Here's Which Industries Saw Incredible Growth In Productivity In The Last Decade
The Bureau of Labor Statistics released an informative chart today showing the change in labor productivity for certain nonfarm industries in the U.S from 2001 through 2011. An industry's labor productivity increases when it can produce more output with equal or fewer labor hours.
Unsurprisingly, the wireless telecommunications industry had the greatest growth in labor productivity in that period. Its increased its output by more than 15% while using fewer labor hours. Employment placement agencies, computer and motor vehicle manufacturers and air transportation firms all saw considerable growth in labor productivity as well.
On the opposite side, department stores and oil and gas extractors both saw their labor productivity fall during that timespan.
Check out the whole chart:
