Sentences with phrase «measured labour productivity»

However, measured labour productivity growth has improved over the past few years across a broader range of industries, following a period of quite weak growth (Graph 3).

When comparing labour productivity performance between economic cycles, it is therefore important to measure labour productivity over common phases of the cycle.

Not exact matches

(Wonkish detail: Labour productivity measures average productivity, but the mechanism described in the preceding paragraphs predicts that real wages should track marginal productivity — the extra output produced by an additional unit of lLabour productivity measures average productivity, but the mechanism described in the preceding paragraphs predicts that real wages should track marginal productivity — the extra output produced by an additional unit of labourlabour.

The simplest way to measure and understand productivity is labour productivity, so, for now, let's concentrate on that.

(Note: multifactor productivity, or MFP, is commonly seen as measure of technical progress — the increase in output that can not be explained by the accumulation of labour and capital inputs.

This is the conventional measure of labour productivity.

However, total factor productivity, which allows for changes in both labour and capital inputs into the production process, and is therefore a better measure of efficiency, is growing faster in the current recovery than in the corresponding phases of either of the two previous cycles (Box 2).

Growth in non-farm GDP per hour worked — a broad measure of labour productivity — has averaged 1.8 per cent per annum since the start of the recovery, a higher rate than in the corresponding phase of the previous cycle, but slightly lower than in the 1970s cycle.

The part that is left over — that is, the part of economic growth that can not be explained by the accumulation of capital and labour inputs — is what economists call multifactor productivity (MFP), an index that is widely interpreted as a measure of technical progress.

The economic term is called total factor productivity - it measures how much stuff a country can produce given a certain amount of inputs (land, capital, labour, etc).

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