News

Issues and events that shape Long Island's economic and legislative landscape.

Thursday, July 24, 2014

Statement from LIA Chief Economist on Productivity and Labor Costs

lowreslialogo.jpg

Statement from LIA Chief Economist on Productivity and Labor Costs

"U.S. productivity declined by 1.7 percent in the first quarter of 2014, reflecting the effects of severe weather conditions.  However, year-over-year productivity was still up modestly by 1.4 percent.  Unit labor costs rose by 4.2 percent, due to the decline in productivity as well as a 2.4 percent increase in hourly compensation. This may be the last of the bad weather-related economic news. Indicators looking forward are considerably more positive," said Dr. John Rizzo, LIA Chief Economist. 

John is available for further discussion/questions at his cell phone (631) 741-8539 and via email rizzologic@gmail.com