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YES, according to labor folks over at the International Labor Organization (ILO), the average US worker is the top dog of production. The ILO just completed its recent global study of labor hours and output, and the report finds the average US worker is harder at work -- logging more than 1,825 hours on the job per year. This compares with a paltry 1,300 or so for the European Union and many other markets that fall well behind the industriousness of the US working class.
And it's not just about putting in more hours; it's also about getting more out of those hours. The ILO determined that US workers boosted their output more than any other nation last year.
The US generated more goods and services at an improving rate of more than 2.8 percent, compared with 1.2 percent for the European Union's workforce and 1.1 percent for Japan's. And even if you add in the other nations that are drawing away US jobs, the globe's average gain was only 1.9 percent -- well behind the good old USA.
And for those people, who argue that the rise in unemployment is bad news, a recovering economy in its beginning stages tends to have rising unemployment as companies cut labor costs on the way toward turning around profitability. Then, as demand picks up and inventories are run down, production needs require new hires and the cycle continues.
Except, the hiring process will be at a lot slower pace this time around since companies have outsourced production to offshore suppliers. And, when the jobs do come back, they will be higher value-added jobs using the latest technologies and innovations. And, that will continue to make this country one of the best in the world with respect to people's standard of living.
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