Re: Re: Re: Recession warnings

[Jim Devine <jdevine@xxxxxxxxxxxxxxx>]

Doug writes:
> There are loads of anomalies in the productivity stats. Nondurable
> manufacturing productivity is flat; it's all concentrated in durables, and
> within durables, in high-tech production. Service productivity has picked
> up a bit, but not that profoundly. Looking at the aggregate number is very
> misleading.

however, if the author cited in the New York TIMES was right that
employment growth has slowed relative to real output growth, that's
evidence in favor of faster labor productivity growth. (Intersectoral
differences are important too, but mostly for understanding employment
shifts between sectors, which can be as painful as recessions.)

Jim Devine jdevine@xxxxxxx & http://bellarmine.lmu.edu/~JDevine