US: Non-farm productivity is likely to be revised up - BBH

Research Team at BBH, suggests that the US economic data today is not the kind that moves the markets and the non-farm productivity is likely to be revised up following the upward revision to Q1 growth. 

Key Quotes

“However, it will likely remain negative, and the weak productivity growth remains an important economic puzzle.  Unit labor costs may edge lower from the 4.1% initial estimate. 

Consumer credit is due out late in the session.  After a record level (~$29.7 bln) in March, a return to trend (six-month average is ~$18.4 bln) is expected. 

Canada reports the IVEY PMI.  A softer number from April's 53.1 reading is anticipated.  The US dollar is approaching the CAD1.2740 area, which is the 62% retracement of May's run-up.”