Infra-Annual Labor Statistics: Labor Force Total: 15 Years or over for Canada
Growth rate previous period, Annual, Seasonally Adjusted
LFACTTTTCAA657S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.57
Year-over-Year Change
164.62%
Date Range
1/1/1960 - 1/1/2023
Summary
The annual growth rate of total factor productivity measures the efficiency gains in an economy's production processes. This key metric provides insights into an economy's long-term productivity and competitiveness.
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
Total factor productivity (TFP) growth quantifies the change in output not explained by increases in capital and labor inputs. It serves as a barometer for technological progress and efficiency improvements in an economy.
Methodology
The U.S. Bureau of Labor Statistics calculates TFP growth using a growth accounting framework that adjusts for changes in capital, labor, and other production inputs.
Historical Context
Policymakers and economists closely monitor TFP trends to assess an economy's capacity for sustainable growth.
Key Facts
- TFP growth averaged 1.9% annually from 1987 to 2021.
- The U.S. experienced a productivity slowdown in the 2000s.
- Improving TFP is crucial for long-term living standard increases.
FAQs
Q: What does this economic trend measure?
A: The annual growth rate of total factor productivity (TFP) measures the efficiency gains in an economy's production processes, beyond increases in capital and labor inputs.
Q: Why is this trend relevant for users or analysts?
A: TFP growth is a key indicator of technological progress and long-term competitiveness, providing insights into an economy's capacity for sustainable growth.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Labor Statistics calculates TFP growth using a growth accounting framework that adjusts for changes in capital, labor, and other production inputs.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor TFP trends to assess an economy's productivity and long-term growth potential, informing decisions on economic policies and initiatives.
Q: Are there update delays or limitations?
A: The TFP growth data is subject to periodic revisions by the Bureau of Labor Statistics as more complete information becomes available.
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Citation
U.S. Federal Reserve, Growth rate previous period, Annual, Seasonally Adjusted (LFACTTTTCAA657S), retrieved from FRED.