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Productivity During and Since the Pandemic

Author

Listed:
  • John G. Fernald
  • Huiyu Li
  • Brigid C. Meisenbacher
  • Aren S. Yalcin

Abstract

U.S. labor productivity initially surged in 2020 during the COVID-19 pandemic, despite the massive economic upheaval. As the economy recovered, the level of productivity retreated to its slow pre-pandemic trend. As of mid-2024, it remained close to but just above that trend. The surge and retreat in productivity follows the pre-pandemic cyclical relationship in which U.S. productivity rises temporarily in recessions. This example highlights the need to look through temporary cyclical effects when trying to infer longer-run trends.

Suggested Citation

  • John G. Fernald & Huiyu Li & Brigid C. Meisenbacher & Aren S. Yalcin, 2024. "Productivity During and Since the Pandemic," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2024(31), pages 1-6, November.
    • Handle: RePEc:fip:fedfel:99172
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    References listed on IDEAS

    as
    1. John G. Fernald & Ethan Goode & Huiyu Li & Brigid C. Meisenbacher, 2024. "Does Working from Home Boost Productivity Growth?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2024(02), pages 1-6, January.
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