Thursday, December 22, 2011

1950: Employment and Income

1950 was a very good year for employment.  Consider the following charts:


The unemployment rate dropped over 2% - moving from 6.5% to a little over 4% by the end of the years.  And the employment growth was split between manufacturing and employment:


Manufacturing employment increased over 2 million while


service sector growth increased over 1 million.


Government employment also increase about about 400,000.



As a result of this activity, we see real disposable personal income increase on a YOY basis of over 9%.

Below are some charts on wages and savings from the 1951 Economic Report to the President that show the above information, but in 1950s econ style.