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It was a setback for our Roaring 2020s scenario of a technology-led productivity growth boom offsetting the chronic shortage of labor. However, the 20-quarter growth rate was 1.5% at an annual rate during Q1, well above the 0.5% trough at the end of 2015. We still think it is heading to 3.5%-4.5% by the second half of the decade.
Here is more on the latest productivity and labor cost data:
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