This Morning in Metals: US nonfarm business sector labor productivity rises 5.4% in Q1

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This morning in metals news: nonfarm business sector labor productivity jumped by 5.4% in the first quarter; the CME Group said it will permanently close the trading pits it shut down last March; and US energy production dipped last year.

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US nonfarm labor productivity shoots up in Q1 2021

US nonfarm labor productivity rose by 5.4% in the first quarter, the Bureau of Labor Statistics reported.

Furthermore, output increased by 8.4% and hours worked increased by 2.9%.

Meanwhile, manufacturing labor productivity rose by 0.1% in Q1 2021. Manufacturing output rose by 2.4% and hours worked by 2.3%.

Durable goods manufacturing productivity rose by 0.7% in the first quarter. Meanwhile, nondurable goods manufacturing productivity increased by 0.3%.

CME closes trading pits permanently

After closing its open outcry trading pits last March, the CME Group said the closure is now permanent.

“CME Group, the world’s leading and most diverse derivatives marketplace, today announced that it will not reopen its physical trading pits that were closed last March due to the outbreak of the COVID-19 pandemic,” it announced Tuesday. “The Eurodollar options pit, which was reopened last August, will remain open, allowing these contracts to continue to trade in both open outcry and electronic venues.”

US energy production drops 5%

US energy production fell by more than 5% last year, the Energy Information Administration reported.

Energy production in 2020 fell from the record high of 101.3 quadrillion British thermal units in 2019.

“In absolute terms, the drop from 101.3 quads in 2019 to 95.8 quads in 2020 marked the largest annual decrease in U.S. energy production on record,” the EIA reported. “Economic responses to the COVID-19 pandemic that began during the spring of 2020 drove most of this decrease.”

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