Does the U.S. have a productivity problem?

Labor productivity is a key, if often overlooked, economic indicator that policymakers use to gauge the health of the economy and guide fiscal and monetary policy decisions. But the U.S. has seen a productivity slump in recent years. And while the reasons for the decline are up for debate, the economic impacts are wide-ranging and can be felt across the board. So just how is productivity measured, how effective of a metric is it, what's behind the slowdown and what impact does it have on the economy?