1、 https:/crsreports.congress.gov Updated June 30, 2021Introduction to U.S. Economy: ProductivityWhat Is Productivity? Productivity is broadly defined as the ratio of outputs to inputs. With respect to the economy, productivity measures how efficiently goods and services can be produced by comparing t
2、he amount of economic output with the amount of inputs (labor, capital, etc.) used to produce those goods. Policymakers are interested in productivity because productivity growth is generally the most consequential determinant of long-term economic growth and substantive improvements in individual l
3、iving standards. Productivity Measures There are two prominent measures of economic productivity: labor productivity (also known as output per hour) and multifactor productivity (also known as total factor productivity), both of which are produced by the Bureau of Labor Statistics (BLS). Labor produ
4、ctivity is defined as the ratio of real (inflation-adjusted) output per labor hour. The most commonly cited measure of labor productivity is for the nonfarm business sector. Nonfarm business sector output is defined as gross domestic product excluding outputs from farms, general government, nonprofi
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