Productivity After the Pandemic
After years of disappointing productivity growth, the COVID-19 pandemic has shaken something loose, with surveys of business executives showing most reporting increased investments in technology. The danger now is that the pandemic-era acceleration of automation and digitalization impedes growth in labor income and consumption.
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BERKELEY – With COVID-19 vaccines being rolled out and supportive fiscal and monetary policies fueling aggregate demand, the US economy is poised to return to its pre-pandemic output level later this year. The labor-market recovery, however, will be much slower and unevenly distributed, with employment unlikely to return to its pre-pandemic peak until 2024.