Growth of U.S. labor costs was not as robust as initially thought in the third q...
WASHINGTON - Growth of U.S. labor costs was not as robust as initially thought in the third quarter, suggesting inflation could remain tame for a while.
Unit labor costs, the price of labor per single unit of output, increased at a 2.5% annualized rate in the third quarter. They were previously reported to have advanced at a 3.6% rate. Compared with the third quarter of 2018, labor costs grew at a 2.2% rate, rather than the previously estimated 3.1%. Growth in hourly compensation was also revised lower, to a 2.3% rate in the third quarter, down from the originally reported 3.3% pace.
The government reported last month that after-tax profits without inventory valuation and capital consumption adjustment, which corresponds to S&P 500 profits, decreased $11.3 billion, or at a rate of 0.6% in the third quarter. Profits were down at a rate of 0.4% compared with the third quarter of 2018.
Compared with the third quarter of 2018, productivity increased at a 1.5% rate, instead of the previously reported 1.4% pace. Tepid productivity suggests the economy is unlikely to achieve the Trump administration’s goal of 3% annual growth.
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