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Productivity

Revised total factor productivity 2023

On December 4, 2024, the U.S. Bureau of Labor Statistics (BLS) revised data published in TOTAL FACTOR PRODUCTIVITY — 2023, released on March 21, 2024. The revisions are a result of updated source data including the Bureau of Economic Analysis National Income and Product Accounts Annual Update and updated hours measures from the Labor Productivity and Cost release on November 7, 2024.

Total factor productivity for private business was revised upwards 0.6 percentage points to an increase of 1.3 percent, in 2023.  This was due to a 0.5-percentage point upward revision to output and 0.1 –percentage point downward revision to combined inputs.

You can find a summary of the revision in the table below and updated data in our online tables.

 2023 Private business revisions to growth, percent change
Measure Revised Previously published

Total factor productivity

1.3 0.7

Output

3.1 2.6

Combined inputs

1.8 1.9

Capital input

2.6 2.8

Labor input

1.2 1.2

Hours worked

1.2 1.2

Labor composition

0.0

0.0

Date last modified: December 4, 2024