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Q1 US Nonfarm Productivity, Unit Labor Cost Growth Revised Lower

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Nonfarm productivity was revised down to a 0.3% growth pace in Q1 from a 0.8% increase in the previous estimate, below a 0.4% gain expected in a survey of analysts compiled by Bloomberg as of 7:30 am ET and following a 1.6% gain in Q4.

Output growth was revised lower while hours worked growth was unrevised.

As a result of the downward adjustment to productivity and a larger downward adjustment to hourly compensation, unit labor costs were revised lower to a 1.8% gain from the previously reported 2.3% gain. Unit labor costs rose by 2.1% in Q4.

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Q1 US Unit Labor Costs Revised Down to 1.8% Growth Rate vs 2.4% Gain Expected, 2.3% Preliminary Gain

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Q1 US Nonfarm Productivity Revised Down to 0.3% Growth Rate vs 0.4% Gain Expected, 0.8% Preliminary Gain