Analysts at TD are looking for Q4 unit labour costs to be revised lower to 1.8% q/q (market: 2.1% q/q) on the heels of upward revisions to productivity (TD: 0.2% q/q, market: -0.1% q/q).

Key Quotes

“The market expects ADP job growth to cool to 200k in February and looks for the international trade deficit to widen to $55.0bn. Looking to the Fed, the Beige Book will give an overview of regional conditions when released at 14:00 ET. Atlanta Fed President Bostic will speak about the economic outlook at 8:00 ET and NY Fed President Dudley will speak at 8:20 ET in Puerto Rico on the ongoing recovery effort.”