UK Think Tank Says Productivity Still Not Fully Recovered

U.K. workers are still far less productive than before the financial crisis of six years ago even though the country’s economic recovery is “entrenched”, a leading think tank said on Tuesday.

In a quarterly report, the National Institute of Economic and Social Research (NIESR) said labor productivity—a measure of the amount of goods and services produced by one hour of labor—was still around 4.5 percent below the pre-crisis peak of 2007.
“Productivity performance, therefore, remains abysmal,” said NIESR in the report, which was published on Tuesday.

The Institute forecast that pre-crisis productivity levels would be regained, but not before the latter half of 2017.

“Given the continuing puzzle about the causes of poor productivity performance, large uncertainties remain,” it said.

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.