US productivity slips adding to labour costs
US productivity fell markedly in Q1 pushing up labour costs. NAB’s Gavin Friend says the focus is still on the Fed, but there will be a lot of attention on today’s payrolls and services PMI.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Friday 3rd May 2024
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US productivity has slipped quite markedly in Q1, that’s pushed up labour costs – is that something to worry about? Phil puts the question to NAB’s Gavin Friend, who says markets are still responding to yesterday’s dovish slant from the Fed. Non-farm payrolls will be watched keenly tonight, along with US Services PMI. Locally Australia’s home loans data is out today. Phil and Gavin also talk through revisions to the OECD’s growth forecasts for the US, Australia, Europe and the UK.
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