United States Department of Transportation
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A Primer on Multifactor Productivity: Description, Benefits, and Uses
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2008-04-01
[PDF-177.83 KB]
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Abstract:This primer presents a description of multifactor productivity (MFP) and its calculation. Productivity is an important measure of the state of the economy at various levels: firm, industry, sectoral, and the macroeconomic. The method described is the one used by government agencies, such as the Bureau of Labor Statistics (BLS) and the Bureau of Transportation Statistics (BTS), as well as the Economic Research Service (U.S. Department of Agriculture). The method is also used outside of government, including academia and other private researchers. The estimation of multifactor productivity includes the measurement of output (of an industry, etc.) and the inputs used to create the output. It also includes a weighting of the inputs; the weights indicate the relative importance of the inputs in industry output.
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