The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised productivity data–as measured by output per hour of all persons–for the third quarter of 2005. The seasonally adjusted annual rates of productivity growth in the third quarter were:
5.4 percent in the business sector and
4.7 percent in the nonfarm business sector.
The record profits at many companies are coming not only from investment and managers, but the people doing the work. Yet the average family’s earnings are falling behind inflation for the fifth year in a row. Meanwhile, President Bush has cut (later restored by Congress) minimum wage laws in disaster areas to make it easier for companies to exploit the situation along the Gulf Coast. The Republican-managed economy is one where the rich only get richer while the rest of us hope for scraps from the table.
There’s something divisive astride the United States and it’s going to contribute to increased anger among Americans, which is not what we need at a time when pulling together is the most important thing we can do.]]>