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Productivity

Productivity glossary

A B C D E F G H I K L M N O P R S T U V W
A
  • Average weekly hours
    The total number of hours worked over a specified period of time, divided by the total number of weeks worked in the time period.
B
  • Business sector
    A subsector of the total economy that excludes general government, private households, and nonprofit institutions.
C
  • Capital asset price deflator
    The relative change over time in the acquisition cost of a unit of capital assets to produce goods and services.
  • Capital asset share in industry capital income
    The proportion of the total capital costs attributed to a particular capital asset.
  • Capital composition
    The portion of change in capital input that cannot be attributed to changes in capital stock.
  • Capital cost used
    Capital costs based on either internal or external rate of return.
  • Capital costs
    The total dollar value to produce output of goods and services attributed to the use of capital input.
  • Capital costs based on external rate of return
    Capital costs for non-specified capital assets based on external rate of return.
  • Capital costs based on internal rate of return
    Capital costs for non-specified capital assets based on internal rate of return.
  • Capital input
    The flow of the services derived from capital assets (equipment, structures, inventories, land, intellectual property, etc.) used to produce goods and services.
  • Capital input to wealth stock ratio
    The ratio of capital input to the value of existing stocks of capital assets, discounted to reflect the future services expected from them.
  • Capital intensity
    The ratio of the amount of capital input used relative to the amount of labor hours used to produce output of goods and services.
  • Capital investment
    The payments made to acquire capital assets to produce goods and services.
  • Capital price deflator
    The relative change over time in the cost to utilize a unit of capital input to produce goods and services.
  • Capital productivity
    The efficiency at which capital input is used to produce output of goods and services.
  • Capital rental price
    The implicit compensation paid to utilize capital stock in the production of goods and services.
  • Capital share
    The proportion of the total dollar cost to produce output of goods and services attributed to the use of capital input.
  • Combined inputs
    The aggregate of measured inputs that are used to produce goods and services.
  • Combined inputs costs
    The payments and implicit compensation to utilize all inputs to produce goods and services.
  • Combined inputs price deflator
    The relative change over time in the cost to utilize units of inputs to produce goods and services.
  • Compound annual rate
    The increase or decreases in a value over time expressed as a constant rate of change per unit of time.
  • Constant dollar
    Dollar values that have been adjusted to remove the effects of price changes over time, allowing for meaningful comparison of values from different time periods.
  • Consumer price deflator
    An index that measures changes in the level of consumer prices.
  • Contribution of all other capital input intensity to labor productivity
    The portion of labor productivity change attributed to unclassified capital inputs.
  • Contribution of all other intellectual property products intensity
    The portion of labor productivity change attributed to unclassified intellectual property products.
  • Contribution of capital input excluding ipp and ipe intensity to labor productivity
    The portion of labor productivity change attributed to the use of capital input, excluding intellectual property products and information processing equipment.
  • Contribution of capital intensity to labor productivity
    The portion of labor productivity change attributed to the use of capital input.
  • Contribution of energy intensity to labor productivity
    The portion of labor productivity change attributed to the use of energy input.
  • Contribution of information capital intensity to labor productivity
    The portion of labor productivity change attributed to the use of information capital.
  • Contribution of information processing equipment (ipe) intensity to labor productivity
    The portion of labor productivity change attributed to the use of information processing equipment capital services.
  • Contribution of intellectual property products excluding r&d intensity to labor productivity
    The portion of labor productivity change attributed to the use of intellectual property products capital services, excluding R&D
  • Contribution of intellectual property products intensity to labor productivity
    The portion of labor productivity change attributed to a change in the use of intellectual property products capital services.
  • Contribution of intermediate inputs intensity to labor productivity
    The portion of labor productivity change attributed to the use of energy, material, and services.
  • Contribution of labor composition to labor productivity
    The portion of labor productivity change attributed to the composition of the labor force.
  • Contribution of materials intensity to labor productivity
    The portion labor productivity change attributed to the consumption of material input.
  • Contribution of other capital input intensity to labor productivity
    The portion of labor productivity change attributed to the use of other capital input.
  • Contribution of research and development intensity to labor productivity
    The portion of labor productivity change attributed to use of research and development.
  • Contribution of services intensity to labor productivity
    The portion labor productivity change attributed to the use of services input.
  • Current dollar
    The dollar value in the period being measured that has not been adjusted to remove the effects of inflation over time.
D
  • Durable manufacturing sector
    The subsector of the total economy that includes manufacturing establishments primarily engaged in the production of durable goods, including machinery, equipment, computers, etc.
E
  • Employment
    The number of jobs in a given sector, for the specified types of workers in a measure. The types of workers in a given measure may include (a) employees-only, or (b) all workers—which includes employees (also referred to as wage and salary workers), unincorporated self-employed workers, and unpaid family workers. Note: an individual who works multiple jobs has each of their jobs counted in the employment measure, as this measure is a count of jobs, not persons.
  • Energy costs
    The payments to purchase energy input for use in the production of goods and services.
  • Energy input
    The fuel, electricity, and other forms of energy used to produce goods and services.
  • Energy intensity
    The ratio of the amount of energy used relative to the amount of labor hours used to produce output of goods and services.
  • Energy price deflator
    The relative change over time in the cost to acquire units of energy to produce goods and services
  • Energy productivity
    The efficiency at which energy inputs are used to produce output of goods and services.
  • Energy share
    The proportion of the total dollar value to produce output of goods and services attributed to the use of energy.
  • External rate of return
    The average private business rate of return less capital gains for the private business sector.
F
  • Fisher index
    The geometric mean of a Laspeyres index and a Paashe index.
G
  • Government enterprises
    Business establishments that are sponsored or supported by the government.
  • Gross output
    The total current dollar value of output produced, which includes sales or receipts, commodity taxes, changes in inventories, sales to final users in the economy (GDP), and sales to other industries (intermediate inputs).
  • Gross output price deflator
    The relative change in the price of gross output.
H
  • Hourly compensation
    The sum of wage and benefits paid per hour of work.
  • Hours worked
    The number of labor hours worked by all workers, including wage and salary workers, unincorporated self-employed workers, and unpaid family workers, in the production of goods and services.
I
  • Industry
    A group of business or government establishments that produce similar products or provide similar services as defined by classification systems such as the North American Industrial Classification System (NAICS).
  • Information capital
    The aggregation of capital assets classified as information capital.
  • Input-output price ratio
    The ratio of the aggregate price of capital input and labor hours relative to the price of output.
  • Intermediate inputs
    The goods and services (including energy, raw materials, semi-finished goods, and services that are purchased from all sources) that are used in the production process to produce other goods or services rather than for final consumption.
  • Intermediate inputs costs
    The payments to purchase intermediate inputs (energy, materials, and services) to produce goods and services.
  • Intermediate inputs intensity
    The ratio of the amount of intermediate inputs used relative to the amount of labor hours used to produce output of goods and services.
  • Intermediate inputs price deflator
    The relative change over time in the cost to acquire units of intermediate inputs to produce goods and services.
  • Intermediate inputs productivity
    The efficiency at which intermediate inputs are used in the production of goods and services.
  • Intermediate inputs share
    The proportion of the total dollar value to produce output of goods and services attributed to use of intermediate inputs (energy, materials, and services).
  • Intermediate inputs to hours ratio
    The change in the amount of intermediate inputs used relative to the change in the amount of labor used to produce output of goods and services.
  • Internal rate of return
    The nominal rate of return on capital.
K
  • KLEMS
    An acronym for Capital, Labor, Energy, Materials, and Services, which are the basic inputs into the production process.
L
  • Labor compensation
    Payments to labor to produce goods and services, including wages, benefits and other monetary or nonmonetary payments.
  • Labor composition
    The degree to which shifts in the age, education, and gender of the work force affect measures of labor input.
  • Labor input
    A wage-weighted aggregate of hours worked, that differentiates hours by the characteristics of age, education, and gender.
  • Labor price deflator
    The relative change over time in the cost to utilize labor to produce goods and services.
  • Labor productivity
    The efficiency at which labor hours are used to produce output of goods and services.
  • Labor share
    The proportion of the total dollar cost to produce output of goods and services attributed to use of labor.
M
  • Major sector
    A broad-based group of business or government establishments which are related to each other through similarities in either the ownership or the goods and services they produce.
  • Materials costs
    The payments to purchase material input for use in the production of goods and services
  • Materials input
    The consumed physical goods and commodities that are combined and/or transformed in the production process to create other goods and services.
  • Materials intensity
    The ratio of the amount of material input used relative to the amount of labor hours used to produce output of goods and services.
  • Materials price deflator
    The relative change over time in the cost to acquire units of materials to produce goods and services
  • Materials productivity
    The efficiency at which material inputs are used to produce output of goods and services.
  • Materials share
    The proportion of the total dollar value to produce output of goods and services that can be attributed to the use of materials.
  • Measure
    A numeric value that represents an aspect of size, scale, central tendency, growth, etc. Examples includes measures of productivity, measures of output, and measures of labor hours.
  • Motor vehicle tax
    The tax rate for autos, trucks, buses, and trailers used to determine the rental price of motor vehicle related assets.
N
  • NAICS
    An acronym for North American Industry Classification System which is a classification system developed jointly by the U.S., Canada, and Mexico to provide improved comparability in industrial statistics across North America.
  • NIPA
    An acronym for National Income and Product Accounts, which is the Bureau of Economic Analysis’ (BEA) economic account that shows the value and composition of national output and the distribution of incomes generated in its production.
  • Nondurable manufacturing sector
    The subsector of the total economy that includes manufacturing establishments primarily engaged in the production of nondurable goods, including food products, chemicals, apparel, etc.
  • Nonfarm business sector
    A subsector of the total economy that excludes general government, private households, nonprofit institutions, and the farm sector.
  • Nonfinancial corporate sector
    The subsector of the total economy that includes private and government entities outside of the financial sector.
  • Nonfinancial corporations
    Nonfinancial corporations, relative to the business sector, exclude unincorporated businesses and those corporations classified as offices of bank holding companies, other holding companies, and offices in the finance and insurance sector.
  • Nonlabor costs
    The current dollar nonlabor payments minus profits, rental income of persons, and the current surplus of government enterprises. Contains consumption of fixed capital, taxes on production and imports less subsidies, net interest and miscellaneous payments, and business current transfer payments.
  • Nonlabor payments
    The excess of current-dollar output over corresponding labor compensation and includes nonlabor costs as well as corporate profits and the profit-type income of proprietors.
  • Nonprofit institutions
    Establishments operated on a not-for-profit basis based on U.S. tax law.
O
  • Output
    The amount of goods and services produced.
  • Output per worker
    The ratio of the amount of goods and services produced relative to the number of workers who produced that output for a given period of time.
  • Owner-occupied housing
    A form of housing tenure where the occupant owns the home in which they live, rather than paying rent.
P
  • Price deflator
    The change in the value of currency over time which can be used to convert current-dollar values to constant-dollar values.
  • Private business sector
    The subsector of the total economy the consists of privately owned (non-government) establishments that are operated for profit.
  • Private nonfarm business sector
    The subsector of the total economy the consists of privately owned (non-government) establishments outside of the farm sector that are operated for profit.
  • Productive capital stock
    The implicit amount of new investment that would be required to produce the same present-day services as the existing level of capital assets.
  • Productive capital stock to wealth stock ratio
    The ratio of the implicit amount of new investment that would be required to produce the same present-day services as the existing level of capital assets to the value of existing stocks of capital assets, discounted to reflect the future services expected from them.
  • Productivity
    A measure of economic efficiency that shows how effectively economic inputs are converted into goods and services.
  • Profits
    The portion of total income from the sale of goods and services that exceeds the total costs of producing those goods and services.
  • Property tax
    The property tax on wealth used to determine an asset's rental price.
R
  • Rate of change
    A mathematical function that gauges the rate at which a measure changes over time. It is calculated using the ratio of the change in the measure to the change in time.
  • Real gross output
    The total output produced, which includes changes in inventories, output to final users in the economy (GDP), and output to other industries (intermediate inputs).
  • Real hourly compensation
    The average payments and benefits made to individuals for an hour of labor, adjusted for inflation.
  • Real sectoral output
    The output produced that has been adjusted for changes in inventory (gross output) and the removal of goods and services shipped among related establishments, which are referred to as intra-industry and intra-sectoral shipments.
  • Real value-added output
    The output produced that has been adjusted for changes in inventory (gross output) and the removal of intermediate outputs (energy, material, and services).
  • Rental price used
    The rental price, based on either an internal or external rate of return, that is used in the determination of capital input.
  • Rental price with external rate of return
    Asset price based on external rate of return and the asset's depreciation rate
  • Rental price with internal rate of return
    The asset rental price where the nominal rate of return on capital is equal to the internal rate of return.
S
  • Seasonally adjusted
    Statistical modification to remove the influences of predictable patterns over a year, to allow more consistent comparison across time periods, including months and quarters.
  • Sectoral output
    The current dollar value of output that has been adjusted for changes in inventory (gross output) and the removal goods and services shipped among related establishments, which are referred to as intra-industry and intra-sectoral shipments.
  • Sectoral output price deflator
    The relative change in the price of sectoral output over time
  • Services costs
    The payments made to purchase services for use in the production of goods and services
  • Services input
    The services purchased from an outside entity, including contract work, for use in the production of goods and services
  • Services intensity
    The ratio of services input used relative to the amount of labor hours used to produce output of goods and services.
  • Services price deflator
    The relative change over time in the cost to acquire services input to produce goods and services
  • Services productivity
    The efficiency at which services input is used to produce goods and services.
  • Services share
    The proportion of the total dollar cost to produce output of goods and services attributed to the use of services input.
  • Sources of growth in real output
    Sources of output growth include total factor productivity, the contribution of labor input (labor hours and labor composition), and the contribution of capital input (capital stock and capital composition).
  • Sources of labor productivity growth
    Sources of labor productivity growth include total factor productivity growth (improvements in technology, improvements in economies of scale, improvements in management techniques), capital intensity growth (capital per hour), and labor composition growth (improvements in the skills of the labor force).
T
  • Tax parameter
    The combination of the corporate income tax, the present value of $1 of tax depreciation allowances, and the effective rate of investment tax credit used to determine the implicit rental price of capital assets.
  • Time series
    A set of numbers that represents the change over time in some measurable aspect of a group of people or group of related items.
  • Tornqvist index
    An index for expressing the aggregation of growth rates using a value-share weighted geometric mean of growth rates.
  • Total factor productivity
    The efficiency at which combined inputs are used to produce output of goods and services.
U
  • Unit capital costs
    The payments for capital input used to produce each unit of goods and services.
  • Unit combined input costs
    The total payments for each unit of output produced.
  • Unit labor costs
    The payments for labor services used to produce each unit of goods and services.
  • Unit nonlabor costs
    The nonlabor costs associated with each unit of goods and services produced, calculated as nonlabor costs divided by output.
  • Unit nonlabor payments
    The nonlabor payments associated with each unit of goods and services produced, calculated as nonlabor payments divided by output.
  • Unit profits
    Corporate profits before taxes with inventory valuation and capital consumption adjustments. Total unit costs, less labor costs, are profits.
V
  • Value-added output
    The current dollar value of output that has been adjusted for changes in inventory (gross output) and the removal of intermediate inputs (energy, material, and services).
  • Value-added output price deflator
    The relative change in the price of value-added output.
W
  • Wealth stock
    The value of existing stocks of capital assets, discounted to reflect the future services expected from them.
  • Wealth stock depreciation rate
    The rate at which the value of an asset or group of assets declines with age.
  • Workers
    People with jobs related to the production of output of goods and services.