Third quarter labour productivity data
- Prior was -0.1% (revised to -0.2%)
- Largest drop since Q1 2015
- Unit labor costs +1.2% q/q vs -0.7% in Q2
- Avg hourly compensation +0.6% vs -0.9% in Q2
The drop in productivity is actually a hawkish sign. It means there is inflationary pressure on costs, however it's notoriously difficult to measure
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