WOODBURY, N.Y. (MktNews) - U.S. labor force productivity gains have accelerated in the past five years, with a boost from information technology, William McDonough, president of the Federal Reserve Bank of New York, said Tuesday.
"Since 1995 U.S. labor force productivity has grown faster than in any place in the industrialized world," McDonough said, adding, "The U.S. information technology sector in particular presented a renaissance in labor productivity."
"From 1996 to the present, labor productivity trendlines have been significantly better than in the last 30 years," he said in a speech at the State University of New York campus here.
"The U.S. labor force's competitive advantage is its flexibility," he said. --Mark Kuiper