Unit Labor Costs

The Unit Labor Cost released by the Bureau of Labor Statistics, Department of Labor shows a total cost of employing a labor force. It can serve as an indicator of trends in production costs, share prices, and inflation. A high reading is seen as positive (or bullish) for the USD, whereas a low reading is seen as negative ,or bearish.

Most recent - Thursday 5 November 2026 13:30

Previous
1.2%
Revised
1.9%
Forecast
0.6%
Actual
-0.7%

Lower numbers than forecast tend to be bullish for xxx/USD pairs and bearish for USD/xxx pairs.

Next event - Thursday 10 December 2026 13:30

Previous
-0.7%
Forecast
-
Actual
-

The typical/expected impact on USD pairs is medium.

There is no forecast value for Unit Labor Costs yet - check back for updates.

Trading range

Forecast history

The most recent announced value for Unit Labor Costs was -0.7% against a forecast of 0.6%.

Past events

Date
Forecast
Actual
Thursday 5 November 2026 13:30
0.6%
-0.7%
Thursday 3 September 2026 12:30
1.3%
1.2%
Thursday 6 August 2026 12:30
2%
1.3%
Thursday 4 June 2026 12:30
2.3%
1.8%
Thursday 7 May 2026 12:30
-
2.3%
Tuesday 24 March 2026 12:30
3.3%
4.4%
Thursday 5 March 2026 13:30
0.2%
2.8%
Thursday 29 January 2026 13:30
-1.9%
-1.9%
Thursday 8 January 2026 13:30
-
-1.9%
Thursday 4 September 2025 12:30
1.6%
1%
Thursday 7 August 2025 12:30
1.5%
1.6%
Thursday 5 June 2025 12:30
5.7%
6.6%
Thursday 8 May 2025 12:30
5.3%
5.7%
Thursday 6 March 2025 13:30
3%
2.2%
Thursday 6 February 2025 13:30
3.8%
3%
Tuesday 10 December 2024 13:30
1.9%
0.8%
Thursday 7 November 2024 13:30
0.5%
1.9%
Thursday 5 September 2024 12:30
0.9%
0.4%
Thursday 1 August 2024 12:30
1.8%
0.9%
Thursday 6 June 2024 12:30
4.9%
4%
Thursday 2 May 2024 12:30
3.2%
4.7%
Thursday 7 March 2024 13:30
0.6%
0.4%
Thursday 1 February 2024 13:30
1.7%
0.5%
Wednesday 6 December 2023 13:30
-0.9%
-1.2%

Economic context

Recent economic data has been broadly neutral for USD. Other recent announcements which may affect the market's interpretation of the next Unit Labor Costs result:

PreviousLatest
Consumer Price Index (MoM)Bearish change0.6%0.4%
Consumer Price Index ex Food & Energy (MoM)(no change)0.3%0.3%
ADP Employment Change 4-week averageBullish change16.8K19.75K
Michigan Consumer Expectations IndexBullish change48.850.9
Michigan Consumer Sentiment IndexBullish change4851
UoM 1-year Consumer Inflation ExpectationsBearish change4.7%4.3%
UoM 5-year Consumer Inflation ExpectationBearish change3.5%3.4%
Average Hourly Earnings (MoM)Bullish change0.3%0.4%
Average Hourly Earnings (YoY)Bearish change3.2%3.1%
Labor Force Participation RateBullish change61.8%61.9%
Nonfarm PayrollsBullish change60K165K
U6 Underemployment RateBearish change7.6%7.9%
Unemployment RateBullish change4.2%4.1%
Initial Jobless ClaimsBullish change195K189K
Nonfarm ProductivityBullish change2.1%3.6%
Challenger Job CutsBullish change43.281K43.994K
ISM Services Employment IndexBullish change50.151.4
ISM Services New Orders IndexBearish change59.855.9
ISM Services PMIBearish change54.954.5
ISM Services Prices PaidBearish change7473
S&P Global Composite PMIBearish change57.655.9
ADP Employment Change(no change)86K86K
Factory Orders (MoM)Bullish change0.3%1.8%
JOLTS Job OpeningsBullish change7.19M7.523M
ISM Manufacturing Employment IndexBearish change52.752.4
ISM Manufacturing New Orders IndexBullish change55.355.5
ISM Manufacturing PMIBullish change54.555.5
ISM Manufacturing Prices PaidBearish change77.975.2
Chicago PMIBearish change58.855.3
Employment Cost IndexBearish change0.9%0.8%
Core Personal Consumption Expenditures - Price Index (MoM)(no change)0.3%0.3%
Core Personal Consumption Expenditures - Price Index (YoY)Bullish change3%3.1%
Core Personal Consumption Expenditures (QoQ)Bearish change3.3%2.5%
Gross Domestic Product AnnualizedBullish change2.2%3.4%
Gross Domestic Product Price IndexBearish change6.1%2.2%
Initial Jobless ClaimsBullish change195K194K
Personal Consumption Expenditures - Price Index (MoM)Bullish change0.3%0.5%
Personal Consumption Expenditures - Price Index (YoY)Bullish change3.4%3.6%
Personal Consumption Expenditures Prices (QoQ)Bearish change5%2.1%
Personal Income (MoM)Bearish change0.3%0.2%
Personal SpendingBearish change0.9%0.5%
Fed Interest Rate Decision(no change)4%4%

About Unit Labor Costs

Country:United States
Currency:USD
Source:US Bureau of Labor Statistics
Category:Labor Market
Frequency:Quarterly
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