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French retail sales rebounded in June after falling for two consecutive months...
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by Tom Moeller September 2, 2015
Nonfarm productivity growth during Q2'15 was revised higher to 3.3% from 1.3% reported initially (SAAR). Revision to 2.3% growth was expected in the Action Economics Forecast Survey. Last quarter's gain followed two of quarters of decline, which were little-revised. Strengthened productivity growth prompted a 1.4% decline (+1.7% y/y) in unit labor costs, initially reported as a 0.5% rise. A 0.4% decline had been expected. Growth in compensation per hour was unchanged at 1.8% (2.5% y/y) after a 1.5% Q1 rise.
Revisions to the factory sector figures were small. Manufacturing sector worker productivity increased at a 2.3% rate (1.0% y/y), revised from 2.5%. The gain also followed two quarters of modest decline. Unit labor costs fell 2.2% (+1.0% y/y), the fourth decline in the last five quarters. Compensation edged 0.1% higher after a 2.1% decline in Q1.
The productivity & cost figures are available in Haver's USECON database. The expectations figures are from the Action Economics Forecast Survey and are found in the AS1REPNA database.
| Productivity & Costs (SAAR,%) | Q2'15 | Q1'15 | Q4'14 | Q2 Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Nonfarm Business Sector | |||||||
| Output per Hour (Productivity) | 3.3 | -1.1 | -2.2 | 0.7 | 0.7 | 0.0 | 0.9 |
| Compensation per Hour | 1.8 | 1.5 | 3.4 | 2.5 | 2.7 | 1.1 | 2.7 |
| Unit Labor Costs | -1.4 | 2.6 | 5.7 | 1.7 | 2.0 | 1.1 | 1.7 |
| Manufacturing Sector | |||||||
| Output per Hour (Productivity) | 2.3 | -0.6 | -0.4 | 1.0 | 1.3 | 0.7 | 0.7 |
| Compensation per Hour | 0.1 | -2.2 | 4.3 | 1.2 | 2.7 | 0.2 | 1.8 |
| Unit Labor Costs | -2.2 | -1.6 | 4.7 | 0.2 | 1.4 | -0.5 | 1.0 |
