Another cold shower for the US economy. Data released by the Department of Labor on industrial productivity in 2011 show a contraction of 0,6% (data revised sharply downwards from a forecast of +1,8%) on an annual basis in the first quarter, followed in the second by a 0,3 reduction. This is the first negative figure since 2008. It must be said that expectations were even worse, assuming even a drop of 0,9.
In such a scenario, the change in another parameter, that of labor costs, up by 2,2%, also takes on particular significance. The same script applies to the estimates: the expected figure was worse and indicated an increase of 2,4%.
