Productivity contracted in the third quarter of this year according to revised data from Bureau of Labor Statistics (BLS). Their measure of output per labor hour fell 0.2 percent from July through September 2019 (originally down 0.3 percent).
Our economy is currently in the middle of its longest economic expansion ever. Sometimes it’s tough to imagine the Great Recession ended over a decade ago or that the first recession of this century started over 18 years ago. During both downturns, output was in steep decline and firms were hemorrhaging jobs by the hundreds of thousands each week (e.g., in March 2009, the net
Normally around this time in February, the Bureau of Labor Statistics (BLS) releases information on our nation’s Productivity and Unit Labor Costs from the fourth quarter of the prior year. Not this time. With another government shutdown already looming, economic data continues suffering from the last time portions of the federal budget went unfunded. In the meanti
Atlas has been writing about the tepid nature of the current economic expansion for years. Occasionally, there have been a couple of back-to-back quarters that harken to the trajectories of old (e.g., 2nd & 3rd quarter 2014 and 2nd & 3rd quarters 2017), but on balance America’s output growth has been lackluster, even the final quar
After more data were collected from the Bureau of Labor Statistics, a revised report on third-quarter 2017 productivity and unit labor costs was released. Productivity was unchanged in the revision, and unit labor costs figures were revised marginally. Output per labor hour held steady at 3.0 percent in the revision, but this is nearly double the pace in the prior quarter. Uni