- US companies are increasingly turning to robots to fill labor market gaps.
- Batesville Tool & Die struggled to hire 70 people due to a scarcity of job seekers.
- The introduction of more efficient machines or technology increases worker productivity, allowing companies to boost profits and raise pay without increasing prices.
- This productivity surge is contributing to the US economy’s surprising resilience.
- Reata Engineering and Machine Works, a parts manufacturer for aircraft and medical devices, has invested heavily in software that automates its manufacturing processes and trains workers to use more sophisticated equipment.
- Economists view strong productivity growth as a solution to inflation, as paychecks have outpaced inflation over the past year, easing Americans’ adjustment to a higher cost of living.
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