The surprising 4.2% advance in worker productivity during the third quarter suggests calm inflation numbers ahead and a near-term peak in interest rates that could bolster bank stocks.

Though the report released Friday by the Labor Department covers only the three months from July through September, it included the last data linked to wages and prices to be published before the Federal Reserve's monetary policymakers meet Tuesday in Washington.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.