Thursday, August 07, 2003

Wow! Is Reuters now admitting to the existence of economic exploitation?
Companies Squeeze More Out of Workers

"It is interesting that we got the one two punch: a report that shows very little rehiring, and a report that shows why -- companies don't need new labor when they can squeeze every last bit of productivity out of the operations they are already running," said economist Lara Rhame of Brown Bothers Harriman in New York.
This little tidbit from the same report also can't be ignored.
The Labor Department report reflected an annual benchmark revision of data that showed national productivity, or output per worker, grew at the most vigorous rate in more than half a century last year.

The revised 5.4 percent increase in productivity in 2002 -- up from a previously reported 4.8 percent rise -- was the strongest for any year since a 6.7 percent jump in 1950 during the Korean War era.
Considering the near total lack of capital investment in 2002 combined with the destruction of over 400,000 jobs in just that one year, it's pretty clear these great productivity numbers of the recent past are all being achieved through work speed-up.

Not good news by a long shot.

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