Why This Upturn Still Has That Empty Feeling

Growth without jobs. It's like M&M's without the chocolate. But that's what is happening. The economy appears to have grown at an annual rate of 3% or better during the second half of 1992, but employment in the private sector rose a scant 0.2%. How can that be? The difference is a bounce in productivity. So far, increased output per worker has been the driving force behind the expansion.

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