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Banking on Productivity Gains to Stabilize Labor Market
Worker productivity rose in the first quarter, as companies cut costs by shedding workers and extracted more output from remaining employees. Analysts are hopeful that the increased efficiency will help slow rate of job cuts, which also appear to be easing from their formerly torrid pace.
Productivity, a measure of worker output by the hour, rose at a revised 1.6% annual rate in the first quarter, the U.S. Labor Department reported today (Thursday). That’s double the 0.8% estimated last month and a vast improvement over a 0.6% drop in the fourth quarter of 2008.
The gain in productivity was largely the result…
5Jun2009 | Money Morning | 0 comments | Continued
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