Word: man-hours
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...jobholders are only partially employed. According to the BLS, there are 3.7 million Americans who are working short hours or hold part-time jobs because they cannot find full-tune work. One little-noted BLS measure called "labor-force time lost" combines partial employment with unemployment on a man-hour basis to show the recession in terms of missing production time rather than missing jobs. The current rate...
...bull market until all the bad news is out of the way." Last week's big spenders were ignoring several signs that that has not happened yet. The Labor Department reported that industrial productivity declined by 2.7% last year; that is the first decline in manufacturing output per man-hour since the department began keeping such records in 1947. Corporate profits fell by 10% to 25% during last year's fourth quarter, and there will surely be further declines in 1975. Then, too, Treasury borrowing to finance the $34.7 billion federal deficit that the Administration expects this year...
...almost three years and a rate exceeded only slightly and rarely since 1961. The Government's index of leading indicators-those that serve as clues to the future direction of the economy-fell 2.5% in September, its sharpest drop in more than 23 years. Productivity, or output per man-hour of the nation's workers, skidded at an annual rate of 3% in the third quarter. Falling productivity pushes up employers' labor costs and puts more upward pressure on prices. There was a smidgen of good news too: First National City Bank of New York...
...Government should also explore all possible ways to increase the productivity, or output per man-hour, of the nation's work force. High productivity enables employers to grant wage increases without raising prices, but U.S. productivity fell at an annual rate of 5.5% in this year's first quarter...
...four quarters; in the first quarter of 1974 it fell at an annual rate of 5.6%. That is a longer and deeper drop in purchasing power than occurred during any of the five recognized U.S. postwar recessions. Unfortunately, employers cannot absorb outsized wage increases through higher productivity. Output per man-hour of the nonfarm work force actually dropped at an annual rate of 3.5% in the first quarter. Thus a wage explosion will only force more of the price increases that have made past pay rises meaningless...