Post by jdv on Nov 4, 2021 12:08:32 GMT -5
Not a good sign.....
"U.S. Labor Productivity Crashes 5%, Worst Decline in 40 Years
Worker productivity slumped by much more than expected in the third quarter, data from the Department of Labor showed Thursday.
Hours worked increased by at a seasonally adjusted, annualized rate of seven percent in the July through September period, while output increased just 1.7 percent.
Hours worked increased by at a seasonally adjusted, annualized rate of seven percent in the July through September period, while output increased just 1.7 percent.
This is the worst productivity decline since the second quarter of 1981, when the measure decreased 5.1 percent. Economists had expected a milder decline of around 1.5 percent."
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Get used to the phrase, "much lower than expected" to be said a lot in the next 3 years....
...Especially when you read this news that dropped today:
"OSHA released the rule Thursday, weeks after President Biden announced his plans asking the agency to craft one.
The rule requires employers with over 100 employees to “maintain a roster of each employee’s vaccination status” and enforce weekly testing requirements for those who refuse to get the vaccine.
The rule, which goes into effect January 4, involves “planned inspections” and heavy fines of $14,000 per violation at the start."
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In an economy where literally every job market is screaming for workers, this is policy is Soviet Russia era stupid.
From teachers to trash haulers to cops to cooks & waitresses to nurses & doctors, there are worker shortages in every town across this country.
But don't worry, threatening a populace with huge fines and government inspections already beat down by covid, it's horrifically handed response, and now massive inflation will surely fix the problem.
