Average annual growth rates of labor productivity, capital, and IT hardware and software, 1973–2016
Growth in labor productivity and the capital stock has decreased in recent periods
| Null column | 1947-1973, The Post-War Boom | Null column | 1973-1995, The Great Productivity Slowdown | Null column | 1995-2002, IT-led resurgence | Null column | 2002-2007, pre-recession deceleration | Null column | 2007-2016* (2016* = 2015Q4/2016Q3), Great Recession and its aftermath | |
|---|---|---|---|---|---|---|---|---|---|---|
| Labor productivity | 0 | 3.3% | 0 | 1.50% | 0 | 3.30% | 0 | 2.20% | 0 | 1.30% |
| Capital investment | 0 | 3.90% | 0 | 3.80% | 0 | 5.10% | 0 | 2.90% | 0 | 1.70% |
Capital investment in information technology has also slowed
| 1947–1973 | 1973–1995 | 1995–2002 | 2002–2007 | 2007–2016 | |
|---|---|---|---|---|---|
| Hardware | 10.57% | 12.91% | 15.64% | 7.97% | 4.82% |
| Software | 0.00% | 16.43% | 16.31% | 6.46% | 4.18% |
Note: Using latest available data, 2016 measure includes data from 2015Q4–2016Q3.
Source: EPI analysis of data (xls) compiled by John Fernald of the Federal Reserve Bank of San Francisco.