The early futures indication points to a slightly lower start as investors await economic data and tomorrow’s FOMC statement.
According to the Bureau of Labor Statistics, productivity in the non-farm business sectors surged in the second quarter, rising to a seasonally adjusted 6.4% from the first quarter. This marks the largest gain since the third quarter of 2003 and was more than the 5.5% rise expected. Unit labor costs dropped 5.8% and the first quarter number was revised much lower to show a decline of 2.7%, opposed to the originally reported 3.0% gain.
Still to come is a reading on June business inventories at 10:00 am ET.
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