US Productivity Prints Consecutive YoY Declines For First Time In 23 Years

After a recession-signalling three straight quarters of decline, Q3 prleminary productivity data showed a huge 3.1% surge QoQ - the biggest jump since Q3 2014. However, the jump was not enough to regain annual gains as year-over-year productivity declined 0.04%. This is the first consecutive annual decline since 1993.

After the longest streak of declines since 1979, US productivity surged in Q3...

 

But YoY a second consecutive decline...

 

Something that has not happened since 1993... but it's probably nothing.