America is back to work. The productivity of U.S. workers grew 5.2% in the third quarter, according to the latest Bureau of Labor Statistics report, released Wednesday. That’s the fastest pace of growth since the third quarter of 2020. Productivity also grew last quarter, by 2.4%, making these the first two consecutive quarters of productivity growth in nearly three years.
That’s a welcome turn of fate after five consecutive quarters of declining productivity, the reasons for which have been up for plenty of debate. The dispute has been raging for years now as executives and workers alike attempt to uncover what exactly leads to lowered output and morale. Many CEOs have pointed fingers at remote work, arguing that languishing on the couch has made it significantly easier for employees to extend less effort—which over time yanks total company production down. But the data hasn’t borne that out—offices have been no more full as productivity rose. And economists have mainly chalked the decline up to everything from sluggish economic activity to higher-than-usual job turnover.
