Details of the first quarter nonfarm productivity report
– Prior was +1.7% (revised to 1.3%)
– Nonfarm productivity -0.6% vs -0.1% expected
– Prior nonfarm productivity +1.3% (revised to 1.8%)
The headline on unit labor costs looks good but it’s balanced out by the negative revision to Q4. At least there is some momentum, but it’s because of weak productivity.
