– US Productivity Plunges For 3rd Quarter In A Row – Longest Losing Streak Since 1979:
Following the Q2 GDP print, the slowing in aggregate weekly hours suggested a modest pickup QoQ in non-farm productivity, but it plunged 0.6% – dramatically missing the +0.4% exp in this preliminary Q2 report. This is the 3rd quarterly decline in a row – the first time that has happened since 1979. This three quarter plunge is the biggest drop in productivity since 1993, and this is the first YoY drop (-0.4%) since Q2 2013. All in all… a disaster!
Third quarterly decline in a row…
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