Word: man-hour
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...James Hodgson points out that total pay received by non-Government workers recently has been rising only 7.2% a year, and major union contracts negotiated this year cover only a small minority of the U.S. labor force. Economists are also cheered by renewed growth in workers' output per man-hour, which tends to restrain the costs of production. After almost two years of little or no gain, productivity rose in the second quarter at an annual rate estimated by McCracken...
Meany was just a bit overcritical. The commission does lack the power to accomplish much over the short term in reducing the pressures that lift prices. But it really aims at long-range solutions to a problem that is close to the root of inflation. The output per man-hour of the U.S. labor force has been sagging for two years; during the first quarter of this year, productivity actually fell at an annual rate of 0.6%. With wages and fringe benefits climbing by 7.7% an hour, labor costs per unit of output rose at an annual rate...
Productivity normally slips during the early stages of a business downturn, and most experts reckon that the first-quarter decline is temporary. FORTUNE estimates that output per man-hour rebounded dramatically to register a 1% gain during the second quarter of the year; this is a 4% annual rate of gain, well above the average postwar advance of about 3.3% a year. The rise, however, resulted mostly from increasing layoffs. Unemployment in June fell to 4.7% from 5% the month before-the first dip in eight months-but the decline occurred almost entirely among adult women. The jobless rate among...
...about pollution, you will have to have growth in productivity to pay for it," he adds. "You need to understand the nuances and limitations. For example, you want to find the disadvantaged and get jobs for them, but that's not the best way to raise output per man-hour...
...than in the 1950s, partly because service industries and government at all levels employ a much larger share of the nation's work force. That makes it far more difficult for the economy to offset the impact of rising wages by achieving increases in workers' productivity. The output per man-hour of a teacher, fireman or nurse can scarcely be measured, much less increased. The wholesale price index, which does not include the cost of services, has gone up more slowly than the consumer price index...