Productivity and Labor Cost Report for Q3 2016 (Revised)

The Labor Department's Bureau of Labor Statistics (BLS) this morning released its quarterly report on Productivity and Unit Labor Costs for the third quarter of 2016 (revised reading):

Nonfarm Productivity
Predicted: +3.3%
Actual: +3.1%

Unit Labor Costs
Predicted: +0.3%
Actual: +0.7%

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

From today's report:

"...The quarterly increase in nonfarm business sector labor productivity was the first increase after three consecutive declines in the measure. From the third quarter of 2015 to the third quarter of 2016, productivity was unchanged..."

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Labor Productivity, Q3 2016

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Unit Labor Costs, Q3 2016

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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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