Dean on
productivity growth:
While productivity growth has been strong over the last year, growing by 5.8 percent from the fourth quarter of 2008 through the fourth quarter of 2009, this is common for a period of recovery. Productivity grew at a 4.7 percent rate in the four quarters following the end of the last recession, a 4.9 percent rate in the four quarters following the 1981-82 recession and a 4.6 percent rate in the four quarters following the end of the 1974-75 recession.
The productivity growth this recession seems
significantly higher by about 20% then the last recessions.
Not, as Dean says one sentence later:
The rapid productivity growth seen in the last four quarters is a typical pattern at the end of a recession
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