Today's U.S. GDP revisions imply a Q3 productivity growth boost
Today's U.S. GDP revisions imply a Q3 productivity growth boost to 3.5% from 3.1%, after a -0.2% Q2 productivity figure, with a 3.8% (was 3.4%) Q3 growth rate for the output index after a 1.6% Q2 clip. Analysts also expect a Q3 hourly compensation growth boost to 4.1% (was 3.4%) after a big Q2 hike that leaves a 5.5% (was 3.7%) pace, with a 0.6% (was 0.3%) Q3 unit labor cost rise after a 5.7% (was 3.9%) Q2 rate. Analysts expect unrevised hours-worked growth of 0.3% in Q3 after a 1.7% Q2 clip. Analysts saw big upward personal income revisions that left growth of a revised 4.5% (was 3.9%) in Q3 after a 4.9% (was 3.9%) clip in Q2 and a 1.3% rate in Q1, while disposable income grew at a 4.1% (was 3.6%) rate in Q3 after a 5.0% (was 4.1%) clip in Q2 and a 2.4% Q1 pace. The savings rate sustained the Q2 drop to 5.9% (were both 5.7%) from 6.1% in Q1.