11/30/11, "US 3Q Nonfarm Productivity Rev Dn To +2.3% SAAR; ULC Now -2.5%," Market News International
"U.S. nonfarm productivity was revised lower to a 2.3% rate of growth on a downward adjustment to output and a slight upward adjustment to hours worked, data released by the Bureau of Labor Statistics Wednesday showed....
- Analysts in a Market News International survey had expected productivity to be revised down to a 2.6% rate of growth in the third quarter and unit labor costs to fall 2.2% after revision....
Productivity was originally reported up 3.1% in the preliminary estimate for the third quarter.
Despite the downward revision to productivity growth, which was larger than expected, unit labor costs were revised down to a 2.5% rate of decline from the previously reported 2.4% drop....
In addition, unit labor costs are now reported to have declined 0.1% in the second quarter, a sharp downward adjustment from the 2.8% rise that was previously reported. Again, a downward revision to hourly compensation was the key factor, with the new estimate of
- a 0.2% decline replacing the previous estimate of a 2.7% jump.
Second quarter productivity was unrevised, still down 0.1% from the previous quarter....
Real compensation was revised down to a 3.2% rate of decline in the third quarter from the original estimate of a 2.4% decline. Real compensation fell 4.1% in the second quarter,
- a much larger decline than the 1.3% previous estimate
and in line with the downward adjustment to nominal compensation."...
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3Q 2011 "Productivity increased at a 2.3 percent annual rate...a downward revision to its previous estimate of 3.1 percent. Economists polled by Reuters had forecast...being revised down to a 2.6 percent."...
11/30/11, "Productivity Weaker Than Thought, Wages Slip," Reuters, via CNBC
"The rebound in U.S. nonfarm productivity growth was not as strong as previously estimated in the third quarter, while wages declined for two straight quarters, supporting the Federal Reserve's views of moderate inflation pressures.
Productivity increased at a 2.3 percent annual rate, the Labor Department said on Wednesday, a downward revision to its previous estimate of 3.1 percent.
Economists polled by Reuters had forecast productivity, which measures hourly output per worker, being revised down to a 2.6 percent growth rate. The revision reflects a much slower gross domestic product growth pace during the July-September period.
Productivity fell at a 0.1 percent pace in the second quarter....
The government last week cut its third-quarter GDP growth estimate to 2.0 percent from 2.5 percent"....
- (Ed. note: Reuters includes the following statement without substantiation for no seeming reason except to imply the economy is fine, it's just selfish "businesses" sitting on $2 trillion cash to be mean to Obama.)
"Businesses, estimated to be sitting on a cash pile of about $2 trillion, continue to hold the line on costs."...
via Drudge
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