Investing.com - U.S. non-farm productivity rose more-than-expected in the third quarter, official preliminary data showed on Thursday.
In a report, the U.S. Bureau of Labor Statistics said non-farm business sector labor productivity rose by a seasonally adjusted 3.1% in the third quarter, above expectations for a 2.7% increase.
The previous quarter’s figure was revised to a decline of 0.1% from a previously reported 0.7% drop
The report also said unit labor costs fell by a seasonally adjusted 2.4% in the third quarter, disappointing expectations for a 0.5% decline.
The previous quarter’s figure was revised down to a 2.8% increase from a previously reported 3.3% gain.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD gaining 0.45% to hit 1.3809.
Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow Jones Industrial Average futures pointed to a gain of 0.6%, S&P 500 futures indicated an increase of 0.7%, while the Nasdaq 100 futures advanced 0.3%.
In a report, the U.S. Bureau of Labor Statistics said non-farm business sector labor productivity rose by a seasonally adjusted 3.1% in the third quarter, above expectations for a 2.7% increase.
The previous quarter’s figure was revised to a decline of 0.1% from a previously reported 0.7% drop
The report also said unit labor costs fell by a seasonally adjusted 2.4% in the third quarter, disappointing expectations for a 0.5% decline.
The previous quarter’s figure was revised down to a 2.8% increase from a previously reported 3.3% gain.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD gaining 0.45% to hit 1.3809.
Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow Jones Industrial Average futures pointed to a gain of 0.6%, S&P 500 futures indicated an increase of 0.7%, while the Nasdaq 100 futures advanced 0.3%.