U.S. unit labor costs higher in second quarter than initially thought

Unit-labor costs rose at a revised 2.2% rate in Q2, up from initial 1.6% estimate
Came after revised US productivity data released
Follows GDP growth revised down to 2.1% rate in Q2 from initial 2.4% estimate
Unit-labor costs a gauge of wage inflation
Data came from US Labor Department

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Relevant topic timeline:

9/1/2023

US adds 187K jobs in August, jobless rate rises to 3.8 percent

The US added 187,000 jobs in August, but the unemployment rate rose to 3.8 percent, indicating a plateau in the labor market as the Federal Reserve considers another interest rate hike.

8/31/2023

Key Fed inflation gauge shows no relief for squeezed families

Consumer prices in the US rose 0.2% from the previous month, and 3.3% annually, indicating persistent high inflation and posing a challenge to the Federal Reserve's efforts to curb it; core prices, which exclude food and energy, also increased 0.2% from the previous month and 4.2% from the previous year.

9/7/2023

Productivity revised lower to 3.5%, while labor costs rise more than expected in Q2

US nonfarm productivity increases by 3.5% in Q2 2023, while unit labor costs rise by 2.2%.