Edge, Rochelle M.; Laubach, Thomas; Williams, John C. - Federal Reserve Board (Board of Governors of the … - 2003
the BLS measures for
the nonfarm business sector, where the labor share is computed as output per hour times
the deflator … for nonfarm business output divided by compensation per hour.
5
Inflation is
computed using the GDP deflator. Population … dividing real GDP by total hours in the nonfarm business sector, which is problematic because of the
trending share of real …