Third quarter non-farm productivity data
Prior quarter was +2.9% (revised to +3.0%)
Unit labor costs +1.2% vs +1.0% expected
Prior unit labor costs -1.0%
Better productivity is doubly good. It means the economy is more dynamic but it also means the Fed can wait a bit longer to hike. However the beat and revision is a total of 0.2 pp and productivity is very difficult to accurately measure.
