Posted on 05/08/2022 5:01:15 PM PDT by RomanSoldier19
US labor productivity tumbled by 7.5% in the first quarter of 2022 -- the largest decline in worker output per hour since 1947, according to Labor Department data released Thursday.
The report also showed that unit labor costs, or how much workers are paid per unit of output, surged by 11.6% during the quarter. That reflects a 3.2% increase in hourly compensation and a 7.5% decrease in productivity. Analysts polled by Refinitiv had projected a 5.4% decline in productivity and a 9.9% rise in labor costs. Thursday's data underscores the robust labor market, where competition for workers has pushed up wages as companies try to attract and retain talent. In March, job openings and quits set all-time highs at 11.5 million and 4.5 million, respectively.
At the same time, ongoing supply chain challenges, the pandemic and Russia's invasion of Ukraine have all contributed to surging inflation, which the Federal Reserve is attempting to tamp down by raising interest rates. On Wednesday, the Fed said it would raise its benchmark borrowing rate by 50 basis points.
(Excerpt) Read more at edition.cnn.com ...
I just Retired,,,
Everyday is SATURDAY!
Another Regime Woke success.
Originality in science, manufacturing as well as promoting a work ethic in the midst of lots of handouts etc. is difficult and not fun. Therefore, America is increasingly running on fumes.
I watch my DVD set frequently. In fact. “ShiftY” lived just a few miles away from me I never knew until the HBO series was released. Not that I would ever visit. Just a factoid.
When pay falls way behind inflation morale sinks.
But yet, according to Neocons, we’re ready for war with Russia.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.