While both US Productivity and Unit Labor Costs picked up from Q4’s data, both key economic data points disappointed expectations with productivity up 0.7% (+0.9% exp) and labor costs up 2.7% (+3.0% exp).
Notably the +2.5% Q4 unit labor cost rise was revised notably lower to +2.1% QoQ.
Non-Durable Manufacturing Worker Productivity declined YoY for the 3rd quarter in a row…
Headline real compensation dropped 0.1% QoQ – the second QoQ decline in a row.
Under the hood we note that real compensation for the manufacturing sector dropped 0.1% YoY and real compensation for non-durables dropped 1.5% YoY.
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