Revisions to Q3 data

  • Unit labor costs +2.5% vs +3.6% prelim
  • Non-farm productivity -0.2% vs -0.1% expected (prelim -0.3%)

That's another reason for the Fed to stay dovish.

The drop in productivity was the largest since Q4 2015 but is notoriously difficult to measure. GDP rose at a 2.1% pace in Q3.