Total factor productivity

{
  "id": "MLC-T-ECS-001945",
  "term": "Total factor productivity",
  "field": "Economic statistics",
  "definition": "Efficiency at which combined inputs are used to produce output of goods and services.\n\nNote: For the aggregate economy, private business, and private nonfarm business sectors, combined inputs include labor (measured by a weighted average of the number of hours worked, classified by age, education, and sex) and capital. For the industry sectors, combined inputs include labor, capital, and intermediate inputs (energy, materials, and services).",
  "references": [
    "BLS Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/total-factor-productivity/"
}