{"id":31597,"date":"2023-11-02T15:34:06","date_gmt":"2023-11-02T15:34:06","guid":{"rendered":"https:\/\/microloannexus.com\/news\/labor-costs-show-surprise-decline-in-the-third-quarter\/"},"modified":"2023-11-02T15:34:08","modified_gmt":"2023-11-02T15:34:08","slug":"labor-costs-show-surprise-decline-in-the-third-quarter","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=31597","title":{"rendered":"Labor costs show surprise decline in the third quarter"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>The cost of labor unexpectedly declined in the third quarter, providing at least some relief on the inflation front, the Labor Department reported Thursday.<\/p>\n<p>Unit labor costs, a measure of hourly compensation against productivity, fell 0.8% for the July-through-September period at a seasonally adjusted rate. Economists surveyed by Dow Jones had been looking for a gain of 0.7%. On a 12-month basis, unit labor costs increased 1.9%.<\/p>\n<p>The breakdown reflected a 3.9% increase in hourly compensation, offset by a 4.7% rise in productivity.<\/p>\n<p>That increase in productivity also was more than expected, beating the Dow Jones estimate for a rise of 4.3% for the biggest quarterly gain since the third quarter of 2020. Output climbed 5.9%, while hours worked rose 1.1%.<\/p>\n<p>The developments come as the Federal Reserve is seeking to tamp down inflation through a series of interest rate increases.<\/p>\n<p>On Wednesday, Fed Chair Jerome Powell said wage gains &#8220;have really come down significantly over the course of the last 18 months to a level where they&#8217;re substantially closer to that level that would be consistent with 2% inflation over time,&#8221; the central bank&#8217;s target.<\/p>\n<p>In other economic news Thursday, initial filings for unemployment benefits for the week ended Oct. 28 totaled a seasonally adjusted 217,000, up 5,000 from the previous period and higher than the 214,000 estimate, the Labor Department said in a separate report.<\/p>\n<p>Continuing claims, which run a week behind, totaled 1.82 million, an increase of 35,000 and higher than the 1.81 million FactSet estimate.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/02\/labor-costs-show-surprise-decline-in-the-third-quarter.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cost of labor unexpectedly declined in the third quarter, providing at least some relief on the inflation front, the Labor Department reported Thursday. Unit labor costs, a measure of hourly compensation against productivity, fell 0.8% for the July-through-September period at a seasonally adjusted rate. Economists surveyed by Dow Jones had been looking for a<\/p>\n","protected":false},"author":1,"featured_media":31598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-31597","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Labor costs show surprise decline in the third quarter | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"The cost of labor unexpectedly declined in the third quarter, providing at least some relief on the inflation front, the Labor Department reported\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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