Productivity growth is only “effective” if it boosts families' capacity to pay for goods and services: Nonfarm business productivity, total economy productivity, and hourly compensation, 1948–2019
Year | NFB productivity | Total economy productivity | Total economy productivity, net | “Effective” total economy productivity, net | Average hourly compensation, NFB (index) |
---|---|---|---|---|---|
1948 | 46.45 | 47.06 | 48.05 | 45.80 | 49.72 |
1949 | 47.94 | 47.88 | 48.80 | 46.95 | 51.69 |
1950 | 51.11 | 51.11 | 52.54 | 50.35 | 54.13 |
1951 | 52.45 | 52.20 | 53.93 | 51.02 | 54.53 |
1952 | 53.44 | 53.78 | 55.49 | 52.67 | 56.25 |
1953 | 54.75 | 55.69 | 57.38 | 54.80 | 58.95 |
1954 | 55.83 | 57.06 | 58.35 | 55.84 | 60.62 |
1955 | 58.21 | 59.19 | 60.73 | 59.18 | 62.98 |
1956 | 57.88 | 59.47 | 60.83 | 60.17 | 65.85 |
1957 | 59.37 | 61.29 | 62.48 | 61.88 | 67.40 |
1958 | 60.74 | 63.05 | 63.78 | 63.00 | 68.20 |
1959 | 62.88 | 65.05 | 66.14 | 65.64 | 70.17 |
1960 | 63.63 | 66.25 | 67.30 | 66.69 | 72.13 |
1961 | 65.71 | 68.42 | 69.37 | 68.88 | 73.73 |
1962 | 68.70 | 70.83 | 71.98 | 71.70 | 75.79 |
1963 | 71.04 | 73.33 | 74.49 | 74.09 | 77.41 |
1964 | 73.05 | 75.57 | 76.86 | 76.65 | 78.73 |
1965 | 75.38 | 77.81 | 79.25 | 79.32 | 80.08 |
1966 | 78.10 | 80.13 | 81.66 | 81.78 | 82.35 |
1967 | 79.58 | 81.41 | 82.64 | 82.61 | 84.79 |
1968 | 82.37 | 83.91 | 85.11 | 85.40 | 87.46 |
1969 | 82.53 | 84.48 | 85.46 | 86.14 | 88.63 |
1970 | 83.75 | 86.17 | 86.66 | 87.67 | 89.56 |
1971 | 87.04 | 89.41 | 89.90 | 91.54 | 91.18 |
1972 | 90.07 | 91.66 | 92.36 | 95.25 | 94.03 |
1973 | 92.84 | 93.84 | 94.64 | 96.87 | 95.25 |
1974 | 91.32 | 93.00 | 93.14 | 94.16 | 93.95 |
1975 | 93.83 | 95.56 | 95.19 | 96.85 | 95.11 |
1976 | 97.11 | 97.84 | 97.83 | 99.23 | 96.89 |
1977 | 98.78 | 98.90 | 99.01 | 100.18 | 98.45 |
1978 | 100.14 | 99.80 | 100.07 | 101.27 | 99.90 |
1979 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 |
1980 | 99.98 | 100.14 | 99.36 | 97.34 | 99.70 |
1981 | 101.46 | 102.17 | 101.15 | 99.08 | 99.77 |
1982 | 100.68 | 102.19 | 100.13 | 98.22 | 101.01 |
1983 | 104.76 | 104.96 | 103.07 | 101.22 | 101.23 |
1984 | 107.11 | 107.22 | 105.81 | 103.66 | 101.30 |
1985 | 108.99 | 109.12 | 107.47 | 105.31 | 102.76 |
1986 | 112.25 | 111.67 | 109.69 | 107.80 | 106.75 |
1987 | 112.89 | 112.18 | 109.94 | 107.16 | 107.22 |
1988 | 114.74 | 113.77 | 111.48 | 108.68 | 108.75 |
1989 | 115.79 | 114.89 | 112.49 | 109.43 | 107.28 |
1990 | 117.77 | 116.65 | 113.86 | 109.81 | 108.36 |
1991 | 119.70 | 118.03 | 114.60 | 110.51 | 109.58 |
1992 | 125.07 | 122.29 | 118.92 | 114.82 | 113.51 |
1993 | 125.21 | 122.84 | 119.42 | 115.31 | 112.12 |
1994 | 126.09 | 123.71 | 120.39 | 116.37 | 110.89 |
1995 | 127.47 | 124.50 | 120.90 | 116.47 | 110.98 |
1996 | 130.16 | 126.91 | 123.14 | 117.94 | 111.81 |
1997 | 132.68 | 129.26 | 125.30 | 119.78 | 113.70 |
1998 | 136.76 | 132.26 | 127.93 | 122.25 | 118.68 |
1999 | 141.97 | 136.20 | 131.42 | 124.92 | 121.65 |
2000 | 146.70 | 139.65 | 134.31 | 126.37 | 125.91 |
2001 | 150.70 | 142.72 | 136.35 | 127.83 | 127.81 |
2002 | 157.23 | 147.11 | 140.09 | 131.61 | 128.70 |
2003 | 163.21 | 152.09 | 144.76 | 135.82 | 130.51 |
2004 | 167.91 | 156.12 | 148.65 | 139.53 | 132.89 |
2005 | 171.59 | 159.27 | 151.52 | 141.60 | 133.26 |
2006 | 173.44 | 160.81 | 152.63 | 142.28 | 134.05 |
2007 | 176.48 | 162.50 | 153.68 | 143.21 | 135.99 |
2008 | 178.51 | 164.33 | 154.45 | 141.37 | 134.76 |
2009 | 184.82 | 169.49 | 157.99 | 146.80 | 136.43 |
2010 | 191.12 | 173.90 | 162.54 | 150.74 | 136.75 |
2011 | 191.12 | 174.00 | 162.53 | 149.32 | 135.53 |
2012 | 192.74 | 174.81 | 163.19 | 149.75 | 136.24 |
2013 | 193.71 | 175.86 | 163.86 | 150.97 | 135.94 |
2014 | 195.36 | 176.96 | 164.80 | 151.98 | 137.47 |
2015 | 198.41 | 178.66 | 166.48 | 154.82 | 141.53 |
2016 | 199.15 | 179.39 | 166.87 | 155.13 | 141.24 |
2017 | 201.58 | 181.17 | 168.48 | 156.32 | 143.14 |
2018 | 204.50 | 183.07 | 170.31 | 158.04 | 144.41 |
2019 | 208.09 | 185.46 | 172.22 | 159.87 | 147.04 |
Note: All five lines are indices set to 100 in 1979.To calculate “effective” net productivity growth, we use a different price deflator for output growth in the productivity series, substituting the consumer price index research series (CPI-U-RS) for the output deflator used in the total economy productivity data.
Source: Nonfarm business sector data from the BLS Labor Productivity and Costs (LPC) program; unpublished total economy productivity data provided by the BLS upon request; BEA NIPA tables, and BLS consumer price index.