Posted 3/21/2024, 4:26:08 PM
Steadying Labor Market and Higher Confidence Signal Upcoming Productivity Boom Driven by More Efficient Workers
- Labor productivity measures how much output a worker can produce in an hour
- In the 1990s and 2000s, rising productivity was due to capital deepening and innovations
- Conditions in 2024 have improved with lower recession risks and higher corporate confidence
- A steadying labor market signals an upcoming productivity boom
- Americans are getting more efficient at work, not because of AI as often claimed
