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3rd Quarter Productivity, GDP Revised Down

From a perpetually blind-sided Reuters:

Third-quarter nonfarm productivity growth cut to 2.3 percent

Wed Nov 30, 2011

WASHINGTON (Reuters) – The rebound in U.S. nonfarm productivity growth was not as strong as previously estimated in the third quarter, while wages declined for two straight quarters, supporting the Federal Reserve’s views of moderate inflation pressures.

You see, wages are going down. So there just can’t be any inflation. You are simply imagining that the cost of groceries is going up.

Productivity increased at a 2.3 percent annual rate, the Labor Department said on Wednesday, a downward revision to its previous estimate of 3.1 percent

Compared to the third quarter of last year, productivity increased 0.9 percent instead of 1.1 percent.

So things are even worse than this time last year.

The government last week cut its third-quarter GDP growth estimate to 2.0 percent from 2.5 percent.

Very quietly. Reuters did report this revision on November 22nd, but it was barely noted by the rest of the mainstream media.

Of course, we are not surprised. This is what the Obama administration always does.

Still, lest we forget, a 3.3% GDP under President Bush was reported to be a sign that we were in a recession. But 2% growth under Obama is a sign that happy days are here again.

This article was posted by Steve on Wednesday, November 30th, 2011. Comments are currently closed.

One Response to “3rd Quarter Productivity, GDP Revised Down”

  1. GetBackJack says:

    Isn’t hypocrisy fun?

    (I wonder what it’s like to shill for trolls and demons all day long? do the people of the US Press have souls, or are we dealing with the un-dead? just asking since the press are in love with popular entertainment like vampires, zombies and the like. maybe that’s who we’re dealing with after all)

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