Worker Productivity Plummets in the United States
- 2 years ago
Worker Productivity Plummets , in the United States.
CNN reports labor productivity in the
United States has continued a downward trend.
Per Labor Department data, productivity
fell 7.5% in the first quarter of 2022.
Such a decline is the starkest in
worker output per hour since 1947.
Official data also shows that labor costs in the United States rose by 11.6% in the quarter.
Refinitiv analysts projected a
productivity decline of 5.4%
and a rise in labor costs of 9.9%.
In the United States currently, the labor market is robust, and competition for employees has driven wages to new heights.
Per CNN, in March,
11.5 million jobs were available.
Also in the same month,
4.5 million Americans quit their jobs.
Experts say the U.S. economy shrank
in the last quarter for the first time since 2020.
The decline is linked
to supply chain issues
brought on by the COVID-19 pandemic.
When you get by all that, the U.S. economy is growing healthily. , Dana Peterson, chief economist for The Conference Board, via CNN
CNN reports labor productivity in the
United States has continued a downward trend.
Per Labor Department data, productivity
fell 7.5% in the first quarter of 2022.
Such a decline is the starkest in
worker output per hour since 1947.
Official data also shows that labor costs in the United States rose by 11.6% in the quarter.
Refinitiv analysts projected a
productivity decline of 5.4%
and a rise in labor costs of 9.9%.
In the United States currently, the labor market is robust, and competition for employees has driven wages to new heights.
Per CNN, in March,
11.5 million jobs were available.
Also in the same month,
4.5 million Americans quit their jobs.
Experts say the U.S. economy shrank
in the last quarter for the first time since 2020.
The decline is linked
to supply chain issues
brought on by the COVID-19 pandemic.
When you get by all that, the U.S. economy is growing healthily. , Dana Peterson, chief economist for The Conference Board, via CNN