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Historical, technical information: (202) 606-5606 Current data: (202) 606-7828 Media contact: (202) 606-5902 USDL 94-289 TRANSMISSION OF THIS MATERIAL IS EMBARGOED UNTIL 10:00 A.M. EDT WEDNESDAY, JUNE 15, 1994 PRODUCTIVITY AND COSTS First Quarter 1994 Business, Nonfarm Business, Manufacturing, and 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 1994. The revised seasonally-adjusted annual rates of productivity change in the first quarter were: 1.1 percent in the business sector, and 1.3 percent in the nonfarm business sector. In both sectors, productivity and output gains were much smaller than in the fourth quarter. In manufacturing, productivity changes in the first quarter were: 6.9 percent in manufacturing, 8.5 percent in durable goods manufacturing, and 4.4 percent in nondurable goods manufacturing. Although slower than during the fourth quarter of 1993, the strong firstquarter productivity advance in manufacturing reflects continued strong output growth in durable goods industries along with improved output growth among nondurables. Output and hours in manufacturing, which includes about 20 percent of U.S. business-sector employment, tend to change more from quarter to quarter than in the business and nonfarm business sectors. First-quarter measures are summarized in table A and appear in detail in tables 1 through 5. Output measures for business and nonfarm business are based on measures of gross domestic product prepared by the Bureau of Economic Analysis of the U.S. Department of Commerce. Quarterly output measures for manufacturing reflect independent indexes of industrial production prepared by the Board of Governors of the Federal Reserve System. See Technical Notes for further information on data sources (page 9). In nonfinancial corporations, productivity was unchanged in the first quarter of 1994, as both output and hours rose 3.5 percent (tables B and 6). 2 NOTE: Revisions in labor input data based on the annual benchmark of the Current Employment Statistics survey are being introduced at this time, along with new seasonal adjustment factors. See Revised Measures on page 5. Table A. Productivity and costs: Revised first-quarter 1994 measures (Seasonally adjusted annual rates) Sector Productivity Output Hours Real Hourly hourly Unit compen-compen-labor sation sation costs Percent change from preceding quarter Business Nonfarm business Manufacturing Durable Nondurable 1.1 1.3 6.9 8.5 4.4 3.8 3.6 8.1 10.9 4.0 2.6 2.3 1.1 2.3 -0.4 5.3 5.3 5.1 6.1 3.3 3.1 3.1 2.9 3.9 1.2 4.1 3.9 -1.7 -2.2 -1.1 Percent change from same quarter a year ago Business Nonfarm business Manufacturing Durable Nondurable 2.7 2.6 5.6 7.7 2.5 5.1 5.2 5.6 8.2 2.0 2.3 2.5 0.1 0.5 -0.5 3.4 3.2 3.8 3.9 3.6 0.9 0.7 1.2 1.3 1.0 0.7 0.6 -1.7 -3.5 1.1 Business From the fourth quarter of 1993 to the first quarter of 1994, business productivity increased at a 1.1 percent annual rate. Output rose 3.8 percent and hours of all persons engaged in the sector increased 2.6 percent (seasonally adjusted annual rates). The increase in hours reflected a large gain in employment and a decline in average weekly hours. During the fourth quarter of 1993, productivity had gone up 6.8 percent (as revised), and output and hours rose 9.6 and 2.6 percent, respectively (table 1). Hourly compensation increased 5.3 percent during the first quarter of 1994, compared with a 2.5 percent rise in the fourth quarter of 1993. 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 4.1 percent annual rate during the first quarter. This was the largest increase in these costs in a year, and it reversed the 4.1 percent decline of the fourth quarter of 1993. Real hourly compensation, which takes into account changes in the Consumer Price Index for All Urban Consumers (CPI-U), increased at a 3.1 percent annual rate in the first quarter; it had fallen 0.5 percent in the fourth quarter of 1993. The first-quarter 1994 increase was the largest since 1990 (when a 3.2 percent increase was recorded in the second quarter). 3 The implicit price deflator for business output, which reflects changes in unit labor costs and unit nonlabor payments, increased 1.5 percent in the first quarter, compared with a 1.1 percent increase during the fourth quarter of 1993. Nonfarm business Productivity rose 1.3 percent in nonfarm businesses during the first quarter of 1994 as output rose 3.6 percent and hours of all persons increased 2.3 percent. During the fourth quarter of 1993, productivity rose 6.1 percent in nonfarm businesses, reflecting gains of 8.9 percent in output and 2.7 percent in hours (table 2). Hourly compensation increased at a 5.3 percent annual rate in the first quarter, compared with a 2.5 percent increase one quarter earlier. When the rise in the CPI-U is taken into account, real hourly compensation rose 3.1 percent in the first quarter, the largest quarterly gain since 1987 (when a 4.3 percent gain was recorded in the fourth quarter). Unit labor costs rose 3.9 percent, compared with a 3.4 percent drop during the fourth quarter of 1993. The implicit price deflator for nonfarm business output rose 1.2 percent in the first quarter, compared with a 0.6 percent rise one quarter earlier. Manufacturing Productivity increased 6.9 percent in manufacturing in the first quarter of 1994, as output rose 8.1 percent and hours of all persons increased 1.1 percent (seasonally adjusted annual rates). The increase in hours reflected a small increase in employment and a slight gain in average weekly hours. Productivity grew strongly in durable goods industries while rising more slowly in nondurables. Output gains in durable goods manufacturing were much greater than in nondurable goods industries (tables 4 and 5). Hourly compensation of all manufacturing workers increased 5.1 percent during the first quarter-the greatest such increase in more than 2 years. Real hourly compensation rose 2.9 percent when the increase in consumer prices is taken into account. This was the greatest increase since 1991 (when a 3.5 percent increase occurred in the fourth quarter). Unit labor costs fell at a 1.7 percent annual rate in the first quarter of 1994, the eighth quarter of decline or no growth in the past 9 quarters. These costs had decreased 3.9 percent during the fourth quarter of 1993. 4 Table B. Nonfinancial corporations: Preliminary first-quarter productivity and cost measures (Seasonally adjusted annual rates) Period Productivity Output Hours Real Hourly hourly Unit compen- compen-labor sation sation costs Implicit price deflator Unit profits Percent change from preceding quarter 1994 I 0.0 3.5 3.5 3.7 1.6 3.7 -17.5 2.2 Percent change from preceding year 1994 I 3.2 5.9 2.7 2.8 0.2 -0.4 10.8 0.8 Nonfinancial corporations Preliminary first-quarter 1994 measures of productivity and costs also were announced today for nonfinancial corporations (tables B and 6). Productivity was unchanged in the first quarter, as output and hours both increased 3.5 percent (seasonally adjusted annual rates). It was the first quarter in a year that productivity did not advance. In the fourth quarter of 1993, productivity had increased 5.7 percent. Nonfinancial corporations include are all corporations doing business in the United States, except banks, stock and commodity brokers, and finance and insurance agencies. Hourly compensation increased 3.7 percent, or 1.6 percent in real terms when the rise in the CPI-U is taken into account (table 6). Unit labor costs for nonfinancial corporations increased 3.7 percent in the first quarter, compared with a 3.4 percent drop in the fourth quarter of 1993, ending a period of 3 consecutive quarterly declines in this series. Unit nonlabor costs rose 7.1 percent, and unit profits fell 17.5 percent. During the fourth quarter of 1993, unit nonlabor costs fell 3.7 percent while unit profits rose 45.1 percent (annual rates). The implicit price deflator for nonfinancial corporate output rose 2.2 percent in the first quarter. Table C shows indexes of the implicit price deflator for nonfinancial corporate output and related series from 1982 forward. Changes in the prices of the goods and services produced by nonfinancial corporations (the implicit price deflator) reflect changes in costs and profits. Total unit costs consist of labor costs and nonlabor costs per unit of output. The table shows that price increases have reflected increases in both costs and profits. From 1982 to 1993, unit profits rose 95.9 percent, compared with a 24.8 percent increase in costs. However, the rise in prices (29.2 percent) was close to the increase in total costs, reflecting the greater proportion of corporate revenues disbursed to labor and nonlabor inputs. Unit nonlabor costs (including capital consumption allowances, interest, and indirect taxes) peaked in 1991 and have declined subsequently. 5 Table C. Nonfinancial corporations: Prices, costs, and profits (Indexes, 1982=100) Period Implicit price deflator Total Unit unit labor costs costs Unit nonlabor costs Unit profits 1982 1983 1984 1985 1986 100.0 101.8 105.3 107.7 108.6 100.0 99.5 101.1 103.7 105.9 100.0 99.6 102.0 105.2 107.2 100.0 99.3 98.8 100.1 102.4 100.0 135.9 168.4 168.1 150.0 1987 1988 1989 1990 1991 111.0 114.3 119.0 123.1 126.3 107.0 109.8 115.7 120.1 124.4 108.8 111.1 116.8 121.7 125.4 102.5 106.4 112.9 116.3 121.9 172.1 183.5 168.5 167.5 154.9 1992 1993 127.6 129.2 124.3 124.8 126.0 127.1 120.2 119.1 177.0 195.9 1993: I II III IV 129.0 129.3 129.2 129.3 125.4 125.0 125.0 123.9 127.8 127.3 127.2 126.1 119.6 119.2 119.4 118.3 182.8 193.9 193.7 212.6 1994: I 130.1 125.3 127.2 120.3 202.6 REVISED MEASURES Current and previous changes for 1992-93 and for the first quarter of 1994 for business, nonfarm business, and manufacturing are compared in table D. The movements differ from those reported on May 5, mainly reflecting revisions to first-quarter sector output measures from the national income and product accounts, prepared by the Bureau of Economic Analysis of the U.S. Department of Commerce. With this release of Productivity and Costs, labor input measures have been revised to reflect the regular annual benchmarking of employment levels derived from the monthly Current Employment Statistics survey to more comprehensive counts from unemployment insurance records. Revised seasonal adjustment factors computed for labor input measures also affected measures which depend on these series. Small changes in these series occurred in the years beginning with 1958, but the changes become more significant in 1989. See tables 1-6 and appendix tables 1-6 for the revised data for the years beginning with 1989. 6 Table D. Previous and revised productivity and related measures Quarterly percent change at seasonally adjusted annual rate Sector Real Hourly hourly Unit Produccompen-compen- labor tivity Output Hours sation sation costs First quarter 1994 Business: Previous.... Current .... 0.5 1.1 2.9 3.8 2.4 2.6 5.5 5.3 3.4 3.1 5.0 4.1 Nonfarm business: Previous.... 0.5 Current .... 1.3 2.6 3.6 2.0 2.3 5.6 5.3 3.4 3.1 5.0 3.9 Manufacturing: Previous.... 6.6 Current .... 6.9 8.0 8.1 1.4 1.1 4.7 5.1 2.5 2.9 -1.7 -1.7 Annual change, 1992-1993 Business: Previous.... Current .... 1.8 1.5 3.6 3.6 1.8 2.1 3.8 3.4 0.8 0.4 2.0 1.9 Nonfarm business: Previous.... 1.7 Current .... 1.4 3.9 3.9 2.1 2.4 3.6 3.2 0.6 0.2 1.8 1.8 Manufacturing: Previous.... 5.1 Current .... 4.2 4.8 4.8 -0.3 0.5 2.8 1.8 -0.2 -1.1 -2.2 -2.3 The monthly Current Population Survey (CPS) is used to provide information on employment and average weekly hours of the self employed, farm employees, private household workers, and unpaid family workers. Average weekly hours collected in the CPS also are used in estimating total hours worked in government enterprises. The computation of about 17 percent of the hours expended to produce business sector output is based on data from the CPS. (The CPS is conducted each month from a sample of about 60,000 households nationwide.) In January 1994, a major redesign of the CPS was implemented and new population controls were introduced. The redesign of the CPS, which improved the accuracy of the monthly labor force and employment information, is explained in several articles in the February 1994 issue of Employment and Earnings, and this new information was incorporated in productivity and cost measures released on May 5. The May 5 Productivity and Costs release (USDL 94-234) included a discussion of difficulties encountered in incorporating information from the redesigned CPS into productivity and cost measures. 7 Next release date The next release of Productivity and Costs is scheduled for 10:00 AM EDT, Tuesday, August 9, 1994. Preliminary second-quarter measures for business, nonfarm business, and manufacturing will be released at that time. 8 LABSTAT now on INTERNET! BLS Data Now Available on the INTERNET LABSTAT, the Bureau of Labor Statistics public database, provides current and historical data for many surveys as well as numerous press releases. LABSTAT on the Internet is composed of individual databases (in flat file format) corresponding to each of the surveys. Internet users should use Anonymous FTP to access BLS data: stats.bls.gov. Non-Internet users should use the limited dial-in service through a Bulletin Board Service to access BLS data; phone number (202) 606-7060. The major sector labor and multifactor productivity database containing productivity and costs measures is identified by the two-character survey name MP. For each news release published by stored in the */news.release directory. the BLS, the two most current issues are If you have questions or comments regarding the LABSTAT system on the Internet, address e-mail to labstat.helpdesk@bls.gov. LABOR NEWS At Your Fingertips You can now get this and other U.S. Department of Labor news releases quickly and easily through LABOR NEWS -- a free electronic bulletin board providing a variety of labor-related information and available to anyone with a computer, a modem, and communications software. To register directly, load the following parameters into your computer: PHONE number: BAUD speed: PARITY: DATA bits: STOP bit: (202) 219-4784 300, 1200, 2400, 9600, 14,400 none 8 1 After you have made a connection to LABOR NEWS, follow the registration prompts. Users must pay any toll for long-distance calls. For more information call (202) 219-8831, or FAX (202) 219-8699, Monday through Friday, 9 a.m. to 4 p.m. ET. 9 TECHNICAL NOTES Labor Input: The primary source of hours and employment data is the BLS Current Employment Statistics (CES) program, which provides monthly survey data on total employment and average weekly hours of production and nonsupervisory workers in nonagricultural establishments. Jobs rather than persons are counted. Weekly hours are adjusted to the hours at work definition using the BLS Hours at Work survey, conducted for this purpose. Data from the BLS Current Population Survey (CPS) are used for farm labor; in the nonfarm sector, the National Income and Product Accounts (NIPA) prepared by the Bureau of Economic Analysis of the Department of Commerce and the CPS are used to measure labor input for government enterprises, proprietors and unpaid family workers. Output: Business output is equal to gross domestic product (GDP) in constant 1987 dollars, less 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 NIPA. Corresponding exclusions are also made in labor inputs. Business output was about 78 percent of GDP in 1992. Nonfarm business, which also excludes farming, was about 77 percent of GDP in 1992. Total manufacturing measures are computed by summing series prepared for the durable and nondurable goods sectors. Durables include the following 2-digit SIC industries: Primary metal industries; fabricated metal products; nonelectrical machinery; industrial and commercial machinery and computer equipment; electronic and other electrical equipment; transportation equipment; instruments; lumber and lumber products; furniture and fixtures; stone, clay, and glass and concrete products; and miscellaneous manufactures. Nondurables include: Food and kindred products, tobacco products, textile mill products apparel products, paper and allied products, printing and publishing, chemicals and chemical products, petroleum refining and related industries, rubber and plastic products, leather and leather products. Manufacturing accounted for about 19 percent of GDP in 1992. Quarterly manufacturing output measures are based on the index of industrial production prepared monthly by the Board of Governors of the Federal Reserve System 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. Nonfinancial corporate output is equal to GDP in constant 1987 dollars, less the output of nonprofit institutions, output of paid employees of private households, rental value of owner-occupied dwellings, unincorporated business, the output of corporations engaged in banking, finance, stock and commodity trading, and credit and insurance agencies, and the statistical discrepancy in computing the NIPA. Nonfinancial corporations accounted for about 56 percent of GDP in 1992. Productivity: These productivity measures describe the relationship between real output 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 at work 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; managerial skill; and the characteristics and effort of the work force. Information in this release will 10 be made available to sensory-impaired individuals upon request. Voice phone: 202-606-STAT; TDD phone: 202-606-5897; TDD message referral phone number: 1-800-326-2577. Table 1. Business sector: Productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted Real Year Output per Hours CompensacompensaUnit Unit nonImplicit and hour of of all tion per tion per labor labor pay- price quarter all persons Output persons hour (1) hour (2) costs ments (3) deflator (4) --------------------------------------------------------------------------------------------------------Indexes 1982=100 1993 I II III IV r116.2 r116.2 r117.0 r119.0 138.0 139.3 140.4 143.7 r118.8 r119.9 r120.0 r120.8 r158.4 r159.4 r160.7 r161.7 r106.8 r106.7 r107.0 r106.9 r136.3 r137.2 137.4 r135.9 r152.2 r153.2 r154.1 r158.2 141.6 142.5 142.8 143.2 ANNUAL r117.1 140.4 r119.9 r160.0 r106.9 r136.7 r154.5 142.5 1994 I r119.3 r145.0 r121.6 r163.8 r107.7 r137.3 r157.0 r143.8 --------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1993 I II III IV r-2.0 r0.1 r2.8 r6.8 0.5 3.8 3.2 9.6 r2.5 r3.7 r0.4 r2.6 r2.8 r2.6 r3.3 r2.5 r-0.2 r-0.5 r1.4 r-0.5 r4.9 r2.6 0.5 r-4.1 r-1.3 2.6 r2.2 r11.1 2.7 2.6 1.1 1.1 ANNUAL r1.5 3.6 r2.1 r3.4 r0.4 r1.9 r3.2 2.4 1994 I r1.1 r3.8 r2.6 r5.3 r3.1 r4.1 r-3.0 r1.5 --------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1993 I II III IV r1.8 r1.3 r1.0 r1.9 3.5 3.6 3.2 4.2 r1.7 r2.3 r2.2 r2.3 r4.1 r3.8 r3.2 r2.8 r0.9 r0.6 r0.4 r0.1 r2.2 2.5 r2.1 0.9 r2.5 r2.2 4.5 r3.6 2.3 2.4 3.0 1.9 ANNUAL r1.5 3.6 r2.1 r3.4 r0.4 r1.9 r3.2 2.4 1994 I 2.7 r5.1 r2.3 r3.4 r0.9 r0.7 r3.1 r1.6 --------------------------------------------------------------------------------------------------------See footnotes following table 6. June 15, 1994 r=revised Source: Bureau of Labor Statistics Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted Real Year Output per Hours CompensacompensaUnit Unit nonImplicit and hour of of all tion per tion per labor labor pay- price quarter all persons Output persons hour (1) hour (2) costs ments (3) deflator(4) --------------------------------------------------------------------------------------------------------Indexes 1982=100 1993 I II III IV r114.3 r114.2 r115.2 r116.9 138.1 139.5 140.9 143.9 r120.8 r122.1 r122.3 r123.1 r157.0 r157.7 r158.9 r159.9 r105.8 r105.5 r105.8 r105.7 r137.3 r138.1 r137.9 r136.8 r153.9 r155.0 r156.5 r159.6 142.7 143.5 143.9 144.1 ANNUAL r115.2 140.6 r122.1 r158.4 r105.8 r137.5 r156.3 143.6 1994 I r117.3 r145.2 r123.8 r162.0 r106.5 r138.1 r158.2 r144.6 --------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1993 I II III IV r-2.3 r-0.3 r3.5 r6.1 0.6 4.0 4.1 8.9 r3.0 r4.3 r0.6 r2.7 r2.4 r2.0 r3.1 r2.5 r-0.7 r-1.1 r1.2 r-0.5 r4.7 2.3 -0.4 r-3.4 r-1.4 r2.7 r3.9 r8.4 2.5 2.4 1.1 0.6 ANNUAL r1.4 3.9 r2.4 r3.2 r0.2 1.8 r3.4 2.3 1994 I r1.3 r3.6 r2.3 r5.3 r3.1 r3.9 r-3.6 r1.2 --------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1993 I II III IV r1.8 r1.0 r1.1 r1.7 3.6 3.8 3.7 4.4 r1.8 r2.7 r2.5 r2.6 r4.0 r3.4 r2.9 r2.5 r0.8 r0.3 r0.1 r-0.3 r2.2 2.4 r1.7 0.8 r2.7 r2.3 r5.2 3.3 2.4 2.3 2.9 1.7 ANNUAL r1.4 3.9 r2.4 r3.2 r0.2 1.8 r3.4 2.3 1994 I 2.6 r5.2 r2.5 r3.2 r0.7 r0.6 r2.8 1.3 --------------------------------------------------------------------------------------------------------See footnotes following table 6. June 15, 1994 r=revised Source: Bureau of Labor Statistics Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs, seasonally adjusted Real Year Output per Hours CompensacompensaUnit and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs -------------------------------------------------------------------------------------------------Indexes 1982=100 1993 I II III IV r132.2 r133.8 r134.6 r137.2 136.0 137.1 137.9 140.9 r102.9 r102.5 r102.5 r102.7 r148.1 r149.6 r150.5 r151.9 r99.9 r100.1 r100.2 r100.4 112.1 111.8 r111.8 110.7 ANNUAL r134.5 138.0 r102.6 r150.1 r100.2 111.6 1994 I r139.5 143.6 r102.9 r153.8 r101.1 110.2 -------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1993 I II III r4.0 r5.0 r2.6 6.1 3.5 2.4 r2.0 r-1.4 r-0.2 r-2.8 r3.9 r2.6 r-5.6 r0.8 r0.7 -6.5 -1.0 r0.0 IV r7.9 8.7 r0.8 r3.7 r0.7 r-3.9 ANNUAL r4.2 4.8 r0.5 r1.8 r-1.1 r-2.3 1994 I r6.9 r8.1 r1.1 r5.1 r2.9 -1.7 -------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1993 I II III IV r3.9 r4.0 r4.3 r4.8 4.9 4.3 4.6 5.2 r1.0 r0.2 r0.4 r0.3 r1.8 r1.9 r2.0 r1.8 r-1.4 r-1.2 r-0.8 r-0.9 -2.0 -2.0 r-2.2 r-2.9 ANNUAL r4.2 4.8 r0.5 r1.8 r-1.1 r-2.3 1994 I r5.6 5.6 r0.1 r3.8 r1.2 r-1.7 -------------------------------------------------------------------------------------------------See footnotes following table 6. June 15, 1994 r=revised Source: Bureau of Labor Statistics Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs, seasonally adjusted Real Year Output per Hours CompensacompensaUnit and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs -------------------------------------------------------------------------------------------------Indexes 1982=100 1993 I II III IV r145.2 r147.7 r148.8 r153.2 145.2 146.7 148.0 153.1 r100.0 r99.4 r99.5 r99.9 r145.9 r147.0 r147.7 r149.3 r98.4 r98.4 r98.4 r98.7 r100.5 99.5 r99.3 97.5 ANNUAL r148.8 148.3 r99.6 r147.6 r98.6 99.2 1994 I r156.4 157.1 r100.5 r151.6 r99.7 96.9 -------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1993 I II III IV r7.0 r7.0 r3.0 r12.5 9.0 4.4 3.5 14.4 r1.9 r-2.5 r0.5 r1.6 r-3.9 r3.1 r2.0 r4.5 r-6.7 r0.0 r0.1 r1.5 r-10.2 r-3.6 r-1.0 r-7.1 ANNUAL r6.5 6.7 r0.3 r1.7 r-1.3 r-4.5 1994 I r8.5 10.9 r2.3 r6.1 r3.9 r-2.2 -------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1993 I II III IV r6.1 r6.1 r6.4 r7.3 6.7 6.0 6.6 7.7 r0.5 r-0.2 r0.2 r0.4 r1.8 r1.8 r1.9 r1.4 r-1.3 r-1.3 r-0.9 r-1.4 -4.0 r-4.1 -4.2 r-5.6 ANNUAL r6.5 6.7 r0.3 r1.7 r-1.3 r-4.5 1994 I r7.7 8.2 r0.5 r3.9 r1.3 -3.5 -------------------------------------------------------------------------------------------------See footnotes following table 6. June 15, 1994 r=revised Source: Bureau of Labor Statistics Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs, seasonally adjusted Real Year Output per Hours CompensacompensaUnit and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs -------------------------------------------------------------------------------------------------Indexes 1982=100 1993 I II III IV r116.5 r117.2 r117.7 r118.1 124.6 125.3 125.6 125.9 r107.0 r107.0 r106.7 r106.6 r152.9 r154.9 r156.2 r157.1 r103.1 r103.6 r104.0 r103.8 r131.2 r132.2 r132.7 r133.0 ANNUAL r117.4 125.4 r106.8 r155.3 r103.7 132.3 1994 I r119.4 127.1 r106.5 r158.4 r104.1 r132.6 -------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1993 I II III IV r-0.1 r2.3 r2.0 r1.3 2.1 2.2 0.9 1.0 r2.2 r-0.1 r-1.1 r-0.3 r-1.0 r5.3 r3.4 r2.3 r-3.9 r2.2 r1.5 r-0.7 r-0.9 r2.9 r1.4 r1.0 ANNUAL r1.2 2.0 r0.8 r2.1 r-0.9 r0.9 1994 I r4.4 r4.0 -0.4 r3.3 r1.2 r-1.1 -------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1993 I II III IV r0.9 r1.2 r1.4 r1.4 2.6 1.9 1.9 1.5 r1.6 r0.8 r0.5 r0.2 r1.8 r2.2 r2.2 r2.5 r-1.4 r-0.9 r-0.5 r-0.2 r0.8 1.0 r0.8 r1.1 ANNUAL r1.2 2.0 r0.8 r2.1 r-0.9 r0.9 1994 I 2.5 2.0 -0.5 r3.6 r1.0 1.1 -------------------------------------------------------------------------------------------------See footnotes following table 6. June 15, 1994 r=revised Source: Bureau of Labor Statistics Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits, and prices, seasonally adjusted Output Hourly Real Unit Total Unit Implicit Year per allcompenhourly Unit nonunit proprice and employee Employee sation compenlabor labor cost fits deflator quarter hour Output hours (1) sation(2) costs cost(6) (7) (8) (4) ---------------------------------------------------------------------------------------------------------Indexes 1982=100 1993 I r119.9 143.3 r119.5 r153.2 r103.3 127.8 119.6 125.4 182.8 129.0 II III IV r121.2 r122.1 r123.8 145.7 147.3 150.5 r120.3 r120.7 r121.6 r154.2 r155.2 r156.0 r103.2 r103.4 r103.2 127.3 127.2 126.1 119.2 119.4 118.3 125.0 125.0 123.9 193.9 193.7 212.6 129.3 129.2 129.3 ANNUAL r121.7 146.7 r120.6 r154.6 r103.3 127.1 119.1 124.8 195.9 129.2 1994 I 123.8 151.8 122.7 157.5 103.6 127.2 120.3 125.3 202.6 130.1 ---------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1993 I II III IV r-4.4 r4.1 r3.0 r5.7 -2.7 7.0 4.5 8.9 r1.7 r2.8 r1.4 r3.0 r1.8 r2.6 r2.6 r2.1 r-1.2 r-0.5 r0.7 r-0.8 6.4 -1.5 -0.4 -3.4 4.3 -1.3 0.7 -3.7 5.9 -1.4 -0.1 -3.5 -23.1 26.4 -0.3 45.1 2.8 0.8 -0.1 0.4 ANNUAL r2.0 4.0 r2.0 r2.9 r-0.1 0.9 -0.9 0.4 10.7 1.3 1994 I 0.0 3.5 3.5 3.7 1.6 3.7 7.1 4.6 -17.5 2.2 ---------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1993 I II III IV r2.3 r2.2 r1.7 r2.0 3.9 4.1 3.8 4.3 r1.6 r1.9 r2.2 r2.2 r3.6 r3.2 r2.6 r2.3 r0.5 r0.1 r-0.2 r-0.5 1.3 1.0 1.0 0.2 -1.3 -0.7 -1.6 0.0 0.6 0.6 0.2 0.2 11.4 10.5 12.4 8.9 1.5 1.4 1.3 1.0 ANNUAL r2.0 4.0 r2.0 r2.9 r-0.1 0.9 -0.9 0.4 10.7 1.3 1994 I 3.2 5.9 2.7 2.8 0.2 -0.4 0.6 -0.1 10.8 0.8 ---------------------------------------------------------------------------------------------------------See footnotes following table 6. June 15, 1994 r=revised Source: Bureau of Labor Statistics SOURCE: Output data from the 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 third revisions after an additional 60 days. In the business sector, the probability is 0.95 that the third publication (third 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 second quarter of 1976 and the third quarter of 1992. Footnotes, Tables 1-6 (1) Wages and salaries of 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) 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 profits with inventory valuation and capital consumption adjustments. Appendix table 1. Business sector: Productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted Real Year Output per Hours CompensacompensaUnit Unit nonImplicit and hour of of all tion per tion per labor labor pay- price quarter all persons Output persons hour (1) hour (2) costs ments (3) deflator (4) --------------------------------------------------------------------------------------------------------Indexes 1982=100 1989 1990 1991 1992 I II III IV 110.2 110.1 109.7 109.7 132.4 132.5 132.3 132.3 120.1 120.3 120.6 120.6 131.5 132.3 133.2 134.9 104.2 103.2 103.1 103.4 119.4 120.1 121.5 123.0 134.4 137.1 137.3 137.7 124.3 125.7 126.7 127.8 ANNUAL 109.9 132.3 120.4 133.0 103.5 121.0 136.6 126.1 I II III IV 110.2 111.1 110.8 110.5 133.5 134.4 133.3 132.1 121.2 120.9 120.3 119.5 137.3 139.9 141.7 143.5 103.5 104.3 103.9 103.4 124.6 125.9 127.9 129.8 138.9 140.3 139.7 140.2 129.3 130.6 131.8 133.2 ANNUAL 110.7 133.3 120.5 140.6 103.8 127.1 139.8 131.2 I II III IV 111.0 111.6 111.8 112.8 131.0 131.5 131.5 132.4 118.1 117.8 117.6 117.3 145.0 146.6 148.2 150.1 103.7 104.3 104.6 105.1 130.7 131.4 132.6 133.1 143.3 145.0 144.9 145.7 134.8 135.8 136.6 137.2 ANNUAL 111.8 131.6 117.7 147.4 104.5 131.9 144.7 136.1 I II III IV 114.1 114.8 115.8 116.8 133.3 134.5 136.0 137.9 116.8 117.2 117.4 118.1 152.2 153.6 155.7 157.3 105.9 106.0 106.6 106.8 133.4 133.9 134.5 134.7 148.5 149.9 147.4 152.7 138.3 139.1 138.7 140.6 ANNUAL 115.3 135.4 117.4 154.7 106.4 134.1 149.6 139.2 --------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1989 1990 1991 1992 I II III IV -2.4 -0.1 -1.6 0.2 2.0 0.3 -0.6 0.1 4.5 0.5 1.1 -0.1 2.7 2.3 3.0 5.2 -1.9 -3.9 -0.3 1.1 5.2 2.5 4.7 4.9 4.2 8.4 0.7 1.2 4.9 4.6 3.2 3.6 ANNUAL -0.7 1.7 2.5 3.5 -1.3 4.3 4.6 4.4 I II III IV 1.6 3.5 -1.1 -1.1 3.7 2.5 -3.0 -3.6 2.1 -0.9 -1.9 -2.6 7.3 7.6 5.5 5.0 0.3 3.2 -1.5 -1.9 5.6 4.0 6.7 6.1 3.6 4.0 -1.8 1.5 4.9 4.0 3.7 4.5 ANNUAL 0.7 0.7 0.1 5.7 0.3 5.0 2.3 4.1 I II III IV 1.7 2.4 0.6 3.7 -3.3 1.4 0.1 2.7 -4.9 -0.9 -0.5 -0.9 4.3 4.6 4.5 5.1 1.1 2.3 1.3 1.8 2.6 2.2 3.8 1.4 9.1 4.7 -0.2 2.4 4.8 3.1 2.4 1.7 ANNUAL 1.0 -1.3 -2.3 4.9 0.6 3.8 3.5 3.7 I II III IV 4.7 2.3 3.7 3.4 2.9 3.4 4.6 5.6 -1.7 1.1 0.9 2.2 5.6 3.9 5.6 4.1 2.9 0.5 2.5 0.8 0.9 1.5 1.8 0.7 7.8 3.9 -6.6 15.3 3.3 2.4 -1.2 5.6 ANNUAL 3.2 2.9 -0.3 4.9 1.9 1.7 3.4 2.3 --------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1989 1990 1991 1992 I II III IV -0.6 -0.3 -1.0 -1.0 3.0 2.1 1.4 0.4 3.7 2.3 2.5 1.5 4.4 3.6 2.8 3.3 -0.3 -1.5 -1.9 -1.3 5.0 3.8 3.9 4.3 4.2 6.2 4.7 3.6 4.7 4.7 4.2 4.1 ANNUAL -0.7 1.7 2.5 3.5 -1.3 4.3 4.6 4.4 I II III IV 0.0 0.9 1.0 0.7 0.9 1.4 0.8 -0.1 0.9 0.5 -0.2 -0.8 4.4 5.7 6.4 6.3 -0.7 1.1 0.8 0.0 4.4 4.8 5.3 5.6 3.4 2.3 1.7 1.8 4.1 3.9 4.0 4.2 ANNUAL 0.7 0.7 0.1 5.7 0.3 5.0 2.3 4.1 I II III IV 0.7 0.5 0.9 2.1 -1.9 -2.1 -1.4 0.2 -2.6 -2.6 -2.2 -1.8 5.6 4.8 4.6 4.6 0.2 0.0 0.7 1.6 4.8 4.4 3.7 2.5 3.1 3.3 3.7 3.9 4.2 4.0 3.7 3.0 ANNUAL 1.0 -1.3 -2.3 4.9 0.6 3.8 3.5 3.7 I II III IV 2.8 2.8 3.6 3.5 1.8 2.3 3.4 4.1 -1.0 -0.5 -0.2 0.6 5.0 4.8 5.1 4.8 2.1 1.6 1.9 1.7 2.1 1.9 1.4 1.2 3.6 3.4 1.7 4.8 2.6 2.4 1.5 2.5 ANNUAL 3.2 2.9 -0.3 4.9 1.9 1.7 3.4 2.3 --------------------------------------------------------------------------------------------------------See footnotes following table 6. June 15, 1994 Source: Bureau of Labor Statistics Appendix table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted Real Year Output per Hours CompensacompensaUnit Unit nonImplicit and hour of of all tion per tion per labor labor pay- price quarter all persons Output persons hour (1) hour (2) costs ments (3) deflator(4) --------------------------------------------------------------------------------------------------------Indexes 1982=100 1989 1990 1991 1992 I II III IV 109.0 108.6 108.4 108.5 132.8 132.8 132.7 132.7 121.9 122.2 122.3 122.3 130.6 131.1 132.2 133.9 103.5 102.3 102.3 102.6 119.9 120.7 121.9 123.4 134.4 137.6 138.1 138.4 124.6 126.1 127.1 128.2 ANNUAL 108.6 132.7 122.2 132.0 102.7 121.5 137.1 126.5 I II III IV 108.7 109.5 109.1 108.9 133.8 134.6 133.5 132.2 123.1 122.9 122.4 121.4 136.0 138.4 140.3 142.1 102.5 103.2 102.8 102.5 125.1 126.4 128.6 130.5 139.4 141.1 140.5 141.5 129.7 131.1 132.4 134.0 ANNUAL 109.1 133.5 122.4 139.2 102.8 127.6 140.6 131.8 I II III IV 109.5 110.2 110.4 111.3 131.2 131.7 131.8 132.6 119.8 119.5 119.3 119.2 143.7 145.4 147.1 148.8 102.8 103.4 103.8 104.2 131.3 132.0 133.2 133.7 144.8 146.1 146.3 147.7 135.7 136.6 137.5 138.2 ANNUAL 110.3 131.8 119.5 146.2 103.6 132.6 146.2 137.0 I II III IV 112.3 113.1 113.9 115.0 133.3 134.4 135.9 137.9 118.7 118.9 119.3 119.9 150.9 152.5 154.5 156.0 104.9 105.2 105.8 106.0 134.3 134.9 135.6 135.7 149.8 151.5 148.8 154.5 139.3 140.2 139.8 141.8 ANNUAL 113.6 135.4 119.2 153.5 105.6 135.1 151.2 140.3 --------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1989 1990 1991 1992 I II III IV -3.7 -1.2 -0.7 0.2 0.7 0.0 -0.3 0.2 4.6 1.2 0.4 -0.1 2.5 1.4 3.4 5.3 -2.0 -4.8 0.1 1.2 6.5 2.6 4.1 5.0 -0.5 9.6 1.7 0.7 4.0 5.0 3.3 3.5 ANNUAL -0.9 1.7 2.6 3.3 -1.4 4.3 4.1 4.2 I II III IV 0.7 3.0 -1.4 -0.6 3.4 2.3 -3.1 -3.8 2.7 -0.7 -1.7 -3.3 6.4 7.3 5.6 5.5 -0.5 2.9 -1.4 -1.4 5.7 4.1 7.1 6.1 2.9 4.9 -1.7 3.1 4.7 4.4 4.0 5.0 ANNUAL 0.4 0.6 0.2 5.5 0.1 5.1 2.5 4.2 I II III IV 2.0 2.5 0.9 3.3 -3.1 1.5 0.3 2.7 -5.1 -1.0 -0.6 -0.6 4.6 4.8 4.6 4.8 1.4 2.4 1.4 1.5 2.5 2.2 3.7 1.5 9.6 3.7 0.6 3.6 4.9 2.7 2.6 2.2 ANNUAL 1.1 -1.3 -2.4 5.0 0.8 3.9 4.0 3.9 I II III IV 3.8 2.6 3.0 3.7 2.1 3.3 4.4 6.0 -1.6 0.6 1.3 2.2 5.6 4.4 5.2 4.1 2.8 1.1 2.1 0.8 1.7 1.8 2.1 0.4 6.0 4.6 -7.1 16.3 3.2 2.7 -1.1 5.6 ANNUAL 3.0 2.7 -0.2 5.0 1.9 1.9 3.4 2.4 --------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1989 1990 1991 1992 I II III IV -0.6 -0.6 -1.1 -1.4 3.2 2.0 1.3 0.1 3.8 2.6 2.5 1.5 4.3 3.3 2.7 3.1 -0.4 -1.8 -2.0 -1.4 4.9 3.9 3.9 4.6 3.4 5.5 4.7 2.8 4.3 4.4 4.2 3.9 ANNUAL -0.9 1.7 2.6 3.3 -1.4 4.3 4.1 4.2 I II III IV -0.2 0.8 0.6 0.4 0.8 1.4 0.6 -0.4 1.0 0.6 0.0 -0.8 4.1 5.6 6.1 6.2 -1.0 0.9 0.5 -0.1 4.4 4.7 5.5 5.7 3.7 2.5 1.7 2.3 4.1 4.0 4.1 4.5 ANNUAL 0.4 0.6 0.2 5.5 0.1 5.1 2.5 4.2 I II III IV 0.7 0.6 1.2 2.2 -2.0 -2.2 -1.3 0.3 -2.7 -2.8 -2.5 -1.8 5.7 5.1 4.9 4.7 0.4 0.2 0.9 1.7 4.9 4.4 3.6 2.5 3.9 3.6 4.2 4.3 4.6 4.2 3.8 3.1 ANNUAL 1.1 -1.3 -2.4 5.0 0.8 3.9 4.0 3.9 I II III IV 2.6 2.6 3.2 3.3 1.6 2.1 3.1 3.9 -0.9 -0.5 -0.1 0.6 4.9 4.9 5.0 4.8 2.0 1.7 1.9 1.7 2.3 2.2 1.8 1.5 3.5 3.7 1.7 4.6 2.7 2.7 1.7 2.6 ANNUAL 3.0 2.7 -0.2 5.0 1.9 1.9 3.4 2.4 --------------------------------------------------------------------------------------------------------See footnotes following table 6. June 15, 1994 Source: Bureau of Labor Statistics Appendix table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs, seasonally adjusted Real Output per Hours CompensacompensaUnit Year and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs ----------------------------------------------------------------------------------------------Indexes 1982=100 1989 1990 1991 1992 I II III IV 120.3 120.5 119.0 119.8 132.6 132.2 130.2 129.7 110.2 109.7 109.4 108.3 126.6 126.7 128.1 130.2 100.4 98.8 99.1 99.8 105.2 105.1 107.6 108.7 ANNUAL 119.9 131.2 109.4 127.9 99.5 106.7 I II III IV 121.1 121.2 122.6 123.0 130.8 131.0 131.3 129.5 108.0 108.1 107.1 105.3 131.8 133.8 135.1 137.6 99.3 99.8 99.1 99.2 108.9 110.4 110.2 111.9 ANNUAL 122.1 130.6 107.0 134.7 99.5 110.4 I II III IV 122.6 123.7 125.4 126.2 126.4 126.7 128.8 129.2 103.0 102.4 102.7 102.4 139.4 141.1 142.5 144.9 99.7 100.3 100.6 101.4 113.6 114.0 113.6 114.8 ANNUAL 124.5 127.8 102.6 141.9 100.6 114.0 I II III IV 127.2 128.6 129.1 130.9 129.6 131.5 131.8 133.9 101.9 102.3 102.1 102.4 145.5 146.7 147.6 149.2 101.2 101.2 101.0 101.3 114.4 114.1 114.3 114.0 ANNUAL 129.1 131.7 102.0 147.4 101.4 114.2 ----------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1989 1990 1991 1992 I II III IV 1.6 0.6 -4.8 2.6 3.2 -1.2 -5.8 -1.7 1.6 -1.7 -1.1 -4.2 3.7 0.1 4.5 6.9 -0.8 -6.0 1.2 2.8 2.1 -0.5 9.8 4.2 ANNUAL 0.6 0.9 0.4 3.9 -0.9 3.3 I II III IV 4.4 0.2 4.8 1.4 3.6 0.4 1.0 -5.6 -0.8 0.2 -3.6 -6.8 5.0 6.1 4.0 7.6 -1.8 1.8 -2.9 0.6 0.5 5.9 -0.7 6.2 ANNUAL 1.8 -0.4 -2.2 5.3 -0.1 3.5 I II III IV -1.1 3.6 5.5 2.5 -9.1 0.9 7.0 1.2 -8.1 -2.6 1.3 -1.3 5.2 4.9 4.2 6.9 2.0 2.6 1.0 3.5 6.4 1.3 -1.3 4.2 ANNUAL 2.0 -2.2 -4.1 5.4 1.1 3.3 I II III IV 3.2 4.4 1.7 5.5 1.1 6.1 1.0 6.6 -2.0 1.7 -0.7 1.1 1.8 3.3 2.3 4.5 -0.8 0.0 -0.8 1.2 -1.3 -1.1 0.6 -1.0 ANNUAL 3.7 3.1 -0.6 3.9 0.8 0.2 ----------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1989 1990 1991 1992 I II III IV 1.5 1.3 -0.4 0.0 3.3 2.1 -0.1 -1.4 1.8 0.8 0.3 -1.4 4.7 3.7 3.5 3.8 0.0 -1.3 -1.2 -0.8 3.2 2.4 4.0 3.8 ANNUAL 0.6 0.9 0.4 3.9 -0.9 3.3 I II III IV 0.6 0.6 3.0 2.7 -1.3 -0.9 0.8 -0.2 -2.0 -1.5 -2.1 -2.8 4.1 5.6 5.5 5.7 -1.0 1.0 -0.1 -0.6 3.4 5.0 2.4 2.9 ANNUAL 1.8 -0.4 -2.2 5.3 -0.1 3.5 I II III IV 1.3 2.1 2.3 2.6 -3.4 -3.3 -1.9 -0.2 -4.6 -5.3 -4.1 -2.7 5.7 5.4 5.5 5.3 0.4 0.6 1.5 2.3 4.4 3.2 3.1 2.6 ANNUAL 2.0 -2.2 -4.1 5.4 1.1 3.3 I II III IV 3.7 3.9 3.0 3.7 2.5 3.8 2.3 3.7 -1.2 -0.1 -0.6 0.0 4.4 4.0 3.5 3.0 1.5 0.9 0.4 -0.1 0.7 0.1 0.6 -0.7 ANNUAL 3.7 3.1 -0.6 3.9 0.8 0.2 ----------------------------------------------------------------------------------------------See footnotes following table 6. June 15, 1994 Source: Bureau of Labor Statistics Appendix table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs, seasonally adjusted Real Output per Hours CompensacompensaUnit Year and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs ----------------------------------------------------------------------------------------------Indexes 1982=100 1989 1990 1991 1992 I II III IV 125.6 126.4 125.5 125.4 140.8 140.2 138.0 136.1 112.1 110.9 110.0 108.6 124.3 124.2 125.8 128.5 98.5 96.9 97.3 98.4 99.0 98.2 100.3 102.5 ANNUAL 125.7 138.8 110.4 125.6 97.8 100.0 I II III IV 126.5 127.3 129.7 130.2 136.9 137.8 138.4 135.7 108.2 108.2 106.8 104.3 129.6 131.5 132.8 135.5 97.7 98.1 97.3 97.6 102.5 103.3 102.4 104.1 ANNUAL 128.6 137.2 106.7 132.5 97.8 103.1 I II III IV 130.4 131.8 134.5 136.3 132.3 133.0 135.6 136.2 101.5 100.9 100.8 100.0 137.2 138.7 140.2 143.2 98.2 98.7 99.0 100.3 105.2 105.3 104.3 105.1 ANNUAL 133.2 134.3 100.8 139.8 99.1 105.0 I II III IV 136.9 139.1 139.9 142.8 136.1 138.5 138.8 142.1 99.5 99.5 99.3 99.5 143.2 144.4 145.0 147.4 99.6 99.6 99.3 100.1 104.7 103.8 103.7 103.2 ANNUAL 139.8 138.9 99.3 145.2 99.8 103.8 ----------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1989 1990 1991 1992 I II III IV 2.3 2.6 -3.0 -0.4 3.9 -1.8 -6.0 -5.3 1.6 -4.3 -3.2 -5.0 4.5 -0.5 5.4 8.7 -0.2 -6.5 2.0 4.5 2.1 -2.9 8.6 9.1 ANNUAL 1.3 1.3 0.0 4.2 -0.6 2.8 I II III IV 3.6 2.7 7.7 1.4 2.2 2.7 1.9 -7.7 -1.3 0.0 -5.4 -9.0 3.8 5.8 3.9 8.4 -3.0 1.5 -2.9 1.3 0.2 3.1 -3.5 6.8 ANNUAL 2.3 -1.1 -3.3 5.5 0.1 3.1 I II III IV 0.8 4.4 8.4 5.4 -9.6 1.9 8.1 1.9 -10.2 -2.4 -0.3 -3.3 5.3 4.5 4.4 8.9 2.2 2.1 1.2 5.4 4.6 0.1 -3.7 3.3 ANNUAL 3.6 -2.1 -5.6 5.5 1.3 1.8 I II III IV 1.8 6.8 2.1 8.5 -0.3 7.2 1.0 9.7 -2.0 0.4 -1.1 1.0 0.0 3.3 1.7 6.6 -2.6 0.0 -1.4 3.2 -1.8 -3.3 -0.5 -1.8 ANNUAL 5.0 3.4 -1.5 3.8 0.8 -1.1 ----------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1989 1990 1991 1992 I II III IV 1.9 2.1 0.8 0.4 4.8 2.6 0.2 -2.4 2.8 0.6 -0.7 -2.7 4.3 3.9 4.0 4.5 -0.3 -1.2 -0.7 -0.1 2.4 1.8 3.1 4.1 ANNUAL 1.3 1.3 0.0 4.2 -0.6 2.8 I II III IV 0.7 0.7 3.4 3.8 -2.8 -1.7 0.3 -0.3 -3.5 -2.4 -3.0 -4.0 4.3 5.9 5.5 5.5 -0.8 1.2 0.0 -0.8 3.6 5.2 2.1 1.6 ANNUAL 2.3 -1.1 -3.3 5.5 0.1 3.1 I II III IV 3.1 3.5 3.7 4.7 -3.3 -3.5 -2.1 0.4 -6.2 -6.8 -5.6 -4.1 5.9 5.5 5.6 5.7 0.5 0.6 1.7 2.7 2.7 1.9 1.9 1.0 ANNUAL 3.6 -2.1 -5.6 5.5 1.3 1.8 I II III IV 5.0 5.6 4.0 4.8 2.9 4.2 2.4 4.3 -2.0 -1.3 -1.5 -0.4 4.4 4.1 3.4 2.9 1.5 1.0 0.3 -0.2 -0.6 -1.4 -0.6 -1.8 ANNUAL 5.0 3.4 -1.5 3.8 0.8 -1.1 ----------------------------------------------------------------------------------------------See footnotes following table 6. June 15, 1994 Source: Bureau of Labor Statistics Appendix table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs, seasonally adjusted Real Output per Hours CompensacompensaUnit Year and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs ----------------------------------------------------------------------------------------------Indexes 1982=100 1989 1990 1991 1992 I II III IV 114.0 113.3 111.2 113.0 122.5 122.4 120.7 121.8 107.5 108.0 108.6 107.8 130.1 130.7 131.8 133.2 103.1 101.9 102.0 102.1 114.2 115.3 118.6 117.9 ANNUAL 112.8 121.9 108.0 131.5 102.3 116.5 I II III IV 114.5 113.6 113.9 114.2 123.5 122.6 122.6 121.8 107.8 107.9 107.7 106.6 135.5 137.7 139.2 141.6 102.1 102.7 102.1 102.1 118.3 121.2 122.3 124.0 ANNUAL 114.1 122.6 107.5 138.6 102.3 121.4 I II III IV 113.1 113.8 114.3 114.0 119.1 119.0 120.5 120.6 105.3 104.5 105.4 105.8 143.5 145.5 147.0 148.5 102.6 103.5 103.7 104.0 126.8 127.8 128.6 130.3 ANNUAL 113.8 119.8 105.3 146.1 103.5 128.4 I II III IV 115.4 115.8 116.1 116.5 121.5 122.9 123.2 124.0 105.3 106.2 106.1 106.4 150.3 151.5 152.8 153.3 104.5 104.6 104.6 104.1 130.2 130.9 131.6 131.5 ANNUAL 116.1 122.9 105.9 152.1 104.6 131.0 ----------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1989 1990 1991 1992 I II III IV 0.7 -2.3 -7.4 6.8 2.2 -0.3 -5.5 3.5 1.6 2.1 2.1 -3.0 2.5 1.6 3.6 4.2 -2.0 -4.6 0.3 0.2 1.8 4.0 11.9 -2.4 ANNUAL -0.4 0.5 0.9 3.6 -1.2 4.1 I II III IV 5.5 -3.1 0.7 1.2 5.6 -2.6 -0.2 -2.5 0.1 0.5 -1.0 -3.7 7.1 6.6 4.5 7.0 0.1 2.3 -2.4 0.0 1.5 10.0 3.7 5.7 ANNUAL 1.1 0.6 -0.5 5.4 0.0 4.2 I II III IV -3.7 2.6 1.7 -1.2 -8.5 -0.5 5.4 0.2 -5.1 -2.9 3.6 1.4 5.5 5.6 4.3 4.2 2.3 3.3 1.0 1.0 9.5 3.0 2.5 5.6 ANNUAL -0.3 -2.3 -2.0 5.4 1.1 5.7 I II III IV 5.2 1.3 1.1 1.4 3.1 4.8 0.9 2.5 -2.0 3.5 -0.2 1.1 4.7 3.5 3.3 1.3 2.1 0.2 0.2 -1.9 -0.4 2.2 2.2 -0.1 ANNUAL 2.0 2.6 0.6 4.1 1.1 2.1 ----------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1989 1990 1991 1992 I II III IV 0.9 0.3 -2.2 -0.7 1.2 1.3 -0.5 0.0 0.2 1.1 1.8 0.7 5.0 3.6 3.0 3.0 0.3 -1.5 -1.7 -1.5 4.0 3.3 5.3 3.7 ANNUAL -0.4 0.5 0.9 3.6 -1.2 4.1 I II III IV 0.5 0.3 2.4 1.1 0.8 0.2 1.5 0.0 0.3 -0.1 -0.9 -1.0 4.1 5.4 5.6 6.3 -1.0 0.7 0.0 0.0 3.6 5.1 3.1 5.2 ANNUAL 1.1 0.6 -0.5 5.4 0.0 4.2 I II III IV -1.2 0.2 0.4 -0.2 -3.5 -3.0 -1.7 -1.0 -2.3 -3.2 -2.1 -0.8 5.9 5.6 5.6 4.9 0.5 0.8 1.6 1.9 7.2 5.4 5.1 5.1 ANNUAL -0.3 -2.3 -2.0 5.4 1.1 5.7 I II III IV 2.0 1.7 1.5 2.2 2.0 3.3 2.2 2.8 0.0 1.6 0.7 0.6 4.7 4.2 3.9 3.2 1.8 1.0 0.8 0.1 2.6 2.4 2.3 0.9 ANNUAL 2.0 2.6 0.6 4.1 1.1 2.1 ----------------------------------------------------------------------------------------------See footnotes following table 6. June 15, 1994 Source: Bureau of Labor Statistics Appendix table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits, and prices, seasonally adjusted Output Hourly Real Unit Total Unit Implicit Year per allcompenhourly Unit nonunit proprice and employee Employee sation compenlabor labor cost fits deflator quarter hour Output hours (1) sation(2) costs cost(6) (7) (8) (4) ---------------------------------------------------------------------------------------------------------Indexes 1982=100 1989 1990 1991 1992 I II III IV 111.9 111.3 111.3 111.3 135.9 135.7 135.8 136.0 121.5 121.9 122.0 122.3 128.9 129.3 130.3 132.1 102.2 100.9 100.8 101.2 115.3 116.2 117.1 118.7 109.0 112.0 114.9 115.5 113.5 115.0 116.5 117.8 173.1 173.9 168.3 158.7 117.2 118.6 119.7 120.3 ANNUAL 111.5 135.9 121.9 130.2 101.3 116.8 112.9 115.7 168.5 119.0 I II III IV 111.7 113.1 112.8 113.2 137.1 138.5 137.4 136.2 122.7 122.4 121.8 120.3 133.9 136.4 138.2 140.1 100.9 101.7 101.3 101.0 119.8 120.5 122.5 123.8 114.7 114.3 117.0 119.1 118.4 118.7 120.9 122.5 172.7 183.3 160.9 153.1 121.7 122.7 123.4 124.4 ANNUAL 112.7 137.3 121.8 137.1 101.2 121.7 116.3 120.1 167.5 123.1 I II III IV 113.7 114.1 114.8 116.5 134.6 134.5 135.3 137.2 118.4 117.9 117.8 117.7 141.6 143.0 144.6 146.4 101.3 101.7 102.0 102.5 124.5 125.3 125.9 125.7 121.5 121.6 122.5 121.8 123.7 124.3 124.9 124.5 155.1 157.0 150.4 157.2 125.6 126.3 126.5 126.6 ANNUAL 114.7 135.4 118.0 143.8 101.9 125.4 121.9 124.4 154.9 126.3 I II III IV 117.3 118.6 120.1 121.3 137.9 140.0 141.9 144.3 117.6 118.1 118.2 119.0 147.9 149.4 151.3 152.6 102.8 103.1 103.6 103.6 126.1 126.0 126.0 125.8 121.1 120.0 121.3 118.3 124.7 124.3 124.7 123.7 164.1 175.5 172.4 195.3 127.1 127.5 127.6 128.1 ANNUAL 119.3 141.0 118.2 150.3 103.3 126.0 120.2 124.3 177.0 127.6 ---------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1989 1990 1991 1992 I II III IV -4.2 -1.9 -0.1 -0.1 0.0 -0.5 0.3 0.7 4.4 1.4 0.4 0.8 3.7 1.2 3.1 5.7 -0.9 -5.0 -0.1 1.6 8.3 3.1 3.3 5.8 3.3 11.6 10.8 1.9 6.9 5.4 5.3 4.7 -21.4 2.0 -12.4 -21.0 3.8 5.1 3.6 2.2 ANNUAL -1.6 1.3 2.9 3.4 -1.3 5.1 6.1 5.4 -8.2 4.1 I II III IV 1.5 5.3 -1.2 1.5 3.0 4.2 -3.0 -3.7 1.5 -1.0 -1.8 -5.0 5.3 7.7 5.5 5.7 -1.5 3.3 -1.4 -1.2 3.8 2.3 6.8 4.2 -2.8 -1.3 9.7 7.7 1.9 1.3 7.6 5.1 40.3 26.8 -40.6 -18.0 4.7 3.4 2.2 3.1 ANNUAL 1.1 1.1 -0.1 5.3 -0.1 4.1 3.0 3.8 -0.6 3.4 I II III IV 1.7 1.6 2.5 6.0 -4.5 -0.3 2.4 5.5 -6.0 -1.8 -0.1 -0.5 4.1 4.3 4.4 5.2 1.0 1.9 1.2 1.9 2.4 2.6 1.8 -0.8 8.2 0.4 2.9 -2.5 4.0 2.0 2.1 -1.3 5.5 4.8 -15.7 19.2 4.1 2.2 0.7 0.1 ANNUAL 1.8 -1.4 -3.1 4.9 0.6 3.0 4.8 3.5 -7.5 2.6 I II III IV 2.4 4.6 5.2 4.1 2.1 6.4 5.4 6.9 -0.3 1.7 0.2 2.7 3.9 4.3 5.0 3.5 1.3 1.0 1.8 0.3 1.5 -0.2 -0.2 -0.5 -2.2 -3.6 4.6 -9.7 0.4 -1.2 1.1 -3.1 18.9 30.6 -6.8 64.6 1.8 1.1 0.4 1.5 ANNUAL 4.0 4.1 0.2 4.5 1.4 0.5 -1.4 0.0 14.2 1.0 ---------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1989 1990 1991 1992 I II III IV -1.4 -1.9 -1.6 -1.6 2.6 1.3 1.1 0.1 4.0 3.3 2.7 1.8 4.3 3.3 2.8 3.4 -0.4 -1.7 -1.9 -1.1 5.8 5.3 4.5 5.1 4.2 6.2 7.2 6.8 5.3 5.6 5.2 5.6 -6.5 -5.8 -6.6 -13.7 4.1 4.4 4.1 3.7 ANNUAL -1.6 1.3 2.9 3.4 -1.3 5.1 6.1 5.4 -8.2 4.1 I II III IV -0.1 1.6 1.4 1.7 0.9 2.0 1.2 0.1 1.0 0.4 -0.2 -1.6 3.8 5.4 6.1 6.1 -1.3 0.8 0.5 -0.2 4.0 3.8 4.6 4.2 5.2 2.0 1.8 3.2 4.3 3.3 3.8 3.9 -0.2 5.4 -4.4 -3.5 3.9 3.5 3.1 3.3 ANNUAL 1.1 1.1 -0.1 5.3 -0.1 4.1 3.0 3.8 -0.6 3.4 I II III IV 1.8 0.9 1.8 2.9 -1.8 -2.9 -1.5 0.7 -3.5 -3.7 -3.3 -2.1 5.8 4.9 4.6 4.5 0.4 0.1 0.7 1.5 3.9 4.0 2.8 1.5 6.0 6.4 4.8 2.2 4.5 4.7 3.3 1.7 -10.2 -14.3 -6.5 2.7 3.2 2.9 2.5 1.8 ANNUAL 1.8 -1.4 -3.1 4.9 0.6 3.0 4.8 3.5 -7.5 2.6 I II III IV 3.1 3.9 4.6 4.1 2.4 4.1 4.8 5.2 -0.7 0.2 0.3 1.1 4.5 4.5 4.6 4.2 1.6 1.3 1.5 1.1 1.3 0.6 0.1 0.1 -0.4 -1.4 -1.0 -2.8 0.8 0.0 -0.2 -0.7 5.8 11.8 14.6 24.2 1.2 0.9 0.9 1.2 ANNUAL 4.0 4.1 0.2 4.5 1.4 0.5 -1.4 0.0 14.2 1.0 ---------------------------------------------------------------------------------------------------------See footnotes following table 6. June 15, 1994 Source: Bureau of Labor Statistics
@FedFRASER