GDP components · United States
United States Unit Labour Costs QoQ Final
The United States Unit Labour Costs QoQ Final is one part of the national accounts of the United States: what households spend, what businesses invest, what they earn, or how productive workers are.
- Важность
- Medium
- Опубликовано
- Quarterly
- Следующая публикация
- Валюта
- USD · US dollar
- Центральный банк
- The Federal Reserve
Последние данные
Последняя публикация, за Q2, вышла 2026-09-03; значение: 1.2%. Это ниже консенсус-прогноза 1.3%. Это ниже, чем 1.3% в прошлый раз.
A weaker figure than expected points to slowing activity: the US dollar tends to soften and markets price in lower rates.
За последние 7 публикаций значение колебалось от -1.9% до 6.6%, в среднем 2.2%. Показатель снижался три публикации подряд.
| Опубликовано | Для | Факт | Консенсус | Предыдущее |
|---|---|---|---|---|
| 3 Sep 2026 | Q2 | 1.2% | 1.3% | 1.3% |
| 4 Jun 2026 | Q1 | 1.8% | 2.5% | 2.1% ® |
| 24 Mar 2026 | Q4 | 4.4% | 3.5% | 1% ® |
| 29 Jan 2026 | Q3 | -1.9% | -1.9% | -2.9% |
| 4 Sep 2025 | Q2 | 1% | 1.2% | 6.9% |
| 5 Jun 2025 | Q1 | 6.6% | 5.7% | 2% |
| 6 Mar 2025 | Q4 | 2.2% | 3% | -1.5% |
Почему это важно
GDP's headline hides its drivers. Household spending is usually the largest part of demand; investment is the most cyclical and tells you about firms' confidence; productivity and labour costs decide whether growth can continue without inflation.
Как считается
the Bureau of Labor Statistics (prices and jobs), the Bureau of Economic Analysis (GDP, income and spending) and the Census Bureau (retail sales, housing, trade) estimates each component from surveys, tax and trade data, after inflation where noted ("real").
Что означают изменения
- Strong spending with weak income growth cannot last: watch the savings rate.
- Productivity growth lets wages rise without pushing up prices; unit labour costs show the opposite.
Выше ожиданий: A stronger figure than expected points to a healthier economy: it usually supports the US dollar and local stocks, and can push bond yields up.
Ниже ожиданий: A weaker figure than expected points to slowing activity: the US dollar tends to soften and markets price in lower rates.
Краткая история
The components follow the expenditure approach to GDP set out by Keynesian economics in the 1930s and standardised in the System of National Accounts.
Вопросы
What is the United States Unit Labour Costs QoQ Final?
The United States Unit Labour Costs QoQ Final is one part of the national accounts of the United States: what households spend, what businesses invest, what they earn, or how productive workers are.
What was the latest United States Unit Labour Costs QoQ Final?
1.2% for Q2, published on 3 September 2026 (consensus 1.3%, previous 1.3%).
When is the next United States Unit Labour Costs QoQ Final?
On Tuesday 8 December 2026 at 13:30 UTC.
Только образовательный материал, не инвестиционная рекомендация. Цифры — опубликованные результаты в том виде, в каком их записал наш календарь; описанные реакции рынка типичны, но не гарантированы.