Check out this analysis. Productivity soars while unemployment claims jump. AP on the numbers:
The Labor Department reported that new applications for unemployment insurance rose to a seasonally adjusted 444,000, up 15,000 from the previous week. Economists had expected claims to drop to 420,000.
The increase indicates that the slowing economy is taking its toll on the job market. Many economists consider claims above 400,000 to be a sign of a weak economy. Initial claims stood at 320,000 in the same week last year.
Similarly from the BLS stats Productivity jumped to 4.3% annually.
This means that more Americans were fired yet the ones remaining worked their asses off, even more than they already are.
So, how can that possibly be since productivity numbers are already incredibly high and there is no technological advance to justify an entire 1% jump.
Well, labor costs dropped 0.5%. Gets worse.
in Q2, hourly compensation fell 1.3%.
BLS has productivity calculation defined.