Economic Statistics for 7 Jun 16
Non-farm productivity fell at an annualized rate of -0.6% while unit labor costs rose 4.5%. This is a key weakness in the economy. It looks better on a year-over-year basis, but not much, with productivity up 0.7% and unit labor costs up 3.0%.
The Fed’s Labor Market Conditions index fell from -0.9 in April to -4.8 in May, the 5th straight negative, and the lowest since 2009.
Gallup’s US Spending Measure indicates that Americans’ self-reported daily spending fell from $95 to $93.
The Gallup Economic Confidence Index was unchanged at -14 in May.
Redbook reports that last week’s retail sales growth fell to 0.6% on a year-ago basis, from the previous week’s 0.9%.