Downward productivity revision comingBy
Tomorrow's numbers from the BLS are likely to show a sharp downward revision in productivity growth for 2004 and 2005. Instead of an average productivity gain of 3.0% for those two years, the new pace is likely to be closer to 2.5% or 2.6% (this is based on looking at the revisions in the latest GDP release).
This raises the worrisome possibility that the productivity boom may not have been as strong as we thought.
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