- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
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)...
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
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|