Table V.B1--Principal Economic Assumptions
Calendar Years 1960-2004
Historical Period


Average annual percentage increase in--

Calendar year Productivity
(Total U.S.
economy)
Earnings as
a percent of
compensation
Average
hours
worked
GDP
price
index
Average
annual wage in
covered employment
Consumer
Price
Index
Real-wage
differential 1

1960 1.7 -0.4 -0.9 1.4 3.3 1.7 1.6
1961 3.0 -.1 -.7 1.1 1.4 1.0 .4
1962 3.4 -.3 .8 1.4 4.7 1.0 3.7
1963 3.5 -.3 -.6 1.1 2.9 1.3 1.6
1964 3.1 -.1 .4 1.5 4.6 1.3 3.3
1965 2.9 -.1 1.0 1.8 2.5 1.6 .9
1966 2.9 -.6 .6 2.8 5.7 3.2 2.5
1967 1.3 -.2 -1.2 3.1 5.5 2.8 2.7
1968 2.9 -.3 -.3 4.3 6.4 4.2 2.2
1969 .6 -.3 .0 5.0 6.7 5.4 1.3
1970 2.0 -.4 -2.3 5.3 4.9 5.7 -.7
1971 3.9 -.7 -.9 5.0 4.9 4.4 .6
1972 2.4 -.5 -.2 4.3 7.3 3.4 3.9
1973 2.6 -.6 -.2 5.6 6.9 6.2 .7
1974 -.9 -.7 -1.4 9.0 7.4 11.0 -3.6
1975 2.7 -1.0 -1.7 9.5 6.7 9.1 -2.4
1976 2.4 -.9 -.4 5.8 8.5 5.7 2.8
1977 1.1 -.7 -.1 6.4 6.8 6.5 .3
1978 .8 -.3 .4 7.0 11.6 7.7 3.9
1979 .5 -.3 -.1 8.3 9.8 11.4 -1.6
1980 .0 -.5 -.8 9.1 6.7 13.4 -6.7
1981 2.3 -.4 -.9 9.4 10.8 10.3 .6
1982 -.5 -.5 -.7 6.1 6.3 6.0 .3
1983 2.7 -.2 .5 3.9 4.2 3.0 1.2
1984 2.1 .0 .9 3.8 6.0 3.5 2.5
1985 1.8 .1 .2 3.0 6.0 3.5 2.6
1986 2.3 .0 -1.1 2.2 4.6 1.6 3.0
1987 .7 .3 .1 2.7 4.6 3.6 1.0
1988 1.1 .2 .8 3.4 5.3 4.0 1.3
1989 .7 -.1 .8 3.8 3.9 4.8 -.9
1990 1.6 -.1 -.9 3.9 5.1 5.2 -.1
1991 1.2 -.7 -.4 3.5 3.0 4.1 -1.1
1992 3.2 .2 -.4 2.3 4.9 2.9 2.0
1993 .3 -.9 1.1 2.3 1.9 2.8 -.9
1994 .9 -.3 .8 2.1 3.7 2.5 1.3
1995 .1 .7 1.0 2.0 4.7 2.9 1.8
1996 2.4 1.1 -.1 1.9 4.0 2.9 1.1
1997 1.5 .8 .8 1.7 5.6 2.3 3.4
1998 1.9 .2 .8 1.1 6.2 1.3 4.8
1999 2.3 .1 .5 1.4 4.8 2.2 2.6
2000 2.4 .1 -1.2 2.2 6.1 3.5 2.6
2001 2.0 -.3 -1.3 2.4 2.0 2.7 -.8
2002 3.2 -1.3 -1.0 1.7 .4 1.4 -1.0
2003 3.5 -.8 -1.4 1.8 2.6 2.2 .4
2004 3.3 -.5 .0 2.2 3.8 2.6 1.2

1 The real-wage differential is the difference between the percentage increases, before rounding, in the average annual wage in covered employment, and the average annual Consumer Price Index.

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