Today's front page from the FT highlights what we already know - most professionals are working longer and harder to maintain their income.
So is it a productivity problem (efficiency isn't growing), or more of a demand problem (ie professionals are producing more... but people are unwilling to pay the same for it). I suspect the latter.
The FT's methodology may be suspect. In the fourth para is says "output per worker is measured using the quantity... after adjusting for inflation".
This is a right mix up - the quantity is the quantity, while inflation is about the amount of money paid for them and adjusting it (because the value of money changes over time...usually).
More a case of high productivity but sadly it is no longer value-creating as the demand is no longer there?
Lawyers, accountants and management consultants lie at the heart of the UK’s productivity problem, explaining almost a quarter of a shortfall since 2008. Financial Times research shows that the stagnation of productivity since the crisis is largely explained by just four sectors — professional services, telecommunications and computing, banking and finance and manufacturing. The sectors, which played an important role in improving national output per worker before the financial crisis, have lost their sparkle in productivity growth. Output per worker is measured using the quantity of goods and services produced after adjusting for inflation.