- 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 March 8, 2017
Growth in nonfarm output per hour during Q4'16 increased at an unrevised 1.3% rate (1.0% y/y) following a 3.3% Q3 rise, revised from 3.5%. A 1.5% increase had been expected in the Action Economics Forecast Survey. These latest two increases followed three consecutive quarters of decline. During all of 2016, productivity increased 0.2%, the weakest rise since 2011. Output rose at a 2.4% rate (2.2% y/y) while hours-worked improved 1.0% (1.2% y/y). The gain in productivity was accompanied by a 3.0% increase in compensation, which was weaker than the upwardly revised 4.1% rise during Q3. The 3.0% y/y increase left it roughly equal to the gains during all of 2015 and 2014. Adjusted for price inflation, compensation fell 0.4% (+1.2% y/y). Unit labor costs increased 1.7% (2.0% y/y) following a 0.7% increase in Q3, revised from 0.2%. A 1.5% 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 2.0% (0.5% y/y), revised from 0.7%, following an unrevised no change in Q3. During all of last year, productivity increased 0.3% after a 0.2% rise in 2015. Factory output rose 1.6% (0.5% y/y) and hours-worked eased 0.4% (0.0% y/y). Compensation improved 4.4% (2.6% y/y) following an upwardly revised 4.1% increase. The gain in compensation lifted unit labor costs by a reduced 2.4% (2.1% y/y). During all of last year, unit labor costs increased 2.7%, 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||3.3||-0.1||1.0||0.2||0.9||0.8|
|Compensation per Hour||3.0||4.1||6.1||3.0||2.9||2.9||2.8|
|Unit Labor Costs||1.7||0.7||6.2||2.0||2.6||2.0||2.0|
|Output per Hour (Productivity)||2.0||0.0||-0.5||0.5||0.3||0.2||0.1|
|Compensation per Hour||4.4||4.1||7.6||2.6||3.0||2.4||2.8|
|Unit Labor Costs||2.4||4.1||8.5||2.1||2.7||2.2||2.7|