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- US: Unit Labor Costs surge by 8.3% in Q3 vs. 5.2% expected
US: Unit Labor Costs surge by 8.3% in Q3 vs. 5.2% expected
- Unit Labor Costs in US rose sharply in third quarter.
- US Dollar Index continues to edge higher toward 94.30.
Unit Labor Costs in the US rose at an annual rate of 8.3% in the third quarter, the US Bureau of Labor Statistics reported on Thursday. This reading surpassed the market expectation of 5.2% by a wide margin and followed the second quarter's increase of 1.3%.
Further details of the publication revealed that the Nonfarm Productivity declined by 5% in the same period, missing analysts' estimate for a decrease of 1.5%.
Market reaction
The greenback continues to outperform its rivals following these mixed prints and the US Dollar Index was last seen rising 0.46% at 94.28.
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