By Cornelia J. Strawser
In response to company facts, this paintings offers historic facts on company traits relationship from 1966 to 1994. Readers locate profiles on building and housing, mining, oil and gasoline, production, transportation and utilities, retail and wholesale exchange, carrier, and executive. additionally comprises an summary of historic fiscal tendencies.
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This makes for a discontinuity between the two adjoining months, and fails to spread the correction of the level over the months or years during which the misstatement gradually emerged. For examples, see the Notes and Definitions to Tables 10-1 through 10-3. For examples with orders of magnitude involved, see any issue of the BLS publication Employment and Earnings. CES benchmark adjustments, on the other hand, are “wedged” back to the previous benchmark month, resulting in a smoother and more realistic pattern of revision.
As the 1960s progressed, however, the federal government embarked on a stimulative fiscal policy, with the intent of attaining an unemployment rate lower than those observed in the 1950s and early 1960s. ) Then fiscal policy became even more stimulative as the buildup in military spending for the Vietnam War progressed, without any attempt to raise taxes or cut back on other spending until late in the decade. ) An attempt was made to hold wages and prices down using voluntary “guidelines” in the early 1960s, but it collapsed in 1966, and inflation continued to accelerate during the sustained period of high employment through 1969.
There are no currently reported measures of the concept of “worker take-home pay,” but in the absence of any change in tax rates, the rate of change in worker paychecks can usually be inferred from the rate of change in a relevant measure of wages and salaries or hourly earnings. Probably the principal use for compensation series, the use emphasized by the Federal Reserve System, is as an indicator of inflationary pressure. Labor costs represent about two-thirds of the cost of production on average.