US: Unit Labor Costs rise by 1.6% in Q2 vs 2.6% expected

• US Q1 Unit Labor Costs rise 1.6% in the second quarter.
• US Dollar Index remains relatively steady after data, around 4-week highs. 

The  US Bureau of Labor Statistics reported that Unit Labor Cost (ULC) rose 1.6% during the second quarter, a reading below market estimates of 2.6%. ULC rose 3.3% during the first quarter (revised from 4.2%). 

Nonfarm Productivity increased 3.7%, more than the 2% of market consensus. The 2.1% decline of the first quarter was revised to -1.2%. 

Market reaction: 

The US Dollar Index continued to trade around 102.70 after the release of US data that also included the weekly Jobless Claims report. Later on the day, the ISM Service PMI is due.