Looking at the Data for Productivity-Wage Gap
Looking at the Data for Corporate Profits
Productivity, Wages, and Corporate Profits: 1947-2012
Looking at the Data for Productivity-Wage Gap
There has been much discussion of the so-called productivity-wage or productivity-pay gap over the years. Googling those terms point to a number of "scholarly articles" at this link such as this working paper by Anna M. Stansbury and Lawrence H. Summers. There's also a number of articles that claim it to be a "myth" such as this one from the American Enterprise Institute.
As a first step, it's useful to look at an updated graph of the data. Fortunately, it's possible to generate an updated version of the productivity-wage gap on the Federal Reserve website via the following steps:
This should result in the following graph:
The graph shows that the so-called productivity-wage gap appeared to have begun sometime during the seventies. Many papers have suggested that some adjustments to this data would be advisable. Several of those adjustements are looked at in a 2022 paper from the Economic Policy Institute and can be seen by clicking on the red "Click here for more on the data adjustments" link near the end of the paper. Following is the final graph in that section which shows the results of a number of the adjustements:
Prior to the above graph is the following statement regarding the last adjustment shown:
Our second pay adjustment accounts for trends in nonwage compensation. If the value of health care and other nonwage benefits provided by employers grew more rapidly than wages, then looking only at hourly earnings could disguise how rising productivity may have boosted living standards for the vast majority. As Figure F shows, once we account for the value of benefits (including the effect of rapid inflation in health care), one sees that the overall trends are not materially changed. Perhaps surprisingly, the era that saw measures of total compensation rise noticeably faster than wages is the era before 1979.
In summary, the EPI paper suggests that the solid blue line and solid red line show the most reasonable estimate of the productivity-wage gap.
Looking at the Data for Corporate Profits
Following the above discussion of adjustments to the data is a section titled "How much of the productivity–pay gap is driven by inequality?". It starts with the following paragraph:
Beginning with the August 2021 update, the entire gap in EPI’s productivity–pay figure is associated with rising inequality—inequality among wage earners and the rising share of overall income going to owners of capital rather than to workers for their labor. However, since researchers and analysts may still be interested in factors that account for various parts of the wedge between our measure of pay and other measures of productivity, we decompose these gaps further.
This seems to relate to a related comparison between Wages and Corporate Profits that is sometimes looked at. It's similarly possible to generate an updated version of this comparison on the Federal Reserve website via the following steps:
This should result in the following graph:
It should be noted that 40 is added to the Corporate Profits after Tax to make it more easily comparable to Compensation for Employees. As can be seen, this comparison seemed to be fairly stable until about 2001 although compensation for employees was a bit higher than coporate profits until the late seventies. After 2001, however, corporate profits grew to be much higher though the difference temporarily narrowed during the financial crisis.
Following are graphs and data previously generated for 1947 through the 3rd quarter of 2012:
WAGES, CORPORATE PROFITS, AND PRODUCTIVITY
Billions of dollars Index (2005=100) $Billions
------------------- -------------------- ---------
Real
Wages & Corporate Labor Hourly Gross
Salary Profits Produc- Compen- Domestic
Date Accruals After Tax tivity sation Product
--------- --------- --------- --------- --------- ---------
1/1/1947 119.7 21.2 26.831 36.620 237.2
4/1/1947 121.5 20.0 27.486 36.714 240.4
7/1/1947 123.4 19.8 26.712 36.711 244.5
10/1/1947 127.8 21.7 27.813 36.590 254.3
1/1/1948 131.4 22.9 27.938 36.736 260.3
4/1/1948 133.2 24.1 27.916 36.679 267.3
7/1/1948 138.1 23.8 27.955 36.863 273.8
10/1/1948 139.5 23.0 28.101 37.687 275.1
1/1/1949 137.0 21.0 28.391 38.228 269.9
4/1/1949 134.6 18.6 28.685 38.163 266.2
7/1/1949 133.9 19.2 29.386 38.658 267.6
10/1/1949 133.4 18.8 29.211 38.732 265.2
1/1/1950 137.1 19.3 30.220 39.851 275.2
4/1/1950 142.9 23.1 30.563 40.278 284.5
7/1/1950 150.8 28.0 31.254 40.314 301.9
10/1/1950 158.3 30.8 31.303 40.627 313.3
1/1/1951 165.5 25.6 31.371 39.983 329.0
4/1/1951 170.8 21.8 31.282 40.371 336.6
7/1/1951 173.8 19.9 31.997 40.991 343.5
10/1/1951 176.2 21.6 32.067 40.962 347.9
1/1/1952 181.2 20.9 32.202 41.377 351.2
4/1/1952 182.4 20.0 32.147 41.604 352.1
7/1/1952 185.7 20.2 31.998 41.692 358.5
10/1/1952 193.3 22.2 32.617 42.710 371.4
1/1/1953 196.9 22.9 32.870 43.337 378.4
4/1/1953 200.1 22.8 32.961 43.748 382.0
7/1/1953 200.3 22.3 33.117 44.019 381.1
10/1/1953 198.7 17.5 32.973 44.329 375.9
1/1/1954 196.4 20.1 33.027 44.613 375.2
4/1/1954 196.0 20.8 33.276 44.734 376.0
7/1/1954 196.3 22.1 33.873 45.206 380.8
10/1/1954 200.4 23.8 34.282 45.787 389.4
1/1/1955 204.2 27.0 34.932 46.077 402.6
4/1/1955 210.3 27.4 35.029 46.617 410.9
7/1/1955 214.7 28.0 35.164 47.157 419.4
10/1/1955 219.5 29.1 35.039 47.589 426.0
1/1/1956 223.3 28.2 34.586 48.325 428.3
4/1/1956 227.5 28.9 34.727 48.937 434.2
7/1/1956 230.0 27.6 34.722 49.185 439.2
10/1/1956 235.4 29.2 35.087 49.580 448.1
1/1/1957 238.3 29.5 35.492 49.885 457.2
4/1/1957 239.6 28.2 35.362 49.956 459.2
7/1/1957 241.8 27.6 35.870 50.170 466.4
10/1/1957 240.1 25.3 35.980 50.600 461.5
1/1/1958 237.4 21.6 35.452 50.197 453.9
4/1/1958 236.9 22.0 36.136 50.278 458.0
7/1/1958 242.6 24.5 36.827 51.009 471.7
10/1/1958 248.4 27.9 37.444 51.481 485.0
1/1/1959 254.0 29.8 37.538 51.821 495.5
4/1/1959 260.6 32.5 38.024 52.257 508.5
7/1/1959 260.9 29.2 37.996 52.338 509.3
10/1/1959 263.9 28.6 37.917 52.528 513.2
1/1/1960 270.8 31.5 38.805 53.587 527.0
4/1/1960 273.4 29.2 38.259 53.581 526.2
7/1/1960 274.0 27.9 38.333 53.856 529.0
10/1/1960 273.3 26.8 37.854 53.743 523.7
1/1/1961 273.8 26.2 38.311 54.115 528.0
4/1/1961 277.6 27.6 39.411 54.897 539.0
7/1/1961 282.3 29.3 39.935 55.090 549.5
10/1/1961 288.4 31.6 40.327 55.403 562.6
1/1/1962 293.3 32.2 40.998 56.084 576.1
4/1/1962 298.7 32.2 40.947 56.239 583.2
7/1/1962 301.2 33.2 41.469 56.468 590.0
10/1/1962 304.2 34.0 41.747 56.861 593.3
1/1/1963 308.0 33.6 41.991 57.230 602.5
4/1/1963 312.4 35.5 42.398 57.420 611.2
7/1/1963 316.8 36.4 43.261 57.656 623.9
10/1/1963 322.2 37.4 43.294 58.161 633.5
1/1/1964 328.2 40.6 43.724 57.883 649.6
4/1/1964 334.8 40.5 44.001 58.426 658.9
7/1/1964 341.4 41.6 44.340 59.061 670.5
10/1/1964 346.7 41.0 43.902 59.227 675.6
1/1/1965 352.8 46.8 44.537 59.278 695.7
4/1/1965 358.9 48.5 44.800 59.295 708.1
7/1/1965 366.2 49.1 45.596 59.737 725.2
10/1/1965 377.1 51.9 46.456 60.302 747.5
1/1/1966 385.8 53.1 47.092 60.789 770.8
4/1/1966 395.9 53.3 46.781 61.195 779.9
7/1/1966 406.1 52.9 46.845 61.535 793.1
10/1/1966 413.5 51.9 47.162 61.865 806.9
1/1/1967 418.8 49.6 47.534 62.505 817.8
4/1/1967 423.6 49.6 47.710 63.157 822.3
7/1/1967 432.0 50.6 47.879 63.409 837.0
10/1/1967 441.6 52.9 48.031 63.620 852.7
1/1/1968 454.2 51.5 49.109 64.778 879.8
4/1/1968 465.9 52.6 49.581 65.229 904.1
7/1/1968 478.3 52.8 49.546 65.432 919.3
10/1/1968 489.4 54.3 49.451 65.920 936.2
1/1/1969 499.1 53.8 49.846 65.974 960.9
4/1/1969 511.4 52.1 49.439 65.993 976.1
7/1/1969 526.4 50.4 49.480 66.268 996.3
10/1/1969 536.5 49.4 49.260 66.543 1004.5
1/1/1970 545.1 46.9 49.404 66.711 1017.1
4/1/1970 549.1 46.6 50.162 66.891 1033.1
7/1/1970 555.7 47.3 50.934 67.343 1050.5
10/1/1970 556.3 44.3 50.499 67.097 1052.7
1/1/1971 570.2 50.8 52.003 67.888 1098.1
4/1/1971 580.3 52.9 52.173 68.325 1118.8
7/1/1971 588.8 56.6 52.636 68.625 1139.1
10/1/1971 599.0 58.6 52.194 68.655 1151.4
1/1/1972 618.0 62.6 52.879 69.759 1190.1
4/1/1972 630.5 63.3 53.987 70.219 1225.6
7/1/1972 642.4 66.0 54.312 70.641 1249.3
10/1/1972 664.3 71.6 54.745 71.360 1286.6
1/1/1973 683.4 82.3 55.999 72.117 1335.1
4/1/1973 700.1 84.3 56.050 71.743 1371.5
7/1/1973 716.2 84.9 55.528 71.717 1390.7
10/1/1973 735.4 88.5 55.170 71.474 1431.8
1/1/1974 748.2 93.2 55.058 71.067 1446.5
4/1/1974 765.3 95.4 54.915 71.039 1484.8
7/1/1974 783.1 101.3 54.338 71.074 1513.7
10/1/1974 792.5 89.9 54.840 70.726 1552.8
1/1/1975 791.9 79.7 55.277 71.189 1569.4
4/1/1975 800.4 85.7 56.191 71.757 1605.0
7/1/1975 821.3 102.0 56.845 71.614 1662.4
10/1/1975 845.8 108.1 56.856 71.607 1713.9
1/1/1976 871.2 113.0 57.688 72.356 1771.9
4/1/1976 889.4 114.4 58.233 73.214 1804.2
7/1/1976 908.4 115.3 58.310 73.647 1837.7
10/1/1976 929.9 115.1 58.454 74.134 1884.5
1/1/1977 950.0 126.7 58.759 74.069 1938.5
4/1/1977 980.9 135.5 59.051 74.243 2005.2
7/1/1977 1007.5 141.3 59.655 74.673 2066.0
10/1/1977 1038.2 140.8 58.857 74.933 2110.8
1/1/1978 1064.2 144.1 58.887 76.405 2149.1
4/1/1978 1106.0 160.6 60.061 75.582 2274.7
7/1/1978 1137.1 165.2 60.044 75.406 2335.2
10/1/1978 1175.0 175.2 60.397 75.636 2416.0
1/1/1979 1208.4 176.2 59.806 76.106 2463.3
4/1/1979 1234.0 183.0 59.631 75.773 2526.4
7/1/1979 1268.2 186.8 59.557 75.475 2599.7
10/1/1979 1302.7 182.5 59.480 75.468 2659.4
1/1/1980 1334.9 182.8 59.707 75.244 2724.1
4/1/1980 1351.0 153.7 59.012 75.334 2728.0
7/1/1980 1376.6 162.1 59.235 75.459 2785.2
10/1/1980 1431.2 166.9 59.874 75.643 2915.3
1/1/1981 1469.1 168.7 60.834 75.519 3051.4
4/1/1981 1496.2 155.4 60.018 75.473 3084.3
7/1/1981 1528.7 158.9 60.549 75.633 3177.0
10/1/1981 1551.5 154.5 59.780 75.418 3194.7
1/1/1982 1567.2 134.0 59.384 76.390 3184.9
4/1/1982 1580.9 135.5 59.509 76.233 3240.9
7/1/1982 1596.1 131.7 59.607 76.125 3274.4
10/1/1982 1605.9 127.3 60.126 76.277 3312.5
1/1/1983 1623.1 131.0 60.862 76.542 3381.0
4/1/1983 1655.1 151.3 62.266 76.299 3482.2
7/1/1983 1691.8 162.9 62.815 75.974 3587.1
10/1/1983 1740.1 168.2 63.110 76.054 3688.1
1/1/1984 1785.2 176.0 63.082 75.932 3807.4
4/1/1984 1828.2 176.3 63.470 75.953 3906.3
7/1/1984 1866.7 166.2 63.740 76.384 3976.0
10/1/1984 1899.5 165.8 63.828 76.278 4034.0
1/1/1985 1933.8 153.5 63.940 76.518 4117.2
4/1/1985 1963.2 154.2 64.108 76.439 4175.7
7/1/1985 1996.1 160.0 64.957 77.022 4258.3
10/1/1985 2037.1 164.6 65.260 77.634 4318.7
1/1/1986 2063.5 132.4 66.087 78.252 4382.4
4/1/1986 2081.8 133.2 66.582 79.428 4423.2
7/1/1986 2111.7 135.9 66.871 79.876 4491.3
10/1/1986 2152.2 143.6 66.692 80.363 4543.3
1/1/1987 2193.7 158.5 66.264 79.845 4611.1
4/1/1987 2230.1 188.4 66.716 79.549 4686.7
7/1/1987 2270.6 205.9 66.703 79.614 4764.5
10/1/1987 2330.7 217.8 67.320 79.861 4883.1
1/1/1988 2367.2 232.9 67.497 80.717 4948.6
4/1/1988 2422.2 250.4 67.729 80.807 5059.3
7/1/1988 2462.7 249.6 67.898 80.875 5142.8
10/1/1988 2507.1 260.2 68.277 80.643 5251.0
1/1/1989 2542.0 253.9 67.969 80.061 5360.3
4/1/1989 2563.3 246.2 68.215 79.072 5453.6
7/1/1989 2591.6 237.3 68.619 79.115 5532.9
10/1/1989 2635.3 240.1 68.685 79.492 5581.7
1/1/1990 2686.8 254.4 69.204 79.764 5708.1
4/1/1990 2735.9 268.8 69.780 80.748 5797.4
7/1/1990 2768.7 271.9 70.071 80.690 5850.6
10/1/1990 2773.4 269.9 69.461 80.176 5846.0
1/1/1991 2776.0 279.3 69.627 80.436 5880.2
4/1/1991 2801.2 282.9 70.667 81.622 5962.0
7/1/1991 2826.5 288.7 71.099 82.040 6033.7
10/1/1991 2854.2 296.3 71.427 82.364 6092.5
1/1/1992 2903.4 316.2 72.620 83.481 6190.7
4/1/1992 2942.8 334.2 73.153 83.600 6295.2
7/1/1992 2976.1 321.6 73.886 84.351 6389.7
10/1/1992 3008.8 330.9 74.445 83.990 6493.6
1/1/1993 3034.6 329.3 73.903 83.712 6544.5
4/1/1993 3067.4 342.7 73.583 83.438 6622.7
7/1/1993 3100.3 352.6 73.870 83.449 6688.3
10/1/1993 3129.9 367.4 74.388 83.234 6813.8
1/1/1994 3186.2 387.9 74.794 83.964 6916.3
4/1/1994 3229.3 396.2 74.728 83.391 7044.3
7/1/1994 3262.7 414.0 74.287 82.709 7131.8
10/1/1994 3315.6 425.4 74.972 82.805 7248.2
1/1/1995 3377.0 442.0 74.720 82.941 7307.7
4/1/1995 3411.6 466.2 74.836 82.758 7355.8
7/1/1995 3454.6 474.9 74.939 82.863 7452.5
10/1/1995 3494.4 482.7 75.505 83.242 7542.5
1/1/1996 3529.5 505.5 76.163 83.379 7638.2
4/1/1996 3594.2 508.0 77.011 83.455 7800.0
7/1/1996 3650.2 504.9 77.258 83.612 7892.7
10/1/1996 3706.2 518.7 77.306 83.289 8023.0
1/1/1997 3774.2 533.3 77.033 83.358 8137.0
4/1/1997 3832.3 551.6 77.935 83.828 8276.8
7/1/1997 3900.5 571.4 78.588 84.286 8409.9
10/1/1997 3987.6 569.0 78.895 85.353 8505.7
1/1/1998 4075.2 483.2 79.345 86.863 8600.6
4/1/1998 4145.2 478.2 79.832 87.791 8698.6
7/1/1998 4216.2 474.6 80.910 88.775 8847.2
10/1/1998 4287.1 462.1 81.538 88.737 9027.5
1/1/1999 4375.5 499.0 82.325 89.919 9148.6
4/1/1999 4417.9 520.1 82.396 89.463 9252.6
7/1/1999 4479.5 523.4 83.077 89.518 9405.1
10/1/1999 4587.8 544.4 84.505 90.748 9607.7
1/1/2000 4755.0 520.6 84.188 93.225 9709.5
4/1/2000 4781.9 514.0 86.092 92.808 9949.1
7/1/2000 4874.4 508.1 86.105 93.880 10017.5
10/1/2000 4899.5 486.8 86.955 93.784 10129.8
1/1/2001 4988.1 524.0 86.670 95.014 10165.1
4/1/2001 4961.4 547.1 88.234 94.644 10301.3
7/1/2001 4932.4 496.2 88.777 94.698 10305.2
10/1/2001 4926.8 470.4 90.033 95.746 10373.1
1/1/2002 4963.6 505.0 91.944 96.403 10498.7
4/1/2002 5003.0 548.4 92.053 96.559 10601.9
7/1/2002 5006.3 589.8 92.920 96.566 10701.7
10/1/2002 5016.4 648.8 92.866 96.432 10766.9
1/1/2003 5061.0 627.1 93.710 97.003 10887.4
4/1/2003 5123.5 621.2 94.983 98.817 11011.6
7/1/2003 5184.6 663.2 97.165 99.438 11255.1
10/1/2003 5249.4 727.4 97.532 99.886 11414.8
1/1/2004 5275.9 859.7 97.675 98.558 11589.9
4/1/2004 5363.6 911.5 98.467 99.193 11762.9
7/1/2004 5468.9 960.5 98.631 100.103 11936.3
10/1/2004 5534.4 961.5 98.764 99.822 12123.9
1/1/2005 5584.2 1176.0 99.779 100.139 12361.8
4/1/2005 5651.7 1196.0 99.574 100.107 12500.0
7/1/2005 5758.3 1238.3 100.342 100.025 12728.6
10/1/2005 5829.7 1300.8 100.303 99.697 12901.4
1/1/2006 5958.9 1354.6 100.924 100.472 13161.4
4/1/2006 6018.6 1344.7 101.031 100.028 13330.4
7/1/2006 6075.4 1368.5 100.478 99.379 13432.8
10/1/2006 6227.6 1330.0 101.146 102.142 13584.2
1/1/2007 6328.1 1264.4 101.085 102.082 13758.5
4/1/2007 6382.8 1315.6 101.943 101.312 13976.8
7/1/2007 6427.6 1284.1 103.151 101.379 14126.2
10/1/2007 6523.4 1307.5 103.648 101.713 14253.2
1/1/2008 6600.5 1188.3 102.967 102.060 14273.9
4/1/2008 6554.9 1208.3 103.583 100.480 14415.5
7/1/2008 6550.6 1163.3 103.369 99.769 14395.1
10/1/2008 6477.4 643.7 102.488 102.681 14081.7
1/1/2009 6299.1 1010.3 103.859 102.502 13923.4
4/1/2009 6278.2 1087.4 105.585 103.688 13885.4
7/1/2009 6252.2 1231.9 106.924 103.269 13952.2
10/1/2009 6271.9 1354.9 108.227 102.735 14133.6
1/1/2010 6298.7 1434.1 108.946 102.863 14270.3
4/1/2010 6394.6 1405.1 108.803 103.642 14413.5
7/1/2010 6449.7 1465.1 109.688 103.740 14576.0
10/1/2010 6475.2 1467.6 110.204 103.101 14735.9
1/1/2011 6618.5 1402.5 109.660 104.214 14814.9
4/1/2011 6656.2 1454.5 109.983 103.050 15003.6
7/1/2011 6678.1 1477.3 110.139 102.253 15163.2
10/1/2011 6692.4 1566.1 110.889 101.755 15321.0
1/1/2012 6825.9 1670.9 110.741 102.583 15478.3
4/1/2012 6849.2 1664.9 111.252 102.726 15585.6
7/1/2012 6881.7 1742.0 112.044 102.371 15811.0
----------------------------------------------------------------
WAGES, CORPORATE PROFITS, AND PRODUCTIVITY
Percent of GDP Index (1947=100)
-------------------- --------------------
Real Produc-
Wages & Corporate Labor Hourly tivity /
Salary Profits Produc- Compen- Compen-
Date Accruals After Tax tivity sation sation
--------- --------- --------- --------- --------- ---------
1/1/1947 50.5 8.9 100.0 100.0 1.000
4/1/1947 50.5 8.3 102.4 100.3 1.022
7/1/1947 50.5 8.1 99.6 100.2 0.993
10/1/1947 50.3 8.5 103.7 99.9 1.037
1/1/1948 50.5 8.8 104.1 100.3 1.038
4/1/1948 49.8 9.0 104.0 100.2 1.039
7/1/1948 50.4 8.7 104.2 100.7 1.035
10/1/1948 50.7 8.4 104.7 102.9 1.018
1/1/1949 50.8 7.8 105.8 104.4 1.014
4/1/1949 50.6 7.0 106.9 104.2 1.026
7/1/1949 50.0 7.2 109.5 105.6 1.037
10/1/1949 50.3 7.1 108.9 105.8 1.029
1/1/1950 49.8 7.0 112.6 108.8 1.035
4/1/1950 50.2 8.1 113.9 110.0 1.036
7/1/1950 50.0 9.3 116.5 110.1 1.058
10/1/1950 50.5 9.8 116.7 110.9 1.052
1/1/1951 50.3 7.8 116.9 109.2 1.071
4/1/1951 50.7 6.5 116.6 110.2 1.058
7/1/1951 50.6 5.8 119.3 111.9 1.065
10/1/1951 50.6 6.2 119.5 111.9 1.068
1/1/1952 51.6 6.0 120.0 113.0 1.062
4/1/1952 51.8 5.7 119.8 113.6 1.055
7/1/1952 51.8 5.6 119.3 113.9 1.047
10/1/1952 52.0 6.0 121.6 116.6 1.042
1/1/1953 52.0 6.1 122.5 118.3 1.035
4/1/1953 52.4 6.0 122.8 119.5 1.028
7/1/1953 52.6 5.9 123.4 120.2 1.027
10/1/1953 52.9 4.7 122.9 121.1 1.015
1/1/1954 52.3 5.4 123.1 121.8 1.010
4/1/1954 52.1 5.5 124.0 122.2 1.015
7/1/1954 51.5 5.8 126.2 123.4 1.023
10/1/1954 51.5 6.1 127.8 125.0 1.022
1/1/1955 50.7 6.7 130.2 125.8 1.035
4/1/1955 51.2 6.7 130.6 127.3 1.026
7/1/1955 51.2 6.7 131.1 128.8 1.018
10/1/1955 51.5 6.8 130.6 130.0 1.005
1/1/1956 52.1 6.6 128.9 132.0 0.977
4/1/1956 52.4 6.7 129.4 133.6 0.969
7/1/1956 52.4 6.3 129.4 134.3 0.964
10/1/1956 52.5 6.5 130.8 135.4 0.966
1/1/1957 52.1 6.5 132.3 136.2 0.971
4/1/1957 52.2 6.1 131.8 136.4 0.966
7/1/1957 51.8 5.9 133.7 137.0 0.976
10/1/1957 52.0 5.5 134.1 138.2 0.970
1/1/1958 52.3 4.8 132.1 137.1 0.964
4/1/1958 51.7 4.8 134.7 137.3 0.981
7/1/1958 51.4 5.2 137.3 139.3 0.985
10/1/1958 51.2 5.8 139.6 140.6 0.993
1/1/1959 51.3 6.0 139.9 141.5 0.989
4/1/1959 51.2 6.4 141.7 142.7 0.993
7/1/1959 51.2 5.7 141.6 142.9 0.991
10/1/1959 51.4 5.6 141.3 143.4 0.985
1/1/1960 51.4 6.0 144.6 146.3 0.988
4/1/1960 52.0 5.5 142.6 146.3 0.975
7/1/1960 51.8 5.3 142.9 147.1 0.971
10/1/1960 52.2 5.1 141.1 146.8 0.961
1/1/1961 51.9 5.0 142.8 147.8 0.966
4/1/1961 51.5 5.1 146.9 149.9 0.980
7/1/1961 51.4 5.3 148.8 150.4 0.989
10/1/1961 51.3 5.6 150.3 151.3 0.993
1/1/1962 50.9 5.6 152.8 153.2 0.998
4/1/1962 51.2 5.5 152.6 153.6 0.994
7/1/1962 51.1 5.6 154.6 154.2 1.002
10/1/1962 51.3 5.7 155.6 155.3 1.002
1/1/1963 51.1 5.6 156.5 156.3 1.001
4/1/1963 51.1 5.8 158.0 156.8 1.008
7/1/1963 50.8 5.8 161.2 157.4 1.024
10/1/1963 50.9 5.9 161.4 158.8 1.016
1/1/1964 50.5 6.3 163.0 158.1 1.031
4/1/1964 50.8 6.1 164.0 159.5 1.028
7/1/1964 50.9 6.2 165.3 161.3 1.025
10/1/1964 51.3 6.1 163.6 161.7 1.012
1/1/1965 50.7 6.7 166.0 161.9 1.025
4/1/1965 50.7 6.8 167.0 161.9 1.031
7/1/1965 50.5 6.8 169.9 163.1 1.042
10/1/1965 50.4 6.9 173.1 164.7 1.051
1/1/1966 50.1 6.9 175.5 166.0 1.057
4/1/1966 50.8 6.8 174.4 167.1 1.043
7/1/1966 51.2 6.7 174.6 168.0 1.039
10/1/1966 51.2 6.4 175.8 168.9 1.040
1/1/1967 51.2 6.1 177.2 170.7 1.038
4/1/1967 51.5 6.0 177.8 172.5 1.031
7/1/1967 51.6 6.0 178.4 173.2 1.031
10/1/1967 51.8 6.2 179.0 173.7 1.030
1/1/1968 51.6 5.9 183.0 176.9 1.035
4/1/1968 51.5 5.8 184.8 178.1 1.037
7/1/1968 52.0 5.7 184.7 178.7 1.033
10/1/1968 52.3 5.8 184.3 180.0 1.024
1/1/1969 51.9 5.6 185.8 180.2 1.031
4/1/1969 52.4 5.3 184.3 180.2 1.022
7/1/1969 52.8 5.1 184.4 181.0 1.019
10/1/1969 53.4 4.9 183.6 181.7 1.010
1/1/1970 53.6 4.6 184.1 182.2 1.011
4/1/1970 53.2 4.5 187.0 182.7 1.024
7/1/1970 52.9 4.5 189.8 183.9 1.032
10/1/1970 52.8 4.2 188.2 183.2 1.027
1/1/1971 51.9 4.6 193.8 185.4 1.045
4/1/1971 51.9 4.7 194.5 186.6 1.042
7/1/1971 51.7 5.0 196.2 187.4 1.047
10/1/1971 52.0 5.1 194.5 187.5 1.038
1/1/1972 51.9 5.3 197.1 190.5 1.035
4/1/1972 51.4 5.2 201.2 191.8 1.049
7/1/1972 51.4 5.3 202.4 192.9 1.049
10/1/1972 51.6 5.6 204.0 194.9 1.047
1/1/1973 51.2 6.2 208.7 196.9 1.060
4/1/1973 51.0 6.1 208.9 195.9 1.066
7/1/1973 51.5 6.1 207.0 195.8 1.057
10/1/1973 51.4 6.2 205.6 195.2 1.054
1/1/1974 51.7 6.4 205.2 194.1 1.057
4/1/1974 51.5 6.4 204.7 194.0 1.055
7/1/1974 51.7 6.7 202.5 194.1 1.043
10/1/1974 51.0 5.8 204.4 193.1 1.058
1/1/1975 50.5 5.1 206.0 194.4 1.060
4/1/1975 49.9 5.3 209.4 196.0 1.069
7/1/1975 49.4 6.1 211.9 195.6 1.083
10/1/1975 49.3 6.3 211.9 195.5 1.084
1/1/1976 49.2 6.4 215.0 197.6 1.088
4/1/1976 49.3 6.3 217.0 199.9 1.086
7/1/1976 49.4 6.3 217.3 201.1 1.081
10/1/1976 49.3 6.1 217.9 202.4 1.076
1/1/1977 49.0 6.5 219.0 202.3 1.083
4/1/1977 48.9 6.8 220.1 202.7 1.086
7/1/1977 48.8 6.8 222.3 203.9 1.090
10/1/1977 49.2 6.7 219.4 204.6 1.072
1/1/1978 49.5 6.7 219.5 208.6 1.052
4/1/1978 48.6 7.1 223.8 206.4 1.085
7/1/1978 48.7 7.1 223.8 205.9 1.087
10/1/1978 48.6 7.3 225.1 206.5 1.090
1/1/1979 49.1 7.2 222.9 207.8 1.073
4/1/1979 48.8 7.2 222.2 206.9 1.074
7/1/1979 48.8 7.2 222.0 206.1 1.077
10/1/1979 49.0 6.9 221.7 206.1 1.076
1/1/1980 49.0 6.7 222.5 205.5 1.083
4/1/1980 49.5 5.6 219.9 205.7 1.069
7/1/1980 49.4 5.8 220.8 206.1 1.071
10/1/1980 49.1 5.7 223.2 206.6 1.080
1/1/1981 48.1 5.5 226.7 206.2 1.099
4/1/1981 48.5 5.0 223.7 206.1 1.085
7/1/1981 48.1 5.0 225.7 206.5 1.093
10/1/1981 48.6 4.8 222.8 205.9 1.082
1/1/1982 49.2 4.2 221.3 208.6 1.061
4/1/1982 48.8 4.2 221.8 208.2 1.065
7/1/1982 48.7 4.0 222.2 207.9 1.069
10/1/1982 48.5 3.8 224.1 208.3 1.076
1/1/1983 48.0 3.9 226.8 209.0 1.085
4/1/1983 47.5 4.3 232.1 208.4 1.114
7/1/1983 47.2 4.5 234.1 207.5 1.128
10/1/1983 47.2 4.6 235.2 207.7 1.133
1/1/1984 46.9 4.6 235.1 207.4 1.134
4/1/1984 46.8 4.5 236.6 207.4 1.141
7/1/1984 46.9 4.2 237.6 208.6 1.139
10/1/1984 47.1 4.1 237.9 208.3 1.142
1/1/1985 47.0 3.7 238.3 209.0 1.140
4/1/1985 47.0 3.7 238.9 208.7 1.145
7/1/1985 46.9 3.8 242.1 210.3 1.151
10/1/1985 47.2 3.8 243.2 212.0 1.147
1/1/1986 47.1 3.0 246.3 213.7 1.153
4/1/1986 47.1 3.0 248.2 216.9 1.144
7/1/1986 47.0 3.0 249.2 218.1 1.143
10/1/1986 47.4 3.2 248.6 219.5 1.133
1/1/1987 47.6 3.4 247.0 218.0 1.133
4/1/1987 47.6 4.0 248.7 217.2 1.145
7/1/1987 47.7 4.3 248.6 217.4 1.144
10/1/1987 47.7 4.5 250.9 218.1 1.151
1/1/1988 47.8 4.7 251.6 220.4 1.141
4/1/1988 47.9 4.9 252.4 220.7 1.144
7/1/1988 47.9 4.9 253.1 220.8 1.146
10/1/1988 47.7 5.0 254.5 220.2 1.156
1/1/1989 47.4 4.7 253.3 218.6 1.159
4/1/1989 47.0 4.5 254.2 215.9 1.177
7/1/1989 46.8 4.3 255.7 216.0 1.184
10/1/1989 47.2 4.3 256.0 217.1 1.179
1/1/1990 47.1 4.5 257.9 217.8 1.184
4/1/1990 47.2 4.6 260.1 220.5 1.179
7/1/1990 47.3 4.6 261.2 220.3 1.185
10/1/1990 47.4 4.6 258.9 218.9 1.182
1/1/1991 47.2 4.7 259.5 219.7 1.181
4/1/1991 47.0 4.7 263.4 222.9 1.182
7/1/1991 46.8 4.8 265.0 224.0 1.183
10/1/1991 46.8 4.9 266.2 224.9 1.184
1/1/1992 46.9 5.1 270.7 228.0 1.187
4/1/1992 46.7 5.3 272.6 228.3 1.194
7/1/1992 46.6 5.0 275.4 230.3 1.196
10/1/1992 46.3 5.1 277.5 229.4 1.210
1/1/1993 46.4 5.0 275.4 228.6 1.205
4/1/1993 46.3 5.2 274.2 227.8 1.204
7/1/1993 46.4 5.3 275.3 227.9 1.208
10/1/1993 45.9 5.4 277.2 227.3 1.220
1/1/1994 46.1 5.6 278.8 229.3 1.216
4/1/1994 45.8 5.6 278.5 227.7 1.223
7/1/1994 45.7 5.8 276.9 225.9 1.226
10/1/1994 45.7 5.9 279.4 226.1 1.236
1/1/1995 46.2 6.0 278.5 226.5 1.230
4/1/1995 46.4 6.3 278.9 226.0 1.234
7/1/1995 46.4 6.4 279.3 226.3 1.234
10/1/1995 46.3 6.4 281.4 227.3 1.238
1/1/1996 46.2 6.6 283.9 227.7 1.247
4/1/1996 46.1 6.5 287.0 227.9 1.259
7/1/1996 46.2 6.4 287.9 228.3 1.261
10/1/1996 46.2 6.5 288.1 227.4 1.267
1/1/1997 46.4 6.6 287.1 227.6 1.261
4/1/1997 46.3 6.7 290.5 228.9 1.269
7/1/1997 46.4 6.8 292.9 230.2 1.273
10/1/1997 46.9 6.7 294.0 233.1 1.262
1/1/1998 47.4 5.6 295.7 237.2 1.247
4/1/1998 47.7 5.5 297.5 239.7 1.241
7/1/1998 47.7 5.4 301.6 242.4 1.244
10/1/1998 47.5 5.1 303.9 242.3 1.254
1/1/1999 47.8 5.5 306.8 245.5 1.250
4/1/1999 47.7 5.6 307.1 244.3 1.257
7/1/1999 47.6 5.6 309.6 244.5 1.267
10/1/1999 47.8 5.7 315.0 247.8 1.271
1/1/2000 49.0 5.4 313.8 254.6 1.233
4/1/2000 48.1 5.2 320.9 253.4 1.266
7/1/2000 48.7 5.1 320.9 256.4 1.252
10/1/2000 48.4 4.8 324.1 256.1 1.265
1/1/2001 49.1 5.2 323.0 259.5 1.245
4/1/2001 48.2 5.3 328.9 258.4 1.272
7/1/2001 47.9 4.8 330.9 258.6 1.280
10/1/2001 47.5 4.5 335.6 261.5 1.283
1/1/2002 47.3 4.8 342.7 263.3 1.302
4/1/2002 47.2 5.2 343.1 263.7 1.301
7/1/2002 46.8 5.5 346.3 263.7 1.313
10/1/2002 46.6 6.0 346.1 263.3 1.314
1/1/2003 46.5 5.8 349.3 264.9 1.319
4/1/2003 46.5 5.6 354.0 269.8 1.312
7/1/2003 46.1 5.9 362.1 271.5 1.334
10/1/2003 46.0 6.4 363.5 272.8 1.333
1/1/2004 45.5 7.4 364.0 269.1 1.353
4/1/2004 45.6 7.7 367.0 270.9 1.355
7/1/2004 45.8 8.0 367.6 273.4 1.345
10/1/2004 45.6 7.9 368.1 272.6 1.350
1/1/2005 45.2 9.5 371.9 273.5 1.360
4/1/2005 45.2 9.6 371.1 273.4 1.358
7/1/2005 45.2 9.7 374.0 273.1 1.369
10/1/2005 45.2 10.1 373.8 272.2 1.373
1/1/2006 45.3 10.3 376.1 274.4 1.371
4/1/2006 45.1 10.1 376.5 273.2 1.379
7/1/2006 45.2 10.2 374.5 271.4 1.380
10/1/2006 45.8 9.8 377.0 278.9 1.352
1/1/2007 46.0 9.2 376.7 278.8 1.352
4/1/2007 45.7 9.4 379.9 276.7 1.373
7/1/2007 45.5 9.1 384.4 276.8 1.389
10/1/2007 45.8 9.2 386.3 277.8 1.391
1/1/2008 46.2 8.3 383.8 278.7 1.377
4/1/2008 45.5 8.4 386.1 274.4 1.407
7/1/2008 45.5 8.1 385.3 272.4 1.414
10/1/2008 46.0 4.6 382.0 280.4 1.362
1/1/2009 45.2 7.3 387.1 279.9 1.383
4/1/2009 45.2 7.8 393.5 283.1 1.390
7/1/2009 44.8 8.8 398.5 282.0 1.413
10/1/2009 44.4 9.6 403.4 280.5 1.438
1/1/2010 44.1 10.0 406.0 280.9 1.446
4/1/2010 44.4 9.7 405.5 283.0 1.433
7/1/2010 44.2 10.1 408.8 283.3 1.443
10/1/2010 43.9 10.0 410.7 281.5 1.459
1/1/2011 44.7 9.5 408.7 284.6 1.436
4/1/2011 44.4 9.7 409.9 281.4 1.457
7/1/2011 44.0 9.7 410.5 279.2 1.470
10/1/2011 43.7 10.2 413.3 277.9 1.487
1/1/2012 44.1 10.8 412.7 280.1 1.473
4/1/2012 43.9 10.7 414.6 280.5 1.478
7/1/2012 43.5 11.0 417.6 279.5 1.494
Annual Average Annualized Change (percent)
-------------------- -------------------------------
Real Produc-
Wages & Corporate Labor Hourly tivity /
Salary Profits Produc- Compen- Compen-
Years Accruals After Tax tivity sation sation
--------- --------- --------- --------- --------- ---------
1950s 51.54 6.26 2.53 3.01 -0.46
1960s 51.37 5.90 2.44 2.21 0.22
1970s 50.52 5.99 1.91 1.21 0.69
1980s 47.75 4.40 1.49 0.59 0.90
1990s 46.72 5.59 1.98 1.57 0.40
2000s 46.26 7.39 2.61 0.99 1.61
2010-12 44.09 10.13 1.13 -0.19 1.32
Annual Average Annualized Change (percent)
-------------------- -------------------------------
Real Produc-
Wages & Corporate Labor Hourly tivity /
Salary Profits Produc- Compen- Compen-
Years* Accruals After Tax tivity sation sation
--------- --------- --------- --------- --------- ---------
1947-1973 51.42 6.18 2.73 2.53 0.20
1973-1979 49.66 6.50 1.26 0.91 0.35
1979-1990 47.74 4.47 1.42 0.55 0.86
1990-2000 46.83 5.64 2.27 1.58 0.68
2000-2012 45.62 8.15 2.18 0.75 1.42
* These time spans are those used in a January 2011 Monthly Labor Review article.
All values are for 10/1 of the given year except 1947 (1/1) and 2012 (7/1).
This was chosen because it best aligns with the NBER business cycle peaks.
Column Series Id Description
------ ----------- -----------
2 WASCUR Compensation of Employees: Wages & Salary Accruals
3 CP Corporate Profits After Tax
4 PRS85006093 Nonfarm Business Labor productivity (output per hour)
5 PRS85006153 Nonfarm Business Real hourly compensation
6 GDP Gross Domestic Product
Source: http://research.stlouisfed.org/fred2/series/WASCUR/
http://research.stlouisfed.org/fred2/series/CP/
http://data.bls.gov/cgi-bin/srgate (enter PRS85006093)
http://data.bls.gov/cgi-bin/srgate (enter PRS85006153)
http://research.stlouisfed.org/fred2/series/GDP/