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U.S. productivity posts biggest ever annual drop in second quarter
Reuters ^ | August 9, 2022 | Reuters

Posted on 08/09/2022 8:48:31 AM PDT by fwdude

Aug 9 (Reuters) - U.S. worker productivity in the second quarter fell at its steepest pace on an annual basis since 1948, the Labor Department said on Tuesday, while growth in unit labor costs accelerated, suggesting strong wage pressures will continue to help keep inflation elevated.

Nonfarm productivity, which measures hourly output per worker, fell at 2.5% pace from a year ago. It also declined sharply in the second quarter at a 4.6% annualized rate, after having declined by an upwardly revised7.4% in the first three months of the year, the report showed.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: bideneconomy; bideneffect; bidenlegacy; economy; productivity
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To: Roadrunner383; Starboard

It’s so deceitful that they exclude many of the items from the CPI which comprise a huge part of most people’s budgets, like FUEL!

You’re right. Real inflation is around 35% or higher. I’ve seen it in my expenses for sure.


21 posted on 08/09/2022 9:24:28 AM PDT by fwdude (Racism is not dead, but it is on life support - kept alive by politicians….” — Thomas Sowell)
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To: ToxicMasculinity; Liz; SunkenCiv; Red Badger; rktman; Kaslin; BenLurkin; Lazamataz

And like Monopoly, you get a Get Out of Jail card and free government money every turn. If you are a member of the privileged political party and race and sex, that is.


22 posted on 08/09/2022 9:30:42 AM PDT by Robert A Cook PE (Method, motive, and opportunity: No morals, shear madness and hatred by those who cheat.)
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To: fwdude

Reuters headline writers are so clever as they try to be misleading. The adjective for the huge DROP would be “worst” for a Republican, not “biggest”, a positive connotation word as we see here. Most people are not very smart.


23 posted on 08/09/2022 9:35:41 AM PDT by Freee-dame
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To: fwdude
Quite simply, this is another part of the inflation solution that is heading in the wrong direction. There are three components to fighting inflation: fiscal policy, monetary policy and business productivity. Congress fails at fiscal policy through endless spending. The Fed fails at monetary policy through quantitative easing. The only thing the Fed is doing correctly is raising interest rates, although too late and by too little. Individually, everyone working in the private sector needs to be more productive so that more goods and services can be produced without increasing costs. That attempts to solve the supply problem.

But the real barrier to productivity is regulation. Government can stimulate productivity by reducing regulations. But it is not just regulations. Business productivity is affected by every mandate placed on business. Taxes are a perfect example. It’s not so much the dollar amount of taxes paid, but rather the cost associated with tax law compliance. Every moment and dollar spent on activities not related to delivering products and services to consumers is unproductive. We need a complete divorce between business and government.

24 posted on 08/09/2022 9:37:48 AM PDT by ConservativeInPA (Scratch a leftist and you'll find a fascist )
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To: ConservativeInPA
It’s not so much the dollar amount of taxes paid, but rather the cost associated with tax law compliance. Every moment and dollar spent on activities not related to delivering products and services to consumers is unproductive.

Not to mention HR, and the leftards who are largely in control of this massive dead-weight industry. Ever more regulations are imposed, which are hard to discern or quantify. Just got an email on the Dept of Labor increases on penalties this very morning. Talk about onerous.

25 posted on 08/09/2022 9:46:29 AM PDT by fwdude (Racism is not dead, but it is on life support - kept alive by politicians….” — Thomas Sowell)
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To: fwdude

You are so right about HR. There are so many facets of businesses exist solely to comply with government mandates.


26 posted on 08/09/2022 9:51:33 AM PDT by ConservativeInPA (Scratch a leftist and you'll find a fascist )
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To: fwdude
Why are all you Republicans and conservatives still whining about this Biden economy? Senile Sleepy Joe, Kamala "Laughing Hyena" Harris, and Nancy Pelosi (of "President" Benjamin Franklin fame) are at the helm and leading the United States. Surely, senile Sleepy Joe will fix the productivity slump.

Just the other day in Kentucky, senile Sleepy Joe cluelessly read (and mindlessly adlibbed) the following during his most recent teleprompter speech: "We’ve never done this before ... like a billion, 200 million-dollar infrastructure project ... helping take care of everything from health care to God knows what else."

"A billion, 200 million-dollar infrastructure project?" Senile Sleepy Joe has no clue about even basic math. With all of senile Sleepy Joe's soaring spending and skyrocketing inflation, a "billion, 200 million-dollar" anything is like chicken feed in the enormous U.S. economy. Hey, senile Sleepy Joe, the U.S isn't a third-world country ... yet ... but you're clearly doing your "best" to see that it becomes one soon.

Funding for "God knows what else?" (Um, senile Sleepy Joe, the Democrats/RINOs still laughably claim you're a legitimate "elected President." However, a U.S. President is supposed to actually know what's in each spending bill he signs. Sad. Very sad.)

Democrats/RINOs are sad, too. One of Biden's spokespeople, in referring to senile Sleepy Joe's teleprompter speech, actually said it shows that "as a Biden," he always means what he says. LOL. What a joke. First of all, senile Sleepy Joe doesn't even know what he's "saying," let alone know what he "means." Democrats/RINOs are still comically trying to pawn off senile Sleepy Joe as a "competent" individual. Every country in the world, no matter how small, is still laughing at the United States regarding the stolen election resulting in the Democrats/RINOs gurneying senile Sleepy Joe into the Oval Office, along with Kamala "Laughing Hyena" Harris. Who do the Democrats/RINOs think they're fooling? Please, Democrats/RINOs, stop insulting the intelligence of 7 billion people on Planet Earth. "Earth to Democrats/RINOs! ... Earth to Democrats/RINOs! ... (crickets) ..."

27 posted on 08/09/2022 9:53:08 AM PDT by gw-ington (My preferred pronouns: she, him, it, senile, sleepy, puppet, laughing, hyena, stolen, election.)
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To: Yo-Yo

thank you...


28 posted on 08/09/2022 9:54:58 AM PDT by Chode (there is no fall back position, there's no rally point, there is no LZ... we're on our own. #FJB)
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To: Starboard

“Everything in Washington is political and everything is about timing.”

Everything in Washington is a lie.

This is the government declaration of sovereignty over the people.

There are no statistics created and released by Washington that are truth.


29 posted on 08/09/2022 9:57:14 AM PDT by Scott from the Left Coast (Make Orwell Fiction Again)
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To: TexasFreeper2009

That’s OK. I hear there are 87,000 high paying Federal jobs opening up.


30 posted on 08/09/2022 10:08:48 AM PDT by oldasrocks
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To: fwdude

Yes, productivity increased from 4.6% to 2.5% annual rate.


31 posted on 08/09/2022 10:20:25 AM PDT by seowulf (Civilization begins with order, grows with liberty, and dies with chaos...Will Durant)
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To: Robert A Cook PE

Win a woman’s swimming contest. Collect prize money.


32 posted on 08/09/2022 10:22:17 AM PDT by ToxicMasculinity (At this point, what difference does it make.)
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To: Robert A Cook PE

Have a sex change operation scheduled. Go to the women’s rest room and enjoy your last woody.

Get out of jail free. Burn a store down and murder the owner. Do not pass GO. But sue the police for arresting you. Collect two million dollars.


33 posted on 08/09/2022 10:27:16 AM PDT by ToxicMasculinity (At this point, what difference does it make.)
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To: fwdude

Yet another record set by Biden and the Democrats and their policies.

One of the most record breaking administrations in history.


34 posted on 08/09/2022 10:59:00 AM PDT by Republican Wildcat
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To: Scott from the Left Coast

Everything in Washington is a lie.

**********

Well yes, that too. Being good liars is the only “skill” that most people in the Swamp have.


35 posted on 08/09/2022 12:13:01 PM PDT by Starboard
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To: fwdude

It is what they want. The progs want another Depression/War cycle.


36 posted on 08/09/2022 12:14:06 PM PDT by central_va (I won't be reconstructed and I do not give a damn...)
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To: fwdude

The corrupt press w.ill bury this story... Because 98% if them are liberals and liars...


37 posted on 08/09/2022 12:16:31 PM PDT by GOPJ (Wealthy men keep secrets in safes - that's what FBI thugs were fishing for.totalitarians tactics)
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To: Robert A Cook PE

Me, SOL!


38 posted on 08/09/2022 12:58:31 PM PDT by rktman (Destroy America from within? Check! WTH? Enlisted USN 1967 to end up with this? 😕)
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To: Roadrunner383; rktman; Red Badger; SunkenCiv; Liz; LS; Kaslin; BenLurkin; Lazamataz; SJackson

True. The administration’s “published” or “we will (reluctantly) admit inflation is this much” value OMITS the “always volatile “ prices of food, fuel, and housing.


39 posted on 08/09/2022 1:29:09 PM PDT by Robert A Cook PE (Method, motive, and opportunity: No morals, shear madness and hatred by those who cheat.)
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