Posts Tagged ‘productivity’

h1

The UK’s productivity puzzle

January 24, 2014

This was originally published on the NEF blog at: http://www.neweconomics.org/blog/entry/the-uks-productivity-puzzle

You might have missed the ONS’ latest estimates for UK productivity – they crept out late last year on Christmas Eve. They tell a familiar but not especially pretty story: output per hour worked fell by 0.3% over the middle part of 2013. In production industries, it’s down 1.2%. This means whatever economic growth occurred over the last year was not the result of people working better, or more efficiently. It was the result of an increase in the total number of hours worked. Productivity, over the whole year, barely improved.

Read the rest of this entry ?