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[IWS] BLS: MULTIFACTOR PRODUCTIVITY TRENDS - 2013 [26 March 2015]
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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor--------------------Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
NOTE: Funding for this service ends on 31 March 2015. Postings will end on this date as well.
MULTIFACTOR PRODUCTIVITY TRENDS - 2013 [26 March 2015]
[full-text, 16 pages]
Private nonfarm business sector multifactor productivity increased at a 0.9
percent annual rate in 2013, the U.S. Bureau of Labor Statistics reported
today. (See chart 1, table A.) This gain in 2013 reflected a 2.7-percent
increase in output and a 1.8-percent increase in the combined inputs of
capital and labor. Capital services grew by 1.7 percent, the largest gain
since 2008, and labor input - which is the combined effect of hours worked
and labor composition - grew 1.8 percent. Capital services per hour of all
persons decreased at a rate of 0.1 percent in 2013 after falling 0.8 percent
in 2012. The decreases in 2011, 2012, and 2013 are the only three years of
decline in this measure of capital intensity which began in 1987.
(See table 1.)
Multifactor productivity measures the change in output relative to the
change in capital and labor inputs used to produce that output. It is
designed to measure the joint influences of technological change,
efficiency improvements, returns to scale, reallocation of resources,
and other factors of economic growth, accounting for the effects of capital
and labor. Multifactor productivity annual measures differ from BLS
quarterly labor productivity (output per hour worked) measures because the
former also include the influences of capital services and shifts in the
composition of the workforce. Additionally, much of the source data needed
to construct multifactor productivity measures are not available on a
Private business sector multifactor productivity increased at a 1.1 percent
annual rate in 2013, reflecting a 2.9- percent increase in output and a
1.7-percent increase in the combined inputs of capital and labor.
(See table 2.)
AND MUCH MORE...including TABLES....
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