Interesting chart from the BLS showing multifactor productivity in the manufacturing industries. Labor input saw huge gains in productivity in the past few years and some believe the sluggish recovery in employment is due to productivity increases.
It’s going to be interesting to see how construction jobs recover as the housing market has, supposedly, bottomed and begins to recover. More than 1 million construction jobs were lost during the great recession and only a small number have been recovered. We will have more on this later.
(click here if chart is not observable)