Treasury
3-MO 3.92% unch 6-MO 4.00% unch 1-YR 4.16% -2bp 2-YR 4.39% unch 3-YR 4.45% -1bp 5-YR 4.54% -1bp 7-YR 4.66% unch 10-YR 4.79% unch 20-YR 5.27% unch 30-YR 5.27% unch 3-MO 3.92% unch 6-MO 4.00% unch 1-YR 4.16% -2bp 2-YR 4.39% unch 3-YR 4.45% -1bp 5-YR 4.54% -1bp 7-YR 4.66% unch 10-YR 4.79% unch 20-YR 5.27% unch 30-YR 5.27% unch 3-MO 3.92% unch 6-MO 4.00% unch 1-YR 4.16% -2bp 2-YR 4.39% unch 3-YR 4.45% -1bp 5-YR 4.54% -1bp 7-YR 4.66% unch 10-YR 4.79% unch 20-YR 5.27% unch 30-YR 5.27% unch 3-MO 3.92% unch 6-MO 4.00% unch 1-YR 4.16% -2bp 2-YR 4.39% unch 3-YR 4.45% -1bp 5-YR 4.54% -1bp 7-YR 4.66% unch 10-YR 4.79% unch 20-YR 5.27% unch 30-YR 5.27% unch 3-MO 3.92% unch 6-MO 4.00% unch 1-YR 4.16% -2bp 2-YR 4.39% unch 3-YR 4.45% -1bp 5-YR 4.54% -1bp 7-YR 4.66% unch 10-YR 4.79% unch 20-YR 5.27% unch 30-YR 5.27% unch 3-MO 3.92% unch 6-MO 4.00% unch 1-YR 4.16% -2bp 2-YR 4.39% unch 3-YR 4.45% -1bp 5-YR 4.54% -1bp 7-YR 4.66% unch 10-YR 4.79% unch 20-YR 5.27% unch 30-YR 5.27% unch
US Treasury par yield curve · Sep 2 · Source: U.S. Treasury
Thursday, September 3, 2026
U.S. Edition
MONEY & WORLD
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Second quarter productivity

Labor's share of U.S. output fell to the lowest level in a series dating to 1947

Money & World
The Editorial Team ·
Glowing glass bottles moving through an automated production line. Stock photo
Stock photo. Not the actual scene. Photo: Keegan Checks / Pexels

The productivity revision left the headline rate alone. Nonfarm business output per hour rose at a 1.4 percent annual rate in the second quarter, the Bureau of Labor Statistics reported Thursday.

One detail moved lower.

Labor compensation accounted for 52.8 percent of output, the lowest share in a series that begins in the first quarter of 1947. Real hourly compensation fell at a 3.3 percent annual rate and was down 0.1 percent from a year earlier.

Unit labor costs rose 1.2 percent, one tenth of a point less than first reported. Manufacturing productivity was revised up to 2.4 percent from 1.9 percent, while manufacturing unit labor costs fell 0.3 percent.

Nonfinancial corporate unit profits rose at a 43.0 percent annual rate. Over four quarters, they increased 17.8 percent.

The document: BLS, Productivity and Costs, Second Quarter 2026 Revised, USDL 26-1434, September 3, 2026.

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