http://www.alhambrapartners.com/2015/06/04/payroll-stats-become-even-more-implausible/
Payroll Stats Become Even More Implausible
Since Q1 GDP was revised lower by almost 1% that meant estimates of
productivity were going to be even more out of alignment than they were
at the first release. Of course, in a less massaged environment
productivity might have preserved some sense if there was less rigidity
from the BLS on the employment side. In other words, when “output”
estimates were reduced (and they were, by more than GDP) it would make
sense that everything would be revised downward in a more cohesive
process. Instead, output was reduced significantly, by 1.4%, while total hours worked was marked down by all of 0.1%.
As a result, productivity is revised from a nonsensical -1.9% to an even more skeptical -3.1%.
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