US nonfarm business sector productivity surged 1.4% annualized in the second quarter of 2026, more than doubling economists’ expectations of 0.6%, according to Bureau of Labor Statistics data. Output climbed 1.7% while hours worked inched up just 0.3%. The five largest US banks, including Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley, collectively cut more than 10,000 jobs in the second quarter, with reductions directly tied to AI integration. Real hourly compensation declined 3.1%, meaning workers’ purchasing power eroded even as they produced more.
Source: Read the original article
