Some new stats:
US Productivity grew at 2.6% in the first quarter of 2008
2.5% was expected by analysts
2.2% was the original prediction
2.2% was the original prediction
Annual output is 0.7% (previously reported as 0.4%)
Worker hours reduced 1.8% (US economy in a funk)
- Third quarter in a row that saw declines in worker hours
Unit labor costs rose by an annual 2.2%, faster than 2.0% estimated
- 4.7% for the final quarter of 2007 – inflation concern
GDP revised to 0.9% from the original number of 0.6% for the first quarter of 2008
Consumer spending rose 0.2% in April ’08
Income growth was also 0.2%
- Would have been 0.1% if not for the stimulus package
Businesses have cut jobs for four straight months
The personal savings rate is 0.7%
Working Thoughts 