Fast productivity growth and low unemployment do not trade off against each other: Average unemployment and average annualized productivity growth across business cycles
| Average productivity | Average unemployment rate | |
|---|---|---|
| 1948 Qtr4 | 4.11 | 4.18% |
| 1953 Qtr2 | 2.37 | 4.31 |
| 1957 Qtr3 | 2.76 | 5.73 |
| 1960 Qtr2 | 3.05 | 4.77 |
| 1969 Qtr4 | 2.94 | 5.24 |
| 1973 Qtr4 | 1.17 | 6.70 |
| 1980 Qtr1 | 2.24 | 7.28 |
| 1981 Qtr3 | 1.68 | 7.13 |
| 1990 Qtr3 | 2.38 | 5.58 |
| 2001 Qtr1 | 2.41 | 5.20 |
| 2007 Qtr4 | 1.45 | 6.41 |
| 2019 Qtr4 | 1.48 | 5.54 |
Source: Unemployment data from the Bureau of Labor Statistics (BLS) Current Population Survey, productivity data from the BLS productivity program. The precise productivity measure used is real output per hour worked in the nonfarm business sector.