US Q1 worker productivity revised to 0.2% annualized rate, unit labor costs at 4.0%; unlikely to change Fed's rate cut stance.
US worker productivity grew slightly less than previously estimated at 0.2% annualized rate in Q1, exceeding market expectations, while unit labor costs rose by less than first thought at 4.0% annualized rate. These revisions are unlikely to sway the Federal Reserve's hesitancy to adopt rate cuts. Productivity and labor costs had accelerated in 2023, finishing at 3.5% and unchanged, respectively, in Q4.
June 06, 2024
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