Productivity

Gross Domestic Product (GDP)  per man-hour worked is the productivity measure favored by most economists. In the U.S., output per man-hour in the non-farm business sector is used. In the EU, the measure is the somewhat broader GDP per worker. Neither of these two published series is fully satisfactory. The U.S. measure tends to overstate productivity gains and the EU measure tends to underestimate them as hours worked per week decline.

© Copyright 1996, 1999 Gary L.Gastineau. First Edition.
© 1992 Swiss Bank Corporation.