Even worse when compared with a year ago.
Posted on 09/02/2022 8:25:45 AM PDT by Oldeconomybuyer
Nonfarm business sector labor productivity decreased 4.1 percent in the second quarter of 2022, the U.S. Bureau of Labor Statistics reported today, as output decreased 1.4 percent and hours worked increased 2.7 percent. From the same quarter a year ago, nonfarm business sector labor productivity decreased 2.4 percent. This is the largest decline in the series, which begins in the first quarter of 1948.
Hourly compensation increased 5.7 percent in the nonfarm business sector in the second quarter of 2022. Real hourly compensation, which takes into account changes in consumer prices, decreased 4.4 percent in the second quarter of 2022, which followed a 4.4-percent decline in the first quarter of 2022. The consumer price series, which is used to estimate real hourly compensation, grew 10.5 percent in the second quarter of 2022, the largest increase since an 11.6-percent increase in the first quarter of 1981 (seasonally adjusted annual rates).
(Excerpt) Read more at bls.gov ...
decreasing productivity AND more hours worked - that’s bad.
Those are devastating numbers. Pay up 5.7%, but people still LOST 4.4% of purchasing power.
Let’s go Brandon!
Even worse when compared with a year ago.
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