Courtesy of Mark the Graph, find an interesting study of various measures of productivity. Beneath that, find a recent ANU video by Dr Don Russell, Secretary of the Department for Industry etc. It is long but makes a nice primer on the productivity challenge.
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I last looked at productivity growth in March. Since then we have had two quarters of National Accounts data, so I thought it time to update some of the charts. In terms of GDP per hour worked, productivity has grown over Q1 and Q2 in 2012.
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In terms of growth in nominal Non-Farm GDP per dollar paid in Non-Farm Employee Compensation our productivity has declined over Q1 and Q2 2012.
Last time I only looked a the data in annual terms (summed four quarters non-farm GDP divided by summed four quarters non-farm employee compensation). So we will start with the annual charts.
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I have also compared the quarterly data (GDP/Compensation) with the quarterly data for the same quarter last year. This quarterly data is a little more noisy, but it tells a more up to date story.
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As with the summed annual data, the negative growth rate on this productivity measure is now lower than it has been since the early 1980s.
And, to Dr Russell..
