Last summer, Bank of America Research predicted a “sea change” in the economy as companies showed increasing signs of learning how to be productive with fewer workers, putting process over people. Six months later, analysts see another year of growth—in GDP, not new jobs. It rhymes with another projection, from Goldman Sachs, that “jobless growth” could become the new normal in the 2020s.
Michael Pearce, chief U.S. economist at Oxford Economics, wrote on Wednesday that GDP should expand by 2.8%, accelerating from projections for 2025 growth, as improved productivity increasingly fuels gains.
