Economics
· US productivity - Nonfarm business productivity growth declined 0.9% saar in the preliminary 2Q10 report, marking the end of a period of strong growth. In the prior five quarters, productivity had increased by an average of 5.7% saar. The decline in 2Q came as the amount of hours worked surged up 3.6% saar—the largest increase in more than four years—while nonfarm business output grew at a slower pace (+2.6% saar) than in 1Q (+5.0% saar). Silver
· US Q2 GDP update - Altogether, the June data released so far suggests Q2 GDP is tracking closer to a 1.3% annual rate of increase, well below the 2.4% in the initial release. That said, we would be hesitant to say Q2 is looking like 1.3% growth, full stop, because tomorrow's international trade data for June could lead to yet another change in views on what really happened last quarter, and quite possibly add back some of the GDP that is being taken out by the June inventory data.
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