(CercleFinance.com) – Non-agricultural productivity plunged by 7.5% in the United States in the first quarter of 2022 at an annualized rate, according to the preliminary estimate of the Department of Labor, a fall much greater than that expected on average by economists.
This plunge reflects a 2.4% drop in production even though the number of hours worked increased by 5.5%. Combined with a 3.2% increase in hourly wages, it leads to an 11.6% rise in unit labor costs.
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