First-Quarter Productivity Surprises Economists, Lifts Oil Prices

Posted by Louis Navellier on 5/7/08 9:50 am

First-quarter productivity rose at a 2.2% annual rate, well above the 1.5% consensus.  And unit labor costs rose less than expected, also up 2.2% (2.6% consensus).  As a result, inflation pressures eased, perhaps giving the Fed more leeway to keep rates low longer.  The better-than-expected productivity result could also increase the next Q1 GDP estimate, which is why oil prices climbed to another all-time high today.

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