Post-pandemic Productivity Dynamics in the United States

June 21, 2024

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Format: Chicago

Mai Dao, and Josef Platzer. Post-pandemic Productivity Dynamics in the United States, (USA: International Monetary Fund, 2024) accessed December 21, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

We study U.S. labor productivity growth and its drivers since the COVID-19 pandemic. Labor productivity experienced large swings since 2020, due to both compositional and within-industry effects, but has since returned to its pre-pandemic trend. Industry-level panel regressions show that measures of labor market churn are associated with higher productivity growth both in the cross-section and over time. Sectors with higher investment in digitalization, particularly in teleworkable industries, also experience higher productivity growth on average. There has also been an increase in business formation since the pandemic, but its impact on productivity dynamics will likely need more time to be reflected in the data.

Subject: COVID-19, Health, Labor, Labor markets, Labor productivity, Production, Productivity

Keywords: COVID-19, Digitalization, Fagging productivity, Industry classification, Industry name, Labor markets, Labor productivity, Panel regression, Productivity, Productivity dynamics, Productivity increase, Productivity services sectors, Productivity-boosting force, Work-from-home industry

Publication Details

Pages:

32
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2024/124
Stock No:

WPIEA2024124
ISBN:

9798400279713
ISSN:

1018-5941

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