Fed presidents get to grips with weaker productivity data
John Williams and Neel Kashkari discuss short- and long-term factors
Productivity in the US continued to fall in the first quarter of the year – and two Federal Reserve Bank presidents have suggested both cyclical and structural factors could be at play.
The country continues to experience strong jobs growth, with nonfarm payrolls expanding by a further 160,000 in April. However, many of the people now finding work are "relatively inexperienced", according to San Francisco Fed president John Williams.
As a result, they are less productive. As they enter the
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