Post-pandemic Productivity Dynamics in the United States

Post-pandemic Productivity Dynamics in the United States
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Volume/Issue: Volume 2024 Issue 124
Publication date: June 2024
ISBN: 9798400279713
$20.00
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Topics covered in this book

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Labor , Productivity , COVID-19 , Digitalization , productivity dynamics , panel regression , industry name , productivity services sectors , productivity increase , work-from-home industry , productivity-boosting force , industry classification , fagging productivity , Labor productivity , Labor markets

Summary

We study U.S. labor productivity growth and its drivers since the COVID-19 pandemic. Labor productivity experienced large swings since 2020, due to both compositional and within-industry effects, but has since returned to its pre-pandemic trend. Industry-level panel regressions show that measures of labor market churn are associated with higher productivity growth both in the cross-section and over time. Sectors with higher investment in digitalization, particularly in teleworkable industries, also experience higher productivity growth on average. There has also been an increase in business formation since the pandemic, but its impact on productivity dynamics will likely need more time to be reflected in the data.