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Cost Cutting Boosts Productivity, but Gives Rise to Unemployment
U.S. worker efficiency climbed in the third quarter, but the increase was largely due to cutbacks on labor that could spur unemployment.
Productivity, the measure that gauges employee output per hour, rose at a 1.3% annual rate in the third quarter, the Labor Department reported yesterday (Wednesday). However, this is largely because companies braced for a recession by reducing employee hours at the fastest pace in six years and keeping a lid on wages.
The number of hours worked fell at a rate of 3.1% and labor costs, a gauge of inflationary pressures climbed at a 2.8% annual rate – less…
4Dec2008 | Money Morning | 0 comments | Continued
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