..

Bureau of Labor Statistics

Historical, technical

information: (202) 523-9261

Media contact: (202) 523-1913

United States it~

Department ~

of Labor

Washington, D.C. 20212

USDL 91-129

For Release: 10:00 AM EST

Tuesday, March 26, 1991

MULTIFACToa paODUCTIVITY MEASURES, 1988 and 1989

Private Business, Private Nonfarm Business, and Manufacturing

The Bureau of Labor Statistics of the U.S. Department of Labor today

reported multifactor productivity measures--output per unit of combined labor

and capital--for 1988 and 1989. Multifactor productivity changed from 1987 to

1988 and from 1988 to 1989 at the following percent rates:

Private business

Private nonfarm business

Manufacturing

1987-88

2.4

2.6

6.6

1988-89

-0.4

-0.6

3.0

Multifactor productivity in private business and private nonfarm

business declined in 1989 fOllowing six consecutive annual increases. Gains

for these measures in 1988 had been the largest in four years. The last

decrease in multifactor productivity for the business sectors was in 1982. In

manufacturing, multifactor productivity increased in 1989 for the seventh

consecutive year, but the increase was the smallest since 1982. The 1988 and

1989 annual changes are summarized in table Ai further detail and historical

measures are shown in tables 1 through 12.

The change in multifactor productivity reflects the difference between

the change in output (production of goods and services) and the change in

labor and capital inputs engaged in the production of the output. Multifactor

productivity does not measure the specific contributions of labor, capital, or

any other factor of production. Instead, it reflects the joint effects of

many factors, including new technology, economies of scale, change in the

composition of labor input (as measured by education and experience),

managerial skill, and change in the organization of production.

The multifactor productivity measures for private business, private

nonfarm business, and manufacturing reported in this release incorporate

four improvements in methods. See page 7 for a description of these

improvements.
2

Table A. Productivity indexes and related measures

Percent change from 1988 .to 1989

Item

Productivity:

Output per hour of all persons .

Output per unit of capital services ..

Multifactor productivity 2/ .

Output .

Inputs:

Hours of all persons .

Capital services .

Combined units of labor and

capital input 3/ .

Capital services per hour of

all persons (capital-labor ratio) ....

Percent change from 1987 to 1988

Item

Productivity:

Output per hour of all persons .

Output per unit of capital services ..

Multifactor productivity 2/ .

Output II ••••••••. , •

Inputs:

Hours 6f all persons .

Capital services .

Combined units of labor and

capital input 3/ .

Capital services per hour of

all persons (capital-labor ratio) ....

Private

business 1/

-0.5

-0.3

-0.4

2.1

2.6'

2.4

2.5

-0.1

Private

business 1/

2.3

2.7

2.4

5.3

3.0

2.6

2.8

-0.4

Private

nonfarm

business 1/

-0.6

-0.6

-0.6

2.0

2.7

2.7

2.7

0.0

Private

nonfarm

business 1/

2.5

2.8

2.6

5.7

3.1

2.8

3.1

-0.3

Manufacturing

3.3

2.2

3.0

3.6

0.3

1.4

0.6

1.0

Manufacturing

6.0

8.1

6.6

9.2

3.0

1.0

2.4

-1. 9

1/ Excludes government enterprises.

2/ Output per unit of combined labor and capital input.

3/ Hours of all persons combined with capital service input index, weighted

by labor's and capital's shares of nominal output ..
3

Preliminary and revised measures of both quarterly and annual labor

productivity, or output per hour, are published by the Bureau of Labor

Statistics each quarter. The percent change in labor productivity indicates

the portion of the change in output that cannot be accounted for by the change

in labor inputs. In contrast, the percent change in multifactor productivity

indicates the portion of the change in output that cannot be accounted for by

the change in combined inputs of labor and capital.

Private business sector

1989. The multifactor productivity decrease, 0.4 percent, was the first

decline in private business since 1982 (table 4). Underlying the overall

decline was the smallest output growth since 1982, 2.1 percent, and a slightly

slower rate of increase in combined inputs of capital and labor, 2.5 percent.

The growth rates of both hours and capital services slowed in 1989 resulting

in the third consecutive decline in the ratio of capital services to hours at

work (the capital-labor ratio). The only other period of three consecutive

declines occurred between 1975 and 1978. In most years, capital services

increase more rapidly than hours. The real capital input of equipment

continued to increase more rapidly than structures, rental residential

capital, inventories and land (table 10). While the increase in equipment

(4.3 percent) was the same as the year before, structures grew more slowly

(1.1 percent) .

Labor productivity in 1989 declined for the first time since 1982 as

output growth of 2.1 percent did not keep pace with a 2.6 percent increase in

hours. Capital productivity (the ratio of output to capital services) also

declined 0.3 percent after increases in both 1987 and 1988.

1988. The multifactor productivity increase, 2.4 percent, was the sixth

consecutive annual increase since 1982. It resulted from a 5.3 percent

increase in output and a 2.8 percent increase in combined labor and capital

inputs. Separately, hours at work (labor input) increased 3.0 percent and

capital services grew 2.6 percent. The slowest growth in capital services

since 1985 caused the capital-labor ratio to decline 0.4 percent.

Output increased more rapidly than hours at work in 1988, resulting in

an increase in labor productivity (output per hour of all persons) of 2.3

percent from 1987 to 1988.

Private nonfar.m business

1989. Multifactor productivity declined 0.6 percent (table 5). The 2.0

percent increase in output was the smallest since 1982; combined inputs of

hours and capital services increased 2.7 percent. Hours at work and capital

services increased at the same rate, 2.7 percent. Hence, the capital-labor

ratio remained unchanged after two successive declines. The capital services

of equipment rose 4.7 percent (table 11), and structures increased 1.2

percent.

Labor productivity declined 0.6 percent in this sector in 1989 as growth

in output (2.0 percent) failed to keep pace with-the increase in hours at work

(2.7 percent) for the first time since 1982. Capital productivity also

declined 0.6 percent in 1989, the first decline in four years.
4

1988. Multifactor productivity grew 2.6 percent. This was the sixth

consecutive annual increase and the fastest rate of growth since 1984. Output

increased 5.7 percent, while combined inputs of capital and labor grew 3.1

percent. Separately, hours at work rose 3.1 percent and capital services

increased 2.9 percent. The largest gain in hours since 1984, combined with

the smallest increase in capital services since 1983, caused a decline of 0.3

percent in the capital-labor ratio.

Labor productivity rose 2.5 percent, and capital productivity gained 2.8

percent. Both increases were larger than in 1987.

Manufacturinq

1989. Multifactor productivity rose 3.0 percent (table 6). This was the

seventh consecutive increase, but the smallest rise since 1982. In recent

years, manufacturing has consistently recorded stronger multifactor

productivity gains than either of the private.business sectors. Since 1982,

multifactor productivity in manufacturing has grown 3 percent or more every

year (table 6); in private business and private nonfarm business, annual gains

have averaged less than 2.0 percent.

In 1989, output rose at a much slower rate, 3.6 percent. Combined

inputs of hours and capital services also increased at a slower rate, 0.6

percent. Hours at work in manufacturing increased 0.3 percent and capital

services increased 1.4 percent. Unlike private business and private nonfarm

business, capital services increased at a faster rate in 1989 than in 1988.

Capital equipment increased 2.1 percent and structures gained 0.7 percent

(table 12). These were the largest gains since 1986. The resulting capitallabor ratio rose 1.0 percent, the largest increase since 1986.

Labor productivity increased for the ninth consecutive year, but the 3.3

percent gain was the smallest since 1982. Capital productivity rose 2.2

percent in 1989, the smallest increase since 1986.

1988. Multifactor productivity increased 6.6 percent, one of the largest

increases in several decades. The increase in output, 9.2 percent, was much

faster than in the year before. Combined inputs of hours and capital services

grew 2.4 percent. Hours at work rose 3.0 percent, the second largest increase

in a decade. The increase in capital services (1.0 percent) was the third

consecutive increase of less than 2.0 percent. The capital-labor ratio fell

1.9 percent, the first decrease since 1984.

In 1988, labor productivity rose 6.0 percent in manufacturing, the

eighth consecutive annual increase. Capital productivity increased 8.1

percent, the largest increase since 1984. In manufacturing, gains in both

labor and capital productivity have been stronger in recent years than in the

other two major sectors.
5

Long-te~ trends

From 1948 to 1989, mu1tifactor productivity grew at an average annual

rate of 1.4 percent in private business; 1.1 percent in private nonfarm

business; and 2.1 percent in manufacturing (table B). These long-term rates

reflect the difference between the average annual rate of change in labor

productivity (output per hour at work) and the average annual contribution of

capital intensity. Hence, the 1.4 percent rate of growth between 1948 and

1989 in private business equals the 2.3 percent growth in labor productivity

minus the 0.9 percent growth in the contribution of capital intensity. The

latter equals the change in the capital-labor ratio multiplied by capital's

share of total output; historically, capital's share has been less than onethird of total costs.

The widely discussed post-1973 productivity slowdown is apparent from

the data in table B. From 1948 to 1973, multifactor productivity grew at an

annual rate of 2.0 percent in private business- and 1.6 percent in private

nonfarm business. These rates, combined with the growth rates in the

contribution of capital intensity, resulted in labor productivity growth rates

of 3.0 percent and 2.5 percent, respectively, in private business and private

nonfarm business.

During the period 1973 to 1979, gains in multifactor productivity slowed

to only 0.2 percent per year in private business. At the same time, the

average annual contribution of capital intensity decreased to 0.6 percent.

Labor productivity, therefore, increased only 0.8 percent per year from 1973

to 1979. A similar slowdown occurred in private nonfarm business during the

1973-79 period.

Multifactor productivity in manufacturing grew at an annual rate of 2.1

percent from 1948 to 1973. This growth rate fell to 0.5 percent during the

years 1973 to 1979. However, the contribution of capital intensity did not

fall as it did in the two business sectors and instead increased slightly, to

1.0 percent per year. This small increase in the contribution of capital

intensity dampened the decline in labor productivity growth in manufacturing

compared to the two larger sectors.

In the latest period, 1979 to 1989, multifactor productivity in

manufacturing increased 2.9 percent per year, and labor productivity rose 3.6

percent per year. These results exceeded the growth rates of the 1948-73

period. On the other hand, multifactor productivity grew only 0.8 percent per

year in private business and 0.6 percent per year in private nonfarm business

during this period. These growth rates represent an increase from the 1973-79

rates but are still well below the pre-1973 rates.
6

Table B. Compound annual rates of growth in output per hour of all

persons, the contribution of capital intensity, and multifactor

productivity, by major sector, 1948 to 1989

1948- 1948- 1973- 1979-

Measure 1989 1973 1979 1989

Private business .1.1

Output per hour of all persons 2.3 3.0 0.8 1.3

Contribution of capital intensity £/ 0.9 1.0 0.6 0.6

Multifactor productivity 1/ 1.4 2.0 0.2 0.8

Private nonfarm business 1/

Output per hour of all persons 1.9 2.5 0.6 1.1

Contribution of capital intensity £/ 0.8 0.9 0.6 0.5

Multifactor productivity 1/ 1.1 1.6 0.0 0.6

Manufacturing

Output per hour of all persons 2.8 2.9 1.4 3.6

Contribution of capital intensity £/ 0.8 0.8 1.0 0.6

Multifactor productivity 1/ 2.1 2.1 0.5 2.9

1/ Excludes government enterprises.

2/ Change in capital services per hour times capital's share of current

dollar output.

3/ Output per unit of combined labor and capital input.

The sum of multifactor productivity and the contribution of capital intensity

may not equal labor productivity due to rounding.

Source: Tables 4-6.
7

Improvements in methods: There are four improvements in the methods of

calculating multifactor productivity. First, labor input is redefined in all

sectors to the hours at work of all persons. Incorporating the results of the

Hours at Work Survey and previous survey data, the labor input measures now

reflect hours at the work site rather than hours paid. The second revision

excludes most indirect business taxes from the measures of capital costs.

Indirect business taxes assessed directly on capital assets continue to be

included. Previously, all indirect business taxes were included. As a result

of this change, both the rental price of specific assets and capital's share

of total costs are revised. Third, subsidies are now allocated

proportionately between capital and labor costs. Subsidies, which lower

costs, were previously allocated entirely to capital costs. The fourth

revision changes the method of aggregating capital services. Industry capital

services are obtained by weighting capital stocks for each asset type within

each industry using the respective industry-specific rental prices. Rental

prices of capital for the same asset type may now differ across industries.

Previously, the rental price for each asset was averaged over an entire sector

(manufacturing, farm, and nonfarm non-manufacturing) and the rental price for

each asset was identical for all industries within a sector. Changes in the

aggregation method of capital revise the measures of capital services for all

three sectors. These four revisions to the measures of labor, capital and

productivity beginning in 1948 are incorporated into the figures found in

tables A, B, and 1 through 12.

Note: The Bureau of Economic Analysis (BEA) of the Department of Commerce has

recently published revisions to their measures of current and constant dollar

gross product originating by industry for the period 1977-88. At this time,

1989 gross product originating data for manufacturing output have not been

issued. Preliminary measures of real manufacturing output are based on the

Federal Reserve Board's monthly indexes of industrial production for durable

and nondurable manufacturing for 1989. Current dollar manufacturing output is

estimated assuming that employee compensation is a constant share of output.

Trends in real manufacturing output prior to 1977 continue to be based on

unrevised gross product originating data. However, BEA plans further work to

improve its pre-1977 gross product originating data, and BLS will revise its

pre-1977 multifactor productivity measures when that work is complete.

Measures for 1989 proprietors' income also have not been issued by the

U.S. Department of Commerce. Preliminary measures are based on the hours of

proprietors and hourly earnings of employees in 1989. The multifactor

productivity measures for all sectors will be revised when the proprietors'

income data become available.

At the detailed industry level used to measure capital services, the

measures of hours and compensation continue to reflect the data prior to the

rebenchmarking of the Current Employment Statistics survey of establishments

to the March 1988 unemployment insurance data. The sectoral measures of hours

and compensation are defined as the sum across industries within a sector. To

reflect the most recent trends in hours and compensation, preliminary measures

of hours of all persons and labor compensation in each sector for 1988 are

made by applying the 1988 post-benchmark growth rates in these series to the

1987 pre-benchmark measures. Similarly, the 1989 measures of hours and

compensation are made by multiplying the 1989 post-benchmark growth rates to

the 1988 preliminary measures.
8

Summary of Methods

The following note describes the major data sources and the procedures

used in deriving BLS multifactor productivity indexes. More detailed

information on the methods, limitations, and data sources is provided in BLS

Bulletin 2178, "Trends in Multifactor Productivity, 1948-81."

The multifactor productivity indexes are derived by dividing an output

index by an input index which is a weighted average of the hours at work of

all persons and capital services. The output indexes are computed from

measures of constant dollar gross domestic product, derived from the national

income and product accounts (NIPA) developed by the Bureau of Economic

Analysis (BEA) of the U.S. Department of Commerce.

The capital input series measures the services derived from the stock of

physical assets. The assets included are fixed business equipment,

structures, inventories, and land. Structures include nonresidential

structures and residential capital which is rented out by profit-making firms

or persons. Financial assets are excluded as are owner-occupied residential

structures. The aggregate capital measures are obtained by weighting the

capital stocks for each asset type within each industry using the respective

rental prices. Rental prices are the sum of the real rate of return to all

assets within the industry and the rate of depreciation of the specific asset,

adjusted for the effect of taxes. Data o~ physical assets and the gross

product originating by industry used in measuring the rental prices are

obtained from the BEA.

The labor and capital components of the input indexes are combined with

weights which represent each component's share of total costs. The index uses

changing weights where the share in each year is averaged with the preceding

year's share.

Data are presented for the private business, private nonfarm business,

and manufacturing sectors. The private business sector, which accounts for

about 80 percent of the gross national product, includes all activities in the

economy with the exception of general government, government enterprises, the

rest-of-the-world sector, owner-occupied housing, nonprofit institutions,

private household employees, and the statistical discrepancy in computing the

NIPA. The private nonfarm business sector also excludes farms but includes

agricultural services.

These multifactor productivity measures describe the relationship

between output in real terms and the labor time and capital services involved

in its production. They do not measure the specific contributions of labor,

capital, or any other factor of production. Rather, they reflect the joint

effects of many factors, including new technology, economies of scale, change

in the composition of labor input (as measured by education and experience),

managerial skill, and change in the organization of production.
Table 1. Private business sector: Productivity and related measures, 1948-89 [lJ

Indexes 1982-100

9

Productivity Inputs

Year Output per Output per Multi factor Output Hours of Capital Combined units Capital per

hour of all unit of productivity all persons Services of labor and hour of

persons capital [2J [3J [4J [5] capital inputs[6J all persons

67.1 38.3 77 .8 28.9 57.2 37.2

69.2 41.1 79.9 30.7 59.4 38.4

70.6 42.4 79.9 31.8 60.1 39.8

72.8 44.4 80.6 32.8 61.1 40.7

72.6 43.6 77 .8 33.5 60.0 43.1

75.0 46.7 80.7 34.8 62.3 43.1

75.4 48.0 81.9 36.3 63.7 44.4

76.2 48.6 80.5 37.6 63.7 46.7

76.8 47.6 76.6 38.4 62.0 50.0

79.9 51.2 79.6 39.3 64.1 49.4

80.5 52.1 79.6 40.5 64.7 50.9

82.4 53.1 78.3 41.5 64.4 53.0

84.8 55.9 79.8 42.8 66.0 53.7

87.5 58.5 80.2 44.3 66.9 55.3

90.7 62.1 81.4 46.0 68.4 56.6

93.0 66.0 83.9 48.3 71.0 57.6

94.5 69.5 85.9 51.2 73.5 59.6

95.6 71.3 85.6 54.1 74.6 63.2

97.5 74.5 86.8 56.6 76.4 65.3

97.1 76.6 88.9 59.4 78.8 66.9

96.3 75.8 87.2 62.1 78.8 71.2

98.2 78.0 86.8 64.4 79.4 74.2

101. 0 83.0 89.5 66.9 82.1 74.8

103.0 88.0 92 .8 70.4 85.4 75.8

99.7 86.4 92.7 73.9 86.7 79.7

99.4 84.5 88.9 76.4 85.0 86.0

102.5 89.5 91.4 78.5 87.3 85.9

104.6 94.8 95.0 81. 0 90.6 85.3

105.8 100.3 99.7 84.3 94.8 84.6

104.2 102.3 102.8 87.9 98.1 85.6

102.1 101. 0 101. 9 92.4 99.0 90.7

102.5 103.2 102.5 96.6 100.7 94.2

100.0 100.0 100.0 100.0 100.0 100.0

102.3 104.3 101. 8 102.4 102.0 100.6

105.6 113.2 107.6 106.1 107.1 98.6

107.2 118.0 109.9 110.5 110.1 100.5

108.7 121. 6 110.7 114.4 111. 9 103.3

110.1 126.7 114.0 117.6 115.1 103.2

112.8 133.5 117.4 120.7 118.4 102.8

112.3 136.3 120.4 123.6 121. 4 102.7

Source: Bureau of Labor Statistics

1948 44.9 132.8

1949 45.3 126.3

1950 49.3 132.5

1951 51.4 134.0

1952 53.1 133.4

1953 55.2 135.5

1954 56.0 130.0

1955 57.8 134.0

1956 58.7 132.3

1957 60.3 129.2

1958 62.1 124.1

1959 64.3 130.1

1960 65.4 128.5

1961 67.9 128.1

1962 70.1 130.6

1963 73.0 132.0

1964 76.3 134.9

1965 78.7 136.6

1966 80.8 135.6

1967 83.3 131. 8

1968 85.9 131. 6

1969 86.2 128.9

1970 87.0 122.2

1971 89.8 121. 0

1972 92.7 123.9

1973 94.9 125.1

1974 93.1 116.9

1975 95.1 110.6

1976 97.9 114.1

1977 99.7 116.9

1978 100.6 119.0

1979 99.5 116.3

1980 99.2 109.3

1981 100.7 106.9

1982 100.0 100.0

1983 102.5 101. 8

1984 105.2 106.7

1985 107.4 106.8

1986 109.8 106.3

1987 111. 2 107.7

1988 113.7 110.6

1989 113.2 110.3

See footnotes following table 6.

63.2

62.5

35.8

34.9

79.7

77 .0

27.0

27.6

56.7

55.9

33.8

35.9
Table 2. Private nonfarm business sector: Productivity and related measures, 1948-89 [1]

Indexes 1982=100

10

Productivity Inputs

Year Output per Output per Multifactor Output Hours of Capital Combined units Capital per

hour of all unit of productivity all persons Services of labor and hour of

persons capital [2J [3] [4] [5] capital inputs[6] all persons

1948 52.1 139.9 70.5 35.2 67.6 25.2 50.0 37.3

1949 53.1 133.8 70.2 34.4 64.9 25.7 49.0 39.7

1950 56.6 140.4 74.4 37.8 66.8 26.9 50.8 40.3

1951 58.3 142.6 76.3 40.8 69.9 28.6 53.4 40.9

1952 59.7 141. 8 77 .4 42.1 70.5 29.7 54.4 42.1

1953 61.1 143.8 78.9 44.1 72.2 30.7 55.9 42.5

1954 62.0 137.7 78.7 43.2 69.7 31.4 54.9 45.0

1955 63.9 141. 9 81.1 46.3 72.5 32.7 57.1 45.0

1956 64.3 139.9 81.1 47.8 74.3 34.2 58.9 46.0

1957 65.6 136.7 81. 6 48.4 73.8 35.4 59.3 -48.0

1958 67.2 131. 0 81. 9 47.4 70.5 36.2 57.9 51.3

1959 69.4 137.4 85.0 51.1 73.6 37.2 60.1 50.5

1960 70.2 135.1 85.2 51. 9 74.0 36.4 60.9 51. 9

1961 72.4 134.4 86.9 52.9 73.1 39.4 60.9 53.9

1962 74.5 137.0 89.2 55.9 74.9 40.8 62.6 54.4

1963 77.3 138.4 91. 7 58.5 75.7 42.3 63.8 55.8

1964 80.3 141.5 94.8 62.2 77.5 44.0 65.6 56.8

1965 82.4 143.0 96.8 66.2 80.3 46.3 68.4 57.6

1966 84.1 142.0 97.9 69.9 83.1 49.2 71.4 59.2

1967 86.3 137.5 98.6 71.7 83.1 52.1 72.6 62.7

1968 88.9 137.3 100.6 75.1 84.5 54.7 74.6 64.7

1969 88.6 134.0 99.7 77.1 86.9 57.5 77 .3 66.2

1970 89.1 126.6 98.5 76.2 85.5 60.2 77.4 70.4

1971 91. 8 125.1 100.2 78.3 85.3 62.6 78.1 73.4

1972 94.6 127.9 103.1 83.4 88.1 65.2 80.9 74.0

1973 96.7 128.9 104.9 88.6 91. 6 68.7 84.4 75.0

1974 94.9 120.1 101. 5 86.9 91.6 72.4 85.7 79.0

1975 96.7 113.1 101.1 84.8 87.7 75.0 83.9 85.5

1976 99.4 116.6 104.0 90.0 90.6 77.2 86.6 85.2

1977 101. 0 119.4 105.9 95.4 94.4 79.9 90.1 84.6

1978 101. 9 121. 3 107.1 101.1 99.2 83.3 94.4 84.0

1979 100.3 117.6 104.9 102.9 102.6 87.5 98.1 85.3

1980 99.9 110.5 102.8 101. 7 101. 8 92.0 98.9 90.3

1981 100.9 107.4 102.7 103.4 102.5 96.3 100.7 94.0

1982 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

1983 103.1 102.4 102.9 105.0 101. 9 102.6 102.1 100.6

1984 105.3 106.9 105.8 113.8 108.1 106.4 107.6 98.4

1985 106.7 106.5 106.6 118.3 110.9 111. 0 110.9 100.2

1986 108.9 105.7 107.9 121. 8 111. 9 115.2 _112.8 103.0

1987 110.1 107.0 109.2 127.0 115.4 118.7 116.4 102.8

1988 112.8 110.0 112.0 134.3 119.0 122.0 119.9 102.5

1989 112.1 109.3 111.3 137.0 122.3 125.3 123.2 102.5

See footnotes following table 6. Source: Bureau of Labor Stat istics
Table 3. Mallufacturtn9 aector: Productivity and related measures, 1948-89

11

Produc:tivtty Inputs

Year Output per OutP\lt per Multtfactor Output Hours of Capital Combined unit s Capital per

hour of all Ulltt of productivity all persons Services of labor and hour of

penona capital [21 [3J [4J [5J capital inputs[6] all persons

1948

1949

43.7

45.5

145.5

136.9

59.8

60.4

38.7

36.7

88.6

80.8

26.6

26.8

64.8

60.8

30.1

33.2

See footnotea followtnq table 6.

1950

1951

1952

1953

U54

1955

1956

1957

1958

1959

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

un

19'U!

1973

1974

11175

1976

19"/7

1978

1979

1980

1981

1982

U83

1984

19.5

1986

1987

19811

1989

411.0 151.5

50.0 153.2

50.9 150.0

52.1 154.6

52.7 142.5

55.2 151. 8

54.9 IH.9

56:.1 140.5

55.7 127.6

58.2 140.1

58.6 136.7

60.2 134.9

62.7 141.'

67.1 148.4

70.3 153.8

72.2 158.0

73.1 156.9

73.3 144.3

75.9 143.9

77.1 141.0

77.4 128.1

Ill.6 127.1

'5.0 135.1

89.6 143.5

87.3 130.1

89.6 115.5

93.' 122.9

96.7 127.5

96.9 128.1

97.4 125.6

96.6 113.4

97.9 109.6

100.0 100.0

105.0 105.7

110.1 115.7

114.' 117.1

120.1 118.9

U6.3 124.6

133.' 134.6

138.2 137.6

64.6

66.7

67 .2

68.9

68.0

71.6

70.4

71.0

68.8

72.9

72.7

73.9

77.2

82.1

85.8

88.1

88.7

86.7

88.9

8lI.5

87.5

9<1.9

95.2

100.6

96.4

95.3

100.2

103.5

103.8

103.7

100.5

100.7

100.0

105.2

111.5

U5.4

119.7

125.8

134.1

138.1

41.9

46.9

48.5

52.0

48.2

53.3

53.7

54.0

49.3

54.9

55.0

55.1

59.8

64.5

69.1

75.2

80.9

80.7

84.8

87.2

82.3

83.7

91.1

100.9

96.1

88.9

97.5

104.7

109.5

112.2

106.2

106.9

100.0

106.2

118.6

122.8

126.6

133.9

146.2

151. 5

87.2

93.8

95.2

99.9

91.4

96.5

97.9

96.3

88.4

94.3

93.9

91.5

95.3

96.3

98.3

104.0

110.8

110.2

111.8

113.1

106.4

102.6

107.2

112.6

110.0

99.3

104.0

108.3

113.0

115.2

109.9

109.2

100.0

101.1

107.7

107.0

105.4

106.0

109.2

109.6

27.6 64.8 31. 7

30.6 70.3 32.6

32.3 72 .1 34.0

33.7 75.6 33.7

33.8 70.8 37.0

35.1 74.4 36.4

37.1 76.3 37.9

38.5 76.2 40.0

38.6 71.6 43.7

39.2 75.3 41.6

4'0.2 75.7 42.8

40.8 74.5 44.6

42.2 77 .4 44.3

43.5 78.6 45.2

44.9 80.6 45.7

47.6 85.3 45.7

51. 6 91.3 46.6

55.9 93.1 50.8

59.0 95.4 52.7

61. 9 97.5 54.7

64.3 94.0 60.4

65.8 92.0 64.2

67.4 95.7 62.9

70.3 100.3 62.4

73.9 99.8 67.1

76.9 93.3 77.5

79.3 97.3 76.3

82.1 101. 2 75.8

85.4 105.4 75.6

89.3 108.2 77.6

93.6 105.7 85.2

97.6 106.2 89.3

100.0 100.0 100.0

100.5 101.0 99.4

102.5 106.3 95.2

104.8 106.4 98.0

106.5 105.7 101. 0

107.5 106.4 101. 4

108.6 109.0 99.4

110.1 109.7 100.4

Source: Bureau of Labor Statistics
Table 4. Private business sector: Productivity and related measures, 1949-89 [lJ

Percent Change

12

Productivity Inputs

Year Output per Output per Multifactor Output Hours of Capital Combined units Capital per

hour of all unit of productivity all persons Services of labor and hour of

persons capital [2J [3] [4J [5J capital inputs[6J all persons

1949 0.9 -4.8 -1.2 -2.6 -3.4 2.4 -1.4 6.1

1950 8.8 4.9 7.4 9.9 1.0 4.8 2.3 3.7

1951 4.3 1.2 3.2 7.2 2.8 6.0 3.9 3 •.1

1952 3.3 -0.5 2.0 3.2 -0.1 3.7 1.2 3.8

1953 3.9 1.6 3.1 4.7 0.8 3.1 1.6 2.2

1954 1.6 -4.0 -0.2 -1.9 -3.4 2.3 -1.7 5.9

1955 3.2 3.1 3.2 7.0 3.7 3.8 3.7 0.1

1956 1.5 -1.3 0.6 2.9 ~.4 4.3 2.4 2.8

1957 2.8 -2.3 1.1 1.1 -1.7 3.5 -0.1 5.2

1958 2.9 -4.0 0.7 -2.0 -4.8 2.0 -2.7 7.2

1959 3.6 4.8 4.0 7.6 3.8 2.6 3.4 -1.2

1960 1.8 -1.2 0.8 1.8 0.0 3.1 1.0 3.0

1961 3.7 -0.3 2.4 2.0 -1.7 '2.3 -0.4 4.1

1962 3.4 2.0 2.9 5.3 1.9 3.3 2.3 1.3

1963 4.1 1.1 3.2 4.6 0.5 3.5 1.4 3.0

1964 4.5 2.1 3.7 6.1 1.6 3.8 2.3 2.3

1965 3.1 1.3 2.5 6.3 '3.1 5.0 3.7 1.8

1966 2.8 -0.7 1.6 5.2 2.4 6.0 3.6 3.5

1967 3.0 -2.8 1.1 2.7 -0.3 5.6 1.5 6.0

1968 3.1 -0.2 2.0 4.5 1.4 4.7 2.4 3.3

1969 0.3 -2.1 -0.4 2.7 2.4 4.9 3.2 2.5

1970 0.9 -5.2 -0.9 -1.0 -1. 9 4.4 -0.1 6.5

1971 3.3 -1.0 2.0 2.8 -0.5 3.8 0.8 4.3

1972 3.1 2.4 2.9 6.4 3.2 3.9 3.4 0.7

1973 2.4 1.0 2.0 6.1 3.6 5.1 4.1 1.4

1974 -1.8 -6.6 -3.3 -1.9 0.0 5.0 1.5 5.1

1975 2.1 -5.4 -0.2 -2.2 -4.2 3.4 -1.9 7.9

1976 3.0 3.2 3.1 5.9 2.8 2.7 2.8 -0.1

1977 1.8 2.5 2.1 5.9 4.0 3.3 3.7 -0.7

1978 0.9 1.7 1.2 5.8 4.9 4.0 4.6 -0.8

1979 -1.2 -2.3 -1.5 2.0 3.2 4.3 3.5 1.1

1980 -0.3 -6.0 -2.0 -1.2 -0.9 5.1 0.8 6.0

1981 1.5 -2.2 0.4 2.2 0.6 4.5 1.8 3.8

1982 -0.7 -6.5 -2.4 -3.1 -2.5 3.6 -0.7 6.2

1983 2.5 1.8 2.3 4.3 1.8 2.4 2.0 0.6

1984 2.6 4.8 3.3 8.5 5.8 3.6 5.1 -2.1

1985 2.1 0.1 1.5 4.3 2.1 4.1 2.7 1.9

1986 2.3 -0.5 1.4 3.1 0.7 3.6 1.6 2.8

1987 1.2 1.4 1.3 4.2 3.0 2.8 2.9 -0.2

1988 2.3 2.7 2.4 5.3 3.0 2.6 2.8 -0.4

1989 -0.5 -0.3 -0.4 2.1 2.6 2.4 2.5 -0.1

See footnotes following table 6. Source: Bureau of Labor Statistics
Table 5. Private nonfarm business sector: Productivity and related measures, 1949-89 [lJ

Percent Change

13

Productivity Inputs

Year Output per Output per Multifactor Output Hours of Capital Combined units Capital per

hour of all unit of productivity all persons Services of labor and hour of

persons capital [2] [3J [4J [5] capital inputs[6) all persons

3.1 4.7 3.6 1.6

4.6 6.2 5.1 1.6

0.9 3.8 1.8 2.9

2.4 3.3 2.7 0.8

-3.5 2.4 -1.7 6.0

4.1 4.0 4.0 0.0

2.5 4.6 3.2 2.1

-0.7 3.7 0.7 4.4

-4.4 2.1 -2.4 6.9

4.4 2.7 3.8 -1. 6

0.5 3.3 1.4 2.8

-1.2 2.5 -0.1 3.8

2.5 3.5 2.8 0.9

1.0 3.7 1.9 2.7

2.3 4.0 2.9 1.7

3.7 5.2 4.2 1.5

3.5 6.3 4.4 2.7

-0.1 5.9 1.8 6.0

1.7 4.9 2.7 3.2

2.9 5.2 3.6 2.2

-1.6 4.7 0.1 6.4

-0.3 3.9 0.9 4.2

3.3 4.1 3.6 0.8

4.0 5.4 4.4 1.4

0.0 5.3 1.5 5.4

-4.2 3.6 -2.0 8.2

3.3 2.9 3.2 -0.4

4.2 3.5 4.0 -0.7

5.1 4.3 4.8 -0.8

3.4 5.0 3.9 1.5

-0.8 5.1 0.8 5.9

0.7 4.7 1.8 4.0

-2.5 3.8 -0.7 6.4

1.9 2.6 2.1 0.6

6.1 3.8 5.4 -2.2

2.5 4.3 3.1 1.7

0.9 3.8 1.7 2.9

3.2 3.0 3.1 -0.2

3.1 2.8 3.1 -0.3

2.7 2.7 2.7 0.0

Source: Bureau of Labor Statistics

1949 1.8 -4.4 -0.4 -2.3

1950 6.6 5.0 6.1 9.9

1951 3.1 1.5 2.6 7.8

1952 2.3 -0.6 1.4 3.2

1953 2.3 1.4 2.0 4.7

1954 1.5 -4.3 -0.3 -2.0

1955 3.1 3.1 3.1 7.2

1956 0.7 -1.4 0.0 3.1

1957 2.0 -2.3 0.6 1.3

1958 '2.5 -4.1 0.3 -2.1

1959 3.3 4.9 3.8 7.8

1960 1.1 -1.7 0.2 1.6

1961 3.2 -0.5 2.1 2.0

1962 2.9 2.0 2.6 5.5

1963 3.7 1.0 2.8 4.7

1964 3.9 2.2 3.4 6.3

1965 2.6 1.1 2.1 6.4

1966 2.0 -0.6 1.1 5.6

1967 2.6 -3.2 0.7 2.5

1968 3.0 -0.2 2.0 4.7

1969 -0.3 -2.4 -0.9 2.7

1970 0.6 -5.5 -1.2 -1.1

1971 3.0 -1.2 1.8 2.7

1972 3.1 2.3 2.8 6.5

1973 2.2 0.7 1.8 6.2

1974 -1.9 -6.9 -3.3 -1. 9

1975 1.9 -5.8 -0.4 -2.4

1976 2.8 3.1 2.9 6.1

1977 1.6 2.3 1.8 5.9

1978 0.9 1.6 1.1 6.0

1979 -1. 5 -3.0 -2.0 1.8

1980 -0.4 -6.0 -2.0 -1.2

1981 1.0 -2.9 -0.1 1.7

1982 -0.9 -6.9 -2.6 -3.3

1983 3.1 2.4 2.9 5.0

1984 2.1 4.4 2.8 8.4

1985 1.4 -0.4 0.8 3.9

1986 2.1 -0.8 1.2 3.0

1987 1.1 1.3 1.1 4.3

1988 2.5 2.8 2.6 5.7

1989 -0.6 -0.6 -0.6 2.0

See footnotes following table 6.

-4.1 2.1 -2.0 6.5
Table 6. Manufacturing sector: Productivity and related measures, 1949-89

Percent Change

14

Productivity Inputs

Year Output per Output per Multifactor Output Hours of Capital Combined units Capital per

hour of all unit of productivity all persons Services of labor and hour of

persons capital [2] [3] [4] [5] capital inputs[6] all persons

1949 4.0 -5.9 1.1 -5.2 -8.8 0.8 -6.2 10.5

1950 5.5 10.7 7.0 14.0 8-.0 3.0 6.5 -4.7

1951 4.1 1.1 3.2 12.0 7.6 10.8 8.5 3.0

1952 2.0 -2.1 0.8 3.4 1.4 5.7 2.6 4.2

1953 2.2 3.1 2.4 7.3 5.0 4.1 4.8 -0.8

1954 1.2 -7.8 -1.2 -7.4 -8.5 0.4 -6.2 9.8

1955 4.8 6.5 5.2 10.5 5.5 3.8 5.0 -1. 6

1956 -0.6 -4.5 -1.7 0.9 1.5 5.6 2.6 4.1

1957 2.2 -3.1 0.8 0.6 -1.6 3.7 -0.2 5.5

1958 -0,7 -9.2 -3.0 -8.8 -8.2 0.4 -6.0 9.3

1959 4.5 9.7 5.8 11.4 6.6 1.5 5.3 -4.8

1960 0.6 -2.4 -0.2 0.2 -0.4 2.7 0.4 3.1

1961 2.8 -1.3 1.7 0.2 -2.5 1.5 -1. 5 4.1

1962 4.3 5.1 4.5 8.5 4.1 3.3 3.9 -0.8

1963 6.9 4.7 6.3 7.9 1.0 3.1 1.6 2.1

1964 4.9 3.6 4.5 7.1 2.1 3.3 2.5 1.2

1965 2.7 2.8 2.7 8.7 5.8 5.8 5.8 0.0

1966 1.1 -0.7 0.6 7.7 6.5 8.4 7.0 1.8

1967 0.2 -8.0 -2.2 -0.3 -0.5 8.4 2.0 9.0

1968 3.6 -0.3 2.5 5.1 1.4 5.4 2.5 3.9

1969 1.6 -2.1 0.6 2.8 1.2 5.0 2.2 3.8

1970 0.3 -9.1 -2.1 -5.6 -5.9 3.8 -3.6 10.4

1971 5.4 -0.7 3.9 1.7 -3.6 2.4 -2.1 6.2

1972 4.2 6.3 4.7 8.9 4.5 2.4 4.0 -2.0

1973 5.4 6.2 5.6 10.7 5.0 4.3 4.8 -0.7

1974 -2.5 -9.3 -4.2 -4.8 -2.3 5.0 -0.6 7.5

1975 2.5 -11. 2 -1.1 -7.5 -9.8 4.2 -6.5 15.5

1976 4.7 6.4 5.2 9.7 4.8 3.1 4.3 -1. 6

1977 3.1 3.7 3.3 7.4 4.1 3.6 4.0 -0.5

1978 0.2 0.5 0.3 4.5 4.3 4.0 4.2 -0.3

1979 0.5 -2.0 -0.1 2.5 2.0 4.6 2.6 2.5

1980 -0.8 -9.7 -3.1 -5.4 -4.6 4.8 -2.4 9.8

1981 1.4 -3.4 0.2 0.7 -0.7 4.2 0.5 4.9

1982 2.1 -8.8 -0.7 -6.5 -8.4 2.5 -5.8 11. 9

1983 5.0 5.7 5.2 6.2 1.1 0.5 1.0 -0.6

1984 4.8 9.5 6.0 11. 6 6.5 1.9 5.3 -4.3

1985 4.2 1.3 3.4 3.6 -0.6 2.3 0.1 2.9

1986 4.6 1.5 3.8 3.1 -1.5 1.6 -0.7 3.1

1987 5.2 4.8 5.1 5.8 0.6 0.9 0.7 0.4

1988 6.0 8.1 6.6 9.2 3.0 1.0 2.4 -1. 9

1989 3.3 2.2 3.0 3.6 0.3 1.4 0.6 1.0

See foot notes following table 6. Source: Bureau of Labor Statistics
15

Footnotes, Tables 1-6

Source: Output data are from the Bureau of Economic Analysis

(BEA), U.S. Department of Commerce, and the Federal Reserve

Board. Compensation and hours data are from the Bureau of Labor

Statistics, U.S. Department of Labor, and BEA. Capital measures

are based on data supplied by BEA and the U.S. Department of

Agriculture.

(1) The private business sector includes all of Gross National

Product e~cept the output of general government, government

enterprises, non-profit institutions, and the rest-of-theworld sector, the rental value of owner-occupied real estate,

the output of paid employees of private households and the

statistical discrepancy in computing the national income and

product accounts. The private nonfarm business sector also

excludes farms put includes agricultural services.

(2) Output per unit of combined labor and capital inputs.

(3) Gross Domestic Product originating in the sector, in constant

dollars.

(4) Hours at work of all persons including employees,

proprietors, and unpaid family workers engaged in the sector.

(5) A measure of the flow of capital services used in the sector.

(6) Hours at work of all persons combined with capital input,

using labor's and capital's shares of output as weights.
Table 7. Private business sector: Real capital inputs, 1948-89

Indexes 1982 = 100

16,

Rental

All Equip- Residential

Year Assets ment Structures Capital Inventories Land

1948 27.0 16.1 31.1 39.2 30.5 42.0

1949 27.6 17.7 31. 6 39.5 29.6 42.8

1950 28.9 19.3 32.1 40.0 32.1 43.6

1951 30.7 21.0 32.8 40.4 36.7 44.4

1952 31.8 22.3 33.8 40.8 38.3 45.4

1953 32.8 23.5 34.8 41.1 39.3 46.5

1954 33.5 24.7 35.9 41.5 38.4 47.8

1955 34.8 26.0 37.1 41. 9 40.6 49.0

1956 36.3 27.5' 38.8 .42.4 42.6 50.4

1957 37.6 28.8 40.8 42.8 42.8 52.0

1958 38.4 29.6 42.4 43.4. 41.5 53.5

1959 39.3 30.2 44.0 44.3 42.6 54.7

1960 40.5 31. 0 45.6 45.2 44.7 55.5

1961 41.5 31.8 47.3 46.2 44.4 56.5

1962 42.8 32,7 49.0 47.5 46.5 57.8

1963 44.3 33.9 50.8 49.2 48.4 59.3

1964 46.0 35.4 52.6 51.2 50.2 60.9

1965 48.3 37.5 55.0 53.2 53.4 62.7

1966 51.2 4Q.3 57.9 54.9 58.0 64.7

1967 54.1 43.2 60.8 56.5 62.6 66.7

1968 56.6 45.8 63.5 58.3 65.5 68.6

1969 59.4 48.7 66.4 60.7 68.6 70.5

1970 62.1 51. 6 69.2 63.1 70.8 72 .4

1971 64.4 54.0 71.7 65.7 72 .5 74.1

1972 66.9 56.8 74.0 68.8 74.2 75.7

1973 70.4 60.8 76.4 72.1 78.4 77.8

1974 73.9 65.2 79.1 74.4 83.2 79.8

1975 76.4 68.8 81.4 75.7 83.7 81.8

1976 78.5 71. 6 83.2 76.9 85.3 83.1

1977 81.0 .75.5 85.0 78 .4 88.8 84.4

1978 84.3 80.6 87.0 80.5 93.3 85.7

1979 87.9 86.3 89.5 84.8 97.3 85.2

1980 92.4 91.7 92.6 90.6 98.8 91.3

1981 96.6 96.3 96.3 95.6 100.0 96.3

1982 100.0 100.0 100.0 100.0 100.0 100.0

1983 102.4 103.3 102.7 102.5 97.4 103.0

1984 106.1 107.8 105.2 105.2 102.8 106.6

1985 110.5 113.8 108.0 109.6 106.5 110.4

1986 114.4 120.0 110.6 112.8 108 ..9 113.9

1987 117.6 125.3 112.4 115.4 110.2 116.5

1988 120.7 130.6 113.7 117.6 112.9 117.9

1989 123.6 136.3 115.0 119.6 114.9 118.5

Source: Bureau of Labor Statistics
Table 8. Private nonfarm business sector: Real capital inputs, 1948-89

Indexes 1982 = 100

17

Rental

All Equip- Residential

Year Assets ment Structures Capital Inventories Land

1948 25.2 15.6 31.0 38.9 29.6 30.2

1949 25.7 16.9 31.4 39.2 28.7 30.9

1950 26.9 18.4 31. 9 39.7 31.2 31.7

1951 28.6 19.9 32.6 40.2 35.9 32.5

1952 29.7 21.2 33.5 40.5 37.4 33.5

1953 30.7 22.4 34.5 40.8 38.5 34.6

1954 31.4 23.6 35.6 41.2 37.4 35.8

1955 32.7 24.8 36.9 41. 6 39.7 36.9

1956 34.2 26.3 38.6 42.1 41. 8 38.2

1957 35.4 27.7 40.6 42.6 42.0 39.7

1958 36.2 28.6 42.3 43.2 40.6 41.1

1959 37.2 29.1 43.8 44.0 41.7 42.3

1960 38.4 30.0 45.5 44.9 43.8 43.4

1961 39.4 30.8 47.2 45.9 43.4 44.5

1962 40.8 31.8 48.9 47.3 45.5 45.9

1963 42.3 33.0 50.6 49.0 47.3 47.5

1964 44.0 34.5 52.5 51.0 49.2 49.1

1965 46.3 36.6 54.9 52.9 52.4 51.0

1966 49.2 39.4 57.8 54.7 57.0 53.2

1967 52.1 42.2 60.8 56.3 61. 7 55.5

1968 54.7 44.8 63.5 58.1 64.6 57.6

1969 57.5 47.7 66.4 60.5 67.8 59.9

1970 60.2 50.6 69.3 62.9 70.0 62.2

1971 62.6 53.0 71.8 65.5 71.6 64.3

1972 65.2 55.8 74.1 68.6 73.3 66.5

1973 68.7 59.8 76.6 71.9 77.6 69.6

1974 72 .4 64.2 79.2 74.3 82.4 72 .5

1975 75.0 67.8 81.5 75.6 82.9 75.2

1976 77.2 70.6 83.3 76.8 84.7 77.5

1977 79.9 74.5 84.9 78 .3 88.6 79.5

1978 83.3 79.6 86.9 80.4 93.2 81.2

1979 87.5 85.5 89.4 84.7 97.3 83.9

1980 92.0 91. 0 92.4 90.5 99.0 89.2

1981 96.3 95.9 96.2 95.6 100.1 95.5

1982 100.0 100.0 100.0 100.0 100.0 100.0

1983 102.6 103.7 102.8 102.5 97.6 103.1

1984 106.4 108.7 105.3 105.2 103.1 106.4

1985 111. 0 115.3 108.3 109.7 106.9 109.8

1986 115.2 122.2 111. 0 112.9 109.6 112.2

1987 118.7 128.3 112.9 115.5 111.3 113.6

1988 122.0 134.3 114.4 117.7 114.2 114.6

1989 125.3 140.6 115.8 119.7 116.4 115.6

Source: Bureau of Labor Statistics
Table 9. Manufacturing sector: Real capital inputs, 1948-89

Indexes 1982 = 100

18

All EquipYear Assets ment Structures Inventories Land

1948 26.6 21.5 33.3 29.1 30.3

1949 26.8 23.1 33.5 27.7 30.4

1950 27.6 24.0 33.5 29.2 30.3

1951 30.6 25.2 34.2 37.0 31.1

1952 32.3 26.6 35.6 39.5 32.7

1953 33.7 27.8 36.9 41.1 34.3

1954 33.8 28.9 38.1 39.1 35.7

1955 35.1 30.0 39.2 40.9 36.9

1956 37.1 31. 4 41.0 44.0 39.1

1957 38.5 33.0 43.5 44.0 42.1

1958 38.6 34.0 45.1 41. 5 43.9

1959 39.2 34.3 45.8 42.4 44.6

1960 40.2 34.7 46.9 44.5 45.6

1961 40.8 35.2 48.5 44.1 47.3

1962 42.2 35.9 50.0 46.6 48.2

1963 43.5 36.7 51.7 48.6 49.3

1964 44.9 37.9 53.5 50.2 50.6

1965 47.6 40.0 56.4 53.6 53.1

1966 51. 6 42.9 60.9 59.0 57.5

1967 55.9 45.8 65.8 65.2 62.8

1968 59.0 48.3 70.0 68.1 67.0

1969 61. 9 50.6 73.6 71.4 70.7

1970 64.3 52.8 76.9 73.0 73.9

1971 65.8 54.6 79.4 72.8 76.2

1972 67.4 56.7 81.2 73.0 77.9

1973 70.3 59.4 82.9 77.5 79.4

1974 73.9 62.9 84.9 83.4 80.9

1975 76.9 67.0 86.9 85.2 82.3

1976 79.3 70.6 88.4 86.6 83.4

1977 82.1 74.5 89.7 89.9 84.1

1978 85.4 79.3 91.3 93.2 84.9

1979 89.3 84.3 93.5 97.0 86.6

1980 93.6 89.7 95.7 100.0 92.6

1981 97.6 95.4 97.8 101.1 99.1

1982 100.0 100.0 100.0 100.0 100.0

1983 100.5 102.3 101. 3 96.2 98.8

1984 102.5 104.3 102.0 100.2 97.6

1985 104.8 108.3 103.1 100.7 98.7

1986 106.5 111. 9 103.9 99.5 99.6

1987 107.5 113.6 104.2 99.9 100.0

1988 108.6 115.1 104.5 101. 6 100.3

1989 110.1 117.5 105.2 102.1 101.2

Source: Bureau of Labor Statistics
Table 10. Private business sector: Real capital inputs, 1949-89

Percent Change

19

Rental

All Equip- Residential

Year Assets ment Structures Capital Inventories Land

1949 2.4 9.7 1.5 0.8 -3.0 1.8

1950 4.8 9.2 1.6 1.1 8.5 2;0

1951 6.0 8.5 2.4 1.2 14.3 1.8

1952 3.7 6.4 2.8 0.8 4.4 2.2

1953 3.1 5.5 2.9 0.8 2.7 2.5

1954 2.3 5.0 3.2 0.9 -2.4 2.8

1955 3.8 5.1 3.5 1.1 5.6 2.4

1956 4.3 5.6 4.5 1.1 5.1 2.9

1957 3.5 4.9 5.0 1.1 0.5 3.1

1958 2.0 2.7 4.1 1.4 -3.0 2.8

1959 2.6 1.9 3.6 2.0 2.5 2.3

1960 3.1 2.8 3.7 2.0 4.9 1.5

1961 2.3 2.5 3.8 2.2 -0.7 1.7

1962 3.3 2.9 3.5 2.9 4.6 2.4

1963 3.5 3.6 3.6 3.7 4.1 2.6

1964 3.8 4.4 3.7 4.0 3.8 2.7

1965 5.0 6.1 4.5 3.8 6.3 2.9

1966 6.0 7.5 5.2 3.3 8.6 3.1

1967 5.6 7.0 5.0 2.8 8.0 3.1

1968 4.7 6.1 4.6 3.2 4.6 2.8

1969 4.9 6.4 4.5 4.1 4.7 2.9

1970 4.4 5.8 4.2 4.0 3.2 2.7

1971 3.8 4.7 3.6 4.0 2.4 2.3

1972 3.9 5.2 3.2 4.8 2.4 2.2

1973 5.1 7.0 3.4 4.8 5.7 2.7

1974 5.0 7.4 3.4 3.2 6.1 2.6

1975 3.4 5.4 2.9 1.8 0.6 2.4

1976 2.7 4.2 2.3 1.5 1.8 1.7

1977 3.3 5.4 2.1 2.0 4.2 1.6

1978 4.0 6.8 2.4 2.6 5.0 1.4

1979 4.3 7.1 2.9 5.3 4.3 -0.5

1980 5.1 6.2 3.4 6.8 1.6 7.1

1981 4.5 5.0 4.0 5.6 1.2 5.4

1982 3.6 3.8 3.9 4.6 0.0 3.9

1963 2.4 3.3 2.7 2.5 -2.6 3.0

1984 3.6 4.4 2.4 2.7 5.6 3.4

1985 4.1 5.6 2.7 4.2 3.6 3.6

1986 3.6 5.4 2.3 2.9 2.2 3.2

1987 2.8 4.4 1.6 2.3 1.2 2.3

1988 2.6 4.3 1.2 1.9 2.4 1.2

1989 2.4 4.3 1.1 1.7 1.8 0.5

Source: Bureau of Labor Statistics
Table 11. Private nonfarm business sector: Real capital inputs, 1949-89

Percent Change

20

Rental

All Equip- Residential

Year Assets ment Structures Capital Inventories Land

1949 2.1 8.7 1.4 0.8 -3.1 2.4

1950 4.7 8.6 1.5 1.1 8.6 2.6

1951 6.2 8.4 2.4 1.2 15.0 2.6

1952 3.8 6.5 2.8 0.8 4.3 3.0

1953 3.3 5.7 2.9 0.8 2.9 3.2

1954 2.4 5.2 3.2 0.9 -2.6 3.6

1955 4.0 5.4 3.6 1.1 5.9 2.9

1956 4.6 6.0 4.6 1.2 5.5 3.6

1957 3.7 5.3 5.1 1.1 0.4 4.0

1958 2.1 3.0 4.2 1.4 -3.3 3.4

1959 2.7 2.0 3.7 2.0 2.6 2.9

1960 3.3 2:9 3.8 2.1 5.1 2.6

1961 2.5 2.8 3.8 2.2 -0.8 2.6

1962 3.5 3.1 3.6 2.9 4.7 3.3

1963 3.7 3.7 3.6 3.7 4.1 3.5

1964 4.0 4.5 3.7 4.0 4.0 3.4

1965 5.2 6.2 4.6 3.8 6.5 3.8

1966 6.3 .7.6 5.3 3.4 8.8 4.3

1967 5.9 7.1 5.1 2.8 8.3 4.2

1968 4.9 6.2 4.6 3.2 4.7 3.8

1969 5.2 6.6 4.5 4.1 4.9 4.0

1970 4.7 5.9 4.3 4.0 3.2 3.9

1971 3.9 4.8 3.6 4.0 2.4 3.4

1972 4.1 5.3 3.2 4.9 2.4 3.4

1973 5.4 7.1 3.4 4.8 5.8 4.6

1974 5.3 7.5 3.4 3.2 6.3 4.2

1975 3.6 5.5 2.9 1.8 0.6 3.7

1976 2.9 4.2 2.2 1.5 2.1 3.0

1977 3.5 5.4 2.0 2.0 4.6 2.6

1978 4.3 7.0 2.3 2.7 5.3 2.2

1979 5.0 7.4 2.9 5.3 4.3 3.3

1980 5.1 6.4 3.4 6.9 1.8 6.4

1981 4.7 5.4 4.1 5.6 1.1 7.0

1982 3.8 4.3 4.0 4.6 -0.1 4.7

1983 2.6 3.7 2.8 2.5 -2.4 3.1

1984 3.8 4.8 2.5 2.7 5.7 3.2

1985 4.3 6.1 2.9 4.2 3.7 3.1

1986 3.8 5.9 2.5 2.9 2.5 2.3

1987 3.0 5.0 1.7 2.3 1.5 1.2

1988 2.8 4.7 1.3 1.9 2.7 0.9

1989 2.7 4.7 1.2 1.7 1.9 0.8

Source: Bureau of Labor Statistics
Table 12. Manufacturing sector: Real capital inputs, 1949-89

Percent Change

21

All EquipYear Assets ment Structures Inventories Land

1949 0.8 7.2 0.5 -4.8 0.5

1950 3.0 4.1 -0.1 5.5 -0.4

1951 10.8 5.0 2.0 26.6 2.6

1952 5.7 5.5 4.1 6.8 5.2

1953 4.1 4.5 3.8 3.9 4.9

1954 0.4 4.0 3.1 -4.8 4.0

1955 3.8 3.8 2.9 4.6 3.4

1956 5.6 4.5 4.7 7.5 5.9

1957 3.7 5.2 5.9 0.0 7.5

.1958 0.4 2.9 3.7 -5.7 4.3

1959 1.5 0.9 1.7 2.1 1.6

1960 2.7 1.3 2.4 5.0 2.4

1961 1.5 1.6 3.3 -1.0 3.6

1962 3.3 1.8 3.2 5.8 2.1

1963 3.1 2.3 3.3 4.2 2.2

1964 3.3 3.3 3.6 3.3 2.6

1965 5.8 5.4 5.4 6.8 4.9

1966 8.4 7.3 8.0 10.1 8.3

1967 8.4 6.8 8.1 10.4 9.2

1968 5.4 5.3 6.3 4.5 6.8

1969 5.0 4.9 5.2 4.8 5.5

1970 3.8 4.4 4.5 2.3 4.4

1971 2.4 3.4 3.2 -0.3 3.2

1972 2.4 3.8 2.3 0.3 2.2

1973 4.3 4.7 2.1 6.1 1.9

1974 5.0 6.0 2.4 7.6 1.9

1975 4.2 6.5 2.3 2.2 1.8

1976 3.1 5.3 1.7 1.6 1.3

1977 3.6 5.5 1.5 3.9 0.9

1978 4.0 6.4 1.7 3.6 1.0

1979 4.6 6.3 2.4 4.1 2.0

1980 4.8 6.5 2.3 3.0 6.9

1981· 4.2 6.3 2.3 1.1 7.0

1982 2.5 4.9 2.2 -1.0 0.9

1983 0.5 2.3 1.3 -3.8 -1.2

1984 1.9 1.9 0.8 4.2 -1.2

1985 2.3 3.8 1.0 0.4 1.1

1986 1.6 3.3 0.8 -1.1 0.9

1987 0.9 1.6 0.3 0.4 0.4

1988 1.0 1.3 0.2 1.7 0.3

1989 1.4 2.1 0.7 0.5 1.0

Sourc;:e:Bureau of Labor Statistics
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