A surge in productivity in the past year spells optimism for the country's economic growth.
Labor productivity in the U.S. has increased to a record high in 2023 after 15 years of no gains, according to a recent report Bank of America shared with Newsweek, leading strategists to believe the S&P 500 will deliver strong earnings this year.
'Our economists raised their 2024 GDP forecast to +2.7 percent YoY ,' the report said.The McKinsey Global Institute reported that between 2005 and 2019, U.S. labor productivity had grown by an average of 1.4 percent, running below its long-term average of 2.2 percent annual growth, which determined the country's wealth since World War II.According to the Bureau of Labor Statistics, productivity increased by 2.7 percent in 2023.
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