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U.S. unit labor costs decline for two straight quarters

Reuters  |  WASHINGTON 

By Lucia MutikaniWASHINGTON (Reuters) - U.S. unit labor costs were much weaker than initially thought, declining both in the second and third quarters of this year, suggesting that inflation could remain benign for a while.The Labor Department said on Wednesday that unit labor costs, the price of labor per single unit of output, dropped at a 0.2 percent annualized rate in the last quarter instead of rising at a 0.5 percent pace as reported last month.That followed a 1.2 percent rate of decline in the second quarter, which was previously reported as a 0.3 percent pace of increase. It was the ...

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First Published: Wed, December 06 2017. 22:40 IST