GDP

U.S. labor productivity plunged first quarter in the largest decline since 1947, then dropped by the highest annual amount on record in the second according to the Bureau of Labor Statics. The third quarter data indicates year-over-year output saw three consecutive declines for the first time since 1982. Spurred on by the pandemic Americans are starting to work less, some say the famous work ethic of Americans is waning. Often times people compare the US to Europe usually to get the US to become more like Europe. Comparing the GDP of the US vs the European Union the difference is stark. US population 330 million and with a GDP of $23 trillion dollars. European Union population 447 million with a GDP of $17 trillion. A recent study found that, on average, Europeans work fewer hours than Americans do. According to the paper, Americans work nearly 25% more hours than Europeans. In other words, that's an additional 258 hours per year or an hour more each weekday Europeans not only work fewer hours they have more days off for vacation and personal time. The GDP per person in the US is $70,000 dollars vs European Union at $38,000.