[lbo-talk] reasons to be cheerful: the Wall Street view

[Doug Henwood]

[from this morning's report by Ed Hyman, Wall Street's favorite  
economist - doesn't "down -7.9%" = +7.9%?]

INCREDIBLE PRODUCTIVITY:
Good news for profits

Hours worked plunged -8.9 in 1Q versus -5.5% for real GDP. Hours  
worked in 2Q plunged again, down -7.9%. This is good news for  
productivity, unit labor costs, and profits.