US: Unit Labor Costs rise 10.2% in Q2 vs. 10.7% expected

• Unit Labor Costs rose at a softer pace than expected in Q2.
• US Dollar Index stays in positive territory above 109.00.

Unit Labor Costs in the nonfarm business sector increased by 10.2% in the second quarter of 2022, the US Bureau of Labor Statistics (BLS)reported on Thursday. This reading came in lower than the market expectation of 10.7%.

Further details of the publication revealed that Labor Productivity in the nonfarm business sector declined by 4.1% in the second quarter of 2022.

"From the same quarter a year ago, nonfarm business sector labor productivity decreased 2.4%," the BLS said. "This is the largest decline in the series, which begins in the first quarter of 1948."

Market reaction

The dollar continues to outperform its rivals in the early American session with the US Dollar Index clinging to strong daily gains at 109.30.