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Unit Labor Costs Miss For 3rd Quarter In A Row (For The First Time In 12 Years)

A modest 1.4% rise in unit labor costs in Q3 was dramatically below the expected (and hope-strewn) 2.5% growth and means unit labor costs have missed expectations for the 3rd quarter in a row for the first time since 2003. Perhaps just as bad, historical (weak) data was revised notably lower but of course, as Yellen and Fisher have made clear - none of this matters for the data-un-dependent Fed's December decision.



Charts: Bloomberg