The Conservative Cave
Current Events => Economics => Topic started by: Ptarmigan on December 08, 2021, 06:12:55 PM
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Productivity Crashes More Than Expected, Worst Decline Since 1960
https://www.breitbart.com/economy/2021/12/07/productivity-crashes-more-than-expected-worst-decline-since-1960/
The productivity of U.S. workers in the third quarter of 2021 dropped at a rate of 5.2 percent, the Department of Labor said Tuesday.
Output rose 1.8 percent in the July through September period while the number of hours worked rose 7,4 percent. The figures are seasonally adjusted and annualized.
From the third quarter of 2020 to the third quarter of 2021, nonfarm business sector labor productivity fell 0.6 percent. This four-quarter rate is the largest decline since the fourth quarter of 1993, when the measure also declined by the same amount.
Economists had forecast productivity would decline by 4.9 percent, an improvement from the preliminary reading of five percent.
Unit labor costs soared at an annual rate of 9.6 percent in the third quarter of 2021, reflecting a 3.9-percent increase in hourly compensation and the decline in productivity. Unit labor costs increased 6.3 percent over the last four quarters.
Productivity has declined considerably.
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Why work when the government takes care of your every need?
[/proletariat lament]