Posted on 05/08/2022 5:01:15 PM PDT by RomanSoldier19
US labor productivity tumbled by 7.5% in the first quarter of 2022 -- the largest decline in worker output per hour since 1947, according to Labor Department data released Thursday.
The report also showed that unit labor costs, or how much workers are paid per unit of output, surged by 11.6% during the quarter. That reflects a 3.2% increase in hourly compensation and a 7.5% decrease in productivity. Analysts polled by Refinitiv had projected a 5.4% decline in productivity and a 9.9% rise in labor costs. Thursday's data underscores the robust labor market, where competition for workers has pushed up wages as companies try to attract and retain talent. In March, job openings and quits set all-time highs at 11.5 million and 4.5 million, respectively.
At the same time, ongoing supply chain challenges, the pandemic and Russia's invasion of Ukraine have all contributed to surging inflation, which the Federal Reserve is attempting to tamp down by raising interest rates. On Wednesday, the Fed said it would raise its benchmark borrowing rate by 50 basis points.
(Excerpt) Read more at edition.cnn.com ...
Sec, going to get my “I did that” BidenIdiot sticker. Brb.
Yep.
Good!!!!!!
Burn it down
Burn it to the ground
Burn the ground
Go Gault. The time is now
We must sacrifice for Ukraine. If it means paying double or triple for everything, so be it.
/ss (SemiSarc)
The bad news is productivity is lower while wages have increased. That is a cycle that needs to be stopped. Ideally by increasing productivity while increasing wages to out strip inflation. Add to that massive cuts in government spending and the Fed completely stopping printing money. The Fed needs to take money out of circulation and increase interest rates by about 20 fold compared to last week. Get this inflation crap over with!
Something has definitely changed with the teenage summer job market. In the summers from 2012-2019 I had teens every summer (I have 4 kids) looking for work and it was very hard for them to find a summer job and they got hardly any interviews. Now for summer 2022 my last teen is getting TONS of interviews. Employers seem very eager to hire (restaurants and fast food and childcare and day camps and lifeguarding and swim instruction).
You rang?
YES! The time IS NOW to go Galt!!
So Go Out There And Do Nothing!
Produce NOTHING!!!
Contribute NOTHING to society!
WE'LL SHOW THOSE DANG LEFTISTS!!
THEY WILL UNDERSTAND JUST HOW WRONG THEY WERE WHEN THEY -
(and everyone else as well) ARE ALL STONE COLD DEAD!!!
HA HA HA HA.....
.
/Sarcasm
Well, this was a long time coming.
When worker productivity increases were somehow disconnected from wages, causing wage stagnation while productivity grew, this crash in worker availability and labour shortage was set up.
Honestly, I am surprised it took this long to arise, but here we are.
Dear big business: when you artificially suppress wages for decades, THIS is the result.
Enjoy the bed you have made.
Spending time on training for CRT, failing to promote the most qualified to meet other goals impact morale and output, spending time to meet government mandates, hassling workers about vaccines are all going to impact productivity. The most productive are going to slow down to average.
Big Business is just fine. It’s the rest of us suffering. Check out their balance sheets.
Well, well. Wonder what could have caused this change?
Does this put loaf from home in perspective?
The new crew at Twitter will probably say hello at the office and not from home.
Goofing off when you are being paid to do work is just another form of theft. The example comes from the top. The chief thug is in the white hut.
90 percent of the work is done by 10 percent of workers in the past.
Ratio has changed?
Now include dancing tutus around their self induced dumpster fire.
Hell, woke companies are giving these lil twits 6 months paternity leave. Good grief!
My day and age, if you asked for a few weeks “paternity” leave, the boss would say, “sure, go take care of your family.”
Translate: You ain’t comin back.
That’s good to hear, the teens are ready to leave their playphones behind, come out of the house and take a job.
No, the really bad news is that productivity isn't coming back any time soon. Now that I'm free from the aliminy extortion ordered by a corrupt court to pay and am no longer forced to be a tax and alimony slave, I'm retiring.
Done.
Kaput.
I'm joining the Great Resignation. I don't need to work anymore. Financially, I'm set -- even in this economic downturn.
And I don't care. I don't have to.
Who's my employer going to replace me with? I don't care. They're going to try and ship my job down to some stupid consulting firm in India where it takes 10-15 workers to equal the skillsets I've built up over the years, and it's going to take them 4-6x longer to do the things I used to do quickly.
And it's not just me. That's EVERYWHERE, especially in Financial Services. Productivity is falling because people who know what they're doing are quitting, and being replaced by know nothings.
Good luck!
One more case of SPAM and
“It’s Go Time,
It is ON!”
.
I’ll need my Walker.
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