February 8, 2023

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US Q1 prelim non-farm productivity +5.4% vs +4.3% expected

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US first quarter productivity data

  • Prior was -4.2%
  • Q4 unit labor costs -0.3% vs -1.0% exp
  • Prior unit labor costs +6.0%

These numbers have bounced around with layoffs and re-hiring skewing productivity and costs higher and lower.

There is no read-through on this to the economy.

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