- Korea: Housing Price Index (Apr)
- US: Consumer Sentiment (Apr-final), GDP (Q1 Adv), ECI (Q1)
- Consumer Sentiment Detail (Apr-final)
- US: Selected NIPA Tables (Q1-Adv), Summary key Source Data (Q1)
- Canada: GDP by Industry (Feb), Industrial Product Prices (Mar)
- *Taiwan National House Price Indexes Rebased to 2016=100.*
- Euro area: HICP (Apr-Flash), ECB Survey of Professional Forecasters (Q2)
- Italy: CPI, HICP (Apr-Prelim)
- Brazil: Sao Paolo Capacity Utilization (Mar);Mexico: Debt (Mar);
- more updates...
Economy in Brief
U.S. Employment Cost Index Has Stronger Gain
Lifted by outsized rises in several industries, the employment cost index for civilian workers rose 0.8% (2.4% y/y) during Q1'17...
Chicago Purchasing Managers Index Strengthens
The Chicago Purchasing Managers Business Barometer Index for April increased to 58.3 from 57.7 in March...
EMU Money and Credit Perk Up
There is some noticeable acceleration in EMU money and credit growth...
Durable Goods Orders Improvement Moderates
New orders for durable goods rose 0.7% (4.5% y/y) during March...
U.S. Initial Claims for Unemployment Insurance Increase
Initial unemployment claims for unemployment insurance rose to 257,000 during the week ended April 22...
U.S. Pending Home Sales Ease
The National Association of Realtors (NAR) reported that pending home sales slipped 0.8% ((+0.8% y/y) during March...
by Tom Moeller September 1, 2016
Nonfarm output per hour during Q2'16 fell 0.6% (SAAR), revised from -0.5%. It was the third consecutive quarterly decline and matched expectations in the Action Economics Forecast Survey. The latest decline occurred as output increased 1.1% (1.1% y/y) and hours worked rose 1.7% (1.5% y/y). Compensation per hour growth was revised to 3.7% (2.2% y/y) from 1.5%. The combination of quickened compensation growth and declining productivity raised unit labor costs 4.3% (2.6% y/y), revised from 2.0%. A 2.1% increase had been expected.
In the manufacturing sector, productivity eased 0.4% (+0.9% y/y), revised from -0.2%. Output fell 0.8 (+0.3% y/y), while hours-worked declined 0.4% (-0.6% y/y). The increase in compensation growth was revised to 6.3% (3.4% y/y) from 2.9%. The gain pushed unit labor costs up 6.7% (2.5% y/y), revised from 3.1%, following a 6.0% drop.
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)||-0.6||-0.6||-2.4||-0.4||0.9||0.8||0.3|
|Compensation per Hour||3.7||-0.9||3.1||2.2||2.9||2.8||1.2|
|Unit Labor Costs||4.3||-0.3||5.7||2.6||2.0||2.0||0.9|
|Output per Hour (Productivity)||-0.4||1.3||-1.1||0.9||0.3||0.1||0.2|
|Compensation per Hour||6.3||-4.8||8.2||3.4||2.5||2.8||0.2|
|Unit Labor Costs||6.7||-6.0||9.5||2.5||2.2||2.7||0.0|