US Productivity Tops League Table

US employees came out on top of a survey of workforce productivity per person by nation, according to a report released today by the International Labour Organisation.

The survey covered the wealth created by each employee on average as a measure of production output, before compiling a leader board of nations by value. The annual report has seen the US stalk the top of the table for several years, remaining fixed a number one through 2006 with longer working hours than most other developed nations.

The US topped the table for 2006, with each worker coming in at having produced $63,885 of wealth. Analysts have suggested that the impact of longer working hours has led to the US workforce taking the coveted top spot.

The Republic of Ireland came in second place in the rankings, with average output of $55,986 per person over the course of 2006, whilst East Asian nations made the greatest progress from the last survey.

The figure is calculated by dividing total national output by total employment numbers, producing an average value per employee. In a different measure of productivity, which sees value added per hour, the US still maintained a high ranking, coming second only to Norway.

With the US economy facing significant threats from the rocky sub-prime sector, and analysts fearing the economy is performing below other major world economies, the news today comes as consolation to investors, and a sign that the market could be on the road to recovery.

The news was well received on the stock exchanges, with the Dow Jones growing considerably by the end of the day. Analysts are predicting that with interest rate cuts at the Federal Reserve likely, the US economy could see a further turnaround over the coming months, despite the ongoing sub-prime crisis that has thus far hampered growth.

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