Ed Ludlow

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Good morning, everyone.

I'd hope that we'd start by talking about productivity and some of the data that you've just said, well, no one really knows.

But the question with AI in the U.S.

economy is what has happened thus far, right?

And so I'll hit you with some of the official data that I've been tracking.

You can tell me the utility of it or not.

Okay, I'm ready.

In US productivity, I always go with the Bureau of Labor Statistics measure of output per hour x non-farm business sector.

And if you look at the data over 50 years, that chart was really interesting, the side by side of electricity and AI.

Over 50 years, the average quarterly reading is about 1.9% annual rate on productivity.

But something's happened in the last 10 quarters where it's higher.