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Un ited States
Department
of Labor
•
.Washington, D.C. 20210
Office of Information
L.J. Fulco (202) 523-9261
K.D. Hoyle (202) 523-1913
Home (202) 333-1384
USDL 78-483
FOR RELEASE: 10:00 A.M. EDT
Thursday May 25. 1978
PRODUCTIVITY AND COSTS
Nonfinancial Corporate Sector
First Quarter 1978
Productivity in nonfinancial corporations decreased 2.0 percent in the first
quarter of 1978 at a seasonally adjusted annual rate. the Bureau
the U.S. Department of Labor reported today.
•
Labor Statistics of
The decline reflected a 1.0 percent fall
in output and a 1.0 percent increase in hours of all employees.
-<
~f
In the preceding quarter.
productivity increased 1.1 percent in this sector. which includes all corporations doing
business in the United States with the exception of banks. stock and commodity brokers.
and finance and insurance companies.
Revised first-quarter measures were also released today ·for the private·
business. nonfann business. and manufacturing sectors. The productivity declines in the
private business and nonfann business sectors are somewhat smaller in the revised series.
while the decline in manufacturing is somewhat larger than had been previously reported.
based on preliminary measures.,
A summary of these
firs~
quarter measures appears in table Ai details are
given in tables 1-6.
Hourly compensation. wbich includes both wages and supplements. increased 14.4
percent in the first quarter in nonfinancial corporations. compared with an 8.0 percent
increase during
~he
fourth quarter of 1977. The first quarter increase was the largest
quarterly advance since the first quarter of 1973. This increase in hourly compensation.
'.
combi'ned with the decline in productivity, resulted in a 16.7 percent increase in unit
labor cost. the largest increase in these costs since the third quarter of 1974.
In the
fourth quarter of 1977. unit labor cost rose 6.8 percent.
Real compensation per
hour-~hourly
compensation adjusted for changes in the
Consumer Price Index for All Urban Consumers (CPI-U)--rose at a 6.0 percent annual rate
- 2-
Table A. Productivity and Costs: Percent Change at Annual Rate
(Seasonally Adjusted)
~.
Sector
Hourly
Campen"!
,sation
Produc-:t1vity
Fourth
•
Quart~r
Unit
~abor
Cost
Real
Hourly
Compensation
I
,.
I~ ~
OU~Pl,lt
.,
! .",'
I ,.
1977 to First Quar~,r 1978
PRELIMINARY
Nonfinancial
Corporation
-2.0
14.4
Private Business
..2.9
14.4
16.7
REVISED
17.8
Nonfarm Business
-2.7
13.6
Manufacturing
.. 3.5
Durable
Nondurable
~-
T
.....
Hours
.,
1
6.0
-l.Q
1,0
~.1
-1 .0
~.O
16.8
5.3
-O.~
2.5
14.7
18.9
6.4
-0.5
3.1
-5.1
13.5
19.7
5.3
-1 , 5
3.8
-1.0
16.6
17.8
8.2
1.1
Z.l
,
I
First Quarter 1977 to First Quarter 1978
, PRELIMINARY
Nonfinancial
Corporation
1.3
9.2
Private Busi"ess
0.9
Nonfarm Business
1.0
Manufacturin~
1.1
Durable
O.fi
Nondurable
-1.fJ
"
2.5
4.8
3.4
9.2
7.8
REVISED
8.3
~.5
4.6'
3.7
9.2
8.1
2.5
4.1
3.7
9,4
8.2
2.6
5, 1
4.0
9.2
8,6
2.5
~,
5.4
9.2
7.2
2.5
3.7
,
L8
"
,
.
"
,
_ 3 _
in the first quarter, compared with a 3.2 percent increase during the fourth quarter of
1977. This was the largest quartrely increase in 2 years.
Unit profits declined at a 54.3 percent annual rate in the first quarter of
1978 the largest quarterly decline in this series, which begins in 1958. In the fourth
quarter of 1977, unit profits declined 12.3 percent.
Unit nonlabor payments, which inclUde profits as well 'as all other nonlabor
costs, decreased 13.5 percent in the first quarter, compared with a 0.3 percent decline in
the fourth quarter of 1977. Total unit cost--including unit labor cost, unit nonlabor
cost, and unit profits--increased 15.1 percent in the first quarter, compared with a 6.4
percent increase in the fourth quarter of 1977.
Revised Measures
Revised measures of labor productivity and related series for the first quarter
for the private business, nonfarm business, and manufacturing sectors were also released
today.
See table B. The revised measures show that productivity--at annual rates--
decreased 2.9 percent in the private business sector, 2.7 percent in the nonfarm business
sector, and 3.5 percent in manufacturing. These declines had been reported at 3.6 percent, 3.3 percent, and 3.3 percent, respectively, based on preliminary information.
Measures of real hourly compensation for these series--unavailable earlier-were also released today.
Reflecting changes in hourly compensation and quarterly move-
ments in the Consumer Price Index for All Urban Consumers (CPI-U), this series shows
solid gains in each sector. The 6.1 percent increase in the private business sector 1n
the first quarter was the largest.increase in 2 years.
- 4 -
Table B.
Preliminary and Revised First Quarter Measures of Productivity and Costs
Quarterly Change at Annual Rate
(Seasonally Adjusted)
Measure
Private Business Sector
Prel iminary Revised
."
Nonfarm Business Sector
Preliminary
Revised
Manufacturing
Prel iminary Revised
Output per hour
of all persons
-.3.6
-2.9
-3.3
-2.7
-3.3
-3.5
Compensation per
hour
14.0
14.4
13.2
13.6
14.9
14.7
Unit labor cost
18.3
17.8
17.0
1"6.8
18.8
18.9
Real compensation
per hour
N.A.
6.1
N.A.
5.3
N.A.
6.4
Output
-1.8
-1.0
-1.0
-0.3
-0.1
-0.5
Hours
1.9
2.0
2.4
2.5
3.3
3.1
-
.e
TARLE 1. PHIYAIE HUSINESS SFCTOR. ALL PF.RSO~'s ·i PRODUCTIVITY.
HOURLY C0I'4PF.N<:AT10N. UNn l.AROP COSlo AND ' PRlcrs. SEASONALLY ADJUSTEO
'frAR ANO
QIIARrEII
OI.lTPIIT PI::ll
HOI/R
IlF ALL PF.RSONS
ourpUT
HOURS
OF ALL
PF:RSONS
---------------------------------------------------INnE~ES
1 9,77
C:O"PFNSATION PER
HOIIRl11
ROl
CO"PENSATlor~ PEP
HOIIRI71
LIN IT
LAHOP
r.OST
IMPur.n
PRICE
DEFlATOR
-----------------------
19~7EIOO
IV
11>1.9
1111.6
1?0.2
120.8
~NNUl\L
119.5
134.7
112.1
214.0
117 .9
179.0
164.9
174.1
119.9R
1:31 .3R
114.5
??l.SR
120.~
189.7R
162.9R
18n.5R
2.4
6.6
10.2
4.9
4.4
7.?
5.2
5.2
5.1
I
II
III
1978
131.3
l'34.0
135.7
131.7
1111.5
113.0
113.0
113.9
?nlJ.3
211."
716.0
lINlf NONLAROR P'VMENTsnl
?::>O.II
117."
117 .11
117.9
1I/!.8
175.2
178.4
179.7
1/!2.1
IbO.4
Ib3.0
Ib7.11
169.n
170.1
173.1
175.4
177."
-PERCENT-CHANr,E-FROM PREVIOUS QUARTER AT ANNUAL RA1EI5.
1971
I
5.7
-1.0
5.3
2.3
II
III
IV
~NNUAL
1971l
9.~
8.5
5.2
5.9
11.3
6.5
8.4
7.7
5.3
Z.9
b.1
3.4
8.9
;>.3
6.1
3.1
2.nR
14.4P
6.1
17.8R
-13.IIR
8.C;
3.3
1.9
2.0
1.7
6.2
6.11
6.1
5.3
1.1
1.6
3.8
6.n
4.5
5.1
5.3
5.5
8.9
~.J
6.1
3.,1
5.1
8.3R
1.5
".1
2.1
3.11
3.7
4.1
9.4
8.8
"NNUIIL
2.6
to.l
3.4
0.91<
4.6R
---------------------------------------'-----SEE FOOTNOTES
TARll 6.
6.611
CHANGE FROM CORPFSpONDING QUARTER OF PREVIOUS YEARI6.
5.1
5.8
6.3
7.3
19711
?9
-1.0R
3.n
1.9
7..5
3.0
I
5.3
7.5
?6
III
IV
tI
2./!
-2.1
3.;>
-2.9R
-PERCENT
1,977
3.7
9.6
';"0.2
3.5
,l .lH
8.11
9.2R
2.5
FOLl"~ING
RsREVIC;F:D
P:pHfLlMINARY
MAV 25.1978
sOURCEr BUREAU OF LAROR STATISTICS
,.
-
e
,.
'.'
e
lllHU l. NOrlf" AtUI KUSIN£SS- o;FClO~", ALL PE'PS(lNSI"PROOtlClIYITY,
HOIIRLY C!)NPEHSATlON, UNLT LAII-Or. COST, Aito PIlICES.- SEASONALLY AOJU<;T£D-
'EA~ 'UIU
QUARTER
OUTPUT PEl>
HOUN
Of All PERSIIOlS
OUrl'lIT
H(lllRS
(J1' ALL
PERSONS
COMPFWi'AHOH PER
HOOR III
REAL
COMPENSA-'
TION P£R
HOlIf,,'"
liN I.T
UN'U 'NOIt-
IMPliciT'
LAROR
r:OST
L"8QR_ p-nMEHTS-I])
1"9.6
112.1
PRICE
DEfLATOR
'.'
IIIDE'I,FS 19fi1= I CUI
r
t9~7
2n4.2
21t8.n
?H.8
2t6.n
115.:1
1l5.1t
115..1
111'•• 6
1.76.0'
1711.9
180.5
LH."
1130.4
J.J 5."
115·.9
1 " 6.9
l83.0
151.2
168.7
r66.3
166.Q
IH•• 9
l 3 5.0
11·<;·.5
no.o'
115 . 7
H~.J
162.9
P3.9
l H .2R
131.9R-
111."
?;>3 .0R
1111.2
190 . 211
160.1R
[ II0'.2R
It
.til
IV
I t t-.O
lH•• 3
l ll.4
11 'I. /),
l 31.ft
134.5
ANNUAL
1978
1:.'1(,.0
---------------------Pf.RCOO~-FRiii4iiiiEVJOUS
leH7
I
II
III
IV
ANNUA L
1978
L
&.8-
2 ...
IJ."R
5.3
'1.5
n. !!
8.1'-
8. n
fl.3
1. (;-
3.6
;> . '3'
4·.8
5.7
n-.9
3. 3'
6. ?
2.;>
b.O,
, 3. 7
-;>. 7 R
-0.3R
4.'"
2.5R
GIIARTER AT AIoI NIfAl RUEI!H
2. 1
-1. 1
2'.3
3.4
4.1
1'.5
11·5.6
UT.S
5.8
-2 . ...
9.11
1"-.8·
t.4
3.5
1.5
7-. 114.3
6.4
:l..5
5.4
1'6.8R
-1'4.,OR
6.3
6.8
3.5
ft .. IR
PERCENT CHANGE FNOM CORIIF.SPONOING QUARTER OF PREVIOUS YEARlf»
1977
191'8
9.3
8.11
11.5
·8.f;
3."
1.~
2.2
4.0 .
4.1
4.;>
2.2
f). II
:l • .7
(t.8'
~
J..IIR
4.tR
J.7~
9.2R
2.5
J11
1-11
2.8
l.6
1.~
5.1'
5.1
ft.l
IV
2 ..9
aNNU~
----
SEE. fOOT.NOTES- F-OLL UWI NG TARL '=' 6.
A-REVISEO
P"'PIlEL J M1 NA-R'Y
http://fraser.stlouisfed.org/
.J.J.-, _
Federal Reserve Bank of St. Louis
1.• 9
1.1
l.~
....
1:.3
4.6
5.6
6.31 .. 1
6.5
5."
2.5
4.4
~.5
!i.."
6.4
3.~
".4
·8.IR
2 . "A
"."R
MAY 25" 191'8
SUURCEI . "UREAU. Of LaRO!!
5.8
S,TATlST.~CS
-
e
U.flLE 3·. NOI'JF'I"'l\NeUL eORPIlRATION'"
pIfOl)HeTl-V-UY. HOUltLI' CIlMPF"I<;ATION
UNIT LMI\IR COSf. liNn PROFitS. jj",o PIlICES. Sf"5O-NALLY A~J"'STEO
OUTPUT
YEAH
A"'O
U"~RTER-
VER ALlEMPLOYEE
OUTplrr
FMpLOYEE
HOlJlKY
HOUIlS COl1PENSA-
flON
(II
Hnu~
REAL
HOII" l Y
eOf!llp~",
UNJT
IINIl
TOTAt
UN-H
IMI'LIen
lAHOIfrOSl
NOM-LAIIOR
U"IIT
COST
PROFITS
DEFLATOR
('I)
(11' )
S'TION(;>-)
COST
un
PRICE .
- - - - - - - - - - -,----------------iNUfJtE5 19"r= 1(1)
19T7
LIII."
1I6. t
2116.7
141.4
14-1.1
ll~ ...
1111.6
2}O.S
;>"}4 ~7
tv
1111.9
11 0 .4
1211.7
121.1
145.0
1l9~8
~N"IUAL
n'1,.9
l41.Q
120.51'
144.-1-1'
I
II
Ifl
197R
-------1971
11f·.Z
195.n
194.3
218.3
111.4
180.3
}9l.S
,2UO.l
ItR.3
?l2.3
117 .n
11"'.11
1211.11'
2-25.AP
119.61'
111"1.41'
· 6 .. 0
1.9'
III
4.4"
5.11
0.6
1..1
5.3
4.2
2.4
5.'1
3.5
-7.01'
-1.01'
ANNUAL
9.4
10.1
I
II
III
IV
I\"'''IUAL
19711 -
2.3
1.1
12.R7.5
1.-2
8.11
3. :!
11-.,1
1001'
"'EL~CENT
1917
119'.n
'lin."
182.3
103.7
167.11
115.5
llO.9
113.5
185.1
1."-3.1
119.1
l%.R
181."
U!>.!>
172.0
205.21'
}:91.1P
'IT. 91'
}7!>.3
177.81'
--------
r
191H
H".l
PlRUN-T CHA"IGE FROM I'REVIOUS gUARTEIl AT ANNUAL RAlE(5)
11
IV
173.9
IH,.4
111.0
111.9
4.2'
-1.2
2'.1
6.4
5.5
2.7
3.2
".8
8.9 ·
2.3
6.4
14.41'
6.01'
1".1P
l.T
5."
-11.6
-1.,3
3.'"
5$.5
6.7
5.4
3.7
6.4
29.1
-12.3
3.5
1.6
6.1
4.3
2.0
S.3
3'.5
. I 0 ~5P
5.'"
15.11'
-'54.31'
5.8P
CHA NGE FROM eORREspONOrNR- QtljlRTER Of PREVIOUS YEAR ("l
4.1
... 4
9.3
".3
5~5
6.1
3.1l
3.1"
8.R
3~3
7 ~O;
4.0
2.4
5.9
1.31'
4.1'1'
-8".3,
3.3
2.11'
6.-9
3.9
3.2
6.1
7.1
c.. I
0.4
6 -.3
3.9
S.7
4.6
5'.6
11.9
2.(}
2..1)
!>.)
3.1
4.7
11.3
5-.4
3.5
8.'1
2.3
6,.4
3.5
5.6
2.8
5.3
3.4P
9.;>1'
2.0;1>"
7.8P
5."P
7.1P
9.n
-5.61'
4.6
5.5
5.9P
SEE FOIH'IOTES Ff)LlO"ING TARLE ...
MAY 25.1918
A .. AEVI<;fU
P=pAElIMINcA-RY
SOIJRCEI "UREAU Of' L4ROR STATISTICS-
;\
e
e
'/
TAHLE 4. MIlNUfIlCTIlHINr. SECTORI PROntlCT I VlTV. HO'lHI.. Y
COM~ENSArlnN. UNIr LIIBOR ~OST. <;EA<;ONIILLY AOJlISTED
YEIIR liND
QUARHR
UUTPUT PER
HOUR
Of ALL PEP SONS
ou rPIIT
HOURS
or ALL
PfRSONS
171
COMPENSAhON PER
HOIIPII)
REIIL
COMPENSIITION PER
HOIJRI?)
UNIT
LAIHlR
COST
---------------------iNjj~i-ES-lq;;-7=-I-"iI-----------------
1977
129.4
911.4
100.1
100.4
101.5
?JO.I
2J3.6
<'17 .11
116.4
116. ;>
11".7
117 ."
1"4.9
IM.5
167.2
110.8
126.9
127.1
100.1
212.0
116.11
1"7.0
126.4
129.2R
102.3
275.4R
11 I}.4
178.4
123.0
J?6.5
IV
125.0
17.6.2
127 .8
127.5
ANNUAL
I
II
III
19711
126.~
2n6 ••
---------
---------.------------~-E.-RcrNi-C-HA-N-(;E-FR-O-"'-piif.ViOU-s-Q-UAPrE-R-A-' ANN~LJ~A:-L~-~
"IITE(<;)
1977
I
lIT
5.2
12.2
5.6
IV
-0.9
3.5
5.7
A.I .
0.4
4.'1
ANNUAL
2.2
5.1}
3.6
-3.5R
-0.51'1
II
1918
--------_.
1971
0.1
3.8
5.8
3.1R
2.3
1.5
1.8
2.0
4.4
5.5
5.9
6.7
2.0
3.9
4.0
4."
/I~JNU/IL
2.2
5.1}
1. I
5.1 R
--------------------------SEE fUOTNOTES fOLLOWING TIII:ILt: b.
12.7
4.1
1.6
9.0
8.8
2.iI'
6.5
14.7R
".4
IA.9R
,\
9.0
8.4
8.9
3.0
1.6
1.11
2 ••
3.6
8.8
7..7
".5
4.0
9.4
?6
fI.2
1I.t.
-----------------------
R=REVI<;ED
P=PRELIMINIIRY
6.9
8.0
4.1
-0.7
1.7
1.2
~.1
------~CENr-cHMiOfFROMCoRiiE'SPi:iimiNn QUAqTER OF PREVIOII<; YEARe,,)
I
II
III
IV
197'i
12.8
.
MIIV 25.1978
SOURCEI RUREAU Of LAROR STATISTICS
•
e
e
UHLl 5. OlJRARLE MANIIFACTliRING SECTORI PRODUCTIVITY, HOllRLY
COMPENSHION, UNIT LABOR 'I::OST" Sf ASONALL Y ADJllSTED 1.11'
YFAR AND
QIIARTER
•
OUTPUT PER
HOUR
OF ALL PERSONS
OUTPUT
I"
HOURS
OF ALL
PERSONS
INDEXES
1977'
COMPF.NSATlON PER
HOliAll'
III
IV
117,.6
121.11
124.0
125.2
97.7
99.8
100.6
1(1 2.1
207.5
?1?3
?15.3
219.t.
ANNUAL
122.2
122.3
1110.0
121.0R
124.711
103.IIR
II
1978
UNIT
LAIIOR
COST
19~7al00
120.3
12;>.1
123.2
: 122.6
I
REAL
COMPENSAfION PER
HOURI'"
117 .2
111.4
111.6
1111.t.
172.5
173.9
174.8
119.0
213.8
117 .14
174.9
2;>6.1R'
120.1
181.3R
/
-~.
PERCENT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATE(5'
1
II
III
IV
-1.5
6.1
3.5
-1.1
4.8
15 .....
7.2
4.0
ANNUAL
1.6
6.4
-S.IA
-1.5H
1977
1918
6.5
8.• 1
5.8
13.2
9.6
5.1
8.3
4.5
0.1
0.1
3.4
15.0
3.3
2.1
10.1
-4.8
8.5
".0
".9
13.5R
5.3
19.1R
3~5
3.8R
PERCENT CHANGE FROM CORRESPONDING QUARTER OF PREVIOUS YEARI6.
1911
I
5.2
6.0
3.3
III
IV
1.9
1.l!
1.1
1.6
t..2
1.8
ANNUAL
1.6
O.6R
II
19'111
5.0
6.1
8.3
8.1
8.3
., 9.2
?3
1.2
1.0;
2.3
6.2
6."
1.2
1.5
6.4
4.11
11.5
2.11
t..9
6.1
5.4R
9.2R
;>.0;
8."R
-------------------------------SEE FOOTNOTES
TABLE 6.
4.~
FOLLOwIN~
MAV 25,1918
SOIJRCEI BUREAU OF LABOR STATISTICS
R,.REVISEO
P,.PAELIMINARY
:,-\.:
.
I,
•
'/
.
TAIlLE 6. NONI)"RIIBLE MIlNUFACTlIRI"!'G SEC TU~~OnUCTlVITY' HOURLY
COMPENSATION. UNIT LABUR CO~T. SEASON~LLY AOJU~T EO ll~'
R~AL
Yf'AR 111'10
QUARTER
OliTPUT PER
HOUR
OF ALL PERSONS
OUTPUT
111
HOI/RS
OF ALL
PERSONS
COMPENSATION PfR
HOllPll)
COMPENS/ITtON PfR
HOIJRI'"
UNIT
LABOR
COST
------------------------'iNOExE'Si9~7-i00
IV
13l.6
132.8
135.2
135.3
1l1.1
lJ4.2
135.3
136.2
99.3
101.1
100.0
100."
2114.0
2116.('
210.6
"14.3
115.2
114.2
115.0
115.7
153.9
155."
150;.7
1511.4
ANNUAL
134.5
134.9
100.3
?1I8.9
11';.1
150;.3
135.0R
136.6R
101.tR
"?2.8R
1111.0
165.0R
1977
I
II
111
197,8
------------------
PERCEN1-CHANGE-FR~RrVIOUS QUARTER AT ANNUAL RATE 15)
2.7
2.5
9.0
4.7
0.2
7.0
8.9
2.3
5.7
16.6R
A.2
11.8R
111
IV
2.5
0.5
7.1
0.3
7.?
1.7
3.3
2.11
4.6
7.?
-4.)
2.5
11.8
5.3
7.9
7.3
ANNUAL
3.1
5.1
2.0
I.IR
2.lR
1977
I
II
1978
-1.0R
3.2
-3.~
III
iv
2.9
2.0
3.0
2.1
3.2
4.7
5."
5.2
0.3
2.7
2.5
2.4
10.0
8.8
8.9
8.0
3.9
1.9
2.1
1.3
6.8
6.7
5.1
0;.2
ANNUAL
3.1
5.1
2."
8.9
2.3
5.1
1.IIR
3.7A
1.8R
9.2R
2.5
1.2R
I
II
1918
------SEE FOOTNOTES FOLLowING
TABLE (,.
MAY 2S.1918
SOURCE' AUREAU OF LA80R ~TATISTICS
R-REVISEO
P=PRELIMINARY
~~
.
' ',:.
r
',~."'
~~~:
};;,·,h;.
~>'
r ',t
:t:'~ ~:"-
"ERCENT CHANGE FROM CORRESpONDiNG QUARTER OF PREVIOUS YEAR (6)
1977
.
.,'
I':
L
r
FOOTNOTES, TABLES 1-6
SOURCE: Output data from Bureau of Economic Analysis, U.S. Department of
Commerce, and the Federal Reserve Board. Compensation and hours data from the
Bureau of Labor Stat ist ics, U.S. ' Department of Labor, and the Bureau of EconoQ ic
Analys is.
(1)
1\Jages and salar ies of eQployees plus employers" contr ibut ions for soc ial
insurance and private benefit plans. Except for nonfinancial corporations,
where there are no self-employed, data also include an est imate of wages,
salaries, and supplemental payments for the self-employed.
(2)
Compensation per hour adjusted for changes in the Consumer Price Index for
all urban consumers.
(3)
Nonlabor paywents include prof its, deprec iat ion, interest, rental income,
and ind irect taxes.
(4)
Current dollar gross product divided by constant dollar gross product.
(5)
Percent change compounaed at annual rate from the or ig inal data rather than
index numbers.
(6)
Current quarter divided by comparable quarter a year ago.
(7)
Quarterly measures adjusted to annual estimates of output (gross product
originating) from the Bureau of Economic Analysis, U.S. Department of Comnerce.
(8)
Unit nonlabor cost include depreciation, interest, and indirect taxes.
(9)
Total unit cost is the sum of labor and nonlabor costs.
..
•
(10) Un it prof its include corporate prof it and.. , inventory valuat ion adjustment.
(11) The durable sector includes the following 2-digit SIC industries:
Pr imary metal; fabr icated metal products; nonelectr 1cal mach inery;
electr ical mach inery; transport at ion equipment; instruments; lumber
and lumber products; furniture and fixtures; and m~cellaneous manufactures.
(12) The nondurable sector includes the following 2-digit SIC industries:
Textile mill products; apparel products; leather and leather products;
pr int ing and publ:ish ing; chern icals and chern ical products; petroleum
products; rubber and plastic products; foods; and tobacco products.
(13) Scheduling of the release of the new~onsuroer Price Index for all
urban consumers (CPI-U) precludes the use of real hourly compensation
(hourly compensat ion adjusted for quarterly changes in the CPI-U)
with preliminary'productivity and cost Qeasures. These will be pub1 :ished together with rev ised output and labor input measures with the
next regular edition of Productivity and Costs, approximately 30 days
af ter the prel im inar measures.
--.
CHRRT 1. PRODUCTIVITY HOURLY
COMPENSRTION. UNIT COSTS RND PRicES
PRIVRTE BUSINESS SECTOR
[PERCENT CHRNGE FROM PRECEDING
QURRTER RT RNNURL RRTE)
I
I
I
I
I
I
. . .r.
I
15
I
I
I
OUTPUT PER HOUR OF RLL PERSONS
-------------.-------------~-------------~---I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
- - ----~-------------.-------------~-------------I
I
I
I
I
I
I
I
I
I
I
I
I
10
1
5
-2.9
0
I
I
I
I
'"
I
I
I
:
:
:
. I
-5
I
:
•
:
I
-------------.-------------~------------ ~-------------~- -----------.-------------~-------------:
I
I
I
I .
:
14.4
:
COMPENSRTION PER HOUR OF RLL PERSONS
:
I
I
I
I
-10
15
10
5
I
I
I
I
I
I
I
I
1
17.8
UNIT LRBOR COST · .-----~-- - ----------~-------------~--------------
-------------~---------I
I
I
I
I
I
I
I
I
I
I
I
•
L
_____________
J
I
I ____________ _
I
I
I
I
I
_____________ JI ___ _
I
I
I
I
I
I
I
I"
I
0
20
15
10
I
I
I
5
0
-5
35
UNIT NONLRBOR
. - - --------,---~ --------~-------------I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
25
---~-------------+-------------~-------------I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
-~-------------~-------I
I
I
I
I
I
I
I
I
I
I
I
I
I
:
:
I
I
I
I
I
I
I
I
I
I
20
15
---~-------------I
I
30
10
5
0
I
I
I
I
I
I
I
I
------ ~ - - ----t-------------~-------------~-------------~-------------t-------------~
:
IMPLICIT PRICE OEFLRTOR
I
I
I
•
I
I
I
I
I
-------------~-----------I
I
I
I
----1-------13.8
---------~-------------T-------------,_------------I
I
I
I
I
I
6.6
-5
20.
15
10
5
0
1972
1973
1974
1975
1976
· 1977
1978
MAY 25. 1978
CHRRT 2. PRODUCTIVITY. HOURLY
COMPENSRTION. UNIT COSTS RNO PRICES
NONFRRM BUSINESS SECTOR
(PERCENT CHRNGE FROM PRECEDING
QURRTER RT RNNURL RRTE)
.
OUTPUT PER HOUR OF RLL PERSONS
I
I
I
I
I
1
1
I
--------.-------------~-------------~---I
I
I
I
I
I
I
I
I
. I
I
I
1
I
I
I
I,
15
I
1
I
---~-------------~---------------------------
1
I
I
I
I
I
I
1
I
1
I
I
I
I
I
I
I
I
10
I
-2.7
5
0
I
I
1
.,
-5
I
I
1
_________ ! _____________ J______________L_____________ L_____________ l _____________ J_______ JL __
:
:
:
:
:
:
13.6
1
I
:
I
I
I
COMPENSRTION PER HOUR Of RLL PERSONS
I
:
1
I
I
-------------~
-10
15
10
I
----------~--1
I
I
I
1
I
5
I
I
I
1
1
1
I
1
1
1
-------------1---------1
UN IT LRBOR COS T
,
I
16.8
I
I
1
.-----~-------------.-------------~----------1
1
I
1
1
I
1
I
1
1
1
1
1
I
I
I
I
I
I
I
I
I
I
I
I
I
I
0
25
20
15
10
-------------T---I
I
5
0
I
I
I
I
_________ ~ _____________ j I ______________ ~ _____________ L
I
•
I
I
I
I
I
I
I
I
I
I
I
•
I
•
:
_ ____________ ~I _____________ j I ___________ _
I
I
I
UN IT NONLRBOR
I
I
I
: :
I
----------+-------------~------------I
I
I
I
I
I
I
I
----------4-----------
I
I
•
I
I
I
I
I
I
•
I
I
•
I
I
I
-- ~------ ------ -~ -----
,
I
30
25
---p-------------~-------------~----------I
I
I
I
I
I
I
I
-s
I
I
I
I
1
I
20
15
---:----------I
I
1
10
5
I
I
I
I
0
1
I
I
I
1 _____________ L _____________ ~ ____________ _
____________ ~ _____________ ~ _____________ ~
I
I
I
I
I
I
I
I
I
I
OEfLRTOR
1
----!-----
-14.0
l
1
I
I
I
1
I
I
.
I
I
----------~-----------r-------------,-------------~-----------I
I
I
I
I
I
I
I
1
1
I
I
I
15
I
I
------------~-----------I
-5
20
I
I
I
I
I
I
I
6.1
10
5
0
1972
1973
1974
1975
1976
1977
1978
MRY 25. 1978
...
-,::~
-
CHRRT 3.
PRODUCTIVITY, HOURLY
COMPENSRTION. UNIT COSTS RND PRICES
NONFINRNCIRL CORPORRTIONS
(PERCENT CHRNGE FROM SRME
QURRTER R YERR RGO)
15
1
1
1
OUTPUT PER ALL~EMPLOYEE HOUR
1
!
1
-------------.-------------~--------------~-------------.-------------.------------~~------------I
I
I
I
1
1
1
'I
1
1
1
10
1
I
I
I
I
1
1
1
1
I
1
1
I
1
1
I
I
I
1
1
1
I
I
1 .3
5
0
6
• r
~5
•
COMPENSATION PER
I
ALL~EMPLOYEE
.
I
HOUR
9.2
1
1
1
---T-------------~-------------~-------------
15
10
5
1
1
1
1
1
1
I
I
I
-------------T------------- ------------r--I
1
1
I
I
I
I
I
I
I
7.8
--------T-------------1-------------~------------I
0
15
10
1
I
1
I
1
5
..,1
1
1
1
1
I
I
1
I
I
I
I
1
1
UNIT NONLABOR
1
I
I
0
25
1
I
I
I
-------------T-------------,--------------~-----I
.
I
I
1
T-------------,-------------~------------1
I
I
I
1
1
I
I
I
I
I
I
1
I
1
1
I
I
I
I
I
I
I
I
I
I
I
I
I
1
I
1
1
I
I
I
I
I
I ·
1
.
I
I
I
I
I
I
I
'
-------------.-------------~------------I
15
I
I
' ..
~----------------~---- --------~-------------~-------I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
2.2
I
I
I
20
10
5
0
I
I
1
I
I
I
I
I
I
I
I
~5
I
I
15
I
I
I
I
I
I
I
I
I
I
I
-------------.-------------~------------~------1
I
I
I
1
1
I
I
I
I
I
I
1
I
I
,
:
I
----.-------------~-------------~------------I
I
I
1
I
I
:
:
1
I
10
5.9
5
I
1
I
I
1972
1973
1974
0
1975
1976
1977
1978
MAY 25. 1978
:i:
.,',
{ ..
CHRRT 4.
UNIT COSTS. UNIT PROFITS, RND PRICES
NONFINRNCIAL CORPORATIONS
(PERCENT CHRNGE FROM SRME
QUARTER R YERR RGO)
-------------t---------- UN r T
·-----t-------------t-------------~-------------1
1
1
1
1
1
1
:
1
1
1
1
:
:
1
1
1
1
7.8
-----------~--1
---------~-------------~-----------~-~------~------1
1
1
1
-------------~------------1
1
1
1
j
20
10
1
1
1
1
1
1
1
1
1
1
1
1
1
I
•
I
I
I
I
1
1
1
0
30
-------------T-------------,--------------,-------------r-------------,-------------,-------------1
:
I
:
1
1
:
:
I
20
---------t-------------t-------------~-------------1
1
1
---------'----t-------------t------1
1
1
: :
1
1
: : :
-------------~------------1
5.2
10
---~-------------~-------------~-------------1
1
1
1
1
:
1
1
~I,-----------~
1
0
1
1
1
I
•
•
•
I
•
-------------t-------------1--------------:-------------t-------------:------------~:---------r----------------t-------------t--------------~-------------t-------------t-------------~-------------I
I
I
I
:I
•
I
1
-------------~------------1
1
------------~---1
1
1
1
: :
:I
I
'
7.1
,I
1
1
-------~-------------~-------------~-------------1
1
1
1
1
I
•
•
I
I
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
I '
1
1
1
1
1
1
1
1
1
1
1
1
1
1
I
,
1
1
I
I
1
1
1
1
I
1
1
1
1
1
I
I
I
I
I
I
I
I
I
I
1
1
1
1
1
1
I
I
I
I
I
I
1
1
1
1
1
1
•
•
I
I
"
•
•
UN I T PROF I T5
•
-------t--I
I
I
I
I
1
1
I
1
1
1
1
1
1
1
1
1
1
1
I
1
1
50
~-.
I
I
I
•
1
1
1
I
I
I
I
1
1
1
1
1
•
I
I
I
1
1
•
1
'
1
1
1
1
1
I
1
1972
http://fraser.stlouisfed.org/
. ... ... Reserve
Federal
of St. Louis
, . ," " ' 7' Bank .....
,
10
0
-10
1
1
1
1
1
1974
1
1
1
1
1
1
1
1
1
1
1
-------------~-------------+-------------i-------------1
1
1
1
1973
I '
-5.6
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
-------------+-------------~------1
1
1
1
1
20
I
I
1
1
1
1
1
1
1
40
30
-------------T-------------~-------------~----~------r------ ------T-------------~-------------I
I
I
I
I
I
60
I
1
1
80
70
---------t-------------~-------- ..: --- ::,I
I
I
I
0
•
I
.'1
-------------t----------
10
•
-------------+-------------1-------------~-------~---.-----------+--------- ---~-------------1
1
1
I '"
1
1
1
j
1
1
-------------~-------------~------------~-~-------------~-------------~-------------~-------------I
•
I
I
I
I
1
1
1
1
1
1
1
1
1
-10
20
1975
1976
1977
1978
MAY 25. 1978
-20
-30
@FedFRASER