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:¥ U. S. DEPARTMENT OF LABOR
NEWS
.-
lI'. . hinl·OD,
D.C.
L.J. Pul~,!
K.D. Hoyl.
(201) 961-4591
(lDl 9H-29).l
(l02) 331-13S1o
of 1914, OU'!""
ISlI IIIEIl Of LIIIIIlITIITlCS
IISDL 74-595
!'Ok Ul.USl, 11,00 .... i'!.
lIeo". .d&1. O~.obu. 10, 1970
20212
pu II!.U-hou. had dedioed 1.1 percent ",,<I inon ... d 0.6 percant.
In t he Don ! ...,. . . etor, out?". I'U 5&,,-h<>u. decliDed at
pc,ce,,' In the 'hlrd qua" OT, . "'"p .... d
perc,",,' cladl"e In ou'pu •
...,eI.
"an.
all
anDual Ute of 2.4
3.) ptt r cn. dooltn. OIl. Quo"., . . <1iar.
0 .4 ""rceM d.olin. 10 lUtl-houu.
1'rOlO <1•• third quUUr of un to the third
~uutu
of 1914, outp"t per INn-hour
!dl 2.5 percent In th tOtal p.lvo .. oooo ... y, 2.9 p.rc.", in ,he """fat.. '<etor, a nd
t.~h A,.
:lcuill an IIlve" In t .bI .. 1-1.
,
Table A.
Pucant Chanie at Annua l Rate In Productivity and COlt_
(Sea.cn.lly AdJuotad)
,., qu..ur
,,'
Outp"t pa. Ran - hour
Ccmpen •• tIOD , .• .an-hour
UDI . labor co •••
Red c=ven.. ,lon
Output
p*< &on-hour
Han-hour.
Output per man-hour
C,,",pcnutlon p. . ..,,-heur
Unit labor co •••
hal ,,,,"p,,,,uU,,,, per ... ~-h""r
Output
!lan-hours
Output pa. ..n-bour
Ccmpaos.,lcn pe ••• n-bour
Unit lobor ooat.
~.l cempan •• tlon per •• n-hour
Output
!'an- hour.
'0
197~
Qu,o<tu 1974
-J.e
10. ~
D.9
-2.3
-3.3
-<U
-2.4
II. 1
11.9
,,'
,,'
~n ••
,0
Quan •• 1974
- •. 5
•••
12.6
... ,
-1.1
-2.8
..,
-2.9
-\. 8
-3.1
13.\
-1.8
-1.1
-0. :I
11.9
12. "
10.2
10.2
-1.1
....
...,
....
-0.6
-0.4
1973
•••
........
,
-
a~d
Th. docline in output 10 thl privatI .OOOO=Y
third qUU,ft, r eflecud a lars •• dotHn. in outpu t
.cCOllplt-he~
'h~n
in ""o·houro.
th~
Tnt. "48
through a Illortlnlni of the avcuga "o.hu. (<I""n 1. 1 parClnt In both
'.t'ora) aln,.
~ploy=.nt
Incr •••• d durin, tho quarte, (0 .8 perClnt In thl private and
In . .nul.tturln, output aloo foIl mo •• than
COHPENS4rlON
,h. nonra . . . . c.or durin,
~\1)
~n-hour ••
but In thl • • ettor 01 the
LABOR COSTS
contribution • . and o,hQr frin,. blnefl.o) ro •• 10 .5 percent In tho private economy
durin. the third quarter, cOIOpued ",!th • 1~. 2 p.rcen ' Incnao. during the ",cnd
1t. loy ••• level s inCI tho flrl' qua rt er of 1912.
incruud I~ . ~ pe r cent In both tho flu, Ind neon" quuteu of 197'.
RUI
,
,
Incre •• ed 14 . 1 percent
~nd
1971.
p~rcent.
R~al
componsation per man-hour
and unit 1aoor coot. and oxtend back to ,II. fir., qu .rter o f
~a n-h our
(See ubi ... Band 3 . )
Table 8 .
RUlnd lIanufactur1nl !lan-ho".. and Anoel,ted
(1961 • 100)
~an-hOuu
,
Output ptT
Cnlt labor
lian-hour
Cos,
113 .•
94.3
93 . 6
113.3
"
,
~ . ,
lU.6
116.1
lib. 1
94.2
115.3
113 . :
95 . 4
U
'"
91 . 1
91 . 1
99 . 1
119.2
Hl. 4
124.0
113.3
112 . 3
..... nual
91 . 5
U
'"
Annual
\912
"
Within ,he
~"u\lru,
94 . 5
1971
"""fa,.,.
125.6
122.6
1971 - 1912
Ill.2
112 . )
11~ . 4
114 . 1
112 .8
113. 1
"c'o', chang. . in the d=and for labor. as e xpuued by
In manhours, ar. given In ,.ble C.
r espectively.
Theu r."hlon. In ... n-ho~n are din nflecad In the i.".h
engaged in ,1110 lecto, .
of output per
9.1
ch.n~u
,
tabh C. Chanie In !!&nho,",u in ~o~rar= Seeton
(Percent Chang" from Prevloc5 quarter at Annual Rot e)
In~uuu
1914 ~ 11
1974-111
11
Private
lionh""
0.'
-0.6
1
-\l.0
- 2.1
-0.3
U
- 1. I
..,
~lnlol
~9.
Conatructicn
M.r.nu f a uuring
Tun.pon.,lon
Tnd.
Flna..ce, luurance,
hal Enue
Servlcu
,.,
,. ,
.~
-). 0
- 0.2
...
'.0
U
Other
-0.4
0.'
l / indunry da.a aU .for paid aplcyen only, nc opc for tho "other"
cato.ory uhich Include. government . nt.r~rl.e., priv a te hOU.I~cld., proprletoro,
and unpaid f~lly ~t~.rl.
REVISED FIGURES FOR
NDNFIN~~CtAL
CORPORATIOSS
.. uvhion In th output IO.Uua lor thl. "«Or.
Pnlu.b.'r and. hvbcd )!c . . "r .. , )/onfinancI a l COt?"Ut!ona
(S • .,lon"lly Adjua.ed)
Tab!. D.
,
1974
U
"
U U74
Pull",lnar,r.
..'
Output plr ",.o-hou r
,"~-lIeu r
CompI"ntl on
Unit hber celtl
lied cCllponUt!cn PH .... n-lIou"
Output
~nlleu ...
~. )
(Soc •• bl .. 0 and
..,
lJ, . 3
10.0
-1.0
o. ,
-0.9
un
"
R.vl u~
U 1974
Pull",ln . r y
hvlud
-0. ~
ll.5
- \ •6
-). 9
II • 9
-0.9
-1. ~
-1 .0
10. 1
•••
10.S
-1.9
-1.9
-1. 6
0.'
•
- ).Z
o. ,
•••
.«Wa"
...
., ,,"
'tAO .....
ou'.u'
Pl.
" . H' ""'"'"
"0"
I.
,0< ..
p.,"T£
,<0" •• "
""'.,ll
.,N_. __
.'"
to.P,oS.-
co •• ( ... _
11000 P'_
'I""
""
.,
.. -"0"",2,
.,.·.W.",
'.•i• • ,
-------------------------;;;;;['il.......
,." ,
.
'""
......."
",. ,
'
...
... .... ,
....
,
"'
..
",
.
"
'''.'.
'".'"
'.'
,..
, l! ••
,'
ll' ••
l~! • •
no . ,
,l• ••
I I •• ~
"S.'
n.-I
OU 'Pu' pt~ •• H·HOU"
""00"" ,o""5lro
c_u""0M. """ coS" '"0 ._I<U.
'n.~.
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.....
,... ,,,
, ,
I.'.
, ,
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lOt ••
I".)
....
,
..
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~"
l.80"
co'"
."8....,
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In.'
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II>. ,
' l i ••
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....
,,,,'.,
lb • . ••
..
I l l ••
l l ' ••
ll' . , •
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.....,,..... ,"
,"~"t"
([
----~----
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I""
,.~.,
.n_
000.
~"
,,10(1"
..s .•
,.....
.....
'''.l
,
....
",2".~
n"~, ._
Ul . '
11 • ••
,1>.'.
DS •••
I~'
,,'
..
.e
I " -I
I ) ' .S
IlO ••
I)~ • •
11 •• 0·
,n .••
- - - - - - - - - - - - - - - - -..;;c;"'(";;;;;iii'-o.........-iOOi<iu.OiiOi.,O;;;O;:-;;""..- - - - - - - - - Itll
,
..
.........
,n"
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,""
,."
•
,n"
......""
" •
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.
Si'''''-'';:;;;NOH' "
...«,,(0
.. ~·!'IM1~._'
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-> •• -'.,"
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or
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11.
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,
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-,
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..-...",
,.
,..
..
..'.'
'
>.'
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' .,
•••
•••
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1l.9"
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lid
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.... ,'
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•••
••••
••••
'.'
1• • '_
•'"••
••••••
.. '
"' .....
,2.l0
>••
•••
•••
•••
..'
.....
.....'.'
"."P
Il • • •
iOiil....-:------------- --------------------------------0('0"(. "' , ,tT •
....... C(, ..... 01" ""0" '''''snc'
- ' . )p
(&"
I ... , >. "1""
_
.... r ......
,." ,
,,'"
.
I
",
"
,
,,'"
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"'.1
",."
II,.',
,n
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I .....
-,.•• •
•••
•••
•'"••
..,
II•••
--,... ,"
_t •• '
..'.',.',
,
,""
"
....
,
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'""
• _ . . . . . .0
'n.,
11-.'
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·1.1.
.. ..,
......,.,...,
,
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,
'""
st! ' 00'001"
,~.
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•••
_z. ,
.....
-I • •
••
roo
00 •• ~. "
.",
.,,'.
.,,,.
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(0' "
CO ..... M. . •
~
....
....
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,...
.
,....
.....
..
,'"'......
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~
,,,0.'
,......,
~
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...
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11.1'
•
II •• 1
II'. ,
II •• '
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'
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....
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_c. _.w
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..
"".
tl, ••
,",C.,.",,"'--------,•••
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II."
•••
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IH. , .
•••
•••
•••
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",
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IJ,....
.." ',
..
",
U •• '"
..
..'.''.',
".'
•• ,'0
..
,U.
'
US ••
II' .t
.n.'
•'.'••
'•••
,,'
-l . J
01. . . . , ...... ,
U •• ,
I " ••
II ••••
' 1.'
,'0,,0
..... ,<"
II •• '
.. .,.,.'''.''...,.
'1,1'
'1,0'
•
"'.'
"I.'
o.<otOiiiii..OOi;;O-.u.iii..-o,-;;;ii> ,"'"
'.'
",
,
,
c..... ",,·
II. ,
---,.,.",<... ,.......
•••
•••
•••'
.... ,
..-, ...,.
P,O _'._MOUO
or." "',eOUT'u'
................
0 ..... 10
...
.... ....." ..."""--..".
.,. ..."""·_t"
.,.
,....-, ....... ,..-
... "... ,,".........
I"~'
, •• ,
......-,. -.
'(OOOM"
~r"M
. (_"''',OM, ... "
, ...
Of • • _
..
••••••
'
..'
'. ,
•••
I ....
, •• 10
""""'S
Table).
Manufacturins Sector; Output per !{an-hour, MourlY
Co.poo •• tlon, Unit Labor eoltl, So •• onally
Year and
Quaner
OUtput p. .
.... n-hour
Output (1)
Kan-hauu
~Julted
Co.plalatlon V- '
.... a-hour V)
Rill Co.pen •• tlon
Unit Labor
per . an-hour (2)
COot
1913
u
m
"
An nual
1974
,
U
m
,
1913
128.)r
129.5r
129.9
112.3
131.lr
1]) .9
129.9r
129.8t
ll4.1
132.6
129.1.
U .9
-0.2p
,.,
..,
,.,
...•••,
,
..
,
11.0
"
I
'"
•••
•••
•••
-5 . 1
1.8.
-0.6p
-2.6 •
-O,.p
150.3
•••
,.,
••••••
-4 . 1
1. 5<
ll.9p
-0.9p
7.7r
~ . 1r
12 . 2 r
..
'"
11.0
1.8
0.5r
......
'"
..
..
10.5
0.8
-0.8
.. ,
-0 . 3
7.7
-2 . 0
-1.3
9.)
p •
foll~lng
prdt. ln a ry
table 4.
SOURCE:
,'"
II. 9
-1.2
U.S •
..,
2. lr
...
7.9.
IQ 'I>
Bureau of Labor 5totl$tlo.
October 30, 197.
-1'I"'-,________-C'••.O'.'-________-O-'..".'-______~-,....______________'IO. .".'-______-,"",,"-~)p
See footnote.
r • revIled
..
14. 1.
..,
,'"
,'"
..,
,
12.2
In.8
126.4?
-0. It
•••
14.2
H3.a.
>.0
-1. 4
-0.9
-1. 7
Percent Change fro. Prevlau. Year (5)
1.1
l.Jr
"
6. 3<
-5 . 6
3 . ..
Annual
1974
lIO.2
UO.6
110.4p
110.h
161. 1
165,7p
,. ,
m
m
155 . 8
t OI.3 .
101 . 2p
•• 5<
,
102.0r
132.7p
-0.1
U
lt4.S.
131.1
111 I P
U
1913
111.9
132.9.
,..
"
1974
,
148.9
132.)
-).4
Annual
U).2
11 4 . h
1I7.9t
102.2.
•••
m
112.8<
144.1
141.4
9 .0.
U
112.5
H2.1
111.8
ill. 4
101. 2r
102.2r
102.2r
10l.4r
NontlMoclaJ Corporations: Output per Man-hour , Hourly Compensation
Unit Labor Costs, Unit ~roflt. and Prices, Seaaonally Adju.,ed
Table 4.
Year and
Quarur
Output per
.a n- hour
C01lpensatlon per
"an-hour
Output
(I)
,
I nde~ es
Rea \
Unit
COIOpensaLabor
tlon per
CoSt.
" "n-hour (2)
Unit
Total
Nonlabor Un I t
Un it
I.pUett
Price
llo>f!ator
(8)
CO$<S
(9)
12S.7
127.1
128.3
129. 9
122.5
124.1
125.9
128.5
90.2
1l7 .8
119.1
120 .5
89.7
122 .6
127. 7
125.2
90.8
120.0
133.0
86.8
126 .0
036 . 1r
90.9r
129.8
,
Co~t8
Profiu
(10)
1%7 • 100
1973
U
m
"
Annual
1914
,
1973
U
m
"
132. )
132.9
133.4
121 . 1
132 . 3
121. 0
120 . 9<
130 . 6
.. ,
108.1
114 . 9
U4 . 2
121.. 4
123 .1
125.1
128.1
107 . 5
153.1
115 . 0
124.4
101 . 1
132.6
107 . 9
113 . 5
134.2
160.4
11) . 2
137.9r
130 . 2<
107 . 7
164.9r
136.4r
Percent ChanSe frOll Previous Quarter at Annual Rate (5)
7. 2
-2 . 2
-1.9
-2 . 2
7.S
4 .0
7.9
1.5
-~.5
-8 . 1
-2.8
8.5
-2.6
_0 4.
_ I 4r
_lOr
0.'
-2 . 1
11,Sr
_0 qr
Percent Change (rom Previous Year
..
,,. ,
,.•••,
2.7
3.4
-2 . 6
-4 . 5
8.1
-2 . 5
o. ,
3.2
4.7
14.9
13.9
14.6
!l 9r
II 4r
JJ
.. ,
..
"
,
-1.7
-1. ~r
fol1~ins
-0.1
-1. 6r
table 4.
ar
-12 . 3
2Q 2r
o. ,
u
'.0
L.
0.'
..,. ,,
-2.2
-1. 9
..,
10. Sr
SOURCE :
,. ,
o. ,
•• •
8. 5r
..
...
U
U
11. 4
12 6
..
..
...
,',. 0
-1. 2
-O. S
U
U
Annual
1974
91.9
91. 3
5.3
5.9
10 . 0
m
11S.4
13 . 4
6.5
7.2
7.3
,
See footnotes
r - revised
116.1
151. 8
154.4
157.2
4.0
4.0
1.5
3.9
U
,
149.4
106.2
101. )
12 . 5
4.8
2.0
1.5
o. ,
1973
U
130.7
123.1
121 . 1
121.5
122.1
•••
1Q.2r
-5 . (0
-0.5r
B"reau of Labor Statiatlcs
October 30. 1974
•••
9,Q
FOOT~OTES.
TABLES 1 TO 4
SOU H_ ~ :
Output data f~om th e B u~eau of Economic " .... "I)·sis. U.S.
of Com::.e~ce and the federal Re se rve Doard . CompensAtion
And H8n- hou r s d~ta from the Bureau of Labor St a ti s tics, U. S. ~partr.knt
of Labor and the Bur~~u of Economic AnAlysis.
,
n..pa~t",ent
(I) WAge" and sa lAries of employ ••• plus employera ' contributions for
soc 1al ins uranc e and privat e benefit planl. Except for nonfinancial
corporntiens. where tbere al-e no self - employed. data also includes an
eni ...... te o f wages, salaries and Supl'lelOentai ~ ... y=ent" fo r the self-.. o:pio)"cd .
(2) Compensation par "' ... n-hour adjuated lor chanles 1n the Consumer
Prire Index_
0 ) Nonl .abo r payments inClude profiu, depreciation,
income And indirec t t . xes.
(4) Curren t dollar
product.
~ro'~
(5) Percent cha nge
than index nWlbe rs.
c~pounded
intere~t.
Tent"l
p roduct divlde4 by conltan t doll. r gr oss
at annual r ate from origin.l data r ather
(7) Qua ~terly . ... u~ •• adjusta 4 t o annual estimat •• of output (g~os.
product oril ioatins ) fro. tho Bureau of Eeono~ic Analysis, U.S. Dep. rtment
of COIIIIIIerce.
(8) Unit Donl.hor costs tnclud. depreci.t10n. intarest and
tndl~ect
[ . xu.
(10) Unit profits
adjustceent.
~nc1ud.
CorpOrAte profits and inventorY v.l ua t1on
'.
CHART 1. PROOUCTIVITY . HOURLY
COM PENSATI ON UNIT COSTS AND PR I CES
TOTAL PRIVATE ECONOMY
(PE RCEN T CHANGE FROM PRECEDING
QUA RTER AT ANNUAL RA TE )
,,,
,,
OU TP UT
MANHOUR
,
,
------------_._-------,---------------_
...•..
,,
, _.. __ .. __ ..•... __ ._----_ ,,-._-_. __ ._--- ------------" .
III
,, ----------- .
..
_._-_._,--,-- --------- ... ------------,
.
,
.
-3.0
,"
.,
""
··
.
..
..
...
.
, ..
. .
.
.
..
.
---- .--- --- -------~--
,
,,
,
------------_._------------------- ------ -_... _._-_ ...•. _.... _.. _-_ .•..
, _------_ .. _--, ---·nt·-.
,
,
"
10.5
,
.
,
:
COMPENSATION PER MANHOUR
:
:,
:,
-------------t-----------:
,
:
i'~~'~\
-------------.----------------------'----'.'--~---------~.,,
,, ------ - -- ..
:,
~
,
,
,,
,
,
,
,,,
·
··
..
.....
5
..
.
.
..
i,
,
-------------~----------,,
UNIT LABO R COSTS
...---',
,
,,
,
... _-- _.. _---_ .. __
- .--.~ .. -. -.------ -1_-- ,,
,
,,
,,
,,,
UNIT NONLA80R PA~MEN TS
,
III
•
•
•
•
•
-------------.-------------.--------------~-------------.---_. __ ._---.-------_._--------------••
••
••
•
•
•
•
.•
,•
,
9,'
•
•
•
•
• ----•
------------ -,-------------.---------,-.
,
"
• •
•
• •
,
._---_.-
..
.
.
.
- ---- ---_ ...----- ---- ---------------i-------------~----.,.:_j;,.,.:.:.:.:
~---,
. -------~----.
.
,
·"
.
.. -------;------~,.,.,
,,
,,,
,, .. _--_._."_
, ._------_.-- ..
, __ ._ ... ... -.., ... __ . _.. __ .....: --_ .. _--_...
-------------.----------_._,._--_
,
,
,
.
·,•
,
,
,
.
.
.
.
• •
1 Z. Z
·,
,
.•
,,
.
---_ ... .... ..·, _-----------..
,,------------- ..,, ------._- ---_..__ .-_._------.-------_.
.. __ .-
. ---
·
________
IS
5
IO
5
"
_
III
:
-
IMPLICIT PRICE DEfLA TOR
-
...
IS
:
.. -
-- -- ---- --- , ---_. _---_
,,,
1968
-5
\9 69
1970
1971
1972
1973
,n
1 97~
3 0 . \974
5
CHART 2. PRODUCTlVlTY, HOURLY
COMPENSATION UNIT COSTS AND PRlCES
PRIVATE NONFARM SECTOR
(PERCEN T CHANGE FROM PRECEDING
QUARTER AT ANNUAL RRTE)
,
i
OUTPUT PER MRtll10UR
,
,
,,
..........•..........•.. , .....
,,,,
<"""O':"j-1;"O'''''>''''''-j-I··········+·······I.!}..•
,
!
·2.4
,
,
,
,,
,
,
,
............. i ............. i---••...•.•... ~·············,·············i···· ·· ······-1r
,,
,
,
,
,
,
,,
,,
,
III
,
,,
:,
COMPEtlSRTIOtl
PER
MRNtiO
UR
:
:
I1 •I
,
,,
,
,, ....•..•..•, . ........ .., . . .
.................
..... . ........
........................
,,,
~
·
..
.
:
.
:
----... --.... j.--.------.--+---....
----.
,
,
:,
..
:,
i/--,_
,
.
!
,,
..••.• j ••••••. .. • . .. ~ ..••..••..•• •
,
,
,,
,
,,,
,
,,
,
,,
III
,13.9
,,,
. -- -- -- --. --...
, ---- -- --. --. , ---- ----. -- , --. --. ----. --,, -- .. --. ---- -- ,
i
:
,
'-,
,"
~.
,,
,
'
:
,
--~
,
·--·l--·------·--·i·--·
,,
,
--~
,
:
,,
.--.--. ----+-- --.----.--.
------------./
'
,,
,,
,
.,
,
·············l·············i········
""
""
·------t·------------t---·
""
,
,
,
,,,
,
,,
,,
,
,,
,
,,
III
10.7
..,
,,
,,
,
,
··········f·············l·············
,,
"""
,
------· "t· ------· . . j--.------ • .................
,,
,,"
!,
,
" "
,
,
,
,,,
,,
,,
.
• •• •••••••••• j ••••••••••••• { •••••••• •••••• ~ ••••••••••• ··f············· l ·············,.·············
.----. ------+, ------...
:
.
.,,
III
12.8
--.----.+--. ----. ---- t·,,,-,
.
,
: :
I MPL I C! T PR I CE DEfL RTOR
:
,,
,
,
,
,
,
,
... ................................................
....................
,
,
,,.............
,,
,,,
,,
,,
,
----. --.-"C':":":":''''''''
----i·--· --. ---- +---.
,
,,,
.
-5
IS
iO
5
20
IS
iO
5
,
UNIT NONL RBOR PAYMENTS
----··--··--·i·--·--····--·+--··--······+----·--·--·--:·····----··-- ~··--"'--"--f','"''''
·,
o
o
...
.--. -- -- ---- --- --... ---- ---·
,.
,
,
... -- ...... --:--.......
-........
--..:..-..
-....
,
.
,
... -- ... -- .. ,.......----. ,,
·: ::
:
,
UNIT LRBOR COSTS
,
5
o
20
IS
iO
5
o
-5
20
is
iO
!""o'---r--V -·-r .-..... -----t·--------
1968
1969
1970
1971
197Z
1973
OC!
] 974
30. 1974
o
PRODUCTIVITY . HOURLY
CHART 3.
COMPENSAT I ON . UNIT COSTS RNO PRICES
NONFINANCIAL CORPORATIONS
(PERCENT CHANGE FROM SAME
QURRT~R A YEAR AGO)
,,,,
,,
·
.
····......... i .............
OUTPlJT PER I1FlNI10UR
1-
:
,
,
,
,
~·············_r·········· · ··!·············~·············i-············· I ,
,
,
,
,
,
'E--~--:--=--;--~--:·tt-=--=--~--~- -;- ~·~ -==::1':==j'=:-~-~~--~--1r~-~-=- =-_~ .~ "'~9
I o
.
, -,,
......................................................
-.....
...
...
,,
,
,
.
,
.
,
,
.
,
.,
., '.6
,
. -'_.....--.--"
.. -- ---...............
,
.
,
"
,
.
5
t-:--:---:--:--:--:-
: :
,
,,
,,,
,
,
..............
,
,
:
COI1PENSFlTiON PER MFlNIiOUR
,
,
,
.. ........................................................
......
,
t,
:.......--+-',
,
........................ ..
,
,
,:
:
,
:,
...
:---.,
·············l·············~············-+·············.·
··· · ·~···
,
, ··- · - · · - · ···l········
,
, ··········
,,,
,
,,
,
,,
,,
,
,
,,••
,,
,
,
,
i
,,
,
UNIT LFl60R COSTS
•••••.•...... ,..... -.......~........••.•. -t ••••••••-... -t·---···--····i·············-t··
10.6
,
"
.- ............ .. ..................................
. . ...............
.
,,
,
"
,
,,
"
"
,
,
i
UNIT NONLABOR PFlYMENTS
:•
:,
·A..........·
·..···....·_j............·1......
11
.. ............. ............ .
:,
:,
: S.
,
'·-·--------··1·.. ·.. ·.. ·..
:,
-.~
..
·
.
·············I·············~··········
"
"
·+.... --...--. "
~
,,
-..
~
5
~
,,
,
,
,
,
•.•.•........•............. ............. .............•.............•............. , ............ .
,
,
,,
,,
,,
,
,,
,
,
,
"
:
""
:
:
JI
:
IMPLICIT PRICE OEFUHOR
:
:
9.0
............. :-.-- ------ - ~ ............. ~ ••••......... ~ - ............ ~ .......•..... ~ ............ .
,,
,
,,
,,
,,
,,,
,
,
···
"
o
,,
••••••.......•............. ~ ............ ~ .....•....... ~. - -. -- - --
5
"
'
"
"
,""
,
...... --..........
-5
.
.
5
o
_.
-5
.
"
• ············/·············l············
,
"
"
5
o
I 96 II
1969
1970
1971
1972
1973
1974
OC T 30. 1974
CHART 4.
UN 1 T COSTS. UNIT PROFITS. AND PRICES
I'WNF] NANC] AL CORPORAT IONS
(PERCENT CHANGE FROM SAME
QUARTER A YEAR AGO)
,
,,
,,
,,
,
IS
UNlT
LABOR COSTS
,
,
,
,
,
-------------.--------_
.._-+--_
,,
,, .._-------....,, -------------.-------------.-------------....
,,
,,
,,
,
,
,
,
_____________ :___
____ +___________: _____________
,
'"
,,
,,
UNlT NONLABOR COSTS
_____________ L____________ L""~:::i
,
:
:
_____
__ 1____________ _
~--------
;,
,
,
,
,
'_5
...., ------------.
,
5
,
0
"
:
:
,,
,,
,
,
-------------.------------....,, ------------ ....,,, --------,,
:,
,,,
:
:,
,,,
------------+--------,,
,
:,
,,,
:
:
UN IT f'ROf I TS
-------------.,,
;,
,
,
,,,
,
1969
lO
5
0
1970
,,
,
,
,,
IS
,,
,
,
,
------·----I------------- ~------,
,,
:
1971
20
;,
,
,
-------------:-------------"t
,
,---------.--,
lO
:
IJ
----+------------
,
...,,,
I
:
,,,
,
,
,
IMf'LlCIt f'RICE OEfLATOR
,:
-------------.-------------+-------,
------------1-------------.----------,
,,
1968
JJ
10,2
1972
191')
'"
5
-O.S
,,
,
,
,,
:,
:,,
:,
,,,
,,
,,,
,
,
,
,
---t--·----------:-------------1--------------t------------,
,
,
,
,,,
,,,
,,,
,,,
II
,,,
,,,
,,
,,,
,
9_0
,
,
,
,
,,
-------------1-------,,
,,,
IS
,
-------------~-------------~-------------
,
lO
------------:------------~----------
,,
,,
IS
-----L------------J------------:,
:,
,,,
-----+-----------:
0
JJ
TOTAL UNIT COST:, "
,
,
------------:-------------_:_------------"t-------------:-------------~------ -- -----_:_--,
,
,
,
,
,
,,
' ""
------------;---
5
,
"'-::::::d'2':J"~
,
------------:-------------~-------------
:,
:
•'-c-,-:-:-:-:-:-:-:;'-~-'-7~'"
-------T------------T----
,
~--------
lO
,
:
191 ~
30. 1974
0
-5
-lO
-IS
-20
j
lO
5
0
@FedFRASER