In 2023, economic output surged considerably faster than the number of hours Americans worked. A top policymaker attributes the shift to companies acting more aggressively in a tight job market. The big picture: The open question for 2024 is whether last year's improvement in labor productivity — which allowed inflation to come down alongside strong growth — will continue. By the numbers: In the first quarter, economic output was 3.2% higher than a year earlier, while the number of hours Americans worked was up only 0.3%. That adds up to a 2.9% gain in labor productivity. • That's better than in any 12-month period ... (full story)