We feel busier and more connected than ever, but actually getting things done? It’s a slow, uphill climb, according to the latest statistics from the Labor Department.
Flybridge Capital’s Jeff Bussgang made the observation yesterday, noting that annualized productivity for the first quarter of 2013 was only up .5 percent, which is even worse than in 2012 (.7 percent) and 2011 (.6 percent).
The Associated Press reported that, going back to 1947, the average productivity growth was around 2.2 percent (Productivity is measured as the amount of output per hour of work).
“In other words, despite three years of amazing innovation and growth, we don’t seem to be gaining in productivity,” he wrote. “What’s going on?”
Essentially, human firmware isn’t keeping up with the upgrades to our gadget software and hardware.
“New technologies take time to absorb, refine and make mainstream. Computer software can be reprogrammed quickly,” Bussgang wrote. “Humans can’t.”