- Q2 productivity revised to 2.9% from 2.3%
- Unit labor costs +0.3% vs 0.5% exp
- Q2 unit labor costs revised to -0.5% from -0.1%
The jobless claims report and Draghi will get all the attention today but this is an important report for the inflation picture. The revision lower in labor costs along with the soft reading for Q3 underscores the total lack of wage inflation in the United States — something that could keep the Fed on the sidelines longer than expected.