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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: Bill Harmond who wrote (7467)	6/6/2001 1:38:01 PM
From: craig crawford	Read Replies (2) \| Respond to of 57684

United States Daily Economic Commentary Productivity: The Chairman's New (Era) Clothes? June 5, 2001 ntrs.com Fed Chairman Greenspan in recent years has come to the view that there has been a structural shift up in US productivity growth. I wouldn't argue with him. But an important issue is whether the relatively strong growth in recent years' productivity has more to do with the composition of output or something more fundamental. The evidence is starting to mount that a lot of the strong productivity growth of late has been due to the composition of output. Specifically, it is beginning to look as though a large part of the productivity gains in recent years has been related to the boom in the manufacture of information processing equipment rather than the use of it. If high-tech is in a "bust" phase for the next couple of years, then productivity growth might be rather mundane rather than so new era-ish. (excerpt)