Job Market Monitor
productivity
US – The productivity miracle is over Robert Gordon says
In his magisterial new book, The Rise and Fall of American Growth, the Northwestern University professor [Economist Robert Gordon] lays out the case that the productivity miracle underlying the American way of life was largely a one-time deal. It was driven by a flurry of technologies—electric lights, telephones, automobiles, indoor plumbing—that fundamentally transformed millions of … Continue reading
Productivity and Smart Simplicity – Unleashing the power of talent
If companies successfully marry new digital approaches with what we call “smart simplicity,” they can unleash the latent power of their technology and their people. Smart simplicity is built on the premise that companies are most productive when they harness the intelligence of their employees. Many of today’s most successful digital natives, such as Netflix … Continue reading
The global employment challenge and the productivity solution
Global employment growth has been slowing for more than two decades. By around 2050, our research finds, the global number of employees is likely to peak. In fact, employee headcounts are already declining in Germany, Italy, Japan, and Russia; in China and South Korea, they are likely to begin falling as early as 2024. While … Continue reading
US – None of the productivity growth flowed into the paychecks
This paper updates and explains the implications of the central component of the wage stagnation story: the growing gap between overall productivity growth and the pay of the vast majority of workers since the 1970s. A careful analysis of this gap between pay and productivity provides several important insights for the ongoing debate about how … Continue reading
Human Capital and Labour Productivity in Canada – HC contribution to productivity growth is substantial
“The good fortune of bountiful natural resources is not enough to ensure rising incomes for Canadians in the long term. Growing labour productivity is the most important determinant of future economic welfare and on that measure, Canada is falling behind its major trading partners.” writes Serge Coulombe in Lagging Behind: Productivity and the Good Fortune … Continue reading
Aging of Japan – The labor-market gap
Japan is the world’s oldest country—25 percent of its people are aged 65 or over. By 2040, that ratio is estimated to rise to the historically unprecedented level of 36 percent. The population of Japan nearly tripled in the 20th century, peaking at 128 million in 2010. But with a falling birth rate, one of … Continue reading
Aging – 10 Key areas where change is necessary to help achieve a step change in productivity growth
Global economic growth is under threat because populations are aging, shrinking the size of the pool of people able to work. The only answer to the growth question in an era of dramatic demographic change is productivity growth. If historical rates of productivity growth were to remain constant, global GDP growth would be 40 percent … Continue reading
The Aging Global Workforce – The productivity challenge could be do-able McKinsey finds
The world is aging, and that matters for growth. In the past, an abundant and growing labor pool was a powerful engine of the world economy; today, the number of workers is starting to decline in many countries. This leaves no alternative but for companies, individuals, and governments to work in smarter ways. In an … Continue reading
The long-term employment challenge – The productivity solution
Global employment growth has been slowing for more than two decades. By around 2050, our research finds, the global number of employees is likely to peak. In fact, employee headcounts are already declining in Germany, Italy, Japan, and Russia; in China and South Korea, they are likely to begin falling as early as 2024. While … Continue reading
US – The disconnect between productivity and wages, 1948–2013
Since 1979, hourly pay for the vast majority of American workers has diverged from economy-wide productivity, as shown in Figure D, and this divergence is at the root of numerous American economic challenges. Between 1979 and 2013, productivity grew 64.9 percent, while hourly compensation of production and nonsupervisory workers, who comprise over 80 percent of … Continue reading
Productivity – The perfect length for a break: work for 52 minutes, break for 17
What’s the perfect length for a break? Seventeen minutes, according to an experiment released this week. Rather than set your stop-watch for 17 minutes when you get up from your desk, the more important reminder might be to get up, at all. DeskTime, a productivity app that tracks employees’ computer use, peeked into its data … Continue reading
Canada – Labour productivity rose 1.8% in Q2
Labour productivity of Canadian businesses rose 1.8% in the second quarter, after edging down 0.1% in the first quarter… In the United States, labour productivity of American businesses rose 0.6% in the second quarter, following a 1.3% decline in the first quarter. For Canadian businesses, labour costs per unit of production increased 0.3% in the second quarter, one-third of the … Continue reading
US – Between 1979 and 2013, productivity grew 64.9 percent while hourly compensation of production and nonsupervisory workers grew just 8.0 percent.
The poor performance of American workers’ wages in recent decades—particularly their failure to grow at anywhere near the pace of overall productivity—is the country’s central economic challenge. Indeed, it’s hard to think of a more important economic development in recent decades. It is at the root of the large rise in overall income inequality that … Continue reading
China’s Middle-Income Trap – Productivity goes negative
Chinese productivity growth has gone into reverse for the first time since the Cultural Revolution tore the country apart in the 1970s, according to a new study…That means that despite dramatic rises in the cost of labor, energy, credit and property, the average Chinese company has actually been getting less bang for its buck since … Continue reading
Labour market reforms in Italy
Italy’s labour market productivity has been stagnating in the past decade despite numerous reforms. This column gives an explanation why this is so. By focusing exclusively on flexibility, past labour market reforms have completely neglected incentives. There is severe allocative malfunctioning in the Italian labour market. Wages do not reflect sector productivity in the short … Continue reading
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