Only the 11.7 percent decline in 1947 was worse than the 7.4 percent quarterly decline in 2022 Q1.
If the BLS had one more year of data, then compared to a year ago, this would only be the second worst year-over-year performance ever.
— Mike "Mish" Shedlock (@MishGEA) August 9, 2022
OUCH! US productivity slumped for a second-straight quarter as the economy shrank, driving another surge in labor costs that risks keeping inflation elevated. Dropped at a 4.6% annual rate in Q2 after 7.4% in Q1, the weakest back-to-back readings in data back to 1947. pic.twitter.com/0oO95dPoEC
— Holger Zschaepitz (@Schuldensuehner) August 9, 2022
Year over year productivity fell 2.5% in the US, the largest drop since the series started in 1948.
— unusual_whales (@unusual_whales) August 9, 2022