The Labor Department reports the productivity of American companies and their employees was unchanged in the first quarter instead of falling at at the reported 0.6% annually. The increase in output, or how many goods and services companies produce, was raised to 1.7% from 1% and the hours employees worked was revised upward to a 1.7% gain instead of 1.6%. Unit-labor costs rose a revised 2.2% vs. the prior 3% reading. Over the past year unit-labor costs have advanced 1.1%, below the 2.8% average since the end of World War Two.
Crude-oil futures turned are lower on News Saudi Arabia, Egypt, Bahrain, and the United Arab Emirates cut diplomatic ties with Qatar, accusing it of meddling in their internal affairs and backing terrorism, which the country denies. Last month, Qatar’s state-controlled news agency posted comments purportedly from its emir that praised Iran and called Hamas the legitimate representative of the Palestinian people. Qatar said its state news agency had been hacked, but those countries blocked the websites of several Qatari news outlets. July crude is off 0.9% to $47.13 a barrel on the New York Merc.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
