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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 | ContinuedU.S. Productivity Growth: Will living standards continue to rise?
Over the past few months it’s been one dismal report after another on the economic front. Much has been said about the credit crisis, subprime lending, unemployment, and corporate earning forecasts – but is the jury still out on productivity? This missing puzzle could be the key answer as to whether or not the U.S., and the global economy for that matter, will slip into recession during the ’08 fiscal year.
As our elected leaders and the Federal Reserve attempt to bail out the economy, many analyst and pundits believe the story has already been written. With an overwhelming feeling…
6Feb2008 | S. Oakes | Comments Off | Continued
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