Graph 5  It is much too soon to conclude that a new, stronger trend is emerging – in this field much longer runs of data are needed. In my opinion, the accelerated structural change we are seeing in the economy for various reasons is likely to result in some improvement in productivity performance.
But the most that can be said, at this stage, is that the data are not inconsistent with that hypothesis. At this point when talking about productivity, I usually become circumspect.