US productivity for Q3: does it change how you read the jobs report?

The Bureau of Labor Statistics publishes preliminary productivity and costs for the third quarter on Thursday 5 November at 8:30 a.m. Eastern (preview). The release covers output per hour worked and unit labour costs, and the "(P)" in its title marks the figure as preliminary. The third-quarter GDP estimate was published on 30 October: US GDP grew 3.4% in Q3 2026. Output growth comes from more hours worked or from more output per hour, so productivity and GDP together show which of the two did the work. The jobs report for October follows on Friday 6 November (preview).

Questions for members:

1. Do you read the productivity figure on the day it is published, or wait for the revisions?
2. When GDP and productivity point in different directions, which one do you believe?
3. Does a productivity surprise change your view of the next payrolls number?