This preview shows pages 1–3. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Notes: Complete information of the methods and data underlying these measures can be found in "Technical Information About the BLS Multifactor Productivity Measures". See the link given below: Information is also available on the Multifactor Productivity Website Capital input data--service-flows of equipment,structures,inventories, and land. BLS measures of capital service inputs are prepared using NIPA data on real gross investment in depreciable assets and inventories. Labor input data--hours worked by all persons engaged in a sector--is based on information on employment and average weekly hours collected in the monthly BLS survey of establishments and the hours at work survey. Labor composition data are based on March supplements to the Current Population Survey. Output and compensation measures are prepared by the Bureau of Economic Analysis of the U.S. Department of Commerce as part of the National Income and Product Accounts (NIPA). Derivation of the private business sector: Gross domestic product (GDP) Less: General government Equals: Total private economy Less: Output of household workers , nonprofit institutions, gross housing product of owner-occupied dwellings, and the rental value of nonprofit institutional real estate. Equals: Business sector Less: Government enterprises Equals: Private Business sector Less: The farm sector Equals: Private Nonfarm business sector Data are available for the following 2 sectors- 1) Private business sector 2) Private nonfarm business sector The first two sections contain three parts - A) Levels B) Indexes, 2005 = 100.000 C) Average annual growth rates. 1/n RATE = ((V /V ) - 1) X 100 t t-n Aggregate data: Tables for Private Business and Nonfarm Business Table 1-Basic Measures: (http://www.bls.gov/mfp/mprtech.pdf). (http://www.bls.gov/mfp/). Real "value-added" output is based on a chained Fisher Ideal Quantity Index(2005=100) Labor Input Capital services Output in billions of current dollars. Labor compensation in billions of current dollars. Capital income in billions of current dollars. Table 2-Analytic Ratios: Output per hour in constant 2005 dollars. Output per unit of capital services in constant 2005 dollars. Capital Hours Ratio (Capital services per hours at work). Implicit price deflator (2005=1.000) Hourly compensation in current dollars. Price of capital services Table 3-Unit Costs and Labor Detail: Unit labor cost Unit capital cost Employment in millions. Hours of all persons in billions of hours at work. Labor composition Price of labor input Table 4-Shares and Multifactor Measures: Labor's share in cost. Capital's share in cost. Combined input quantity (2005=1.000) Combined input price (2005=1.000) Multifactor productivity Input - Output price ratio Table 5-Sources of Productivity Growth Contribution of Labor Composition Contribution of Capital Intensity Contribution of Information Capital Intensity Contribution of Other Capital Services Intensity The computed values in these tables are calculated in this manner:...
View Full Document
This note was uploaded on 09/06/2011 for the course ECO 476 taught by Professor Chang during the Fall '07 term at Rochester.
- Fall '07