1993 Multifactor Productivity Trends — 1995-02-14

The Bureau of Labor Statistics (BLS) of the U.S. Department of Labor today reported multifactor productivity data--output per unit of combined labor and capital inputs--for 1993. BLS multifactor productivity uses chain-weighted output measures in place of constant 1987 dollar output used in the BLS labor productivity (output per hour) measures, which are published quarterly on a more current basis. (See summary of methods beginning on page 8.) Multifactor productivity changed at the following percentage rates in the most recent year available: Multifactor productivity increased for the second consecutive year in 1993, but growth slowed to about half the rate of 1992. The 1993 annual changes are summarized in table A; further detail and historical measures are shown in tables 1 through 7. A change in multifactor productivity reflects the difference between the change in output (production of goods and services) and the change in labor and capital inputs engaged in the production of the output.