Impact of ICT on Labor Productivity in US Manufacturing Industry

The article analyzes the role and influence of ICT on the dynamics of productivity in the US manufacturing industry. The statistical base for comparing the dynamics of labor productivity and total factor productivity is the data for the period 1987–2022. As a result of the study, a significant drop in productivity growth rates is found. In this regard, the author identified and characterized two periods of productivity dynamics: rapid growth (1987–2008) and stagnation trap (2008–2022). In the first period, the driver with the highest productivity growth rates was identified, which turned out to be the production of computers, electronic and optical products. A detailed analysis of the production structure of this sector revealed that the highest productivity growth rates were achieved through the expansion of such industries as computer and peripheral equipment, as well as semiconductors and other electronic components. The main conclusion from the second period is that productivity growth deceleration trends are observed in all US manufacturing industries, including ICT. The views of researchers are systematized based on the review of available scientific literature and it is found that there is no scientific consensus on this issue. Theoretical analysis of the problem was carried out, the interpretation of the causes of this phenomenon and possible ways of its solution was proposed. The obtained results of the study are consistent with the theory of long waves and the hypothesis of innovation pause. The author recognizes the need for a productivity growth impulse as a solution, which can be the emergence of a new generation of technologies of wide application. Their large-scale development can give an additional impetus to productivity, thus creating the potential for economic growth and development.