US Q4 2017 productivity report 1 February 2018

The Q4 productivity report had some good numbers to show for it.

Although the headline non-farm number drop 0.1% vs 2.7% on Q3, the unit labout costs we’re higher. However, in the undelying secotrs we saw the opposite, with productivity up and cost down.

Q4 US productivity

Q4 US productivity

However (again). The hourly compensation numbers rose strongly.

However (last one, I promise) This is all Q4 stuff so it’s lagging, and it’s been a bit volatile between Q3 and Q4. If we see these numbers all pulling in the right direction, then that’s more ammo for the Fed.

Ryan Littlestone

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