Alarm! US Productivity Declines For 3rd Straight Quarter While Unit Labor Costs Rose 7.60% YoY, Fastest Since 1982


Even Joe Biden’s hate speech towards Republicans can’t mask the horrid inflation on his watch. As if Biden watches anything other than ice cream cones.

On a YoY basis, US Productivity is down for the 3rd straight quarter (and 4th quarter of the last 5).

On the mirror image of productivity, unit labor costs rose 3.5% QoQ (a notable slowing from the 8.9% QoQ growth in Q2). This was the 6th quarter in a row of rising unit labor costs (but was less than the +4.0% QoQ expected)…

However, on a YoY basis, that is the fastest growth since Q3 1982.

Yikes! The 2s10s Yield Curve Inversion Is the worst since the 1980s.