If you could use some hopeful business news these days, then we've got just what the doctor ordered: an injection of higher confidence in future labor productivity.
Why is this such good news? Nobel Prize-winning economist Paul Krugman has stated, "Productivity isn't everything, but in the long run it is almost everything."
Confidence in productivity is, to a large degree, confidence in the future of the economy. And results from i4cp's latest Productivity Confidence Index (PCI) show an index increase from 20.3 in April to 22.1 in July. Specifically, respondents were asked to predict the degree to which they thought their organizations' productivity rates would rise six months into the future. The study found that, overall, 62% of respondents expect productivity to rise in the coming six months, compared with only 53% the last time we did the study.