Labor productivity and relative wages have increased during the third quarter of 2014. The U.S. Bureau of Labor Statistics reported that output increased 4.4%, labor productivity rose 2 %, and working hours increased 2.3%. When comparing the third quarter of 2013 to 2014 you find that productivity increased a total of .9%. Hourly compensation also increased 2.3% putting more money into worker’s pockets. American workers have a tough job and are trying to forget the nasty years of the recession. Improving productivity and subsequently raising wages has a duel benefit of keeping overall costs lower, effective use of labor resources, and paying productive workers higher compensation. It is a win-win situation for investors, business owners, and employees. Labor productivity is calculated by dividing an index of real output with an index of all hours worked. It is a fairly simply calculation that determines how much per unit productivity each worker increased or decreased ov
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