Tuesday, January 11, 2011

Blog Assignment #2 Labor Productivity

1. I think anyone who studies the economy business owners, or anyone involved with international trade would find labor productivity important to be an important statistic collected. Labor productivity is a measure of market efficiency which shows how much input it takes to create an output. An increase in productivity means that it takes less input to create the same output.

2. The Bureau of Labor Statistics collects the labor productivity statistic every quarter by comparing the amount of goods and services produced with the inputs used for production.

3. The Third Quarter 2010 Percent Change in Productivity from Q2 to Q3.

Nonfarm Business 2.3

Business 2.5

Manufacturing 0.6

Durable Manufacturing -0.5

Nondurable Manufacturing 3.2

Bureau of Labor Statist
ics. "Productivity and Costs, Third Quarter 2010, Revised." Last modified December 1, 2010. http://www.bls.gov/news.release/prod2.nr0.htm

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