US DATA: Preliminary Q2 nonfarm productivity -0.3% vs -0.6% Q1
(prev +1.8%), prelim Unit Labor Costs +2.2% vs rev Q1 +4.8% (prev
+0.7%). Q2 output +1.8% (Q1 +0.9%), hours worked +2.0%, and compensation
+1.9% (+4.2% Q1). Real compensation fell 2.1% after a 1.0% decline in
Q1. Prelim Q2 y/y productivity +0.8%, ULC +1.8%.