Como se combate o populismo? "Com eleições", responde Fukuyama

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8:30am 12/07/04 U.S. Q3 FACTORY PRODUCTIVITY REVISED UP 4.6% VS. 4.3%
8:30am 12/07/04 U.S. Q3 NONFINANCIAL PRODUCTIVITY UP 4.2% VS UP 3.3% Q2
8:30am 12/07/04 U.S. Q3 PRODUCTIVITY REVISED TO UP 1.8% VS.1.9% PREV

ECONOMIC REPORT: Productivity revised lower to 1.8%
By Gregory Robb, CBS Marketwatch.com
Last Update: 8:37 AM ET Dec. 7, 2004

WASHINGTON (CBS.MW) - The U.S. economy was a bit less productive in the third quarter than previously estimated, the Labor Department said Tuesday.

Output per hour worked in the non-farm business sector rose by an annualized 1.8 percent in the July-September quarter, down from a 1.9 percent estimate released a month ago. See full government release.

The downward revision was unexpected. Economists polled by CBS.Marketwatch forecast non-farm productivity expanded 2.0 percent in the revision.

This is the slowest quarterly increase in productivity since the fourth quarter of 2002.

Productivity rose 3.9 percent in the second quarter and 3.7 percent in the first quarter.

There were signs of increasing inflationary pressures from the labor market.

Unit labor costs - a key gauge of inflation and profit pressures - increased at a revised 1.8 percent annual rate in the third quarter, up from the earlier estimate of 1.5 percent. In addition, unit labor costs in the second quarter were revised to a 1.9 percent gain from the previous estimate of a 1.0 percent gain. This is the highest level of labor costs since the second quarter of 2002.

Over the past four quarter, unit labor costs rose 0.8 percent. This is the largest annual increase since the third quarter of 2001.

Over the past four quarters, the output per hour of American businesses has increased 3.1 percent. This is the slowest annual pace since the first quarter of 2003.

In the third quarter, productivity in the non-financial sectors increased 4.2 percent on an annualized basis, while unit labor costs rose 1.4 percent. Unit profits in the non-financial sector rose 0.8 percent after rising 0.1 percent in the past four quarters. This is the fastest pace since the fourth quarter of 2001.

Productivity in the financial sector is particularly difficult to define or measure, so economists see the non-financial productivity numbers as a more reliable measure of underlying improvements in the economy.

In manufacturing, productivity in the third quarter was revised up to 4.6 percent from 4.3 percent. Unit labor costs were unchanged, revised from a gain of 0.1 percent.

Real hourly compensation in the non-farm business sector increased at a 1.8 percent annual rate in the third quarter, up from a 1.7 percent previously reported.

[TRSM]

Dados EUA: Nonfarm Productivity 1.8% (esp. 2.0%); Unit Labor Costs 1.8% (esp. 1.6%)

LJ Carregosa SA