2 Multifactor productivity growth reflects such things as business process innovations - for example, enhanced supply-chain management techniques or more-effective retail store layouts; advancements in technology, such as the development of new-generation computer chips; or most any other type of improvement in the efficiency of a firm’s operations.
This aggregate growth-accounting framework forms the economic underpinning of key comprehensive productivity statistics produced by the Bureau of Labor Statistics. Work done over the past decade takes a somewhat more disaggregated approach to growth accounting in order to get inside the aggregate numbers and try to get a better handle on the sources of our remarkable productivity performance since 1995.