Reconciling growth in median hourly compensation and productivity, 1973–2011
| 1973–79 | 1979–95 | 1995–00 | 2000–11 | 1973–11 |
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| A. Basic trends (annual growth) |
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| Median hourly wage | -0.26 | -0.15 | 1.50 | 0.05 | 0.10 |
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| Median hourly compensation | 0.56 | -0.17 | 1.13 | 0.35 | 0.27 |
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| Average hourly compensation | 0.59 | 0.55 | 2.10 | 0.95 | 0.87 |
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| Productivity | 1.08 | 1.29 | 2.33 | 1.88 | 1.56 |
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| Productivity-median compensation gap | 0.52 | 1.46 | 1.21 | 1.53 | 1.30 |
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| B. Explanatory factors (percentage-point contribution to gap) |
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| Inequality of compensation | 0.02 | 0.72 | 0.97 | 0.59 | 0.61 |
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| Shifts in labor's share of income | 0.03 | 0.23 | -0.40 | 0.69 | 0.25 |
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| Divergence of consumer and output prices | 0.46 | 0.51 | 0.64 | 0.24 | 0.44 |
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| Total | 0.52 | 1.46 | 1.22 | 1.52 | 1.29 |
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| C. Explanatory factors (percent contribution to gap) |
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| Inequality of compensation | 4.8% | 49.6% | 80.0% | 38.9% | 46.9% |
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| Shifts in labor's share of income | 5.5% | 15.4% | -32.5% | 45.3% | 19.0% |
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| Divergence of consumer and output prices | 89.7% | 35.0% | 52.5% | 15.8% | 34.0% |
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| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
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|
| | 73-79
cost of living change
out stripped productivity and wage change
79-95
triple crown
inequality of compensation |
|---|
wage share and cost of living outstripping general labor productivity growth
95-00
golden years
for compensation share
recovers most of lost ground
but inequality of compensation grew rapidly
and the cost of living versus average labor productivity
saw COL in acclerated outstripping
00-11
another triple crown era
with very strong wage share loss
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note i'd like to see the 79-95 sub interval
to say
79-86
and
86- 95
ie
split at about the time the plaza accords of 86
cut in
and then alan greenstain took the fed helm |
|---|
|
