Sectors with major innovations included electronics, chemicals, pharmaceuticals, and transportation (jet travel). 4  Jason G. Cummins and Giovanni L. Violante, "Investment-Specific Technical Change in the United States (1947-2000): Measurement and Macroeconomic Consequences," Review of Economic Dynamics, vol. 5 (April 2002), pp. 243-284.
The combination of increased wages and increased employment is reflected in the relatively sharp increase in income from labor. Against the background of these developments, private consumption increased by 4.3 percent in 2015 and 6.3 percent in 2016, and was the main factor contributing to economic growth in recent years.