Does the United States have a productivity slowdown or a measurement problem?

Editor's note: To comply with the Federal Open Market Committee (FOMC) blackout period, this paper is available for early reading. Underlying macroeconomic trends -- not mismeasurement of IT-related innovations -- are responsible for the slowdown in U.S. labor productivity and total factor productivity (TFP) since the early 2000s, according to a new Brookings paper published today. Economists and policymakers have been trying to understand why productivity slowed; slower productivity growth means smaller increases in GDP and inflation-adjusted wages. In “ Does the United States have ......(read more)

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