US Q1 unit labor costs prelim +5.7% vs +5.1% expected

  • US first quarter unit labor cost data
construction winter building
  • Prior was +2.2% (revised to 2.0%)
  • Productivity prelim -0.8% vs -0.7% expected
  • Prior productivity +1.5% (revised to +1.7%)

There is an inflationary impulse in these numbers but it's a tough report to extrapolate from because it's choppy and more of a lagging indicator than a leading one.

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