U.S. Productivity Surges at Fastest Pace in 3 Years, Keeping Wage Pressures in Check
- U.S. productivity jumped 4.7% in Q3, fastest rate in 3 years
- Output rose 5.9%, hours worked rose 1.1%
- Unit labor costs fell 0.8% in Q3, first decline since Q4 2021
- High productivity raises living standards, keeps wage pressures down
- Uncertain if emerging productivity trend will continue
- Stocks set to open higher after Powell remarks, 10-year Treasury yield dropped