by Laura Conaway

The revised numbers for American productivity are in. For the fourth quarter of 2008, the Bureau of Labor Statistics had calculated that nonfarm productivity — the total output divided by the total hours worked — grew by 3.2 percent. Instead, folks, it shrank, by .4 percent.

"So much for the surprising strength in productivity late last year; the only bit of good news from Q4 is gone," writes economist Ian Shepherdson. Output and hours worked are in unsettling territory, ground not crossed since the recessions of the 1970s and '80s.

More noise out there about unemployment numbers. February's figure is due out tomorrow. Weekly new claims were down 31,000, to 639,000. It's all just buzzing until we get the figure Friday morning.