US: Unit Labor Costs rise by 1.3% in Q2 vs. 0.9% expected

• Unit Labor Costs increased more than expected in Q2.
• US Dollar Index stays flat on the day near 92.50.

Unit Labor Costs in the US rose at an annual rate of 1.3% in the second quarter, the US Bureau of Labor Statistics reported on Thursday. This reading came in higher than the market expectation of 0.9%.

"Nonfarm business sector labor productivity increased 2.1% in the second quarter of 2021 as output increased 8.1% and hours worked increased 6.0%," the publication further read. "Manufacturing sector labor productivity increased 8.0% in the second quarter of 2021, as output increased 5.5% and hours worked decreased 2.3%."

Market reaction

The US Dollar Index largely ignored this report and was last seen unchanged on the day at 92.48.