- Japan: First Ten Days Trade (Mar), International Trade, Foreign Banks Foreign Banks in Japan (Feb)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts/Statistical Balance Sheet, Foreign Currency Assets, Liabilities, and Currency Flows (Feb); Australia: Flow of Funds (Q4), Job Vacancies (Q1)
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Economy in Brief
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La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
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...
by Tom Moeller August 9, 2016
Nonfarm output per hour during Q2'16 declined at a 0.5% annual rate (-0.4% y/y) following an unrevised 0.6% Q1 shortfall. It was the third consecutive quarterly decline and compared to expectations for a 0.5 rise in the Action Economics Forecast Survey. Revisions raised growth last year to 0.9% from 0.7%. Growth in 2014 was left at 0.8%, but the 2013 increase was raised to 0.3% from no change. The latest decline occurred as output increased 1.2% (1.1% y/y) and hours worked rose 1.8% (1.5% y/y). Compensation per hour increased 1.5% (1.7% y/y) after a 0.8% decline, revised from a 3.9% increase. The combination of faster compensation growth and declining productivity raised unit labor costs 2.0% (2.1 y/y) following a 0.2% dip, previously reported as a 4.5% increase. A 1.8% increase had been expected.
In the manufacturing sector, productivity eased 0.2% (+0.9% y/y) after a 1.5% increase, revised from 1.3%. Output fell 0.8 (+0.3% y/y), while hours-worked declined 0.7% (-0.6% y/y). Compensation growth rebounded 2.9% (2.6% y/y) after a 4.6% decline, revised from a 2.5% rise. The rise pushed unit labor costs up 3.1% (1.7% y/y) following a 5.9% drop, revised from a 1.1% rise.
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, %)||Q2'16||Q1'16||Q4'15||Q2'16 Y/Y||2015||2014||2013|
|Nonfarm Business Sector|
|Output per Hour (Productivity)||-0.5||-0.6||-2.4||-0.4||0.9||0.8||0.3|
|Compensation per Hour||1.5||-0.8||3.1||1.7||2.9||2.8||1.2|
|Unit Labor Costs||2.0||-0.2||5.7||2.1||2.0||2.0||0.9|
|Output per Hour (Productivity)||-0.2||1.5||-1.1||0.9||0.3||0.1||0.2|
|Compensation per Hour||2.9||-4.6||8.2||2.6||2.5||2.8||0.2|
|Unit Labor Costs||3.1||-5.9||9.5||1.7||2.2||2.7||0.0|