US DATA: Q2 nonfarm productivity revised to +3.3% (its best showing since Q4:13), ULC -1.4%. These were about as expected given the 1.4-point upward revision in real GDP. The data now show output +4.7% and hours +1.4%, with compensation +1.8% for Q2. But YOY paces are perhaps more telling and accurate as indications of trend--they put productivity slow at +0.7% and ULC modest at +1.7%.

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