US DATA: 4Q productivity +0.9% SAAR vs 4Q prelim +0.7%, while unit
labor costs +2.8% vs 4Q prelim +1.2%. Productivity growth as expected,
while ULC growth faster than expectation of +1.2%. 4Q output growth
revised to +3.7% from +3.6%, but hours worked revised down slightly to
+2.7% from +2.9% prelim. 4Q Compensation growth revised to +2.8% from
+1.9%. 2011 Productivity lowered to +0.4% from initial estimate of
+0.7%, ULC +2.0% from +1.2%. Y/Y productivity +0.3% 4Q, ULC +3.1%.
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