The Office of Productivity and Technology (OPT) measures labor productivity and total factor productivity. Productivity is a measure of economic performance that compares the amount of goods and services produced (output) to the amount of inputs used to produce those goods and services. Labor productivity uses the number of hours worked as it’s input. Total factor productivity (TFP), also known as multifactor productivity (MFP), uses combined inputs that include labor, capital, energy, materials, and purchased services.
Prices for U.S. imports increased 10.6 percent for the year ended in April 2021. This was the largest increase since a gain of 11.1 percent for the year ended in October 2011. Prices for imported manufactured goods increased 5.9 percent over the past year. Within manufactured goods, prices for imported petroleum and coal products increased 61.3 percent, while primary metal prices increased 42.6 percent and food manufacturing prices were up 8.3 percent over this 12-month period. read more »
This article examines how a series of major hurricanes in 2017 and 2018 affected the estimation of state and metropolitan area payroll employment and how lessons learned from these disasters has provided a playbook for producing estimates during the COVID-19 pandemic. read more »