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News—
Bureau of Labor Statistics
Lawrence Fulco
Kathryn Hoyle
Washington, D.C. 20212
•
USDL 79-611
For Release 10:00 A.M. EDT
Monday, August 27, 1979
(202) 523-9261
(202) 523-1913
PRODUCTIVITY AND COSTS
Nonfinancial Corporate Sector
Second Quarter 1979
Productivity in nonfinancial corporations declined 3.3 percent i n the second quarter
of 1979 at a seasonally adjusted annual r a t e , the Bureau of Labor S t a t i s t i c s of the U.S.
Department of Labor reported today.
The decline r e f l e c t e d a 3.0 percent drop in output and
a 0.3 percent increase i n employee-hours.
This was the second consecutive quarterly decline
in p r o d u c t i v i t y in t h i s sector, and the largest drop since the t h i r d .quarter of 1974.
In
the f i r s t quarter of 1979, p r o d u c t i v i t y declined 1.8 percent in t h i s sector, which includes
a l l corporations doing business in the United States with the exception of banks, stock
and commodity brokers, and finance and insurance companies.
Revised second-quarter measures were also reported today f o r the private business,
nonfarm business, and manufacturing sectors.
The p r o d u c t i v i t y declines in the business
sectors are smaller in the revised series than reported on July 30, based on preliminary
measures.
The p r o d u c t i v i t y gain-s 'reported f o r the manufacturing sector are also smaller
using the revised data.
A summary of second-quarter p r o d u c t i v i t y and cost measures appears
i n table A; d e t a i l s are given in tables 1-6.
The p r o d u c t i v i t y measures contained in t h i s press release f o r the nonfinancial
corporate sector r e f l e c t the incorporation of the l a t e s t information on the
proportion of business a c t i v i t y in the corporate sector, gathered by the Bureau
of Economic Analysis of the U.S. Department of Commerce. The new factors resulted
i n changes from 1972 forward.
The quarterly productivity series in manufacturing are based on the monthly index
of i n d u s t r i a l production prepared by the Board of Governors of the Federal Reserve
System. Recent revisions in that index have resulted in changes in the productivity
series from 1973 forward. Copies of the h i s t o r i c a l series are available on request
from the Office of Productivity and Technology of the Bureau of Labor S t a t i s t i c s ,
Washington, D.C. 20212 (telephone 202 523-9261).
2
Table A. Productivity and Costs: Percent Change at Annual Rate
(Seasonally Adjusted)
Sector
Product i v i t y 1/
Hourly
Compensation
Unit
Labor
Cost
Real
Hourly
Compensation
Output
Hours
First Quarter 1979 to Second Quarter 1979
PRELIMINARY
Nonfinancial
corporations
-3.3
7.9
11.6
-5.0
-3.0
0.3
REVISED
Private business
-2.4
9.3
12.0
-3.8
-3.1
-0.7
Nonfarm business
-4.3
7.8
12.7
-5.1
-3.8
0.5
2.8
9.9
6.9
-3.3
-1.1
-3.8
Durable
3.1
9.7
6.5
-3.4
-2.4
-5.3
Nondurable
2.2
10.8
8.3
-2.5
0.9
-1.3
Manufacturing
Second Quarter 1978 to Second Quarter 1979
PRELIMINARY
Nonfinancial
corporations
-0.3
9.2
9.5
-1.3
2.8
3.1
REVISED
Private business
-0.5
9.8
10.3
-0.8
2.1
2.6
Nonfarm business
-0.8
9.2
10.1
-1.3
2.1
2.9
2.3
9.7
7.3
-0.9
4.7
2.4
Durable
1.6
9.6
7.9
-0.9
5.5
3.8
Nondurable
3.4
9.4
5.8
-1.1
3.6
0.2
Manufacturing
]_/ Although the productivity measures relate output to the hours of a l l persons engaged
in each sector, they do not measure the specific contributions of labor, c a p i t a l , or any
other single factor of production. Rather, they reflect the j o i n t effects of many influences,
including new technology, capital investment, the level of output, capacity u t i l i z a t i o n ,
energy use, and managerial s k i l l s , as well as the s k i l l s and e f f o r t s of the work force.
Compensation and costs
,
Hourly compensation, which includes wages, salaries, supplements, employer contributions
to employee benefit plans, and employment taxes, increased 7.9 percent in the second quarter.
In the f i r s t quarter, compensation rose at an 11.3 percent annual rate.
Real hourly compen-
sation—which is adjusted for changes in the Consumer Price Index for All Urban Consumers
(CP1-U)— declined 5.0 percent in the second quarter, reflecting the large increase in the
CPI-U.
This was the largest drop in real hourly compensation in this sector recorded in this
series, which begins in 1958.
Unit labor cost, which is influenced by changes in productivity and hourly compensation,
increased 11.6 percent in the second quarter.
In the f i r s t quarter, the increase was 13.4
percent.
Unit profits declined at a 6.8 percent annual rate in the second quarter, compared
with a 22.1 percent decline one quarter earlier.
Unit profits are at the lowest level since
the f i r s t quarter of 1978.
The implicit price deflator which shows the effects of changes in unit labor cost
and unit nonlabor payments combined, increased 10.1 percent in the second quarter, the f i r s t
double-digit quarterly increase since the f i r s t quarter of 1975, when the rise was 11.9 percent.
Compared with the second quarter of last year, productivity declined 0.3 percent, as
hours grew faster than output over the year.
Hourly compensation increased 9.2 percent {but
declined 1.3 percent after allowing for the increase in the CPI-U), and unit labor cost rose
9.5 percent.
Unit profits were 0.9 percent lower than a year earlier.
Revised measures
Revised second-quarter productivity and cost movements for the private business, nonfarm business, and manufacturing sectors were also released today.
Incorporating the most
recent measures of output and hours and the revisions to the monthly industrial production
index from the Federal Reserve Board, the revised measures show productivity declined 2.4
percent in the private business sector, 4.3 percent in the nonfarm business sector, and
increased 2.8 percent in manufacturing.
second-quarter measures.
Table B compares the preliminary and revised
-It-
Table B
Preliminary and Revised Second Quarter Measures of Productivity and Costs
Quarterly Change at Annual Rate
{Seasonally Adjusted)
Measure
Private Business Sector
Nonfarm Business Sector
Manufacturing
Preliminary
Revised
Preliminary
Revised
Preliminary
Revised
Output per hour
of all persons
-3.8
-2.4
-5.7
-4.3
3.3
5.8
Compensation per
hour
9.3
9.3
7.8
7.8
9,6
9.9
Unit labor cost
13.6
12.0
14.3
12.7
6.1
6.9
Real compensation
per hour
-3.8
-3.8
-5.2
-5.1
-3.6
-3.3
Output
-4.7
-3.1
-5.4
-3.8
-0.9
-1.1
Hours
-0.9
-0.7
0.4
0.5
-4.1
-3.8
TA*LF
YFAP AMP
QMaRTFR
I.
P R I V A T E BUSTNFSS SECTOR, ALL PERSONS:
HOURLY COMPENSATION, U N I T LABOR COST,
OUTPUT PER
H1UR
OF ALL PFRSONS
OUTPUT
HOURS
OF ALL"
PERSONS
COMPENSAT I O N PEP
HOURf!)
INDEXES
1 9 '8
I
II
IT I
TV
U N I T MOML AHOf? p f » y MEMTS{3)
IMPLICIT
PRTCF
O p F L * TOR
1967=100
225.7
230.3
235.6
240.7
119.5
119.0
119.2
119.1
1 89
192.2
195.3
199.2
164. 6
173.6
176.7
180.9
180.9
185.8
1 88.9
192. 9
120.1
140.7
117.2
233.1
119.3
194.2
174.0
187.2
120.0
119.3»
144.4
143.3R
120.4
120.1
247.3
252.9
119.3
118.1
206.1
212.OR
180.4
183.OR
197.2
202.OH
PERCENT
T
TI
ITI
TV
ANNUAL
I
II
CHANGF
FROM PREVIOUS
Q U A R T E R AT A N N U A L
RATE(5)
-0.8
2.5
2.6
0.8
2.4
10.5
4.?
6.4
3.2
7.9
1.5
5.6
11.8
8.4
9.4
9.0
3.7
-1.6
0.5
-0.1
12.7
5.8
6.6
«.2
-8.8
23.8
7.4
9.7
5.3
11 .2
6.9
8.7
1.1
5.2
4.1
9.2
1.4
8.1
5.1
7.1
-2.8
-2.4R
1.2
-3.1R
4.1
-0.7P
11.4
9.3
0.4
-3.8
14.6
1? .OR
-L.L
5.9R
9.3
10.OR
PERCENT
1' 7 9
JINTT
LABOR
COST
114.9
117,1
117.5
119,2
t
I 178
RFAL
COMPENSATTON PER
HOUR(21
136.9
140.3
1 11 .8
144.0
TI
T 979
ADJUSTED
119.1
119.8
1 20 .6
120.8
ANNUAL
1978
PRODUCTIVITY,
AMD P R I C E S , SEASONALLY
CHANGE
FROM CORRESPONDING
QUARTER
OF P R E V I O U S
YFAR(6)
I
TI
III
TV
0.5
1.6
0.7
1.3
4.4
5.7
4.8
5.8
3.9
4.1
4.1
4.5
8.7
9.1
9.1
9.7
2.0
1.9
1.0
0.6
7.5
*.4
K.3
2.0
5.5
5.3
7.4
6.1
6.R
7.4
FT.O
ANNUAL
1.1
5.2
4.1
9.2
1 .4
8.1-
5.1
7.1
5.5
2.1R
4.6
2.6
9.6
9.8
-0.2
-0.8
9.6
5.4P
9.0
8.7R
0.7
-0.5R
I
II
S I E FOOTNOTES
ReREVISEO
PKPRELIMINARY
FOLLOWING
TA8LE
8.8
1 0 . 3R
6.
AUGUST 2 7 , 1 9 7 9
SOURCE: BUREAU OF LABOR
STATISTICS
TARLF
Y E A R A /(FT
QIIARTF /
2.
N O N F A R M B U S I N E S S S E C T O R , ALL P E R S O N S :
HOURLY COMPENSATION, UNIT LABOR COST,
O U T P U T PER
HOUR
OF ALL P E R S O N S
OUTPUT
T
'I
IT I
TV
ANN;AL
1979
T
TI
1979
1979
160.9
168.9
172.7
1 TB.7
180.?
184.7
187.8
191 .4
117.7
141.5
120.2
229.3
117.3
194.7
169.6
186.1
117.7
1 16.59
145. 5
144.1R
123.5
123.7
242.8
247.4
117.1
115.6P
206.2
212.5R
173.9
176.9P
1 9^.1
200.^P
Y
CHANGF
FROM PREVIOUS
N U A R T E R AT
ANNUAL
12.3
6.8
2.9
».9
1.6
5.4
9.1
".4
4.1
-1.9
0.3
0.2
1.1
5.4
4.2
9.3
1 .5
-3.O
-4.39
1 .2
-3.8R
10.7
7.8
-0.3
-5.1R
8.0
4.3
0.5R
CHANGE
FROM CORRESPONDING
OUARTFR
R A T E F51
12.5
5;5
6.0
8.0
-11.4
21 .4
9.3
7.2
4.4
10.2
7.0
7.«
«.1
3.6
6.6
14.1
12.7«
-4,1
7.1R
8.1
11 .0*
6.4
6.6
7.^
OF P R E V I O U S
YFAR(6)
0.3
1.3
1.1
1 .6
4.2
5.7
5.2
6.3
3.9
4.4
4.1
4.7
8.9
9.3
9.3
9.7
2.1
1.9
1.2
0.6
*.o
1.1
3.5
3.4
6.0
1.1
5.4
4.2
9.3
1 .5
«.1
3.6
6.6
5.9
2.1R
5,0
2.9
9.3
9.2
-0.5
-1.3
8.1
4.8P
P.3
8.5R
0.9
-0.3R
IEF FOOTNOTES FOLLOWING
IsREVISfO
•SPSELIMINA/
1967=100
190.3
192.9
195.7
199.5
« / NIIAL
I
II
PRTCF
OEFLATOR
117.6
117.0
117,1
117.2
?.7
11 .5
4.5
ANNUAL
impi i n r
222.2
226.5
231 .5
256.7
-0.2
2.4
2.9
1.3
I
TI
III
IV
U N I T MO*'T
LABOR PAYM E N T S (3)
117.6
1*0.2
120
122.2
PERCENT
1978
HOHWfal
UNTT
LABOR
COST
137.3
141.1
1 42.7
145.0
T
TI
ITT
TV
I
TI
AO 1USTFO
11*.7
117.4
118.3
118.6
PFRCENT
1978
REAL
COMPENSATION PER
COMPENSATION PER
H O U R F 1)
HOURS
O f ALL
PERSONS
INOFKES
197 8
PROOtlCT I V I T Y ,
AND P R I C E S , S E A S O N A L L Y
TABLE
S.5
7.8
».L
H.3
10.18
6.
AUGUST 2 7 , 1 9 7 9
SOI.IRCF: BUREAU OF LAbOR STATISTICS
T A B L F 3 . N O N F I N A N C I A L CORPORATIONS: P R O D U C T I V I T Y , HOURLY
U N I T LABOR C O S T , U N I T P R O F I T S , AND P R I C E S , SEASONALLY
YEAR
AND
QUAPTFR
OUTPUT
PER A L L FMPLOYFE
HOIK?
OUTPUT
FMPLOYEE
HOURS
**
HOURLY
COMPENSATION
CU
INDEXES
T
T I
III
TV
ANNUAL
I
T I
REAL
HOURLY
COMPENSAT I O N ( 2 )
COMPENSATION
ADJUSTED
UNIT
LABOR
COST
UNIT
WONLABOR
COST ( f t )
TOTAL
UNIT
COST
(9)
UNIT
PROFITS
(10*
IMPLICIT
PRTCF
DEFLATOR
1967=100
117.6
118.9R
119.6
120.IR
lia^T
149.7
1 S I .<1
154;2
12 3 . 1R
t25.9R
126.6R
128.*
220.3R
224.4R
229.IR
234.OR
116.6R
115.9R
115.9
115.8R
1B7.3
188.7
J91.5
194.8
201.5
200.8
201,6
203.1
190.8
191.6
19i|. 0
196.8
107.1
129 . 2
132.7
f 38.7
178.3
182.3
184.9
188.2
119.1
150.0
126.OR
227.OR
116.2
190.6
201.8
193.3
127.?
183.5
119.6
118.6"
155.1
153.9P
129.7
129.ftp
240.4R
245.OP
115.9
114.4P
201.0
206.5P
206.5
213.4P
202.3
208.2P
130.3
1 2 8 »1P
191.6
196.3P
PFRCENT
I
T I
III
IV
ANNUAL
I
II
0.9R
4.6
2.3
1.8
1 .7R
-1.8
-3.3P
CHANGE FROM P R E V I O U S QUARTER
AT ANNUAL
RATE(5)
3.6
14.5
4.6
7.6
2 • 7R
9.5
2.2
5;6
12.4R
7.7
8.7
8.8R
4.3R
-2.3
-0.1R
-0.3
11.4
2.9
6.2
6.9
5.6
-1.3
1.7
2.9
9.9
1.8
5.1
5.9
-40. *
111.3
11 . «
19.S
3.6
9.3
5.7
7.3
6.2
4.5R
9.1R
1.3R
7.3
3.9
fe.4
3.7
b.l
2.5
-3.OP
4.4
0.3P
11.3
7.9P
0.3
- 5 . OP
13.4
11.6P
6.8
1 4 . OP
11.7
12.2P
-22.1
- 6 .BP
7.6
10.IP
PFRCENT
CHANGE FROM CORRESPONDING OUARTFR OF P R E V I O U S
YFAR(6)
I
II
IT I
TV
0.7R
2.OR
1.5R
2.4R
4.6
6.7
6.1
7.5
3 . 9R
4.6R
4.6R
5 . OR
8.8R
9 . OR
9 . OR
9;4R
2.OR
I.7R
0.9R
0.4R
8.0
6.8
7.4
6-8
5.5
4.3
3.5
2.2
7.3
6»2
6.4
5.6
-6.1
4.7
1.4
13.6
6.0
6.0
5.8
6.4
ANNUAL
1.7R
6.2
4.5R
9.tR
1.3R
7.3
3.9
6.4
3.7
6.1
I
II
1.7
-0.3P
7.2
2.8P
5.4
5 . IP
9.1
9.ZP
-0.6
- 1 *3P"
7.3
9.5P
2.5
6.3P
6.1
8.7P
SEE FOOTNOTES FOLLOWING
RsREVISED
PsPRELIMINARY
TABLE
21.7
-0.9P
7.5
7.7P
6.
AUGUST 2 7 » 1 9 7 9
SOURCE: BUREAU OF LABOR S T A T I S T I C S
TABLE A. MANUFACTURING SECTOR: PRODUCTIVITY, HOURLY
COMPENSATION, UNIT LABOR COST. SEASONALLY ADJUSTED
YEAR AND
QUARTER
O U T P U T PER
HOUR
OF ALL P E R S O N S
OUTPUT
M
HOURS
OF ALL
PERSONS
INDEXES
I
II
III
TV
ANNUAL
I
II
I
II
III
TV
ANNUAL
1979
I
II
126.4R
128.OR
130.1R
130.8R
130.1R
133.4R
135.9R
138.5R
102.9
104.2
104.4
105.9
224.4
228.1
233.1
238.4
118.8
117.8
117.9
118.0
177.5R
178.1R
179.1R
182.2R
128.9
134.5
104.4
231.1
118.3
179.4
130.1R
130.9R
140.1R
139.7R
107,7
106.7R
244.3
250.2R
117.8
116.8
187.9R
191.1R
I
II
I TI
IV
ANNUAL
1979
I
II
SEE FOOTNOTES
R=REVISEO
PSPRELIMTNARY
OUARTER
AT A N N U A L
RATEC5)
5.9
11.5
6.7
9.2
9.3
3.4
-3.2
0.3
0.1
4.8
3.7
8.8
1.1
7.7
4.6R
-1 .1R
7.0
-3.8R
10.4
9.9R
-0.5
-3.3R
13.OR
6.9R
•5.7R
5.1R
6.8R
2 . OR
-2.2R
10.6R
7.6R
8.1R
3.8
5.2
1.1
-2.3R
2.8R
PERCENT
1978
UNIT
LABOR
COST
1967*100
PERCENT CHANGE FROM PREVIOUS
1978
REAL
COMPENSAT I O N PER
HOUR(2)
COMPENSAT I O N PER
'HOURCII
0.8
CHANGE FROM CORRESPONDING
Q U A R T E R OF
18. 3R
1 .4R
2.2R
7.1R
PREVIOUS YEAR(6)
0.8R
0.5R
1.1
1 .9R
4.7R
4.1R
4.6
5.9R
3.9
3.6
3.5
3.9
7
8.7
8.6
9.1
2.0
1.4
0.6
0.1
7.9R
8.1R
7.4R
7.1R
1.1
4.8
3.7
8.8
1.1
7.7
2.9R
2.3R
7.7R
4.7R
4.7
2.4R
8.9
9.7R
FOLLOWING TABLE
-0.8
-0.9
5.9R
7.3R
6.
A1
SOIJRCF
TABLE
n i l R A B L F MANUFACTURING SECTOR: PRODUCT I V I T Y , HOURLY
COMPFMSATION, U N I T LABOR COST, SEASONALLY A D J U S T E D ( 1 t )
Y F 4 " AMD
QUARTF*
OUTPUT PFR
HOU"
OF ALL PERSONS
OUTPUT
f7>
HOURS
OF ALL
PERSONS
INOFXES
1978
I
1 t
I TI
TV
1?4.4P
12B.3R
131.3R
134.**
119.60
1^1.89
1 ?3.4R
1?5.7R
AMMIJAL
1979
X
XT
136.?R
135.4K
122.BR
123.7R
PFRCENT
1978
f
TI
TTI
TV
ANNUAL
1979
I
TI
I
XI
III
IV
ANNUAL
1979
I
TI
SEF FOOTNOTES FOLLOWING
RSREVISEO
P=PRFLIMTNARY
IINTT
L ABOP
POST
1967=100
104.0
105.4
106.4
108.7
225.9
229.5
234.T
239.7
119.6
118.6
1 IB.5
1 IB.6
1B8.8P
1 A8.5R
189.9P
193.7R
106.1
232.5
119.0
190.4
110.9
109.4
?45.8
251.5R
118.5
117.SR
200,?R
2"3.3P
CHANGF FROM PREVIOUS
QUARTER
AT ANNUAL
RATE f i t
-3.6R
13.3R
9.6R
10.OH
5.0
5.5
4.0
8.6
10.4
6.5
fl.6
9.7
2.4
-3.3
-0.?
0.4
0.5
5.B
5.3
8.5
0.8
7.9
-3.1R
3 . 1R
5.3P
-?.4R
8.6
-5.3R
10.4
9.7R
-0.5
-3.4R
1 3.9R
6.5R
-8 . 1 R
7.3R
5 . 3R
1
PFRCENT
197 fl
RFAL
COMPENSAT I O N PEP
HOURC?)
COMPENSA.
T I O N PER
HOUR f 1 1
CHANGE FROM CORRESPONDING
QUARTER OF
PREVIOUS Y F A " C 6 )
0.1R
0 . OR
0.6P
1 .3R
5.6
5.OR
S.feH
7.1R
5.5
5.0
4.9
5.8
8.5
B.3
8.2
8.8
l.B
1.1
0.1
-0.2
0.5
5.B
5.3
8.5
0.8
2.6
1 . 6R
9.5
«5.5R
6.7
3.8
8.8
9.6«
TA«LE
20.ap
-0.8P
3.1R
8.3P
-0.9
-0„9R
8.4P
8.3R
7.5P
7.4R
7.9
6.0
7.9R
6.
* I ITSXI S T 2 7 , 1 9 7 9
S O U R C F : BURFAII OF L A80R
STATISTICS
T A B L E 6 . N O N D U R A B L E M A N U F A C T U R T N G SEC T O R : P R O D U C T I V I T Y , H O U R L Y
COMPENSATION, UNIT LABOR COST, SEASONALLY A0JT)3TE0N2)
Y F A P AND
OIIARTF*
O U T P U T PFR
HOUR
OF ALL P E R S O N S
OUTPUT
F7)
HOURS
OF A L L
PERSONS
INO^XES
I
II
III
TV
ANNUAL
I
II
117.1
1 16.2
1 16.3
1 15.9
160.7R
162.6R
162.7R
164.3R
142.3
101.7
227.6
1 16.5
162.7
146.3R
146.7H
102.9
102.6R
239.8
246.OR
1 15.6
114.9P
168.7R
172.IP
139.9
142.2R
14 3.OR
CHANGE
FROM
6.8R
4 .BR
5.3R
3.4R
0.9S
-1 . OR
2.2R
PFRCENT
CHANGE
FROM
PREVIOUS
OUARTER
AT A N N U A L
RATE(5)
2.0
4.6
-4.0
1.8
13.0
6.8
9.3
7.8
-3.0
0.4
-1.3
1.4
8.9
1.?
4.5
-1.3*
9.9
FO.HR
-1.0
-2.5R
CORRESPONDING
0IJARTER
OF P R E V I O U S
I .89
1 .2R
1 .99
3.OR
3.4R
2.9R
3.2R
4.1R
1.6
1.7
1.3
1.1
8.6
8.8
9.0
9.2
1.9
1.6
-0.9
0.2
2.0
3.4
1.4
8.9
1.2
I
TI
3.3R
3.49
5.1R
3.6R
1.7
0.2R
8.4
9.4R
SEE FOOTNOTES
RSPEVISFO
P=PRFLIMTNARY
FOLLOWING TA«LF
I
. TI
III
TV
ANNUAL
-1.2
- 1 . 1R
15.4R
4.7R
0.1R
4,2*
CO
3.4
2.0
I
II
1967=100
221.2
224.8
229.9
234.2
139.3*
141.6R
143.2R
145.1R
-2.1R
2.OR
9.1R
3.49
ANNUAL
UNIT
LABOR
COST
101.2
102.4
101.4
-101
137.69
138.3R
1 '4 1 . 3R
142.5R
PFRCFMT
I
TI
III
TV
REAL
COMPENSATTON PER
HOUR(21
COMPEN5AU O N PER
HOUR(1)
11. 0*
».3R
YEAR(6)
6.7*
7.5*
7 . OR
6.OR
6.8
4.9R
5.8*
6.
AUGUST 27,1979
S O U R C E : B U R F A U OF L A B O R
STATISTICS
FOOTNOTES, TABLES
SOURCE!
COMPENSATION
T-6
O U T P U T DATA F R O M B U R E A U OF E C O N O M I C A N A L Y S I S , U . S . D E P A R T M E N T OF C O M M E R C E , AND THE F E D E R A L R E S E R V E B O A R O .
AND H O U R S DATA F R O M THE B U R E A U OF LABOR S T A T I S T I C S , U . S . D E P A R T M E N T OF L A B O R , AND THE B U R E A U OF E C O N O M I C A N A L Y S I S .
(1)
W A G E S AND S A L A R I E S OF E M P L O Y E E S P L U S E M P L O Y E R S " C O N T R I B U T I O N S FOR
N O N F I N A N C I A L C O R P O R A T I O N S , W H E R E T H E R E ARE NO S E L F - E M P L O Y E D , DATA
S U P P L E M E N T A L P A Y M E N T S FOR THE S E L F - E M P L O Y E D .
(2)
COMPENSATION
(3)
NONLABOR
(4)
CURRENT DOLLAR
(5)
PERCENT CHANGE COMPOUNDED
(6)
CURRENT QUARTER
(7)
QUARTERLY MEASURES
U . S . D E P A R T M E N T OF
A O J U S T E D TO A N N U A L
COMMERCE.
(8)
UNIT NONLABOR
INCLUDE DEPRECIATION,
(9)
TOTAL
PER
HOUR
PAYMENTS
ADJUSTED
UNIT C O S T
IN THE C O N S U M E R
INCLUDE PROFITS, DEPRECIATION,
GROSS PRODUCT
DIVIDED
COST
FOR C H A N G E S
DIVIDED
AT A N N U A L
BY C O M P A R A B L E
IS THE SUM OF L A B O R
QUARTER
GROSS
THE O R I G I N A L
A YEAR
INTEREST,
CIO) U N I T P R O F I T S I N C L U D E C O R P O R A T E P R O F I T , I N V E N T O R Y
C A P I T A L C O N S U M P T I O N A D J U S T M E N T S ( I V A AND C C A ) .
ALL U R B A N
I N C O M E , AND
FOR
CONSUMERS.
INDIRECT
TAXES.
PRODUCT.
DATA
RATHER
THAN
INDEX
NUMBERS.
AGO.
E S T I M A T E S OF O U T P U T
AND N O N L A B O R
INDEX FOR
INTEREST, RENTAL
BY C O N S T A N T D O L L A R
R A T E FROM
PRICE
S O C I A L I N S U R A N C E AND P R I V A T E B E N E F I T P L A N S .
EXCEPT
ALSO I N C L U D E AN E S T I M A T E OF W A G E S , S A L A R I E S , AND
AND
(GROSS P R O D U C T
INDIRECT
O R I G I N A T I N G ) FROM THE B U R E A U
OF E C O N O M I C
ANALYSIS,
TAXES.
COSTS.
VALUATION,
AND
(11). THE D U R A B L E S E C T O R I N C L U D E S THE F O L L O W I N G 2 - D I G I T SIC I N D U S T R I E S : P R I M A R Y M E T A L ? F A B R I C A T E D METAL P R O D U C T S ; N O N E L E C T R I C A L
M A C H I N E R Y ; E L E C T R I C A L M A C H I N E R Y ? T R A N S P O R T A T I O N E Q U I P M E N T ; I N S T R U M E N T S ? L U M B E R AND LUMBER P R O D U C T S ; F U R N I T U R E AND F I X T U R E S ;
AND M I S C E L L A N E O U S M A N U F A C T U R E S .
(12) THE N O N D U R A B L E S E C T O R I N C L U D E S THE F O L L O W I N G 2 - D I G I T SIC I N D U S T R I E S !
AND L E A T H E R P R O D U C T S ; P R I N T I N G AND P U B L I S H I N G ; C H E M I C A L S AND C H E M I C A L
P R O D U C T S ; F O O D S ; ANO T O B A C C O P R O D U C T S .
T E X T I L E MILL P R O D U C T S ; APPAREL P R O D U C T S ;
P R O D U C T S ; P E T R O L E U M P R O D U C T S ; R U B B E R AND
LEATHER
PLASTIC
(13) S C H E D U L I N G OF THE R E L E A S E OF THE N E W C O N S U M E R P R I C E INDEX FOR ALL U R B A N C O N S U M E R S (CPI-U) P R E C L U D E S THE USE OF R E A L H O U R L Y
C O M P E N S A T I O N (HOURLY C O M P E N S A T I O N A D J U S T E D FOR Q U A R T E R L Y C H A N G E S IN THE C P I - U ) W I T H P R E L I M I N A R Y P R O D U C T I V I T Y AND C O S T M E A S U R E
T H E S E W I L L BE P U B L I S H E D T O G E T H E R W I T H R E V I S E D O U T P U T AND L A B O R INPUT M E A S U R E S W I T H THE N E X T R E G U L A R E D I T I O N OF P R O D U C T I V I T Y
AND C O S T S , A P P R O X I M A T E L Y 30 D A Y S AFTER THE P R E L I M I N A R Y M E A S U R E S .
THE P R O D U C T I V I T Y ANO A S S O C I A T E D C O S T M E A S U R E S IN T H I S P R E S S R E L E A S E D E S C R I B E THE R E L A T I O N S H I P
B E T W E E N O U T P U T IN R E A L T E R M S AND THE LABOR TIME I N V O L V E D IN ITS P R O D U C T I O N .
THEY SHOW THE
C H A N G E S F R O M P E R I O D TO P E R I O D IN T H E A M O U N T OF L A B O R T I M E R E Q U I R E D TO P R O D U C E A UNIT OF O U T P U T .
A L T H O U G H T H E S E M E A S U R E S R E L A T E O U T P U T TO H O U R S OF ALL P E R S O N S E N G A G E D . I N A S E C T O R , THEY DO NOT
M E A S U R E THE S P E C I F I C C O N T R I B U T I O N S OF L A B O R , C A P I T A L , OR ANY O T H E R F A C T O R OF P R O D U C T I O N .
RATHER,
THEY R E F L E C T T H E J O I N T C H A N G E S IN T E C H N O L O G Y ; C A P I T A L I N V E S T M E N T ; L E V E L OF O U T P U T ; U T I L I Z A T I O N
OF C A P A C I T Y ; E N E R G Y AND M A T E R I A L S ; THE O R G A N I Z A T I O N OF P R O D U C T I O N ; M A N A G E R I A L S K I L L ; AND
C H A R A C T E R I S T I C S ANO E F F O R T OF THE WORK F O R C E .
'ft**********************************************A*****************^
( p e r c e n t change f r o m p r e c e d i n g q u a r t e r
a t annual r a t e )
-I
15
-
10
-
5
1
0
35
30
25
20
15
10
5
0
-5
-10
-15
20
15
10
5
0
1973
1974
1975
1976
1977
1978
1979
(percent
change f r o m p r e c e d i n g (Quarter a t annual r o t e )
15
10
5
0
-5
-10
-I
15
-
10
-
5
1
0
25
20
15
10
5
0
-5
30
25
20
15
10
5
0
-5
-10
-15
- l
20
15
10
5
0
1973
1974
197S
1976
1977
1978
1979
( p e r c e n t change f r o m same q u a r t e r a year
ago)
15
10
5
0
-5
15
10
5
0
15
10
5
0
25
20
15
10
5
0
-5
15
10
5
0
1972
1973
1974
1975
1976
1977
1973
1979
( p e r c e n t change f r o m some quarter
v year ago)
20
10
0
30
20
10
0
-10
20
15
10
5
0
80
70
60
50
40
30
20
10
0
-10
-20
-30
1972
1973
1974
1975
1976
1977
1978
1979
@FedFRASER