Forum Post: How The Banks, President And Congress Steal From You
Posted 12 years ago on Dec. 1, 2011, 1:45 a.m. EST by ProAntiState
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How The Banks, President And Congress Steal From You
Read carefully folks, as you're about to get an economics lesson..... http://bls.gov/news.release/prod2.nr0.htm
Nonfarm business sector labor productivity increased at a 2.3 percent annual rate during the third quarter of 2011, the U.S. Bureau of Labor Statistics reported today, with output and hours worked rising 3.2 percent and 0.8 percent, respectively. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the third quarter of 2010 to the third quarter of 2011, output increased 2.4 percent as hours rose 1.4 percent, resulting in a 0.9 percent increase in productivity. (See tables A and 2.) Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked of all persons, including employees, proprietors, and unpaid family workers.
The productivity measures released today are based on more recent and more complete data than were available for the preliminary report issued November 3. (See Revised measures.)
Unit labor costs in nonfarm businesses fell 2.5 percent in the third quarter of 2011, reflecting the 2.3 percent increase in output per hour combined with a 0.2 percent decline in hourly compensation. Unit labor costs rose 0.4 percent over the last four quarters. (See tables A and 2.) BLS defines unit labor costs as the ratio of hourly compensation to labor productivity; increases in hourly compensation tend to increase unit labor costs and increases in output per hour tend to reduce them.
This is deflation in the economic sense. That is, you produce much more with your labor and are paid slightly less -- on balance you receive more per unit of labor output.
In this case you produced on a wage-hour adjusted basis, 2.3% more (annualized) than you used to. Note very carefully that this output improvement per-unit-of-labor-cost comes as a consequence of your efforts, and thus it belongs to you.
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