December 18, 2017, 8:52 pm
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1 Philippine Peso = 0.07288 UAE Dirham
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1 Philippine Peso = 0.03533 Neth Antilles Guilder
1 Philippine Peso = 0.34712 Argentine Peso
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1 Philippine Peso = 0.06539 Brazilian Real
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1 Philippine Peso = 2.28011 Algerian Dinar
1 Philippine Peso = 0.26427 Estonian Kroon
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1 Philippine Peso = 0.5391 Ethiopian Birr
1 Philippine Peso = 0.01689 Euro
1 Philippine Peso = 0.04119 Fiji Dollar
1 Philippine Peso = 0.01488 Falkland Islands Pound
1 Philippine Peso = 0.0149 British Pound
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1 Philippine Peso = 0.93628 Gambian Dalasi
1 Philippine Peso = 177.61016 Guinea Franc
1 Philippine Peso = 0.14561 Guatemala Quetzal
1 Philippine Peso = 4.01171 Guyana Dollar
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1 Philippine Peso = 21.58495 Korean Won
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1 Philippine Peso = 1.03414 Macedonian Denar
1 Philippine Peso = 27.03454 Myanmar Kyat
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1 Philippine Peso = 6.9869 Mauritania Ougulya
1 Philippine Peso = 0.67209 Mauritius Rupee
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1 Philippine Peso = 0.37963 Mexican Peso
1 Philippine Peso = 0.08094 Malaysian Ringgit
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1 Philippine Peso = 0.16635 Norwegian Krone
1 Philippine Peso = 2.03573 Nepalese Rupee
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1 Philippine Peso = 0.00762 Omani Rial
1 Philippine Peso = 0.01985 Panama Balboa
1 Philippine Peso = 0.06535 Peruvian Nuevo Sol
1 Philippine Peso = 0.06434 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.17745 Pakistani Rupee
1 Philippine Peso = 0.07099 Polish Zloty
1 Philippine Peso = 111.57205 Paraguayan Guarani
1 Philippine Peso = 0.07225 Qatar Rial
1 Philippine Peso = 0.07797 Romanian New Leu
1 Philippine Peso = 1.1679 Russian Rouble
1 Philippine Peso = 16.58892 Rwanda Franc
1 Philippine Peso = 0.07443 Saudi Arabian Riyal
1 Philippine Peso = 0.15358 Solomon Islands Dollar
1 Philippine Peso = 0.26852 Seychelles Rupee
1 Philippine Peso = 0.13219 Sudanese Pound
1 Philippine Peso = 0.16899 Swedish Krona
1 Philippine Peso = 0.02675 Singapore Dollar
1 Philippine Peso = 0.01489 St Helena Pound
1 Philippine Peso = 0.44077 Slovak Koruna
1 Philippine Peso = 151.44898 Sierra Leone Leone
1 Philippine Peso = 11.09567 Somali Shilling
1 Philippine Peso = 413.80507 Sao Tome Dobra
1 Philippine Peso = 0.17368 El Salvador Colon
1 Philippine Peso = 10.22191 Syrian Pound
1 Philippine Peso = 0.26054 Swaziland Lilageni
1 Philippine Peso = 0.6449 Thai Baht
1 Philippine Peso = 0.04961 Tunisian Dinar
1 Philippine Peso = 0.04557 Tongan paʻanga
1 Philippine Peso = 0.07666 Turkish Lira
1 Philippine Peso = 0.13159 Trinidad Tobago Dollar
1 Philippine Peso = 0.5944 Taiwan Dollar
1 Philippine Peso = 44.30329 Tanzanian Shilling
1 Philippine Peso = 0.54875 Ukraine Hryvnia
1 Philippine Peso = 71.55617 Ugandan Shilling
1 Philippine Peso = 0.01985 United States Dollar
1 Philippine Peso = 0.57046 Uruguayan New Peso
1 Philippine Peso = 160.57959 Uzbekistan Sum
1 Philippine Peso = 0.198 Venezuelan Bolivar
1 Philippine Peso = 450.55577 Vietnam Dong
1 Philippine Peso = 2.09845 Vanuatu Vatu
1 Philippine Peso = 0.05144 Samoa Tala
1 Philippine Peso = 11.07165 CFA Franc (BEAC)
1 Philippine Peso = 0.05359 East Caribbean Dollar
1 Philippine Peso = 11.49782 CFA Franc (BCEAO)
1 Philippine Peso = 2.00337 Pacific Franc
1 Philippine Peso = 4.96129 Yemen Riyal
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1 Philippine Peso = 7.18341 Zimbabwe dollar

US productivity up, keeps labor costs in check

WASHINGTON- US productivity grew more than expected in the second quarter as hours worked rose at their fastest pace in 1-1/2 years, leading to a modest increase in labor costs that could keep inflation muted in the near term.

The trend in productivity, however, remains weak, suggesting robust economic growth will be hard to achieve. President Donald Trump has vowed to boost annual growth to 3 percent through tax cuts, infrastructure spending and regulatory rollbacks.

“The economy is aging and the growth rate for this eight-year expansion may have maxed out unless all the king’s horses and all the king’s men on Trump’s economics team can get some of its tax reforms, tax cuts, and untangled regulatory reforms
through a moribund Congress,” said Chris Rupkey, chief economist at MUFG in New York.

The Labor Department said on Wednesday that nonfarm productivity, which measures hourly output per worker, rose at a 0.9 percent annualized rate in the April-June period. First-quarter productivity was revised to show it edging up at a 0.1 percent
pace instead of being unchanged as previously reported.

Compared to the second quarter of 2016, productivity increased at a 1.2 percent rate, the strongest performance in two years. Economists had forecast productivity increasing at a 0.7 percent pace in the second quarter.

With productivity rising, unit labor costs, the price of labor per single unit of output, increased at only a 0.6 percent pace in the second quarter after jumping at a 5.4 percent rate in the January-March period.

Compared to the second quarter of 2016, unit labor costs fell at a 0.2 percent rate. Coming on the heels of a recent moderation in inflation, the retreat in unit labor costs may worry Federal Reserve officials as they contemplate further monetary policy
tightening.

“This recent softness in the data means that there could be less pressure for firms to pass higher costs on to consumers through price increases,” said Daniel Silver, an economist at JPMorgan in New York.

US financial markets were little moved by the data as investors focused on rising tensions between the United States and North Korea. Prices for US Treasuries rose in a move to safe-haven assets, while stocks on Wall Street fell.

The dollar was slightly weaker against a basket of currencies.

The government also revised productivity data going back to 2014, in line with recent revisions to gross domestic product figures. Those revisions showed productivity falling 0.1 percent in 2016, the first drop since 1982.

Productivity increased at an average annual rate of 1.2 percent from 2007 to 2016, below its long-term rate of 2.1 percent from 1947 to 2016, indicating the economy’s potential growth rate has declined.

“To reattain 3 percent real GDP growth with the demographics the US is facing, productivity growth will have to exceed its long-run average growth rate of 2.1 percent, and we are far short of attaining such a pace,” said John Ryding, chief economist at
RDQ Economics in New York.

Economists blame soft productivity on a shortage of workers as well as the impact of rampant drug addiction in some parts of the country. A report on Tuesday showed job openings surged to a record 6.2 million in June. 

The International Monetary Fund in June cut its growth forecasts for the US economy to 2.1 percent for both 2017 and 2018. The IMF said the Trump administration was unlikely to achieve its 3 percent growth goal over a sustained period, partly
because the labor market is at full employment.

Other economists also argue that low capital expenditure, which they say has resulted in a sharp drop in the capital-to-labor ratio, is holding down productivity.

There is also a perception that productivity is being inaccurately measured, especially on the information technology side. Annual economic growth has not surpassed 3 percent or more since 2005. Gross domestic product expanded at a 2.6 percent
annualized rate in the second quarter.

Low productivity is constraining wage growth even as companies boost hiring to maintain output.

Hours worked rose at a rate of 2.5 percent in the April-June period, the quickest pace since the fourth quarter of 2015, and followed a 1.6 percent rate of increase in the first quarter.

As a result, output per worker surged at a 3.4 percent rate, the fastest since the first quarter of 2015, after rising at a 1.8 percent pace at the start of the year. – Reuters 


 
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