A weak U.S. economy, marked by mounting job losses, seems to have inspired American workers to try harder. The U.S. Labor Department said this morning that first-quarter productivity was higher than previously thought.

Non-farm business productivity grew at an annual rate of 1.9% from January through March — three-tenths of a percentage point more than initially estimated.
The more important economic number for today — the non-manufacturing Institute of Supply Management survey — is due out at 10 a.m. ET.

In Canada, the dollar continues to climb after the Bank of Canada’s announcement on Tuesday that it is maintaining the status quo on rates. The dollar rose to US73.77¢ in early trading this morning; it closed Tuesday at US73.73.

Meanwhile, trading on Wall Street futures markets are pointing to a positive start for North American equities.

In Europe at midday, London’s FTSE 100 is up 0.1%. Frankfurt’s DAX has edged up 0.78%. Paris’s CAC 40 has climbed 0.28%.

In Asia, Tokyo’s Nikkei Stock Average was hit by profit-takers. It slipped 6.63 points, or 0.08%, to 8,557.86. The stock markets in Hong Kong and Taiwan were closed for a public holiday.