Friday, June 8, 2012
Some productivity pictures
I don’t quite know how to interpret the data on multifactor productivity. Data is from Census and I cherry picked the lines to plot:
Compared to agriculture and durable manufacturing, construction productivity had been falling even before the 2008 recession. I thought that perhaps it had fallen post recession. The picture for durable manufacturing is one I would have expected - a downturn in a recession.
The trend is up for these service industries although transportation was the only industry to experience a fall in MFP.
These service industries have not seen any overall trend in the improvement in productivity. Even the much maligned or vaunted finance industry seems to only have experienced marginal gains.