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Article: Multifactor productivity.(Brief article)(Statistical data)
- Article from:
- Monthly Labor Review
- Article date:
- January 1, 2007
CopyrightCOPYRIGHT 2007 U.S. Bureau of Labor Statistics. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In the manufacturing sector, multifactor productivity grew just slightly faster in 2003 than in 2002, and fell in 2004. Multifactor productivity measures the joint influences of technological change, efficiency improvements, returns to scale, reallocation of resources, and other factors on economic growth, allowing for the effects of capital and labor.
Multifactor productivity in manufacturing rose 3.9 percent in 2002. Until the slightly larger increase in 2003, this had been the largest rate of increase in the time series, which goes back to 1987. The multifactor productivity gain in 2002 reflected a decline in sectoral output coupled with ...