Table V.B1--Principal Economic Assumptions
Calendar Years 1960-2003
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 -.4 .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 2.8 -.1 1.0 1.9 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 4.9 6.7 5.4 1.3
1970 2.0 -.4 -2.3 5.3 4.9 5.7 -.7
1971 3.9 -.7 -.9 5.1 4.9 4.4 .6
1972 2.6 -.5 -.2 4.2 7.3 3.4 3.9
1973 2.6 -.6 -.2 5.6 6.9 6.2 .7
1974 -1.0 -.7 -1.4 9.0 7.4 11.0 -3.6
1975 2.5 -1.0 -1.7 9.3 6.7 9.1 -2.4
1976 2.6 -1.0 -.4 5.7 8.5 5.7 2.8
1977 1.1 -.7 -.1 6.4 6.8 6.5 .3
1978 .8 -.3 .4 7.1 11.6 7.7 3.9
1979 .5 -.3 -.1 8.3 9.8 11.4 -1.6
1980 .0 -.5 -.8 9.2 6.7 13.4 -6.7
1981 2.2 -.4 -.9 9.3 10.8 10.3 .6
1982 -.3 -.5 -1.0 6.2 6.3 6.0 .3
1983 2.5 -.2 .5 3.9 4.2 3.0 1.2
1984 2.1 .0 .9 3.7 6.0 3.5 2.5
1985 1.6 .1 .1 3.2 6.0 3.5 2.6
1986 2.3 -.1 -1.1 2.2 4.6 1.6 3.0
1987 .6 .2 .2 3.0 4.6 3.6 1.0
1988 1.2 .2 .8 3.4 5.3 4.0 1.3
1989 .8 -.1 .7 3.8 3.9 4.8 -.9
1990 1.4 -.2 -.8 3.9 5.1 5.2 -.1
1991 1.0 -.5 -.6 3.6 3.0 4.1 -1.1
1992 2.8 .2 -.3 2.4 4.9 2.9 2.0
1993 .2 -1.0 1.1 2.4 1.9 2.8 -.9
1994 1.0 -.4 .8 2.1 4.1 2.5 1.7
1995 .3 1.0 .9 2.2 4.3 2.9 1.4
1996 2.1 1.2 .0 1.9 4.0 2.9 1.2
1997 1.5 1.2 .7 1.9 5.7 2.3 3.5
1998 1.9 .4 .9 1.2 6.2 1.3 4.9
1999 2.0 .2 .5 1.4 5.2 2.2 3.0
2000 2.4 .3 -1.2 2.1 6.4 3.5 2.9
2001 1.4 -.3 -1.2 2.4 2.2 2.7 -.6
2002 3.8 -.5 -1.0 1.1 .3 1.4 -1.1
2003 3.4 -.3 -1.2 1.6 1.9 2.3 -.4

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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