Despite weaker growth than the preliminary 3.0% print, Unit Labor Costs rebounded in Q1 (from Q4 -4.6% QoQ to +2.2% QoQ in Q1), but we note that for the second consecutive quarter real compensation fell (-0.3% QoQ).
Producitivty very modestly beat expectations in Q1 but remains unchanged from Q4...
Unit Labor Costs rose 2.2% (below expectations of a 2.4% jump and well below the preliminary print of +3.0%).
However, in real terms the average american in suffering for the second quarter in a row...