@ Wall Street
Productivity, Preliminary (percent change, Q4) Productivity growth, meanwhile, likely slowed sharply in the fourth quarter as businesses stepped up hiring to increase output.
A jump in compensation likely means that unit labor costs swung from sharp contraction in the third quarter to a mild increase in the fourth. Unit labor costs should be up 0.8% on a 4.5% increase in compensation and a 3.6% increase in output.
Going forward, productivity growth will likely be soft as increased hiring diverts resources, and new hires are less productive than experienced workers.
@ The White House
In the morning, the President will deliver remarks at the National Prayer Breakfast at the Washington Hilton. The Vice President and the First Lady will also attend. There will be pooled press coverage of the President?s remarks. The President?s remarks will be livestreamed on www.whitehouse.gov/live.
In the afternoon, the President will meet with senior advisors in the Oval Office.
Following this meeting, the President will have lunch with the Vice President in the Private Dining Room.
Later in the afternoon, the President will meet with Secretary of State Clinton in the Oval Office. Afterwards, the President will meet with Secretary Geithner in the Oval Office.