[CNBC] Worker Productivity fell 7.5% in first quarter. Fastest decline since 1947.At the same time, labor costs as measured against productivity increased 11.6%, the fastest rise in about 40 years.
Weekly jobless claims increased to 200,000, well above the Wall Street estimate
The year 1947 had some massive labor strikes as did 1946. Labor had voluntarily avoided striking during WWII. In addition, the disruption of soldiers returning to the labor force and other factors made this a nasty year for labor productivity.