- Unit labor costs rose at a softer-than-expected pace in the second quarter.
- The US Dollar Index remains in positive territory above 109.00.
Unit labor costs in the non-farm business sector increased 10.2% in the second quarter of 2022, the US Bureau of Labor Statistics (BLS) reported on Thursday. This reading was lower than the market expectation, which was 10.7%.
Other details of the publication revealed that labor productivity in the non-farm business sector decreased by 4.1% in the second quarter of 2022.
“From the same quarter a year ago, nonfarm business sector labor productivity declined 2.4%,” the BLS said. “This is the largest decline in the series, beginning in the first quarter of 1948.”
market reaction
The dollar continues to outperform its rivals in the early hours of the American session, with the dollar index holding on to strong daily gains at 109.30.
Source: Fx Street
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