Belatedly getting to yesterday's productivity data. These numbers are not market moving because they mostly just divide numbers previously released (output and employment). But I like them to remind ourselves or where we stand. And where we stand is, so far, nothing special.

Productivity growth at an annual rate: 2 quarters: 0.3% 4 quarters: 1.3% 8 quarters: 2.1% Since 2019-Q4: 1.8%

And here is the big picture historical comparison.

For context, a few years ago many thought they saw speed-up in productivity data. But that has faded and is now clear that it was just related to different temporary dynamics around employment and output (my view at the time). I expect more in future but not seeing in past.