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.