Insider Finance - Business - Everyone is less productive

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June 7, 2023

Hello, Insiders. This is Joe Ciolli, a deputy executive editor in Insider’s business division. For all the talk we hear about recession, the economy feels like it’s on stable footing. That’s because one of its biggest threats is sliding under the radar.

I’m referring to workplace productivity, which is mired in its longest streak of declines since the 1940s. Blame remote work, as well as trends like “quiet quitting” and “labor hoarding.”

Some expect AI to eventually save the day and make workers faster and more efficient. But beware in the near term: drops in productivity have historically been a recession signal.

We're also covering:

A mega-merger just shook up the golfing world — and everyone's a winner.
Automakers are using a sneaky tactic to keep car prices high.
The early reviews of Apple’s $3,499 Vision Pro headset are in.

— Joe Ciolli

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THE BIG STORY

Productivity alarm bells

Peter Macdiarmid/Getty Images

Everyone is getting less productive — and that's a big problem for the economy.

Productivity is the primary input for a population's standard of living. It goes beyond getting people to work harder; it also means using technology to improve workflows and efficiency, and training employees to get the most out of these tools.

American productivity has fallen off a cliff. Some experts have attributed that to less inspired employees and the rise of remote work. They also cited “labor hoarding,” where employers once desperate for workers during the pandemic were now holding onto them despite falling profits.

Given how difficult it is to pinpoint one specific reason for the productivity slowdown, it's tough to know what can turn things around. But a growing chorus of experts think they have an idea: AI.

READ THE FULL STORY HERE

TOP READS

Apple headset, golf mega-merger, & more

Apple

People who were whisked away in golf carts to try out Apple's $3,499 headset are calling it “magic.” Early reviews — or first impressions, at least — are in. The Verge's Nilay Patel said it was "still searching for a purpose." A popular YouTuber called the eye-tracking technology "telepathic." More reviews here.
Everyone wins in this shocking golf mega-merger. The conflict that raged between the archrival PGA and LIV golf tours for the past year is over. The two entities agreed to merge and are set to form a new, combined entity — an outcome that was unthinkable as recently as a couple months ago, when reps from both sides fought a vicious war of words.
Why it smells like smoke and looks like the apocalypse in New York, New Jersey, and New England right now: Canada is dealing with intense wildfires from the Western provinces to Quebec, and the air has traveled into the US. What to know here.
The price we'll pay for our AI future: more loneliness. Americans are trapped in a loneliness epidemic, and AI chatbots like ChatGPT could make it even worse by further replacing the critical social interactions that help us build community. Read more.
The sneaky way automakers are keeping car prices high: limiting options on the dealer lot. Throughout the height of COVID, carmakers got used to getting high prices. Now, that's not the case — so carmakers want to limit their inventory to keep supply down and prices up.
TikTok isn't only for Gen Z. More members of the 55-and-older crowd are posting fun hot takes on TikTok. They're sharing life lessons, fashion advice, cooking tips, and snippets of being a grandparent. Go inside the trend.
What's the average age of a billionaire? Older than you think. Young billionaires like Elon Musk and Kim Kardashian may capture public attention, but the median age of the world’s billionaires is 67, according to a new report.

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This edition was curated by Joe Ciolli, and edited by Lisa Ryan, Jack Sommers, Nathan Rennolds, and J.R. Stacey. Get in touch: insidertoday@insider.com.

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Insider Finance - Business - Everyone is less productive

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