re: Do The Math
To oversimplify somewhat, the productivity gains and other increasing indexes represent businesses ramping up production to meet demand without hiring new employees. In our modern regulatory environment, hiring someone is like passing a pineapple. Believe me, I've started enough businesses to know. A manager will do whatever he can (overtime, temps, etc.) to make do with existing employees until the demand becomes steady and obvious. At this point, full time hires are made.
Right now there is a lot of overtime. There are a lot of temps being hired. Wait for it.