Nonfarm Productivity for the 2nd quarter was revised to a 6.6% gain in the second quarter, from preliminary estimates of a 6.4% gain. Nonfarm productivity increased by 0.3% in the 1st quarter of 2009, after it fell by 0.6% in the 4th quarter of 2008 and increased by 1.5% in the 3rd quarter of 2008. This is the largest quarterly gain since the 3rd quarter of 2003, when productivity grew by 9.7% annualized. Unit Labor Costs was revised downward to a 5.9% decline in the 2nd quarter, revised downward from preliminary estimates of a -5.8% change, more than the expected 2.9% decline, following a 2.7% decrease in the figure from the 1st quarter, revised downward from a 3% gain.
Factory Orders for July are scheduled for release today at 10:00 AM EST, and are expected to advance by 2.2% following the June increase of 0.4% to $349.0 billion.
Upcoming Releases
FOMC Minutes (09/02 at 2:00 PM EST)
Initial Claims (09/03 at 8:30 AM EST)
ISM Services Index (09/03 at 10:00 AM EST)
Unemployment Rate (09/04 at 8:30 AM EST)
