- Unit Labour Costs was revised higher to show a rise of 0.9% QoQ in Q4, much larger than the 0.3% rise expected.
- FX markets did not react to the latest labour market data.
US Unit Labour Costs was revised higher to show a rise of 0.9% QoQ in Q4 2021, above median economists' forecasts for a much smaller rise of 0.3% and an acceleration from Q3's rise of 0.3%, data released by the Bureau of Labour Statistics and Department of Labour said on Thursday. Q4 Non-farm Productivity growth was revised lower to 6.6% QoQ from the prior estimate of 6.7%.
Market Reaction
Despite a much larger than expected positive revision to Unit Labour Costs, indicative of a hot/tight labour market, the US Dollar Index (DXY) is broadly unmoved. The index continues to trade close to highs of the day in the 97.60s.