Re: BLS Daily Report

[Doug Henwood]

Richardson_D quoted:

>Evidence is mounting that productivity growth is returning to the level
>of the golden 1950s and 1960s.

Here are the numbers; I'll leave it to the readers to decide if Business
Week's assertions are true, or just part of the intoxicating afterglow of
checking your mutual fund's NAV. The 1996 and 1997 numbers follow three
dismal years.

Doug

----

US LABOR PRODUCTIVITY, ANNUAL GROWTH

              nonfarm
              business  manuf'g
      1947
      1948      2.5%
      1949      3.4%
      1950      7.0%      1.6%
      1951      2.5%     -1.0%
      1952      1.8%      3.8%
      1953      2.3%      3.1%
      1954      2.1%      2.5%
      1955      4.1%      4.7%
      1956     -0.7%     -0.3%
      1957      2.4%      1.9%
      1958      2.2%      1.3%
      1959      4.1%      1.9%
      1960      1.2%      1.6%
      1961      3.1%      3.3%
      1962      4.6%      2.5%
      1963      3.4%      4.1%
      1964      4.4%      4.2%
      1965      3.0%      2.1%
      1966      3.5%      1.2%
      1967      1.8%      4.0%
      1968      3.4%      3.4%
      1969      0.1%      1.4%
      1970      1.5%      3.3%
      1971      4.1%      6.4%
      1972      3.4%      3.7%
      1973      3.1%      2.8%
      1974     -1.6%      1.1%
      1975      2.7%      3.0%
      1976      3.6%      4.0%
      1977      1.6%      3.5%
      1978      1.3%      1.0%
      1979     -0.7%     -0.6%
      1980     -0.4%      0.5%
      1981      1.1%      1.3%
      1982     -0.7%      5.5%
      1983      4.1%      3.5%
      1984      1.8%      3.0%
      1985      1.0%      3.8%
      1986      2.6%      4.5%
      1987     -0.2%      2.8%
      1988      0.8%      1.6%
      1989      0.6%      1.3%
      1990      0.5%      1.8%
      1991      0.7%      2.3%
      1992      3.2%      3.6%
      1993      0.1%      2.2%
      1994      0.4%      2.7%
      1995      0.1%      3.1%
      1996      1.9%      3.9%
      1997      1.7%      4.4%

1950s           2.8%      1.9%
1960s           2.8%      2.8%
1970s           1.9%      2.8%
1980s           1.1%      2.8%
1990s           1.1%      3.0%