Figure B

Two measures of labor’s share, 1947–2018

 

Date EPI labor share BLS labor share
1947Q1 105.8 116.4
1947Q2 103.2 114.8
1947Q3 104.0 116.6
1947Q4 103.6 115.0
1948Q1 101.3 115.2
1948Q2 100.1 115.1
1948Q3 101.5 115.1
1948Q4 100.5 114.2
1949Q1 101.3 114.5
1949Q2 102.6 114.7
1949Q3 101.2 112.6
1949Q4 103.6 113.2
1950Q1 101.8 111.9
1950Q2 100.0 112.6
1950Q3 98.4 111.1
1950Q4 97.3 111.4
1951Q1 99.1 110.8
1951Q2 100.1 112.1
1951Q3 100.1 110.2
1951Q4 99.7 111.2
1952Q1 101.8 111.7
1952Q2 103.1 112.6
1952Q3 103.6 113.3
1952Q4 102.2 113.0
1953Q1 102.2 113.2
1953Q2 103.1 113.5
1953Q3 103.8 113.8
1953Q4 108.0 115.2
1954Q1 106.2 115.6
1954Q2 105.3 114.8
1954Q3 104.1 113.8
1954Q4 102.6 113.1
1955Q1 100.3 111.2
1955Q2 100.3 111.4
1955Q3 101.0 111.8
1955Q4 101.1 112.1
1956Q1 102.7 114.2
1956Q2 103.2 115.1
1956Q3 103.7 115.4
1956Q4 103.9 115.4
1957Q1 103.6 114.4
1957Q2 104.4 115.4
1957Q3 105.0 114.7
1957Q4 106.6 115.5
1958Q1 108.9 116.8
1958Q2 107.9 115.4
1958Q3 106.3 115.3
1958Q4 104.2 113.3
1959Q1 103.5 113.8
1959Q2 102.3 113.4
1959Q3 104.8 113.4
1959Q4 105.1 114.3
1960Q1 104.1 114.0
1960Q2 105.9 116.3
1960Q3 106.2 115.8
1960Q4 107.0 117.5
1961Q1 107.5 116.9
1961Q2 105.9 115.3
1961Q3 105.1 114.1
1961Q4 103.8 113.9
1962Q1 103.9 113.4
1962Q2 104.5 114.2
1962Q3 104.1 113.0
1962Q4 103.6 113.2
1963Q1 103.7 113.4
1963Q2 102.9 113.1
1963Q3 102.8 111.5
1963Q4 102.8 112.2
1964Q1 101.9 110.9
1964Q2 102.2 111.2
1964Q3 102.2 110.9
1964Q4 102.7 112.5
1965Q1 100.9 111.0
1965Q2 100.8 111.0
1965Q3 100.8 109.5
1965Q4 100.2 108.8
1966Q1 99.9 108.9
1966Q2 101.0 110.3
1966Q3 101.9 110.6
1966Q4 102.0 110.2
1967Q1 102.7 110.2
1967Q2 103.1 111.0
1967Q3 103.4 111.0
1967Q4 103.1 111.1
1968Q1 103.7 110.4
1968Q2 103.4 110.0
1968Q3 103.7 111.0
1968Q4 103.8 111.9
1969Q1 104.4 111.3
1969Q2 105.5 112.7
1969Q3 106.5 113.5
1969Q4 107.8 115.1
1970Q1 109.7 115.5
1970Q2 108.8 114.0
1970Q3 109.0 113.5
1970Q4 109.9 114.0
1971Q1 107.8 111.8
1971Q2 107.9 111.8
1971Q3 107.6 111.2
1971Q4 107.3 112.6
1972Q1 107.2 112.5
1972Q2 107.4 111.2
1972Q3 107.0 111.4
1972Q4 106.4 111.8
1973Q1 106.4 111.6
1973Q2 107.4 111.8
1973Q3 107.8 113.4
1973Q4 107.7 113.7
1974Q1 109.0 114.0
1974Q2 109.1 113.2
1974Q3 109.9 114.2
1974Q4 110.3 112.9
1975Q1 109.8 111.8
1975Q2 108.1 110.7
1975Q3 105.9 109.6
1975Q4 106.0 109.7
1976Q1 105.1 108.9
1976Q2 106.1 108.7
1976Q3 106.5 109.2
1976Q4 107.2 109.2
1977Q1 106.8 109.1
1977Q2 105.2 109.1
1977Q3 104.3 108.6
1977Q4 105.2 110.0
1978Q1 106.8 111.6
1978Q2 104.6 109.3
1978Q3 104.9 109.2
1978Q4 104.9 109.0
1979Q1 106.4 111.1
1979Q2 107.0 110.7
1979Q3 108.1 111.0
1979Q4 108.8 111.8
1980Q1 109.4 111.5
1980Q2 111.4 112.5
1980Q3 110.3 113.2
1980Q4 108.6 112.6
1981Q1 108.2 110.2
1981Q2 108.3 111.3
1981Q3 107.2 110.4
1981Q4 108.3 111.4
1982Q1 109.7 113.4
1982Q2 108.9 112.9
1982Q3 109.0 113.0
1982Q4 109.8 112.5
1983Q1 109.0 111.7
1983Q2 107.6 109.9
1983Q3 107.0 108.4
1983Q4 106.4 108.4
1984Q1 104.8 109.0
1984Q2 105.0 108.5
1984Q3 105.7 108.7
1984Q4 105.5 108.9
1985Q1 105.7 108.7
1985Q2 106.0 108.7
1985Q3 105.6 108.2
1985Q4 107.4 109.5
1986Q1 107.9 109.2
1986Q2 109.0 109.5
1986Q3 110.0 110.3
1986Q4 110.4 111.6
1987Q1 110.3 111.9
1987Q2 109.2 111.4
1987Q3 108.6 111.6
1987Q4 109.3 111.5
1988Q1 109.4 112.3
1988Q2 109.3 112.3
1988Q3 109.1 112.1
1988Q4 108.3 111.4
1989Q1 108.9 111.1
1989Q2 109.2 109.8
1989Q3 109.3 109.5
1989Q4 110.6 110.5
1990Q1 110.4 110.5
1990Q2 110.2 110.8
1990Q3 111.7 111.0
1990Q4 112.3 112.0
1991Q1 111.0 111.3
1991Q2 111.3 111.0
1991Q3 111.8 110.6
1991Q4 112.4 111.2
1992Q1 111.9 111.6
1992Q2 112.2 111.3
1992Q3 112.8 111.0
1992Q4 112.0 110.1
1993Q1 112.6 109.5
1993Q2 111.6 110.3
1993Q3 111.5 109.6
1993Q4 109.8 109.3
1994Q1 109.8 108.0
1994Q2 109.6 108.3
1994Q3 108.8 108.2
1994Q4 108.4 107.4
1995Q1 108.8 107.5
1995Q2 108.4 107.4
1995Q3 107.3 107.7
1995Q4 107.5 107.7
1996Q1 106.7 107.8
1996Q2 106.7 107.4
1996Q3 106.9 107.4
1996Q4 107.0 107.4
1997Q1 106.5 108.2
1997Q2 106.4 107.3
1997Q3 105.5 107.1
1997Q4 105.9 108.2
1998Q1 107.4 109.3
1998Q2 107.8 110.0
1998Q3 107.7 110.0
1998Q4 108.5 109.9
1999Q1 108.3 110.1
1999Q2 108.6 110.0
1999Q3 109.2 109.6
1999Q4 109.7 109.6
2000Q1 110.3 113.3
2000Q2 110.4 110.8
2000Q3 111.0 112.4
2000Q4 112.0 111.4
2001Q1 112.1 113.9
2001Q2 111.6 111.8
2001Q3 111.8 111.4
2001Q4 113.2 110.8
2002Q1 110.7 108.9
2002Q2 110.4 109.2
2002Q3 110.3 108.7
2002Q4 108.9 108.7
2003Q1 108.4 107.8
2003Q2 108.1 108.2
2003Q3 107.6 107.1
2003Q4 107.7 107.3
2004Q1 106.2 106.4
2004Q2 106.0 106.9
2004Q3 105.9 107.5
2004Q4 105.7 106.5
2005Q1 103.8 105.2
2005Q2 103.6 105.2
2005Q3 103.8 104.7
2005Q4 102.2 104.4
2006Q1 101.7 105.1
2006Q2 101.6 104.4
2006Q3 100.7 104.4
2006Q4 102.4 105.3
2007Q1 104.2 106.7
2007Q2 103.6 105.6
2007Q3 105.2 104.5
2007Q4 106.6 104.7
2008Q1 107.2 106.3
2008Q2 107.3 104.8
2008Q3 107.7 104.7
2008Q4 112.8 106.2
2009Q1 107.6 102.3
2009Q2 107.2 103.3
2009Q3 105.8 102.3
2009Q4 104.4 101.3
2010Q1 102.9 99.7
2010Q2 103.4 100.1
2010Q3 100.8 99.8
2010Q4 100.9 99.5
2011Q1 103.7 101.6
2011Q2 102.1 100.1
2011Q3 102.2 100.5
2011Q4 99.8 98.2
2012Q1 99.3 99.7
2012Q2 99.6 99.3
2012Q3 100.0 99.2
2012Q4 101.1 101.8
2013Q1 100.5 99.5
2013Q2 100.8 100.3
2013Q3 101.0 99.1
2013Q4 100.5 98.4
2014Q1 102.2 101.2
2014Q2 99.9 99.0
2014Q3 98.8 98.2
2014Q4 99.4 99.7
2015Q1 99.9 100.4
2015Q2 100.2 100.2
2015Q3 101.0 100.2
2015Q4 101.7 100.8
2016Q1 101.6 100.9
2016Q2 101.5 100.0
2016Q3 101.5 99.9
2016Q4 101.8 100.3
2017Q1 102.5 101.0
2017Q2 102.1 100.7
2017Q3 102.7 100.9
2017Q4 102.7 100.7
2018Q1 102.6 101.1
2018Q2 102.1 99.5
2018Q3 101.3 99.4
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Economic Policy Institute

Note: Shaded areas denote recessions. Federal Reserve banks' corporate profits were netted out in the EPI calculation of labor share. EPI labor share measure derived exactly as in Figure A above, but converted to an index with 2012 =100 for comparability with BLS measure.

Source: EPI labor measure is analysis of Bureau of Economic Analysis National Income and Product Accounts (Tables 1.14 and 6.16D). BLS NFB measure is from the U.S. Bureau of Labor Statistics Productivity and Costs (LPC) program, series # PRS85006173. BLS labor share measure retrieved from FRED, Federal Reserve Bank of St. Louis, https://fred.stlouisfed.org/series/PRS85006173, January 24, 2019.

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