An Economist Explains How Fear Drives Productivity

Here’s a depressing thought: America’s productivity is rising on the backs of scared office workers.

That’s essentially the explanation offered by Michael Feroli, chief U.S. economist at JPMorgan, for the 1.6 percent second-quarter gain reported Aug. 8 by the Labor Department. I asked him if there was anything in the data to suggest worker output was being spurred by improvements in technology or other investments—you know, encouraging stuff.