Needless to say, labor productivity is defined as the value added per unit of labor input and represents the earning power per worker or unit of labor input such as the hourly labor input.
This is likely to reflect an easing in services inflation and generally reduced inflationary pressures as the economy slows. Unemployment is likely to rise modestly, probably to about 5¼ per cent next year from an average of about 4¾ per cent this year. This would, however, still represent close to full employment conditions.