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Nonfarm business sector labor productivity increased 6.6 percent in the fourth quarter of 2021, the U.S. Bureau of Labor Statistics reported today (March 3, 202
by long_time_gone 5y ago
Nonfarm business sector labor productivity increased 6.6 percent in the fourth quarter of 2021, the U.S. Bureau of Labor Statistics reported today (March 3, 2022), as output increased 9.1 percent and hours worked increased 2.4 percent.
https://www.bls.gov/news.release/pdf/prod2.pdf https://www.bls.gov/news.release/pdf/prod2.pdf
- yazaddaruvala 5y agoThanks, I really like these stats. I wonder if inflation=7% and the absolute productivity through automation at 7% (9.2% - 2.1%) is a coincidence, just correlated or causal. My guess based on a lot of armchair speculation is that inflation pegged to absolute productivity would result in the best possible economy. Maybe with a bit of a buffer just to be safe.
- long_time_gone 5y agoThat’s a good idea. I think it still misses a needed link between productivity increases and increases to the lowest wages. Maybe loosely tying minimum wage to productivity?
- yazaddaruvala 5y agoYeah, I am on board. Could also be modeled in law as “$15 in 2022 and inflation adjusted for every year after”, where inflation as we said is pegged to absolute productivity.