U.S. productivity growth accelerated in the mid-1990s and, despite the recession in 2001, has surged ahead at even higher rates over the past two years. Measured as growth in output per hour worked, increases in productivity are essential for sustained economic growth and increases in wages and jobs over the long term, yet higher productivity might also reduce the rate of recovery in the labor market in the short term. This relationship is all the more relevant of late, with periods of high productivity and simultaneous concern over the labor market. This conference brings together a number of economic experts to discuss recent developments in U.S. productivity growth and its effects on the U.S. economy.
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