TREE NEWS reports: US nonfarm business output rose 3.7% annualized in the third quarter, the fastest pace in a year, the Bureau of Labor Statistics reported Thursday. Unit labor costs fell 0.7%, the first decline since the second quarter of 2025, as firms invested in new technology and equipment. Hours worked grew 0.1% and hourly compensation rose 2.9% annualized, while the labor share of output fell to 53%, the lowest since records began in 1947.
US Labor Productivity Grows at Fastest Pace in a Year in Q3
AI take
The striking detail is the distributional split: productivity gains paired with falling unit labor costs and a record-low labor share suggest the efficiency story is accruing to capital rather than workers. That combination matters for the rate debate, since softer unit labor costs ease inflation pressure even as output accelerates. For crypto and RWA markets, the relevant channel is the macro backdrop rather than anything direct. Whether the labor share keeps sliding as technology investment continues is the open question worth watching.
Generated by AI for reference only.
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