• Unit Labor Costs rose more than expected in the first quarter.
• US Dollar Index stays below 106.00 after the data.

Unit Labor Costs in the nonfarm business sector increased 4.7% in the first quarter of 2024, the US Bureau of Labor Statistics (BLS) reported on Thursday. This reading followed the no change in the previous quarter (revised from 0.4%) and came in above the market expectation of 3.2%.

"Nonfarm business sector labor productivity increased 0.3% in the first quarter of 2024, as output increased 1.3% and hours worked increased 1%" the BLS noted in its press release.