Using data from the St. Louis Federal Reserve (FRED) (research.stlouisfed.org/ fred2/), analyze the relationship between labor productivity
Question:
a. Download data since 1987 on output per hour of all persons in the manufacturing sector (OPHMFG) and in the non-farm business sector (OPHNFB).
b. Which has increased more since 1987, labor productivity in manufacturing or in the non-farm business sector?
c. The manufacturing sector has been shrinking relative to the size of the economy in the United States and other advanced economies. What do your results imply about future labor productivity growth in advanced economies?
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a Output per hour for all persons in the manufacturing sector in th...View the full answer
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