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?