Productivity and Technology

What this funds

Productivity and Technology programs meet several major needs for economic statistics. Data from these programs measure productivity trends in the U.S. economy, as well as in major sectors, individual industries, and states. These programs also analyze trends in order to examine the factors underlying productivity change and growth in the economy. Data produced by the Productivity and Technology programs aid economic policymakers, business leaders, and researchers in analyzing current economic activity. In addition, these data are used as economic employment; and as an aid in understanding sources of economic growth. The productivity measurement programs are authorized by an act dated June 7, 1940 (29 U.S.C. 2b), which directs that the BLS "make continuing studies of productivity and labor costs in the manufacturing, mining, transportation, distribution, and other industries." In addition, the productivity measurement program supports the original directive of BLS (29 U.S.C 1) to "acquire and diffuse[...] useful information on subjects connected with labor[...] and especially upon its relation to capital, the hours of labor, the earnings of laboring men and women." The BLS carries out its mandate to produce impartial and objective economic data for the nation in the area of productivity as described below for each program. The BLS develops quarterly and annual measures of labor productivity for sectors of the economy: business, nonfarm business, manufacturing, and nonfinancial corporations. These data are used to analyze current economic activity; study the relationships between productivity, wages, prices, profits, and employment; and to aid in understanding sources of economic growth. Labor hours worked data from this program are used by the Congressional Budget Office to estimate economic growth for the nation. Data available include indexes and percentage changes for labor productivity, hours worked, unit labor costs, and real and current dollar hourly In addition, the BLS develops annual indexes and percentage changes of total factor inputs of capital and labor, for the private business and private nonfarm business sectors. The BLS also develops annual total factor productivity measures for all subsectors of the

Extracted from Bureau of Labor Statistics, p. 9. Verbatim; nothing here is paraphrased.

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