he's referring to labor productivity, e.g., the economic value produced per unit of labor input. it also _has_ changed significantly, as seen here: https://fred

he's referring to labor productivity, e.g., the economic value produced per unit of labor input. it also _has_ changed significantly, as seen here: https://fred.stlouisfed.org/series/OPHNFB https://fred.stlouisfed.org/series/OPHNFB however, unit labor costs has also been increasing (although they remain variable): https://www.bls.gov/opub/ted/2026/productivity-up-0-3-percent-in-first-quarter-2026.htm https://www.bls.gov/opub/ted/2026/productivity-up-0-3-percen...