Though the quarterly numbers are volatile and should be treated cautiously, the nearly 1 percent decline in labor productivity recorded in the fourth quarter of 2017 would imply that a productivity turnaround is not yet upon us. Moreover, for 2017 as a whole, productivity increased only 3/4 percent, about the same as the average annual pace since 2011.
That said, with no consensus on what has caused the productivity slowdown, a turnaround could come suddenly.