- China: Industrial Profits (Mar); Philippines: Tourist Arrivals (Feb); Korea: GDP (Q1)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts and Statistical Balance Sheet (Mar); Australia: Import and Export Price Indexes (Q1)
- Japan: Input Output Prices, International Trade, Lease Contracts (Mar), First 10 Days Trade (Apr)
- France: INSEE Household Survey (Apr), Registered Unemployed & Job
- more updates...
Economy in Brief
U.S. Gasoline Prices Are Little-Changed; Crude Oil Falls
Regular gasoline prices of $2.45 per gallon last week (13.3% y/y)...
Japan's METI Indexes Show Ongoing Gains
The services sector is assessed by the METI indexes where it is named the 'tertiary sector.' That sector index rose to 104.1 in February...
U.S. New Home Sales & Prices Strengthen
Sales of new single-family homes increased 5.8% (15.6% y/y) during March to 621,000...
U.S. Consumer Confidence Backpedals
The Conference Board Consumer Confidence Index fell 3.7% during April (+27.0% y/y) to 120.3...
U.S. FHFA House Price Index Regains Strength
The FHFA U.S. house prices increased 0.8% during February (6.5% y/y)...
French Manufacturing and Service Sectors Weaken But Stay on Trend or Hold Recent Gains
The French manufacturing sector trend index is down to 1 in April from 3 in March...
by Tom Moeller December 6, 2016
Growth in nonfarm output per hour during Q3'16 was unrevised at 3.1% (SAAR, 0.0% y/y) following a 0.2% Q2 decline. A 3.3% increase had been expected in the Action Economics Forecast Survey. It remained the strongest rise in two years. Output rose at a 3.6% rate (1.6% y/y) while hours worked lengthened 0.5% (1.7% y/y). The gain in productivity was accompanied by a 3.8% increase (3.0% y/y) in compensation, which was weaker than the upwardly revised 6.1% Q2 gain. The 3.0% y/y rise left it roughly equal to the gains during all of 2015 and 2014. Unit labor costs increased an upwardly revised 0.7% (3.0% y/y), down sharply from the 6.2% Q2 jump. A 0.2% rise had been expected.
In the manufacturing sector, productivity growth was revised lower to 0.4% (SAAR, 0.0% y/y) from 1.0%, after a 0.5% decline. So far this year, growth has averaged 0.5%, up slightly versus the last few years. Factory output rose 0.6% (-0.1% y/y) and hours worked rose 0.3% (-0.1% y/y). Compensation improved at a 3.7% rate (3.7% y/y) following an upwardly revised 8.0% jump. The increase lifted unit labor costs by 3.3% (3.6% y/y), the strongest of last three 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.
|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||3.8||6.1||-0.9||3.0||2.9||2.8||1.2|
|Unit Labor Costs||0.7||6.2||-0.3||3.0||2.0||2.0||0.9|
|Output per Hour (Productivity)||0.4||-0.5||1.4||0.0||0.3||0.1||0.2|
|Compensation per Hour||3.7||8.0||-4.8||3.7||2.5||2.8||0.2|
|Unit Labor Costs||3.3||8.5||-6.1||3.6||2.2||2.7||0.0|