The output of employees in advanced economies fell last year for the first time in more than 40 years, as the global economic crisis played havoc with companies' production and employment plans.
Although global labour productivity took a dive, the trends were different either side of the Atlantic. US employers reacted to the recession by cutting jobs and keeping labour productivity rising, while European unemployment rose much less and productivity dived.
More worrying for rich economies is that rising living standards are likely to become harder to achieve in future because they have become less effective at harnessing labour, skills, machinery and technology and turning it into output.
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