US unit labour costs sped ahead of forecasts in the first quarter

US non-farm labour productivity fell by 1.9% in annualised terms during the first quarter after a 2.1% drop over the previous three months, according to the Bureau of Labour Statistics (BLS).

The consensus forecast had been for a fall of 1.9%.

That saw unit labour costs rise at a 5% clip over the same time frame, up from the 4.2% pace seen in the fourth quarter (consensus: 4.5%).