US unit labour costs miss forecasts in Q4, labour productivity beats

Unit labour costs in the US undershot economists' forecasts by a wide margin at the end of 2021 as productivity growth surged.

According to the Department of Labor, unit labour costs, increased at a quarterly annualised pace of 0.3% in the fourth quarter (consensus: 1.9%).

Unit labour costs are one of the most closely-followed barometers of price pressures emanating from the job market.

Labour productivity on the other hand jumped at a 6.6% pace (consensus: 2.3%).

-- More to follow --