financial institutions repair addition tolios, in these factors it reflects the changes in commercial real estate. activity is esepcially tepid. beenught the fed has overly optomistic, we have at pessimistic.o this reflects declines in participation. intuitively, when answer limited, firms need more workers even if demand is growing slowly. disappointing growth must be added to the list of reasons that growth has been slower than normal. that was not evident until well after the fact, an illustration of the frustrations of the policy. the reasons for weak productivity growth are not entirely clear. it may be a result of the financial crisis or of tight credit or it may indicate slow growth in sales. that has led firms to use capital and labor less extensively. weak growth reflects other unrelated trends. reasons for the including event elswhere.e and federal fiscal policy has turned restrictive. there have been sharply declining tax revenues. in the current recovery, government employment has declined by more than 700,000 jobs, and there been corresponding cuts as well. long-term sust