American workers most productive...
(RTTNews) - A report issued this week from the ILO showed that Americans are the most productive workers in the world. Employees in the U.S. were able to produce more wealth per person than anywhere else, due in part to the increase in hours worked per person. The report stated that the U.S. "leads the world in labor productivity."
The International Labor Organization report, "Key Indicators of the Labour Market," stated that the U.S. leads the world by far in productivity per person employed in 2006. The average American worker produces $63,885 in wealth per year, followed by Ireland at $55,986. France came in at $54.609.
The numbers are found by dividing the country's gross domestic product by the number of people employed. Norway generated the most output per working hour, nearly $38. However, the amount is inflated by Norway's oil exports and high prices for goods at home.
America topped the list as its citizens worked more hours per year than workers in most other developed economies. The U.S. employee works about 1,804 hours in 2006, compared to 1,407 hours for Norway. French workers saw 1,564.4 hours in the year. The numbers pale in comparison to the hours worked per person in Asia, which surpassed 2,200 average hours per worker. However, the countries had lower productivity rates.
Jose Manuel Salazar, head of ILO's employment, stated that America's increased productivity has little to do with information and communication revolution, the way the U.S. organizes companies, the high level of competition, and extension of trade and investment abroad.
The report stated the increase is the result of firms "better combining capital, labour and technology." It went on to say that, "a lack of investment in people as well as equipment and technology can lead to an underutilization of the labour potential in the world."
East Asia showed the fastest increase, doubling its productivity in ten years. The output per worker was up from 1/8th in 1996 to 1/5th the level found in industrialized countries in 2006. South-east Asian and the Pacific showed levels that were seven times less than industrialized countries.
The report also showed that the Middle East, Latin American and the Caribbean had three times less the productivity as developed economies. Central and South Eastern Europe (non-EU) had a level that was 3.5 times less, and North Africa showed a productivity amount 4 times less.
The widest gap in productivity was in sub-Saharan Africa where productivity per person was 1/12 that of a worker in an industrialized country. The report warned that the growing gap between the U.S. and other countries has become even more dramatic than in the past. ILO Director-General Juan Somavia stated in a press release that, "The huge gap in productivity and wealth is a cause for great concern." He went on to state, "Raising the productivity levels of workers on the lowest incomes in the poorest countries is the key to reducing the enormous decent work deficits in the world."
Later, QD.
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. Of course theres a millions of other factors for that but thats one imo.
