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To: Les H who wrote (117555)	8/19/2001 2:57:59 PM
From: Thomas M.	Respond to of 436258

<< Last week's Labor Department revisions sliced nonfarm productivity growth in 2000 to 3% from the previously trumpeted 4.3%. After giving effect to other revisions, output per hour worked for the five years ended 2000 averaged 2.5%. That is a more than respectable number except as measured by the expectations set by the heralds of the New Economy and by the achievements recorded in previous boom eras. We are staring at the graph that shows productivity growth in the 10 years ended 1927 averaging about 3.8%, and in the 25 years ended 1973 averaging about 2.8%. . . . >> from Grant's Interest Rate Observer: grantspub.com