The Office of Productivity and Technology (OPT) measures how efficiently the U.S. converts inputs into the outputs of goods and services. Measures of labor productivity compare the growth in output to the growth in hours worked and measures of total factor productivity (TFP), also known as multifactor productivity (MFP), compare growth in output to the growth in a combination of inputs that include labor, capital, energy, materials, and purchased services.
Click the graphic to enlarge chart: Long-term labor productivity in the nonfarm business sector since 1947.
Click the graphic to enlarge chart: Contributions to Labor Productivity Growth, Private Nonfarm Business Sector, Selected Time Periods.
Click the graphic to enlarge chart: Labor Productivity and Real Hourly Compensation, Nonfarm Business Sector since 1973.
//PROD2 ZUNI3PO 10312023// Productivity decreased 5 percent in nonfarm business sector third quarter 2023; unit labor costs increased 8.3 percent (seasonally adjusted annual rates).
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In 2022, labor productivity fell 1.2 percent in wholesale trade, the largest decrease since 2009. Hours worked increased 2.9 percent and output increased 1.6 percent in wholesale trade. In retail trade, productivity fell 0.4 percent in 2022, as output fell 1.3 percent and hours worked decreased 1.0 percent. The declines in productivity were the first since 2011 for wholesale trade and 2008 for retail trade. read more »
The use of faster depreciation rates based on recent evidence from U.S. and Canadian studies resulted in lower estimates of net capital stocks and higher depreciation estimates in BEA’s fixed assets accounts, with minimal effects on total factor productivity growth rates in the BLS accounts. read more »
This Spotlight looks at some short- and long-term state-level trends for labor productivity, output, and hours worked, and labor compensation. read more »
In this Beyond the Numbers article, we review the timeline for the development and implementation of new retail technologies in grocery stores. Then, check out the shifts in products and services offered by grocery stores over time. Using Bureau of Labor Statistics (BLS) data, the article looks at the trends in employment and hours to show how all of these factors influenced labor productivity in grocery stores. read more »