Productivity numbers are in
from the Labor Department
, and they’re ho-hum (1.3% annualized growth in the second quarter). The numbers have been pretty low and choppy for the past 4+ years, with a large number of revisions thrown in there.
Despite the wondrous age of technological innovation we’re experiencing, we aren’t getting the same boost from tech
that we used to
. Take a step back, and productivity growth is way down from the dot-com boom or the post-recession years that sapped wage growth.
Capital Economics suggested in a note to clients that if productivity remains this so-so, Americans might need to adjust their expectations of
3% GDP growth
let alone 4%