So I think that kind of spooked the market a bit, but we're in heavy earnings season, so we're going to hear a lot of that stuff going forward.
Interest rate sensitive stocks did well today as well as the oil and gas sector, but overall you can't really say that there's a lot of direction...given the absence of any market-moving news today. Also the liquidity wasn't there with the U.S. markets closed.
That kind of news will spook the market and we will hear more of it because we're at the peak earnings reporting season.
You have to believe the productivity trend is very real, but at one point will it begin to taper off? That's a question financial markets and the Federal Reserve have been looking at very closely.
Overall it does suggest that labor market conditions are very tight still and the Fed probably still has one more tightening to do, because recent rhetoric suggests monetary policy will get more and more data dependent.