Although productivity is not rising at the rate it did in the first quarter, the increase is still too “hot” to help employment. According to the BLS:
“Nonfarm business sector labor productivity increased at a 3.6% annual
rate during the first quarter of 2010, the U.S. Bureau of Labor Statistics
reported, with output rising 4.4% and hours worked rising
.8%.”
It was hoped that the rate would level out, which would probably indicate that employers would have to increase hiring to improve their ability to handle a rising demand goods and services. As it is, the workforce appears to be “working harder” to remain employed. Looking for new jobs is nearly impossible as the ratio of job seekers to open jobs is 5.5 to 1.
Douglas A. McIntyre
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