US labour productivity grows slightly less quickly than expected in Q2

Labour productivity in the US grew a tad less quickly than anticipated during the second quarter.

According to the Department of Labor, in seasonally adjusted terms, labour productivity increased at a quarter-on-quarter pace of 2.3% over the three months to June.

That was less than the 3.5% gain expected by analysts; however, the previous month's increases was revised up to show growth of 5.0%, which was up from a preliminary estimate of 4.5%.

Unit labor costs meanwhile, one of the most closely-tracked measures of inflation in any economy, rose by 1.0% over the same time frame, just as anticipated.