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A Dovish Hat Trick?
US investors were treated to a dovish hat trick on Thursday, when data showed productivity grew by the most in three years, labor costs fell and jobless claims increased.
The 4.7% increase in productivity for Q3 topped consensus, which was looking for 4.3%. The range, from more than three-dozen economists, was 2.8% to 5.4%.
This matters. Higher productivity is one way (the best way) to sustain robust growth outcomes without unacceptably high inflation.
As a reminder, productivity is just ou
Simply put” happy dance”