Total factor productivity captures how much output can be produced with a diverse but fixed basket of inputs. As technology and institutions improve, TFP goes up. As they deteriorate, it goes down. In the last decade, TFP has deeply stagnated.
While there are numerous estimates of total factor productivity in the US, only the series maintained by the Federal Reserve Bank of San Francisco is quarterly and attempts to adjust for the business cycle.
Since this series is not available in FRED, I am making it available here in graphical form. I will strive to keep this page synchronized with the official series itself, but if I miss an update, please just ping me on Twitter at @elidourado to let me know.