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| The Business End of the Blogosphere ... |
Thursday, May 08, 2008 --- 78 days ago http://www.bizzyblog.com/2008/05/08/aps-crutsinger-clings-to-recession-in-face-o
| The Associated Press’s business writers just won’t let go of their claim (or is it audacious hope?) that we are in a recession — not heading towards one, but actually in one.
Despite yet another decent economic report, this one on productivity , the AP’s Martin Crutsinger downplayed a significant beating of expectations, and continued to invoke the R-word (bolds are mine):
Worker productivity rose by a better-than-expected amount in the first three months of the year while labor cost pressures eased.
The Labor Department reported Wednesday that productivity, the amount of output per hour of work, increased at an annual rate of 2.2 percent in the first quarter. That was slightly higher than the 1.5 percent increase that had been expected.
Analysts read the bigger-than-expected rise in productivity and the smaller increase in unit labor costs as a good sign that inflation pressures, at least on the labor front, are remaining under control and the country is not facing the danger of a wage-price spiral.
….. Many analysts think the country has already toppled into a recession. But overall economic growth, as measured by the gross domestic product, eked out a tiny 0.6 percent rate of increase in the first three months of the year, the same anemic pace as the final three months of last year.
I did the math just to make sure — 2.2% is 47% higher than 1.5%. Additionally, the 2.2% first-quarter performance was higher than ... |
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