Productivity increases are almost always a good thing, but this time, rising productivity hasn’t translated into more jobs or higher wages. This has happened before, but it wasn’t easy. Can we transition again?
Unemployment is high, wages are stagnant, inequality is higher than its been in years, yet America is as productive as ever. Total productivity—essentially measured by how much a worker can produce in one hour—has risen substantially over the past quarter, growing faster than it has since 2009, according to a new Labor Department report.