The revision in output per hour by nonfarm workers did not alter the estimated productivity gain for all of 1997 -- 1.7percentt.
The Labor Department revised the figure upward from a 1.7% gain reported in January.The upward change stems from a revision in output, the agency said.
But the recession is not as deep as feared, and the markets were briefly cheered by the solid upward revision in service output.
Stephen Wood, chief market strategist for Russell Investments, said even the upward revisions in the nation's output did not provide a counterweight to global tensions.
Prof Summers said that reductions in output have led to downward revisions not just in current output but in projections as to the economy's future.
While the U.S. economy was supposed to be the bright star, outperforming its ailing peers, the third and final revision to first quarter GDP showed a meager1.8%% expansion in output, down dramatically from 2.4% previously.
The revisions to output gap under sustainable and standard potential growth methodologies are shown in Fig. 9.
An increase in output is long overdue.
In output terms, things have been terrible.
Surely a drop in output is required?
