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Posted by: Michael Mandel on January 30
Just to point out in this morning’s GDP report, the increase in nonfarm business gross value added—which is the numerator for productivity—was only 0.4%. Aggregate hours rose at a 1.1% rate, so we could have a negative productivity number for the fourth quarter.
Folks, we are in an secular productivity downshift, which raises the odds of stagflation.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.