Taps Coogan – August 23rd, 2022
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US Labor productivity has posted its largest ever year-over-year decline for the second quarter, as the following chart via Isabelnet highlights.
Labor productivity is just real GDP divided by hours worked or the number of non-farm employees. Given that real GDP contracted in both the first and second quarters while total employment increased strongly, this contraction was mathematically inevitable and shows that the US economy is producing less per worker in this inflationary environment.
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Now, regress that versus growth in .gov employees!