The Impact of Reduced Inflation Estimates on Real Output and Productivity Growth
نویسنده
چکیده
Two key measures of U.S. economic growth—the annual rate of change in real output and in productivity—have improved considerably in recent years.1 Between 1996 and 1998, growth in productivity in the largest segment of the economy, the private nonfarm business sector, averaged nearly 2 percent. This growth rate, the strongest sustained pace since 1983-85, appears to signal some fundamental improvement in the economy. Nevertheless, the growth trend for productivity has remained well below its 1960-73 average of nearly 3 percent (Chart 1).
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