Preliminary nonfarm productivity rose at a 3.2% annual rate in 4Q, well ahead of the forecast of 1.6%. Output fell 5.5%, the fastest pace since 1Q in 1982, according to Reuters. Unit labor costs increased 1.8%, versus a 2.9% estimate, as the number of hours worked dropped at an 8.4% annualized rate, the lowest since 1Q of 1975.
Factory orders in December fell 3.9%, a larger decrease than the expected 3.1% drop, while November's decline of 6.5% was revised to a much worse reading than the initially reported 4.6% drop. Durable goods orders were revised from a drop of 2.6% to a decline of 3.0% as weakness was broad-based. Ex-transportation, factory orders fell 4.4%.
The Dow Jones Industrial Average rose 106 points (1.3%) to close at 8,063, the S&P 500 Index gained 14 points (1.6%) to close at 846, and the Nasdaq Composite increased 31 points (2.1%) to 1,546. Crude oil rose $0.85 to $41.17 per barrel, and gold rose $10.43 to $916.18 per ounce.
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