Labor Productivity and Training Act - Amends the Comprehensive Employment and Training Act to permit prime sponsors, pursuant to regulations of the Secretary of Labor, to provide financial assistance: (1) to employees who will be laid off due to productivity improvement programs initiated by private employers; or (2) to employers for the cost of training and retraining employees. Requires prime sponsors to: (1) give special consideration to training and retraining programs which contain cost-sharing arrangements with private employers and/or emphasize on-the-job training programs; and (2) establish, pursuant to regulations of the Secretary, criteria for determining when impending layoffs are due to productivity improvement programs. Requires that such productivity improvement retraining programs meet specified standards for all CETA retraining programs. Limits the amount which each prime sponsor may use for productivity improvement retraining programs to five percent of the CETA allocation for such sponsor. Directs the Secretary to survey all federally assisted labor training programs and to report to Congress with recommended revisions to promote: (1) labor productivity; and (2) worker retraining by joint efforts by Federal Government and by private and State and local public employers.