- Productivity fell 1.5% q/q saar in Q1, down from a 0.8% decline in the advance report.
- The previously reported decline in output in Q1 was little changed while hours worked were revised up.
- Compensation remained elevated, reflected in a marked acceleration in unit labor costs.
Introducing
Sandy Batten
in:Our Authors
Sandy Batten has more than 30 years of experience analyzing industrial economies and financial markets and a wide range of experience across the financial services sector, government, and academia. Before joining Haver Analytics, Sandy was a Vice President and Senior Economist at Citibank; Senior Credit Market Analyst at CDC Investment Management, Managing Director at Bear Stearns, and Executive Director at JPMorgan. In 2008, Sandy was named the most accurate US forecaster by the National Association for Business Economics. He is a member of the New York Forecasters Club, NABE, and the American Economic Association. Prior to his time in the financial services sector, Sandy was a Research Officer at the Federal Reserve Bank of St. Louis, Senior Staff Economist on the President’s Council of Economic Advisors, Deputy Assistant Secretary for Economic Policy at the US Treasury, and Economist at the International Monetary Fund. Sandy has taught economics at St. Louis University, Denison University, and Muskingun College. He has published numerous peer-reviewed articles in a wide range of academic publications. He has a B.A. in economics from the University of Richmond and a M.A. and Ph.D. in economics from The Ohio State University.
Publications by Sandy Batten
USA| Jun 05 2025U.S. Nonfarm Labor Productivity for Q1 Revised Weaker
by:Sandy Batten
|in:Economy in Brief
USA| May 15 2025U.S. Producer Prices Unexpectedly Fell in April
- The headline index fell 0.5% m/m, the largest monthly decline since April 2020.
- The core index edged down 0.1% m/m.
- Final demand goods prices were unchanged while services prices fell 0.7% m/m.
by:Sandy Batten
|in:Economy in Brief
USA| May 15 2025U.S. Philly Fed Manufacturing Index Rebounds in May
- The headline index rebounded to -4.0 in May after plunging to -26.4 in April.
- Orders rebounded into positive territory while shipments fell further.
- Prices paid rose further, and employment rebounded.
- In contrast, after having fallen significantly since January, expectations six months ahead shot up in April.
by:Sandy Batten
|in:Economy in Brief
USA| Apr 30 2025Employment Cost Growth Steady in Q1 2025
- Compensation grew 0.9 q/q in Q1, the same pace as in Q4.
- Wage growth slowed to 0.8% q/q while benefits surged 1.2% q/q, their largest quarterly increase since Q2 2022.
by:Sandy Batten
|in:Economy in Brief
USA| Apr 29 2025JOLTS: Openings and Layoffs Fall in March; Hiring Little Changed
- Job openings fell to 7.192 million from downwardly revised 7.480 million in February.
- The job opening rate slid to 4.3% from 4.5%.
- Hiring was little changed in March.
- Layoffs fell to lowest level since last June.
by:Sandy Batten
|in:Economy in Brief
USA| Apr 17 2025U.S. Philly Fed Manufacturing Index Plunged in April
- The headline index plunged to -26.4 in April from 12.5 in March.
- This is the lowest reading since April 2023.
- Both shipments and orders fell markedly.
- Prices paid rose further while employment indicators fell markedly.
- In contrast, after having fallen significantly since January, expectations six months ahead edged up in April.
by:Sandy Batten
|in:Economy in Brief
- Inventories rose 0.2% m/m in February on top of a 0.3% m/m gain in January.
- February increase was led by wholesalers.
- Sales rebounded, rising 1.2% m/m, their largest monthly gain since July.
- With the rise in sales outpacing inventories, the inventory/sales ratio fell 0.7% m/m.
by:Sandy Batten
|in:Economy in Brief
- Job openings fell to 7.568 million from 7.762 million in January.
- The job opening rate slid to 4.5% from 4.7%.
- Hiring was little changed in February.
- Layoffs rose to 1.790 million from 1.674 million.
by:Sandy Batten
|in:Economy in Brief
- The headline index increased to -2 in March from -5 in February.
- The index has not been positive, depicting growth, since September 2022.
- New orders fell more rapidly while shipments fell less rapidly.
- Employment continued to decline though at a slower rate than in February.
- Prices paid for inputs surged to highest reading since September 2022.
by:Sandy Batten
|in:Economy in Brief
USA| Mar 20 2025U.S. Philly Fed Manufacturing Index Slides Again in March
- The headline index posted a second consecutive decline to a still positive 12.5.
- Shipments and orders fell markedly though remained positive.
- In contrast, employment jumped to 19.7, the highest reading since October 2022.
- Expectations six months ahead collapsed, falling to 5.6, its lowest reading since January 2024.
by:Sandy Batten
|in:Economy in Brief
USA| Mar 17 2025U.S. Business Inventories Rebounded in January but Sales Fell
- Inventories rose 0.3% m/m in January after a 0.2% m/m decline in December.
- January rebound led by wholesalers.
- In contrast, sales fell 0.8% m/m in January, their first monthly decline in five months.
- With inventories rising and sales falling, the inventory/sales ratio rose 1.5% m/m.
by:Sandy Batten
|in:Economy in Brief
USA| Mar 05 2025U.S. Factory Orders Rebounded in January
- Factory orders increased 1.7% m/m in January after having declined in four of the previous five months.
- Durable goods orders jumped 3.2%, led by a 94% monthly rebound in nondefense aircraft orders.
- Shipments increased 0.4% m/m, their third consecutive monthly gain.
- Inventories edged up 0.1% m/m, their third consecutive monthly increase.
by:Sandy Batten
|in:Economy in Brief
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