New article released showing a change in wage and productivity growth in 1973
Curtis Miller has released a new article that shows that in Q3 1972, both compensation and productivity growth slowed. However, the relationship between productivity and wage growth has not changed since 1947, the earliest year considered.
By: Curtis Miller
WEST JORDAN, Utah - Sept. 12, 2016 - PRLog -- Curtis Miller has released a new article on September 12, 2016 that shows that around 1973, both compensation and productivity growth slowed. However, the relationship between productivity and wage growth has not changed since 1947, the earliest year considered.
Using data from the Bureau of Labor Statistics, Curtis Miller used change point analysis in the R statistical software packages to show that around 1973, both major sector productivity growth and real wage compensation growth slowed. Productivity growth dropped from 3.3% a quarter during the 1947-1973 period to 1.8% a quarter, and compensation (wage) growth dropped from 2.9% a quarter to 1% a quarter.
While both variables dropped, though, there is no statistical evidence that the relationship between productivity growth and compensation growth changed since 1947, although compensation has always grown slower than productivity.
Curtis Miller's analysis is accompanied by R code, in the spirit of reproducible research, so that others can examine, critique, and emulate his techniques.
The article was released at 9:00 AM MDT and is available at https://ntguardian.wordpress.com/