Nonfarm productivity in 1Q was revised upward from an initially-reported annual rate of 2.2% to 2.6%, just above the forecast of 2.5%. Unit labor costs held at an annual rate of 2.2%, ahead of the estimate of 2.0%. More from Bloomberg...
The service sector of the US economy continues to show signs of modest strength as the ISM Non-Manufacturing Index came in at 51.7. The forecast had been for a decline from 52.0 in April to 51.0 in May. The reading for new orders expanded to 53.6 from 50.1, and the Prices Index, which rose from 72.1 to 77.0, continued to suggest that inflationary pressures exist. Details from Bloomberg...
