What’s the deal with revisions this year?
The jobs report was revised lower.
The second-quarter GDP was revised lower.
The quarterly PCE was revised higher.
And now, second-quarter labor productivity?
You bet!
According to the Bureau of Labor Statistics (BLS), labor productivity growth was revised down by 0.2% to 3.5%. This was up from the first quarter decrease of 1.2%.
Moreover, the BLS confirmed that output and hours worked were revised lower and recorded their first decline since the second quarter of 2020.
One more thing: unit labor costs expanded 38% faster than the first estimate.
Next week: the consumer price index.
The annual inflation rate is expected to rise to nearly 4%.
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