Preliminary nonfarm productivity increased 1.1% in 3Q, versus the forecast of 0.7% but 2Q was revised from 4.3% to 3.6%. Unit labor costs jumped 3.6%, topping the estimate of 3.0%, as productivity growth fell and compensation increased.
The Dow Jones Industrial Average fell 443 points (4.9%) to close at 8,696, the S&P 500 Index declined 48 points (5.0%) to 905, while the Nasdaq Composite dropped 73 points (4.3%) to 1,609. Crude oil lost $4.53 to $60.77 per barrel, and gold ended down $8.70 at $733.70 per ounce.
Magnificent Seven Update
Daily Update Of Open Positions...Stocks & ETFs
