- Story Log
User | Time | Action Performed |
---|---|---|
-
Productivity and Costs - Third Quarter 2023, Revised
Nonfarm business sector labor productivity increased 5.2 percent in the third quarter of 2023, the U.S. Bureau of Labor Statistics reported today, as output increased 6.1 percent and hours worked increased 0.9 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) The increase in labor productivity is the highest rate since the third quarter of 2020, when productivity increased 5.7 percent. From the same quarter a year ago, nonfarm business sector labor productivity increased 2.4 percent. (See table A1.) Unit labor costs in the nonfarm business sector decreased 1.2 percent in ... (full story)
- Comments
- Subscribe
-
- Older Stories
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $64.3 billion in October, up $3.1 billion from $61.2 ...
In October, Canada's merchandise imports fell 2.8%, while exports edged up 0.1%. As a result, Canada's merchandise trade surplus with the world widened from $1.1 billion in ...
Labour productivity of Canadian businesses decreased 0.8% in the third quarter, after edging down 0.1% in the previous quarter. This was a sixth consecutive quarterly decline. The ...
-
- Newer Stories
The Bank of Canada (BoC) on Wednesday is expected to keep rates on hold at a 22-year high of 5% after growth contracted in the third quarter and is seen slumping next year, ...
Gold: The yellow metal spiked to new record highs in early trade in the small hours of Monday morning, having broken above $2,075/oz at the fourth time of asking. However, short ...
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The global economy continues to slow and inflation has eased further. In the United States, growth has been stronger than expected, led by robust consumer spending, but is likely to weaken in the months ahead as past policy rate increases work their way through the economy. Growth in the euro area has weakened and, combined with lower energy prices, this has reduced inflationary pressures. Oil prices are about $10-per-barrel lower than was assumed in the October Monetary Policy Report (MPR). Financial conditions have also eased, with long-term interest rates unwinding some of the sharp increases seen earlier in the autumn. The US dollar has weakened against most currencies, including Canada’s. In Canada, economic growth stalled through the middle quarters of 2023. Real GDP contracted at a rate of 1.1% in the third quarter, following growth of 1.4% in the second quarter. Higher interest rates are clearly restraining spending: consumption growth in the last two quarters was close to zero, and business investment has been volatile but essentially flat over the past year. Exports and inventory adjustment subtracted from GDP growth in the third quarter, while government spending and new home construction provided a boost. The labour market continues to ease: job creation has been slower than labour force growth, job vacancies have declined further, and the unemployment rate has risen modestly. Even so, wages are still rising by 4-5%. Overall, these data and indicators for the fourth quarter suggest the economy is no longer in excess demand. The slowdown in the economy is reducing inflationary pressures in a broadening range of goods and services prices. Combined with the drop in gasoline prices, this contributed to the easing of C post: ?*BANK OF CANADA SAYS ECONOMY NO LONGER IN EXCESS DEMAND *BOC CONCERNED ABOUT INFLATION OUTLOOK, READY TO HIKE AGAIN post: BOC: Further Signs High Rates Are Slowing Spending, Relieving CPI Pressure BOC: Economic Growth Has "Stalled" BOC: Higher Rates "Clearly" Restraining Spending BOC: Indicators Suggest Economy Is No Longer in Excess Demand BOC: Economic Slowdown Has Reduced…
- Story Stats
- Posted: Dec 6, 2023 8:31am
- Submitted by:Category: Low Impact Breaking NewsComments: 0 / Views: 2,323
- Linked events: