American economic productivity, the number of jobs created per hour worked, has risen to a record high, but the rate of increase has been stagnant.
That’s because Americans have been holding onto their jobs too long.
A recent report from the National Bureau of Economic Research, for example, found that the average American worker held on to a job for about 12 months in the first quarter of 2021.
The pace of job growth, meanwhile, has slowed.
According to the BLS, the jobless rate increased by 0.1 percentage point over the first six months of the year, from 6.9 percent to 6.8 percent.
That was just 0.9 percentage points below its historical average of 7.2 percent.
The labor force participation rate, which measures how many people are working or actively looking for work, fell to 62.9% in the fourth quarter from 64.1% in 2021.
This marks the first time the rate has dropped below 70%.
The unemployment rate also fell to 5.3 percent in the quarter from 5.7 percent.
Meanwhile, wages rose slightly, thanks to rising productivity.
However, the real wage of workers, the one that workers actually earn, fell 2.2% in a year that saw an increase in unemployment.
The report said this year’s growth was mostly due to increases in productivity and the job market.
The economy is growing at the fastest rate in a quarter century, but wages have been stagnant for too long, and the economy has stagnated.
It’s hard to blame the president for his lackluster economy.
He inherited an economy in crisis, and his job is to find a way to reverse it.
It may take a lot of hard work, but it’s worth it.