US labour costs for Q1 2015
- Prior 4.%. revised to 4.2%
- Non-farm productivity -1.9% vs -1.8% exp. Prior -2.2%. Revised to -2.1%
Worse than expected for the non-farm number but it's improving which points the right way for the economy. Durables and manufacturing bear the brunt of losses. The rise in labour costs is strengthening so inflationary pressure starting to build here
USD/JPY treading water at 119.55 after a bounce back to 119.70 following the ADP data
