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Enviado: 3/5/2007 12:37ECONOMIC REPORT: Productivity healthy in first quarter; Unit labor costs rise 0.6%, well-below expectations
By Greg Robb, MarketWatch Last Update: 8:38 AM ET May 3, 2007
WASHINGTON (MarketWatch) - The productivity of the American workplace remained healthy in the first quarter, while wage costs were tame, the Labor Department estimated Thursday.
Productivity of the U.S. non-farm business sector rose at a 1.7% annual rate in the first quarter.
Unit labor costs - a key gauge of wage-push inflationary pressures - rose 0.6% annualized, well short of expectations.
The quarterly productivity number was much better that the 0.8% gain expected by economists surveyed by MarketWatch. And economists had expected unit labor costs to jump 2.1%.
In the fourth quarter, productivity was revised to a 2.1% increase from 1.6% previously. Fourth-quarter unit labor costs rose 6.2%, rather than the 6.6% rise originally reported.
In the year ended March, productivity increased 1.1%, compared with a 1.6% gain in the fourth quarter.
Unit labor costs rose 1.3% in the year ended March, compared with a 3.4% rise in the fourth quarter.
In the first quarter, output in the nonfarm business sector increased 1.4%. This was the smallest gain since the first quarter of 2003. Hours worked fell 0.3%, the biggest drop since the second quarter of 2003.
Real hourly compensation fell 1.5% in the quarter.
In the manufacturing sector, productivity increased 2.7% in the first quarter, with unit labor costs rising 2.7%. Output in manufacturing rose 1.5% and hours worked fell 1.1%.
ECONOMIC REPORT: U.S. initial jobless claims at lowest level since Jan.; Claims fall 21,000 to 305,000
By Greg Robb, MarketWatch Last Update: 8:39 AM ET May 3, 2007
WASHINGTON (MarketWatch) - In a sign that the labor market remains tight, U.S. weekly jobless claims fell to their lowest level since early January, the Labor Department said Thursday.
First time applications for state unemployment benefits fell by 21,000 to 305,000 in the week ending April 28, the department said. This is the lowest level since the week ending Jan. 13.
The four-week average of new claims dropped 4,500 to 328,750.
The previous week's initial claims were revised to 326,000 from 321,000.
The number of new claims was well below forecast. Analysts had been expecting claims to rebound after a sharp drop in the previous week.
Meanwhile, the number of people collecting unemployment benefits fell by 93,000 to 2.50 million in the week ended April 21. It's the lowest level of continuing claims in a month.
The four-week moving average of continuing claims -- which smoothes out distortions like weather and strikes and is considered a more accurate indicator - rose by 1,500 to 2.53 million.
The insured unemployment rate, or the percentage of those eligible for benefits who are collecting, fell to1.9% from 2.0% in the previous week.
Initial claims represent job destruction, while the level of continuing claims indicates how hard or easy it is for displaced workers to find new jobs.
By Greg Robb, MarketWatch Last Update: 8:38 AM ET May 3, 2007
WASHINGTON (MarketWatch) - The productivity of the American workplace remained healthy in the first quarter, while wage costs were tame, the Labor Department estimated Thursday.
Productivity of the U.S. non-farm business sector rose at a 1.7% annual rate in the first quarter.
Unit labor costs - a key gauge of wage-push inflationary pressures - rose 0.6% annualized, well short of expectations.
The quarterly productivity number was much better that the 0.8% gain expected by economists surveyed by MarketWatch. And economists had expected unit labor costs to jump 2.1%.
In the fourth quarter, productivity was revised to a 2.1% increase from 1.6% previously. Fourth-quarter unit labor costs rose 6.2%, rather than the 6.6% rise originally reported.
In the year ended March, productivity increased 1.1%, compared with a 1.6% gain in the fourth quarter.
Unit labor costs rose 1.3% in the year ended March, compared with a 3.4% rise in the fourth quarter.
In the first quarter, output in the nonfarm business sector increased 1.4%. This was the smallest gain since the first quarter of 2003. Hours worked fell 0.3%, the biggest drop since the second quarter of 2003.
Real hourly compensation fell 1.5% in the quarter.
In the manufacturing sector, productivity increased 2.7% in the first quarter, with unit labor costs rising 2.7%. Output in manufacturing rose 1.5% and hours worked fell 1.1%.
ECONOMIC REPORT: U.S. initial jobless claims at lowest level since Jan.; Claims fall 21,000 to 305,000
By Greg Robb, MarketWatch Last Update: 8:39 AM ET May 3, 2007
WASHINGTON (MarketWatch) - In a sign that the labor market remains tight, U.S. weekly jobless claims fell to their lowest level since early January, the Labor Department said Thursday.
First time applications for state unemployment benefits fell by 21,000 to 305,000 in the week ending April 28, the department said. This is the lowest level since the week ending Jan. 13.
The four-week average of new claims dropped 4,500 to 328,750.
The previous week's initial claims were revised to 326,000 from 321,000.
The number of new claims was well below forecast. Analysts had been expecting claims to rebound after a sharp drop in the previous week.
Meanwhile, the number of people collecting unemployment benefits fell by 93,000 to 2.50 million in the week ended April 21. It's the lowest level of continuing claims in a month.
The four-week moving average of continuing claims -- which smoothes out distortions like weather and strikes and is considered a more accurate indicator - rose by 1,500 to 2.53 million.
The insured unemployment rate, or the percentage of those eligible for benefits who are collecting, fell to1.9% from 2.0% in the previous week.
Initial claims represent job destruction, while the level of continuing claims indicates how hard or easy it is for displaced workers to find new jobs.