Worker Productivity Plummets in the United States

Video Credit: Wibbitz Top Stories
Published on May 6, 2022 - Duration: 01:30s

Worker Productivity Plummets in the United States

Worker Productivity Plummets , in the United States.

CNN reports labor productivity in the United States has continued a downward trend.

Per Labor Department data, productivity fell 7.5% in the first quarter of 2022.

Such a decline is the starkest in worker output per hour since 1947.

Official data also shows that labor costs in the United States rose by 11.6% in the quarter.

Refinitiv analysts projected a productivity decline of 5.4% and a rise in labor costs of 9.9%.

In the United States currently, the labor market is robust, and competition for employees has driven wages to new heights.

Per CNN, in March, 11.5 million jobs were available.

Also in the same month, 4.5 million Americans quit their jobs.

Experts say the U.S. economy shrank in the last quarter for the first time since 2020.

The decline is linked to supply chain issues brought on by the COVID-19 pandemic.

When you get by all that, the U.S. economy is growing healthily.

, Dana Peterson, chief economist for The Conference Board, via CNN


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