US labor productivity rose 3.0% QoQ in Q3, the biggest rise since Q3 2014.
Great news, right?
Not so much, as the rise in productivity comes at the expense of the wages of the American worker who saw unit labor costs (wages) decline 0.2% (against expectations of a 0.2% gain) - down for 2 straight quarters for the first time since 2014.
Real compensation declined 1.1% YoY - falling for the fourth straight quarter...
Following October's better-than-expected surge in ADP employment data (as goods-producing jobs soared), November was expected to see some slowdown, and it did, printing right on expectations at +190k (close to NFP's 195k exp).
“The labor market continues to grow at a solid pace,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
A selloff which started in Asia, driven by renewed liquidation of Chinese and Hong Kong tech stocks and accelerated by weaker metal prices which pushed the Shanghai Composite below a key support and to 4 month lows...
Shares in Samsung Heavy, the world’s third largest shipbuilder, plunged by 29% during Wednesday’s trading session after unexpectedly forecasting operating losses this year and 2018 and announcing a capital raise. Meanwhile, Asian equities tumbled, led by technology, mining and industrial companies, with the MSCI Asia Pacific Index falling for eight straight days, its longest run of down days since 2015.
Authored by Nick Cunningham via OilPrice.com,
“We will not let go of our current approach until we reach a balanced market,” Saudi oil minister Khalid al-Falih said Monday at a news conference in Riyadh.