Biden's America: U.S. labor productivity suffers biggest crash ever recorded, labor costs soar most since 1982

[SugarDaddy1]

Productivity crashed over the past year as the economy added workers at a rapid clip even as economic output grew slowly, data from the Department of Labor showed on Tuesday.

The productivity of the business sector fell 2.5 percent compared with a year ago, the largest decline ever recorded in data going back to the first quarter of 1948, the Bureau of Labor Statistics said Tuesday. The decline comes from a 1.5 increase in economic output and a 4.1 percent increase in total hours worked.

Unit labor costs increased 9.5 percent over the last four quarters, the largest four-quarter increase in this measure since a 10.6-percent increase in the first quarter of 1982. Unit labor costs are the ratio of hourly compensation to labor productivity. Increases in hourly compensation tend to increase unit labor costs and increases in productivity tend to reduce them.

https://www.breitbart.com/economy/2...uctivity-suffers-biggest-crash-ever-recorded/

 

[Rightguide]

Remember Joe says all is well.