Business

Worker productivity slows down
by Livia Necasova

Productivity determines whether living standards can rise because it allows businesses to pay their workers more because of their increased output without having to raise the cost of their products, which increases inflation.Hmm..I guess this means the more productive we are the better life we have..it doesn't seem to be my case though. I think productivity is overrated. I work all the time and MY living standard is still stagnant.Worker productivity in US slowed in the last three months while wage pressures increased.The Labour Department reported last Wednesday that productivity, the amount of output per hour of work, increased at an annual rate of 1.8 percent in the last quarter, down from a 6 percent performance in the July-September period. The slowdown reflected the fact that overall economic activity weakened.The increase in productivity was nearly double what economists had been expecting, while the rise of wages was a bit lower as expected.Ian Sheperdson,the chief US economist said "he looked for productivity to slow further in 2008."President Bush and Congress are working to keep the current six-year-old expansion from fluctuating. The president included in the budget he unveiled on Monday a $145 bilion economic stimulus plan which is currently being debated in the Senate.So Mr.President has a plan.Once again. We`ll see what`s gonna come out this time.In 2007 labor costs rose by 3.1 percent a slight increase toward 2006.What`s gonna bring us the year 2008?Well I don't know much about economics but you can't make a nation rich selling burgers, hot dogs, donuts and BudLight, can you?

by Livia Necasova for PocketNews (http://pocketnews.tv)

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Edited by: Katarina Bosanska

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posted by Blog TechSource @ 3:55 AM