Full text of Productivity and Costs : First Quarter 1995 [Revised]

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USDL-226
(Replaces USDL-209,
issued June 14)
For release: 10:00 A.M. EDT
Wednesday, June 21, 1995

PRODUCTIVITY AND COSTS
First Quarter 1995
The June 14, 1995, Productivity and Costs news release contained some
incorrect data for manufacturing and durable and nondurable manufacturing.
Revised manufacturing output measures based on 1993 gross product originating
data were incompletely incorporated into the release. Data in those industries
for 1993, 1994, and 1995 are corrected in this release. Except for the growth
rate of manufacturing output for the first quarter of 1995 being reported as
5.0 percent instead of the correct figure of 5.1 percent in tables A and D,
all errors were confined to tables 3-5. All data for business, nonfarm
business, and nonfinancial corporations in the June 14 release were correct.
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 1995. The revised seasonally-adjusted annual
rates of productivity change in the first quarter were:
2.2 percent in the business sector, and
2.7 percent in the nonfarm business sector.
In both sectors, productivity and output gains were smaller than in the fourth
quarter of 1994.
In manufacturing, productivity changes in the first quarter were:
3.4 percent in manufacturing,
4.2 percent in durable goods manufacturing, and
2.1 percent in nondurable goods manufacturing.
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 for all of the employment and hours
measures.
Measures of manufacturing output have been revised to incorporate
new information on gross product originating for 1993.
Beginning in late 1995 or early 1996, BLS plans to change the output
measures underlying the business, nonfarm business, and manufacturing sectors
to annually-weighted indexes of the components of real output. See REVISED
MEASURES, page 5.

2
Table A. Productivity and costs: Revised first-quarter 1995 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

2.2
2.7
3.4
4.2
2.1

4.4
4.7
5.1
6.5
2.8

2.2
2.0
1.6
2.3
0.7

4.0
4.3
4.7
5.3
3.8

0.9
1.2
1.6
2.1
0.7

1.8
1.6
1.3
1.0
1.6

Percent change from same quarter a year ago
Business
Nonfarm business
Manufacturing
Durable
Nondurable

2.1
2.0
3.7
4.1
3.0

5.1
5.0
6.5
7.8
4.6

3.0
2.9
2.7
3.6
1.5

2.9
3.0
2.3
2.1
2.3

0.0
0.2
-0.6
-0.7
-0.6

0.8
1.0
-1.4
-1.9
-0.7

Growth in manufacturing productivity in the first quarter was only
slightly less than in the fourth quarter of 1994, although increases in output
and hours were much lower. 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. Firstquarter 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 7).
In nonfinancial corporations, productivity rose 1.8 percent in the first
quarter of 1995, reflecting increases of 4.5 percent in output and 2.7 percent
in employee hours (tables B and 6).

Business
From the fourth quarter of 1994 to the first quarter of 1995, business
productivity increased at a 2.2 percent annual rate. Output rose 4.4 percent,
and hours of all persons engaged in the sector increased 2.2 percent
(seasonally adjusted annual rates). During the fourth quarter of 1994,
productivity had gone up 4.3 percent (as revised), and output and hours rose
7.8 and 3.3 percent, respectively (table 1).

3
Hourly compensation increased 4.0 percent during the first quarter of
1995, similar to the 3.6 percent rise in the fourth quarter of 1994. 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 1.8 percent annual rate
during the first quarter. These costs had declined in the previous two
quarters, 0.7 percent in the fourth quarter of 1994 and 0.1 percent in the
third quarter.
Real hourly compensation, which takes into account changes in the Consumer
Price Index for All Urban Consumers (CPI-U), increased at a 0.9 percent annual
rate in the first quarter; it had risen 1.3 percent in the fourth quarter of
1994.
The implicit price deflator for business output, which reflects changes in
unit labor costs and unit nonlabor payments, increased 1.6 percent in the first
quarter, compared with a 0.7 percent increase during the fourth quarter of
1994.

Nonfarm business
Productivity rose 2.7 percent in nonfarm businesses during the first
quarter of 1995 as output rose 4.7 percent and hours of all persons increased
2.0 percent. During the fourth quarter of 1994, productivity rose 4.3 percent
in nonfarm businesses, reflecting gains of 7.7 percent in output and 3.3
percent in hours (table 2).
Hourly compensation increased at a 4.3 percent annual rate in the first
quarter, compared with a 3.8 percent increase one quarter earlier. When the
rise in the CPI-U is taken into account, real hourly compensation rose 1.2,
about the same as the 1.5 percent gain recorded in the fourth quarter of 1994.
Unit labor costs rose 1.6 percent, after having dropped 0.4 percent the
previous quarter.
The implicit price deflator for nonfarm business output rose 1.5 percent
in the first quarter, compared with a 0.5 percent rise one quarter earlier.

Manufacturing
Productivity increased 3.4 percent in manufacturing in the first quarter
of 1995, as output rose 5.1 percent and hours of all persons increased 1.6
percent (seasonally adjusted annual rates). Productivity, output, and hours
all showed larger increases in durable goods industries than in nondurables
(tables 4 and 5).
Hourly compensation of all manufacturing workers increased 4.7 percent
during the first quarter, compared with an increase of 3.8 percent in the
previous quarter. Real hourly compensation rose 1.6 percent when the increase
in consumer prices is taken into account.
Unit labor costs rose at a 1.3 percent annual rate in the first quarter of
1995, compared with an increase of 0.1 percent during the fourth quarter of
1994.

4

Table B. Nonfinancial corporations: Preliminary first-quarter productivity and
cost measures
(Seasonally adjusted annual rates)

Period

Productivity Output

1995 I

1.8

4.5

Real
Hourly hourly Unit
Implicit
compen- compen-labor
Unit
price
Hours sation sation costs
profits deflator
Percent change from preceding quarter
2.7

3.8

0.8

2.0

-9.0

0.4

Percent change from preceding year
1995 I

1.5

5.5

3.9

2.6

-0.2

1.1

3.1

0.9

Nonfinancial corporations
Preliminary first-quarter 1995 measures of productivity and costs also
were announced today for nonfinancial corporations (tables B and 6).
Productivity rose 1.8 percent in the first quarter, output 4.5 percent, and
hours 2.7 percent (seasonally adjusted annual rates). In the fourth quarter of
1994, productivity had increased 3.4 percent. Nonfinancial corporations
include all corporations doing business in the United States, except banks,
stock and commodity brokers, and finance and insurance agencies.
Hourly compensation increased 3.8 percent, or 0.8 percent when the rise in
the CPI-U is taken into account (table 6).
Unit labor costs for nonfinancial corporations increased 2.0 percent in
the first quarter, the largest increase since the first quarter of 1993 when
they had increased 4.4 percent. Unit nonlabor costs rose 0.8 percent, and unit
profits fell 9.0 percent. During the fourth quarter of 1994, unit labor costs
fell 0.3 percent and unit nonlabor costs 1.1 percent, while unit profits rose
2.5 percent (annual rates). The implicit price deflator for nonfinancial
corporate output rose 0.4 percent in the first quarter.
Table C shows indexes of the implicit price deflator and related series
for nonfinancial corporate output 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 1994, unit profits rose 126.5 percent, compared with a 23.7 percent increase
in unit costs. However, the rise in prices (30.0 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.

5
Table C. Nonfinancial corporations: Prices, costs, and profits
(Indexes, 1982=100)

Period

Implicit
price
deflator

Total
unit
costs

Unit Unit
labor nonlabor Unit
costs costs 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

100.0 100.0
99.6 99.3
102.0 98.8
105.2 100.1
107.2 102.4

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
123.7

108.8
111.1
116.8
121.7
125.0

102.5
106.4
112.9
116.3
120.5

172.1
183.5
168.5
167.5
164.7

1992
1993
1994

127.7
128.6
130.0

124.4
123.8
123.7

126.9 118.0
127.0 115.8
126.7 116.0

177.2
201.9
226.5

1994:
I
II
III
IV

129.4
129.9
130.5
130.4

123.5
123.4
124.0
123.8

126.2
126.7
127.1
127.0

116.6
115.2
116.2
115.9

218.2
228.7
228.8
230.3

1995:
I

130.5

124.3

127.6 116.1

224.9

REVISED MEASURES
Current and previous measures for the first quarter of 1995 for business,
nonfarm business, and manufacturing are compared in table D. The quarterly
movements differ from those reported on May 9, based on information then
available.
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
that depend on these series. Measures of output for the manufacturing sector
also were revised to incorporate new data on real gross product originating
(GPO) for 1993. See tables 1-6 and appendix tables 1-6 for the revised data
for the years beginning with 1990.

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 1995

Business:
Previous.....
Current .....

0.4
2.2

3.2
4.4

2.8
2.2

3.9
4.0

0.8
0.9

3.5
1.8

Nonfarm business:
Previous..... 0.7
Current ..... 2.7

3.3
4.7

2.6
2.0

4.1
4.3

1.0
1.2

3.4
1.6

Manufacturing:
Previous.....
Current .....

6.1
5.1

2.4
1.6

4.9
4.7

1.7
1.6

1.2
1.3

3.6
3.4

The BLS plans to switch to annually-weighted output indexes for
computations underlying its regular Productivity and Costs news releases,
beginning in late 1995 or early 1996. These output indexes are designed to
eliminate a source of bias in aggregate measures and to reduce the size of
future historical revisions to these measures. A statement containing
information about these measures can be obtained from the Division of
Productivity Research (202-606-5606).

Next release date
The next release of Productivity and Costs is scheduled for 10:00 AM EDT,
Tuesday, August 8, 1995. Preliminary second-quarter measures for business,
nonfarm business, and manufacturing will be released at that time.

7
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,

8
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
be made available to sensory-impaired
individuals upon request. Voice phone:
202-606-STAT; TDD phone: 202-606-5897;
TDD message referral phone number: 1800-326-2577.

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

1994

I
II
III
IV

116.2
r116.3
r117.0
r118.4

138.1
139.6
140.9
143.9

118.9
r120.0
r120.5
r121.5

r158.7
r159.9
r160.6
r161.3

107.0
107.0
r107.0
r106.6

136.6
137.5
r137.3
r136.2

149.5
149.6
r150.5
r154.0

140.8
141.4
141.6
142.1

ANNUAL

r117.0

140.6

r120.2

r160.1

r106.9

136.9

150.9

141.5

I
II
III
IV

r118.9
r118.5
r119.5
r120.7

145.8
147.2
148.8
151.6

r122.6
r124.2
r124.6
r125.6

r163.3
r163.6
r164.9
r166.4

r107.4
r106.9
r106.8
r107.2

r137.3
r138.1
r138.0
137.8

r153.4
r155.6
r157.8
r159.0

142.6
143.8
144.5
144.8

ANNUAL

r119.7

148.4

r123.9

r165.1

r107.5

137.9

156.3

143.9

1995
I
r121.4
r153.3
r126.3
r168.0
r107.4
r138.4
r159.5
r145.3
--------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1993

1994

1995

I
II
III
IV

r-2.1
0.6
r2.2
r5.0

0.6
4.2
4.0
8.6

r2.7
3.6
r1.7
r3.5

r2.5
3.1
r1.8
r1.7

r-0.6
0.1
r0.1
r-1.5

4.6
2.5
r-0.4
r-3.2

r-1.9
0.3
r2.4
r9.6

2.3
1.7
0.6
1.2

ANNUAL

r1.3

3.8

r2.4

r3.4

r0.4

2.0

r1.8

1.9

I
II
III
IV

r1.8
r-1.4
r3.2
r4.3

5.5
3.7
4.5
7.8

r3.6
r5.2
r1.3
r3.3

r5.1
r0.9
r3.1
r3.6

r2.9
r-1.7
r-0.4
r1.3

r3.2
2.3
r-0.1
r-0.7

r-1.6
r5.9
r5.8
r3.1

1.5
3.5
2.0
0.7

ANNUAL

r2.4

5.5

r3.1

r3.1

r0.5

0.7

3.6

1.7

I

r2.2

r4.4

r2.2

r4.0

r0.9

r1.8

r1.4

r1.6

--------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1993

1994

I
II
III
IV

1.5
r1.3
r1.0
r1.4

3.3
3.8
3.6
4.3

1.8
r2.5
r2.6
r2.9

4.3
r3.9
r3.0
r2.3

1.1
r0.8
r0.2
r-0.5

r2.7
r2.6
2.0
r0.8

0.7
0.6
r3.2
r2.5

2.0
1.9
2.4
1.4

ANNUAL

r1.3

3.8

r2.4

r3.4

r0.4

2.0

r1.8

1.9

I
II
III
IV

r2.4
r1.9
r2.1
r2.0

5.6
5.4
5.6
5.4

r3.1
r3.5
r3.4
r3.4

r2.9
r2.3
r2.7
r3.2

r0.4
r-0.1
r-0.2
r0.5

r0.5
r0.4
r0.5
r1.2

r2.6
r4.0
4.8
r3.2

1.2
1.7
2.0
1.9

ANNUAL

r2.4

5.5

r3.1

r3.1

r0.5

0.7

3.6

1.7

1995
I
r2.1
r5.1
r3.0
r2.9
r0.0
r0.8
r4.0
r1.9
--------------------------------------------------------------------------------------------------------See footnotes following table 6.
June 21, 1995
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

1994

I
II
III
IV

r114.3
114.5
r115.3
r116.5

138.3
139.9
141.5
144.3

120.9
r122.2
r122.8
r123.8

157.2
r158.1
r158.7
r159.3

r105.9
105.8
r105.7
r105.3

r137.4
138.1
137.7
r136.8

151.5
151.8
r153.6
r156.3

142.0
142.5
142.8
143.1

ANNUAL

r115.2

141.0

r122.4

r158.3

r105.7

137.5

r153.4

142.6

I
II
III
IV

r117.0
r116.6
r117.3
r118.6

146.1
147.3
148.8
151.6

r124.9
r126.3
r126.8
r127.9

r161.2
r161.8
r162.9
r164.4

r106.0
r105.7
r105.5
r105.9

r137.8
r138.8
r138.8
138.7

r155.5
r158.3
r160.9
r161.8

143.5
145.1
145.9
146.1

ANNUAL

r117.7

148.5

r126.1

r163.1

r106.2

138.6

r159.1

145.2

1995
I
r119.4
r153.4
r128.5
r166.2
r106.2
r139.2
r162.3
146.7
--------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1993

1994

1995

I
II
III
IV

r-2.2
0.4
r2.9
r4.2

1.0
4.7
4.9
7.9

r3.2
r4.2
r1.9
r3.5

r1.9
2.4
r1.5
r1.6

r-1.1
-0.6
r-0.2
r-1.6

4.1
2.0
r-1.3
r-2.5

-1.4
0.8
r4.7
r7.3

2.2
1.6
0.7
0.8

ANNUAL

r1.3

4.1

r2.7

r3.0

r0.0

1.7

2.4

1.9

I
II
III
IV

r1.7
r-1.4
r2.7
r4.3

5.2
3.2
4.3
7.7

r3.4
r4.7
r1.6
r3.3

r4.9
r1.4
r2.7
r3.8

r2.7
r-1.2
r-0.8
r1.5

3.1
r2.8
r0.0
r-0.4

-2.1
r7.6
r6.7
r2.2

1.2
4.5
2.3
0.5

ANNUAL

r2.2

5.3

r3.0

r3.0

r0.4

0.8

3.7

1.8

I

r2.7

r4.7

r2.0

r4.3

r1.2

r1.6

r1.3

r1.5

--------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1993

1994

I
II
III
IV

1.6
r1.1
r1.2
r1.3

3.5
4.0
4.2
4.6

1.9
r2.9
r2.9
r3.2

4.2
r3.5
r2.6
r1.9

1.0
r0.4
r-0.2
r-0.9

2.6
2.4
r1.3
r0.5

1.3
r1.0
4.4
r2.8

2.1
1.9
2.4
1.3

ANNUAL

r1.3

4.1

r2.7

r3.0

r0.0

1.7

2.4

1.9

I
II
III
IV

r2.3
r1.8
r1.8
r1.8

5.7
5.3
5.2
5.1

r3.3
r3.4
r3.3
r3.3

r2.6
r2.3
r2.6
r3.2

r0.1
r-0.1
r-0.2
r0.6

0.3
r0.5
r0.8
r1.4

r2.6
r4.3
4.8
r3.5

1.1
1.8
2.2
2.1

ANNUAL

r2.2

5.3

r3.0

r3.0

r0.4

0.8

3.7

1.8

1995
I
r2.0
r5.0
r2.9
r3.0
r0.2
r1.0
r4.4
2.2
--------------------------------------------------------------------------------------------------------See footnotes following table 6.
June 21, 1995
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

1994

I
II
III
IV

c,r130.8
c,r131.3
c,r132.1
c133.6

c,r134.8
c,r135.6
c,r136.8
c,r139.3

r103.0
r103.2
r103.6
r104.2

r149.9
r151.7
r152.5
r153.3

r101.0
r101.5
r101.6
r101.4

c,r114.6
c,r115.5
c,r115.4
c,r114.7

ANNUAL

c,r132.0

c,r136.6

r103.5

r152.0

r101.5

c,r115.1

I
II
III
IV

c,r135.4
c,r136.8
c,r138.0
c,r139.3

c,r141.8
c,r144.3
c,r146.3
c,r149.2

r104.7
r105.4
r106.0
r107.1

r154.3
r153.6
r154.5
r155.9

r101.4
r100.3
r100.0
r100.4

c,r113.9
c,r112.2
c,r111.9
c,r112.0

ANNUAL

c,r137.4

c,r145.4

r105.8

r154.5

r100.6

c,r112.5

1995
I
c,r140.4
c,r151.0
r107.5
r157.7
r100.8
c,r112.3
-------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1993

1994

1995

I
II
III
IV

c,r5.4
c,r1.5
c,r2.5
c,r4.7

c,r7.8
c,r2.3
c,r3.8
c,r7.4

r2.2
r0.8
r1.2
r2.6

r-2.1
r4.9
r2.0
r2.3

r-5.0
r1.8
r0.4
r-0.9

c,r-7.1
c,r3.3
c,r-0.4
c,r-2.3

ANNUAL

c,r3.6

c,r5.0

r1.4

r2.7

r-0.3

c,r-0.8

I
II
III
IV

r5.4
r4.3
r3.4
r3.7

r7.5
7.2
r5.7
r8.1

r2.0
r2.8
r2.2
r4.2

r2.4
r-1.8
r2.4
r3.8

r0.3
r-4.2
r-1.2
r1.5

r-2.8
r-5.8
r-1.0
r0.1

ANNUAL

c,r4.0

c,r6.4

r2.3

r1.7

r-0.9

c,r-2.3

I

r3.4

c,r5.1

r1.6

r4.7

r1.6

r1.3

-------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1993

1994

I
II
III
IV

c,r3.6
c,r3.8
c,r3.5
c,r3.5

c,r4.9
c,r4.7
c,r5.0
c,r5.3

1.3
r0.9
r1.4
r1.7

3.3
r3.3
r2.8
r1.7

0.1
r0.2
r0.0
r-1.0

c,r-0.3
c,r-0.5
c,r-0.7
c,r-1.7

ANNUAL

c,r3.6

c,r5.0

r1.4

r2.7

r-0.3

c,r-0.8

I
II
III
IV

c,r3.5
c,r4.2
c,r4.5
r4.2

c,r5.2
c,r6.4
c,r6.9
7.1

r1.6
r2.1
r2.4
r2.8

r2.9
r1.2
r1.3
r1.7

r0.4
r-1.1
r-1.5
r-0.9

c,r-0.6
c,r-2.9
c,r-3.0
r-2.4

ANNUAL

c,r4.0

c,r6.4

r2.3

r1.7

r-0.9

c,r-2.3

1995
I
r3.7
r6.5
r2.7
r2.3
r-0.6
r-1.4
-------------------------------------------------------------------------------------------------See footnotes following table 6.
June 21, 1995
r=revised c=correction of data issued on June 14
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

1994

I
II
III
IV

c,r143.0
c,r144.2
c,r145.2
c,r148.2

c,r143.4
c,r144.8
c,r146.7
c,r151.0

r100.3
r100.4
r101.1
r101.9

147.4
r148.8
r149.2
r150.2

99.3
r99.6
r99.4
r99.3

c,r103.1
c,r103.2
c,r102.8
c,r101.3

ANNUAL

c,r145.3

c,r146.5

r100.8

r149.0

r99.5

c,r102.6

I
II
III
IV

c,r150.3
c,r151.7
c,r153.3
c,r154.9

c,r154.4
c,r157.1
c,r160.1
c,r163.9

r102.7
r103.6
r104.4
r105.8

r151.2
r150.0
r150.7
r152.4

r99.4
r98.0
r97.6
r98.2

c,r100.6
c,r98.9
c,r98.3
c,r98.4

ANNUAL

c,r152.6

c,r158.9

r104.1

r151.0

r98.3

c,r99.0

1995
I
c,r156.5
c,r166.5
r106.4
r154.4
r98.7
c,r98.7
-------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1993

1994

1995

I
II
III
IV

c,r9.0
c,r3.6
c,r2.7
c,r8.5

c,r11.7
c,r4.1
c,r5.4
c,r12.1

r2.5
r0.4
r2.7
r3.3

r-4.9
r4.0
r1.1
r2.6

-7.7
r0.9
r-0.6
r-0.7

c,r-12.7
c,r0.3
c,r-1.5
c,r-5.4

ANNUAL

c,r5.9

c, r7.4

r1.5

r2.0

r-0.9

c,r-3.6

I
II
III
IV

r5.9
r3.6
r4.4
r4.1

9.5
7.1
7.8
9.7

r3.4
r3.4
r3.3
r5.4

r2.7
r-3.1
r2.1
r4.5

r0.5
r-5.6
r-1.5
r2.2

r-3.1
r-6.5
r-2.3
r0.4

ANNUAL

c,r5.0

c,r8.5

r3.3

r1.3

r-1.2

c,r-3.5

I

r4.2

r6.5

r2.3

r5.3

r2.1

r1.0

-------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1993

1994

I
II
III
IV

c,r5.9
c,r6.1
c,r5.7
c,r5.9

c,r7.0
c,r7.0
c,r7.5
c,r8.3

1.0
r0.9
r1.8
r2.2

3.0
r2.7
r2.0
r0.6

r-0.2
r-0.4
r-0.8
r-2.0

c,r-2.7
c,r-3.2
c,r-3.5
c,r-5.0

ANNUAL

c,r5.9

c,r7.4

r1.5

r2.0

r-0.9

c,r-3.6

I
II
III
IV

c,r5.2
c,r5.1
c,r5.6
r4.5

c,r7.7
c,r8.5
c,r9.1
8.5

r2.4
r3.2
r3.3
r3.8

r2.6
r0.8
r1.0
r1.5

r0.1
r-1.6
r-1.8
r-1.1

c,r-2.5
c,r-4.2
c,r-4.3
-2.9

ANNUAL

c,r5.0

c,r8.5

r3.3

r1.3

r-1.2

c,r-3.5

1995
I
r4.1
r7.8
r3.6
r2.1
r-0.7
-1.9
-------------------------------------------------------------------------------------------------See footnotes following table 6.
June 21, 1995
r=revised c=correction of data issued on June 14
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

1994

I
II
III
IV

c,r116.2
c,r115.8
c,r116.4
c,r116.2

c,r124.2
c,r124.2
c,r124.6
c,r124.9

r106.9
r107.3
r107.1
r107.5

r155.1
r157.5
r158.7
r159.4

r104.5
r105.4
r105.8
r105.4

c,r133.5
c,r136.0
c,r136.4
c,r137.2

ANNUAL

c,r116.1

c,r124.5

r107.2

r157.7

r105.3

c,r135.8

I
II
III
IV

c,r117.4
c,r119.0
c,r119.5
c,r120.4

c,r126.3
c,r128.6
c,r129.4
c,r131.2

r107.5
r108.1
r108.3
r109.0

r160.1
r160.2
r161.3
r162.3

r105.3
r104.7
r104.5
r104.5

c,r136.4
c,r134.7
c,r135.0
c,r134.8

ANNUAL

c,r119.0

c,r128.9

r108.2

r161.0

r104.8

c,r135.2

1995
I
c,r121.0
c,r132.1
r109.1
r163.8
r104.7
c,r135.4
-------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1993

1994

1995

I
II
III
IV

c,r0.7
c,r-1.3
c,r2.1
c,r-0.7

c,r2.6
c,r-0.1
c,r1.4
c,r0.9

r1.9
r1.2
r-0.7
r1.5

r2.3
r6.3
r3.2
r1.8

r-0.7
r3.2
r1.5
r-1.5

c,r1.6
c,r7.7
c,r1.1
c,r2.5

ANNUAL

c,r0.4

c,r1.7

r1.2

r3.8

r0.8

c,r3.3

I
II
III
IV

r4.4
r5.4
r1.8
r2.9

4.6
7.4
2.5
5.6

r0.1
r1.9
r0.7
2.6

r1.8
r0.3
r2.6
r2.5

r-0.4
r-2.2
r-0.9
r0.3

r-2.6
r-4.8
r0.8
r-0.4

ANNUAL

c,r2.5

c,r3.5

r1.0

r2.0

r-0.5

c,r-0.4

I

r2.1

r2.8

r0.7

r3.8

r0.7

r1.6

-------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1993

1994

I
II
III
IV

c,r0.5
c,r0.7
c,r0.6
c,r0.2

c,r2.2
c,r1.7
c,r1.6
c,r1.2

r1.6
r1.0
r1.0
r1.0

3.8
r4.3
r4.0
r3.4

0.6
r1.1
r1.1
r0.6

c,r3.2
c,r3.6
c,r3.3
c,r3.2

ANNUAL

c,r0.4

c,r1.7

r1.2

r3.8

r0.8

c,r3.3

I
II
III
IV

c,r1.1
c,r2.8
c,r2.7
r3.6

c,r1.7
c,r3.5
c,r3.8
5.0

r0.6
r0.7
r1.1
r1.3

r3.2
r1.7
r1.6
r1.8

r0.7
r-0.6
r-1.2
r-0.8

c,r2.1
c,r-1.0
-1.1
r-1.8

ANNUAL

c,r2.5

c,r3.5

r1.0

r2.0

r-0.5

c,r-0.4

1995
I
r3.0
r4.6
1.5
r2.3
r-0.6
r-0.7
-------------------------------------------------------------------------------------------------See footnotes following table 6.
June 21, 1995
r=revised c=correction of data issued on June 14
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

1994

I
II
III
IV

r119.9
r121.2
r122.2
r123.4

143.3
145.9
148.1
150.9

r119.5
r120.4
r121.2
r122.3

r153.9
r154.4
r154.8
r155.0

r103.7
r103.3
r103.1
r102.5

128.3
127.3
126.7
125.7

116.8
115.8
115.8
114.8

125.0
124.1
123.6
122.6

183.7
199.4
202.5
220.9

128.7
128.7
128.5
128.7

ANNUAL

r121.8

147.0

r120.8

r154.6

r103.3

127.0

115.8

123.8

201.9

128.6

I
II
III
IV

r124.0
r123.8
r124.3
r125.3

153.0
154.8
156.5
159.6

r123.4
r125.1
r125.9
r127.4

r156.5
r156.8
r157.9
r159.1

r102.9
r102.4
r102.3
r102.5

126.2
126.7
127.1
127.0

116.6
115.2
116.2
115.9

123.5
123.4
124.0
123.8

218.2
228.7
228.8
230.3

129.4
129.9
130.5
130.4

ANNUAL

r124.8

156.0

r125.0

r158.2

r103.0

126.7

116.0

123.7

226.5

130.0

1995
I
125.9
161.4
128.2
160.6
102.7
127.6
116.1
124.3
224.9
130.5
---------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1993

1994

1995

I
II
III
IV

r-2.2
r4.6
r3.2
r3.9

-0.3
7.5
6.0
7.8

r2.0
2.8
r2.7
r3.8

r2.0
1.4
r1.0
r0.6

r-1.0
r-1.5
r-0.7
r-2.6

4.4
-3.0
-2.1
-3.1

3.6
-3.3
0.0
-3.4

4.2
-3.1
-1.6
-3.2

-14.9
38.9
6.5
41.5

2.3
0.2
-0.8
0.6

ANNUAL

r2.8

5.0

r2.2

r2.8

r-0.2

0.0

-1.9

-0.5

14.0

0.8

I
II
III
IV

r2.0
r-0.8
r1.6
r3.4

5.8
4.8
4.2
8.4

r3.7
r5.6
r2.5
r4.8

r3.9
r0.6
r2.9
r3.2

r1.7
r-1.9
r-0.7
r0.9

1.8
1.4
1.2
-0.3

6.6
-4.8
3.5
-1.1

3.1
-0.3
1.8
-0.5

-4.9
20.7
0.3
2.5

2.2
1.8
1.7
-0.2

ANNUAL

r2.5

6.1

r3.5

r2.3

r-0.2

-0.2

0.2

-0.1

12.2

1.1

I

1.8

4.5

2.7

3.8

0.8

2.0

0.8

1.6

-9.0

0.4

---------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1993

1994

I
II
III
IV

r2.7
r3.0
r2.6
r2.3

4.4
5.1
5.2
5.2

1.6
r2.0
r2.5
r2.8

4.2
r3.3
r2.2
r1.3

1.0
r0.1
r-0.6
r-1.4

1.4
0.2
-0.4
-1.0

-2.1
-1.8
-2.7
-0.8

0.5
-0.3
-1.0
-1.0

7.8
13.6
18.5
15.5

1.1
0.8
0.6
0.6

ANNUAL

r2.8

5.0

r2.2

r2.8

r-0.2

0.0

-1.9

-0.5

14.0

0.8

I
II
III
IV

r3.4
r2.1
r1.7
r1.6

6.8
6.1
5.7
5.8

r3.3
r4.0
r3.9
r4.2

r1.7
r1.5
r2.0
r2.6

r-0.8
r-0.9
r-0.9
r0.0

-1.6
-0.5
0.3
1.0

-0.1
-0.5
0.4
1.0

-1.2
-0.5
0.3
1.0

18.8
14.7
13.0
4.2

0.5
0.9
1.6
1.4

ANNUAL

r2.5

6.1

r3.5

r2.3

r-0.2

-0.2

0.2

-0.1

12.2

1.1

1995
I
1.5
5.5
3.9
2.6
-0.2
1.1
-0.5
0.7
3.1
0.9
---------------------------------------------------------------------------------------------------------See footnotes following table 6.
June 21, 1995
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 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)

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.

(7)

Total unit cost is the sum of labor and nonlabor costs.

(8)

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
1990

1991

1992

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
119.6

137.3
139.8
141.8
143.5

103.5
104.3
103.9
103.4

124.6
125.8
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

111.4
112.0
112.3
113.0

131.5
131.9
132.2
132.6

118.1
117.7
117.6
117.4

145.1
146.6
148.1
150.1

103.8
104.3
104.6
105.1

130.3
130.9
131.9
132.9

143.8
145.1
145.4
145.2

134.7
135.6
136.3
136.9

ANNUAL

112.1

132.0

117.7

147.4

104.4

131.5

144.9

135.9

I
II
III
IV

114.4
114.9
115.8
116.8

133.7
134.4
136.1
137.9

116.8
117.0
117.5
118.1

152.2
153.8
156.0
157.7

105.8
106.2
106.8
107.1

133.0
133.9
134.7
135.1

148.4
148.7
145.8
150.2

138.0
138.8
138.3
140.1

ANNUAL
115.5
135.5
117.4
154.9
106.6
134.2
148.3
138.8
--------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1990

1991

1992

I
II
III
IV

1.7
3.4
-1.1
-1.1

3.7
2.5
-3.0
-3.6

2.0
-0.8
-2.0
-2.5

7.3
7.5
5.7
4.9

0.2
3.2
-1.3
-1.9

5.6
3.9
6.8
6.1

3.6
4.1
-1.9
1.4

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

3.2
2.4
1.1
2.3

-1.8
1.1
0.9
1.2

-4.8
-1.3
-0.2
-1.0

4.5
4.3
4.2
5.5

1.5
1.8
1.1
2.0

1.3
1.9
3.0
3.1

10.8
3.7
0.9
-0.7

4.5
2.5
2.3
1.7

ANNUAL

1.3

-1.0

-2.3

4.8

0.6

3.5

3.7

3.5

I
II
III
IV

5.3
1.5
3.3
3.3

3.4
2.2
4.9
5.6

-1.8
0.7
1.6
2.2

5.6
4.4
5.7
4.6

2.8
1.3
2.5
1.1

0.3
2.9
2.3
1.2

9.2
0.9
-7.6
12.6

3.3
2.2
-1.3
5.1

ANNUAL

3.0

2.7

-0.3

5.1

2.0

2.1

2.3

2.2

--------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1990

1991

1992

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

1.1
0.8
1.4
2.2

-1.5
-1.9
-0.9
0.4

-2.6
-2.7
-2.2
-1.8

5.6
4.8
4.5
4.6

0.3
0.0
0.6
1.6

4.5
4.0
3.1
2.3

3.5
3.4
4.1
3.6

4.2
3.8
3.4
2.8

ANNUAL

1.3

-1.0

-2.3

4.8

0.6

3.5

3.7

3.5

I
II
III
IV

2.8
2.5
3.1
3.3

1.7
2.0
3.0
4.0

-1.1
-0.6
-0.1
0.7

4.9
4.9
5.3
5.1

1.9
1.8
2.2
1.9

2.1
2.3
2.1
1.7

3.2
2.5
0.3
3.5

2.5
2.4
1.5
2.3

ANNUAL
3.0
2.7
-0.3
5.1
2.0
2.1
2.3
2.2
--------------------------------------------------------------------------------------------------------See footnotes following table 6.
June 21, 1995
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
1990

1991

1992

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
142.2

102.5
103.2
102.9
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

109.9
110.6
110.9
111.5

131.7
132.0
132.4
132.8

119.8
119.4
119.4
119.2

143.8
145.4
147.0
148.8

102.9
103.4
103.7
104.2

130.9
131.5
132.5
133.5

145.4
146.3
147.0
147.2

135.6
136.3
137.2
137.9

ANNUAL

110.7

132.2

119.5

146.2

103.6

132.1

146.5

136.7

I
II
III
IV

112.6
113.2
113.9
115.0

133.6
134.4
135.9
137.9

118.7
118.7
119.3
120.0

150.8
152.7
154.7
156.4

104.9
105.4
105.9
106.2

134.0
134.9
135.8
136.1

149.5
150.4
147.1
152.1

139.0
139.9
139.5
141.2

ANNUAL
113.7
135.5
119.2
153.7
105.7
135.2
149.7
139.9
--------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1990

1991

1992

I
II
III
IV

0.7
3.0
-1.3
-0.6

3.4
2.3
-3.1
-3.8

2.6
-0.7
-1.8
-3.2

6.4
7.1
5.7
5.4

-0.6
2.9
-1.3
-1.4

5.7
4.0
7.2
6.1

3.0
5.0
-1.8
3.0

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

3.5
2.4
1.4
1.9

-1.6
1.1
1.1
1.2

-5.0
-1.3
-0.3
-0.7

4.8
4.4
4.4
5.2

1.7
2.0
1.2
1.8

1.2
2.0
2.9
3.2

11.6
2.3
2.0
0.5

4.6
2.1
2.6
2.3

ANNUAL

1.5

-1.0

-2.4

5.0

0.8

3.5

4.2

3.7

I
II
III
IV

4.0
2.3
2.4
3.9

2.4
2.5
4.4
6.2

-1.6
0.2
1.9
2.2

5.5
5.0
5.3
4.6

2.7
1.9
2.2
1.1

1.4
2.7
2.9
0.6

6.5
2.2
-8.5
14.3

3.2
2.5
-1.2
5.1

ANNUAL

2.7

2.4

-0.3

5.1

2.0

2.4

2.2

2.3

--------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1990

1991

1992

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
0.6
-0.1

4.4
4.7
5.5
5.7

3.7
2.6
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

1.1
1.0
1.7
2.3

-1.6
-1.9
-0.8
0.5

-2.7
-2.8
-2.4
-1.8

5.8
5.1
4.7
4.7

0.5
0.2
0.9
1.7

4.6
4.1
3.0
2.3

4.3
3.7
4.7
4.0

4.5
3.9
3.6
2.9

ANNUAL

1.5

-1.0

-2.4

5.0

0.8

3.5

4.2

3.7

I
II
III
IV

2.4
2.4
2.6
3.1

1.4
1.8
2.6
3.8

-1.0
-0.6
0.0
0.7

4.9
5.0
5.3
5.1

1.9
1.9
2.1
2.0

2.4
2.6
2.5
1.9

2.8
2.8
0.0
3.3

2.5
2.6
1.7
2.4

ANNUAL
2.7
2.4
-0.3
5.1
2.0
2.4
2.2
2.3
--------------------------------------------------------------------------------------------------------See footnotes following table 6.
June 21, 1995
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
1990

1991

1992

I
II
III
IV

121.0
120.9
122.6
123.2

130.7
130.9
131.3
129.7

108.0
108.3
107.1
105.3

131.8
133.7
135.1
137.6

99.3
99.7
99.0
99.2

109.0
110.6
110.2
111.6

ANNUAL

122.1

130.6

107.0

134.7

99.5

110.4

I
II
III
IV

123.3
124.3
125.8
126.1

127.0
127.4
129.2
129.1

103.0
102.5
102.7
102.4

139.6
141.2
142.4
144.6

99.9
100.4
100.5
101.3

113.2
113.5
113.1
114.7

ANNUAL

124.9

128.2

102.7

141.9

100.5

113.7

I
II
III
IV

126.2
126.5
127.6
129.1

128.4
129.4
130.3
132.3

101.7
102.3
102.1
102.5

145.1
146.8
148.3
150.7

100.9
101.3
101.6
102.3

115.0
116.1
116.3
116.8

ANNUAL
127.5
130.1
102.0
147.9
101.7
116.0
----------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1990

1991

1992

I
II
III
IV

4.3
-0.4
5.9
2.1

3.3
0.5
1.5
-4.8

-0.9
0.9
-4.2
-6.7

4.9
5.9
4.1
7.6

-2.0
1.7
-2.8
0.6

0.7
6.3
-1.7
5.4

ANNUAL

1.8

-0.4

-2.2

5.3

-0.1

3.5

I
II
III
IV

0.2
3.4
5.0
0.7

-8.1
1.2
5.9
-0.6

-8.3
-2.1
0.9
-1.3

6.1
4.4
3.4
6.5

3.0
2.0
0.3
3.1

5.9
1.0
-1.5
5.8

ANNUAL

2.3

-1.9

-4.1

5.4

1.1

3.0

I
II
III
IV

0.6
0.8
3.5
4.7

-1.9
3.1
2.6
6.3

-2.4
2.3
-0.9
1.5

1.5
4.7
4.2
6.5

-1.2
1.6
1.1
3.0

0.9
3.9
0.7
1.7

ANNUAL
2.1
1.5
-0.6
4.2
1.2
2.1
----------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1990

1991

1992

I
II
III
IV

0.5
0.3
3.0
2.9

-1.5
-1.0
0.8
0.1

-2.0
-1.3
-2.1
-2.8

4.1
5.6
5.5
5.6

-1.1
0.9
-0.1
-0.6

3.6
5.3
2.4
2.6

ANNUAL

1.8

-0.4

-2.2

5.3

-0.1

3.5

I
II
III
IV

1.9
2.9
2.6
2.3

-2.8
-2.6
-1.6
-0.5

-4.6
-5.4
-4.1
-2.8

5.9
5.6
5.4
5.1

0.6
0.7
1.5
2.1

3.9
2.6
2.7
2.8

ANNUAL

2.3

-1.9

-4.1

5.4

1.1

3.0

I
II
III
IV

2.4
1.7
1.4
2.4

1.1
1.6
0.8
2.5

-1.2
-0.2
-0.6
0.1

3.9
4.0
4.2
4.2

1.0
0.9
1.1
1.1

1.5
2.2
2.8
1.8

ANNUAL
2.1
1.5
-0.6
4.2
1.2
2.1
----------------------------------------------------------------------------------------------See footnotes following table 6.
June 21, 1995
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
1990

1991

1992

I
II
III
IV

126.4
127.0
129.7
130.4

136.8
137.7
138.5
135.9

108.2
108.4
106.8
104.3

129.6
131.4
132.7
135.4

97.7
98.0
97.3
97.6

102.6
103.5
102.4
103.9

ANNUAL

128.5

137.2

106.8

132.5

97.8

103.1

I
II
III
IV

130.9
132.1
134.4
135.5

132.8
133.3
135.6
135.4

101.5
101.0
100.8
99.9

137.6
138.8
139.9
142.8

98.4
98.7
98.8
99.9

105.1
105.1
104.1
105.3

ANNUAL

133.2

134.3

100.8

139.7

99.0

104.9

I
II
III
IV

135.0
136.0
137.4
139.9

134.0
135.4
136.5
139.5

99.3
99.5
99.3
99.7

143.1
144.9
146.3
149.2

99.5
100.0
100.2
101.3

106.0
106.6
106.5
106.6

ANNUAL
137.2
136.3
99.3
146.1
100.5
106.4
----------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1990

1991

1992

I
II
III
IV

3.4
2.1
8.7
2.2

2.0
2.7
2.3
-7.1

-1.4
0.6
-5.9
-9.1

3.8
5.5
4.1
8.3

-3.1
1.4
-2.8
1.3

0.3
3.4
-4.2
6.0

ANNUAL

2.3

-1.1

-3.3

5.5

0.0

3.1

I
II
III
IV

1.6
3.6
7.4
3.2

-8.9
1.6
6.8
-0.5

-10.3
-2.0
-0.5
-3.7

6.6
3.5
3.2
8.4

3.5
1.1
0.2
4.9

4.9
-0.1
-3.9
5.0

ANNUAL

3.6

-2.1

-5.6

5.5

1.2

1.8

I
II
III
IV

-1.5
3.0
4.3
7.5

-3.9
4.0
3.4
9.0

-2.4
1.0
-0.8
1.4

0.9
5.3
3.9
8.2

-1.8
2.1
0.8
4.6

2.4
2.2
-0.3
0.6

ANNUAL
3.0
1.5
-1.5
4.5
1.5
1.4
----------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1990

1991

1992

I
II
III
IV

0.6
0.5
3.4
4.1

-2.9
-1.8
0.3
-0.1

-3.5
-2.3
-2.9
-4.0

4.3
5.8
5.5
5.4

-0.9
1.2
0.0
-0.8

3.7
5.3
2.1
1.3

ANNUAL

2.3

-1.1

-3.3

5.5

0.0

3.1

I
II
III
IV

3.6
4.0
3.7
3.9

-2.9
-3.2
-2.1
-0.4

-6.2
-6.9
-5.6
-4.2

6.1
5.6
5.4
5.4

0.8
0.7
1.5
2.4

2.5
1.6
1.7
1.4

ANNUAL

3.6

-2.1

-5.6

5.5

1.2

1.8

I
II
III
IV

3.1
3.0
2.2
3.3

0.9
1.5
0.7
3.0

-2.2
-1.4
-1.5
-0.2

4.0
4.4
4.6
4.5

1.1
1.3
1.5
1.4

0.8
1.4
2.3
1.2

ANNUAL
3.0
1.5
-1.5
4.5
1.5
1.4
----------------------------------------------------------------------------------------------See footnotes following table 6.
June 21, 1995
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
1990

1991

1992

I
II
III
IV

114.4
113.3
113.9
114.5

123.3
122.5
122.6
122.1

107.7
108.1
107.6
106.7

135.5
137.7
139.2
141.6

102.1
102.7
102.0
102.1

118.4
121.5
122.2
123.7

ANNUAL

114.1

122.6

107.4

138.6

102.3

121.4

I
II
III
IV

114.0
114.8
115.3
114.6

119.9
120.1
121.5
121.3

105.2
104.6
105.3
105.9

143.6
145.7
147.1
148.6

102.7
103.6
103.8
104.0

126.0
126.8
127.5
129.7

ANNUAL

114.7

120.7

105.3

146.2

103.6

127.5

I
II
III
IV

115.5
115.0
115.7
116.0

121.6
122.2
122.6
123.4

105.2
106.3
106.0
106.5

149.5
151.0
152.7
154.2

104.0
104.2
104.6
104.7

129.4
131.4
132.0
133.0

ANNUAL
115.6
122.5
105.9
152.0
104.6
131.4
----------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1990

1991

1992

I
II
III
IV

5.4
-3.7
2.1
1.9

5.2
-2.5
0.3
-1.5

-0.2
1.3
-1.7
-3.3

7.0
6.6
4.5
7.1

0.0
2.4
-2.4
0.1

1.6
10.7
2.3
5.1

ANNUAL

1.1

0.6

-0.5

5.4

0.0

4.2

I
II
III
IV

-1.7
3.1
1.8
-2.6

-7.1
0.8
4.6
-0.6

-5.5
-2.2
2.8
2.1

5.8
5.9
4.0
4.2

2.7
3.4
0.9
0.8

7.6
2.7
2.2
7.0

ANNUAL

0.5

-1.6

-2.0

5.5

1.2

5.0

I

3.4

0.9

-2.5

2.3

-0.4

-1.0

II
III
IV

-2.0
2.5
1.0

1.9
1.6
2.6

4.0
-0.9
1.6

4.2
4.5
4.1

1.0
1.4
0.6

6.3
2.0
3.0

ANNUAL
0.9
1.5
0.6
4.0
0.9
3.1
----------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1990

1991

1992

I
II
III
IV

0.3
0.0
2.5
1.4

0.6
0.0
1.5
0.3

0.2
0.0
-0.9
-1.0

4.1
5.4
5.6
6.3

-1.0
0.7
0.0
0.0

3.8
5.4
3.0
4.9

ANNUAL

1.1

0.6

-0.5

5.4

0.0

4.2

I
II
III
IV

-0.4
1.3
1.2
0.1

-2.7
-1.9
-0.9
-0.7

-2.4
-3.2
-2.1
-0.8

6.0
5.8
5.7
5.0

0.7
0.9
1.8
1.9

6.4
4.4
4.4
4.8

ANNUAL

0.5

-1.6

-2.0

5.5

1.2

5.0

I
II
III
IV

1.4
0.1
0.3
1.2

1.4
1.7
0.9
1.8

0.0
1.6
0.7
0.5

4.1
3.7
3.8
3.8

1.2
0.6
0.7
0.7

2.7
3.6
3.5
2.5

ANNUAL
0.9
1.5
0.6
4.0
0.9
3.1
----------------------------------------------------------------------------------------------See footnotes following table 6.
June 21, 1995
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
1990

1991

1992

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
136.3
138.2
140.2

100.8
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

101.3

121.7

116.3

120.1

167.5

123.1

I
II
III
IV

114.0
114.7
115.3
116.4

135.0
135.1
135.9
137.0

118.5
117.8
117.8
117.7

141.6
143.1
144.5
146.3

101.4
101.8
102.0
102.4

124.3
124.8
125.3
125.7

120.7
120.5
120.8
120.1

123.3
123.5
124.0
124.1

162.0
167.2
165.0
164.6

125.7
126.2
126.5
126.6

ANNUAL

115.0

135.7

118.0

143.8

101.9

125.0

120.5

123.7

164.7

126.3

I
II
III
IV

116.7
117.7
119.1
120.6

137.3
138.8
140.7
143.4

117.6
118.0
118.2
118.9

147.7
149.5
151.5
153.1

102.7
103.2
103.7
104.0

126.5
127.1
127.2
127.0

119.3
118.0
119.0
115.7

124.5
124.5
124.9
123.8

170.4
175.6
171.0
191.2

127.3
127.6
127.7
127.9

ANNUAL
118.5
140.0
118.2
150.4
103.5
126.9
118.0
124.4
177.2
127.7
---------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1990

1991

1992

I
II
III
IV

1.5
5.2
-1.0
1.4

3.0
4.2
-3.0
-3.7

1.4
-0.9
-2.0
-5.0

5.4
7.6
5.7
5.6

-1.6
3.4
-1.3
-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

2.7
2.5
2.2
3.8

-3.3
0.3
2.4
3.1

-5.9
-2.2
0.1
-0.6

4.3
4.1
3.9
5.3

1.3
1.7
0.8
1.8

1.6
1.5
1.6
1.4

5.4
-0.8
1.1
-2.3

2.6
0.9
1.5
0.4

25.3
13.5
-5.2
-0.9

4.2
1.9
0.9
0.3

ANNUAL

2.0

-1.1

-3.1

4.8

0.6

2.7

3.7

3.0

-1.7

2.6

I
II
III
IV

1.0
3.3
4.8
5.2

0.9
4.7
5.5
8.0

-0.2
1.3
0.6
2.6

3.7
5.1
5.3
4.4

0.9
2.0
2.1
0.9

2.6
1.7
0.4
-0.8

-2.6
-4.4
3.5
-10.4

1.2
0.0
1.2
-3.5

14.8
12.8
-10.0
56.4

2.2
1.0
0.2
0.7

ANNUAL
3.0
3.2
0.1
4.6
1.6
1.6
-2.1
0.5
7.6
1.1
---------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1990

1991

1992

I
II
III
IV

-0.1
1.6
1.4
1.8

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

2.0
1.4
2.2
2.8

-1.5
-2.4
-1.1
0.6

-3.5
-3.8
-3.3
-2.2

5.8
4.9
4.5
4.4

0.5
0.1
0.6
1.4

3.7
3.5
2.2
1.6

5.3
5.4
3.3
0.8

4.1
4.0
2.5
1.3

-6.2
-8.8
2.5
7.5

3.2
2.8
2.5
1.8

ANNUAL

2.0

-1.1

-3.1

4.8

0.6

2.7

3.7

3.0

-1.7

2.6

I
II
III
IV

2.4
2.6
3.2
3.6

1.7
2.7
3.5
4.7

-0.7
0.1
0.3
1.1

4.2
4.5
4.8
4.6

1.3
1.4
1.7
1.5

1.8
1.9
1.6
1.0

-1.2
-2.1
-1.5
-3.6

1.0
0.8
0.7
-0.3

5.2
5.0
3.7
16.2

1.3
1.1
0.9
1.1

ANNUAL
3.0
3.2
0.1
4.6
1.6
1.6
-2.1
0.5
7.6
1.1
---------------------------------------------------------------------------------------------------------See footnotes following table 6.
June 21, 1995
Source: Bureau of Labor Statistics