US labor productivity just hit a 2-year high—a pretty significant move. Q3 2025 saw annualized productivity growth jump to +4.9%, which is notable when you consider where we've been. The momentum carried over from Q2's upwardly revised +4.1% gain, meaning we're looking at back-to-back quarters with productivity above the 4% mark.

This matters because unit labor costs are moving in tandem with these productivity shifts. When productivity climbs faster than wages, it typically signals improved efficiency across the economy—something that usually shows up in markets through asset repricing and shift in macroeconomic expectations. Whether this productivity surge holds or softens will be worth watching for anyone tracking broader economic trends and how they ripple through crypto markets.