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- US: Unit Labor Costs rise by 2.2% in Q2, revised from 1.6%
US: Unit Labor Costs rise by 2.2% in Q2, revised from 1.6%
The US Bureau of Labor Statistics reported that Unit Labor Cost (ULC) rose 2.2% during the second quarter, a revision from the previous estimate of 1.6%. ULC rose 3.3% during the first quarter (revised from 4.2%).
Nonfarm Productivity increased 3.5%, below the 3.8% of market consensus, and revised from the 3.7% of the preliminary estimate.
Key takeaways from the report:
Unit labor costs in the nonfarm business sector increased 2.2 percent in the second quarter of 2023, reflecting a 5.7-percent increase in hourly compensation and a 3.5-percent increase in productivity. Unit labor costs increased 2.5 percent over the last four quarters.
In the second quarter of 2023, nonfarm business sector productivity increased 3.5 percent--a 0.2-percentage point downward revision from the preliminary estimate of a 3.7-percent increase--reflecting a 0.5-percentage point downward revision to output and a 0.2-percentage point downward revision to hours worked.
In the first quarter of 2023, nonfarm business sector productivity and unit labor costs were not revised. Manufacturing sector productivity was revised down 0.2 percentage point to a decrease of 2.0 percent. As a result, unit labor costs were revised up 0.2 percentage point to an increase of 2.6 percent.
Market reaction
The US Dollar Index rose further above 105.00 after the release of US data that also included the weekly Jobless Claims report.
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