ECONOMICS COMMENTARY
Oct 22, 2013
UK business surveys place question mark over 'productivity puzzle'
Over the past three years, the Office for National Statistics has recorded a steep upturn in employment at a time when the economy has shown very modest growth. The resulting 'productivity puzzle' has been the source of much speculation, and is especially important in relation to monetary policy, having implications for how much spare capacity exists in the UK economy and its long-term growth rate.
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