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This headline is alarmist and the article itself is designed to manipulate people unfamiliar with the productivity metric or its recent movement. Note that the
by grumple 4y ago
This headline is alarmist and the article itself is designed to manipulate people unfamiliar with the productivity metric or its recent movement. Note that the article and the graph are about the % change in productivity... which spiked sharply during the pandemic and has now returned to the growth line it was on prior.
Here's the fed numbers: https://fred.stlouisfed.org/series/OPHNFB https://fred.stlouisfed.org/series/OPHNFB
The productivity drop the OP is referring to is that little blip downwards at the end. Hell, here's the Fed asking a year ago if the pandemic boosted productivity: https://fredblog.stlouisfed.org/2021/07/has-the-pandemic-boosted-labor-productivity/?utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=fredblog https://fredblog.stlouisfed.org/2021/07/has-the-pandemic-boo...
Basically all the chatter in these comments are irrational speculation, based on a false premise, and flatly wrong.
- benrow 4y agoThere should be a name for the logical fallacy where direction of travel of a statistic is taken out of context. Local fluctuation being taken as the beginning of a trend. Perhaps just "short-sightedness", but it's more specific - inference of future events based on short term signals. It's really common in news about the economy. I guess the outcome is really important, but we only have these instantaneous signals. So something like superstition kicks in (when we're not carefully considering what is stated).