US third-quarter unit labor costs revised sharply lower

U.S. unit labor costs grew far less than initially thought in the third quarter, pointing to a still favorable inflation outlook even though price increases have not moderated much in recent months. Economists polled by Reuters had expected labor costs growth would be revised down to a 1.5% rate from the previously reported 1.9% pace in the July-September quarter. Labor costs were previously reported to have advanced at a 2.4% rate in the April-June quarter.