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18 <br /> Table 1. Performance of Key National Economic Measures. <br /> Measure Annual average, Annual average, 2016 Forecast 2017 <br /> 1960-2009 2009-2015 <br /> Growth rate in: <br /> Real GDP 3.1% 2.2% 1.6%1 2.5% <br /> Labor force 1.6% 0.5% 1.3%2 1.4% <br /> Payroll jobs 1.8% 1.7% 1.6%2 1.7% <br /> Labor productivity 2.4% 0.8% 0.8%2 1.0% <br /> Real wage rate 0.4%3 0.2% 0.5%2 0.5% <br /> Business investment, GDP % 17.6% 15.5% 16.3%4 17.0% <br /> All-items inflation rate 4.0% 1.7% 1.7%2 2.3% <br /> Core inflation rate 4.0% 1.7% 2.1%2 2.2% <br /> Short-term interest rates 5.4% 0.1% 0.3%' 0.8% <br /> Long-term interest rate6 6.9% 2.5% 1.8%' 3.1% <br /> Source: U.S. Dept.of Commerce; Federal Reserve <br /> 2015III-2016I11;2 November 2015-November 2016; 31962-2009;4 based on 2016 I,II,III;53-month <br /> Treasury bill rate;610-year Treasury note rate; 'through November <br /> real wage rate- at rates below their long-run averages. Of particular concern is the continuing <br /> slow growth in labor productivity, which has a long-run correlation with improvements in the <br /> standard of living. Economists debate the factors behind the sluggishness in worker productivity <br /> gains, with a focus on the contributions of demographics (younger inexperienced workers <br /> replacing older experienced workers), shortcomings in worker training and skill development, <br /> and even the potential for distractions in the workplace from the use of social media and personal <br /> tech devices. The average real wage rate significantly improved in 2016 as a result of the <br /> tightening labor market, but there are questions about how far these gains can go without faster <br /> labor productivity improvements. <br /> Business investment improved in 2016 but was still under its long-run average. Both the <br /> all-item and core inflation rates continued their recent trend in 2016 of being historically low, <br /> and the same result occurred for short-term and long-term interest rates. Analysts question <br /> whether these low rates are a result of plentiful supply or weak demand. <br /> 3 <br />