Labor Productivity Aided by Technological Advances
Created on July 20, 2015
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Read the original report, "Automation and Technology Increase Living Standards," by James Sherk and Lindsey Burke.
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Between 1973 and 2014, technological advances have made workers more productive and sharply increased their pay. However, it has had little effect on overall employment rates.
Note: Productivity and compensation are adjusted for inflation using the implicit price deflator for non-farm businesses. Source: U.S. Department of Labor, Bureau of Labor Statistics, and Haver Analytics, “Labor Force Statistics from the Current Population Survey,” Employment to Population Ratio (25–54 years old) and “Productivity and Costs, ”non-farm business sector.
CHART 1 • BG 3016
Tags: Technology, Job-Growth, Economics