- 22 (which is used in the estimation) is computed as a geometrically declining weighted average, 𝑀𝑀𝑀𝑀_𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑡𝑡 = 0.95𝑀𝑀𝑀𝑀_𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑡𝑡−1 + 0.05𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑡𝑡 ,  where 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑡𝑡 denotes trend productivity growth and where the moving average is initialized in 1955:Q1 with that quarter’s estimate of the trend growth rate.
Labor productivity growth is low Percent, 5-year average 4.0 3.5 3.0 2.5 2.0 1.5 1.0  2015:Q1  2012:Q1  2009:Q1  2006:Q1  2003:Q1  2000:Q1  1997:Q1  1994:Q1  1991:Q1  1988:Q1  1985:Q1  1982:Q1  1979:Q1  1976:Q1  1973:Q1  0.0  1970:Q1  0.5  Source: Department of Labor, Bureau of Labor Statistics. 11  12.