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the chart is misleading productivity is still high and is steadily increasing
Overworked America: 12 Charts That Will Make Your Blood Boil | Mother Jones
'Measure’s longest losing streak since 1979 could keep Fed from raising rates to past levels
The longest slide in worker productivity since the late 1970s is haunting the U.S. economy’s long-term prospects, a force that could prompt Federal Reserve officials to keep interest rates low for years to come.
Nonfarm business productivity—the goods and services produced each hour by American workers—decreased at a 0.5% seasonally adjusted annual rate in the second quarter as hours worked increased faster than output, the Labor Department said Tuesday.
It was the third consecutive quarter of falling productivity, the longest streak since 1979. Productivity in the second quarter was down 0.4% from a year earlier, the first annual decline in three years. That was a further step down from already tepid average annual productivity growth of 1.3% in 2007 through 2015, itself just half the pace seen in 2000 through 2007, and the trend shows little sign of reversing.
“In the short term, it’s hard to be anything other than pessimistic, just because this has been going on for so long now,” said Paul Ashworth, chief U.S. economist at consultancy Capital Economics.
Productivity is a key ingredient in determining future growth in wages, prices and overall economic output. It has slowed dramatically since the information technology-fueled boom of the late 1990s, when strong productivity gains translated into robust growth for household incomes and the overall economy.
The slowdown in recent quarters has likely been reinforced by weak business investment in new equipment, software and facilities that could help boost worker efficiency.
Over time, persistently weak productivity would weigh on American living standards by restraining the economy’s ability to grow quickly and generate higher incomes without stoking too much inflation. Already, some economists say slow productivity may be restraining wage growth.'
Productivity Slump Threatens Economy?s Long-Term Growth - WSJ
Thoughts?
Your post is apples and oranges.
You are (I assume) trying to spin the stat as there are hundreds of ways to theoretically measure productivity.
no thats whats your trying to do productivity is up, its at record highs since 1970's your chart records percentage change from the previous quarter, yet another obscure stat republicans are using to twist the fact that the economy is doing great, last one to come out of the right wing AM radio echo chamber was, average growth of business contractions, before that it was labor force participation rate, they do it because people who dont know what theyre reading see a misleading chart like yours and thinks productivity is down, which "sounds bad" so your posting it as if too say obamas economy is bad boo obama when in reality your not even sure what productivity even is.
I honestly can't wait too see what obscure stat rush limbaugh and the boys are going to start babbling about next? maybe the diaper rash indicator or speed contractors return calls or the Latvian hooker index? All are just as relevant as this statistic and all just as unrelated to who is president as the next
'Measure’s longest losing streak since 1979 could keep Fed from raising rates to past levels
The longest slide in worker productivity since the late 1970s is haunting the U.S. economy’s long-term prospects, a force that could prompt Federal Reserve officials to keep interest rates low for years to come.
Nonfarm business productivity—the goods and services produced each hour by American workers—decreased at a 0.5% seasonally adjusted annual rate in the second quarter as hours worked increased faster than output, the Labor Department said Tuesday.
It was the third consecutive quarter of falling productivity, the longest streak since 1979. Productivity in the second quarter was down 0.4% from a year earlier, the first annual decline in three years. That was a further step down from already tepid average annual productivity growth of 1.3% in 2007 through 2015, itself just half the pace seen in 2000 through 2007, and the trend shows little sign of reversing.
“In the short term, it’s hard to be anything other than pessimistic, just because this has been going on for so long now,” said Paul Ashworth, chief U.S. economist at consultancy Capital Economics.
Productivity is a key ingredient in determining future growth in wages, prices and overall economic output. It has slowed dramatically since the information technology-fueled boom of the late 1990s, when strong productivity gains translated into robust growth for household incomes and the overall economy.
The slowdown in recent quarters has likely been reinforced by weak business investment in new equipment, software and facilities that could help boost worker efficiency.
Over time, persistently weak productivity would weigh on American living standards by restraining the economy’s ability to grow quickly and generate higher incomes without stoking too much inflation. Already, some economists say slow productivity may be restraining wage growth.'
Productivity Slump Threatens Economy?s Long-Term Growth - WSJ
Thoughts?
gallup is also showing how the govt and media are lying like dogs
////////////////
Real Unemployment
9.7%
+0.1
And this is a subjective measure of how happy people are at work (and the U.S. at 31.1% is one of the highest in the world).Engaged at Work
31.1%
+0.4
This is a fairly useless statistic. It's the percent of the total population who works 30+ hours a week at a steady job. That's pretty arbitrary and misleading to say those are "good jobs."Ummm that is a government figure...the U-6 alternative measure of underutilization. It measures how much potentially available labor is not being used to the fullest extent: meaning it includes people who have jobs but aren't working as much as they want, and people who might enter the labor force soon, but currently are not trying to work.
[qutoe]Gallup Good Jobs
47.1%
Gallup is quoting a government number for the 9.7%. It's measuring something completely different.the govt says the unemployment rate is 4.9%or something gallup says its 9.7% who is telling the truth?
My Wife's company [major international employer] does this exactly thing. Before planning a huge R&D project, she let them know up front that she would work as fast as humanly possible but if she missed the projected timeline, that they might want to reconsider all the layoffs and forced retirements they perpetrated.
Gallup is quoting a government number for the 9.7%. It's measuring something completely different.
The Unemployment rate is the number of people not working who are available and looked for work in the last month (the unemployed) divided by the unemployed plus the employed (the Labor Force).
The 9.7% is the U-6 measure of underutilization: Unemployed plus people who want and are available for work who have looked for work in the last year but not the last month (the marginally attached) plus people who want to and are available to work 35+ hours but worked fewer than 35 hours due to slow work or couldn't find full time job (part time for economic reasons) divided by the labor force plus the marginally attached.
Apples and oranges.
the dishonesty comes with the change in what makes the unemployment rate...... 4.9% comes from the change....
What change? The definition hasn't had any major changes since 1967. One minor change in 1994. The other components of the U-6 have never been part of the unemployment rate. The dishonesty is Gallup calling the U-6 the "real unemployment" rate.
This then PROVES the media being dishonest in putting out the 4.9% number.. proving they are crooked to help liberalism govts
telling the other figure 9.7% would hurt the liberal govt .. a proven totally RIGGED SYSTEM we now KNOW
Only in your mind.
The 9.7 figure is not the measurement of unemployment. It contains the unemployment rate, along with other measurements. How are you not able to understand this point, after it has been laid out on multiple occasions?
ummm using the same measure as every other president is rigging the system? How?This then PROVES the media being dishonest in putting out the 4.9% number.. proving they are crooked to help liberalism govts
telling the other figure 9.7% would hurt the liberal govt .. a proven totally RIGGED SYSTEM we now KNOW
Only in your mind.
The 9.7 figure is not the measurement of unemployment. It contains the unemployment rate, along with other measurements. How are you not able to understand this point, after it has been laid out on multiple occasions?
ummm using the same measure as every other president is rigging the system? How?
Which rate better shows what percent of people who could be working are not?each govt adminstration wants to look good..... and they will all go with the lower rate.... BUT BUT the media must not work to help a current govt and must report BOTH rates.. if not they are supporting the current govt and NOT the people who wants to know how bad the economy is
and now we see how the productivity is dropping like a rock showing that 4.9% figure should not be the real figure
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