by Mike ‘Mish’ Shedlock
Productivity is down 1% in the first quarter of 2016 following a revised 1.7% decline last quarter.
This is the fourth productivity decline in the last six quarters.
Meanwhile unit labor costs are up 4.1% in the first quarter following a revised jump of 2.7% in the fourth quarter of 2015.
The Bloomberg Econoday consensus was -1.2% for productivity and +3.5% for labor costs.