Manufacturing drives productivity growth

05/15/2013

This week's excerpt from The Facts About Modern Manufacturing: Manufacturing productivity (excluding computers) consistently outpaces such growth in other sectors; between 1998 and 2011, it grew at an average annual rate of 3.3%. In contrast, service sector productivity grew by 1.5%. Higher productivity means that we can produce more with our stock of resources (labor and capital) and it is thus the basis for higher wages and living standards. Manufacturing Facts

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