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News Bureau of Labor Statistics Lav.rencs Fulco Kathryn Hoyle l?.02) United States Department of Labor Washington, D.C. 20212 323-^2^1 523-l?13 USDL 7':'-3n7 For Release: 10:00 AJ-!. EOT "or,day, Aoril 30, 1979 PROOt'CTIVITY A; ID COST^; Private Business, Honfann Business, and r - ' a n u f a c t u r i n a Sectors, First 'Quarter 1979 (and data for ^lonfinancial Corporations, Fourth Quarter 1?7f5) Productivity in the private business sector declined 4.5 nercent (at a seasonally ad.lusted annual rate) in the first Quarter of 1979, according to preliminary figures announced today by the Bureau of Labor Statistics of the U.S. Department of Labor. The decline, the first since the first quarter of 1978, was as laroe as the dron which occurred a year ago and reflected a 0.3 percent gain in outout and a S.O percent increase in hours of all persons. In the fourth quarter of 1978, productivity increased 1.7 percent. In the nonfarm business sector, productivity decreased 4.2 percent, as output increased 1.0 percent and hours gained 5.4 percent. This vras also the first drop in nonfarm business productivity since the first quarter of 1973, and the largest decline since the second quarter of 1974, In manufacturinn, productivity fell 2.S percent in the first quarter of 1979; output increased 5.2 percent and hours rose 8.3 percent. The decline v/as the first since the 5.1 percent drop in the first quarter of 1973 and was confined to the durables goods sector. In the fourth quarter of 1978, productivity increased 1.7 percent in manufacturing. First ouarter measures are suminarlzed in table A; details are niven in tables 1-6. Revised annual measures for nonfinancial corporations and quarter of 1973 were also released today (table 3.) Treasures for the fourth roductlvitv and Costs: Percent Chanae at Annual Rate Adjusted) TaJjle (Sea Si Sector Productivity Hourly Compensation Unit Labor Cost Real Hourly Compensation Output Hours Fourth Quarter 1973 to First Quarter 1979 PRELIMUIAP.Y Private business -4.5 11.1 16.3 0.1 0.3 5.0 Monfarm business -4.2 10.2 15.0 -0.7 1.0 5.4 Manufacturing -2.8 10.0 13.2 -0.9 5.2 8.3 -4,8 10.1 15.6 -0.8 4.6 9.8 0.2 9.3 9.0 -1.5 6,2 5.9 Durable fJondurable First Ouarter lOTS to First Quarter 1979 PRELIMINARY Private business 0.4 9.5 9.1 -0.2 5,2 1.7 Monfarm business 0.4 9.3 8.8 -0,5 5.4 5.0 Manufacturing 4.3 9.3 4.8 -0.4 9.2 4.7 Durable 3.8 9.4 5.4 -0.3 10.9 6.8 Nondurable 5.2 8.4 3.1 -1.2 6.8 1.5 Although the productivity measures in these press releases relate output to the hours of all oersons engaged in each sector, they do not measure the specific contributions of labor, capital, or any other single factor of production. Rather they reflect the .ioint effects of many influences, including; new technology, capital investment, the level of outout, canacity utilization, energy use, managerial skills, as veil as the skills and efforts of the work force. Pn'vate Business Sector Productivity declined A.5 percant in the private business sector in the first as outnut growth subsided narkedly V J ^ H G hours of all nersons continued Quarter of to increase. Durinn the fourth nuarter of increr|sed B.3 oercent. output rose 7.?. lercent, and hours In the first 3 months of T??"^, qrov-vth In cutnut i-as only 0.3 oer- cent but liours increased at a 5.0 percent annual rate. Eiroloi/nent grovfth actually accelerated during the first cuarter, oostin" a 6.3 percent increase conoared with a 4.'! percent rise during the fourth quarter of 1P78. Hourly conoensatlon—v'hich includes the hourly cost of wages and salaries, suppleRients, and enployer contributions to emoloyee benefit olans—increased 11.1 percent in the first quarter (annual rate), copoared with an ^..7 nercent increase one ouarter earlier. Conparing the first quarter of 1979 with 197G shewed a 9.5 percent increase in hourly connensation during the oeriori. The first nuarter measures for both 1079 and 1973 reflect the added costs associated with increases in the tax rate and taxable earninqs based for Social Security and the increases in the Federal rlnimun m q e . l ? 7 a , uneiTJoloyment insurance taxes also increased.) (In Sinilar changes in the tax law took effect in both periods; thus, the over-the-year movenent may be more illustrative of the underlying chanoe in hourly comoensation than the annualized Quarter-to-quarter change, since there will be no further increases in these taxes this year. Real hourly compensation—which takes account of changes In compensation and changes in the Consumer Price Index for All Itrban C o n s u m e r s — r o s e n.l percent in the first quarter, conoared v>^1th a decline of n.5 nercent in the fourth quarter of 1978, Unit la'^or cost—v/hich reflects the combined effects of chanoes in productivity and hourly compensation--increased 16.3 percent in the first quarter, the largest gain since the first ouarter of 197S, v.-hen these costs increased 17.A nercent. The imnlicit nrice deflator—v/hlch measures nrice increases in a snecific sector and reflects changes in unit labor cost and unit nonlabor cost combtned--increased 9.0 percent in the first quarter, compared v/ith a 7 . 7 nercent increase one ouarter earlier. Compared with the first quarter of 1978, productivity in the orivate business sector increased 0.4 percent, hourly comnensation went UD 9-5 oercent-^ and unit labor cost gained 9.1 oercent. Real hourly compensation decreased 0.2 nercent over the period, and the inplicit price deflator gained 9.0 percent. Nonfarm Business Sector The nroductivity decline in the nonfarm business sector ras somewhat smaller than the drop in the nrivate business sector as a whole because the latter includes the fartn sector, where s laroer nroductivity decline occurred in the first quarter. declined Productivity percent in the nonfarm business sector during the first ouarter, as output increased 1.0 percent and hours increased percent As in the private business sector, output growth was sharoly reduced in the first quarter—l.P percent, compared vith a 7.2 percent increase one puarter earlier—hut hours C!ro\"th continued at a brisk pace—up 5.4 percent in the first quarter of 1979 and 5.1 percent in the fourth quarter of 1978. Employment growth also accelerated to a 7.0 percent annual rate of increase in the first quarter, compared v/ith a 4.5 percent pain in the final quarter of 1?78. Hourly compensation increased 10.2 percent in the first quarter, and unit labor cost rose 15.0 oercent. Both were the largest increases in a year. sation declined 0.7 percent in the first quarter. Real hourly compen- The implicit price deflator rose 7.6 percent in the nonfarm business sector, compared with a 7.1 percent gain in the fourth Quarter of 1978. Compared with the same quarter of 197S, productivity in the nonfarm business sector increased 0.4 percent (as hours gained 5.0 percent and output increased 5.4 percent), hourly comoensation grew 9.3 nercent over the year, and real hourly compensation decreased n.5 oercent. The implicit price deflator rose C.4 percent over the period. flanufacturing The productivity decline in manufacturing was smaller than the declines in the broader sectors reported above and was confined to durable goods. The 2.C nercent nro- ductivity decline in manufacturing reflected a 5.2 percent increase in outout and an 3.3 percent gain in hours of all oersons. In nondurables, productivity edqed up 0.2 percent on the strength of a 6.2 nercent gain in output counled vith a 5,9 nercent increase in hours. In durables, nroductivity declined at a 4.n nercent annual rate in the first ouarter. Enplowent in nanufacturinn grew fester in the first ouarter than in the fourth nusrter cf fourth cuarter. percent, compared v.'ith 4.5 percent during the - s - Mourly connensation increased at a 10.pi^rcent annual rats in the first ruarter, and ccLinled vith the decline in Droductivity, v/as reflectsri in tPie 13.2 percent rise in unit labor costs, feal hourly cornpr.sation decreased n^rcent. Conpared vfith the first cuartar of l"?;":, productivity increasa'l connensatinn rose 0.3 nercent, and unit labor cost incraased nercent. Tsrcert, hourly Out'^ut rcse P.2 percent over t!ie 4-cur.rter period, and hours of all oersons increased <i,7 nercent. Fcurth '^uarter "easiires fnr 'lonfir-gncieil Cor'^crations Fourth quarter nroductivity and cost reasures for the non-financial corrrorate sector "/ere also released today, toocsther '-'ith revised annual neasures. See table B. Output ner all-enployee hour rose 2.2 oercent in the fourth quarter, as output rose G.l percent anH hours of all enployees increased 5.f- nercent. Hourlv ccmpensation rose S.S percent (but real tiouly compensation declined 0.7 nercent after adjusf'nq for the chance in the Consumer Pricc Index),and unit Tahor cost rose P.l nercent. Unit nonlafcor cost rose 1.7 percent, and unit profits increased 23.5 oercent (annual rates). See table 3. Table n. °ercent Chsnne in Productivity and Costs at Annual Rates Seasonally M l us ted Honfinancial Corporations Item 3rd quarter T?73 to 4th Quarter 197" PRELIMINARY 4th quarter 1977 to -iith Quarter lo7S PRELIMiriARY 1978 Annual REVISED Output per al 1-ernplcyee hour 2.2 1.3 1.1 Hourly compensation S.5 9.7 9.3 I/nit labor cost 6,1 8.3 3.2 n. fi 1.5 Real hourly coripensation -0.7 Hutnut 8.1 o.O 5.3 Hours 5.3 4.7 1.2 23.S 11.6 4.1 Unit profits lABLt I, fHlVdie hUSINtSb StLKlK. ALL HLHiWb! f w y u K t i U i M . HOURLY COMPENSSTIOMI UNIT LaBUH COST, AND PRICES, SEASONALLY AOJUSTEO YEAH ANO QUARTER OUTPUT PER OUTPUT HOUR OF ALL PERSONS HOURS OF ALL PERSONS COMPFNSATION PER HOUR(1) REAL COMPENSATION PER HOUR(2) UNIT LABOR COST UNIT NONIMPLICIT LAHOR PAYPRICE MENTSO) DEFLATOR INDEXES 1967=100 197fl I II irr IV ANNUAL 1979 I n7.7fl 110.0 119,IR 119.6 135,3 138.7 139,7 143.2H 115,0 n7.5H 117.4 na,9 ??5,3R 7?9.7R 235.5R 240.4R 119.3 118.TR 119.IR 119.OR 191.4 I9A,6 197.e 201.IB 162.1 171.3 174,9 179.10 181.3 1S6,6 Ifl9,l} 193.5R 118.6 139.0 117.2 232.8H 119.?R 196.3 171,DP 1H7.9 118.2P 142.3P 120.4P 246.ep 119.ftp 208.BP 176.6P 107.7P 6,7 12.1 7,3 7.7B PERCENT 197R I II III IV ANNUAL 1979 I CHANOE FROM PREVIOUS OIJARTER AT ANNUAL RATE(5) -4.5 1,? 3.5 1.7B -0.6 10.5 3.0 7.2R 4,0 9,2 -0.4 5.3 12.1 8,1 10.4 8.7fi 4.0 -1.9R 1,5R -0.5R 17.4 6.8 6.7 6,BR -13,1 24,fl B.R 9.BP 0.3 4.4 4.1 9,2 1,5 9,OR 4,3P 7.5 -4.5P 0.3P 5.OP IMP O.IP 16,3P -5,4P 9.(!P PERCENT CHANGE FROMCORRESPOND INC, QUARTER OF PREVIOUS YEAR (ft) 1978 I 11 III IV ANNUAL 1979 I -0.2 0.5 0.1 (I.4R 3.7 4,6 4.1 4.9H 3.9 4.1 4.0 4.5R e.5 9.1 9.3 l.B 1,«(R 1.2 0.7H fl.e 0.5 9.2 9.3H 1.1 4.4 4.P 6,7P 6.3 7,2 7.7 fl.5 0.3 4,4 4.1 9,2 1.5 9.DR 4,3R 7,5 O.AP S,2P 4.7P 9,5P -0,2P 9,IP 9,OP 9.OP SE£ FOOTNOTES FOLLOWING TABLE 6. R=REV[SEO P=PHELIM1NAHY APRIL 30,1979 SOURCE)flUREAUOf LAROB STATISTICS TABLE 2. NONFARH BUSINESS SECTOR. ALL PERSONSt PROOUCTlVITYt HOURLY COMPENSATION, UNIT LA«UK COST, AND PRICES, SEASONALLY ADJUSTED YFAFI AND QUARTER OUTPUT PER HOUR OF ALL PERSONS OUTPUT HOURS OF ALL PERSONS INDEXES 1978 I 11 III IV ANNUAL 1979 I 115.5 116.0 116.7R 1I7.2R 136.1 139.B 140.6 143.OR 116,4 lift.OP 117.8 COMPENSAI I O N PER HOUR(L) HEAL COHPENSAT I O N PER HOUR(?L UNIT LABOR COST UNIT NONLABOR P A Y MENTS ( 3 ) 191.7 194.7 198.1 201.SR 159.2 167.1 171,3 174.4R LFTO.6 185.3 18R.9 192.?P IMPLICIT PRICE DEFLATOR 1967al00 120.5H 221.5R 2P5.9R 120.5 231.IR 122.0 236.2R 117.3 116.7R 116.9 116,9FL 139.9 120.2 ??E.9FT 117.1 196,6R 168.OP 186.8 143.4P 123.6P 242.OP 116,7P 200.6P 171.OP 195,FLP -13.5 21.3 10,5 7,4R 5.8 10.8 8.1 7.1R PERCENT CHANCE FFTO« H H E V I O U S OUARTEP[ AT ANNUAL R A T E ( 5 ) 197S 1 II III IV ANNUAL I 1979 4,0 -0.2 5.1 12.2 8.2 9.6 9,1R -1.8R O.TR -O.IB 15,7 6,4 7.1 7,OR 4.7 4.7 9.3 1.5 8.0R 3.3 L.OP 5.4P 10.2P -0.7P 15.OP -7.4P -3.1 1.7 2.3 1.9« 0.7 11.6 2.1 7.2R O.S -A.ZP 3.9 9.8 7.0 7,6P PERCENT CHANGE FHOM CORRESPONDING OOARTEH OF P R E V I O U S Y E A R ( 6 ) 197« I N III IV ANNUAL 1979 I 8.7 8.3 9.0 9.0H 0.9 3.4 3.1 5.6R 6.? 6.7 7.1 7.9 4.? 9.3 1,5 FL.8R 3.3 7.0 5.OP 9.3P -0.5P 8.8P 7,4P R.4P 3.8 5,? 4.4 5,3R 4,1 9.4 4.6 0.5 4.7 0.*P 5.4P SEE FOOTNOTES FOLLOW1N6 TARLE 6. RsREVISEO P=PREL1MINARY 9.8R 1.8 1.3 0.7 -0.1 0.7 0.3 0.7R 3.9 4.5 6.6 9.0 APRIL 30,1979 SOURCEI BUREAU OF LABOR STATISTICS TABLE 3. NONFINANCIAL CORPORATIONS I PRUUUCTIVlTY» HOURLY COMPEMSftTION UNIT LABOR COSTi UNIT PHOFITSr AND MHlCESi SEASONALLY ADJUSTED YEAR ANO QUARTER OUTPUT PER ALLEMPLOYEE HOUR OUTPUT EMPLOYEE HOURLY REAL HOURS COMPENSA- HOURLY TION COMPENSAIION(C) (1) UNIT lABOR COST UNIT NONLABOR C0ST(81 TOTAL UNIT COST (91 UNIT PROFITS <101 IMPLICIT PRICE DEFLATOR INDEXES 196T=10« 1977 1<»7B 115.7 116.2 117.5R 117.3 137.5 140.5 142.3 143.6 iie.0 120.9R 121.IR 122.4 201.7R 205.5R 209,TR 213.4R 113.AH 113.7H 114,6H 115.IH 174.3 176.8 178.5 181,9 192.6 193.1 195.0 19T,1 178.8 180.8 182.5 185.6 108.8 120.1 128.3 122.9 16«.4 171.8 174.5 176,3 ANNUAL ll'i.TR 141.0 120.BR 207.6R 114,4M 177.9 194.5 182.0 120.2 172,8 I 11 III IV 116.6 117.9R llfl.? 118,9P 143.6 148.8 149.3 152.3P 123.IR 126.2R 126.3 128.IP 219.BR 224.2R 229.3R 234.IP 116.3M 11S,8H 116.0 115.0H 18B.5 190,2 194.0 196.9P 201.1 200.1 203.2 204.IP 191.5 192,6 196,2 198,6P 104,5 127.8 130,0 13T,2P 170.6 1H3.0 1H6.4 189.5P IIT.9 148,5R 125.9R 226.9R 116.1 192.5R 202.2R 194.ftR 125,IR 184.5 I II III IV ANNUAL PERCENT CHANGE FROH PREVIOUS QUARTER AT ANNUAL RATEISt l-JTT 1970 I II in IV 1.7 1.7 4.4 -0.5 9.9 9.2 5.2 3.6 8,1 7.4 0.7 4.2 6.8 7.7 a.s 7.2 -1.2H -0.4H 3.IH 1.7H 5.0 5.8 3.9 7.7 -0.7 1.0 3.9 4.3 3.5 4.6 3.9 6.8 12,9 48.2 30.4 -15.8 4.3 8.3 6.4 4.2 ANNUAL l.Z 5.4 4.2 0.1 1.6 6.8 3.0 5.8 6.6 5.9 -2.5 4.4 1.3 Z.2P 0.0 15.2 1.5 8.IP 2.5 10,4 0.2 5.8P 12.5 8.3 9.5 e.sp 4.3 -1.7H 0.6H -0.7P 15.3 3.8 8.1 6.tP 8.5 -2.0 6.3 I.7P 13.6 2,3 7,7 5.OP -47.8 123,6 7,3 23.8P 1.1 5,3H 4.2 9.3 1.5 8.2R 1.9 7.1R 4,1H I n HI IV ANNUAL 5.5 10.2 7.6 6,eP 6,8 PERCENT CHANGE FROM COHRESPUNniNS QUARTER OF PREVIOUS YEAR(6) 1977 1978 I 11 III IV 0.9 0.6 1.3 l.fl 3.9 4.8 5.9 7.0 2.9 4.2 4.5 5.0 8.5 8.3 8.0 7.5 2.5 1.4 1.3 O.fl 7.5 7.6 6.6 5.6 3.5 3.3 3.0 2.1 6.4 6.5 5.6 4.7 -5.3 3.9 11.9 16.4 5.2 6.2 6.3 5.8 ANNUAL 1.2 5.4 4.2 8.1 1.6 6.8 3.0 5.8 6,6 5.9 0.8 1.4 0.6 1.3P 5.9 4.9 6.OP 3.7 4,4 4.3 4.7P 8.9 9.1 9.4 9.7P 2.2 1.0H 1.2H 0.6P 8.1 7.6 8.7 e.3P 4,4 3.6 4.? 3.6P 7.1 6.6 7.5 7.IP -4.0 6.4 1.3 11.6P 1.1 5.3« 4.2 9.3 1.5 e.?P 3.9 7.1R 4.IP I II III IV ANNUAL SEE FOOTNOTES FOLLOWING TABLt b. RsREVtSfl) PIPRELIMINARY 6,1 6.5 6,p 7.5P 6.8 APRIL aoinTij SOIJWCE: ROREAO OF LNPOR ST^TTS^IC5 T4HLE MANUfACTUBINe SECTOMl KROnoCTIVITY, HOURLY COMPENSATION. UNIT LABOR COST, iEASONALLY ADJUSTED YFAR AND OIIAHTtH OUTPUT PER HOUR OF ALL PERSONS OUTPUT (71 HOURS OF ALL PERSONS COMPFNSAIION PER HOI'R(l) REAL COMPENSATION PER HOUR(2) UNIT LABOfl COST INDEXES 1967=10« 1?5.9 120.4 131.7 132.3 129.7 134.1 137.2 139,9R 103.1 104.5 104.2 105.7 225.0 2?9.1 234,9 240.2B 119,IP 118.4R 118.9R 118.9H 17fl.e ANNUAL 129.2fl 134.A 104.4 232.5 119.0 179.9R I 131.3P 141.7P 107.9P 246,OP 118.6P 187.3P 1978 I II III • IV 19T9 lTfl.5 178.4 181.6R PERCENT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATE(5) 1978 I 11 III IV 10.6 1.7R -O.S 14.3 9.6 8.OR 4.9 5.6 -1.1 6.2R U.6 7.4 10.6 9.3R ANNUAL 2.Sfi 6.3H 3.7 9.5 I -2. BP 5.2P 8.3P 10.OP 1979 -S.l e.3 17.7 -0.8 3.5 -2.SR 1.6R O.IR -0.2 7.5R 1.8R 6.9R -0.9P 13.2P PERCENT CHANGE FROM CORHESPUNDING QUARTER OF PREVIOUS YEAR<AI 1978 1.6 2.2 3.2 3.7 5.8 6.0 6.7 7.7 4..0 3,7 3.4 3.9H 9.4 9.2 9.6 9,7R 2.7 2.0 1.4H 0.7H 7.6 6.9 6.2 5.8R ANNUAL 2.5R 6.3H 3.7 9.5 1,8R 6.9R I 4.3P 9.2P 4.TP 9.3P -0.4P 4.8P I 11 III IV 1979 SEE FOOTNOTES FOLLOWING TABLE 6. RsMEVlSED PsPRELIMINAHY APRIL 3tt«19T9 S O W C E I HUttEAU OF LABOR STATISTICS TABLt 5. DURABLE HANKFACTURINe StCTOPi PROOUCTIVITYt HOURLY COMPENSATION, UNIT LA80R COSTt SEASONALLY AOJUSTED(ll) YEAH AND OUABTER OUTPUT PER HOUR OF ALL PERSONS OUTPUT (71 HOURS OF ALL PERSONS 1:OHPFNSAIION PER HOUR(1) REAL COMPENSATION PFR H0UB(?1 UNIT LABOR COST INDEXES 1967=10U 1970 1979 I II III IV 119.* 122.7 125.7 125.5R 124.* 129.5 133.5 136.3R 104.1 105.fi 106.2 1UB.6R ??7.0 231.2 237,0 242.5R 120.2R 119.4 119.9 120.OR 19n.l ANNUAL 123.OR 130.5 106.IR 234,6 IZO.l 190.a I 124.OP 13T.9P 111.2P 248.4P 119,8P 200.3P 18ft.5 193.2R PERCENT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATE(5) 197B I II III IV ANNUAL 1979 I -6.6 11.3 10.2 -0,5H -1.5 17,7 12.8 8,8R 5.7 5.7 2.3 9.4R 10.4 7.5 10.4 9.7R 2.4 -2,4R 1.5R 0.4R 18.5 -3.4 0.2 10,2R 2.1 T.5 5.3 9.5 i.r 7.3 -4.8P 4.6P 9.ftp 10.IP -0.8P 15.6P PERCENT CHANGE FROM CORRESPUNOING (lUARTER OF PREVIOUS YEAR(iS) 197fl I II III IV ANNUAL 1979 I 1.3 1.9 3.1 3.3R 6i.9 7.0 (T.L 9.2 5.S 5.1 4.8 5.7H 9.6 9.2 9.5 9.5R 2,flfl 1.9 1.4 0.5R fl,2 7.1 6.2 6.0 2.1 7.5 5.3 9.5 1.7 T.3 6,flP 9.4P -0.3P 3.HP SEE FOOTNOTES fOLLOKING TABLE 5, «=HEVISEO PaPRELIMINAHY 10.9P 5.4P APPIL 30,19TV SOURCEl BUREAU OF LABOR STATISTICS TABLE 6. NONDURABLE MANUFACTURING btCTORJ PRODUCTIVITY* HOURLY COMPENSATION, UNIT LABOR COST, SEASONALLY A0JUSTED(12) YFAR AND QUARTER OUTPUT PER HOUR OF ALL PERSONS OUTPUT (7) HOURS OF ALL PERSONS INDEXES 1978 COMPENSAflON PER HOUR(l) REAL COMPENSATION PER HOUR(2) UNIT LABOR COST 1967=100 I II III IV 136.4 137.7 U1.6 143.4R 138.3 141.5 143.2 145.6R 101.4 102.8 101.1 101.5 221.0 224.8 230.1 234.4R 117.OR 116.2R 116.4 116.OR 162.1 163.3 162.5 163.4R ANNUAL 139.5R 141.9R 101.7 227.7 116.5 163.2R I 143.5P 147.8P 103.OP 239.6P 115.5P 167.OP 1979 PERCENT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATE(5) 1978 16.6 3.2 -1.9 2.3R I II III IV -2.6 3.9 11.e 5.2R 1.1 9.4 4.9 6.eR 3.7H 5.3 -6.2 1.5R 13.6 7.2 9.7 7.6 5.4R -?.7R 0.8R -1.5R ANNUAL 3.1R 4.5R 1.4 9.1 1.4 5.9R I 0.2P 6.2P 5.9P 9.3P -1.5P 9.OP 1979 PERCENT CHANGE FROM CORRESPONDING QUARTER OF PREVIOUS YEAR(6) 1978 I II III IV 2.5 2.6 3.4 4,5R 4.3 4.4 4.6 5.5R 1.8 1.7 1.2 1.0 8.6R 9.0 9.3 9.5 1.9R 1.7R I.IR 0.5 6.0 6.1 5.7 4.8R ANNUAL 3.1R 4.5R 1.4 9.1 1.4 5.9R I 5.2P 6.8P 1.5P 6.4P -1.2P 3. IP 1979 SEE FOOTNOTES FOLLOWING TABLE 6. RsREVISED P=PRELIMINARY APRIL 30,1979 SOURCE 1 BUREAU OF LABOR STATISTICS FOOTNOTES. TABLES SOURCE: COMPENSATION 1-6 OUTPUT DATA FROM B U R E A U OF E C O N O M I C ANALYSISt U . S . D E P A R T M E N T OF C O M M E R C E . AND THE FEDFRAL R E S E R V E B O A R D . 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 ^ I I C S . U . S . D E P A R T M E N T OF L A B O R . AND THE BUREAU 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 SOCIAL INSURANCE AND P R I V A T E B E N E F I T P L A N S . EXCEPT 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 THERE ARE NO S E L F - E M K L O Y E D . DATA ALSO INCLUDE AN ESTIMATE OF WAGES. S A L A R I E S . AND 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) C U R R E N T DOLLAR (5) PERCENT CHANGE COMPOUNDED <6) CURRENT QUARTER DIVIDED (7) Q U A R T E R L Y M E A S U R E S A D J U S T E D TO ANNUAL E S T I M A T E S OF O U I P U T U . S . D E P A R T M E N T OF C O M M E R C E . 18) UNIT NONLABOR (9) TOTAL U N I T COST PER HOUR PAYMENTS (10) UNIT P R O F I T S A D J U S T E D FOR C H A N G E S IN THE C O N S U M E R INCLUDE PROFITS. DEPRECIATION. PRICE INTEHtST. RENTAL G R O S S P R O D U C T O I V I U E D BY C O N S T A N T D O L L A R G R O S S COST AT ANNUAL R A T E FROM BY C O M P A R A B L E QUARTER INCLUDE D E P R E C I A T I O N , IS THE SUM OF LABOR AND I N C O M E . AND A YEAR CONSUMERS. INDIRECT TAXES. PRODUCT. THE ORItilNAL DATA RATHER THAN INDEX NUMBERS. AGO. I N T E R E S T . ANO AND N O N L A B O R INCLUDE CORPORATE PROFIT INDEX FOR ALL URBAN FOR (GROSS P R O D U C T 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 INDIRECT ANALYSIS. TAXES. COSTS. INVENTORY VALUATION ADJUSTMENT. (11) THE D U R A B L E SECTOR I N C L U D E S THE F O L L O W I N G ? - 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 ! FABRICATED 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 ! LUMBER 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 SECTOR I N C L U D E S THE F O L L O W I N G 2 - O I G I T SIC I N D U S T R I E S ! TEXTILE M I L L PRODUCTS? APPAREL P R O D U C T 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 ! PETROLEUM P R O D U C T S ! RUBBER AND P R O D U C T S ! F O O D S ! AND T O B A C C O P R O D U C T S . LEATHER PLASTIC (13) S C H E D U L I N G OF THE R E L E A S E OF THE NEW 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 REAL 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 H 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 S . THESE WILL 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 LABOR INPUT M E A S U R E S W I T H THE N E X T REGULAR 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 DAYS AFTER THE P R E L I M I N A R Y M E A S U R E S . (percent change from preceding quarter ot annual r a t e ) 15 10 5 0 -5 -10 15 10 5 0 20 15 10 5 0 -5 35 30 25 20 15 10 5 0 -5 -10 -15 20 15 10 5 0 (percent change from preceding quarter ot annual r a t e ) Output per hour o f all persons 15 10 5 0 -5 Compensation per hour o f all persons -10 15 10 5 0 Unit nonlabor payments 25 20 15 10 5 0 -5 30 25 20 15 10 5 0 -5 -10 Implicit price deflator -15 20 15 10 5 0 (percent change from some quarter a year ago) Output per hour o f all ennpioyees 15 10 5 0 Compensation per hour o f all employees -5 rv 9.7 15 10 5 I 1 0 L. Unit labor cost 15 10 5 Unit nonlabor 0 payments 25 20 15 10 5 0 Implicit price deflator -5 IV 7.5 15 10 5 0 (percent change fronf» sgme quarter a year ago) Unit labor cost 20 10 Unit nonlabor 0 cost IV 3.6 30 20 10 0 Total unit -10 cost IV 7.0 20 15 10 S Unit 0 profits IV 11.8 80 70 60 50 40 30 20 10 0 -10 -20 -30 I I I 1972 J L
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