The pharmaceutical and medicine industry has seen its productivity decline by 2.4 percent annually between 2014 and 2024, one of the worst performances among U.S. manufacturing industries.

Fact of the Week: Productivity in the Pharmaceutical and Medicine Industry Fell by 2.4 Percent Annually Between 2014 and 2024

Manufacturing’s smaller role in the U.S. economy is hotly debated, with many blaming automation for its demise. But analysis of a recently expanded BEA and BLS dataset demonstrates both how stark manufacturing’s decline has been and that fears of automation are largely misplaced.

Fact of the Week: Manufacturing Contributed 14 Percent of US Economic Growth From 1987 to 2016, But is Now Reducing Growth by 1 Percent

Average annual growth of U.S. labor productivity over the past five years hit 1.9 percent in the third quarter of 2024.

Fact of the Week: US Labor Productivity Is Rising, Potentially Suggesting Another Productivity Boom in This Decade

Labor productivity growth has slowed dramatically across the developed world in recent years. In the United States, it dropped to just 0.96 percent in the 10-year period from 2007 to 2017. That was down by more than half from 2.06 percent in the previous 10-year period.

Fact of the Week: The Digital Economy has Contributed to 86 Percent of U.S. Labor Productivity Growth in Recent Years Despite Accounting for Only 8.2 Percent of GDP

A new study finds the U.S. share of global manufacturing will fall to 11 percent by 2030, while China’s will increase to 45 percent.

Fact of the Week: A New Study Finds the US Share of Global Manufacturing Will Fall to 11 Percent by 2030

U.S. manufacturing has employed one production worker for every non-production worker since 2002, writes John Wu in Innovation Files.

Innovation Fact of the Week: U.S. Manufacturing Holding Steady at One Production Worker For Every Non-production Worker

Labor productivity growth during the U.K.'s Industrial Revolution averaged below 0.4 percent from 1770 to 1830, and only gradually increased to about 0.8 percent in 1860.

Fact of the Week: Labor Productivity Grew Less Than 0.4 Percent Annually During the Industrial Revolution in the United Kingdom

Emerging technologies promise to bring about a new production revolution that will increase welfare throughout society, but it is expected to have the largest impact on low-productivity jobs. This could increase the proportion of high-paying and high-productivity jobs, but it also threatens a larger disruption to society, as lower-skill workers have more difficulties changing industries.

Fact of the Week: 72 Percent of Jobs Created in the U.S. from 2010 to 2016 Were Below Average in Both Compensation and Productivity

Only increased productivity can create growth, so recent numbers from the BLS should scare us.

Fact of the Week: US Manufacturing Labor Productivity Fell by 2.8 Percent Between 2011 and 2021

Related

Fact of the Week: Productivity in the Pharmaceutical and Medicine Industry Fell by 2.4 Percent Annually Between 2014 and 2024

Fact of the Week: Manufacturing Contributed 14 Percent of US Economic Growth From 1987 to 2016, But is Now Reducing Growth by 1 Percent

Fact of the Week: US Labor Productivity Is Rising, Potentially Suggesting Another Productivity Boom in This Decade