{"id":40611,"date":"2023-11-02T14:48:12","date_gmt":"2023-11-02T14:48:12","guid":{"rendered":"https:\/\/prosfunds.com\/news\/labor-costs-show-surprise-decline-in-the-third-quarter\/"},"modified":"2023-11-02T14:48:15","modified_gmt":"2023-11-02T14:48:15","slug":"labor-costs-show-surprise-decline-in-the-third-quarter","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=40611","title":{"rendered":"Labor costs show surprise decline in the third quarter"},"content":{"rendered":"
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The cost of labor unexpectedly declined in the third quarter, providing at least some relief on the inflation front, the Labor Department reported Thursday.<\/p>\n

Unit labor costs, a measure of hourly compensation against productivity, fell 0.8% for the July-through-September period at a seasonally adjusted rate. Economists surveyed by Dow Jones had been looking for a gain of 0.7%. On a 12-month basis, unit labor costs increased 1.9%.<\/p>\n

The breakdown reflected a 3.9% increase in hourly compensation, offset by a 4.7% rise in productivity.<\/p>\n

That increase in productivity also was more than expected, beating the Dow Jones estimate for a rise of 4.3% for the biggest quarterly gain since the third quarter of 2020. Output climbed 5.9%, while hours worked rose 1.1%.<\/p>\n

The developments come as the Federal Reserve is seeking to tamp down inflation through a series of interest rate increases.<\/p>\n

On Wednesday, Fed Chair Jerome Powell said wage gains “have really come down significantly over the course of the last 18 months to a level where they’re substantially closer to that level that would be consistent with 2% inflation over time,” the central bank’s target.<\/p>\n

In other economic news Thursday, initial filings for unemployment benefits for the week ended Oct. 28 totaled a seasonally adjusted 217,000, up 5,000 from the previous period and higher than the 214,000 estimate, the Labor Department said in a separate report.<\/p>\n

Continuing claims, which run a week behind, totaled 1.82 million, an increase of 35,000 and higher than the 1.81 million FactSet estimate.<\/p>\n<\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The cost of labor unexpectedly declined in the third quarter, providing at least some relief on the inflation front, the Labor Department reported Thursday. Unit labor costs, a measure of hourly compensation against productivity, fell 0.8% for the July-through-September period at a seasonally adjusted rate. Economists surveyed by Dow Jones had been looking for a […]<\/p>\n","protected":false},"author":1,"featured_media":40612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-40611","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nLabor costs show surprise decline in the third quarter | Prosfunds<\/title>\n<meta name=\"description\" content=\"The cost of labor unexpectedly declined in the third quarter, providing at least some relief on the inflation front, the Labor Department reported\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=40611\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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