U.S. productivity declines by 1.7% in first quarter
The nation's productivity fell in the first quarter at a 1.7% annual
rate, reflecting weak economic growth and disruptions caused at U.S.
workplaces by harsh winter weather. Economists polled by MarketWatch had
expected a seasonally adjusted 1.1% decline. Hours worked climbed 2.0%
while output of goods and services rose a scant 0.3%, the Labor Department
said Wednesday. Unit-labor costs jumped by 4.2% - the biggest increase
in five quarters - but they rose just 0.9% in the 12 months ended March
31. Hourly wages advanced 2.4% in the first quarter, but just 0.5% after
adjusting for inflation. The manufacturing sector was the one bright
spot: productivity climbed 3.3% and inflation-adjusted wages rose 1.4%.
Unit-labor costs among manufacturers barely increased with a 0.1% gain.
In the fourth quarter, the increase in overall U.S. productivity was
revised up to 2.3% from 1.8
the amazing thing to me is, it can be 10:00, 11:00. 12:00 o'clock in the
afternoon and I see nothing but traffic, NO ONE WORKS ANYMORE!
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