Financial Crisis Creates Productivity Bonanza? No.
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This morning’s productivity numbers showed a huge gain in output per hour in the third quarter—up at an annual rate of 9.5% in the nonfarm business sector.
But here’s something else. If we are to believe these numbers, the biggest financial crisis since the Great Depression has actually produced a productivity gain of 5.1% since the downturn started in the fourth quarter of 2007.