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Multifactor productivity increases at 0.7 percent annual rate in 2014
April 01, 2016
Private nonfarm business sector multifactor productivity increased at a 0.7-percent annual rate in 2014, after decreasing 0.1 percent in 2013. Multifactor productivity measures the change in output—all the goods and services produced—compared with the change in capital and labor used to produce the goods and services. Labor productivity (output per hour worked) also increased at a 0.7-percent annual rate in 2014.
Annual percent change in productivity in the private nonfarm business sector, 1988–2014
Year
Labor productivity
Output per unit of capital services
Multifactor productivity
1988
1.7%
0.8%
1.2%
1989
0.9
-0.3
0.2
1990
2.1
-1.8
0.6
1991
2.0
-3.4
-0.4
1992
4.3
1.6
3.2
1993
0.2
0.0
-0.3
1994
1.0
1.0
0.6
1995
0.8
-0.8
-0.2
1996
2.7
-0.2
1.6
1997
1.6
-0.2
0.9
1998
3.1
-0.8
1.2
1999
3.4
-0.9
1.9
2000
3.4
-1.9
1.6
2001
3.0
-3.7
0.5
2002
4.3
-1.4
2.1
2003
3.5
0.5
2.2
2004
3.0
2.0
2.5
2005
1.9
0.7
1.5
2006
0.9
-0.2
0.3
2007
1.7
-0.6
0.6
2008
0.8
-3.8
-1.3
2009
3.4
-4.9
-0.3
2010
3.2
2.8
2.9
2011
0.1
1.2
0.2
2012
0.8
1.8
0.8
2013
-0.1
-0.1
-0.1
2014
0.7
1.0
0.7
Output per unit of capital services increased at a 1.0-percent annual rate in 2014, following a decline of 0.1 percent the previous year. Capital services are the services from physical assets—such as buildings, land, and equipment—and intellectual property—which includes software and the knowledge gained from research.
These data are from the Multifactor Productivity program. To learn more, see “Multifactor Productivity Trends — 2014” (HTML) (PDF). Multifactor productivity measures the change in output per unit of combined capital and labor inputs. It measures the joint influences of technological change, efficiency improvements, returns to scale, and other factors affecting economic growth.
United States Department of Labor
