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		Home Page Mortgage News You Can Use Iconocast SEM Workers' Productivity Slows at End of'03 By JEANNINE AVERSA Associated Press Writer WASHINGTON (AP) -- The productivity of America's workers slowed in the final three months of 2003, advancing at a 2.7 percent annual rate - a still respectable pace that bodes well for the economy's strengthening recovery. The increase came after productivity - the amount an employee produces per hour of work - rocketed at a 9.5 percent rate in the third quarter, the Labor Department reported Thursday. Although the fourth-quarter's productivity performance was weaker than the 3.4 percent growth rate that economists were forecasting, it still marked a decent pace. Analysts were hopeful that companies - after having squeezed so much efficiences out of existing workers last year - will expand their ranks of workers to meet growing demand. "The key point about this is that we are back to realistic levels of productivity gains. To me that's good because it indicates the economy is moving into a more sustainable growth phase, where workers are being hired, capital is being used and profits are being earned," said Joel Naroff, president of Naroff Economic Advisors. Analysts were predicting productivity to slow in the fourth quarter as economic growth moderated. The economy grew at a healthy 4 percent annual rate in the final quarter of 2003, down from a blistering 8.2 percent pace in the prior quarter. That marked the best performance in nearly two decades. For all of 2003, productivity grew by a solid 4.2 percent, following an even stronger 4.9 percent increase in 2002. On Wall Street, stocks edged up. The Dow Jones industrials gained 6 points and the Nasdaq was up 7 points in morning trading. In other economic news, new claims for unemployment benefits rose last week by a seasonally adjusted 17,000 to 356,000, the department said. Some of the increase was related to bad weather in some states, which caused weather-sensitive companies to lay off workers, a government analyst said. Economists were expecting claims to hold steady. Even with the rise, claims have been below 400,000 for 18 straight weeks, a sign the pace of layoffs is stabilizing, analysts say. Many of the nation's retailers, including Wal-Mart and Nordstrom, reported January sales above expectations. Frigid weather helped to boost sales of winter apparel and other cold-weather items and heavy discounting lured shoppers into stores.   Back to Original Article: Mortgage News You Can Use   Continue with: Wall Street Waffles on New Economic Data European Central Bank Keeps Rates Steady Thursday's World Gold Prices U.S. Productivity Grows at 2.7 Percent Annual Rate, Down From 9.5 Percent More borrowers tap into home equity U.S. productivity cools, jobless claims rise U.S. Treasuries, Thursday, Feb 5 House Backs Extended Jobless Benefits Mortgage Activity Drops US TREASURY OUTLOOK - Waiting for payrolls U.S. Treasury's Snow repeats deficits manageable Funds probe spreads to Alliance Capital 401k plans are getting even more scrutiny Fed's Bernanke sees low inflation, slow job growth
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