Indicators · Jobs and pay
Productivity and pay
Chart only
Output per hour grew 2.4 percentage points faster than real pay per hour over the year to Q2 2026.
The difference in growth is higher than 83% of the readings since 1990.
What it measures
Growth of output per hour less growth of real pay per hour, over four quarters (nonfarm business).
Why it matters
If machines take over tasks, output per hour can grow faster than real pay per hour.
Where it fits
Output growing faster than pay. The argument predicts: Labour's share of output falls by about two points a year or more, and productivity grows faster than real pay, with no recession and no jump in the prices businesses charge.
Other possible causes. Recoveries from recession and jumps in the prices businesses charge also lower the share for a while (2009, 2022).