US Q3 unit labor csts +2.4% vs +3.1% expected

• Prelim was 3.5%
• Prior quarter was 8.9%
• Productivity +0.8% vs +0.6% exp

This is lagging data but good news on the inflation front. It's not a market mover and it's extremely difficult (and unreliable) to measure but it's what the Fed wants to see.