Economic Indictors: Real Hourly Wages & Compensation Per Worker March 9, Dr. Edward Yardeni 5-972-7683 eyardeni@ Debbie Johnson 4-664-1333 djohnson@ Mali Quintana 4-664-1333 aquintana@ Please visit our sites at blog. thinking outside the box
Table Of Contents Table Of Contents Real Hourly Compensation & Average Hourly Earnings 1-4 March 9, / Real Hourly Wages & Compensation Per Worker
Real Hourly Compensation & Average Hourly Earnings Figure 1. REAL HOURLY COMPENSATION & AVERAGE HOURLY EARNINGS AHE:Total Private/PCED AHE: Production & Nonsupervisory Employees/PCED 87 88 89 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 15 17 19 Source: Bureau of Labor Statistics. 19 Figure 2. REAL AVERAGE HOURLY EARNINGS PRODUCTION & NONSUPERVISORY WORKERS* (09 dollars per hour, ratio scale) 19 17 17 15 15 13 64 66 68 70 72 74 76 78 82 84 86 88 92 94 96 98 00 02 04 06 08 10 12 13 * Average hourly earnings deflated by personal consumption expenditures deflator. Source: Bureau of Labor Statistics, Bureau of Economic Analysis, and Haver Analytics. Page 1 / March 9, / Real Hourly Wages & Compensation Per Worker
Real Hourly Compensation & Average Hourly Earnings Figure 3. 1 1 EMPLOYMENT COST INDEX: PRIVATE 115 115 105 Real Wages* 105 95 95 85 81 82 83 84 85 86 87 88 89 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 15 17 19 85 * Using PCED. Source: Bureau of Labor Statistics. Figure 4. EMPLOYMENT COST INDEX & AVERAGE HOURLY EARNINGS 1 Real Wages* Employment Cost Index: Private Average Hourly Earnings** 81 82 83 84 85 86 87 88 89 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 15 17 19 * Using PCED. ** Production and nonsupervisory employees. Source: Bureau of Labor Statistics. Page 2 / March 9, / Real Hourly Wages & Compensation Per Worker
1 Real Hourly Compensation & Average Hourly Earnings Figure 5. REAL HOURLY COMPENSATION vs REAL ECI (Deflated by Personal Consumption Expenditures Deflator) 40 Real ECI* (115.2) Real Hourly Compensation (35.7) 35 30 25 81 82 83 84 85 86 87 88 89 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 15 17 19 15 * Private industry. Source: Bureau of Labor Statistics and Bureau of Economic Analysis. 1 Figure 6. REAL HOURLY COMPENSATION vs REAL ECI (Deflated by Personal Consumption Expenditures Deflator) 46 44 42 Real ECI* (115.2) 40 38 Real Hourly Compensation (35.7) 36 34 Real AHE** (19.6) 32 30 28 26 81 82 83 84 85 86 87 88 89 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 15 17 19 * Private industry. ** Production & Nonsupervisory Employees. Source: Bureau of Labor Statistics and Bureau of Economic Analysis. Page 3 / March 9, / Real Hourly Wages & Compensation Per Worker
1 Real Hourly Compensation & Average Hourly Earnings Figure 7. REAL EMPLOYMENT COST INDEX* (deflated by PCED*, indexed 19=, ratio scale) 1 Real ECI: Benefits (115.02) Real ECI: Wages & Salaries (115.) 70 70 60 81 82 83 84 85 86 87 88 89 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 15 17 19 60 * Private industry. Source: Bureau of Labor Statistics and Bureau of Economic Analysis. 600 63000 Figure 8. REAL COMPENSATION PER PAYROLL EMPLOYEE* (using Personal Consumption Expenditures Deflator, ratio scale) 600 63000 500 500 53000 53000 400 Wages & Salaries Plus Supplements Wages & Salaries 400 43000 43000 300 300 33000 33000 200 200 23000 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23000 * Wages, salaries and supplements in personal income divided by payroll employment. Source: US Department of Labor, Bureau of Labor Statistics, and US Department of Commerce, Bureau of Economic Analysis. Page 4 / March 9, / Real Hourly Wages & Compensation Per Worker
Copyright (c). All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on, blog., http://blog. and YRI s Apps for ipads and iphones are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed on any product, service, report, email or website are proprietary to and constitute valuable intellectual property. No material from any part of, blog., http://blog. and YRI s Apps for ipads and iphones may be downloaded, transmitted, broadcast, transferred, assigned, reproduced or in any other way used or otherwise disseminated in any form to any person or entity, without the explicit written consent of All unauthorized reproduction or other use of material from Yardeni Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Yardeni Research, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights. The recipient should check any email and any attachments for the presence of viruses. accepts no liability for any damage caused by any virus transmitted by this company s emails, website, blog and Apps. Additional information available on request. requests@