Biggest rise in multifactor productivity since 1992
February 02, 2005
Multifactor productivity—measured as output per unit of combined labor and capital inputs— increased 2.0 percent in the private nonfarm business sector in 2002. This was the fastest rate of growth since 1992.
Output increased 1.8 percent in 2002, and the growth of combined units of capital and labor inputs declined 0.1 percent. In comparison, in 2001, multifactor productivity showed no growth as output and combined inputs both rose 0.5 percent.
Multifactor productivity is designed to measure the joint influences on economic growth of technological change, efficiency improvements, returns to scale, reallocation of resources, and other factors. Multifactor productivity, therefore, differs from the labor productivity (output per hour) measures that are published quarterly by BLS since it requires information on capital services and other data that are not available on a quarterly basis.
These data are a product of the BLS Multifactor Productivity program. Data are subject to revision. Additional information is available in "Multifactor Productivity Trends, 2002" (PDF) (TXT), news release USDL 05-114.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Biggest rise in multifactor productivity since 1992 on the Internet at http://www.bls.gov/opub/ted/2005/jan/wk5/art03.htm (visited September 26, 2016).
Recent editions of Spotlight on Statistics
A look at healthcare spending, employment, pay, benefits, and prices
As one of the largest U.S. industries, healthcare is steadily growing to meet the needs of an increasing population with an increasing life expectancy. This Spotlight looks at how much people spend on healthcare, current and projected employment in the industry, employer-provided healthcare benefits, healthcare prices, and pay for workers in healthcare occupations.
Employment and Wages in Healthcare Occupations
Healthcare occupations are a significant percentage of U.S. employment. Some of the largest and highest paying occupations are in healthcare. This Spotlight examines employment and wages for healthcare occupations.
Fifty years of looking at changes in peoples lives
Longitudinal surveys help us understand long-term changes, such as how events that happened when a person was in high school affect labor market success as an adult.