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Economic Update
U.S. Economy: US Q2 productivity gain revised up to 1.6 percent U.S. business productivity grew at an upwardly revised 1.6 percent annual rate in the second quarter, the government said on Wednesday in a report that showed worker compensation rising much more swiftly than earlier estimates.
The increase in nonfarm business productivity was just a touch stronger than the 1.5 percent gain expected on Wall Street and a quicker advance than the 1.1 percent the Labor Department reported a month ago.
But the report also contained revisions to first quarter data that showed hourly worker compensation shot up 13.7 percent at the start of the year, well ahead of the previously reported 6.9 percent gain. In the second quarter, compensation rose at a more subdued, but still strong, 6.6 percent pace in the government's latest estimate.
Those gains pushed unit labor costs - a gauge of inflation and profit pressures - up 5.0 percent over the past four quarters, the largest gain since a matching rise in the period ended in the third quarter of 2000.
The rapid increase in unit labor costs could help keep alive concerns over potential inflation pressures and possible Federal Reserve interest-rate hikes.
Real Estate Watch: NAR Joins Department of Homeland Security in Launching National Preparedness Month 2006
The National Association of Realtors® is joining with the U.S. Department of Homeland Security to launch National Preparedness Month 2006, which takes place throughout September. National Preparedness Month is a nationwide effort that encourages Americans to prepare for emergencies of all kinds. A special Web site, www.ready.gov, has been created to share helpful and important information.
“We believe in the importance of educating individuals on the potential life saving steps that can be taken to ensure the safety of families in the event of a natural disaster or potential terrorist threat,” said Thomas M. Stevens, president of the NAR. NAR is using its vast network of Realtors® and homeowners to help communicate the importance of preparedness – including having a family plan and having an emergency supply kit ready and on hand. “Realtors are a strong voice for communicating the importance of being prepared in case of natural disasters,” said Stevens.
Sources: Reuters, National Association of Realtors®
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