By Mark Memmott
American workers' productivity rose in the second quarter at the fastest rate in nearly six years, the Bureau of Labor Statistics just reported.
Output per hour soared at a 6.4% annual rate in the "nonfarm business sector."
And, in what will likely be no surprise to many of us, BLS says the reason for the surge was that hour worked were "falling faster than output." In other words, many folks are working harder than ever in offices and factories that have fewer people than ever.
According to BLS, hours worked fell at a 7.5% annual rate in the second quarter while output was down at a 1.8% annual pace.