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Economic Commentary

Productivity, Costs, and International Competitiveness

The U.S. trade deficit has been on an improving trend recently, largely due to changes in the exchange value of the dollar. Also associated with the rising trend, however, is the comeback in manufacturing cost competitiveness, evidenced by moderation in labor costs and by rapid growth in manufacturing productivity.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Erceg, John, and Theodore G. Bernard. 1988. “Productivity, Costs, and International Competitiveness.” Federal Reserve Bank of Cleveland, Economic Commentary 11/15/1988.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International