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Multifactor productivity
For the private business and private nonfarm business sectors, the growth rate of multifactor productivity is measured as the growth rate of output less the growth rate of combined inputs of labour and capital. labour is measured by a weighted average of the number of hours worked classified by education, work experience, and gender. Capital services measure the flow of services from the stocks of equipment and software, structures, land, and inventories. For the manufacturing sector, multifactor productivity is the growth rate of output less the combined inputs of labor, capital, and intermediate purchases. labour is measured by the number of hours worked. Capital services measure the flow of services from the stocks of equipment and software, structures, land, and inventories. Intermediate purchases are composed of materials, fuels, electricity, and purchased services.
- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Labor
- Category: Labor statistics
- Company: U.S. DOL
- Product:
- Acronym-Abbreviation:
Other Languages:
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