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Starting with data released on December 4, 2024, the Total Factor Productivity (TFP) for Major Industries release reflects improved treatment of taxes and subsidies in TFP related measures.
New source data and methods have been introduced to improve the removal of net taxes on products from measured output and improve the allocation of net taxes on production to measured capital and labor inputs. This change will improve industry and private sector TFP data by more accurately measuring the cost of production and the cost of inputs to production. This method change will impact TFP and related measures.
Background information on the method change can be found the working paper “The Impact of Subsidies on Measuring Productivity and the Sources of Economic Growth”.