivity increased strongly by 3.0% q-o-q saar.
“Some of the pickup was likely due to softness in employee hours, a possible consequence of weather disruptions. That said, with the BEA’s second estimate of Q3 GDP growth at 3.3%, up from 3.0%, an upward revision in nonfarm productivity for Q3 would not be unexpected. Consistent with other restrained measures of compensation, unit labor costs in Q3 increased only 0.5%.”
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