At this stage the productivity will be high and hence the cost of labor per unit will be reduced.

在这个阶段的生产力将会很高，因此单位劳动力成本将会降低。

youdao

Flat money growth does not cause inflation especially when we have enormous slack in the economy along with rapid productivity growth and declining unit labor cost.

FORBES: Where's The Inflation Threat?

These are hardly excessive growth rates in normal times, much less in an economy with almost 10 percent unemployment, with capacity utilization down from the 80s to the 60s, and with nonbank credit sinking, productivity growing rapidly, and with unit labor cost declining.

FORBES: Where's The Inflation Threat?