United States productivity growth little changed at -1.9% in Q1 from -2.1% in Q4, the first back to back declines since 2006, reflecting the stalled economy but ongoing jobs growth (whereas Q4’s fall reflected faster hiring growth than output growth). This is another reason to expect weaker jobs growth this year: bosses may seek to work last year’s hires more effectively, precluding the hiring of as many new workers this year.
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