Summary
Over the past four quarters ending in the second quarter of 2012, Total Factor Productivity grew at a rate of 0.6% and Utilization-adjusted Total Factor Productivity grew at rate of 0.6%.
Total Factor Productivity and Underlying Variables
| Quarterly growth rates, annualized | ||||
|---|---|---|---|---|
| Variable | 2011:Q3 | 2011:Q4 | 2012:Q1 | 2012:Q2 |
| TFP | -1.9% | 4.4% | 0.7% | -0.8% |
| TFP Utilization-adj. | -0.9% | 4.7% | 0.3% | -1.5% |
| Output | 0.7% | 5.5% | 3.9% | 1.8% |
| Capital Input | 1.2% | 1.7% | 1.8% | 1.8% |
| Labor Productivity | -0.5% | 3.0% | 0.6% | 1.7% |
| Utilization | -0.9% | -0.3% | 0.4% | 0.7% |
Announcements
- You can now get updates on Total Factor Productivity from the San Francisco Federal Reserve's Twitter page. If you are interested, please see our E-kiosk. More information on this feature: Twitter.
- Data and estimates are subject to revisions.
Methodology/References
- John Fernald. 2010. "A Quarterly, Utilization-Adjusted Series on Total Factor Productivity." FRBSF Working Paper.
- John Fernald, Kyle Matoba. 2009. "Growth Accounting, Potential Output, and the Current Recession." FRBSF Economic Letter 2009-26.
- Susanto Basu, John Fernald, and Miles Kimball. 2006. "Are Technology Improvements Contractionary?" American Economic Review.
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