U.S. unit labor costs higher in second quarter than initially thought

Unit-labor costs, a gauge of wage inflation, rose at a revised 2.2% annual rate in the second quarter, up from the initial estimate of a 1.6% pace, the U.S. Labor Department said.

The government released revised productivity data that comes after U.S. GDP growth in the second quarter was revised down to a 2.1% annual rate from the initial estimate of 2.4%.

Productivity…