In national news:

New labor productivity numbers since the Great Recession show recovery, but somewhat underwhelming growth. From the fourth quarter of 2007 to the second quarter of 2009, the U.S. economy experienced its worst recession since the Great Depression of the 1930s, with nonfarm business output declining by $753 billion and some 8.1 million jobs lost. According to the federal Bureau of Labor Statistics (BLS), although the economy has been expanding since the Great Recession ended, productivity growth has been relatively slow compared with other periods since 1947. From the fourth quarter of 2007 to the third quarter of 2016, labor productivity grew at an average annual rate of 1.1 percent, which is considerably lower than the average growth rate from 1947 to 2007 (2.3 percent) or the average rate from 2001 to 2007 (2.7 percent).

Further analysis via BLS here.

Leave a Comment

Your email address will not be published. Required fields are marked *