Not since the Roaring Twenties, when production per man-hour rose 5.3% yearly, has there been such a sustained rise in the productivity of the U.S. economy. While manufacturing productivity from 1947 to 1962 increased only 2.9% a year on the average, it has jumped more than 4% in each of the past two years. Last week the Department of Commerce reported that the gain will be 4.3% this year. "Most impressive," said Walter Heller, chief economist for the President.
But Government economists fret over the pains of progress in an economy that needs fewer blue-collar workers as it becomes more efficient....
To continue reading:
or
Log-In
