Assuming productivity is largely static, the more or less hours you work the more or less stuff you make/output you create. In other words, aggregate hours remains your low intensity baseline read on real output growth. In the Chart of the Day below you can see how Real GDP maps with Aggregate Hours growth along with how we are tracking thus far in 2Q...
...None of the above is speculation or subjective assessment. It’s simply statement of Quad 4 fact. And outside of some positive, rogue NFP print, none of the above will change at 8:30am ET this morning.