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Handbook of Methods Office of Productivity and Technology Overview

Office of Productivity and Technology: Overview

The Office of Productivity and Technology (OPT) produces measures of productivity for six major sectors of the U.S. economy: business, nonfarm business, nonfinancial corporate business, total manufacturing, durable goods manufacturing, and nondurable goods manufacturing. OPT also produces estimates of productivity growth for detailed industries at the national level and estimates of aggregate productivity growth at the regional and state levels. OPT compiles and analyzes a wide array of data produced by government statistical agencies and nongovernmental organizations to measure productivity.

Productivity and related cost measures are designed for use in economic analysis and public and private decision making. Productivity statistics measure how efficiently inputs are converted into outputs of goods and services. The data are used to forecast and analyze changes in prices, wages, and technology. The two primary types of productivity statistics are labor productivity and total factor productivity. Labor productivity compares the growth in output to the growth in hours worked. Total factor productivity compares the growth in output to the growth in a combination of inputs that include labor, capital, energy, materials, and services.