US: Unit Labor Costs rise by 9% in Q2 vs. 12.1% expected

• Unit Labor Costs in the US rose less than expected in second quarter.
• US Dollar Index edges slightly lower below 93.00 after the data.

Unit Labor Costs in the nonfarm business sector rose by 9% on a yearly basis in the second quarter, the data published by the US Bureau of Labor Statistics showed on Thursday. This reading followed a 12.2% increase in the first quarter and fell short of the market expectation of 12.1%.

Further details of the publication revealed that nonfarm business sector Labor Productivity increased by 10.1%, surpassing analysts' estimate of 7.5%.

Market reaction

The US Dollar Index continues to pull away from daily tops after this data and was last seen losing 0.24% on the day at 92.87.