Downward productivity revision coming

Noooooooooooooooooo!

The single most valuable long-term statistic is going to be revised downward. This also means that a recession in 2007 is more probable than before..

I don't like it any more than you do.

Any word on what is causing the revision? What got missed?

Michael,

What are your thoughts on this morning's productivity numbers?

How do you spell government fraud and corruption?

D O W N W A R D R E V I S I O N...

As the resident cynic, I am not remotely surprised and haven't bought into the reported productivity numbers for a long time. Seriously folks, do you really think we've entered a new era of productivity growth? Computers were a little boost and Internet availability kicked it up a notch, but that's all worked in to the equation at this point. It doesn't matter how fast computers are; human beings can only work so fast. A lot of the productivity growth lately has been from squeezing more work out of fewer people for less pay. Look at the median income, particularly for those recently entering the workforce with a bachelor's degree. They're gullible enough to accept ever-lower "entry-level" pay for more "mid-level" work. And why not? What's their option?

I think our problem - nationally - is a downward spiral of innovativeness and entrepreneurialism (no, opening another lousy Starbucks franchise doesn't count); and I think I know what the cause is. But that's another discussion.

Though, it occurs to me after I hit "Post" that Starbucks doesn't franchise. So let's just insert "McDonald's" or "Goin' Postal" and call it a day.