Tom Walker wrote:
>Isn't this one for the entire period, rather than an annual average?
>
>>93Q1-97Q3 4.3% 15.3% (Clinton years)
Ooops. Yeah. In fact the whole bottom half of that table was mislabeled.
Here's the way it should read. A thousand apologies.
Doug
----
U.S. LABOR PRODUCTIVITY
-----------------------
all nonfarm business and manufacturing, through 1997Q3
AVERAGE ANNUAL GROWTH RATE BY PERIOD
nonfarm manuf'g
1947-52
1952-57 2.7%
1957-62 2.2%
1962-67 3.2% 2.7%
1967-72 2.2% 3.9%
1972-77 2.1% 2.9%
1977-82 0.0% 1.1%
1982-87 1.9% 3.9%
1987-92 1.1% 2.1%
1992-97 0.8% 3.0%
1950-60 2.5% 2.2%
1960-70 2.5% 2.6%
1970-80 1.9% 2.9%
1980-90 1.1% 2.8%
1990-97 1.1% 3.1%
CUMULATIVE GROWTH
93Q1-97Q3 4.3% 15.3% (Clinton years)
1991-97Q3 1.1% 3.1% (1990s expansion)
26Qs after:*
49Q4 19.2% 15.6%
54Q2 13.6% 12.3%
58Q2 23.3% 21.6%
61Q1 26.4% 23.8%
70Q4 17.5% 24.2%
75Q1 9.3% 13.9%
82Q4 9.9% 21.3%
91Q1 8.6% 23.8%
*length of current expansion; starting points are previous business cycle
troughs
