Doug Henwood dhenwood at
Thu Feb 18 09:51:44 PST 1999

Speaking of cyberhype, I was just reading the documentation for the Fed's industrial production indexes. They have a special category called "computers, communications equipment, and semiconductors" - the kind of stuff that's supposed to be dominating the economic scene these days. This sector accounted for 5.92% of all value-added in U.S. industry (manufacturing, mining, and electric and gas utilities) in 1992 - down from 6.56% in 1982. Computers and office equipment alone were 1.75% (vs. 2.14% ten years earlier). From reading the papers, you'd think the numbers were somewhere around 75%.


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