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Strategies & Market Trends : ahhaha's ahs

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To: ahhaha who wrote (3447)	11/7/2001 9:43:07 AM
From: DMaA	Read Replies (1) of 24758

Care to comment in the historically anomalous productivity numbers? Is this apparently good news really bad news? No news? Nonfarm business productivity grew at a seasonally adjusted annual rate of 2.7%, the Labor Department said in a preliminary report Tuesday. . . . Different WSJ Editorial: Historically, productivity has almost always declined sharply just before a recession and softened further during a recession. This "procyclical productivity" pattern is so reliable that an entire literature exists exploring its cause. The current consensus appears to be that productivity drops near recessions because firms are reluctant to lay off idle workers when demand shrinks, and the proportion of workers that are not productive increases sharply. Perhaps that describes the past, but it has not happened this time. High-tech investments have allowed firms to adjust on the fly and continue to squeeze more output out of fewer inputs.

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