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Economy

Economic Data (USA)

Wednesday, June 04, 2008

Productivity and Labor Cost Report for Q1 2008 Released Today (Revised)

The Labor Department's Bureau of Labor Statistics this morning released its quarterly report on Productivity and Unit Labor Costs for the first quarter of 2008 (revised data):

Non-farm Productivity
Predicted: +2.5%
Actual: +2.6%

Unit Labor Costs
Predicted: +1.9%
Actual: +2.2%

The above percentages represent the quarter-to-quarter change in non-farm productivity and unit labor costs.

For non-farm productivity, a positive number represents an improvement in the efficiency of producing domestic goods and services in the U.S., and therefore can signify a favorable inflationary outlook, and vice versa.

The Unit Labor Costs report measures the costs related to producing each unit of output. A positive number can be a harbinger of rising inflation, and vice versa.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

Click here to view the full Labor Department report (PDF.)

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