Dollars and Jens
Friday, September 05, 2008
jobs, or lack thereof
So what on earth are we producing 3.3% more of if nobody's doing the producing? The employment data are just emphatic that we're in a recession, and the growth data are just not. Big temporary moves in productivity are possible, but if this isn't just noise, either some sector of the economy is seeing dramatically improved labor productivity or the more productive sectors are increasing in size relative to the less productive sectors. This almost makes me want to go do some research as to what's going on.

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