Is There a U.S. Productivity Crisis?

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Abstract
Long-term data on U.S. productivity growth show its enormous contribution to U.S. living standards but do not confirm fears that the country is losing its manufacturing jobs to other countries. Growth in U.S. manufacturing productivity shows no downward trend; the U.S. share of world manufacturing employment is rising and, although the share of U.S. service sector jobs has increased, that in Japan has risen three times as quickly. The threats to U.S. productivity growth are mostly shorter term, for example, the federal deficit that absorbs savings which would otherwise be used to modernize and expand plant and equipment.

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