The Norman Transcript
NORMAN — When the recession hit in 2008, companies eliminated thousands of American workers. Many of those jobs won’t be coming back, thanks to technology and increased worker productivity.
The Labor Department reported this week that worker productivity from July through September increased at the fastest pace since the end of 2009, lending further evidence to the nation’s economic growth.
Productivity was reported at an annual rate of 3 percent in the third quarter. Initially, economists had estimated a 1.9 percent growth compared to the 1.8 percent in the second quarter of the year.
Higher productivity enables companies to pay employees more without sparking inflation, according to an Associated Press report. But greater productivity also can slow hiring if it shows employers they can boost output with fewer workers.
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