Every real gain in the U.S. standard of living comes from greater productivitythe ability of each U.S. worker to boost his man-hour output of goods. Normally, the U.S. manages to achieve a yearly gain of 2% in productivity.
Last week the Bureau of Labor Statistics reported that, on the basis of early estimates, the productivity gain in 1950 was 6%, the biggest rise since the war. This not only meant that workers were producing more efficiently, but that the U.S. was reaping the benefits from industry's huge postwar expenditure on new, improved plants and equipment.
Many industries far outstripped the average...
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