Productivity: Back in the black
Summary
Productivity growth bounced back strongly in Q2, surpassing expectations and rising at a 3.7% clip. Through the quarter-to-quarter volatility, the recent trend in productivity is firming. Over the past year, output per hour worked has risen 1.3%, the first positive one-year gain since late 2021. The improving trend in productivity along with slowing nominal wage growth points to inflationary pressures from the labor market starting to subside.
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