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KAI RYSSDAL: You can tell today was a much less stressful day in the global equity markets, ’cause we waited until seven minutes into the show to get to them. Asian and European investors broke a weeklong losing streak overnight. In New York, all three major indices closed up a percent or more.

But that’s not to say it was all clear sailing. There was a report out this morning on productivity. It’s slowing, which means companies are getting less out of their workers.

Hugh Johnson’s the chief investment officer at Johnson Illington Advisors.

HUGH JOHNSON: It really means that the cost of a unit of labor, a unit of output, is going higher. In other words, wage rates are going higher, becoming a little bit more difficult for companies to manage. And that’s where the real problem is. It puts pressure on managements to increase prices, and that’s not good news.