It's not all doom and gloom in
Blair's Brown's Britain. Labour productivity is trending up, unit wage costs down - according to a release from the ONS today:
In the second quarter of 2006 whole economy productivity growth (measured by output per worker) was 1.8 per cent compared with the same quarter a year ago, up from growth of 1.5 per cent in the previous quarter. The rise in annual productivity growth was due to an increase in output.
...Whole economy unit wage costs in the second quarter of 2006 were 2.0 per cent higher than the same quarter a year earlier, down from a growth of 2.2 per cent in the first quarter of 2006. The slower rate of unit wage cost growth was due to a decrease in the growth rate in average wages and salaries together with an increase in the growth rate of output per worker.
So productivity growth has picked up. Or has it?
The alternative measure of productivity – output per hour worked – showed that hourly productivity grew by 1.7 per cent in the second quarter of 2006 compared with the same quarter a year ago, down from 1.8 per cent growth in the previous quarter.
Output per hour worked is a better measure than per worker, as changes in average working hours (e.g. from the growth of part-time work) distort that series. So on the best available measure, UK labour productivity actually slowed marginally in the second quarter. But the gradual decline in unit costs is good news for inflation.
I don't want to sound presumptuous about the UK market however, with all due respects to your experience in the field, the last issue of economist attributes downward pressue on wages to globalisation: http://discombobulatedeconomist.blogspot.com/. Very interesting perspective.
Posted by: Mohit | Thursday, September 28, 2006 at 11:28 PM
xyy
I love braids. But I can never make good braids of my hair Chanel handbags online, at which I
feel sad and upset Chanel handbag online. Every time when I failed in making a good braid,
href="http://www.youknowbags.com/chanel-handbags-c-14.html">Chanel handbags sale
I will fall into bad spirits, but my favor to braids never weak a little.href="http://www.youknowbags.com">designer handbags sale
. So when I saw this Bottega Veneta Box Clutch in beautiful and smooth braid,href="http://www.youknowbags.com">handbag sale
, though somebody said it is a little simple and plain, I found it is really wonderful. It providescomfortable feelings to me and cast a spell on me at the first sight.As we know, the collection of Bottega Veneta Box Clutches has many beautiful choices for us
href="http://www.youknowbags.com">authentic handbags
. All these clutches combine simplicity, beauty, and usability all at once. The knot on the top is theiricon. Some of them are made from very luxurious materials, such as crocodile leather,designer handbags,thus they have
hefty prices, while other are made from more competitive materials, just like satin, then they have more affordable prices. Though this Bottega Veneta Satin Knot Clutch is made
from satin, it is the same luxurious as croc clutches.replica handbags. As we can see, the sleek lilac satin material
is woven into perfection and is very elegant and stunning.
Posted by: Chanel handbags online | Wednesday, April 14, 2010 at 01:24 AM
xyy
These two colorways of the nike air max 2009 are inspired by
two of the biggest idols LeBron James had as a child. The red pair is inspired by Deion Sanders, while the other pair honors Penny Hardaway. The pair that is inspired after
Penny Hardaway borrows nike air max LTD
href="http://shop.brandsuper.com/nike-air-max-shoes-c-54.html">
the colors from the Orlando Magic. Sorry to give you the bad news, but these will not release.The Air Max 90 has owned some great colorways in the past. Of all
the great colorways we have examined on the nike air max shoes, my favorite has to be
the Nike Air Max LeBron VII “All Star”. However, here we have two brand new colorways that could be some of the best we have seen. Nike is bringing back some of the true
running classics this year. One of those legendary runners is the Air Max
360, which will release in the OG colorway. Nothing is better than a original. These surfaced last year, and the first look made Air Max heads go crazy of a
possible release.
Posted by: nike air max 2009 | Wednesday, April 14, 2010 at 01:45 AM
Allow the vibrations of the light earth dream to dissolve ties of attachment to others in your life dance.
Posted by: Jordan 1 | Tuesday, September 07, 2010 at 03:30 AM