A three-year surge in productivity growth underlies the current robust state of the U.S. economy. Some commentators have cited the recent strength of productivity numbers as evidence that the U.S. has entered a “new economy.” If one looks at labor productivity (typically measured as real, nonfarm output per hour of work) across a longer span, however, the current data—while strong—do not appear exceptional.
Suggested citation: "Labor Productivity," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-07, pp. 12, 07.01.1999.