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News
Bureau of Labor Statistics
United States
Department
of Labor
Washington, D.C. 20212
Historical, technical
information: (202) 606-5606
Current data : (202) 606-7828
Media contact:
(202) 606-5902
USDL 93-79
TRANSMISSION OF THIS
MATERIAL IS EMBARGOED
UNTIL 10:00 A.M. EST
TUESDAY, MARCH 9, 1993
PRODUCTIVITY AND COSTS
Fourth Quarter and Annual Averages, 1992
The Bureau of Labor Statistics of the U.S. Department of Labor today reported
revised fourth-quarter seasonally-adjusted annual rates of productivity change—as
measured by output per hour of all persons—and revised annual changes for the full
year 1992. The revised changes are:
Business sector
Nonfarm business sector
Manufacturing
Durable goods manufacturing....
Nondurable goods manufacturing.
Fourth
quarter
4.9
4.8
4.2
4.8
3.5
Annual averages
1991-1992
2.9
2.8
3.0
3.0
2.9
On an annual basis, productivity in business and nonfarrrf business rose briskly
in 1992, posting the greatest annual gains since the 1970s. Output grew in 1992,
after falling in 1991, and hours of labor input declined for the second year in a
row. Growth in manufacturing productivity also resulted from a turnaround in output
and a slight decline in hours<,
In the fourth quarter, productivity increased strongly in business, nonfarm
business, and manufacturing, as output increased vigorously and hours edged up
(table A) . Fourth-quarter and annual 1992 measures are summarized in tables A and B
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. 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).
Table A. Productivity and costs: Revised fourth-quarter 1992
measures
(Seasonally adjusted annual rates)
Sector
Productivity
Output
Hours
Hourly
compensat ion
Real
hourly
compensat ion
Unit
labor
costs
Percent change from preceding quarter
Business
Nonfarm business
Manufacturing
Durable
Nondurable
4 .9
4 .8
4 .2
4 .8
3 .5
5. 9
5. 7
4. 3
4. 9
3. 5
0.9
0.9
0.1
0.1
0.0
4 .4
4 .3
5 .4
8 .7
0 .6
1 .2
1 .1
2 .2
5 .4
-2 .5
-0 .5
-0 .4
1 .2
3 .8
-2 .8
Percent change from same quarter a year ago
Business
Nonfarm business
Manufacturing
Durable
Nondurable
3 .3
3 .2
3 .4
3 .8
2 .9
3. 3
3. 3
2. 4
2. 2
2. 6
0.0
0.0
-1.0
-1.5
-0.3
3 .7
3 .7
2 .6
2 .7
2 .4
0 .6
0 .6
-0 .5
-0 .3
-0 .6
0 ,4
0 .4
-0 .8
-1 .0
-0 ,5
THIRD-TO-FOURTH QUARTER CHANGES, 1992
Business
Productivity increased at a 4.9 percent annual rate during the fourth quarter of
1992 in the business sector, as output growth accelerated to a 5.9 percent annual
rate and hours of all persons engaged in the sector showed a 0.9 percent increase
(seasonally adjusted). During the third quarter of 1992, business productivity had
increased 3.3 percent; output grew 3.6 percent; and hours rose 0.2 percent (table
1) . The increase in productivity in the fourth quarter was the largest gain since
the first quarter of 1986, when a 6.0 percent increase occurred. The fourth-quarter
increase in output was the largest since a 7.1 percent increase in the second
quarter of 1987; and the 0.9 percent rise in hours was the third in a row and
reflected a 0.3 percent rise in employment coupled with a 0.6 percent increase in
the length of the average work week.
Hourly compensation increased at a 4.4 percent annual rate during the fourth
quarter of 1992, compared with a 4.5 percent increase during the third quarter.
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, fell at a 0.5 percent annual rate during the
fourth quarter, compared with a 1.2 percent increase one quarter earlier. This was
the first decline in this important cost measure since the first quarter of 1988,
when a 0.2 percent decline occurred. The reduction in unit labor costs partly
reflects the faster gains in productivity in the October-December period.
Real hourly compensation, which takes into account changes in the Consumer Price
Index for All Urban Consumers (CPI-U), rose 1.2 percent in the fourth quarter,
compared with a 1.8 percent gain in the third quarter.
Nonfarm business
In the nonfarm business sector, productivity increased 4.8 percent in the fourth
quarter. Output rose 5.7 percent (the largest gain since a 7.2 percent gain in the
second quarter of 1987), and hours of all persons—employees, proprietors, and
unpaid family workers—rose 0.9 percent. The change in hours resulted from a 0.3
percent increase in employment and a 0.6 percent increase in the average work week.
As in the more comprehensive business sector, the rise in hours was the third in a
row. During the third quarter of 1992, nonfarm productivity had increased 2.9
percent, as output grew 3.5 percent and hours increased 0.6 percent (table 2).
Hourly compensation rose 4.3 percent in the fourth quarter, or 1.1 percent when
the increase in the CPI-U was taken into account. During the third quarter, hourly
compensation had increased 4.2 percent, and real hourly compensation had shown a 1.5
percent increase. Unit labor costs decreased 0.4 percent in the fourth quarter,
compared with a 1.3 percent rise during the third quarter. The decline in unit
labor costs during the fourth quarter (while hourly compensation gains accelerated)
reflects the cost-offsetting effect of stronger productivity gains. It marked the
first decrease in this measure since a 2.2 percent drop in the second quarter of
1987.
Manufacturing
Manufacturing productivity rose at a 4.2 percent seasonally adjusted annual rate
in the fourth quarter of 1992, compared with 5.3 percent increases in both the
second and third quarters,,. Output rose a strong 4.3 percent in the fourth quarter,
and hours of all persons edged up 0.1 percent. During the third quarter, output
rose 2.0 percent, but hours declined 3.2 percent (table 3). Both durable and
nondurable goods industries experienced productivity increases in the fourth
quarter, but the increases in durable manufacturing productivity and output were
greater (tables 4 and 5).
Hourly compensation of all manufacturing workers increased 5.4 percent during
the fourth .quarter, but .rose 2.2 percent when the increase in consumer prices was
taken into account. Unit.labor costs rose at a 1.2 percent annual rate in the
fourth quarter of 1992, after decreasing during the first 3 quarters of 1992.
ANNUAL AVERAGE CHANGES, 1991-1992
Business
Business productivity increased 2.9 percent when the annual average for 1991 is
compared with the average for 1992 (table B). In 1991, productivity grew only 0.3
percent. The gain in 1992 was the largest annual increase since 1976, when an
identical 2.9 percent increase occurred. Output grew 2.3 percent in 1992, and hours
of all persons engaged in the sector decreased 0.6 percent. During 1991, on the
other hand, output and hours both declined.
Hourly compensation increased 3,7 percent in 1992, compared with a 4.9 percent
increase during 1991. Real hourly compensation increased 0.7 percent in 1992,
matching the rise in 1991. At 104.6 (1982-100), the index of real hourly
compensation for 1992 was higher than in any other year. The previous high (104.4)
was achieved first in 1986 and again in 1988.
Unit labor costs increased only 0.8 percent during 1992, compared with a 4.6
percent increase a year earlier. The slower growth in these costs during 1992
reflects much greater productivity growth, in addition to the slowing of the rate of
gain of hourly compensation.
Nonfarm business
Productivity increased 2.8 percent in the nonfarm business sector during 1992,
as output rose 2.2 percent and hours of all persons decreased 0.5 percent. The gain
in productivity was the largest since a 3.1 percent gain in 1972. In 1991,
productivity edged ahead 0.5 percent, as output declined 2.2 percent and hours fell
2.6 percent. Hourly compensation rose 3.7 percent in 1992, compared with a 5.1
percent increase in 1991. Real hourly compensation increased 0.7 percent, about the
same as the 0.8 percent rise in 1991.
Unit labor costs in the nonfarm business sector grew significantly less in 1992
than in 1991. This slow growth, down from 4.6 percent in 1991 to 0.9 percent in
1992, reflected both a strong 1992 increase in productivity and a smaller rise in
hourly compensation.
Manufacturing
Manufacturing productivity increased about the
business sectors in 1992, growing 3.0 percent over
percent in 1992, and hours of all persons declined
productivity rose 1.9 percent, but output fell 2.3
percent.
same as in the more comprehensive
the 1991 level. Output rose 2.0
0.9 percent. During 1991,
percent and hours decreased 4.1
Hourly compensation of manufacturing workers increased 2.5 percent during 1992,
but was down 0.5 percent when the increase in consumer prices was taken into
account. Unit labor costs fell 0.5 percent in 1992, the first such decline since
1988, reflecting both faster productivity growth and a smaller gain in compensation
per hour compared with 1991.
Both durable and nondurable goods industries experienced productivity increases
in 1992. The 3.0 percent gain among durable goods producers reflected modest output
growth and a decline in hours. A 2.9 percent productivity increase in nondurable
goods industries in 1992 resulted from stronger output growth and little change in
hours (tables 4 and 5).
Kon£inancial Corporation*
As announced in the February 4 issue of Productivity and Costs, 1992 measures
for nonfinancial corporations, originally slated for publication at this time, are
not available*
Needed fourth-quarter profits measures, presently incomplete, are
scheduled for release by the Bureau of Economic Analysis of the U.S. Department of
Commerce in time for the May 6 release of Productivity and Costs.
Ravistd maasuras
Revised productivity and cost measures for the fourth quarter and full year 1992
show stronger productivity gains than had been reported previously. The revisions
principally reflect higher output growth rates than indicated by the measures
available on February 4 (table B). In the business sector, the growth in output for
the fourth quarter was revised upward 1.3 percentage points (from 4.6 percent to 5.9
percent), and hours were revised to a 0.9 percent increase (from a previous estimate
of 0.5 percent). As a result, productivity growth in the fourth quarter was revised
upward by 0.8 percentage points.
In all sectors, quarterly real hourly compensation measures from
reflect the incorporation of revised seasonal adjustment factors for
Price Index for All Urban Consumers. The new factors first appeared
January CPI data, published by the BLS on February 18 (USDL 93-56) .
were not affected.
1988 forward
the Consumer
with the
Annual changes
Naxt r*laa»e data
The next issue of Productivity and Costs is scheduled for release at 10:00 A.M.
EDT, Thursday, May €, 1993, and will contain preliminary first quarter 1993 measures
for business, nonfarm business, and manufacturing. Fourth-quarter and 1992 annual
measures for nonfinancial corporations also will be included.
Table B. Previous and current productivity and related measures
Fourth quarter and annual averages, 1992
(Seasonally adjusted annual rates)
Sector
Productivity
Output
Percent change ,
Business :
4.1
Previous
Current
4.9
Nonfarm business:
Previous
4.0
Current
4.8
Manufacturing :
Previous
3.8
4.2
Current
Hours
Hourly
compensation
Real
hourly
compensation
Unit
labor
costs
third to fourth quarter 1992
4.6
5.9
0.5
0.9
4.6
4.4
1.2
1.2
0.5
-0.5
4.5
5.7
0.5
0.9
4.6
4.3
1.2
1.1
0.6
-0.4
4.1
4.3
0.3
0.1
5.3
5.4
1.9
2.2
1.5
1.2
Percent change , 1991 - 1992
Business :
Previous
Current
Nonfarm business ;
Previous
Current
Manufacturing :
Previous
Current
2.8
2.9
2.2
2.3
-0.6
-0.6
3.8
3.7
0.7
0.7
0.9
0.8
2.7
2.8
2.2
2.2
-0.5
-0.5
3.7
3.7
0.7
0.7
1.0
0.9
3.0
3.0
2.0
2,0
-0.9
-0.9
2.5
2.5
-0.5
-0.5
-0.5
-0.5
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TECHNICAL NOTES
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individuals upon request. Voice phone: 202-523-1221; TDD phone: 202-523-3936; TDD
message referral phone number: 1-800-326-2577.
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, unpaid family workers,
and paid employees of private households.
Output: Business sector 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 1991.
Nonfarm business, which also excludes farming, was about 77 percent of GNP 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 metals; fabricated metal products; industrial machinery and
equipment; electronic and other electric equipment; transportation equipment;
instruments; lumber and lumber products; furniture and fixtures; stone, clay, and
glass products; and miscellaneous manufactures. Nondurables include: Textile mill
products, apparel products, paper and allied products, leather and leather products,
printing and publishing, chemicals and chemical products, petroleum products, rubber
and plastic products, food, and tobacco products. Manufacturing accounted for about
19 percent of GNP in 1991.
Nonfinaneial corporate output is equal to '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, 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 55 percent of GDP in 1991.
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.
Table 1. Business sector: Productivity, hourly compensation, unit labor cost,
and prices, seasonally adjusted
Real
Hours
CompensacompensaUnit
Year
Output per
tion per
of all
tion per
labor
and
hour of
hour (1)
persons
hour (2)
costs
quarter
all persons Output
Unit nonlabor payments (3)
Implicit
price
deflator (4)
Indexes 1982=100
1991
1992
I
II
III
IV
109 .3
109 .8
110 .3
111 .2
129.2
129.5
130.0
130.6
118.1
117.9
117.8
117.5
144.1
146.1
147.5
148.8
r!03.0
103.9
104.2
r!04.3
131 .8
133 .1
133 .7
133 .8
141.2
141.8
142.8
144.3
134.9
136.0
136.7
137.3
ANNUAL
110 .1
129.8
. 117.9
146.6
103.9
133 .1
142.5
136.2
.1
II
III
IV
112 .3
112 .6
113 .5
rl!4 .8
131.4
131.9
133.0
r!35.0
117.0
117.2
117.2
rl!7.5
150.3
151.0
152.7
r!54.3
r!04.4
104.1
104.6
104,9
133 .8
134 .1
134 .5
r!34 .4
147.0
148.9
147.9
r!52.4
138.2
139.0
138.9
r!40.3
ANNUAL
rl!3 .3
r!32.8
117.2
152.1
104.6
r!34 .2
r!49.1
139.1
4.9
1.7
3.0
4.1
4.8
3.2
2.3
1.6
Percent change from previous quarter at annual rate (5)
1991
1992
I
II
III
IV
-1 .1
1 .6
1 .9
3 .3
-6.4
0.9
1.6
2.0
-5.3
-0.7
-0.3
-1.3
3.6
5.6
3.9
3.5
r-0.1
r3.4
rO.3
4 .8
3 .9
1 .9
0 .2
ANNUAL
0 .3
-2.2
-2.5
4.9
0.7
4 .6
2.3
3.8
I
II
III
IV
3 .9
1 .0
3 .3
r4 .9
2.3
1.6
3.6
-1.5
0.6
0.2
4.0
1.9
4.5
rO.6
r-1.2
rl.8
7.7
5.3
2.6
2.4
r5.9
rO.9
r4.4
1.2
0 .1
0 .9
1 .2
r-0 .5
-2.7
r!2.8
-0.2
r4.0
ANNUAL
r2 .9
r2.3
-0.6
r3.7
0.7
rO .8
r4.6
2.1
1.9
1.3
2.7
3.4
4.5
4.1
3.6
3.0
1.1
Percent change from corresponding quarter of previous year
1991
1992
I
II
III
IV
0 .0
-0 .4
0 .5
1 .4
-3.0
-3.2
-1.9
-0.5
-2.9
-2.8
-2.4
-1.9
5.8
5.2
4.6
4.1
rO.7
rl.2
5 .9
5 .6
4 .1
2 .7
ANNUAL
0 .3
-2.2
-2.5
4.9
0.7
4 .6
2.3
3.8
I
II
III
IV
2 .7
2 .5
2 .9
r3 .3
1.7
1.9
2.4
4.2
3.3
3.5
1.3
0.2
0.4
2.4
2.2
1.6
r3.7
rO.6
1 .5
0 .8
0 .6
rO .4
4.1
5.0
3.5
r3.3
-1.0
-0.6
-0.5
rO.O
r5.6
r2.2
ANNUAL
r2 .9
r2.3
-0.6
r3.7
0.7
rO .8
r4.6
2.1
See footnotes following table 6.
r=revised
0.5
0.3
March 9, 1993
Source: Bureau of Labor Statistics
Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor
and prices, seasonally adjusted
Real
CompensacompensaUnit
Hours
Output per
Year
tion per
tion per
labor
of all
hour of
and
hour (2)
costs
hour (1)
persons
all persons Output
quarter
cost,
Unit nonlabor payments (3)
Implicit
price
deflator{4)
Indexes 1982=100
1991
1992
I
II
III
IV
107.9
108.4
108.9
109.6
129.4
129.7
130.2
130.7
119.9
119.7
119.6
119.3
143.0
145.0
146.4
147.5
r!02.2
103.1
103.4
r!03.4
132.5
133.8
134.4
134.6
142.5
142.6
144.0
145.9
135.7
136.6
137.5
138.3
ANNUAL
108.7
130.0
119.6
145.4
103.0
133.8
143.7
137.0
I
II
III
IV
110.6
111.1
111.8
rl!3.1
131.5
132.0
133.2
r!35.0
118.9
118.9
119.1
rl!9.3
148.9
149.8
151.4
r!53.0
103.5
103.3
103.7
104.0
134.6
134.9
135.3
r!35.2
148.4
150.6
149.4
r!53.8
139.1
139.9
139.9
r!41.2
rill. 7
r!32.9
119.0
150.8
103.7
r!35.0
r!50.6
140.0
r-0.1
4.6
4.0
2.0
0.6
5.5
0.1
4.1
5.4
4.9
2.7
2.7
2.2
ANNUAL
Percent change from previous quarter at annual rate(5)
1991
1992
I
II
III
IV
-0.7
-6.1
1.7
1.9
2.5
0.9
1.5
1.6
-5.5
-0.8
-0.3
-0.9
3.9
5.8
3.9
3.1
ANNUAL
0.5
-2.2
-2.6
5.1
0.8
4.6
2.8
4.0
I
II
III
IV
3.7
1.7
2.9
2.3
1.7
3.5
-1.3
0.1
0.6
3.8
2.4
4.2
0.1
0.8
1.3
7.1
5.8
2.4
2.5
r4.8
r5.7
rO.9
r4.3
rO.4
r-0.6
rl.5
rl.l
r-0.4
-3.1
r!2.4
-0.3
r3.9
ANNUAL
r2.8
2.2
-0.5
3.7
0.7
rO.9
r4.7
2.2
2.5
1.6
3.2
3.7
4.7
4.2
3.8
3.1
rO.l
r3.5
1.2
Percent change from corresponding quarter of previous year
1991
1992
0.7
1.3
-3.0
-3.2
-1.9
-0.6
-3.1
-3.0
-2.6
-1.9
6.0
5.5
4.9
4.2
rl.2
5.9
5.6
4.1
2.8
ANNUAL
0.5
-2.2
-2.6
5.1
0.8
4.6
2.8
4.0
I
II
III
IV
2.5
2.4
2.7
1.6
1.8
2.3
1.7
0.8
0.7
4.2
5.6
3.7
2.5
2.5
1.7
r3.3
4.1
3.3
3.4
3.7
1.2
0.2
0.3
r3.2
-0.9
-0.6
-0.4
rO.O
rO.6
rO.4
r5.4
r2.1
ANNUAL
r2.8
2.2
-0.5
3.7
0.7
rO.9
r4.7
2.2
I
II
III
IV
0.0
-0.2
See footnotes following table 6.
r=revised
0.6
0.6
1.0
March 9, 1993
Source: Bureau of Labor Statistics
10
Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor cost,
seasonally adjusted
Real
Hours
CompensacompensaOutput per
Year
ofall
tionper
tionper
hour of
Output
and
persons
hour (1)
hour (2)
all persons
(6)
quarter
Unit
labor
costs
Indexes 1982=100
1991
1992
I
II
III
IV
126.1
127.5
129.4
129.7
130.3
131.0
133.2
133.3
103.3
102.8
103.0
102.8
138.5
140.2
141.3
142.8
r99.0
99.7
99.8
rlOO.l
109.9
110.0
109.2
110.1
ANNUAL
128.1
131.9
103.0
140.6
99.6
109.8
129.4,
131.0
132.7
r!34.1
132.6
134.4
135.0
r!36.5
102.5
102.6
101.7
rl01.7
142.0
143.1
144.6
r!46.5
98.7
98.7
99.0
r99.6
109.8
109.2
108.9
r!09.2
131.9
134.6
r!02.0
144.1
99.1
109.3
I
II
III
IV
ANNUAL
Percent change from previous quarter at annual rate (5)
1991
1992
I
II
III
IV
-2.9
4.5
6.2
1.0
-10.5
2.2
7.1
0.2
-7.8
-2.2
0.8
-0.8
5.2
4.8
3.1
4 .5
rl.4
r2.6
0.4
rl.2
8.4
0.3
-3.0
3.5
ANNUAL
1.9
-2.3
-4.1
5.1
0.8
3.2
I
II
III
IV
-1.0
5.3
5.3
r4.2
-2.2
5.6
2.0
r4.3
-1.1
0.3
-3.2
rO.l
-2.3
3.2
4.1
r5.4
r-5.5
rO.l
rl.3
r2.2
-1.3
-2.0
ANNUAL
3.0
2.0
-0.9
2.5
-0.5
-0.5
0.7
0.5
1.1
1.4
4.0
3.2
3.2
2.2
-1.2
rl.2
Percent change from corresponding quarter of previous year
1991
1992
I
II
III
IV
2.0
2.1
1.7
2.1
-2.9
-3.3
-2.5
-0.5
-4.8
-5.3
-4.1
-2.5
6.1
5.4
5.0
4.4
ANNUAL
1.9
-2.3
-4.1
5.1
0.8
3.2
I
II
III
IV
2.6
2.8
2.6
r3.4
1.8
2.6
1.4
r2.4
-0.8
-0.2
-1.2
r-1.0
2.5
2.1
2.3
r2.6
-0.4
-1.0
-0.7
-0.5
-0.1
-0.7
-0.3
r-0.8
ANNUAL
3.0
2.0
-0.9
2.5
-0.5
-0.5
See footnotes following table 6.
r=revised
March 9, 1993
Source: Bureau of Labor Statistics
11
Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor cost,
seasonally adjusted
Real
Hours
CompensacompensaOutput per
Unit
Year
Output
of all
tion per
tion per
hour of
labor
and
persons
hour
(1)
hour
(2)
(6)
all persons
costs
quarter
Indexes 1982=100
1991
1992
I
II
III
IV
135.4
136.8
138.8
139.2
137.6
138.3
140.2
139.7
101.6
101.1
101.0
100.3
136.5
137.9
139.0
140.9
r97.5
98.1
98.2
98.7
100.8
100.9
100.1
101.3
ANNUAL
137.5
138.9
101.1
138.5
98.1
100.8
I
II
III
IV
138.0
140.9
142.8
r!44.5
138.2
140.6
141.1
r!42.8
100.2
99.8
98.8
r98.8
139.3
140,4
141.8
r!44.8
96.8
96.8
97.1
r98.4
100.9
99.7
99.3
rlOO.2
ANNUAL
r!41.6
140.7
99.3
141.7
97.4
100.0
Percent change from previous quarter at annual rate (5)
1991
1992
I
II
III
IV
-4.2
4.2
6.3
1.0
-13.3
2.2
5.5
-1.5
-9.6
-2.0
-0.7
-2.4
4.7
4.5
3.1
5.7
rl.O
r2.2
0.4
r2.4
9.3
0.2
-3.0
4.7
ANNUAL
1.5
-4.0
-5.4
5.0
0.8
3-4
I
II
III
IV
-3.4
8.7
5.5
r4.8
-4.0
6.9
1.5
r4.9
-0.7
-1.6
-3.8
rO.l
-4.6
3.3
3.9
r8.7
r-7.6
rO.2
rl.2
r5.4
-1.2
-4.9
-1.5
r3.8
ANNUAL
r3.0
rl.2
-1.7
2.3
-0.7
r-0.7
Percent change from corresponding quarter of previous year
1991
1992
I
II
III
IV
2.6
1.6
0.7
1.7
-3.9
-5.1
-4.8
-2.1
-6.3
-6.6
-5.5
-3.7
6.1
5.3
4.8
4.5
0.7
0.4
rO.9
1.5
3.4
3.6
4.1
2.7
ANNUAL
1.5
-4.0
-5.4
5.0
0.8
3.4
I
II
III
IV
1.9
3.0
2.8
r3.8
0.5
1.6
0.6
r2.2
-1.4
-1.4
-2.1
-1.5
2.1
1.8
2.0
2.7
-0.8
-1.3
-1.1
-0.3
0.1
-1.2
-0.8
r-1.0
ANNUAL
r3.0
rl.2
-1.7
2.3
-0.7
r-0.7
See footnotes following table 6.
r=revised
March 9, 1993
Source: Bureau of Labor Statistics
12
Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor cost,
seasonally adjusted
Real
Hours
CompensacompensaOutput per
Unit
Year
of all
tion per
tion per
Output
hour of
labor
and
persons
hour (1)
hour (2)
(6)
all persons
costs
quarter
Indexes 1982=100
I
II
III
IV
114.8
116.2
118.0
118.2
121.4
122.1
124.9
125.6
105.7
105.1
105.9
106.3
142.6
144.5
145.7
146.8
102.0
102.7
102.9
r!02.9
124.2
124.3
123.5
124.2
ANNUAL
116.8
123.5
105.8
144.9
102.6
124.1
I
II
III
IV
118.9
119.2
120.6
r!21.7
125.7
126.9
127.8
r!28.9
105.8
106.5
105.9
r!05.9
147.2
148.5
150.1
r!50.3
r!02.3
102.4
102.8
102.2
123.9
124.6
124.4
r!23.6
ANNUAL
r!20.2
r!27.3
r!05.9
149.2
102.6
r!24.1
1991
1992
Percent change from previous quarter at annual rate (5)
I
II
III
IV
-1.2
5.0
6.1
0.9
-6.4
2.3
9.3
2.5
-5.2
-2.6
3.0
1.5
6.4
5.4
3.4
3.0
r2.6
r3.2
0.7
r-0.3
7.7
0.4
-2.6
2.1
ANNUAL
2.3
0.1
-2.1
5.5
1.2
3.1
I
II
III
IV
2.2
0.9
5.0
r3.5
0.4
3.8
2.7
r3.5
-1.8
2.8
-2.3
rO.O
1.2
3.4
4.5
0.6
r-2.1
rO.3
rl.7
r-2.5
-1.0
2.5
-0.5
r-2.8
ANNUAL
r2.9
r3.1
rO.l
3.0
0.0
rO.l
1991
1992
Percent change from corresponding quarter of previous year
I
II
III
IV
1.1
2.7
3.1
2.6
-1.5
-0.8
0.9
1.8
-2.5
-3.4
-2.1
-0.9
6.4
5.9
5.5
4.5
1.0
1.0
1.6
1.5
5.3
3.1
2.3
1.8
ANNUAL
2.3
0.1
-2.1
5.5
1.2
3.1
I
II
III
IV
3.5
2.5
2.3
r2.9
3.6
3.9
2.3
r2.6
0.0
1.4
0.1
r-0.3
3.2
2.7
3.0
2.4
rO.4
r-0.3
-0,1
-0.6
-0.3
0.2
0.7
r-0.5
ANNUAL
r2.9
r3.1
rO.l
3.0
0.0
rO.l
1991
1992
See footnotes following table 6.
r=revised
March 9, 1993
Source: Bureau of Labor Statistics
13
Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor cost, unit profits,
and prices, seasonally adjusted
Year
and
quarter
Output
per allemployee
hour
Output
Employee
hours
Hourly
compensat ion
(1)
Real
hourly
compensation (2)
Unit
labor
costs
Unit
nonlabor
cost (7)
Total
unit
cost
(8)
Unit
profits
(9)
Implicit
price
deflator
(4)
Indexes 1982=100
1991
1992
I
II
III
IV
113.0
113.6
114.2
115.3
134.1
134.3
134.9
136.0
118.7
118.2
118.1
117.9
140.8
142.7
144.0
145.2
100.7
101.5
101.7
101.7
124.6
125.7
126.2
125.9
122.2
122.1
123.1
122.8
123.9
124.7
125.3
125.0
151.3
154.5
150.7
155.2
125.6
126.5
126.9
126.9
ANNUAL
113.9
134.8
118.3
143.1
101.4
125.6
122.6
124.7
152.9
126.5
T
II
III
116.0
116.7
118.2
136.8
137.9
139.3
117.9
118.2
117.8
145.9
146.6
147.9
101.4
101.1
101.3
125.7
125.6
125.2
121.7
121.4
122.8
124.6
124.4
124.5
167.7
179.6
179.3
127.3
127.8
127.9
Percent change from previous quarter at annual rate (5)
1991
1992
I
II
III
IV
1.5
2.1
2.1
4.2
-4.9
0.6
1.8
3.4
-6.3
-1.5
-0.3
-0.7
3.5
5.6
3.7
3.3
r-0,2
r3.3
1.0
rO.l
2.0
3.4
1.5
-0.8
9.4
-0.3
3.3
-1.0
4.0
2.4
2.0
-0.9
4.5
8.7
-9.7
12.6
4.1
2.8
1.1
0.1
ANNUAL
1.8
-1.5
-3.3
4.9
0.7
3.0
5.0
3.6
-6.0
2.8
I
II
III
2.3
2.5
5.1
2.3
3.4
3.9
0.0
0.9
-1.1
1.8
2.0
3.7
r-1.5
r-1.0
rl.O
-0.5
-0.4
-1.4
-3.5
-0.9
4.8
-1.4
-0.6
0.3
36.3
31.5
-0.6
1.2
1.8
0.2
Percent change from corresponding quarter of previous year
1991
1992
I
II
III
IV
1.7
1.2
2.0
2.5
-2.1
-2.7
-1.4
0.2
-3.8
-3.9
-3.4
-2.2
5.9
5.3
4.7
4.0
0.5
0.4
0.8
1.0
4.1
4.1
2.6
1.5
6.1
6.3
4.9
2.8
4.6
4.7
3.2
1.9
-9.3
-12.6
-4.2
3.7
3.5
3.1
2.6
2.0
ANNUAL
1.8
-1.5
-3.3
4.9
0.7
3.0
5.0
3.6
-6.0
2.8
I
II
III
2.7
2.8
3.5
2.0
2.7
3.3
-0.6
0.0
-0.2
3.6
2.7
2.7
0.7
-0.4
-0.4
0.9
-0.1
-0.8
-0.4
-0.6
-0.2
0.5
-0.2
-0.6
10.8
16.2
19.0
1.3
1.0
0.8
See footnotes following table 6.
r-revised
March 9, 1993
Source: Bureau of Labor Statistics
14
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
1991.
Footnotes, Tables 1-6
(1) Wages and salaries of employees plus employers1 contributions for social
insurance and private benefit plans. Except for nonfinancial
corporations, where there are no self-employed, data also include an
estimate of wages, salaries, and supplemental payments for the selfemployed.
(2) Compensation per hour adjusted for changes in the Consumer Price Index
for All Urban Consumers.
(3)
Unit nonlabor payments include profits, capital consumption allowances,
interest, rental income of persons, and indirect taxes,
(4) Current dollar gross product divided by constant dollar gross product.
(5) Quarterly changes: Percent change compounded at annual rate from the
original data rather than index numbers. Annual changes: Percent
change between annual average levels.
(6)
Quarterly manufacturing output measures are based on the index of
industrial production prepared monthly by the Board of Governors of the
Federal Reserve adjusted by BLS to annual manufacturing output levels
(gross product originating) from the National Income and Product
Accounts prepared by the Bureau of Economic Analysis of the U.S.
Department of Commerce.
(7)
Unit nonlabor cost includes capital consumption allowances, interest,
rental income of persons, and indirect taxes. For nonfinancial
corporations, rental income of persons is zero by definition.
(8)
Total unit cost is the sum of labor and nonlabor costs,
(9) Unit profits include corporate profits with inventory valuation and
capital consumption adjustments.
@FedFRASER