Figure E
Great Recession left capital overhang for many years: Capital per effective hour worked, 2000–2016
| Date | Actual | If grew at 2001–2016 trend |
|---|---|---|
| 2001Q1 | 95.18842 | 95.18842 |
| 2001Q2 | 96.80143 | 96.80143 |
| 2001Q3 | 99.16911 | 99.16911 |
| 2001Q4 | 100.6097 | 100.6097 |
| 2002Q1 | 100.3972 | 100.3972 |
| 2002Q2 | 100.7837 | 100.7837 |
| 2002Q3 | 101.4129 | 101.4129 |
| 2002Q4 | 101.7184 | 101.7184 |
| 2003Q1 | 102.1781 | 102.1781 |
| 2003Q2 | 101.9314 | 101.9314 |
| 2003Q3 | 100.8558 | 100.8558 |
| 2003Q4 | 100.2555 | 100.2555 |
| 2004Q1 | 100.0221 | 100.0221 |
| 2004Q2 | 99.79163 | 99.79163 |
| 2004Q3 | 99.06629 | 99.06629 |
| 2004Q4 | 99.56107 | 99.56107 |
| 2005Q1 | 99.68006 | 99.68006 |
| 2005Q2 | 99.63486 | 99.63486 |
| 2005Q3 | 99.64274 | 99.64274 |
| 2005Q4 | 99.65397 | 99.65397 |
| 2006Q1 | 98.7077 | 98.7077 |
| 2006Q2 | 99.48631 | 99.48631 |
| 2006Q3 | 100.1018 | 100.1018 |
| 2006Q4 | 100 | 100 |
| 2007Q1 | 100.8962 | 100.2146 |
| 2007Q2 | 101.3084 | 100.4297 |
| 2007Q3 | 102.5899 | 100.6453 |
| 2007Q4 | 103.2827 | 100.8613 |
| 2008Q1 | 105.3334 | 101.0778 |
| 2008Q2 | 106.2495 | 101.2947 |
| 2008Q3 | 108.2258 | 101.5121 |
| 2008Q4 | 113.1574 | 101.73 |
| 2009Q1 | 116.9554 | 101.9483 |
| 2009Q2 | 118.2578 | 102.1671 |
| 2009Q3 | 118.0962 | 102.3864 |
| 2009Q4 | 116.5111 | 102.6062 |
| 2010Q1 | 116.4661 | 102.8264 |
| 2010Q2 | 114.9426 | 103.0471 |
| 2010Q3 | 113.6894 | 103.2683 |
| 2010Q4 | 113.1982 | 103.4899 |
| 2011Q1 | 113.5636 | 103.712 |
| 2011Q2 | 112.8462 | 103.9346 |
| 2011Q3 | 112.6995 | 104.1577 |
| 2011Q4 | 111.2255 | 104.3812 |
| 2012Q1 | 109.6455 | 104.6053 |
| 2012Q2 | 110.2333 | 104.8298 |
| 2012Q3 | 110.4361 | 105.0548 |
| 2012Q4 | 110.4422 | 105.2803 |
| 2013Q1 | 110.7205 | 105.5062 |
| 2013Q2 | 110.9847 | 105.7327 |
| 2013Q3 | 110.7139 | 105.9596 |
| 2013Q4 | 110.2292 | 106.187 |
| 2014Q1 | 111.2618 | 106.4149 |
| 2014Q2 | 109.766 | 106.6433 |
| 2014Q3 | 108.8639 | 106.8722 |
| 2014Q4 | 108.0041 | 107.1016 |
| 2015Q1 | 108.0911 | 107.3315 |
| 2015Q2 | 108.2452 | 107.5618 |
| 2015Q3 | 108.6177 | 107.7927 |
| 2015Q4 | 108.7891 | 108.0241 |
| 2016Q1 | 108.8076 | 108.2559 |
| 2016Q2 | 109.3902 | 108.4883 |
Notes: Capital services are measured as an index, with the growth rate coming from Fernald data on growth. Effective hours of work is a measure of growth of total hours plus the growth of labor quality plus growth in total factor productivity, as measured by Fernald.
Source: Data from Fernald (2016).
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