Sure, it doesn't imply it. It also doesn't not imply it.
But, it is a hell of a lot better than something not even in the chart like the undefined and catch it all concept of 'productivity', as anyone who saw an operating room in the 70s, or an ICU and has seen one now can attest to the enormous real growth in core productivity driven by the same factor as all the other sectors of the economy: technology.
Actually, its energy usage. You can conflate that to technology but unless you find a way to have a Carnot machine more efficient, energy use is what drive growth (or used to until QE).
