First, in principle, the U.S. economy  2  Ohanian (2001) argues that little of this change can be explained by reductions in factor utilization or by compositional effects. 3  See Cole and Ohanian (1999). See also Field (2011). 4  See the Bureau of Economic Analysis (BEA) National Economic Accounts. Data are from the “Current-dollar and ‘real’ GDP” spreadsheet.
5  See Lebergott (1957). 6  As measured by BEA full-time employment equivalents. See “Table 6.5A. Full-Time Equivalent Employees by Industry” in Section 6 of the National Income and Product Accounts. 7  In terms of employment, this statement is based on 1948 data (the BEA’s series on full-time equivalents has a change in its estimation procedure starting in 1949).