Total Factor Productivity at Constant National Prices for United States
RTFPNAUSA632NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.02
Year-over-Year Change
5.10%
Date Range
1/1/1954 - 1/1/2019
Summary
Total Factor Productivity (TFP) measures the efficiency with which labor and capital inputs are used to produce economic output. It is a key indicator of long-term economic growth and technological progress.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
TFP represents the portion of output not explained by the amount of inputs (labor, capital, etc.) used in production. It reflects improvements in technology, innovation, and overall economic efficiency.
Methodology
The U.S. Bureau of Labor Statistics calculates TFP using a growth-accounting framework that compares growth in real output to growth in measured inputs.
Historical Context
Economists and policymakers closely monitor TFP trends to assess the health and potential of the U.S. economy.
Key Facts
- TFP grew at an average annual rate of 1.0% from 1950-2021.
- Increased TFP is associated with higher living standards over time.
- TFP is a key driver of long-term economic growth in developed economies.
FAQs
Q: What does this economic trend measure?
A: Total Factor Productivity (TFP) measures the efficiency of labor and capital inputs in producing economic output, reflecting technological progress and innovation.
Q: Why is this trend relevant for users or analysts?
A: TFP is a crucial indicator of long-term economic growth and the potential for future prosperity. It provides insights into the underlying drivers of productivity and competitiveness.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Labor Statistics calculates TFP using a growth-accounting framework that compares growth in real output to growth in measured inputs.
Q: How is this trend used in economic policy?
A: Economists and policymakers closely monitor TFP trends to assess the health and potential of the U.S. economy, informing decisions on fiscal, monetary, and innovation policies.
Q: Are there update delays or limitations?
A: The TFP data is published quarterly with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Total Factor Productivity at Constant National Prices for United States (RTFPNAUSA632NRUG), retrieved from FRED.