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Economic Commentary

Productivity Gains During Business Cycles: What’s Normal?

Productivity links the labor force to the economy’s real output, a key position that makes productivity growth one of the most eagerly forecast and analyzed economic statistics. A prime example is the current business cycle, in which the pattern of productivity gains has struck many observers as extraordinary.

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

Schweitzer, Mark E. 1998. “Productivity Gains During Business Cycles: What’s Normal?” Federal Reserve Bank of Cleveland, Economic Commentary 7/1/1998.

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