Under-The-Radar Revisions Help Case For Fed Pause

The sleeper in Thursday's US economic data releases was a downward revision to unit labor costs for Q1. I realize that sounds rather dry, but it's important for the macro narrative and thereby for monetary policy. As originally reported, ULC rose 6.3% in the first quarter, markedly quicker versus Q4 and more than economists expected. Revised data released on Thursday showed the increase was a much more subdued 4.2%. Economists expected a more trivial revision (from 6.3% to 6%). Naturally,