US worker productivity falls unexpectedly

I’m suprised by this claim from an ONS economist:Economists have been puzzled by the fact that GDP appeared to continue falling, or remain flat, when employment rates – which are much slower to reflect upturns in the economy than GDP – appear to have stabilised.Aileen Simkins, economist at ONS, noted that one reason may be the divergence of full and part-time employment.Part-time employment is rising while full-time employment is falling.

The chart above show annual real manufacturing output per worker from 1947-2010 using

The chart above shows annual real manufacturing output per worker from 1947-2011 using

Mark J. Perry submits: The chart above show annual real manufacturing output per worker from 1947-2010 using data from the BEA for manufacturing output by industry and data from the BLS on manufacturing employment.

Some figures out today suggest that immigration controls are a bad idea.

AFTER the winter gloom that enveloped the British economy last year, with GDP dropping in the final quarter, there have been brighter signs of late. Business spirits are rising and the latest monthly figures for the public finances were better than expected. The immediate threat from the euro crisis has become less existential. But even if Britain does dodge a double-dip recession the bigger issue, both for hard-hit households and a government struggling to contain public borrowing and debt, is just how fast the economy can grow in the aftermath of the financial crisis.

Paul Walker wonders whether we need macroeconomics at all. He says: “Maybe aggregate economics just doesn't work, we lose too much valuable information in the process.”I agree. Today’s labour market numbers show the point.