Productivity crucial to U.S. economy

Now that interest rates have finally been increased, it is time to focus on something other than the Federal Reserve’s moves for a while and look at what is perhaps the single most important problem facing the American economy: the very slow growth of productivity. Productivity, which is the output produced by each hour of work in the non-farm business sector, grew at a paltry 1.2 percent a year in the 10 years through the third quarter of this year. In the prior decade, the growth rate was more than double, at around 3 percent a year. The question is what it means. High-wage......(read more)

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