Multifactor productivity in nonfarm business, 2005
March 26, 2007
In the private nonfarm business sector, multifactor productivity—output per combined units of labor and capital inputs—rose 1.8 percent in 2005. This was lower than the 2.6-percent increase in 2004.
Output increased 3.9 percent in 2005, and the combined inputs of capital and labor increased 2.0 percent.
Labor input grew 1.8 percent in 2005. Capital services grew 2.4 percent. Within capital services, equipment was the fastest growing component. The increase in equipment in 2005 was largely due to capital services of information processing equipment and software rising by 6.7 percent.
Multifactor productivity is designed to measure the joint influences of economic growth on technological change, efficiency improvements, returns to scale, reallocation of resources, and other factors, allowing for the effects of capital and labor.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Multifactor productivity in nonfarm business, 2005 on the Internet at http://www.bls.gov/opub/ted/2007/mar/wk4/art01.htm (visited December 04, 2016).
Recent editions of Spotlight on Statistics
Workplace injuries and illnesses and employer costs for workers’ compensation
Workplace injury and illness data and the costs to employers for workers’ compensation in natural resources, construction, and maintenance occupations.
A look at the future of the U.S. labor force to 2060
Projected long-term trends in the growth, size, and composition of the labor force.
Union membership in the United States
Historical trends in union membership among employed wage and salary workers; union membership by a variety of demographic characteristics.
A look at healthcare spending, employment, pay, benefits, and prices
Spending on healthcare, current and projected employment in the industry, employer-provided healthcare benefits, healthcare prices, and pay for workers in healthcare occupations.
Self-employment in the United States
Trends in self-employment by various demographic and socioeconomic characteristics, including both the unincorporated and the incorporated self-employed, as well as data on paid employees who work for the self-employed.