U.S. unit labor costs rise 0.5% in second quarter
Investing.com - U.S. unit labor costs rose more than expected in the second quarter, while non-farm productivity came in below forecasts, official preliminary data showed on Tuesday.
In a report, the U.S. Bureau of Labor Statistics said unit labor costs increased by a seasonally adjusted 0.5% in the three months ended June 30, above forecasts for a gain of 0.1% and following rise of 2.3% in the first quarter.
The report also said that non-farm business sector labor productivity increased by a seasonally adjusted 1.3% in the second quarter, missing expectations for a gain of 1.6%. The preceding quarter's figure was revised to a drop of 1.1% from a previously reported fall of 3.1%.
EUR/USD was trading at 1.1067 from around 1.1063 ahead of the release of the data, GBP/USD was at 1.5596 from 1.5594 earlier, while USD/JPY was at 124.83 compared to 124.80 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 97.02, compared to 97.05 ahead of the report.
Meanwhile, the outlook for U.S. equity markets was downbeat. The Dow futures indicated a loss of 0.8% at the open, the S&P 500 futures pointed to a drop of 0.75%, while Nasdaq 100 futures shed 0.5%.
Elsewhere, in the commodities market, gold futures traded at $1,108.70 a troy ounce, compared to $1,108.40 ahead of the data, while crude oil traded at $43.96 a barrel from $44.02 earlier.
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