EmailStory Stocks®
Archive
Last Update: 05-Sep-12 10:03 ET
Nonfarm Productivity Rises Above Expectations
Nonfarm labor productivity in the second quarter was revised up from 1.6% in the preliminary reading to 2.2% in the revised report. Productivity fell 0.5% in the first quarter. The Briefing.com consensus expected productivity growth to be revised to 1.8%.
Output levels were revised up from 2.0% in the preliminary release to 2.4%. That gain was in-line with the data from the second estimate of Q2 2012 GDP.
The amount of hours worked were revised down from 0.4% growth to 0.1%. That downward revision caused productivity growth to surprise on the upside.
Unit labor costs were revised down from 1.7% growth to 1.5%. That came as a result of an upward revision to hourly compensation (3.7% from 3.3%) not being large enough to offset the downward revision to the number of hours worked.
Output levels were revised up from 2.0% in the preliminary release to 2.4%. That gain was in-line with the data from the second estimate of Q2 2012 GDP.
The amount of hours worked were revised down from 0.4% growth to 0.1%. That downward revision caused productivity growth to surprise on the upside.
Unit labor costs were revised down from 1.7% growth to 1.5%. That came as a result of an upward revision to hourly compensation (3.7% from 3.3%) not being large enough to offset the downward revision to the number of hours worked.
