Re:US economy returned to growth last quarter, expanding 2.6%
by rendang on Thursday October 27, 2022 @12:13PM
(#33359760)
Another piece of the puzzle is the big drop in labor productivity lately - https://fred.stlouisfed.org/series/OPHNFB. Could the data you mention be explained by workers previously being in jobs where they were unproductive, being laid off but then quickly reabsorbed by the hot labor market into more efficient lines of work?
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Re:US economy returned to growth last quarter, expanding 2.6%
by importantbrian on Thursday October 27, 2022 @12:23PM
(#33359941)
Isn't that just because of the steep rise in labor costs? It's just another sign of how strong the labor market is right now.
Re:US economy returned to growth last quarter, expanding 2.6%
by colinmhayes on Thursday October 27, 2022 @12:45PM
(#33360295)
labor productivity is measured in output/hour, not output/dollar spent of wages.
Re:US economy returned to growth last quarter, expanding 2.6%
by zeroonetwothree on Thursday October 27, 2022 @12:52PM
(#33360437)
It’s a pretty small drop and there is a lot of noise in that metric.
Re:US economy returned to growth last quarter, expanding 2.6%
by rendang on Thursday October 27, 2022 @01:15PM
(#33360802)
What do you think could be behind the noise in this case? It does look like the steepest drop in many decades, and more surprising when we read stories on HN about automation that would imply a baseline increase in productivity.