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03-07-2019, 07:01 PM
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U.S. productivity climbs in fourth quarter as acceleration continues
 Bloomberg News/LandovThe U.S. economy used to very productive like the Instant Pot, the popular device that allows families to put more food on the table in less time. productivity has accelerated in the past year — a welcome sign — but it still continues to lag even as the U.S. nears a record for longest economic expansion ever. The numbers: The productivity of the American workforce rose solidly again in the fourth quarter, reflecting a recent upturn that could bode well for the U.S. economy if it’s sustained. U.S. productivity advanced at an annual pace of 1.9% in the final three months of 2018, up slightly from a revised 1.8% in the third quarter of last year, the government said Thursday. The rate of productivity — the key to a higher standard of living for American families — rose 1.8% year-over-year. That’s the fastest 12-month gain since 2015. What happened: Companies increased the amount of goods and services they produced, known as output, by 3.1%. The hours workers spent on the job edged up 1.2%. Productivity is determined by the difference between output and hours worked. Unit-labor costs rose at a 2% clip in the fourth quarter, but just 1% in the past 12 months, suggesting little likelihood of an outbreak in inflation. The originally reported 2.2% advance in third-quarter productivity was lowered to 1.8% owing to a bigger increase in hours worked. The U.S. averaged 2.1% annual growth in productivity from 1947 to 2018, with periods of strong economic growth marked by even bigger gains. Read: Trade deficit soars to 10-year high, foiling Trump White House efforts to rein it in Big picture: Rising productivity is critical to an economy’s success. When workers produce more in the same amount of time, companies can increase pay without cutting into profits. Higher productivity also keeps inflation at bay. Productivity has been weak for years, but lately it’s shown signs of life, perhaps because of a ramp-up in business investment in 2016 through early 2018 triggered in part by the Trump tax cuts. Economists say a sustained burst of higher business investment is needed to lift productivity, and while spending did increase in the past few years, businesses now appear to be cutting back. Ongoing trade tensions with China and a slowing global economy have made CEOs skittish. A tight labor market and rising wages, however, might induce companies to keep investing at relatively high levels to tamp down labor costs and improve profits by making their businesses more efficient. Read: The rise of the robots and decline of inflation: How AI is keeping prices low Market reaction: The Dow Jones Industrial Average DJIA, -0.52% DJIA, -0.52% and S&P 500 SPX, -0.65% were set to open modestly higher in Thursday trades. The 10-year Treasury yield TMUBMUSD10Y, -0.94% fell a few basis points to 2.67%. Many loans such as mortgages and auto loans are tied to changes in the 10-year note, whose yield has fallen from a seven-year high of 3.23% in October. Source link More ??????? ??????: U.S. productivity climbs in fourth quarter as acceleration continues || ??????: ahlam1399 || ??????: اسم منتداك
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