Productivity growth (the increase in nonfarm business output per hour of work) has been a key factor in the strength and duration of the current economic expansion. Without last year’s productivity growth, output would have expanded only 1.4%. One surprising feature of this expansion is that productivity growth has accelerated as the expansion has extended. More typically, after an initial growth spurt associated with recovery from a recession, productivity gains vary around a steady trend.
Suggested citation: "Productivity Growth," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-04, pp. 11-13, 04.01.2000.