Well, what do you know.
We can finally report that everyone agrees that US Labor productivity is increasing. As a matter of fact, it realized the largest increase (Q2 2023) is almost 3 years. Productivity grew by 3.7% (annualized) rate, after declining during Q1 2023; wages, adjusted for inflation, only rose by 2.7%, the first increase in a year. (That’s a 50% increase over the economists projections.) Which means rising wages were offset by the increase in productivity. (Unfortunately, the hours worked per week also dropped.)
Continue reading Productivity Gains
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