Sunday, October 23, 2011

Manufacturing productivity increased so where is inflation?

Manufacturing productivity

In 2010 manufacturing productivity increased in all the 19 countries surveyed by America’s Bureau of Labour Statistics; the previous year 12 of the countries experienced falls. Taiwan achieved an impressive increase of 15.2% and was one of six countries with gains above 10%. In 2008-09 productivity in Japan, Italy and Britain fell by more than 3%, but they recovered all the lost ground in 2009-10. Germany was not so lucky: in 2008-09 its productivity fell by 9.2% and rebounded by only 6.9% the next year. Unit labour costs, a contributor to manufacturing productivity, also fell across the board. However, in dollar terms costs rose (and thus international competitiveness fell) in Canada, Korea, Norway and Australia.

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