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News
Bureau of Labor Statistics
Historical, technical
information: (202) 523-9261
Current data : (202) 523-1221
-1208
Media contact: (202) 523-1913
United States
Department
of Labor
Washington, D.C. 20212
USDL 89-217
Wire Embargo until: 10:00 AM EOT
Wednesday, May 3, 1989
PRODUCTIVITY AND COSTS
First Quarter 1989
The Bureau of Labor Statistics of the U.S. Department of Labor today
reported preliminary productivity data—as measured by output per hour of
all persons—for the first quarter of 1989. Based on preliminary data,
the seasonally-adjusted annual rates of productivity change in the first
quarter were:
3.5 percent in the business sector,
0.5 percent in the nonfarm business sector,
3.8 percent in manufacturing,
3.6 percent in durable goods manufacturing, and
4.0 percent in nondurable goods manufacturing.
First-quarter measures are summarized in table A and appear in detail
in tables 1 through 5. Productivity rose in all sectors in the first
quarter, hut gains were strongest in manufacturing.
Business
Productivity increased at a 3.5 percent annual rate during the first
quarter of 1989 in the business sector, as output rose 6.7 percent and
hours of all persons engaged in the sector increased 3.1 percent (seasonally adjusted annual rates). During the fourth quarter of 1988, productivity declined 1.0 percent, as output grew 3.3 percent and hours increased 4.3 percent (table 1). The large productivity gain in the first
quarter of 1989—the largest in a year—partly reflected a very large
increase in farm productivity.
Hourly compensation increased 5.7 percent during the first quarter of
1989, compared with a 4.3 percent rise in the fourth quarter of 1988.
This measure includes wages and salaries, supplements, employer contributions to employee benefit plans, and taxes.
Unit labor costs, which
reflect changes in hourly compensation and productivity, increased at a
2.1 percent annual rate during the first quarter, down significantly fron
the 5.4 percent increase in the fourth quarter of last year.
Table A. Productivity and costs: Preliminary first-quarter 1989 measures
(Seasonally adjusted annual rates)
Productivity
Sector
Business
Nofifarm business
Manufacturing
Durable
Nondurable
3.5
0.5
3.8
3.6
4.0
Output
Hours
Hourly
compensation
6.7
3.6
3.1
3.1
0.8
0.5
1.2
5.7
5.7
4.1
4.5
3.7
4.6
4.2
5.3
"Teal
hourly
compensation
0.3
0.3
-1.2
-0.9
-1.7
Unit
labor
costs
2.1
5.2
0.4
0.8
-0.4
Percent change from same quarter a year ago
Business
Norifarm business
Manufacturing
Durable
Nondurable
0.2
0.2
3.6
3.2
4.0
3.8
4.0
5.7
6.0
5.1
3.6
3.7
2.0
2.7
1.1
5.2
5.2
4.2
4.0
4.5
0.4
0.4
-0.5
-0.8
-0.2
5.1
4.9
0.6
0.7
0.5
Real hourly compensation, which takes into account changes in the
Consumer Price Index for All Urban Consumers (CPI-U), increased at a 0.3
percent annual rate in the first quarter, compared with a 0.2 percent
decline in the fourth quarter of 1988.
The implicit price deflator for the business sector, which reflects
changes in unit labor costs and unit nonlabor payments, increased 3.3
percent in the first quarter.
Nonfarm business
Productivity increased 0.5 percent in the nonfarm business sector
during the first quarter of 1989, as output rose 3.6 percent and hours of
all persons increased 3.1 percent. During the fourth quarter of 1988,
productivity rose 1.0 percent in this sector (table 2).
Hourly compensation increased 5.7 percent in the first quarter, but
increased only 0.3 percent when the rise in the CPI-U was taken into
account. Unit labor costs rose 5.2 percent, compared with a 4.1 percent
rise durimj the fourth quarter of 1988.
The implicit price deflator for the nonfarm business sector rose 3.1
percent in the first quarter, compared with a 6.0 percent rise one quarter
earlier.
- 3 -
Manufacturing
I I CIV* 4»U1 1 II«J
Productivity increased at a 3.8 percent seasonally adjusted annual rate in
acturing in the first quarter of 1989, as' output rose 4.6 percent and
hours of all persons increased 0.8 percent (seasonally adjusted annual rates).
Manufacturing
n c m u i a v - u u i i n y productivity
yi uuu^i, i v i u j growth was much faster
than in the fourth quarter of 1988 (tabl e 3). Productivity, output, .and hours
of labor input all advanced faster in nondurable goods industries than in
jbles 4 and 5). While output incr
increased in both subsectors, the
durables (tables
increase in hours occurred mainly in nondurables
N»l
l i t
V • I ^>
I
II
W W
U VI V* I
V '
Hourly compensation of all manufacturing workers increased 4.1 percent
during the first quarter, with faster gains recorded for producers of durable
goods. Real hourly compensation for the whole sector fell 1.2 percent when
the increase in consumer prices is taken into account.
Unit labor costs
increased at a 0.4 percent annual rate, compared with a 3.5 percent increase
during the fourth quarter of 1988.
Fourth quarter measures for nonfinanclal corporations
Fourth-quarter 1988 measures of productivity and costs also were announced
today for the nonfinancial corporate sector, together with revised annual
movements (tables B and C). Output per all-employee hour increased 0.2 percent
from the third to the fourth quarter of 1988, as output increased 4.5 percent
and all-employee hours increased 4.2 percent (seasonally-adjusted annual
rates). Productivity thus increased for the first and last quarters of 1988,
but fell during the second and third quarters (table 6).
Table B. Nonfinancial corporations: Fourth quarter and current 1988
annual measures
(Seasonally adjusted annual rates)
Period
Real
Hourly hourly Unit
Implicit
compen- compen- 1 abor Unit
Producprice
tivity Output Hours sation sation costs profits deflator
1988 III1988 IV
0.2
4.5
4.2
4.6
0.1
4.3
14.1
5.0
1987 IV 1988 IV
0.5
4.3
3.7
4.3
0.0
3.8
4.3
3.7
1988 Annual
1.3
5.3
3.9
4.1
0.0
2.7
1.1
2.5
Table C. Nonflnandal corporations: Previous and current 1988 annual
change 1n productivity and related measures
(Percent change)
Measure
Previous
Current
Real
Hourly hourly UnU
Implicit
compen- compen- labor Unit
Producprice
tivity Output Hours sation sation costs profits deflator
1.2
1.3
5.1
5.3
3.9
3.9
4.2
4.1
Hourly compensation increased 4.6
rose only 0.1 percent when the rise
Unit labor costs rose 4.3 percent,
percent» and uni t prof i ts rose at
implicit deflator for nonfinancial
during the fourth quarter.
0.0
0.0
2.9
-0.8
2.7 , 1.1
2.5
2.5
percent in the fourth quarter, but
in the CPI-U is taken into account,
unit nonlabor costs increased 3.8
a 14.1 percent annual rate.
The
corporate output rose 5.0 percent
REVISED MEASURES
Current and previous measures for the fourth quarter and full year
1988 for the business, nonfarm business, and manufacturing sectors are
compared in table D. Fourth quarter movements differ somewhat from those
that had been reported on March 7, based on information then available.
Annual movements were virtually the same as previously published.
- 5Table D. Previous and current productivity and related measures,
fourth quarter and annual averages, 1988
(Seasonally-adjusted annual rates)
Productivity
Sector
Output
Hours
Hourly
compensation
Real
hourly Unit
compen- labor
sation costs
Percent change , third to fourth quarter 1988
Business:
Previous
Current
Nonfarm business:
Previous
Current
Manufacturing:
Previous
Current
-2.0
-1.0
2.2
3.3
4.3
4.3
4.7
4.3
0.3
-0.2
6.8
5.4
0.1
1.0
3.7
4.8
3.6
3.7
5.6
5.2
1.1
0.7
5.6
4.1
1.8
1.6
5.5
3.6
3.5
5.5
5.1
1.0
0.6
3.5
3.5
5.1
Percent change, 1987 to 1988
Business:
Previous
Current
Nonfarm business:
Previous
Current
Manufacturing:
Previous
Current
1.0
1.1
4.5
4.6
3.4
3.5
4.8
4.8
0.7
0.6
3.7
3.7
1.4
1.5
5.1
5.2
3.6
3.7
4.7
4.6
0.5
0.4
3.2
3.1
3.2
3.2
6.1
6.1
2.8
2.8
3.6
3.5
-0.6
-0.6
0.3
0.3
Next release date
The next release of Productivity and Costs is scheduled for 10:00 AH
EOT Thursday, June 1, 1989. First-quarter measures for nonfinancial corporations and measures for business, nonfarm business, and manufacturing
will be released at that time.
-6TECHNICAL NOTES
Business sector output is equal to gross national product in constant 1982
dol1ars, 1 ess the rest-of-the-world sector, general government, output of nonprofit institutions, output of paid employees of private households, 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 accounted for 31 percent of gross national product in
1988
The nonfarm business sector, which also excludes farming, accounted for
about 79 percent of gross national product in 1988.
Total manufacturing measures are computed by summing series prepared for
the durable and nondurables goods sectors.
The durable sector includes the following 2-digit SIC industries: Primary
metals; fabricated metal products; nonelectrical machinery; electrical machi nery; transportation equi pment; i nstruments; 1 umber 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, food, and tobacco products.
Manufacturing output accounted for about 22 percent of gross national
product in 1988.
Nonfinancial corporate output is equal to gross national product in
constant 1982 dollars, less the rest-of-the-world sector, general, government,
unincorporated business, output of nonprofit institutions, output of paid
employees of private households, 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 accounted for about
60 percent of gross national product in 1988.
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 contribution 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; mangerial s k i l l ; and the characteristics and effort
of the work force.
-7-
Table 1. 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
compensa-
tion per
hour(2)
Unit
labor
cost
Unit nonlabor payments(3)
Implicit
price
deflator(4]
Indexes 1977*100
1988
1989
I
II
III
IV
112.8
111.8
112.3
rl!2.0
138.0
138.8
139.8
rl40.9
122.3
124.1
124.5
125.8
195.8
198.1
201.1
r203.2
101.9
102.0
102.4
r!02.3
173.5
177.1
179.0
r!81.4
170.0
170.4
172.7
r!74.6
172.3
174.7
176.8
179.0
ANNUAL
rl!2.2
r!39.4
r!24.3
r!99.4
r!02.1
rl77.8
r!72.0
175,7
I
113.0
143.2
126.8
206.0
102.4
182.3
177.0
180.4
1.0
5.8
4,7
5.1
Percent change from previous quarter at annual rate(5)
1988
1989
IV
3.5
-3.4
1.7
r-1.0
5.5
2.4
2.8
r3.3
1.9
6.0
1.1
4.3
3.7
4.8
6.2
r4.3
0.0
0.3
1.4
r-0.2
4,4
r5.4
2.5
1.0
5.3
r4.7
ANNUAL
rl.l
r4.6
r3.5
4.8
rO.6
3.7
rl.9
3.1
I
3.5
6.7
3.1
5.7
0.3
2.1
5.5
3.3
2.1
2.7
3.2
I
II
III
0.2
8.5
Percent change from corresponding quarter of previous year
1988
1989
I
II
III
IV
2.7
1.1
0.6
rO.2
5.8
5.0
4.1
r3.5
3.0
3.9
3.5
3.3
4.5
4.8
5.2
r4.7
0.5
0.9
1.0
rO.4
1.8
3.7
4,6
r4.6
2.7
1.0
0.7
r3,4
r4.1
ANNUAL
rl.l
r4.6
r3.5
4.8
rO.6
3.7
rl.9
3.1
I
0.2
3.8
3.6
5.2
0.4
5.1
4.1
4.7
See footnotes following table 6.
r»rev1sed
May 3, 1989
Source: Bureau of Labor Statistics
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 payments^)
.Implicit
price
deflator(4)
Indexes 1977=100
1988
1989
6
6
4
9
101.3
101.3
101.5
rl01.7
175 .7
178 .6
180 .2
r!82 .0
171.6
171.8
173.9
rl77.9
174.2
176.2
178.0
18(1.6
r!26.6
r!98. 0
rl01.4
r!79 .1
r!73.9
177.3
129.1
204. 8
101.8
184 .3
177.6
182.0
I
11
111
IV
110.8
110.1
110.7
rllO.9
137.9
139.2
140,5
r!42.1
124.4
126,4
126.9
128,1
ANNUAL
rllO.6
r!39.9
111.1
143.4
I
194.
196.
199.
r201.
Percent change from previous quarter at annual rate(5)
1988
1989
I
11
III
IV
3.4
-2.4
2.0
rl.O
5.6
4.0
3.5
r4.8
2.1
6.6
1.5
r3.7
3. 5
4. 2
5. 7
r5. 2
-0.1
-0.3
0.9
rO.7
0 .1
6 .8
3 .7
r4 .1
1.6
0.7
4.8
r9.6
0.6
4.7
4.1
6.0
ANNUAL
rl.5
r5.2
r3.7
r4. 6
rO.4
r3 .1
r2.1
2.8
1
0.5
3.6
3.1
5. 7
0.3
5 .2
-0.7
3.1
Percent change from corresponding quarter of previous year
1988
I
II
III
IV
ANNUAL
1989
I
2.8
1.4
1.0
rl.O
6.0
5.6
4.7
r4.5
3.1
4.1
3.8
r3.5
4. 4
4. 6
5. 0
r4. 7
0.4
0.7
0.8
rO.3
1.6
3.2
4 .0
r3 .6
2.6
1.2
0.5
r4.1
1.9
2.5
2.8
3.8
rl.5
r5.2
r3.7
r4. 6
rO,4
r3 .1
r2.1
2.8
3.7
5. 2
0.4
4 .9
3.5
4.5
0.2
See footnotes following table 6.
r=revised
4.0
May 3, 1989
Source: Bureau of Labor Statistics
Table 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
1988
1989
I
II
III
IV
134.3
135.5
137.2
r!37.8
135.0
136.9
139.3
rlAl.l
100.6
101.1
101.5
102.4
190.7
192.1
194.4
r!96.8
99.3
99.0
99.0
r99.1
142.1
141.8
141.6
142.9
ANNUAL
136.2
138.1
101.4
r!93.5
r99.1
142.1
I
139.0
142.7
102.6
198.8
98.8
143.0
Percent change from previous quarter at annual rate{5)
1988
1989
I
II
III
IV
3.7
5.2
rl.6
4.6
5.8
7.1
r5.1
1.3
2.0
1.8
r3.5
5.4
3.0
4.8
r5.1
1.8
-1.5
0.0
rO.6
2.2
-0.7
-0.5
3.5
ANNUAL
3.2
6.1
2.8
r3.5
-0.6
0.3
I
3.8
4.6
0.8
4.1
-1.2
0.4
3.2
Percent change from corresponding quarter of previous year
1988
1989
I
II
III
IV
3.3
2.8
3.3
r3.4
6.2
6.4
6.2
r5.6
2.8
3.4
2.8
2.2
2.6
3.2
3.8
4.6
-1.3
-0.7
-0.3
P0.2
-0.7
0.3
0.5
1.1
ANNUAL
3.2
6.1
2.8
r3.5
-0.6
0.3
I
3.6
5.7
2.0
4.2,
-0.5
0.6
See footnotes following table 6.
r=revised
May 3, 1989
Source: Bureau of Labor Statistics
-10-
Table 4. Durable 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
1988
141.3
142.7
144.2
r!44.6
141.3
144.0
146.4
r!48.3
100.0
100.9
101.5
102.6
189.5
190.1
192.3
rl94.8
98.7
97.9
97.9
r98.1
134.1
133.3
133.4
r!34.7
ANNUAL
143.2
145.0
101,3
r!91.7
98.2
133.9
I
145.9
149.8
102.7
197.0
97.9
135.0
I
II
III
IV
1989
Percent change from previous quarter at annual rate(5)
1988
I
II
III
IV
3.8
3.8
4.3
rl.2
4.3
7.7
6.8
r5.3
0.4
3.8
2.4
r4.1
7.1
1.4
4.7
r5.3
3.4
-3.0
0.0
rO.8
3.2
-2.3
0.5
r4.0
ANNUAL
3.4
6.6
3.1
3.5
-0.6
0.1
I
3.6
4.2
0.5
4.5
-0.9
0.8
1989
Percent change from corresponding quarter of previous year
1988
I
II
III
.IV
3.4
3.3
3.6
3.3
6.0
7.3
7.2
r6.0
2.5
3.8
3.4
2.7
2.5
3.1
3.8
r4.6
-1.4
-0.8
-0.3
rO.3
-0.9
-0.2
0.1
rl.3
ANNUAL
3.4
6.6
3.1
3.5
-0.6
0.1
I
3.2
6.0
2.7
4.0
-0.8
0.7
1989
See footnotes following table 6.
r-revised
May 3, 1989
Source: Bureau of Labor Statistics
-11Table 5. Nondurable 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
1988
I
II
III
IV
ANNUAL
1989
I
123.9
124.8
126.9
r!27.5
125.6
126.4
128.8
r!30.3
101.4
101.3
101.5
102.2
193.2
195.7
197.9
200.2
100.6
100.8
100.8
100.8
156.0
156.8
156.0
r!57.0
125.8
127.8
101.6
196.8
100.8
r!56.5
128.8
132.0
102.5
202.0
100.4
156.9
Percent change from previous quarter at annual rate(5)
1988
1989
I
II
III
IV
2.3
3.2
6.8
r2.0
5.1
2.7
7.7
r4.8
2.7
-0.5
0.9
2.7
2.9
5.2
4.6
4.7
-0.7
0.6
-0.1
rO.2
0.6
2.0
-2.0
r2.6
ANNUAL
2.9
r5.2
2.3
3.5
-0.6
rO.7
1
4.0
5.3
1.2
3.7
-1.7
-0.4
Percent change from corresponding quarter of previous year
1988
1989
I
II
III
IV
3.1
2.0
2.7
r3.5
6.4
4.9
4.6
r5.0
3.2
2.9
1.8
1.4
2.8
3.2
3.7
r4.3
-1.1
-0.7
-0.4
0.0
-0.3
1.1
1.0
rO.8
ANNUAL
2.9
r5.2
2.3
3.5
-0.6
rO.7
I
4.0
5.1
1.1
4.5
-0.2
0.5
See footnotes following table 6.
r=revised
May 3, 1989
Source: Bureau of Labor Statistics
-12-
Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor cost, unit profits,
and prices, seasonally adjusted
Year
and
quarter
Output
per allemployee
hour
Output
Employee Hourly
Real
hours compensa- hourly
tion
compen(1)
sation(2)
Unit
labor
cost
Unit
nonlabor
cost(7)
Total
unit
cost
(8)
Unit
profits
(9)
Implicit
price
deflator
(4)
Indexes 1977=100
1987
1988
I
II
III
IV
110.1
110.9
112.2
112.2
131.3
133.3
136.1
137.7
119.3
120.2
121.3
122.8
182.9
184.3
186.1
188,5
99.0
98.6
98.7
99.0
166.2
166.1
165.9
168.1
180.8
182.6
183.0
183.6
-169.9
170.3
170.2
172.0
128.5
129.8
136.4
128.3
164.9
165.4
166.1
166.7
ANNUAL
111.3
134.6
120.9
185.5
98.9
166.6
182.5
170.6
130.8
165.8
I
II
III
IV
113.3
112.9
112.7
112.7
140.1
141.2
142.0
143.6
123.6
125,0
126.1
127.4
189.9
191.9
194.5
196.6
98.9
98.8
99.0
99.0
167.5
170.0
172.6
174.4
183.4
185.1
187.8
189.6
171.5
173.8
176.4
178.3
132.5
132.6
129.6
133.9
166.9
168.8
170.8
172.9
ANNUAL
rl!2.8
r!4l.7
125.6
r!93.1
r98.9
r!71.1
r!86.5
r!75.0
r!32.2
169.9
Percent change from previous quarter at annual rate(5)
1987
1988
I
II
III
IV
-1.0
3.1
4.7
-0.1
2.9
6.1
8.8
4.7
4.0
2.9
4.0
4.8
1.6
2.9
4.1
5.2
-3.6
-1.8
0.4
1.5
2.6
-0.2
-0.6
5.3
2.5
4.1
0.8
1.3
2.6
1.0
-0.2
4.2
-3.5
3.9
21.9
-21.5
2.0
1.2
1.7
1.5
ANNUAL
1.5
4.3
2.7
3.4
-0.3
1.8
2.3
1.9
-1.2
1,6
I
II
III
IV
4.3
-1.6
-0.8
0.2
7.2
3.0
2.5
4.5
2.8
4.7
3.3
4.2
3.0
4.2
5.5
4.6
-0.6
-0.3
0.8
0.1
-1.2
5.9
6.4
4.3
-0.3
3.7
6.1
3,8
-1.0
5.3
6.3
4.2
13.8
0.3
-8.9
14.1
0.3
4.8
4.8
5.0
ANNUAL
rl.3
r5.3
3.9
r4.1
0.0
r2.7
r2.2
r2.6
rl.l
2.5
Percent change from corresponding quarter t>f previous year
1987
1988
I
II
III
IV
0.5
1.5
2.3
1.6
2.0
3.9
5.6
5.6
1.5
2.4
3.2
3,9
3.3
3.2
3.3
3.4
1.1
-0.6
-0.9
-0.9
2.8
1.7
0.9
1.8
2.3
3.2
1.5
2.2
2.6
2.1
1.1
1.9
-3.8
-2.2
2.0
-1.1
2.0
1.7
1.2
1.6
ANNUAL
1.5
4.3
2.7
3.4
.-0.3
1.8
2.3
1.9
-1.2
1.6
I
II
III
IV
3.0
1.8
0.4
0.5
6.7
5.9
.4.3
4.3
3.6
4.1
3.9
3.7
3.8
4.1
4.5
4.3
-0.2
0.2
0.3
0.0
0.8
2.3
4.0
3.8
1.5
1.4
2.7
3.3
1.0
2.1
3.7
3.7
3.1
2.2
-5.0
4.3
1.2
2.1
2.8
3.7
ANNUAL
rl.3
r5.3
3.9
r4.1
0.0
r2.7
r2.2
r2.6
rl.l
2.5
See footnotes following table 6.
r=revised
May 3, 1989
Source: Bureau of Labor Statistics
- 13 -
SOURCE: 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. The measures are first 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 initial
value by between -1.8 and +2.1 index points. This interval is based on the
performance of this measure between the first quarter of 1976 and the second
quarter of 1988.
Footnotes, Tables 1-6
(1) Wages and salaries of the employees plus employers1 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 selfemployed.
(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 income of persons, 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 BLS 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 income of persons, and indirect taxes. For nonfinancial corporations, rental income of persons is zero by definition.
(8) Total unit cost is the sum of labor and nonlabor costs.
(9) Unit profits include corporate
capital consumption adjustments.
profits with inventory valuation and
@FedFRASER