"I’ve been arguing that 1.2% RGDP and 3.0% NGDP growth is the new normal. The RGDP growth is of course an arbitrary figure, reflecting the whims of statisticians at the BEA. But the NGDP slowdown is real (pardon the pun.) So let’s not have any tiresome debates over angels dancing on a pin, or whether there is unmeasured digital “output.”Productivity fell at a 3.1 percent annual rate instead of the previously reported 1.9 percent pace, the Labor Department said. That was the first back-to-back fall in productivity since 2006. The productivity decline mirrors the economy’s dismal performance in the first quarter, when output contracted at a 0.7 percent rate..." (Scott Sumner, economista).
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