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International
Q1 US Nonfarm Productivity, Unit Labor Cost Growth Revised Lower
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.
International
US Initial Jobless Claims Rise in Week Ended May 30
US initial jobless claims rose to a level of 225,000 in the week ended May 30 from a downwardly revised 212,000 level in the previous week, compared with expectations for a 215,000 level in survey of analysts compiled by Bloomberg as of 7:30 am ET.The four-week moving average jumped by 6,500 to 214,750 after increasing by 5,500 to a level of 208,250 in the previous week.Insured jobless claims fell by 8,000 to 1,777,000 in the week ended May 23.The weekly initial jobless claims data released by the US Labor Department measures filings for unemployment insurance benefits. Initial filings are reported through the previous Saturday, while those already on benefits are measured with a one-week lag.A decrease in claims suggests a stronger labor market, a positive for the US economy and stocks, but a negative for bonds as it suggests wage growth that could lead to inflation.
International