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To: Alberta's Child

“Nonfarm business sector labor productivity increased 3.4 percent in the first quarter of 2019, the U.S. Bureau of Labor Statistics reported today, as output increased 3.9 percent and hours worked increased 0.5 percent.”

https://www.bls.gov/news.release/pdf/prod2.pdf


14 posted on 08/14/2019 7:32:16 AM PDT by SoCal Pubbie (Ca)
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To: SoCal Pubbie
Those are all measures of productivity per worker.

I'm talking about productivity per person for the entire nation as a whole.

If we have an economy of just five working people -- and nobody else -- and we produce $1 million worth of goods and services that we sell among ourselves, then our productivity is $200,000 per worker AND per person.

But if these five working people have to support 15 other retirees and unemployable misfits and malcontents, then their productivity would still be $200,000 per WORKER but the economy's overall productivity would only be $50,000 per PERSON.

19 posted on 08/14/2019 7:38:14 AM PDT by Alberta's Child ("Knowledge makes a man unfit to be a slave." -- Frederick Douglass)
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