Labor Productivity

According to Small Business Loans Depot’s review of the Thursday, May 26th, 2011 report of Labor Productivity and Costs by industry as reported by the bureau of labor statistics.

The fact that service providing and mining industries labor productivity, defined as output per hour, labor productivity was up 44% for the most recent reporting period, indicates that labor productivity has increased significantly in at least the last 3 years reported.     Although the increase was higher in years prior, the 44% remains significantly high as companies get the most out of their workers. Workers tend to feel insecure in a down economy, knowing that their production may be what justifies their continued employment.  Employees also realize that many companies are still not ready to here and are using increases in production as a hiring substitute.

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