Over the past 15 years America’s underlying productivity growth—adjusted for the ups and downs of the business cycle—has outperformed most other rich economies’ by a wide margin (see chart 12).

在过去的15年中，美国的潜在劳动生产率的增长幅度（经过了经济周期的调整）大大超过了其他多数的发达国家（见图12）。

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One implication is that productivity gains are now outstripping consumption by a large margin.

证据之一就是当前生产力增速远超消费增长。

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So far, wage increases have been broadly absorbed by productivity gains and margin erosion.

迄今为止，消化工资上涨的手段主要是提高生产率和牺牲利润率。

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So far, wage increases have been broadly absorbed by productivity gains and margin erosion.

迄今为止，消化工资上涨的手段主要是提高生产率和牺牲利润率。

youdao