May 8, 2025
US Productivity Drops for First Time Since 2022 as Output Falls
US labor productivity fell in the first quarter for the first time in nearly three years as economic output declined, snapping a streak of efficiency gains that have helped temper the inflationary impact from employment costs.
Productivity, or nonfarm employee output per hour, decreased at a 0.8% annualized rate after a revised 1.7% increase in the fourth quarter, data from the Bureau of Labor Statistics showed Thursday.
Europe:
German Industrial Production Rose Before US Tariff Barrage
German industrial production rose in March, a period in which looming trade barriers by the US administration probably boosted foreign demand.
Output rose 3% from the previous month, more than predicted by any economist in a Bloomberg survey. That was mainly driven by automotive, pharmaceuticals and machinery, the statistics office said in a statement on Thursday.
Asia:
Putin and Xi Tout Partnership Aimed at US-Led Order in Talks
Russian President Vladimir Putin and his Chinese counterpart Xi Jinping held bilateral meetings in Moscow, emphasizing the alliance between their countries as they seek to upend the US-led world order.
“Both countries are conducting an independent and autonomous foreign policy, and are interested in forming a more just and democratic, multipolar world order,” Putin said during joint statements with Xi after their talks concluded on Thursday.
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