Full text of Productivity and Costs : First Quarter 1986

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News

United States
Department
of Labor
Washington, D.C. -20212

Bureau of Labor Statistics

Historical*-, technical '
ihformaton: (202) 523-9261
Current data: (202) 523-1221 or 1208
Media contact: (202) 523-1913

USDL 86-169

For Release: 10:00 AM EOT
Monday, April 28, 1986

costs
First Quarter 1986
o

C

The Bureau of Labor Statistics of the U.S. Department 6t Labor today
reported preliminary productivity data-^-as measured by output per hour of all
persons — for the first quarter of 1986. the seasonally-adjusted annual rates
of productivity change in the first quarter were:

I
p

2.3
3.4
2.4
2*0
3*0

percent
percent
percent
percent
percent

irt
in
in
in
in

the business sector r
the nortf arm business sector1•>/
tnanufacturihg,
durable^ goods Yrtanufactur ing > and
nondurablei QCK^S wianufacturing;

First-quarter measures are surnmarized in^table A and appear in o^t^
tables 1 through 5. Productivity rose in all sectors in the first quarter r and
combined with moderate gains in hourly contpensat; iont contributed to declining
unit labor costs.
Business

;

Productivity increased at a 2.3 percent annual rate during the first
quarter of 1986 in the business sector, as output rose 3.8 percent and hours of
all persons engaged in the sector increased 1.4 percent (seasonally adjusted
annual rates). During tile fourth quarter of 1985, productivity had declined
3.9 percent, as output grew more slowly than hours (table 1). The increase in
output during the first three months of 1986 was the largest since the first
quarter of 1984 (when output rose at a 13.6 percent annual rate),
Hourly compensation increased at a 1. 7 percent annual rate during the
first quarter of 1986, the smallest quarterly gain in this series since the
third quarter of 1983 {when it rose 1*5 percent). This measure includes wages
and salaries, supplements, employer contributions to employee-benefit plans,
and taxes. Unit labor cos ts, wh ich reflect changes in hourly compensation and
productivity, declined at a 0.6 percent annual rate during the first quarter,
the first decline in this measure since the first quarter of 1984. During the
fourth quarter of 1985, these costs rose at a 7.5 percent annual rate.
Real hourly compensation, which takes into account changes in the Consumer
Price Index for All Urban Consumers (CPI-U), increased at a 0.2 percent annual
rate in the first quarter, compared with a 0.9 percent decline in the fourth
quarter of 1985.




-2-

Table A. Productivity and costs: Preliminary first quarter 1986 measures
(Seasonally adjusted annual rates)

Productivity

Sector

Output

;

Hourly
compensation

Hours

Real
hourly
compere
sation

Uni
lat
cos

0.2
0.9
-0.5
-0.8
0.4

-0.6
-1.0
-1.4
-1.3
-1.1

0.3
0.0
-0.3
0.3
-1.1

3.2
3.1
0,2
1.1
-1.3

PRELIMINARY

Percent
change from preceding : quarter
:
;

;.'''-•• •; • : •'•'•.-•.,'•'.:•.••''.• '

Business
.- .-,;'.'
Non farm business
Manufacturing
Durable
Nondurable

•' '

'

2.3
3.4

3.8
4.0

2.4
2*0
3.0

2,4
0.6
5.2

v

1.4
0.6
0.0
-1.4
2.2

•

' ''

1.7
2.4
0,5
0.6
1.8

Percent change froti same quarter a year ago
Business
Nonfat™ business
Manufacturing
Durable
•
Nondurable

0,2
0.0
2.6
2.2

.^•:*V:^

2.3
2.4
2.3
1.1
4.2

2.0
2.4
-0.3
^1.0
0*9

3*4
3.1
2.8
3.4
2.0

rn
-o

O
C/3

^e ithpli^
the busiriess sector* which reflects
changes in Unit labor costs and Unit nonlabpr payttients, increased 2.0 percent
in the first quarter.
Nonfarm business

Productivity increased 3.4 percent in the nohfarm business sector during
the first quarter of 1986, as output rose 4.0 percent arid hours of all persons
increased only 0.6 percent. Vfriile the increase in output was the largest since
the first quarter of 1984, the gain in nonfarm hours vas tiie smallest since
1982. Outing the fourth quarter; of 198$, productivity declined 4.1 percent in
this sector (table 2).
Hourly^compensation increased 2.4 percent in the first quarter, but
increased only 0.9 percent v*ten the rise in the CPI-U is taken into account.
Unit labor costs declined 1.0 percent, compared with a 7.6 percent rise during
the fourth quarter of 1985.
the implicit price deflator for the nonfarm business sector rose 2.8
*nt in the first quarter, compared with a 1.8 percent increase one quarter
percent
lor. ' • - • • • • • . • . • " . • . . . • .
earlier




ex

-3-

Manufactaring

Productivity increased at a 2.4 percent seasonally-adjusted annual rate in
manufacturing in me first quarter of 1986, as output rose 2.4 percent and
hours of all persons remained unchanged. During the fourth quarter of 1985,
manufacturing productivity declined 1.1 percent, as output rose 1.9 percent and
hours increased 3.1 percent (table 3).
Hourly compensation of manufacturing workers increased 0.9 percent during
the first quarter, twt declined 0.5 percent vhen the increase in consumer
prices in taken into account. Unit labor costs fell at a 1.4 percent annual
rate, compared with a 4.7 percent increase during the fourth quarter of 1985.
Both the durable and nondurable goods subsectors experienced productivity
increases in the first quarter (tables 4, 5). Vtiile output increased in both
subsectors and hours of all persons increased in nondurablesr hours were lower
in durable goods manufacturing.

Table B. Nonfinancial corporations: Preliminary fourth quarter and revised
annual productivity and cost measures
Quarterly change at seasonally adjusted annual rates
Percent

Period

Real
Hourly hourly Uni t
Produccompen- compen- labor Unit
tivity Output Hours sation sation costs profits

Implici t
price
deflator

1985 III1985 IV

-2.4

0.9

3.3

3.0

-1.2

5.5

-17.5

1.8

1984 IV1985 IV

0.1

2.5

2.4

3.2

-0.3

3.1

5.3

2.6

-0.2

2.8

3.0

3.1

-0.4

3.3

5.3

3.1

1985 Annual

Fourth quarter measures for ncnf inancial corporations
Fourth-quarter 1985 measures of productivity and costs were also announced
today for the nonfinancial corporate sector, together with revised annual
move-ment (tables B and C). Output per all-employee hour declined 2.4 percent
from the third to the fourth quarter of 1985, as output increased 0.9 percent
and all-eraployee hours increased 3.3 percent. This was the second quarter of
1985 during which productivity declined in this sector (table 6),
Hourly
competisa-tion increased 3.0 percent, but declined 1.2 percent vrtien the rise in
the CPI-U is taken into account. Unit labor costs rose 5.5 percent, unit
nonlabor costs increased 1.5 percent, but unit profits dropped 17.5 percent
(table 6). The implicit deflator for nonfinancial corporate output increased
1.8 percent in the fourth quarter.




Table C. Nonfinancial corporations: Preliminary and revised 1985 annual
change in productivity and related measures
Percent

Period
Prel iminary
Revised

Real
Hourly hourly Unit
Implicit
Produccompen- compen- labor Unit
price
tivity Output Hours sation sation costs profits deflator

-0.1
-0.2

2.8
2.8

3.0
* 3.0

3.1
3.1

-0.4
-0.4

3.3
3.3

5.9
5.3

3.1
3.1

Next release date
The next release of productivity and cost measures is scheduled for 10:00
AM EOT Thursday, May 29, 1986. Released at that time will be preliminary
first-quarter measures for the nonfinancial corporate sector, and revised first
quarter measures for business, nonfarm business, and manufacturing.




-5TBCfflilCAL NOTES

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. Correspondirxj exclusions are also made in labor inputs. Business
output has accounted for about 77 percent of gross national product in recent
years.
Total manufacturing measures are computed by summing 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 these 2-digit SIC industries:
Textile mill products, apparel products, leather and leather products, printing
and publishing, chemical and chemical products, petroleum products, rubber and
plastic products, foods, and tobacco products.
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 the
rest-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 shew the changes from periodto 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.




-6Table 1.

Business sector: Productivity, hourly compensation, unit labor cost, and prices, seasonally adjusted

Year and
quarter

Output per
hour
of all persons

Output

Compensation per
hour(l)

Hours
of all
persons

Real
compensation per
hour(2)

Unit
labor
cost

Unit nonlabor payments ( 3 )

Implicit
price
deflator(4)

Indexes 1977=100

1985

1986

I
II
III
IV

105.3
105.5
105.9
104. 9r

121.2
121.9
122.6
122. 8r

115.1
115.6
115.8
117. Ir

172.4
174.3
176.1
177.6

98.5
98.5
98.9
98.7

163.8
165.2
166.3
169. 3r

157.6
158.2
158.6
156. 2r

161.6
162.7
163.5
164. 6r

ANNUAL

105. 3r

122. Ir

115.9

175. Or

98.6

166. 2r

157.7

163.1

I

105. 5p

123.9p

117. 5p

178. 3p

98. 8p

169. Ip

159. Op

165. 4p

1.5
0.4
1.6
-0.9r

3.7
3.5
2.5
7.5r

-0.9
1.4
1.1
-5.8r

2.1
2.8
2.0
2.7r

0.7r

2.8

Percent change from previous quarter at annual rate( 5)

1985

1986

3.6
2.3
2.5
0.4r

2.5
1.5
0.9
4.5r

4.8
4.4
4.2
3.4

O.lr

2.6r

2.5r

4. Or

0.4r

3.9r

2.3p

3.8p

1.4p

1.7p

0.2p

-0.6p

7. 2p

2. Op

3.2
3.0
2.6
2.4r

I
II
III
IV

1.0
0*8
1.6
-3.9r

ANNUAL
I

Percent change from corresponding quarter of previous year

1985

1986

I
II
III
IV

0.3
-0.1
0.5
-O.lr

3.5
2.2
2.5
2.2r

3.1
2.3
2.0
2.3

3.8
4.1
4.1
4.2

0.2
0.4
0.7
0.7

3.4
4.1
3.6
4.3r

2.7
0.9
0.8
-l.lr

ANNUAL

O.lr

2.6r

2.5r

4. Or

0.4r

3.9r

0.7r

2.8

I

0.2p

2.3p

2. Op

3.4p

0.3p

3.2p

0.9p

2.4p

See footnotes following table 6,
r=revised
p=preliminary




April 28, 1986
Source: Bureau of Labor Statistics

-7-

Table 2.

Nonfarm business sector: Productivity, hourly compensation, unit labor cost, and prices, seasonally adjusted

Year and
quarter

Output per
hour
of all persons

Output

Hours
of all
persons

Compensation per
hour(l)

Real
compensation per
hour(2)

Unit
labor
cost

Unit nonlabor paymen ts( 3)

Implicit
price
deflator(4)

Indexes 1977=100

1985

1986

IV

104.1
104.2
104.3
103. 2r

121.1
121.8
122.6
122. 7r

116.3
116.9
117.5
118.9

172.1
173.7
175.0
176.4

98.3
98.2
98.3
.98. Or

165.3
166.8
167.8
170. 9r

158.8
160.2
161.4
157. 7r

163.0
164.5
165.5
166. 3r

ANNUAL

103. 9r

122. Or

117. 5r

174. 2r

98. Ir

167. 7r

159. 5r

164.8

104. Ip

123. 9p

119. Ip

177. 4p

98. 3p

170. 5p

161. 8p

167. 4p

I
II
III

I

Percent change from previous quarter at annual rate( 5)
1985

1986

I
II
III
IV

1.0
0.2
0.4
-4.1r

3.6
2.3
2.6
0.6r

2.6
2.1
2.1
4.8r

4.7
3.8
2.8
3.2r

1.4
-0.2
0.3
-1.0

3.6
3.6
2.4
7.6r

1.0
3.7
2.9
-8.7r

2.7
3.7
2.6
1.8r

ANNUAL

-0.3r

2.6r

2.9r

3.7

0.1

3.9

2.1

3.3

I

3.4p

4. Op

0.6p

2.4p

0.9p

-l.Op

10. 6p

2.8p

Percent change from corresponding quarter of previous year

1985

1986

I
II
III
IV

0.1
-0.4
0.1
-0.6r

3.4
2.2
2.6
2.2r

3.3
2,6
2.5
2.9

3.7
3.8
3.6
3.7

0.1
0.1
0.3
0.1

3.6
4.2
3.6
4.3r

4.1
2.5
2.4
-0.4r

3.8
3.6
3.2
2.7r

ANNUAL

-0.3r

2.6r

2.9r

3.7

0.1

3.9

2.1

3.3

I

O.Op

2.4p

2.4p

3. Ip

O.Op

3. Ip

1.9p

2.7p

See footnotes following table 6,
r=revised
p=preliminary




April 28, 1986
Source: Bureau of Labor Statistics

-8Table 3.

Manufacturing sector: Productivity, hourly compensation, and unit labor 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

I
II
III
IV

119.9
121.7
122.7
122. 3r

119.8
120.4
121.3
121.9

99.9
98.9
98. 9
99.6

174.3
176.1
177.3
178.8

99.5
99.5
99.6
99.4

145.4
144.7
144.5
146. 2r

ANNUAL

121. 6r

120.9

99. 3

176.6

99.5

145. 2r

I

123. Op

122. 6p

99. 7p

179. 2p

99. 3p

145. 6p

1985

1986

Percent change from previous quarter at annual rate(5)
1985

I
II
III
IV

ANNUAL

1986

I

6.1

-l.lr

0.9
2.0
3.1
1.9r

-0.5
-3.9
-0. 1
3,lr

4.0
2.7
3.5r

2.8
0.0
0.2
-0.8r

4.7
-2.0
-0.5
4.7r

2.7

2.5

-0. 2

4. 4

0.8

1.7

2.4p

2.4p

0.9p

-0.5p

-1.4p

1.3
6.1
3.2.

O.Op

Percent change from corresponding quarter of previous year
1985

I
. II
III .
IV

'

ANNUAL
1986

I

2.7
3.3
2.4
2.4

4.0
2.5
1.6
2.0

1.2
-0.8
-'•- -0.8
-0.4

4.6
4.7
4.3
4.1

1.0
1.0
0.9
0.5

1.8
1.4
1.9
1.7

2.7

2.5

-0.2

4.4

0.8

1.7

2.6p

2.3p

-0.3p

2.8p

-0.3p

0.2p

See footnotes following table 6.
r=revised
p=preliminary



April 28, 1986

Source: Bureau of Labor Statistics

-9-

Table 4.

Durable manufacturing sector: Productivity, hourly Compensation, and unit labor cost,
seasonally adjusted

Year and
quarter

Output per
hour
of all persons

Hours
of all
persons

Output
(6)

Compensation per
hour(l)

Real
compensation per
hour (2)

Unit
labor
cost

Indexes 1977=100

I
II
III

1985

IV

ANNUAL

1986

I

121. 3
122. 8
123. 8
123. 3r

122.6
122.8
123.4
123.8

101. 1
100. 0
99.7
100. 4

172 .6
174 .3
175 .9
178 .1

98. 6
98. 5
98. 8
99.0

142.4
141.9
142.1
144. 5r

122. 8

123.1

100. 3

175 .2r

98.7r

142. 7r

123. 9p

124. Op

100. IP

178 • 4p

98.8p

144. Op

2. 8

6.7
3.9
3.7
5.2r

3. 4
-0. 1
1. 2
0. 9r

4.2
-1.3
0.7
6.7r

4.6r

1. Or

1.6r

-0. 8p

-1.3p

4.3
4.5
4.6
4.9

0. 7
0. 8
1. 2
1. 3

0.7
0.9
2.3
2.5

Percent change from previous quarter at annual rate(5)

1985

I
II
III
IV

ANNUAL
I

1986

2. 4
5. 3
3. 0
-1. 4r

1.2
0.7
1.9
1.4r

2. 9

2.9

0. 0

2. Op

0.6p

-1. 4p

Percent change from

-1. 2
-4. 3
-1. 1

0. 6p

corresponding quarter of previous year

I
II
III
IV

3. 6
3. 6
2. 2
2. 3

6.0
3.4
1.2
1.3

2. 3
-0. 2
-1. 0
-1. 0

ANNUAL

2. 9

2.9

0. 0

4.6r

1. Or

1.6r

2. 2p

l.lp

-1.Op

3.4p

0. 3p

l.lp

1985

1986

I

See footnotes following table 6.
r=revised
p=preliminary



April 28, 1986
Source: Bureau of Labor Statistics

-10-

Table 5.

Nondurable manufacturing sector: Product!vity, hourly compensationr and unit labor costr
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

115.7
116.8
118.2
119.1

98.2
97.4
97.7
98.5

176.9
178.8
179.3
179. 5r

101.0
101.1
100.7
99.8

150.1
149.0

IV

117.8
120.0
121.0
120.8

ANNUAL

119.9

117.4

98.0

178. 6r

100. 6r

149. Or

121. 7p

120. 6p

99. Ip

180. 4p

99. 9p

148. 2p

I
II
III

1985

1986

I

148.2
148.6

Percent change from previous quarter at annual rate(5)
I
II
III
IV

1985

-0.2
7.4
3.5
-0.6

-3.3
1.4
3.4

5.3
4.4
1.2
0.5r

2.0
0.3
-1.3
-3.6

5.4
-2.9
-2.2
1.2

-0.5

4.1r

0.5r

1.7r

1.8p

0.4p

-l.lp

ANNUAL

2.3r

1.8

I

3. Op

5.2p

1986

0.6

0.4
3.9
5.0
2.8

2.2p

Percent change from corresponding quarter of previous year

1.3
2.9
2.8
2.5

0.9
1.2
2.2
3.0

-0.4
-1.6
-0.6
0.5

4.8
4.9
3.9
2.8

ANNUAL

2.3r

1.8

-0.5

'l

3.3p

4.2p

1985

I
II
III
IV

1986

See footnotes following table 6.
r=revised
p=preliminary



0.9p

1.2
1.2
0.5
-0.7

3.5
2.0
1.1
0.3

4.1r

0.5r

1.7r

2. Op

-l.lp

-1.3p

April 28, 1986
Source: Bureau of Labor Statistics




-11Table 6.

Nonfinancial corporations: Productivity, hourly compensation, unit labor cost, unit profits, and
prices, seasonally adjusted

Year
and
quarter

Output
per allemployee
hour

Ou tpu t

Employee Hourly
Real
hours compensa^ hourly
tion
compen(1)
sation(2)

Unit
labor
cost

Unit
non- *
labor
cost(7)

Total
unit
cost
(8)

Unit
profits
(9)

Implicit
price
deflator
(4)

Indexes 1977=100

1984

1985

I
II
III
IV

106.2
106.7
106.1
105.8

118.9
121.1
121.4
122.2

112.0
113.5
114.5
115.5

164.2
165.6
166.8
167.9

97.1
97.1
96.9
96.7

154.7
155.1
157.2
158.7

172.3
174.0
177.0
177.9

159.1
159.9
162.2
163.6

132.9
139.1
134.3
135.9

156.0
157.4
158.9
160.3

ANNUAL

106.2

120.9

113.9

166.1

96.9

156.4

175.3

161.2

135.6

158.1

I
II
III
IV

105.8
105.8
106.5
105. 9p

123.2
123.7
124.9
125. 2p

116.4
117.0
117.3
118. 2p-

169.4
170.8
172.0
173. 3p

96.7
96.6
96.6
96. 3p

160.0
161.5
161.5
163. 7p

177.6
178.6
177.2
177. 8p

164.4
165.8
165.5
167. 2p

138.3
139.1
150.2
143. Ip

161.3
162.6
163.6
164. 4p

ANNUAL

105. 9r

124.3

117. 3r

171.3

96.5

161. 7r

177. 8r

165. 7r

142. 7r

163.0

Percent change from previous quarter at annual rate(5)

1984

1985

-0.3
1.2
5.5
3.9

-3.2
4.0
7.1
2.0

-1.1
2.0
5. ,9
3.4

32.0
19.7
-13.0
4.9

1.8
3.7
3.8
3.5

-0.8

1.2

-0.5

0.8

26.1

2.9

3.4
3.5
2.8
3. Op

0.2
-0.5
0.2
-1.2p

3.2
3.8
0.0
5.5p

-0.8
2.4
-3.2
1.5p

2.1
3.4
-0.9
4.4p

7.2
2.2
36.0
-17. 5p

2.6
3.3
2.5
1.8p

3.1

-0.4

3.3

1.4r

2.8r

5.3r

I
II
III
IV

4.7
2.1
-2.3
-1.1

13.9
7.8
1.0
2.5

8.8
5.6
3.4
3.6

4.4
3.4
3.0
2.8

-0.7
-0.2
-0.8
-0.8

ANNUAL

2.1

9.2

7.0

3.4

I
II
III
IV

0.1
-0.2
2.8
-2.4p

3.2
1*9
3.8
0.9p

3.0
2.2
1.0
3.3p

ANNUAL

-0.2r

2.8

3.0

3.1

Percent change from corresponding quarter of previous year

1984

1985

I
II
III
IV

3.5
2.9
1.5
0.8

11.8
10.9
8.3
6.2

8.0
7.8
6.7
5.3

3.1
3.4
3.7
3.4

-1.3
-0.9
-0.5
-0.6

-0.4
0.5
2.2
2.6

-3.0
-1.6
0.2
2.4

-1.1
-0.1
1.7
2.5

52.8
34.9
17.4
9.6

2.6
2.7
3.1
3.2

ANNUAL

2.1

9.2

7.0

3.4

-0.8

1.2

-0.5

0.8

26.1

2.9

I
II
III
IV

-0.3
-0.9
0.4
0..1P

3.6
2.2
2.9
2.5p

3.9
3.1
2.5
2.4p

3.1
3.2
3.1
3.2p

-0.4
-0.5
-0.2
-0.3p

3.5
4.1
2.7
3. Ip

3.0
2.7
0.1
O.Op

3.3
3.7
2.0
2.2p

4.0
0.0
11.8
5.3p

3.4
3.3
3.0
2.6p

ANNUAL

-0.2r

2.8

3.0

3.1

-0.4

3.3

1.4r

2.8r

5.3r

3.1

See footnotes following table 6.
r=revised
p=preliminary

April 28, 1986
Source: Bureau of Labor Statistics

-12SOURCES: 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 Statistics, U.S. Department of Labor, and the Bureau of
Economic Analysis.
RELIABILITY: Productivity and cost measures are regularly revised as more
complete information becomes available. Preliminary results are published 30
days after the close of the reference period; revisions appear 30 days later,
and second revisions after an additional 60 days. In the business sector, the
probability is 0.95 that the third publication {second revision) of a quarterly
index of output per hour of all persons will differ from the preliminary value
by between -1.7 and +1.9 index points.
Th is interval is based on the
performance of this measure between the first quarter of 1976 and the second
quarter of 1985.
Footnotes, Tables 1-6
(1) Wages and salaries of the employees plus employers' contributions for
social insurance and private benefit plans. Except for nonfinancial corporations, vdiere 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) Unit nonlabor payments include profits, capital consumption allowances
interest, rental payments, 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 manufacturing output measures are based on the index of
industrial production prepared monthly by the Board of Governors of the
Federal Reserve adjusted by BL£ to annual manufacturing output levels
(gross product originating) from the National Income and Product Accounts
prepared by the Bureau of Economic Analysis of the U.S. Department of
Commerce.
(7) Unit nonlabor cost includes capital consumption allowances, interest,
rental payments, and indirect taxes.
(8) Total unit 'cost is the sum of labor and nonlabor costs.
(9) Unit profits include corporate profits with inventory valuation and
capital consumption adjustments.