Growth in hourly output has decelerated significantly since the early 1970s, reflecting a decline in labor productivity growth. Sluggish labor productivity growth is associated with slack gains in hourly compensation, which suggests that progress in U.S. living standards has slowed to a crawl.
Suggested citation: “Productivity Trends,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-05, pp. 12, 05.01.1996.