U.S. productivity just surged +4.9%. The strongest reading in nearly six years. At the same time, labor costs fell –1.9%. Higher output with lower costs is the holy grail: growth without inflation. Put simply: • Productivity jumped from ~3.3% to 4.9% • Labor costs flipped from +1% to –1.9% No surprise the Atlanta Fed’s Q4 GDP forecast just climbed to +5.4%.