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U.S. Labor Productivity Surges More Than Expected In Q3
(RTTNews) - Labor productivity in the U.S. shot up by more than expected in the third quarter of 2023, according to a report released by the Labor Department on Thursday.
The Labor Department said labor productivity soared by 4.7 percent in the third quarter after surging by a revised 3.6 percent in the second quarter.
Economists had expected productivity to spike by 4.2 percent compared to the 3.5 percent jump that had been reported for the previous quarter.
Meanwhile, the report said unit labor costs fell by 0.8 percent in the third quarter after shoot up by a revised 3.2 percent in the second quarter.
Unit labor costs were expected to climb by 0.7 percent compared to the 2.2 percent increase that had been reported for the previous quarter.
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Powell Says Outlook, Shifting Balance Of Risks 'May Warrant' Lower Rates
Federal Reserve Chair Jerome Powell delivered a highly-anticipated speech before the Jackson Hole Economic Symposium on Friday, although he touched only briefly on the outlook for monetary policy. "With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance," Powell said.
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U.S. Leading Economic Index Edges Down In Line With Estimates In July
A reading on leading U.S. economic indicators edged slightly lower in the month of July, according to a report released by the Conference Board on Thursday. The Conference Board said leading economic index slipped by 0.1 percent in July after falling by 0.3 percent in June. The modest decrease matched economist estimates.
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U.S. Existing Home Sales Unexpectedly Rebound In July
The National Association of Realtors released a report on Thursday showing an unexpected rebound by existing home sales in the U.S. in the month of July. The report said existing home sales jumped by 2.0 percent to an annual rate of 4.01 million in July after tumbling by 2.7 percent to an annual rate of 3.93 million in June.
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Philly Fed Index Unexpectedly Returns To Negative Territory In August
Manufacturing activity in the Philadelphia area has weakened in the month of August, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday. The Philly Fed said its diffusion index for current general activity tumbled to a negative 0.3 in August from a positive 15.9 in July, with a negative reading indicating contraction.
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1 gün önce
U.S. Jobless Claims Rise More Than Expected To 235,000
First-time claims for U.S. unemployment benefits rose by much more than expected in the week ended August 16th, according to a repot released by the Labor Department on Thursday. The report said initial jobless claims climbed to 235,000, an increase of 11,000 from the previous week's unrevised level of 224,000. Economists had expected jobless claims to inch up to 225,000.
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1 gün önce
Philly Fed Index Slumps Much More Than Expected In August
Manufacturing activity in the Philadelphia area has weakened in the month of August, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday.
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1 gün önce
U.S. Weekly Jobless Claims Rise More Than Expected
First-time claims for U.S. unemployment benefits rose by much more than expected in the week ended August 16th, according to a repot released by the Labor Department on Thursday.
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1 gün önce
Fed Minutes Reveal Details Behind Split Interest Rate Decision
The minutes of the Federal Reserve's latest monetary policy meeting revealed most officials still see the upside risk to inflation as the bigger threat to the economic outlook, although a couple were more worried about the downside risk to employment.
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2 gün önce
