Source: U.S. Bureau of Labor Statistics
Release: Industry Productivity
Multifactor productivity measures are derived by dividing an index of real industry output by an index of the combined inputs of labor, capital, and intermediate purchases. The multifactor productivity indexes do not measure the specific contributions of capital, labor, and intermediate inputs. Rather, they reflect the joint influences on economic growth of a number of factors that are not specifically accounted for on the input side, including technological change, returns to scale, improved skills of the workforce, better management techniques, or other efficiency improvements.
U.S. Bureau of Labor Statistics, Multifactor Productivity for Manufacturing: Navigational, Measuring, Electromedical, and Control Instruments Manufacturing (NAICS 3345) in the United States [IPUEN3345M001000000], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/IPUEN3345M001000000, January 29, 2022.