US third quarter labour cost growth revised lower

The productivity of American workers dipped during the third quarter, but unit labour costs rose by less than previously thought, revised data showed.

According to the Department of Labor, non-farm labour productivity in the States shrank at a quarterly annualised pace of 0.2% over the three months to September (consensus: -0.1%), as output per hour lagged the increase in the number of hours worked.

In comparison to the third quarter of 2018, productivity was nevertheless ahead by a still respectable 1.5%.

Unit labour costs meanwhile were up by 2.5% from the prior quarter (consensus: 3.4%) and by 2.2% versus the comparable period one year ago.