Accessible Version
A New Indicator of Common Wage Inflation, Accessible Data
Figure 1. CWI and AHE (production and nonsupervisory workers) growth rates
(1990:Q2-2019:Q4, annualized three-month percent changes)
Percent
| Common wage inflation | AHE of production and nonsupervisory workers | |
|---|---|---|
| 30-Jun-90 | 3.44 | 3.55 |
| 30-Sep-90 | 3.23 | 3.13 |
| 31-Dec-90 | 3.05 | 2.33 |
| 31-Mar-91 | 3.13 | 2.70 |
| 30-Jun-91 | 3.28 | 3.82 |
| 30-Sep-91 | 2.75 | 2.66 |
| 31-Dec-91 | 2.95 | 2.26 |
| 31-Mar-92 | 2.70 | 1.88 |
| 30-Jun-92 | 2.71 | 2.98 |
| 30-Sep-92 | 2.81 | 2.22 |
| 31-Dec-92 | 2.59 | 2.21 |
| 31-Mar-93 | 2.73 | 3.66 |
| 30-Jun-93 | 2.60 | 1.45 |
| 30-Sep-93 | 2.65 | 2.53 |
| 31-Dec-93 | 2.63 | 2.87 |
| 31-Mar-94 | 2.72 | 2.50 |
| 30-Jun-94 | 2.74 | 2.13 |
| 30-Sep-94 | 2.78 | 2.82 |
| 31-Dec-94 | 2.80 | 3.15 |
| 31-Mar-95 | 2.80 | 2.43 |
| 30-Jun-95 | 2.80 | 2.76 |
| 30-Sep-95 | 3.00 | 3.42 |
| 31-Dec-95 | 2.85 | 2.72 |
| 31-Mar-96 | 3.00 | 2.70 |
| 30-Jun-96 | 3.31 | 4.68 |
| 30-Sep-96 | 3.23 | 3.31 |
| 31-Dec-96 | 3.57 | 3.61 |
| 31-Mar-97 | 3.49 | 3.90 |
| 30-Jun-97 | 3.26 | 3.22 |
| 30-Sep-97 | 3.68 | 4.47 |
| 31-Dec-97 | 3.73 | 4.73 |
| 31-Mar-98 | 3.67 | 3.75 |
| 30-Jun-98 | 3.74 | 3.71 |
| 30-Sep-98 | 3.80 | 3.68 |
| 31-Dec-98 | 3.36 | 3.34 |
| 31-Mar-99 | 3.70 | 3.31 |
| 30-Jun-99 | 3.89 | 4.18 |
| 30-Sep-99 | 3.63 | 4.14 |
| 31-Dec-99 | 3.89 | 2.64 |
| 31-Mar-00 | 3.72 | 4.36 |
| 30-Jun-00 | 3.67 | 4.02 |
| 30-Sep-00 | 3.78 | 3.70 |
| 31-Dec-00 | 3.59 | 4.79 |
| 31-Mar-01 | 3.46 | 3.90 |
| 30-Jun-01 | 3.37 | 3.31 |
| 30-Sep-01 | 3.22 | 2.19 |
| 31-Dec-01 | 3.01 | 3.27 |
| 31-Mar-02 | 3.03 | 2.16 |
| 30-Jun-02 | 2.97 | 2.96 |
| 30-Sep-02 | 2.61 | 3.20 |
| 31-Dec-02 | 3.11 | 3.70 |
| 31-Mar-03 | 2.50 | 2.10 |
| 30-Jun-03 | 2.42 | 2.09 |
| 30-Sep-03 | 2.19 | 1.56 |
| 31-Dec-03 | 2.04 | 1.29 |
| 31-Mar-04 | 2.12 | 2.32 |
| 30-Jun-04 | 2.19 | 2.82 |
| 30-Sep-04 | 2.61 | 2.80 |
| 31-Dec-04 | 2.14 | 2.02 |
| 31-Mar-05 | 2.58 | 2.76 |
| 30-Jun-05 | 2.42 | 2.75 |
| 30-Sep-05 | 2.67 | 2.73 |
| 31-Dec-05 | 3.07 | 4.18 |
| 31-Mar-06 | 3.09 | 4.38 |
| 30-Jun-06 | 3.60 | 4.33 |
| 30-Sep-06 | 3.40 | 3.57 |
| 31-Dec-06 | 3.73 | 4.01 |
| 31-Mar-07 | 3.46 | 4.20 |
| 30-Jun-07 | 3.68 | 4.62 |
| 30-Sep-07 | 3.61 | 3.20 |
| 31-Dec-07 | 3.47 | 2.95 |
| 31-Mar-08 | 3.97 | 4.27 |
| 30-Jun-08 | 3.36 | 3.56 |
| 30-Sep-08 | 3.45 | 3.53 |
| 31-Dec-08 | 3.05 | 3.94 |
| 31-Mar-09 | 3.17 | 2.60 |
| 30-Jun-09 | 2.47 | 1.30 |
| 30-Sep-09 | 2.96 | 3.01 |
| 31-Dec-09 | 2.50 | 2.98 |
| 31-Mar-10 | 1.84 | 1.69 |
| 30-Jun-10 | 2.06 | 2.32 |
| 30-Sep-10 | 1.48 | 1.68 |
| 31-Dec-10 | 1.56 | 2.30 |
| 31-Mar-11 | 1.34 | 1.87 |
| 30-Jun-11 | 1.42 | 2.27 |
| 30-Sep-11 | 1.36 | 1.44 |
| 31-Dec-11 | 1.33 | 1.43 |
| 31-Mar-12 | 1.70 | 1.84 |
| 30-Jun-12 | 1.72 | 1.42 |
| 30-Sep-12 | 1.68 | 1.42 |
| 31-Dec-12 | 1.97 | 2.02 |
| 31-Mar-13 | 1.76 | 2.61 |
| 30-Jun-13 | 2.04 | 1.99 |
| 30-Sep-13 | 2.12 | 2.18 |
| 31-Dec-13 | 2.46 | 1.97 |
| 31-Mar-14 | 2.46 | 2.94 |
| 30-Jun-14 | 2.32 | 1.75 |
| 30-Sep-14 | 2.44 | 2.13 |
| 31-Dec-14 | 1.98 | 0.77 |
| 31-Mar-15 | 2.52 | 3.08 |
| 30-Jun-15 | 2.43 | 2.48 |
| 30-Sep-15 | 2.66 | 1.90 |
| 31-Dec-15 | 2.83 | 2.46 |
| 31-Mar-16 | 2.67 | 3.00 |
| 30-Jun-16 | 2.87 | 2.42 |
| 30-Sep-16 | 2.79 | 1.85 |
| 31-Dec-16 | 2.89 | 2.58 |
| 31-Mar-17 | 2.91 | 2.20 |
| 30-Jun-17 | 2.86 | 2.55 |
| 30-Sep-17 | 3.06 | 2.89 |
| 31-Dec-17 | 2.91 | 2.16 |
| 31-Mar-18 | 3.26 | 3.21 |
| 30-Jun-18 | 3.31 | 3.19 |
| 30-Sep-18 | 3.34 | 3.34 |
| 31-Dec-18 | 3.49 | 4.00 |
| 31-Mar-19 | 3.32 | 2.76 |
| 30-Jun-19 | 3.33 | 3.08 |
| 30-Sep-19 | 3.49 | 4.08 |
| 31-Dec-19 | 3.13 | 2.02 |
Note: The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: July 1990–March 1991, March 2001–November 2001, and December 2007–June 2009.
Source: AHE of production and nonsupervisory workers (U.S. Bureau of Labor Statistics), Common wage inflation (authors' calculation)
Figure 2. Wage inflation measures and the unemployment rate gap
| CWI | AHE (production) | AHE (all workers) | ECI (private) | ECI (wages and salaries) | Unemployment rate gap (RHS) | |
|---|---|---|---|---|---|---|
| 2011:Q4 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 |
| 2012:Q1 | 1.25 | 1.05 | 1.32 | 0.94 | 1.32 | 0.38 |
| 2012:Q2 | 1.26 | 0.81 | 0.96 | 0.94 | 1.10 | 0.71 |
| 2012:Q3 | 1.23 | 0.81 | 0.96 | 0.78 | 1.09 | 0.75 |
| 2012:Q4 | 1.44 | 1.15 | 1.30 | 0.62 | 0.87 | 0.84 |
| 2013:Q1 | 1.29 | 1.49 | 0.69 | 1.08 | 1.52 | 1.02 |
| 2013:Q2 | 1.50 | 1.14 | 1.37 | 0.92 | 1.29 | 0.94 |
| 2013:Q3 | 1.56 | 1.24 | 0.77 | 0.76 | 0.85 | 0.99 |
| 2013:Q4 | 1.80 | 1.12 | 0.93 | 0.91 | 1.50 | 1.18 |
| 2014:Q1 | 1.80 | 1.68 | 1.18 | 0.45 | 0.63 | 1.37 |
| 2014:Q2 | 1.70 | 1.00 | 1.09 | 1.52 | 1.70 | 1.52 |
| 2014:Q3 | 1.79 | 1.22 | 1.00 | 1.20 | 1.90 | 1.90 |
| 2014:Q4 | 1.45 | 0.44 | 0.75 | 1.04 | 1.46 | 1.96 |
| 2015:Q1 | 1.85 | 1.75 | 1.65 | 1.19 | 1.66 | 2.28 |
| 2015:Q2 | 1.78 | 1.42 | 1.15 | 0.00 | 0.41 | 2.41 |
| 2015:Q3 | 1.95 | 1.08 | 1.06 | 1.18 | 1.65 | 2.48 |
| 2015:Q4 | 2.08 | 1.40 | 1.14 | 0.88 | 1.43 | 2.79 |
| 2016:Q1 | 1.96 | 1.71 | 1.61 | 1.02 | 1.63 | 2.84 |
| 2016:Q2 | 2.11 | 1.38 | 1.44 | 1.16 | 1.82 | 2.92 |
| 2016:Q3 | 2.05 | 1.06 | 1.11 | 0.86 | 1.20 | 2.95 |
| 2016:Q4 | 2.12 | 1.47 | 1.19 | 1.00 | 1.40 | 2.94 |
| 2017:Q1 | 2.13 | 1.25 | 1.41 | 1.14 | 1.79 | 3.07 |
| 2017:Q2 | 2.10 | 1.45 | 1.33 | 1.13 | 1.58 | 3.27 |
| 2017:Q3 | 2.24 | 1.65 | 1.78 | 1.41 | 1.97 | 3.46 |
| 2017:Q4 | 2.14 | 1.23 | 1.00 | 0.98 | 1.55 | 3.52 |
| 2018:Q1 | 2.39 | 1.83 | 1.53 | 1.67 | 2.33 | 3.68 |
| 2018:Q2 | 2.43 | 1.82 | 1.59 | 1.10 | 1.54 | 3.75 |
| 2018:Q3 | 2.45 | 1.90 | 1.88 | 1.37 | 2.10 | 3.87 |
| 2018:Q4 | 2.56 | 2.28 | 1.71 | 1.22 | 1.89 | 4.04 |
| 2019:Q1 | 2.43 | 1.58 | 1.33 | 1.21 | 1.88 | 4.00 |
| 2019:Q2 | 2.45 | 1.76 | 1.47 | 0.93 | 1.49 | 3.93 |
| 2019:Q3 | 2.56 | 2.32 | 1.53 | 1.47 | 2.23 | 4.15 |
| 2019:Q4 | 2.30 | 1.15 | 1.45 | 1.19 | 1.84 | 4.15 |
Note: We normalize the wage inflation rates in 2011 to be 1 by dividing the rates by the average values of 2011. We use the average in 2011 for the normalization to smooth out the noise in the quarterly estimates or data. We plot the changes in the negative unemployment rate gap relative to its 2011:Q4 value.
Source: AHE of production and nonsupervisory workers and of all workers (U.S. Bureau of Labor Statistics), ECI and ECI of wages and salaries (U.S. Bureau of Labor Statistics), CPH (U.S. Bureau of Labor Statistics), Unemployment rate (U.S. Bureau of Labor Statistics).
Figure 3. Aggregate factors extracted from the headline AHE
(Annualized 3-month percent changes, deviations from respective means)
Percent
| CWI | Relative wage inflation | Pure wage inflation | |
|---|---|---|---|
| 1-Apr-90 | 0.57 | 0.77 | -0.20 |
| 1-Jul-90 | 0.37 | 0.26 | 0.10 |
| 1-Oct-90 | 0.19 | 0.20 | -0.02 |
| 1-Jan-91 | 0.26 | 0.36 | -0.10 |
| 1-Apr-91 | 0.42 | 0.18 | 0.24 |
| 1-Jul-91 | -0.12 | 0.30 | -0.42 |
| 1-Oct-91 | 0.09 | -0.04 | 0.12 |
| 1-Jan-92 | -0.17 | 0.26 | -0.43 |
| 1-Apr-92 | -0.16 | 0.04 | -0.20 |
| 1-Jul-92 | -0.05 | 0.21 | -0.26 |
| 1-Oct-92 | -0.27 | 0.18 | -0.46 |
| 1-Jan-93 | -0.14 | -0.05 | -0.09 |
| 1-Apr-93 | -0.27 | 0.19 | -0.46 |
| 1-Jul-93 | -0.21 | -0.07 | -0.14 |
| 1-Oct-93 | -0.23 | 0.03 | -0.26 |
| 1-Jan-94 | -0.15 | 0.12 | -0.26 |
| 1-Apr-94 | -0.13 | -0.02 | -0.11 |
| 1-Jul-94 | -0.09 | 0.12 | -0.21 |
| 1-Oct-94 | -0.06 | 0.04 | -0.10 |
| 1-Jan-95 | -0.07 | -0.06 | -0.01 |
| 1-Apr-95 | -0.07 | 0.05 | -0.11 |
| 1-Jul-95 | 0.14 | -0.10 | 0.24 |
| 1-Oct-95 | -0.02 | -0.07 | 0.05 |
| 1-Jan-96 | 0.13 | -0.14 | 0.28 |
| 1-Apr-96 | 0.44 | -0.07 | 0.51 |
| 1-Jul-96 | 0.36 | -0.02 | 0.38 |
| 1-Oct-96 | 0.71 | 0.02 | 0.69 |
| 1-Jan-97 | 0.62 | 0.05 | 0.58 |
| 1-Apr-97 | 0.39 | -0.25 | 0.64 |
| 1-Jul-97 | 0.81 | 0.08 | 0.73 |
| 1-Oct-97 | 0.87 | 0.19 | 0.68 |
| 1-Jan-98 | 0.80 | 0.13 | 0.67 |
| 1-Apr-98 | 0.87 | 0.38 | 0.50 |
| 1-Jul-98 | 0.94 | 0.37 | 0.57 |
| 1-Oct-98 | 0.50 | 0.21 | 0.29 |
| 1-Jan-99 | 0.83 | 0.29 | 0.54 |
| 1-Apr-99 | 1.02 | 0.62 | 0.40 |
| 1-Jul-99 | 0.77 | 0.28 | 0.49 |
| 1-Oct-99 | 1.03 | 0.46 | 0.57 |
| 1-Jan-00 | 0.86 | 0.36 | 0.50 |
| 1-Apr-00 | 0.81 | 0.18 | 0.63 |
| 1-Jul-00 | 0.91 | 0.34 | 0.58 |
| 1-Oct-00 | 0.72 | 0.26 | 0.47 |
| 1-Jan-01 | 0.60 | -0.02 | 0.62 |
| 1-Apr-01 | 0.51 | 0.30 | 0.21 |
| 1-Jul-01 | 0.35 | -0.20 | 0.55 |
| 1-Oct-01 | 0.15 | -0.31 | 0.45 |
| 1-Jan-02 | 0.16 | -0.34 | 0.50 |
| 1-Apr-02 | 0.10 | -0.58 | 0.68 |
| 1-Jul-02 | -0.26 | -0.65 | 0.39 |
| 1-Oct-02 | 0.25 | -0.38 | 0.63 |
| 1-Jan-03 | -0.37 | -0.51 | 0.14 |
| 1-Apr-03 | -0.44 | -0.68 | 0.24 |
| 1-Jul-03 | -0.68 | -0.68 | 0.01 |
| 1-Oct-03 | -0.83 | -0.78 | -0.05 |
| 1-Jan-04 | -0.74 | -0.87 | 0.12 |
| 1-Apr-04 | -0.67 | -0.52 | -0.15 |
| 1-Jul-04 | -0.26 | -0.54 | 0.28 |
| 1-Oct-04 | -0.73 | -0.57 | -0.15 |
| 1-Jan-05 | -0.29 | -0.54 | 0.25 |
| 1-Apr-05 | -0.44 | -0.55 | 0.11 |
| 1-Jul-05 | -0.19 | -0.39 | 0.20 |
| 1-Oct-05 | 0.20 | -0.31 | 0.51 |
| 1-Jan-06 | 0.22 | -0.07 | 0.29 |
| 1-Apr-06 | 0.73 | -0.04 | 0.77 |
| 1-Jul-06 | 0.54 | 0.01 | 0.53 |
| 1-Oct-06 | 0.86 | 0.09 | 0.77 |
| 1-Jan-07 | 0.59 | -0.12 | 0.71 |
| 1-Apr-07 | 0.81 | 0.18 | 0.63 |
| 1-Jul-07 | 0.74 | 0.07 | 0.67 |
| 1-Oct-07 | 0.61 | 0.16 | 0.45 |
| 1-Jan-08 | 1.10 | 0.57 | 0.53 |
| 1-Apr-08 | 0.49 | 0.10 | 0.39 |
| 1-Jul-08 | 0.59 | 0.34 | 0.24 |
| 1-Oct-08 | 0.19 | 0.15 | 0.04 |
| 1-Jan-09 | 0.30 | 0.23 | 0.07 |
| 1-Apr-09 | -0.40 | 0.04 | -0.43 |
| 1-Jul-09 | 0.10 | 0.20 | -0.10 |
| 1-Oct-09 | -0.37 | 0.27 | -0.64 |
| 1-Jan-10 | -1.02 | -0.46 | -0.56 |
| 1-Apr-10 | -0.81 | -0.11 | -0.70 |
| 1-Jul-10 | -1.38 | -0.41 | -0.98 |
| 1-Oct-10 | -1.30 | -0.48 | -0.82 |
| 1-Jan-11 | -1.52 | -0.32 | -1.20 |
| 1-Apr-11 | -1.45 | -0.39 | -1.06 |
| 1-Jul-11 | -1.51 | -0.31 | -1.20 |
| 1-Oct-11 | -1.53 | -0.39 | -1.14 |
| 1-Jan-12 | -1.16 | -0.05 | -1.11 |
| 1-Apr-12 | -1.14 | -0.15 | -1.00 |
| 1-Jul-12 | -1.19 | -0.18 | -1.01 |
| 1-Oct-12 | -0.90 | -0.06 | -0.84 |
| 1-Jan-13 | -1.10 | -0.30 | -0.81 |
| 1-Apr-13 | -0.82 | -0.10 | -0.72 |
| 1-Jul-13 | -0.74 | -0.10 | -0.64 |
| 1-Oct-13 | -0.41 | 0.18 | -0.59 |
| 1-Jan-14 | -0.41 | 0.11 | -0.51 |
| 1-Apr-14 | -0.54 | -0.05 | -0.50 |
| 1-Jul-14 | -0.43 | -0.01 | -0.41 |
| 1-Oct-14 | -0.88 | -0.46 | -0.43 |
| 1-Jan-15 | -0.34 | -0.04 | -0.30 |
| 1-Apr-15 | -0.44 | -0.26 | -0.18 |
| 1-Jul-15 | -0.21 | 0.14 | -0.35 |
| 1-Oct-15 | -0.03 | 0.04 | -0.07 |
| 1-Jan-16 | -0.19 | 0.11 | -0.30 |
| 1-Apr-16 | 0.01 | 0.22 | -0.21 |
| 1-Jul-16 | -0.08 | 0.22 | -0.29 |
| 1-Oct-16 | 0.03 | 0.44 | -0.41 |
| 1-Jan-17 | 0.04 | 0.23 | -0.19 |
| 1-Apr-17 | 0.00 | 0.47 | -0.47 |
| 1-Jul-17 | 0.19 | 0.32 | -0.13 |
| 1-Oct-17 | 0.04 | 0.39 | -0.35 |
| 1-Jan-18 | 0.40 | 0.55 | -0.15 |
| 1-Apr-18 | 0.45 | 0.34 | 0.11 |
| 1-Jul-18 | 0.48 | 0.54 | -0.06 |
| 1-Oct-18 | 0.63 | 0.27 | 0.36 |
| 1-Jan-19 | 0.45 | 0.25 | 0.20 |
| 1-Apr-19 | 0.47 | 0.22 | 0.25 |
| 1-Jul-19 | 0.62 | 0.03 | 0.60 |
| 1-Oct-19 | 0.27 | 0.18 | 0.09 |
Note: The shaded bars with top caps indicate periods of business recession as defined by the National Bureau of Economic Research: July 1990–March 1991, March 2001–November 2001, and December 2007–June 2009.
Source: authors' calculation.
Figure 4. Wage growth by cyclicality of industries
| Panel A. weak | Panel B. medium | Panel C. strong | Panel D. Strong VS CWI | ||
|---|---|---|---|---|---|
| VS | CWI | ||||
| 1-Apr-90 | 4.14 | 2.55 | 4.21 | 4.21 | 3.44 |
| 1-Jul-90 | 4.25 | 3.43 | 3.14 | 3.14 | 3.23 |
| 1-Oct-90 | 2.66 | 2.97 | 2.43 | 2.43 | 3.05 |
| 1-Jan-91 | 3.35 | 3.67 | 2.92 | 2.92 | 3.13 |
| 1-Apr-91 | 3.49 | 4.43 | 4.31 | 4.31 | 3.28 |
| 1-Jul-91 | 1.98 | 2.12 | 2.55 | 2.55 | 2.75 |
| 1-Oct-91 | 3.77 | 2.55 | 3.08 | 3.08 | 2.95 |
| 1-Jan-92 | 2.17 | 2.33 | 2.03 | 2.03 | 2.70 |
| 1-Apr-92 | 2.72 | 3.08 | 2.36 | 2.36 | 2.71 |
| 1-Jul-92 | 3.68 | 4.01 | 1.79 | 1.79 | 2.81 |
| 1-Oct-92 | 1.79 | 2.06 | 2.15 | 2.15 | 2.59 |
| 1-Jan-93 | 3.19 | 2.85 | 2.38 | 2.38 | 2.73 |
| 1-Apr-93 | 3.00 | 2.22 | 1.98 | 1.98 | 2.60 |
| 1-Jul-93 | 3.15 | 2.39 | 2.28 | 2.28 | 2.65 |
| 1-Oct-93 | 3.84 | 2.64 | 2.40 | 2.40 | 2.63 |
| 1-Jan-94 | 3.61 | 2.76 | 2.35 | 2.35 | 2.72 |
| 1-Apr-94 | 1.58 | 2.57 | 2.76 | 2.76 | 2.74 |
| 1-Jul-94 | 2.91 | 2.07 | 3.24 | 3.24 | 2.78 |
| 1-Oct-94 | 3.61 | 2.46 | 2.70 | 2.70 | 2.80 |
| 1-Jan-95 | 2.06 | 2.71 | 2.37 | 2.37 | 2.80 |
| 1-Apr-95 | 4.20 | 2.28 | 2.77 | 2.77 | 2.80 |
| 1-Jul-95 | 4.01 | 3.41 | 3.24 | 3.24 | 3.00 |
| 1-Oct-95 | 2.74 | 2.78 | 2.40 | 2.40 | 2.85 |
| 1-Jan-96 | 2.65 | 3.68 | 2.82 | 2.82 | 3.00 |
| 1-Apr-96 | 4.36 | 4.14 | 4.61 | 4.61 | 3.31 |
| 1-Jul-96 | 1.79 | 3.18 | 3.54 | 3.54 | 3.23 |
| 1-Oct-96 | 3.11 | 3.62 | 4.91 | 4.91 | 3.57 |
| 1-Jan-97 | 3.28 | 4.19 | 3.24 | 3.24 | 3.49 |
| 1-Apr-97 | 2.88 | 2.85 | 3.20 | 3.20 | 3.26 |
| 1-Jul-97 | 6.17 | 3.94 | 5.23 | 5.23 | 3.68 |
| 1-Oct-97 | 3.90 | 4.06 | 4.95 | 4.95 | 3.73 |
| 1-Jan-98 | 6.09 | 3.62 | 4.03 | 4.03 | 3.67 |
| 1-Apr-98 | 3.43 | 3.44 | 4.02 | 4.02 | 3.74 |
| 1-Jul-98 | 2.73 | 4.80 | 3.72 | 3.72 | 3.80 |
| 1-Oct-98 | 3.39 | 1.83 | 2.83 | 2.83 | 3.36 |
| 1-Jan-99 | 3.60 | 3.47 | 4.27 | 4.27 | 3.70 |
| 1-Apr-99 | 2.76 | 4.15 | 4.27 | 4.27 | 3.89 |
| 1-Jul-99 | 3.59 | 3.45 | 3.84 | 3.84 | 3.63 |
| 1-Oct-99 | 2.25 | 2.54 | 3.93 | 3.93 | 3.89 |
| 1-Jan-00 | 4.14 | 3.24 | 4.52 | 4.52 | 3.72 |
| 1-Apr-00 | 2.79 | 3.73 | 4.57 | 4.57 | 3.67 |
| 1-Jul-00 | 2.67 | 4.19 | 4.52 | 4.52 | 3.78 |
| 1-Oct-00 | 3.26 | 4.52 | 3.79 | 3.79 | 3.59 |
| 1-Jan-01 | 4.27 | 3.61 | 3.52 | 3.52 | 3.46 |
| 1-Apr-01 | 3.66 | 3.70 | 3.18 | 3.18 | 3.37 |
| 1-Jul-01 | 1.17 | 3.06 | 2.62 | 2.62 | 3.22 |
| 1-Oct-01 | 5.58 | 3.48 | 2.67 | 2.67 | 3.01 |
| 1-Jan-02 | 2.45 | 3.14 | 3.28 | 3.28 | 3.03 |
| 1-Apr-02 | 4.14 | 2.92 | 3.19 | 3.19 | 2.97 |
| 1-Jul-02 | 5.09 | 4.05 | 2.22 | 2.22 | 2.61 |
| 1-Oct-02 | 4.30 | 3.63 | 4.73 | 4.73 | 3.11 |
| 1-Jan-03 | 3.49 | 2.70 | 1.40 | 1.40 | 2.50 |
| 1-Apr-03 | 3.64 | 1.77 | 1.51 | 1.51 | 2.42 |
| 1-Jul-03 | 1.57 | 2.21 | 0.87 | 0.87 | 2.19 |
| 1-Oct-03 | 0.45 | 1.46 | 1.04 | 1.04 | 2.04 |
| 1-Jan-04 | 2.40 | 2.79 | 1.29 | 1.29 | 2.12 |
| 1-Apr-04 | 2.08 | 3.47 | 1.60 | 1.60 | 2.19 |
| 1-Jul-04 | 2.43 | 2.56 | 2.97 | 2.97 | 2.61 |
| 1-Oct-04 | 2.69 | 2.20 | 1.50 | 1.50 | 2.14 |
| 1-Jan-05 | 2.33 | 2.47 | 2.07 | 2.07 | 2.58 |
| 1-Apr-05 | 2.59 | 2.24 | 2.23 | 2.23 | 2.42 |
| 1-Jul-05 | 2.26 | 2.11 | 3.14 | 3.14 | 2.67 |
| 1-Oct-05 | 3.24 | 3.51 | 3.27 | 3.27 | 3.07 |
| 1-Jan-06 | 4.01 | 2.89 | 4.60 | 4.60 | 3.09 |
| 1-Apr-06 | 2.91 | 3.90 | 4.61 | 4.61 | 3.60 |
| 1-Jul-06 | 4.87 | 2.79 | 3.97 | 3.97 | 3.40 |
| 1-Oct-06 | 3.37 | 3.01 | 5.38 | 5.38 | 3.73 |
| 1-Jan-07 | 2.72 | 3.96 | 4.58 | 4.58 | 3.46 |
| 1-Apr-07 | 2.81 | 4.41 | 4.56 | 4.56 | 3.68 |
| 1-Jul-07 | 0.47 | 3.71 | 3.59 | 3.59 | 3.61 |
| 1-Oct-07 | 0.59 | 2.65 | 2.86 | 2.86 | 3.47 |
| 1-Jan-08 | 2.02 | 4.65 | 3.65 | 3.65 | 3.97 |
| 1-Apr-08 | 3.26 | 2.82 | 3.86 | 3.86 | 3.36 |
| 1-Jul-08 | 2.38 | 3.38 | 4.36 | 4.36 | 3.45 |
| 1-Oct-08 | -0.36 | 1.70 | 4.69 | 4.69 | 3.05 |
| 1-Jan-09 | 1.37 | 2.59 | 3.27 | 3.27 | 3.17 |
| 1-Apr-09 | 2.88 | 1.83 | 1.31 | 1.31 | 2.47 |
| 1-Jul-09 | 2.03 | 4.09 | 3.95 | 3.95 | 2.96 |
| 1-Oct-09 | 4.20 | 2.28 | 1.51 | 1.51 | 2.50 |
| 1-Jan-10 | 2.99 | 1.54 | 2.07 | 2.07 | 1.84 |
| 1-Apr-10 | 1.03 | 2.55 | 2.46 | 2.46 | 2.06 |
| 1-Jul-10 | 3.10 | 2.52 | 0.96 | 0.96 | 1.48 |
| 1-Oct-10 | 2.42 | 2.41 | 0.93 | 0.93 | 1.56 |
| 1-Jan-11 | 3.37 | 0.93 | 1.60 | 1.60 | 1.34 |
| 1-Apr-11 | 1.62 | 1.22 | 2.49 | 2.49 | 1.42 |
| 1-Jul-11 | 3.96 | 1.79 | 0.06 | 0.06 | 1.36 |
| 1-Oct-11 | 5.68 | 1.92 | 0.35 | 0.35 | 1.33 |
| 1-Jan-12 | 1.88 | 1.71 | 1.23 | 1.23 | 1.70 |
| 1-Apr-12 | 2.23 | 2.00 | 0.85 | 0.85 | 1.72 |
| 1-Jul-12 | 2.58 | 0.01 | 1.30 | 1.30 | 1.68 |
| 1-Oct-12 | 4.99 | 0.86 | 2.10 | 2.10 | 1.97 |
| 1-Jan-13 | 2.45 | 2.49 | 1.13 | 1.13 | 1.76 |
| 1-Apr-13 | 3.81 | 2.18 | 0.99 | 0.99 | 2.04 |
| 1-Jul-13 | 1.87 | 2.17 | 2.05 | 2.05 | 2.12 |
| 1-Oct-13 | 1.64 | 2.47 | 2.09 | 2.09 | 2.46 |
| 1-Jan-14 | 4.27 | 1.83 | 2.50 | 2.50 | 2.46 |
| 1-Apr-14 | 1.84 | 1.98 | 2.07 | 2.07 | 2.32 |
| 1-Jul-14 | 1.53 | 3.24 | 2.03 | 2.03 | 2.44 |
| 1-Oct-14 | 2.55 | -0.10 | 1.55 | 1.55 | 1.98 |
| 1-Jan-15 | 0.15 | 3.79 | 2.39 | 2.39 | 2.52 |
| 1-Apr-15 | 1.87 | 2.90 | 2.53 | 2.53 | 2.43 |
| 1-Jul-15 | 2.32 | 3.53 | 2.14 | 2.14 | 2.66 |
| 1-Oct-15 | 2.23 | 0.71 | 3.08 | 3.08 | 2.83 |
| 1-Jan-16 | 4.25 | 2.47 | 3.06 | 3.06 | 2.67 |
| 1-Apr-16 | 2.40 | 1.60 | 3.10 | 3.10 | 2.87 |
| 1-Jul-16 | 1.83 | 2.16 | 2.71 | 2.71 | 2.79 |
| 1-Oct-16 | 0.72 | 3.55 | 2.34 | 2.34 | 2.89 |
| 1-Jan-17 | 1.29 | 2.94 | 3.66 | 3.66 | 2.91 |
| 1-Apr-17 | 3.10 | 2.74 | 2.95 | 2.95 | 2.86 |
| 1-Jul-17 | 2.26 | 2.33 | 3.95 | 3.95 | 3.06 |
| 1-Oct-17 | 2.72 | 1.60 | 2.68 | 2.68 | 2.91 |
| 1-Jan-18 | 2.67 | 3.79 | 2.93 | 2.93 | 3.26 |
| 1-Apr-18 | 1.83 | 3.87 | 3.91 | 3.91 | 3.31 |
| 1-Jul-18 | 2.82 | 2.85 | 3.42 | 3.42 | 3.34 |
| 1-Oct-18 | 3.64 | 4.21 | 4.03 | 4.03 | 3.49 |
| 1-Jan-19 | 2.24 | 2.60 | 4.11 | 4.11 | 3.32 |
| 1-Apr-19 | 3.87 | 2.29 | 3.66 | 3.66 | 3.33 |
| 1-Jul-19 | 2.55 | 4.79 | 4.01 | 4.01 | 3.49 |
| 1-Oct-19 | 3.40 | 2.00 | 3.40 | 3.40 | 3.13 |
Source: authors' calculation.
Last Update:
July 08, 2020