Some good economic news: productivity growth for 2002q3 was 5.1 percent.
Productivity and Costs, Third Quarter 2002, Revised
The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised productivity data–as measured by output per hour of all persons–for the third quarter of 2002. The seasonally adjusted annual rates of productivity growth in the third quarter were:
5.4 percent in the business sector, and
5.1 percent in the nonfarm business sector.
In both sectors, upward revisions to productivity were primarily due to increases in output larger than originally reported.
In manufacturing, revised productivity increases in the third quarter were:
5.5 percent in manufacturing,
8.8 percent in durable goods manufacturing, and
1.3 percent in nondurable goods manufacturing.