Revenue per Worker Is Up. Are Firms Getting a Larger Share?
From the Great Recession until 2019, U.S. labor productivity growth disappointed. Nonfarm-business output per hour grew about 1 percent a year from 2010 to 2019, down from 3 percent in the late 1990s. This slowdown was especially pronounced in manufacturing, and it coincided with a slowdown in the growth of revenue per worker among public firms. However, since 2019, growth has picked up to twice…
From 2010 to 2019, U.S. labor productivity growth was disappointing, with output per hour increasing by only 1 percent annually, compared to 3 percent in the late 1990s. This trend was particularly evident in manufacturing and coincided with a slowdown in revenue per worker growth among public firms. However, since 2019, productivity growth has picked up, with a rate of 2 percent, nearly twice the pace seen in the 2010s.
This acceleration in growth has been observed both in overall labor productivity and firm revenue per worker.
Written by urgent.news from Liberty Street Economics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Read the original at libertystreeteconomics.newyorkfed.org →
