B. an important factor influencing labor productivity in the united states is
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The Office of Productivity and Technology (OPT) measures how efficiently the U.S. converts inputs into the outputs of goods and services. Measures of labor productivity compare the growth in output to the growth in hours worked and measures of total factor productivity (TFP), also known as multifactor productivity (MFP), compare growth in output to the growth in a combination of inputs that include labor, capital, energy, materials, and purchased services. Show
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GraphicsClick the graphic to enlarge chart: Long-term labor productivity in the nonfarm business sector since 1947. Click the graphic to enlarge chart: Labor Productivity by State, Percent Change, 2021. Click the graphic to enlarge chart: Contributions to Labor Productivity Growth, Private Nonfarm Business Sector, Selected Time Periods. Click the graphic to enlarge chart: Labor Productivity and Real Hourly Compensation, Nonfarm Business Sector, 1973-2021. Click the graphic to enlarge chart: Detailed Industries Help Tell the Story, Indexes of Productivity Within Food and Beverage Stores. read more »Latest NumbersNonfarm Business Sector: Output per Hour +0.8%(r) in 3rd Qtr of 2022  Hourly Compensation +3.2%(r) in 3rd Qtr of 2022 Unit Labor Costs +2.4%(r) in 3rd Qtr of 2022 Output +3.3%(r) in 3rd Qtr of 2022 Hours of All Persons +2.5%(r) in 3rd Qtr of 2022 Manufacturing Sector: Output per Hour -2.9%(r) in 3rd Qtr of 2022 Hourly Compensation +2.7%(r) in 3rd Qtr of 2022 Unit Labor Costs +5.8%(r) in 3rd Qtr of 2022 Output +0.6%(r) in 3rd Qtr of 2022 Hours of All Persons +3.6%(r) in 3rd Qtr of 2022 News ReleasesNext ReleasesProductivity and Costs: Fourth Quarter and Annual Averages 2022, Preliminary is scheduled to be released on February 2, 2023 at 8:30 A.M. Eastern Time. Labor productivity has a significant impact on time, cost, and quality of a construction project. Especially the competitive environment of the construction industry forces construction companies to increase their labor productivity values in order to keep their positions in the industry. In this respect, identification and evaluation of factors that affect the labor productivity becomes a crucial issue for industrial practitioners. In the academic literature, there are many studies that investigated these factors and their relationships with the labor productivity. In these studies, the factors were categorized under different groups and ranked according to their importance levels. However, in most of these studies, both the standard deviation among these factors under the same group and the mean value of each group were neglected. In addition, perspectives of managers were taken into account in general while those of craft workers were ignored. The aim of the current study is to re-evaluate the factors under the same groups by considering their standard deviations and mean values from the craft workers’ point of view. For this purpose, after a detailed literature review, 37 factors were identified and categorized under four groups such as organizational, economical, physical, and socio-physiological factors. A questionnaire survey were then applied to craft workers to obtain the necessary data which was analyzed by means of the Relative Importance Index (RII) technique. The results revealed that, although the ranking of the factors remained the same, their importance levels have changed.
KeywordsLabor productivity craft workers Relative Importance Index (RII) construction management. Recommended articles
Peer-review under responsibility of the organizing committee of the Creative Construction Conference 2016. Which of the following are among the reasons for the high productivity of labor?Growth in labor productivity depends on three main factors: saving and investment in physical capital, new technology, and human capital.
Which of the following is a reason for the high productivity of labor in industrially advanced economies?Plentiful physical (one word), such as machinery and buildings, is one reason for the high productivity of labor in industrially advanced economies.
How does minimum wage affect the labor market?In a competitive labor market model, a minimum wage set above equilibrium causes a decrease in firms' labor demand and displaces some workers from their jobs, thereby generating unemployment.
What is the impact of wages in a purely competitive labor market?Because the firm hires labor in a perfectly competitive labor market, the wage it pays each worker is equal to the marginal resource cost of a worker. This means that by going to the marginal revenue product curve at each wage, the firm determines the number of workers to hire.
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