Dow Jones futures ignore lower US unit wage cost data

The usually not so important US Q3 revisions to non-farm productivity and unit labour costs have just been released and there was a sizeable revision to unit labour costs. That has been marked down to just 0.8% on the quarter, from a previous estimate of 1.9%. That is quite a drop. Non-farm productivity over the same period has remained unrevised at 2.2%. The reaction in the dollar is reasonably muted, but this wages data has rather taken the edge off session highs seen a little earlier this afternoon. What this data has done is to push US equity futures a little lower. That is slightly perpelxing though. The Dow Jones, which closed last night at 44,401, was pricing an opening earlier close to 44,450. It is now pricing it not much above 44,300