Investing.com - U.S. non-farm productivity rose less than initially expected in the third quarter, official data showed on Wednesday.
In a report, the U.S. Bureau of Labor Statistics said non-farm business sector labor productivity rose by a seasonally adjusted 2.3% in the third quarter, compared to preliminary data which showed a 3.1% increase.
Analysts had expected non-farm business sector labor productivity to rise by 2.6% in the three months to September 30.
The report showed that unit labor costs declined more-than-expected, falling by a seasonally adjusted 2.5% in the third quarter, compared to an initial estimate of a 2.4% drop. Economists had expected unit labor costs to fall by 2.1%.
Following the release of the data, the U.S. dollar added to losses against the euro, with EUR/USD surging 1.15% to trade 1.3467.
Meanwhile, U.S. stock index futures added to strong gains after the release of the data. The Dow Jones Industrial Average futures indicated a rise of 2.6%, S&P 500 futures rallied 3.2%, while the Nasdaq 100 futures soared 2.75%.
In a report, the U.S. Bureau of Labor Statistics said non-farm business sector labor productivity rose by a seasonally adjusted 2.3% in the third quarter, compared to preliminary data which showed a 3.1% increase.
Analysts had expected non-farm business sector labor productivity to rise by 2.6% in the three months to September 30.
The report showed that unit labor costs declined more-than-expected, falling by a seasonally adjusted 2.5% in the third quarter, compared to an initial estimate of a 2.4% drop. Economists had expected unit labor costs to fall by 2.1%.
Following the release of the data, the U.S. dollar added to losses against the euro, with EUR/USD surging 1.15% to trade 1.3467.
Meanwhile, U.S. stock index futures added to strong gains after the release of the data. The Dow Jones Industrial Average futures indicated a rise of 2.6%, S&P 500 futures rallied 3.2%, while the Nasdaq 100 futures soared 2.75%.