THERE’S been a lot of bad economic news lately, yet we may be overlooking the most disturbing development of all: our economic productivity has been weakening. This isn’t just a problem for the United States. Because America remains a leader in technology and innovation, it is also a matter of concern for the entire world.

Productivity statistics are hardly exciting reading, but they are important. Our society is wealthy precisely because it can churn out products like automobiles, flush toilets and Google search algorithms at relatively low cost. Productivity slowdowns mean erosion of living standards over the long haul, and they also can lead to short-term crises. If productivity turns out to be much lower than expected, it often means that we have borrowed too much and taken on too much risk. Retrenchment can make a recession longer and deeper.

The overlooked piece of news came this month from the Bureau of Labor Statistics. In the second quarter this year, it reported, nonfarm business labor productivity fell by 0.3 percent, the second quarterly drop in a row. And it turns out that it rose only 0.8 percent from the second quarter of 2010. Over the last year, hourly wages have risen more quickly than productivity.

These factors have helped to keep the labor market sluggish and have thwarted a potential recovery.

Yet these numbers don’t capture the entire issue, and are themselves plagued by an array of problems. One bias in the economic statistics — which never shows up in published revisions — is embedded in the health care sector, where third-party payments, subsidies and care quality are hard to monitor and measure. A result is that a dollar spent on health care does not necessarily mean a true dollar’s worth of value added. The United States spends more per capita on health care than any other country, yet without producing measurably superior results. To the extent that some of these expenditures are wasteful, the gross domestic product and productivity numbers overstate economic growth.