August 9, 2017
Productivity remains soft, rising at only a 0.9 percent annualized rate in the second quarter though unit labor costs, up only 0.6 percent, were held down by a solid 3.4 percent rise in output. New threats from North Korea, this time about U.S. territory Guam, held back demand for risk as the Dow posted a second straight decline, down 0.2 percent to 22,048. West Texas Intermediate edged higher to just above $49.50 following yet another draw in weekly crude inventories. Demand for the safety of gold is on the rise, up nearly $20 to just over $1,280, though demand for bonds edged lower as the 10-year Treasury yield rose several basis points to 2.25 percent. The dollar index was little changed at 93.53.