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i States
Department
of Labor
r Statistics Washington, [~ . { 212
3ureau
of
1
Historical, technical .
USDL
85-215
information : (202) 523-9261 For Release : 10 :00 ?Z4 EDT
Current data : (202) 523-1221 or 1208 Wednesday, May 29, 1985
Media contact : (202) 523-1913
First Quarter'1985
Revised Data for Business, Nonfarm Business , and Manufacturing, and
Preliminary Measures for Nonfinancial Corporations
The Bureau of Labor Statistics, of the U .S . Department of Labor today
reported revised productivity data--as measured by output per hour of all
persons--for the first quarter of 1985 . The revised measures show these
seasonally adjusted annual rates of productivity change for the first quarter
of 1985
:
-3 .5 percent in the business sector,
-2 .5 percent in the nonfarm business sector,
0 .6 percent in manufacturing,
2 .7 percent in durable goods manufacturing, and
-2 .5 percent in nondurable goods manufacturing .
First-quarter measures are summarized in table A and . appear in detail in
tables I through 6 . Preliminary measures announced today indicate that
nonfinancial corporate sector productivity declined 2 .8 percent in the first
quarter (tables B and 6) .
Business
The implicit price deflator for the business sector, which is a measure of
price change for business net output, rose 5 .3 percent in the first quarter,
the largest quarterly gain since . the second quarter of 1982 (when it rose 5 .4
percent) .
-2-
Table A. Productivity and costs : Revised first quarter,1985 measures
(Seasonally adjusted annual rates)
Real
Hourly hourly Unit
Produc- compen- compen- labor
Sector tivity output Hours sation sation costs
PRELIMINARY
Fourth quarter 1984 to first quarter 1985
Business
Nonfarm business
manufacturing
Durable
Nondurable
-3 .5
0®1
3 .7
5 .2
1 .8
9 .0
-2 .5
0®6
2®7
-2 .5
0®8
0 .9
2 .0
-0 .9
3®3
0 .2
-0®7
1 .7
5®4
5 .8
7 .2
3 .5
2 .1
2 .4
3 .8
0®2
8®1
5,1
4®4
6®2
First quarter 1984 to first quarter 1985
1 .2
1 .0
4 .4
4 .1
3®2
3 .1
3®9
4 .1
0®4
0 .5
2®7
3 .1
manufacturing
2 .2
3®6
1 .3
4 .4
0 .8
2 .1
Durable
Nondurable
2 .9
1 .1
5 .4
0®8
2®4
-0®3
4 .4
4 .2
0 .8
0 .6
1®5
3 .0
Business
Nonfarm business
Nonfarm business
Productivity declined at a 2 .5 percent annual rate in the first quarter of
1985 in the nonfarm business sector, compared with a 262 percent increase during the fourth quarter of 1984® This was the first nonfarm productivity
decline since the third quarter of 1981 (when it fell 1 .1 percent) . Output
growth slowed appreciably from the fourth quarter of 1984 (table 2) .
Hourly compensation increased 5 .4 percent in the first quarter, and real
hourly compensation rose 2 .1 percent . Unit labor costs rose at an 8,1 percent
annual rate, the largest increase since the fourth quarter of 1981 (when an
12 .1 percent increase occurred) . .
The implicit price def lator for nonfarm business output increased at a 5 .9
percent annual rate during the first quarter, compared with a 2 .9 percent rise
during the fourth quarter of last year . This wass the largest increase in
nonfarm prices since the fourth quarter of 1981 (when an 8 .3 percent increase
occurred) .
-3Manufacturi
Productivity increased 0 .6 percent in the first quarter in manufacturing, as
output rose 0 .9 percent and hours increased 0 .2 percent . During the fourth quarter
of 1984, productivity declined (table 3) . Productivity, output, and hours all roved
in opposite directions in durable and nondurable goods industries (see tables A, 4,
and 5) . The gain in durable goods productivity more than offset the drop among nondurable goods producers, so that the manufacturing sector showed a small gain for the
quarter .
Hourly compensation increased at a 5 .8 percent annual rate in the first quarter
in manufacturing as a whole, or 2 .4 percent in real terms after the increase in the
CPI-U is taken into account . Unit labor costs rose 5 .1 percent during the first 3
months of 1985 .
Table B . Productivity and costs in nonfinancial corporations :
Preliminary first quarter 1985 measures
(Seasonally adjusted annual rate)
Hourly
Sector
Productivity
ccmpenOutput Hours sation
Real
hourly
Unit
compensation
labor Unit
costs profits
PRELIMINARY
Fourth quarter 1984 to first quarter 1985
Nonfinancial
corporations -2 .8
0 .3
3 .2
4 .0
0 .7
7 .0
-1 .3
First quarter 1984 to first quarter 1985
Nonfinancial
corporations 0 .0
3 .8
3 .8
3 .3
-0 .2
3 .4
4 .9
Nonfinancial corporations
Productivity declined 2 .8 percent in the first quarter in nonfinancial corporations, as output increased 0 .3 percent and hours of all persons increased 3 .2 percent
(table B) . These corporations, which include all those doing business in the United
States with the exception of banks, stock and commodity brokers, and finance and
insurance agencies, showed a 2 .5 percent productivity gain in the fourth quarter of
-41984 . Hourly compensation increased at a 4 .0 percent annual rate during the first quarter, or
0 .7 percent when the increase in the CPI-U is taken into account . Unit labor costs rose 7 .0
percent in the first quarter, and unit profits fell 1 .3 percent . During the fourth quarter of"
last year, these measures rose 1 .2 percent and 16 .0 percent, respectively (table 6) . The.
implicit price deflator rose 5 .7 percent in the first quarter, the largest increase since the
fourth quarter of 1981 (when it rose 7 .9 percent) . Table C shows how the implicit price
deflator and the underlying series have behaved since 1980 .
Table C . Indexes of price, cost, and profit in nonfinancial corporations
(1977=100)
Measure
1980
1981
1982
1983
1984
1984
I
II
1985
III
IV
I
Implicit price def lator 126 .4 138 .9 146 .3 150 .9 155 .4 153 .6 154 .6 156 .1 157 .1 159 .3
Total unit costs 131 .7 143 .6 154 .3 155 .2 156 .4 155 .0 155 .0 157 .5 158 .0 160 . ."
Unit labor costs 131 .2 140 .9 150 .6 151 .8 153 .6 152 .5 152 .3 154 .5 155 .0 157 .6
Unit nonlabor costs
Unit profits
133 .0
151 .2
164 .8
164 .9
164 .3
162 .0
162 .8
165 .9
166 .4
168 .6
86 .0
102 .6
84 .6
117 .2
147 .6
143 .2
151 .1
145 .3
150 .7
150 .3
Revised measures
Preliminary and revised productivity and cost measures for the first quarter are compared
in table D for the business and manufacturing sectors . The revised output measures show smaller
gains than preliminary series, while hours of labor input have been revised upward somewhat . As
a result, business sector productivity measures show larger declines than were reported a month
ago, based on information then available . In manufacturing, productivity growth was slower .
-5Table D . Preliminary and revised productivity and related measures,
Preliminary -1 .9
Revised -3 .5
1 .3
0 .1
3 .3
3 .7
5 .7
5 .2
2 .3
1 .8
7 .8
9 .0
1 .6
0 .8
2 .9
3 .3
6 .0
5.4
2 .6
2 .1
7 .3
8 .1
0 .9 -0 .7
0 .9 0 .2
6 .8
5 .8
3 .4, 5 .1
2 .4 5 .1
Nonfarm business :
Preliminary -1 .2
Revised
-2.5
Manufacturing .
Preliminary 1 .6
Revised 0 .6
-6-
Business sector output is equal to gross national product, less the
rest-of-the-world sector, general government, output of paid employees of
private households and nonprofit institutions, rental value of owner-occupied
dwellings, and the statistical discrepancy in computing the national income
accounts . Corresponding exclusions are also made in labor inputs . Business
output has acc anted for, about 77 percent of gross national product in recent
years .
Total manufacturing measures are computed by sunning series prepared for the
durable and nondurable goods sectors .
The durable sector includes the following 2-digit SIC industries : Primary
metals ; fabricated metal products ;
nonelectrical machinery ; electrical
machinery ;
transportation equipment ; instruments ; lumber and lumber products ;
furniture and fixtures ; stone, clay , and glass products ; and miscellaneous
manufactures .
The nondurable sector includes the following 2-digit SIC
industries :
Textile milll products , apparel products, leather and leather
products , printing and publishing , chemical and chemical products, netroleum
products , rubber and plastic products , foods, and tobacco product .. .
Manufacturing output has accounted for about 24 percent of gross national
product in recent years .
Nonfinancial corporate output is equal to gross national product, less therest-of-the-world sector, general government ., unincorporated business, output
of paid employees of private households and nonprofit, institutions, rental
value of owner-occupied dwellings, the output of corporations engaged in
banking, finance, stock and commodity trading, and credit and insurance
agencies, and the statistical discrepancy in computing the national income
accounts . Nonfinancial corporate output has accounted for about 59 percent of
gross national product in recent years .
The productivity and associated cost measures in this news release describe the
relationship between output in real terms and the labor time involved in its
production . They show the changes-from period to period in the amount of goods
and services produced per hour . Although these measures relate output to hours
of all persons engaged in a sector, they do not measure the specific contributions of labor, capital, or any other factor of production . Rather, they
reflect the joint effects of many influences, including changes in technology ;
capital investment ; level of output ; utilization of capacity, energy, and
materials ; the organization of production ; managerial skill ; and the
characteristics and effort of the work force .
-7Table 1 . Business sector : Productivity, hourly ponpensa tion, unit labor cost, and prices,
Year and
quarter
Output per
hour
of all persons
output
Hours
of all
persons
Conpensation per
hour(l)
seasonally adjusted
Real
cospensation per
hour(2)
Unit
labor
cost
Unit nonlabor payosnts(3)
Implicit
price
deflator(4)
indexes 1977=100
1984
2
II
III
IV
105 .7
107 .0
107 .2
108 .0
117 .8
121 .0
121 .5
123 .0
111 .4
113 .0
113 .4
113 .9
166 .7
167 .5
169 .3
171 .1
98 .6
98 .2
98 .3
98 .5
157 .7
156 .5
158 .0
158 .4
151 .6
157 .2
158 .5
160 .2
155 .6
156 .7
158 .1
159 .0
ANNUAL
107 .0
120 .8
112 .9
168 .6
98 .4
157 .6
157 .0
157 .4
107 .lr
123 .lr
114 .9r
173 .3r
99 .Or
161 .9r
159 .5r
161 .lr
1985
I
Percent change from previous quarter at annual rate(5)
I
II
III
IV
4 .0
4 .9
0 .6
3 . .1
11 .4
11 .2
1 .8
5 .0
7 .2
6 .0
1 .2
1 .8
6 .2
1 .9
4 .4
4 .4
0 .8
-1 .8
0 .7
0 .8
2 .1
-2 .9
3 .7
1 .2
7 .0
15 .4
3 .4
4 .3
3 .7
2 .9
3 .6
2 .2
ANNUAL
3 .2
8 .8
5 .4
4 .2
0 .0
1 .0
7 .9
3 .2
-3 .5r
0 .1r
3 .7r
5 .2r
1 .8r
9 .Or
1984
1985
I
-1 .6r
5 .3r
Percent change from corresponding quarter of previous year
1984
I
II
III
IV
3,5
3,3
2 .7
3 .2
10 .2
9 .9
8 .0
7 .3
6 .5
6 .4
5 .1
4 .0
4 .1
4 .0
4 .6
4 .2
-0 .4
-0 .3
0 .4
0 .1
0 .6
0 .7
1 .9
1 .0
8 .4
8 .7
7 .1
7 .4
3 .0
3 .3
3 .6
3 .1
ANNUAL
3,2
8 .8
5 .4
4 .2
0 .0
1 .0
7 .9
3 .2
1,2r
4 .4r
3 .2r
3 .9r
0 .4r
2 .7r
5 .2r
3 .5r
1985
I
See footnotes following table 6 .
r=revised
May 29, 1985
Source : Bureau of Labor Statistics
-8Table 2 . m farm business sector : Productivity, hourly compensation, unit labor mot, and prices, seasonally adjusted
Year and Output per output Hours Cwnpensaquarter hour of all tion par
of all persons persons hour(1)
Real
co ensa- Unit Unit non- Implicit
tion par labor labor pay- price
hour(2) cost mants(3) deflatcr(41
Indexes 1977=100
1984
1985
I
II
III
IV
105 .2
106 .6
106,3
106 .9
118 .0
121 .0
121 .3
122 .7
112 .3
113 .6
114 .1
114 .8
166 .5
168 .0
169 .5
171 .0
98 .4
98 .4
98 .4
98 .5
158 .3
157 .6
159 .5
160 .0
152 .2
156 .8
158 .0
160 .3
156 .3
157 .3
159 .0
160 .1
AL
106 .2
120 .7
113 .6
168 .7
98 .4
158 .8
156 .9
158 .2
I
106 .2r
122 .9r
115 .7r
173 .3r
99 .Or
163 .2r
160 .9r
162 .4r
Percent chance from previous quarter at annual rate(s)
1984
1985
I
II
III
IV
2 .9
5 .5
-1 .1
2 .2
10 .3
10 .6
0 .7
4 .7
7 .2
4 .8
1 .8
2 .4
6 .1
3 .7
3 .6
3 .7
0 .7
0 .0
-0 .1
0 .1
3 .1
-1 .7
4 .7
1 .4
2 .3
12 .5
3 .1
5 .9
2 .8
2 .8
4 .2
2 .9
Ai.
2 .7
8 .5
5 .7
4 .1
-0 .1
1 .4
6 .7
3.1
-2 ,5r
0 .8r
3 .3r
5,4r
8 .1r
1 .6r
5 .9r
I
2 .lr
Percent change from corresponding quarter of previous year
1984
1985
I
II
III
IV
3 .5
2 .9
2 .1
2 .4
10 .6
9 .7
7 .6
6 .5
6 .9
6 .6
5 .4
4 .0
4 .0
4 .0
4 .4
4 .3
-0 .5
-0 .3
0 .2
0 .2
0 .4
1 .1
2 .3
1 .9
8 .3
7 .1
5 .7
5 .9
2 .9
3 .0
3 .4
3 .2
ANNUAL
2 .7
8 .5
5 .7
4 .1
-0 .1
1 .4
6 .7
3 .1
1,Or
4 .lr
3 .1r
4,lr
3 .lr
5 .7r
3 .9r
I
Sea footnotes following table 6.
rarevi
0 .5r
May 29, 1985
Source : Bureau of Labor Statistics
-9Table 3 . Manufacturing sector : Productivi ty, hourly compensation, and un it labor cost,
seasonally adjusted
Year and
quarter
Output per
hour
of all persons
Output
(6)
T
Hours
of all
persons
Compensation per
hour(l)
Real
compensation per
hour(2)
Unit
labor
cost
Indexes 1977=100
III
IV
114 .0
115 .0
117 .0
116 .3
112 .8
115 .1
117 .0
116 .5
98 .9
100 .1
100 .0
100 .2
167 .1
168 .3
169 .9
172 .1
98 .8
98 .6
98 .7
99 .1
146 .6
146 .4
145 .2
147 .9
ANNUAL
115 .6
115 .3
99,8
169 .4
98 .8
146 .5
116 .5r
116 .8
100 .2r
174 .5r
99 .6r
149 .8
1984
1985
I
IT
I
Percent change from previous quarter at annual rate(5)
I
II
III
IV
3 .5
3 .6
7 .1
-2,2
ANNUAL
3 .5
1984
1985
I
0 .6r
.6
.4
.8
.5
8 .8
4 .6
-0 .2
0 .7
6 .2
2 .9
3 .7
5 .2
0 .8
-0 .8
0 .1
1 .6
2 .6
-0 .6
-3 .1
7 .6
10 .5
6 .7
3 .6
-0 .6
0 .1
0 .2r
5 .8r
12
8
6
-1
0 .9
2 .4r
Percent change from corresponding quarter of previous year
1984
5 .1
~
I
II
III
IV
4 .4
3,7
3,1
2 .9
14 .5
12 .4
9 .1
6 .4
9 .7
8 .3
5 .8
3 .4
2 .7
3 .3
3 .9
4 .5
-1 .7
-1 .0
-0 .3
0 .4
-1 .6
-0 .4
0 .8
1 .5
ANNUAL
3 .5
10 .5
6 .7
3 .6
-0 .6
0 .1
1 .3r
4 .4r
19R5
I
2 .2r
See footnotes following table 6,
r=revised
3 .6
_J-
May 29,
Source :
0 .8r
2 .1
~-
1985
Bureau of Labor Statistics
-10Table 4 . Durable manufacturing se ctor : Produ ctivity, hourly' compensation, and unit labo r cost,
seasonally adjusted
Year and
quarter
Output per
hour
of all persons
Output
(6)
Hours
of all
persons
Compensation per
hour(l)
Real
compensation per
hour(2)
Unit
labor
cost
Indexes 1977=100
1984
1
II
III
IV
115 .2
116 .1
118 .3
117 .8
114 .0
116 .6
119 .5
119 .5
98 .9
100 .4
101 .0
101 .5
165 .8
167 .0
168 .1
170 .1
98 .1
97 .8
97 .6
97 .9
143 .9
143 .8
142 .0
144 .4
ANNUAL
116 .9
117 .4'
100 .4
167 .7
97 .9
143 .5
118 .6r
120 .lr
101 .3r
173 .Or
98 .8r
146 .0r
1985
I
Percent change from previous quarter at annual rate(5)
1984
1
II
III
IV
7 .7
3 .1
7 .9
-1 .9
19 .5
9 .5
10 .2
0 .2
10 .9
6 .2
2 .1
2 .1
6 .1
2 .8
2 .6
4 .9
0 .8
-0 .9
-1 .0
1 .3
-1 .5
-0 .3
-4 .8
6 .9
ANNUAL
4 .8
14 .4
9 .1
3 .2
-1 .0
-1 .6
1985
I
2 .7r
Percent change
1984
1
II
111
IV
6
4
4
4
ANNUAL
1985
I
See footnotes
r=revised
-0 .7r
7 .2r
3 .8r
4 .4r
from corresponding quarter of previous year
.2
.8
.3
.1
19 .3
16 .5
13 .0
9 .6
12 .3
11 .1
8 .4
5 .3
2 .2
2 .9
3 .4
4 .1
-2 .2
-1 .4
-0 .8
0 .0
-3 .8
-1 .8
-0 .9
0 .0
4 .8
14 .4
9 .1
3 .2
-1 .0
-1 .6
2,4r
4 .4r
2,9r
following table 6 .
2 .Or
5 .4r
0 .8r
V
1 .5r
May 29, 1985
Source : Bureau of Labor Statistics
-11Table 5 . Nondurable
seasonally adjusted
Year and
quarter
Output per
hour
of all persons
Output
(6)
A~
1984
Hours
of all
persons
112 .1
113 .3
114 .9
114 .1
111
112
113
112
ANNUAL
113 .6
112 .3 .
1985
I
1984
ANNUAL
1985
I
-~
ANNUAL
1985
-2
4
5
-2
111 .9r
.7
.3
.7
.7
3 .0
6 .8
1 .8
-4 .1
1 .5
4 .9
-2 .5r
-0 .9r
T Percent change
I
II
III
IV
1984
113 .4r
.0
.8
.3
.1
Percent change from
I
II
III
IV
I
See footnotes
raravised
Compensation per
hour(l)
Real
compensation per
hour(2)
Unit
labor
cost
Table 6 . n- . .financial corporations :
and prices , seasonally adjusted
Productivity ,
1
2
1
1
169
170
172
175
98 .9
171 .9
.5
.6
.7
.1
176 .6r
I00
100
100
100
.2
.0
.3
.8
151 .1
150 .6
150 .4
153 .4
100 .3
151 .4
100 .8r
155 .7r
1984
I 108
II
108
III 108
IV 108
.8
.4
.7
.5
5 .8
2 .7
5 .1
5 .5
0 .5
-1 .0
1 .4
1 .9
3 .3
3 .8
-0 .4
1 .7r
3 .5r
0 .2r
8
-1
-0
8
.7
.5
.6
.4
2 .3
6 .2r
from corresponding quarter of previous year
1985
120
123
123
124
.2
.1
.1
.7
111 .2
113 .1
113 .8
114 .6
122 .8 113 .2 166 .6
153 .6
154 .6
156 .1
157 .1
153 .6 164 .3 156 .4 147 .6 155 .4
6 .6
3 .5
0 .7
3 .2p
4 .0p
I
-2 .8p
0 .3p
-0 .8
0 .7p
1 .1
-0 .4
1 .0p
5 .5p
.6 23 .4
.2 23 .8
.5 -14 .5
.2 16 .0
25 .9
6 .6p -1 .3p
2 .7
2 .6
3 .9
2 .7 .
3 .0
5 .7p
" ^- Percent change from corresponding quarter of previous year
I 4 .0 11 .8
II 2 .9 10 .5
III 0 .9
7 .4
IV 1 .6
6 .6
7
7
6
5
.5
.5
.4
. 0
1
1
2
3
1 .5
4 .9
3 .3
3 .8
-0 .4
2 .3
1985
1 .lr
0 .er
-0 .3r
4 .2r
3 .Or
See footnotes following table 6 .
143 .2
151 .1
145 .3
150 .7
97 .3p 157 .6p 168 .6p 160 .5p 150 .3p 159 .3p
9 .0
ANNUAL 2 .3
1985
-1 .4
-1 .0
0 .1
0 .7
ANNUAL
I
2 .3
O .Op
9 .0
3 .8p
6 .6
3 .Sp
3
3
3
3
.6
.3
.3
.8
3 .5
3 .3p
-0 .9 -0 .4 -3 .0 -1 .1
-1 .0
0 .4 -1 .4 -0 .1
2 .4 0 .9 2 .0
-0 .9
-0 .3
2 .2 1 .9 2 .1
-0 .8
- 0 .2p
i
papreliminary
Statistics
155 .0
155 .0
157 .5
158 .0
0
0
6
1
3 .0
3 .3
4 .3
4 .8
^~
May 29, 1985
Source : Bureau of Labor
162 .0
162 .8
165 .9
166 .4
5 .7
0 .4
2 .0 -3 .2
2 .4 -1 .3 -0 .4 2 .0
3 .2 -0 .4
5 .9 8 .0
3 .7
0 .2
1 .2 1 .1
.1
.5
.1
.7
-
97 .2
152 .5
152 .3
154 .5
155 .0
7 .7
6 .8
2 .8
2 .6
6
4
2
0
-
.5
.2
.1
.1
I 3 .6 11 .6
II 2 .8
9 .8
III -2 .5
0 .2
IV 2 .5
5 .2
7 .9
6 .6
3 .4
1 .8
following table 6 .
97
97
97
97
Percent change from previous quarter at annual rate(5)
1984
.8
.0
.4
.1
0 .6r
164 .8
165 .8
167 .1
168 .7
108 . 1p 124 . . ep 115 .5p 170 .4p
I
1984
.2
.3
.9
.6
.1
.9
.2
.8
ANNUAL 108 .5
previous quarter at annual rate(s)
5
2
-3
-1
snit labor cost, unit profits,
Indexes 1977=100
99 .0
99 .5
98 .6
98 .2
98 .7r
hourly compensaClc -•,
Year Output Employee Hourly Read, Unit Unit Total Unit Implicit
hourly labor non- unit pro- price
and per allOutput hours compensa cost labor cost fits deflator
quarter employee tion compen hour
( 1) sation ( 2)
cost ( 7) (8) (9) f4)
Indexes 1977=100
I
II
III
IV
~_
-12-
manufacturing sector : Productivity, hourly compensation, and unit labor cost,
1 .1
-0 .4
3 .4p
4 .1p
2 .8
2 .9
3 .2
3 .0
25 .9
3 .0
0 .7
54 .8
35 .2
14 .7
10 .9
3 .6p
4 .9p
3 .7p
~~May 29, 1985
Source : Bureau of Labor Statistics
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-13-
0, w (fl
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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 frcin the
Bureau of Labor Statistics, U .S . Department of Labor, and the Bureau of
Economic Analysis .
0
m
RELIABILITY : Based on data covering the period from the first quarter of 1976
to the second quarter of 1984, the probability is 0 .95 that the interval
between -1 .8 and 2 .0 index points contains the revision of the index of
productivity in the business sector from the first to the third quarterly
publication of the estimate .
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(1) Wages and salaries of the employees plus employers' contributions for
social insurance and private benefit plans . Except for nonfinancial corporations, where there are no self-employed, data also include an estimate 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 payments include profits, depreciation, interest, rental
income, and indirect taxes .
(4) Current dollar gross product divided by constant dollar gross product .
(5) Quarterly changes : percent change compounded at annual rate from the
original data rather than index numbers . Annual changes : percent change
between annual average levels .
(6) Quarterly measures adjusted to annual estimates of output (gross product originating) from the Bureau of Economic Analysis, U .S . Department
of Commerce .
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(9) Unit profits include corporate profit and inventory valuation adjustment .
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(7) Unit nonlabor cost includes depreciation, interest, and indirect taxes .
(8) Total unit cost is the sum of labor and nonlabor costs .
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