U.S. nonfarm productivity contracted at a rate of 0.6%
U.S. nonfarm productivity fell less sharply than initially thought in the first quarter and labor-related costs surged for a second straight quarter as companies hired more workers to raise output, suggesting profits could remain under pressure. The Labor Department said on Tuesday productivity, which measures hourly output per worker, contracted at an annualized rate of 0.6%, instead of the 1.0% pace the government reported last month. Productivity fell at a 1.7% rate in the fourth quarter.
The revision for the first quarter, which reflected modestly higher output than previously estimated, was in line with economists' expectations. Output per worker in the first quarter was revised to show a 0.9 percent rate of increase, up from 0.4 percent. The government last month raised its first-quarter economic growth estimate to a 0.8 percent rate from the 0.5 percent pace reported in April.
Euro is currently being traded few points above 1.1350 level, Sterling is around 1.4550 handle, while Aussie is at 0.7450 area.
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