1. A Bunch of Data
about the US
Economy and
Workforce
Andrew McAfee, MIT
amcafee@mit.edu
@amcafee
1

2. Trends
Trends in US GDP, Profits, and Investment
1995-2013
Level of GDP, Profits, and Investment (Jan-95 = 100)
400
GDP
Corporate Investment: Equipment and Software
350
All Profits After Tax
300
Non-Financial Profits After Tax
250
200
150
100
50
0
1995
1997
© Andrew McAfee, 2014
1999
2001
2003
2005
2007
2009
2011
2013
Source: research.stlouisfed.org

3. Trends
Trends in US GDP, Profits, Investment, and Employment,
1995-2013
GDP
78
Corporate Investment: Equipment and Software
350
All Profits After Tax
300
Non-Financial Profits After Tax
73
Employment to Population Ratio
250
200
68
150
100
63
Employment-Population Ratio
Level of GDP, Profits, and Investment (Jan-95 = 100)
400
50
0
58
1995
1997
© Andrew McAfee, 2014
1999
2001
2003
2005
2007
2009
2011
2013
Source: research.stlouisfed.org

4. Duration of Unemployment
Median & Mean Duration of Unemployment, 1948-2013
45
40
Mean
35
# of Weeks
30
25
20
Median
15
10
5
0
1948 1953 1958 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008 2013
© Andrew McAfee, 2014
Source: research.stlouisfed.org

5. Job Creation
US Job Growth by Decade, 1940s-2000s
Percentage Change in Non-Farm Payroll Employment
45%
40%
1940s, 37.7%
35%
1960s, 31.3%
30%
25%
1970s, 27.4%
1950s, 24.5%
20%
1980s, 20.2%
1990s, 19.8%
15%
10%
5%
0%
2000s, -1.0%
-5%
1
© Andrew McAfee, 2014
2
3
4
5
6
7
8
9
10 Year in Decade
Source: research.stlouisfed.org

6. Profit vs Labor
Corporate Profits After Tax as % of GDP & Non-Farm Labor Share, 1947-2013
120
Corporate Profit as % of
GDP
117
114
8
111
6
108
105
4
Labor Share (2009 = 100)
Corproate Profits as % of GDP
10
102
2
99
Labor Share
of GDP
0
1947
© Andrew McAfee, 2014
96
1958
1969
1980
1991
2002
2013
Source: research.stlouisfed.org

7. Skill Disparities
Changes in Wages for Full-Time, Full-Year Male U.S. Workers, 1963-2008
Graduate
School
Composition-Adjusted Real Log Weekly Wages
0.6
0.5
0.4
College
Graduate
0.3
0.2
Some
College
0.1
High School
Graduate
0.0
-0.1
1963
1968
© Andrew McAfee, 2014
1973
1978
1983
1988
1993
1998
2003
High School
Dropout
2008
Source: Acemoglu and Autor, 2010 http://economics.mit.edu/files/7006

8. Superstar Earners
U.S. Top 0.01% Income Share, 1913-2012
7.0%
6.0%
Income Share
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
1913
1922
© Andrew McAfee, 2014
1931
1940
1949
1958
1967
1976
1985
1994
2003
2012
Source: Saez, 2013: http://elsa.berkeley.edu/~saez/saez-UStopincomes-2012.pdf

9. The Great Decoupling
US Productivity, Real GDP per capita, Employment and Income: 19472012
400
1947=100
300
200
Labor Productivity
100
Private Employment
Median Family Income
Real GDP per Capita US
0
1950
© Andrew McAfee, 2014
1960
1970
1980
1990
2000
2012
Source: research.stlouisfed.org