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Inflation Jitters Rise As Q4 Productivity, Weekly Claims Fall; Stocks Slide, Bonds Steady; So far, pay gains modest, productivity trends strong; Jan. jobs report out Fri.(A)
Byline: LAURA MANDARO
Productivity unexpectedly declined in the fourth quarter while companies' labor costs rose, raising inflation concerns.
Nonfarm workers' output per hour fell at a 0.6% annual rate vs. the third quarter, the Labor Department said Thursday. That missed views of a 1% gain. It was the worst showing in five years.
Unit labor costs rose 3.5%, the highest in a year. Separately, Labor said jobless claims slid to 273,000, the third straight week below 300,000. The four-week average of 284,250 was the lowest since June 2000.
Signs of a tight labor market bode well for Friday's January jobs report. But that could spur faster wage gains, fueling inflation.
"There's definitely some modest wage pressure," said Wachovia Chief Economist John Silvia.
The Federal Reserve keeps a close eye on productivity because strong technology-driven gains over the last 10 years have let the economy expand faster without triggering faster inflation.
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