- 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)...
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Japan trade trends, broadly considered, seem to be stabilizing...
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by Tom Moeller February 2, 2017
Growth in nonfarm output per hour during Q4'16 increased at a 1.3% rate (1.0% y/y) following a 3.5% rise in Q3, revised from 3.1%. A 1.0% increase had been expected in the Action Economics Forecast Survey. These latest two increase followed three consecutive quarters of decline. During all of 2016, productivity increased 0.2%, the weakest rise since 2011. Output rose at a 2.2% rate (2.2% y/y) while hours-worked improved 0.9% (1.1% y/y). The gain in productivity was accompanied by a 3.0% increase in compensation, which was weaker than the 3.7% gain during Q3. The 2.9% y/y increase left it roughly equal to the gains during all of 2015 and 2014. Adjusted for price inflation, compensation fell 0.4% (+1.1% y/y). Unit labor costs increased 1.7% (1.9% y/y) following a 0.2% increase in Q3, revised from 0.7%. A 2.1% rise had been expected. During all of last year, unit labor costs increased 2.6%, the strongest gain since 2007.
In the manufacturing sector, productivity increased 0.7% (0.4% y/y) following no change in Q3, revised from 0.4%. During all of last year, productivity increased 0.6% after a 0.3% rise in 2015. Factory output rose 0.8% (0.2% y/y) and hours-worked remained steady (-0.2% y/y). Compensation improved at a 4.1% rate (2.6% y/y) following a downwardly revised 3.4% increase. The gain in compensation lifted unit labor costs by a steady 3.3% (2.2% y/y). During all of last year, unit labor costs increased 2.6%, up from the 2.2% gain in 2015.
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, %)||Q4'16||Q3'16||Q2'16||Q4'16 Y/Y||2016||2015||2014|
|Nonfarm Business Sector|
|Output per Hour (Productivity)||1.3||3.5||-0.2||1.0||0.2||0.9||0.8|
|Compensation per Hour||3.0||3.7||6.1||2.9||2.8||2.9||2.8|
|Unit Labor Costs||1.7||0.2||6.2||1.9||2.6||2.0||2.0|
|Output per Hour (Productivity)||0.7||0.0||-0.5||0.4||0.6||0.3||0.1|
|Compensation per Hour||4.1||3.4||8.0||2.6||3.3||2.5||2.8|
|Unit Labor Costs||3.3||3.3||8.5||2.2||2.6||2.2||2.7|