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Labor Productivity: Difference between revisions
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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.<ref>https://www.bls.gov/productivity/</ref> | 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.<ref>https://www.bls.gov/productivity/</ref>[[File:Pfei.png|center|thumb|699x699px|https://www.bls.gov/productivity/]] | ||
== Developments == | == Developments == | ||
[[File:Labor Productivity Series.png|center|thumb|1195x1195px|<ref>https://public.tableau.com/views/USLaborMarket/LaborProductivitySeries?:language=en-US&:sid=&:display_count=n&:origin=viz_share_link</ref>]] | [[File:Labor Productivity Series.png|center|thumb|1195x1195px|<ref>https://public.tableau.com/views/USLaborMarket/LaborProductivitySeries?:language=en-US&:sid=&:display_count=n&:origin=viz_share_link</ref>]] | ||
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