Canada Labor Productivity q/q shows a change in the efficiency of Canadian workers producing goods and services, in the given quarter compared to the previous one. It is measured as real gross domestic product (GDP) per hour worked.
Data are extracted from administrative files and derived from regular population surveys. Real GDP is calculated by applying a deflator to nominal GDP, real value added data are used to measure the output of industries and major sub-sectors of economy. Hours worked used in the calculation are measured based on labor statistics.
Labor productivity is one of the key indicators of the national economy. It reflects the ratio between the real labor productivity and the working time spent. The data is used in economic analysis, forecasting and price analysis, in preparing of private company policies and government programs, as well as in the evaluation of technological innovations, which can be introduced in production.
However, the labor productivity should not be interpreted as a pure representation of labor contribution to production. It also reflects a plethora of other factors, such as a change in labor characteristics, in managing technologies, in the organization of production, allocation of resources and, of course, the level of technology.
Productivity growth is an indication of a higher efficiency of use of production capacities. Given that labor costs make up an important part of businesses expenses, high productivity allows fulfilling consumer demand with less labor costs. This may lead to near-term production growth. Therefore, index growth may have a positive effect on the Canadian dollar.
The chart of the entire available history of the "Canada Labor Productivity q/q" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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