Job Market Monitor
productivity
Skills and Productivity in Canada – Skills shortages explain 7 per cent of the gap between U.S. and Canadian productivity
Skills shortages hamper Canada’s productivity growth. If there had been no skills shortages over the past 20 years, Canada’s GDP would be 1.8 per cent, or $49 billion, larger. Key findings • Skills shortages hamper productivity growth. We estimate Canada’s GDP would be up to 1.8 per cent, or $49 billion, larger today if there … Continue reading
Investment and Productivity in Canada – Investment per worker declined by 20% from 2006 to 2021, significantly in large and medium-sized firms
Investment in fixed capital has been weak in Canada since the mid-2000s. The ratio of investment to net capital stock and investment per worker declined after 2006, especially after 2014. As a result of this investment slowdown, the growth in labour productivity declined after 2006. This paper examines the sources of this weakness in capital … Continue reading
Productivity in Canada – Gone into reverse in the past five years
Not only has Canada’s productivity lagged the U.S. for decades, the trend has actually gone into reverse in the past five years. It is not news that Canada’s productivity performance is listless and lagging U.S. trends. That has been going on for decades. But what is news is that productivity has actually gone into reverse … Continue reading
Productivity and Aging – Aging economies are not puzzling from a theoretical perspective
Due to population aging, GDP growth per capita and GDP growth per working-age adult have become quite different among many advanced economies over the last several decades. Countries whose GDP growth per capita performance has been lackluster, like Japan, have done surprisingly well in terms of GDP growth per working-age adult. Indeed, from 1998 to … Continue reading
STEM Workers and Productivity in Belgium – The gains from increasing their share by 10 percentage points is linked with an increase in productivity of around 20%
Few would argue that they would rather “work harder” than “work smarter”. Yet, the indicator that measures smart working – productivity – shows at best sluggish growth since the financial crisis. Belgium for instance has experienced little productivity growth in recent years and has only increased its labour productivity by ~5% over the decade since … Continue reading
Productivity in US (Q4 2020) – Largest drop in 39 years
Nonfarm business sector labor productivity decreased 4.8 percent in the fourth quarter of 2020, the U.S. Bureau of Labor Statistics reported today, as output increased 5.3 percent and hours worked increased 10.7 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates, and show what the percent change would be if the … Continue reading
Productivity and Wages in US – They aren’t keeping up
While net productivity has continued to increase by an expected 70%, hourly compensation in the country is less than a fifth of that at just 12%. The growth in productivity has more than doubled that of hourly compensation for U.S. workers since 1948. With net productivity in the country growing by roughly 253 percent in … Continue reading
Remote Work and Productivity – Majority maintain or improve it says a survey of 12,000 employees
To assess employee sentiment on these changes, from the end of May through mid-June we surveyed more than 12,000 professionals employed before and during COVID-19 in the US, Germany, and India. The respondents work in roles such as analysts, engineers, HR personnel, teachers, and health care providers (but generally not in jobs performed onsite such … Continue reading
COVID and Productivity – Canadians workers boost productivity working at home while European colleagues lag behind
Software-as-a-service monitoring company tracks how much time employees spend using Outlook, Excel, and Salesforce. Productivity is up in Canada, slightly down in the US, and significantly down in Europe, according to a new analysis of work at home activity. From Feb. 24 through March 26, workers in North America slightly increased their overall productivity by … Continue reading
Skills and Productivity – Skills should be labour market relevant and skilled workers need to be matched with jobs
This paper analyses different dimensions of skills mismatch (notably ‘macro-economic skills mismatch ‘, ‘skills shortages ‘, and ‘on-the-job skills mismatch ‘) and their empirical relationship with labour productivity. Macro-economic skills mismatch arises when the skills distribution differs between the available workers and those that get hired. Skills shortages occur when employers encounter difficulties to fill … Continue reading
Productivity and Skills – Sectoral skills explain more than school attainment
The key source of modern economic growth is productivity growth which is ultimately determined by technological progress. Innovation and technological progress are driven by people’s knowledge and skills which, in turn, are fostered by education and by research and development activities (R&D). Education – by equipping individuals with knowledge and skills – enables workers to … Continue reading
The Future of Work in US – How to fix the broken historical link between labor productivity and wages
In Don’t Fear the Robots: Why Automation Doesn’t Mean the End of Work, Roosevelt Fellow Mark Paul challenges the narrative that large-scale automation will imminently lead to mass unemployment and economic insecurity. He debunks the idea that we are on the cusp of a major technological change that will drastically alter the nature of work, … Continue reading
Changes in the age structure of the workforce are significantly correlated with changes in aggregate productivity
This paper examines the relationship between workforce demographics and aggregate productivity. Changes in the age structure of the workforce is found to be significantly correlated with changes in aggregate productivity. Different demographic structures may be related to almost one quarter of the persistent productivity gap between the OECD and low income nations as well as … Continue reading
Smartphones at Work – 65 percent do not have their work emails on their smartphones
While technology helps workers stay connected while away from the office, in many cases it is causing them to disconnect while in the office, leading to a negative impact on productivity. According to new CareerBuilder research, 1 in 5 employers (19 percent) think workers are productive less than five hours a day. When looking for … Continue reading
Productivity and Wages in US – The disconnect
The disconnect between productivity and wages really took off with the rise of financialization and cheap technology tools in the early 1980s. Chosen excerpts by Job Market Monitor. Read the whole story at “Free” Trade, Jobs and Income Inequality: It’s Not As Easy As We Might Think | Max Keiser
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