I know that I usually comment on the news after it's been reported, but I don't want to have to write tomorrow about how reporters missed a big story. The Bureau of Labor Statistics reported today that productivity growth for the 3rd quarter was zero. I am always the first one to point out that quarterly productivity is poorly measured and highly erratic, but the rate of productivity growth over the last year was just 1.3 percent. This number will be revised down by another 0.2-0.3 percentage points when the 800,000 additional jobs from the benchmark revision to the establishment survey are included in the data.
The continuation of the economy's strong productivity growth over the last five years had been the big story of this recovery. At the least, the recent data point to a serious cyclical downturn in productivity growth. This should be front page news tomorrow. I don't want to have to write about what is not there.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved