US Economic Indicators: Productivity & November, 8 Dr. Edward Yardeni 6-97-768 eyardeni@ Debbie Johnson 8-66- djohnson@ Mali Quintana 8-66- aquintana@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents Productivity & -9 November, 8 / Productivity & www.
7 Figure. Productivity & NONFARM BUSINESS (NFB) PRODUCTIVITY & REAL HOURLY COMPENSATION (indexed 97=, ratio scale) Nonfarm Business Productivity () (using NFB deflator (8) (using CPI) (9) 7 7 6 9 6 6 68 7 7 77 8 8 86 89 9 9 98 7 6 9 7 Figure. NONFINANCIAL CORPORATE (NFC) PRODUCTIVITY & REAL HOURLY COMPENSATION (indexed 97=, ratio scale) Nonfinancial Corporate Productivity (6) (using NFC deflator) (7) (using CPI) () Q Q Q 7 7 9 7 9 6 6 6 67 69 7 7 7 77 79 8 8 8 87 89 9 9 9 97 99 7 9 7 9 Page / November, 8 / Productivity & www.
6 Figure. Productivity & NONFARM BUSINESS (NFB) PRODUCTIVITY & REAL HOURLY COMPENSATION (-quarter percent change, annual rate) 6 Productivity (.) (using NFB deflator) (.) 6 8 6 6 6 66 68 7 7 7 76 78 8 8 8 86 88 9 9 96 98 6 8 6 8 6 Figure. NONFINANCIAL CORPORATE (NFC) PRODUCTIVITY & REAL HOURLY COMPENSATION (-quarter percent change, annual rate) 6 Productivity (.8) (using NFC deflator) (.) Q - 6 8 6 6 6 66 68 7 7 7 76 78 8 8 8 86 88 9 9 96 98 6 8 6 8 - Page / November, 8 / Productivity & www.
9 8 7 6 Figure. Productivity & REAL AVERAGE HOURLY EARNINGS & NONFARM BUSINESS (NFB) PRODUCTIVITY Real Average Hourly Earnings* (dollars per hour) (.7) NFB Productivity (=) (.7) 6 66 68 7 7 7 76 78 8 8 8 86 88 9 9 96 98 6 8 6 8 9 8 8 7 7 6 6 * Average hourly earnings for production and nonsupervisory employees divided by nonfarm business price deflator. Source: Bureau of Labor Statistics, Bureau of Economic Analysis, and Haver Analytics. 8 Figure 6. REAL AVERAGE HOURLY EARNINGS (Indexed 96=, dollars per hour, ratio scale, sa) 8 6 Average Hourly Earnings* Divided by NFB Deflator (67.) Divided by PCED** (.) Divided by CPI (.7) Sep 6 Sep 8 6 66 68 7 7 7 76 78 8 8 8 86 88 9 9 96 98 6 8 6 8 8 * Production & nonsupervisory workers. ** PCED = Personal consumption expenditures deflator. Source: Bureau of Labor Statistics and Bureau of Economic Analysis. Page / November, 8 / Productivity & www.
Productivity & 9 9 87 8 7 6 6 7 Figure 7. INFLATION MEASURES (indexed 99=, ratio scale) CPI (BLS) PPI: Finished Goods (BLS) PCE Deflator (BEA) Nonfarm Business Deflator (BLS) Nonfinancial Corporate Deflator (BLS) Sep Sep Q 9 9 87 8 7 6 6 7 7 7 8 6 6 6 66 68 7 7 7 76 78 8 8 8 86 88 9 9 96 98 6 8 6 8 Source: Bureau of Labor Statistics and Bureau of Economic Analysis. Figure 8. REAL HOURLY COMPENSATION vs REAL ECI (Deflated by Personal Consumption Expenditures Deflator) Real ECI* (.) Real Hourly Compensation (8.9) 8 8 8 8 8 8 86 87 88 89 9 9 9 9 9 96 97 98 99 6 7 8 9 6 7 8 9 * Private industry. Source: Bureau of Labor Statistics and Bureau of Economic Analysis. Page 6 / November, 8 / Productivity & www.
Productivity & Figure 9. REAL HOURLY COMPENSATION (Deflated by CPI, indexed 98=, ratio scale) Nonfarm Business (7) Nonfinancial Corporations () Real Average Hourly Earnings* (9) Real ECI** () Q 8 8 8 8 8 8 86 87 88 89 9 9 9 9 9 96 97 98 99 6 7 8 9 6 7 8 9 * Wages only of production and nonsupervisory workers. ** Private industry. 7 6 6 Figure. REAL HOURLY COMPENSATION vs REAL ECI (Deflated by Personal Consumption Expenditures Deflator, indexed 98=, ratio scale) (9) Real ECI* () 7 6 6 9 8 8 8 8 8 8 86 87 88 89 9 9 9 9 9 96 97 98 99 6 7 8 9 6 7 8 9 9 * Private industry. Source: Bureau of Labor Statistics and Bureau of Economic Analysis. Page 7 / November, 8 / Productivity & www.
Productivity & 8 7 Figure. REAL HOURLY COMPENSATION (deflated by NFB deflator, indexed 98=, ratio scale) 8 7 6 Nonfarm Business (79) Nonfinancial Corporations (6) Real Average Hourly Earnings* () Real ECI** () Q 6 9 8 8 8 8 8 8 86 87 88 89 9 9 9 9 9 96 97 98 99 6 7 8 9 6 7 8 9 9 * Wages only of production and nonsupervisory workers. ** Private industry. 6 Figure. REAL HOURLY COMPENSATION* (deflated by PCED*, indexed 98=, ratio scale) 6 Nonfarm Business (9) Nonfinancial Corporations () Real Average Hourly Earnings** (7) Real ECI*** () Q 8 8 8 8 8 8 86 87 88 89 9 9 9 9 9 96 97 98 99 6 7 8 9 6 7 8 9 * Personal Consumption Expenditures Deflator. ** Wages only of production and nonsupervisory workers. *** Private industry. Source: Bureau of Labor Statistics and Bureau of Economic Analysis. Page 8 / November, 8 / Productivity & www.
6 Figure. Productivity & REAL AVERAGE HOURLY EARNINGS & NONFARM BUSINESS (NFB) PRODUCTIVITY (-quarter percent change) 6 Real Average Hourly Earnings* (.9) NFB Productivity (.) - 6 66 68 7 7 7 76 78 8 8 8 86 88 9 9 96 98 6 8 6 8 - * Average hourly earnings for production and nonsupervisory workers divided by nonfarm business price deflator. Figure. REAL AVERAGE HOURLY EARNINGS* & NONFARM BUSINESS PRODUCTIVITY Real Average Hourly Earnings (6-month percent change) (.) Nonfarm Business Productivity (-quarter percent change (.) Sep - 68 7 7 7 76 78 8 8 8 86 88 9 9 96 98 6 8 6 8 - * Average hourly earnings of production & nonsupervisory workers divided by personal consumption expenditures deflator. Page 9 / November, 8 / Productivity & www.
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