- Japan: **Japan Tokyo employment index rebased to 2015=100**
- Saudi Arabia: Non-Oil Foreign Trade (Feb); Kuwait: CPI (Mar); Tanzania: BOP, Trade, Depository Corporations Survey, Public Finance (Feb)
- Portugal: OMFIs Balance Sheet (Feb)
- Luxembourg: Employment and Unemployment (Mar)
- Kazakhstan: GDP by Income, Labor Productivity Index (Q4), Loans and Deposits, Monetary Aggregates, Banking System Surveys, Public Finance (Mar)
- more updates...
Economy in Brief
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U.S. Initial Unemployment Insurance Applications Increase
Initial unemployment claims for unemployment insurance rose to 244,000 during the week ended April 15 (-5.1% y/y)...
Japan's 'Trade Trends' Stabilize on an Unstable Foundation
Japan trade trends, broadly considered, seem to be stabilizing...
U.S. Mortgage Loan Applications Fall
The MBA total Mortgage Applications Volume Index declined 1.8% last week (-24.9% y/y)...
by Tom Moeller November 3, 2016
Growth in nonfarm output per hour during Q3'16 improved to 3.1% (0.0% y/y) after a 0.2% Q2 decline, revised from -0.6%. A 1.8% increase had been expected in the Action Economics Forecast Survey. It was the strongest rise in two years. Output rose 3.4% (1.6% y/y) while hours worked lengthened 0.3% (1.7% y/y). The gain in productivity was accompanied by a 3.4% increase in compensation, which was weaker than the 3.7% Q2 gain. The 2.3% y/y rise left it slightly below the gains during all of 2015 and 2014. Unit labor costs edged 0.3% higher (2.3% y/y), down sharply from the 3.9% Q2 jump. A 1.2% rise had been expected.
In the manufacturing sector, productivity improved 1.0% (0.2% y/y) after a 0.5% decline. So far this year, growth has averaged 0.6%, up slightly versus the last few years. Compensation improved 3.2% (3.1% y/y) following a 6.2% jump. That increase lifted unit labor costs by 2.2% (2.9% y/y), roughly in line with the last two years.
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.
U.S. Productivity Growth Flowing Downstream from the Federal Reserve Bank of Dallas is available here.
|Productivity & Costs (SAAR, %)||Q3'16||Q2'16||Q1'16||Q3'16 Y/Y||2015||2014||2013|
|Nonfarm Business Sector|
|Output per Hour (Productivity)||3.1||-0.2||-0.6||0.0||0.9||0.8||0.3|
|Compensation per Hour||3.4||3.7||-0.9||2.3||2.9||2.8||1.2|
|Unit Labor Costs||0.3||3.9||-0.3||2.3||2.0||2.0||0.9|
|Output per Hour (Productivity)||1.0||-0.5||1.4||0.2||0.3||0.1||0.2|
|Compensation per Hour||3.2||6.2||-4.8||3.1||2.5||2.8||0.2|
|Unit Labor Costs||2.2||6.8||-6.1||2.9||2.2||2.7||0.0|