Read the full report here. The author did not receive financial support from any firm or person with a financial or political interest in this article.
He is not currently an officer, director, or board member of any organization with an interest in this article. Play Video. More on U. The Avenue The monthly jobs report ignores Native Americans. In this example, the Retail Trade sector 44 includes the Motor Vehicle and Parts Dealers subsector which includes more detailed specific industries. Sales revenue data are collected from businesses and published primarily by the Department of Commerce.
BLS uses these data to calculate output for hundreds of specific industries, all sectors in the nonfarm business sector, and the total U. The largest sector for which BLS publishes productivity data is the business sector, which includes the manufacturing sector and all private non-manufacturing industries, including farming. For an industry, output is the number of units of goods or services produced by the businesses in that industry for sale to consumers or to businesses in other industries.
It is important not to count the value of those belts twice in apparel manufacturing output. Typically, industries produce a number of different products or perform a number of different services. Since prices can rise or fall differently over time for each product, separate output indexes must be estimated for each product or service within an industry. The different product output indexes are combined into one industry output index with greater weight given to those that make up a larger proportion of total revenue in the industry.
In the above example, some of the glue is sold to consumers, and some is used in the production of chairs. To measure output for the manufacturing sector, however, which includes both the Adhesives and Sealants industry as well as the Furniture industry, the revenue from selling glue to a chair manufacturer must be excluded. In a very large sector, many or most goods and services are sold to other producers to be used as inputs.
The value of such inputs adds to the value of output of each firm in a chain leading to the final consumer. For the largest sector for which BLS measures productivity, the U. To measure labor productivity for the business and nonfarm business sectors, BLS uses value-added measures of output published by the Bureau of Economic Analysis BEA ; they are closely related to real gross domestic product GDP. Data are both annual and quarterly, and permit computation of quarterly and annual labor productivity measures for these sectors.
Business sector output differs from GDP by excluding government, some nonprofits, and household production, where output can be very difficult to measure. Government services and the output of nonprofits are not sold in the marketplace, so these types of output can be difficult to measure. Rev Econ Stat , 39 3 — Cambridge University Press, Cambridge; Book Google Scholar. J Product Anal , — J Product Anal , 18 2 — Weitzman ML: On the welfare significance of national product in a dynamic economy.
Q J Econ , — Download references. You can also search for this author in PubMed Google Scholar. Correspondence to Thijs ten Raa. Reprints and Permissions. Performance measurement in an input-output framework. Economic Structures 1, 2 Download citation. Received : 05 March Accepted : 17 April Published : 17 April Anyone you share the following link with will be able to read this content:. Sorry, a shareable link is not currently available for this article. Provided by the Springer Nature SharedIt content-sharing initiative.
Skip to main content. Search all SpringerOpen articles Search. Download PDF. Abstract This paper fruitfully combines two complementary theories: performance measurement and input-output analysis.
References 1. Article Google Scholar 2. Three strategies have been used to obtain the market values of all the goods and services produced: the product or output method, the expenditure method, and the income method. The output approach focuses on finding the total output of a nation by directly finding the total value of all goods and services a nation produces:. The income approach equates the total output of a nation to the total factor income received by residents or citizens of the nation:.
The expenditure approach focuses on finding the total output of a nation by finding the total amount of money spent and is the most commonly used equational form:. The two statistics spring from different traditions of measurement: personal income from national economic accounts and money income from household surveys. Personal income also includes income received by nonprofit institutions serving households, by private non-insured welfare funds, and by private trust funds.
BEA publishes disposable personal income, which measures the income available to households after paying federal and state and local government income taxes.
Income that is not earned from production in the current period—such as capital gains, which relate to changes in the price of assets over time—is excluded. Personal income and disposable personal income are provided both as aggregate and as per capita statistics.
BEA produces monthly estimates of personal income for the nation, quarterly estimates of state personal income, and annual estimates of local-area personal income. Historical personal income by educational attainment : Personal income data can provide governments with useful information in the formulation of public policy to combat income inequality.
The Census Bureau also produces alternative estimates of income and poverty based on broadened definitions of income that include many of these income components that are not included in money income.
The Census Bureau releases estimates of household money income as medians, percent distributions by income categories, and on a per capita basis. Estimates are available by demographic characteristics of householders and by the composition of households. Income left after paying taxes is referred to as disposable income.
Disposable income is thus total personal income minus personal current taxes.
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