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US labor market data continues to underwhelm this year. Though positive job gains might be sufficient for FED to hike rate for the first time since 2006, this year. Stronger improvement will be required for subsequent hikes.
After ADP employment disappointed to downside, Non-farm payroll number slightly missed estimate, Labor market condition index remains stagnant, today preliminary reading of US labor productivity and unit labor costs underwhelmed again.
Productivity, a measure of how efficiently inputs such as labour and capital are used, climbed at 1.3 per cent annual pace in the second quarter, lower than analysts' estimate of 1.6%. Unit labor cost reading, though beat analysts' estimate at 0.1%, remains at 0.5%, well below of what can be called as strong jobs market.
With underwhelming jobs data, doves like Mr. Evans in FED are likely to argue strongly against rate hike in September.
