US: Unit Labor Costs Decline by 8.9% in Q3

Unit Labor Costs in the US’ nonfarm business sector declined by 8.9% on a yearly basis in the third quarter, the data published by the US Bureau of Labor Statistics showed on Thursday. This reading followed an 8.5% (revised from 9%) increase in the previous quarter and came in better than the market expectation for a fall of 11.5%.

Further details of the publication revealed that Labor Productivity in the nonfarm business sector increased by 4.9% in the same period and fell short of analysts’ estimate of 5.6%.