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mpc: 20 The output and labour market data taken together had continued to imply surprisingly weak productivity growth. As discussed at the October meeting, it was possible that output growth had been under-recorded, or that employment growth could have been over-recorded, or that this could be a normal cyclical response with companies hoarding labour in the belief that the slowdown in output growth would prove temporary. However, if companies had been hoarding labour it was surprising that there had been no fall in measured average hours. One possibility was that compositional changes, reflecting the fall in part-time employment over the past year, were masking falling average hours worked by particular groups.