Source: Bureau of Labor Statistics
Private-sector labor productivity opened the year with a 7.5% decline, marking the steepest dive in nearly 75 years. QQQ is down 4.34%, while SPY is down 3.12%.
- The latest drop is the biggest decline in quarterly productivity recorded since the third quarter of 1947 when the reading fell by 11.7%.
- The decline reflects the 2.4% drop seen in output, while hours worked increased by 5.5% and hourly compensation gained 3.2%.
- Compared with the same quarter in 2021, labor productivity fell by 0.6%, as output fell by 2.3% while hours worked jumped by 4.8% and compensation by 6.5%.
- Business productivity decreased by 7.7%% versus the previous quarter, and by 0.7% compared with the same quarter in the previous year.
- Manufacturing increased by 0.7% from the previous quarter, and by 1.7% from the first quarter of 2021.
- Durable manufacturing posted quarterly growth of 1.4%, while nondurable manufacturing increased by 0.5%.
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