For most of the last 15 years, the United States economy was mired in a period of low productivity growth. Who would have guessed that the pathway out of it might include a pandemic?
Yet that is what the numbers show. Since the second quarter of 2020, labor productivity — the amount of output per hour of work — has risen at a 3.8 percent annual rate, compared with 1.4 percent from 2005 to 2019. New data published Tuesday showed the trend persisted this spring, with a 2.3 annual rate of productivity growth in the second quarter.
A different way to […]
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