> Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked by all persons, including employees, proprietors, and unpaid family workers.
This metric IMO seems to be sensitive to other macro indicators. The recent economic slow down means less real output while the tight labor market means the same or more nominal hours worked. The slowdown in any industry sensitive to interest rates means a lot of people talking and waiting on how to adapt but fewer projects and products developed and delivered.
> Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked by all persons, including employees, proprietors, and unpaid family workers.
This metric IMO seems to be sensitive to other macro indicators. The recent economic slow down means less real output while the tight labor market means the same or more nominal hours worked. The slowdown in any industry sensitive to interest rates means a lot of people talking and waiting on how to adapt but fewer projects and products developed and delivered.