Are we reading the same article?
Moderater please forgive me as I repost a paragraph or two that many here seemed to have skipped
Quote:
In fact, during a quarter with the strongest growth rate since 1984, non-farm payrolls shed a total of 41,000 jobs, according to Labor Department statistics, in part because of strong productivity growth, which enables companies to get more work out of fewer workers.
But job growth is typically a lagging economic indicator, and most economists hope that continued strong demand will eventually catch up with the recent gains in productivity and lead to sustained job growth.
"Since no new jobs were generated in the third quarter, the growth story is entirely based on productivity," said Bill Cheney, chief economist at John Hancock Financial Services in Boston. "The good news for workers is that productivity growth cannot continue at this pace. Demand will translate into jobs very soon, and in fact I think it's happening right now."
"But that's still largely a hope, not a certainty," Cheney added.
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Gentlemen, the devil is in the details.