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Archived News Release--Caution:
information may be out of date.
For more information call: 202-693-4650
I am pleased to report that our economy continues to soar to new
heights, yet remain in balance.
At 6.4 percent, fourth quarter productivity growth in the nonfarm
business sector was the largest since the fourth quarter of 1992.
Most impressive was fourth quarter productivity growth in the
manufacturing sector. At 10.3 percent, it was the largest increase since the
second quarter of 1982. On an annual basis, manufacturing productivity growth's
increase in 1999 marked the sector's 20th consecutive year of an increase.
Our economy remains in balance and workers are reaping the benefits of
the sustained productivity growth. Because real hourly compensation in the
fourth quarter and over the year grew modestly, but slower than productivity
growth, workers can continue to enjoy wage growth without inflationary
pressures.
The growth in 1999 marked the fourth consecutive year of growth,
following three years of decline.
Archived News Release--Caution:
information may be out of date.
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