From the Document: "Productivity is broadly defined as the ratio of outputs to inputs. With respect to the economy, productivity measures how efficiently goods and services can be produced by comparing the amount of economic output with the amount of inputs (labor, capital, etc.) used to produce those goods. Policymakers are interested in productivity because productivity growth is generally the most consequential determinant of long-term economic growth and substantive improvements in individual living standards."
CRS In Focus, IF10557
Congressional Research Service: https://crsreports.congress.gov/