Table V.B1.--Principal Economic Assumptions
Calendar Years 1960-2002
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 2		 Real-wage
differential 1
1960 1.8 -0.4 -1.0 1.4 3.3 1.7 1.6
1961 3.1 -.1 -.7 1.1 1.4 1.0 .4
1962 3.5 -.4 .7 1.4 4.7 1.0 3.7
1963 3.5 -.3 -.7 1.1 2.9 1.3 1.6
1964 3.9 -.1 -.3 1.5 4.6 1.3 3.3
1965 2.9 -.1 1.0 1.9 2.5 1.6 .9
1966 2.9 -.6 .5 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 2.7 -.5 -.3 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 2.6 -1.0 -1.8 9.3 6.6 9.1 -2.4
1976 2.7 -1.0 -.4 5.7 8.5 5.7 2.8
1977 1.1 -.7 .0 6.4 6.8 6.5 .3
1978 .8 -.3 .4 7.1 11.6 7.7 3.9
1979 .4 -.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 -.9 6.2 6.3 6.0 .3
1983 2.5 -.2 .4 3.9 4.2 3.0 1.2
1984 2.2 .0 .9 3.7 6.0 3.5 2.5
1985 1.6 .1 .2 3.2 6.0 3.5 2.6
1986 2.3 -.1 -1.1 2.2 4.6 1.6 3.0
1987 .7 .2 .1 3.0 4.6 3.6 1.0
1988 .8 .2 1.2 3.4 5.3 4.0 1.3
1989 1.2 -.1 .3 3.8 3.9 4.8 -.9
1990 1.1 -.2 -.5 3.9 5.1 5.2 -.1
1991 1.1 -.5 -.6 3.6 3.0 4.1 -1.1
1992 2.9 .2 -.4 2.4 4.9 2.9 2.0
1993 .3 -1.0 1.0 2.4 1.9 2.8 -.9
1994 1.1 -.4 .7 2.1 3.4 2.5 1.0
1995 .4 1.0 .9 2.2 4.0 2.9 1.1
1996 2.2 1.2 .0 1.9 4.4 2.9 1.5
1997 1.6 1.2 .6 1.9 5.9 2.3 3.6
1998 1.9 .4 .9 1.2 6.1 1.3 4.8
1999 2.1 .2 .5 1.4 5.5 2.2 3.3
2000 2.4 .3 .1 2.1 6.2 3.5 2.7
2001 .8 -.3 -.4 2.4 1.8 2.7 -.9
2002 3.6 -.5 -.5 1.1 1.9 1.4 .5
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.
2 The Consumer Price Index is the annual average value for the calendar year of the Consumer Price index for Urban Wage Earners and Clerical Workers(CPI-W).
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