- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey Press Release (Mar)
- Germany: Business Registrations & Deregistrations (Dec), Import & Export Prices (Feb), IAB Labor Market Barometer (Mar)
- Vietnam: GDP (Q1), CPI, IP, International Trade, Passenger & Cargo Traffic Statistics, Manufacturing Sales and Inventories, International Visitor Arrivals (Mar); Korea: Economic Sentiment
- more updates...
Economy in Brief
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller March 3, 2016
Nonfarm output per hour declined 2.2% at an annual rate (+0.5% y/y) during Q4'15, revised from a -3.0% estimated last month. The shortfall followed a 2.0% Q3 increase. A 3.1% decline had been expected in the Action Economics Forecast Survey. It was the third decline in the last five quarters and left growth during all of last year at 0.7%, roughly the same as in 2014. The decline occurred as output increased a strengthened 1.0% (2.1% y/y) while hours worked gained 3.2% (1.6% y/y). Compensation grew 1.1% and 2.8% for the full year. The strengthened rise in productivity and a little-changed estimate of compensation growth combined to lower the rise in unit labor costs to 3.3% (2.1% y/y) from 4.5% estimated last month. It still was the quickest growth in a year. During all of 2015, unit labor cost growth of 2.1% was the strongest since 2011.
In the manufacturing sector, productivity eased 0.7% last quarter (+1.4% y/y), revised from -0.4%. For the full year, productivity growth was steady at 1.3%. Output edged 0.1% higher in Q4 (1.0% y/y) and hours worked grew 0.8% (-0.4% y/y). Compensation growth weakened, however, to a lessened 2.4% (2.4% y/y) versus much stronger growth in the earlier two quarters. The combination of weaker productivity and moderate compensation growth raised unit labor costs by 3.2%. For the full year, growth in unit labor costs eased to 0.8%.
The productivity & cost figures are available in Haver's USECON database. The expectations figures are from the Action Economics Forecast Survey and are found in the AS1REPNA database.
|Productivity & Costs (SAAR, %)||Q4'15||Q3'15||Q2'15||Q4 Y/Y||2015||2014||2013|
|Nonfarm Business Sector|
|Output per Hour (Productivity)||-2.2||2.0||3.1||0.5||0.7||0.8||0.0|
|Compensation per Hour||1.1||2.3||5.2||2.6||2.8||2.8||1.1|
|Unit Labor Costs||3.3||0.4||2.0||2.1||2.1||2.0||1.1|
|Output per Hour (Productivity)||-0.7||5.0||2.3||1.4||1.3||1.3||0.7|
|Compensation per Hour||2.4||4.0||5.6||2.4||2.2||2.7||0.2|
|Unit Labor Costs||3.2||-0.9||3.2||1.0||0.8||1.4||-0.5|