Poor Productivity

19Q3 US labor productivity has just come in at -0.1%, and while quarterly numbers are volatile, it was the first negative quarterly number since 15Q4. Looking at the results annually, productivity growth came in at a higher 1.4%, but that is barely above the lackluster 1.3% 2007-2018 annual average. There are only two ways to boost GDP; more workers and higher productivity/worker. With both weak, GDP growth will remain soft.

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