In the first quarter of 2022, U.S. worker productivity fell in the steepest drop in 74 years. WSJ’s Jon Hilsenrath explains why productivity is central to the economy, and why big drops can be difficult to recover from.
Illustration: Reshad MalekzaiThe phrase “labor market” doesn’t do justice to the complex relationship between workers and their jobs. Unlike ordinary goods and services, such as slabs of steel or cups of coffee, workers care about how they’re treated, and have other things to do with their time.
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