What Explains the Decline of the U.S. Labor Share of Income? An Analysis of State and Industry Level Data

Released on by Mr.Yasser Abdih
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  • What Explains the Decline of the U.S. Labor Share of Income? An Analysis of State and Industry Level Data Book Detail

  • Author : Mr.Yasser Abdih
  • Release Date : 2017-07-24
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 26
  • ISBN 13 : 1484311000
  • File Size : 99,99 MB
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What Explains the Decline of the U.S. Labor Share of Income? An Analysis of State and Industry Level Data by Mr.Yasser Abdih PDF Summary

Book Description: The U.S. labor share of income has been on a secular downward trajectory since the beginning of the new millennium. Using data that are disaggregated across both state and industry, we show the decline in the labor share is broad-based but the extent of the fall varies greatly. Exploiting a new data set on the task characteristics of occupations, the U.S. input-output tables, and the Current Population Survey, we find that in addition to changes in labor institutions, technological change and different forms of trade integration lowered the labor share. In particular, the fall was largest, on average, in industries that saw: a high initial intensity of “routinizable” occupations; steep declines in unionization; a high level of competition from imports; and a high intensity of foreign input usage. Quantitatively, we find that the bulk of the effect comes from changes in technology that are linked to the automation of routine tasks, followed by trade globalization.

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Unemployment is low, inflation is well contained, and growth is set to accelerate. During the course of this administration, the economy is expected to enter th