- Korea: GDP (Q4); Thailand Auto Sales (Feb)
- Turkey: Capacity Utilization, Business Tendency survey (Mar); South Africa: Tourism & Migration (Jan), Manufacturing Survey (Q1)
- Croatia: Tourism (Jan); Montenegro: Foreign Trade (Feb); Czech Republic: CPI by COICOP (Feb), Registered Employment (Q4); Kazakhstan: Loans & Deposits (Feb); Slovenia: Business Cycle Indicators (Mar); Russia: Employment by Industry (Q4);
- more updates...
Economy in Brief
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...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
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|