Speech

August 21, 2016

Supplementary Materials

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Table 1: GDP and Aggregate Hours
(average annualized percent change*)
1949–2005 2006–2015 Memo:
1996–2003
GDP 3.4 1.4 3.4
Aggregate hours 1.4 0.4 1.1
Population 1.4 1.0 1.4
Labor force participation 0.2 -0.5 -0.1
Employment rate 0.0 0.0 0.0
Hours per person -0.2 -0.1 -0.1

* Percent change from fourth quarter of preceding period to fourth quarter of period indicated. GDP is gross domestic product. Return to table

Source: U.S. Department of Commerce, Bureau of Economic Analysis; U.S. Department of Labor, Bureau of Labor Statistics.

Table 2: Growth of Output, Hours, and Productivity in the Private Business Sector
(average annualized percent change*)
1949–2005 2006–2015 Memo:
1996–2003
Output 3.6 1.6 3.9
Labor input 1.1 0.4 0.6
Productivity 2.5 1.2 3.3
Labor composition 0.2 0.3 0.3
Capital deepening 0.9 0.6 1.3
Total factor productivity 1.3 0.3 1.7

* Percent change from fourth quarter of preceding period to fourth quarter of period indicated. Return to table

Source: U.S. Department of Labor, Bureau of Labor Statistics, and John Fernald (2012), “A Quarterly, Utilization-Adjusted Series on Total Factor Productivity (PDF) ,” Working Paper Series 2012-19 (San Francisco: Federal Reserve Bank of San Francisco, revised April 2014).

Last Update: August 21, 2016