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Transmission of material in this release is embargoed until 8:30 a.m. (ET) Thursday, March 4, 2021 USDL 21-0364 Technical information: (202) 691-5606 • Productivity@bls.gov • www.bls.gov/lpc Media contact: (202) 691-5902 • PressOffice@bls.gov PRODUCTIVITY AND COSTS Fourth Quarter and Annual Averages 2020, Revised Nonfarm business sector labor productivity decreased 4.2 percent in the fourth quarter of 2020, the U.S. Bureau of Labor Statistics reported today, as output increased 5.5 percent and hours worked increased 10.1 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the fourth quarter of 2019 to the fourth quarter of 2020, nonfarm business sector labor productivity increased 2.4 percent, reflecting a 2.6-percent decline in output and a 4.9-percent decline in hours worked. (See chart 1 and table A1.) Unit labor costs in the nonfarm business sector increased at an annual rate of 6.0 percent in the fourth quarter of 2020, the combined effect of a 1.5-percent increase in hourly compensation and a 4.2-percent decline in productivity. Unit labor costs increased 4.2 percent over the last four quarters, as hourly compensation increased 6.7 percent and productivity increased 2.4 percent. (See chart 2 and table A1.) BLS calculates unit labor costs as the ratio of hourly compensation to labor productivity. Increases in hourly compensation tend to increase unit labor costs, and increases in productivity tend to reduce them. Historical Revisions to Productivity and Costs Data Data in this release incorporate the annual benchmark revision of BLS Current Employment Statistics program data on employment and hours of employees on nonfarm payrolls, and also include revised data on employment and hours of all other business sector workers that reflect updated seasonal adjustment of those data by the BLS Major Sector Productivity program. See Revised measures on page 4 and box note on page 8. Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked by all persons, including employees, proprietors, and unpaid family workers. The fourth quarter of 2020 is the second consecutive quarter with increases in both output and hours, following historic declines in those measures in the second quarter of 2020. Although output increased 5.5 percent and hours worked increased 10.1 percent in the fourth quarter of 2020, output and hours remain 2.6 percent and 4.9 percent below their fourth-quarter 2019 levels, respectively. (See chart 3.) Chart 3. Output and Hours index series, nonfarm business, all persons, 2019 Q4 – 2020 Q4 102 Index (2019 Q4=100) 100 98 96 94 92 90 88 86 84 2019 Q4 2020 Q1 2020 Q2 Output 2020 Q3 2020 Q4 Hours Manufacturing sector labor productivity increased 5.0 percent in the fourth quarter of 2020, as output increased 13.0 percent and hours worked increased 7.6 percent. Productivity had increased at a serieshigh 20.7 percent annual rate in the third quarter of 2020, following a decline of 13.3 percent in the second quarter. Manufacturing productivity increased 2.8 percent from the same quarter a year ago. (See chart 4, and tables A1 and 3.) Unit labor costs in the total manufacturing sector decreased 8.8 percent in the fourth quarter of 2020, reflecting a 4.2-percent decrease in hourly compensation and a 5.0-percent increase in productivity. Manufacturing unit labor costs decreased 0.1 percent from the same quarter a year ago. (See chart 5, and tables A1 and 3.) -2- The strong growth in manufacturing output and hours worked in the fourth quarter of 2020 followed the largest-ever increases in these series in the third quarter. Nevertheless, these measures have not yet fully recovered from the historic declines of the second quarter; output and hours remain 2.5 percent and 5.2 percent below their fourth-quarter 2019 levels, respectively. (See chart 6.) Chart 6. Output and Hours index series, manufacturing, all persons, 2019 Q4 – 2020 Q4 102 Index (2019 Q4=100) 100 98 96 94 92 90 88 86 84 2019 Q4 2020 Q1 2020 Q2 Output 2020 Q3 2020 Q4 Hours The robust growth in manufacturing output and hours in the fourth quarter of 2020 originated in both the durable goods and nondurable goods sectors. Durable goods manufacturing productivity increased 6.4 percent in the fourth quarter of 2020, reflecting a 12.8-percent increase in output and a 6.0-percent increase in hours. Nondurable goods manufacturing productivity increased 2.8 percent in the fourth quarter of 2020, as output increased 13.1 percent and hours worked increased 10.1 percent. (See tables -3- A1, 4, and 5.) The concepts, sources, and methods used for the manufacturing output series differ from those used in the business and nonfarm business output series; these output measures are not directly comparable. See the Technical Notes for a more detailed explanation. (See page 9.) Revised measures Quarterly and annual measures of hours worked and related series—including productivity—were revised for all major sectors. From 2016 to 2020, the revisions reflect revised BLS Current Employment Statistics (CES) program data, due to annual benchmarking of CES data and revised seasonal adjustment of those data. Previous adjustments to employment and hours by the productivity program to account for the impact of the COVID-19 pandemic, and based in part on CES employment levels, were revised to be consistent with the benchmarked levels. Quarterly and annual measures of hours worked and related series were also revised from 2000 to 2020 to incorporate revised measures of hours worked by nonfarm proprietors and unpaid family workers, all farm workers, and employees of government enterprises. These measures, based on source data from the BLS Current Population Survey (CPS), are seasonally adjusted by the BLS Major Sector Productivity program, and were revised due to implementation of improved seasonal adjustment methods; for more information see “Updated Seasonal Adjustment of Hours Worked Data” on page 8. Because hours worked were revised for the index base year of 2012, all measures incorporating hours worked including productivity were subject to revision back to 1947; resulting revisions to percent changes are small. Quarterly and annual measures incorporating compensation were also subject to revision historically, because hours worked are used to estimate compensation for proprietors. Quarterly measures of real hourly compensation in 2020 were revised due to revised consumer prices. In addition, third quarter, fourth quarter, and annual average data for 2020 were revised to incorporate regular updates of source data on output and compensation. Revised and previous measures for the fourth quarter of 2020 are shown in table B1 for the business, nonfarm business, and manufacturing sectors. In the fourth quarter of 2020, nonfarm business productivity was revised up, from a decrease of 4.8 percent to a decline of 4.2 percent, reflecting a 0.2percentage point upward revision to output and a 0.6-percentage point downward revision to hours worked. Unit labor costs were revised down from an increase of 6.8 percent to an increase of 6.0 percent. Manufacturing productivity increased 5.0 percent in the fourth quarter of 2020, rather than increasing 3.0 percent as reported February 4, the combined effect of an upward revision to output and a downward revision to hours worked. A large downward revision to hourly compensation and an upward revision to productivity both contributed to a downward revision to unit labor costs, which decreased 8.8 percent rather than 2.4 percent as previously reported. Productivity was revised up in both the durable and nondurable manufacturing sectors. In particular, nondurable manufacturing productivity was revised up to an increase of 2.8 percent due entirely to an upward revision to output. (See table B1.) In the third quarter of 2020, nonfarm business productivity was revised down to an increase of 4.2 percent due to an upward revision to hours worked. Unit labor costs decreased 9.6 percent rather than 7.0 percent as previously reported, as a 3.6-percentage point downward revision to hourly compensation was greater than the 0.9-percentage point downward revision to productivity. In the total manufacturing sector, and in durable goods manufacturing, productivity was revised up slightly, as output was revised -4- up by more than hours worked. Nondurable manufacturing productivity was revised up somewhat more, as output was revised up and hours worked were revised down. In all manufacturing sectors, large downward revisions to hourly compensation led to large downward revisions to unit labor costs, which fell 27.4 percent in total manufacturing in third-quarter 2020. (See table B2.) Nonfinancial corporate sector productivity declined 0.6 percent in the third quarter of 2020 rather than increasing 1.5 percent as previously reported, reflecting a 2.3-percentage point downward revision to output and a 0.5-percentage point upward revision to hours. (See table A2.) Annual averages Table C1 presents annual average changes for the most recent 5 years for the nonfarm business sector and the total manufacturing sector. Nonfarm business sector productivity grew 2.5 percent in 2020, as output decreased 4.2 percent and hours worked decreased 6.5 percent. The 2.5-percent increase in nonfarm business labor productivity is the largest annual increase since 2010, when it increased 3.4 percent. The decline in output (-4.2 percent) is the largest annual decline in the series, which begins in 1947. The decline in hours (-6.5 percent) is the largest annual decline in this series since 2009, when the measure declined 7.1 percent. Unit labor costs in the nonfarm business sector increased 3.8 percent in 2020, reflecting increases of 6.4 percent in hourly compensation and 2.5 percent in productivity. Real hourly compensation, which takes into account changes in consumer prices, increased 5.0 percent in 2020. This is the largest annual increase in real hourly compensation in the series, which begins in 1947. In the manufacturing sector, productivity increased 0.3 percent in 2020, reflecting a decrease in output of 6.3 percent and a decrease in hours of 6.6 percent. The decrease in output was the largest annual decline since a decline of 12.0 percent in 2009. The decline in hours was the largest annual decline since a decline of 12.9 percent in 2009. Manufacturing unit labor costs increased 4.4 percent in 2020, rather than increasing 7.4 percent as previously reported. Manufacturing hourly compensation increased 4.8 percent, rather than the preliminary estimate of 7.2 percent. Quarterly and annual data for all sectors from 2018 to 2020 appear in tables 1-6. Full historical measures can be found on the Productivity and Costs home page: www.bls.gov/lpc/#data. ______________ The preliminary Productivity and Costs news release for first-quarter 2021 is scheduled to be released on Thursday, May 6, 2021 at 8:30 a.m. (ET). -5- Table A1. Labor productivity growth and related measures - revised fourth-quarter 2020 (percent change from previous quarter at annual rate and from same quarter a year ago) Sector Percent change from: Nonfarm business Previous quarter A year ago Labor productivity -4.2 2.4 Output 5.5 -2.6 Hours worked 10.1 -4.9 Hourly compensation 1.5 6.7 Real hourly compensation -0.9 5.3 Unit labor costs 6.0 4.2 Business Previous quarter A year ago -4.9 2.4 5.5 -2.5 10.9 -4.8 0.8 6.6 -1.6 5.2 6.0 4.1 Manufacturing Previous quarter A year ago 5.0 2.8 13.0 -2.5 7.6 -5.2 -4.2 2.7 -6.5 1.4 -8.8 -0.1 Durable manufacturing Previous quarter A year ago 6.4 3.3 12.8 -3.4 6.0 -6.5 -6.0 1.1 -8.2 -0.2 -11.7 -2.2 Nondurable manufacturing Previous quarter A year ago 2.8 1.6 13.1 -1.5 10.1 -3.1 -0.5 6.3 -2.9 4.9 -3.2 4.6 Table A2. Labor productivity growth and related measures - revised and previously published third-quarter 2020 (percent change from previous quarter at annual rate) Sector Nonfinancial corporate Revised Previously published Labor productivity -0.6 1.5 Output 32.0 34.3 Hours worked 32.8 32.3 Hourly compensation -5.9 -2.9 Real hourly compensation -10.1 -7.7 Unit labor costs -5.3 -4.4 Table B1. Labor productivity growth and related measures - revised and previously published fourth-quarter 2020 (percent change from previous quarter at annual rate) Sector Nonfarm business Labor productivity Revised -4.2 Previously published -4.8 Output 5.5 5.3 Hours worked 10.1 10.7 Hourly compensation 1.5 1.7 Real hourly compensation -0.9 -0.6 Unit labor costs 6.0 6.8 Business Revised Previously published -4.9 -5.4 5.5 5.3 10.9 11.3 0.8 1.1 -1.6 -1.1 6.0 6.8 Manufacturing Revised Previously published 5.0 3.0 13.0 11.2 7.6 8.0 -4.2 0.5 -6.5 -1.7 -8.8 -2.4 Durable manufacturing Revised Previously published 6.4 5.3 12.8 12.5 6.0 6.8 -6.0 0.1 -8.2 -2.1 -11.7 -5.0 Nondurable manufacturing Revised Previously published 2.8 0.0 13.1 9.9 10.1 9.9 -0.5 1.7 -2.9 -0.5 -3.2 1.7 -6- Table B2. Labor productivity growth and related measures - revised and previously published third-quarter 2020 (percent change from previous quarter at annual rate) Sector Nonfarm business Labor productivity Revised 4.2 Previously published 5.1 Output 44.1 44.1 Hours worked 38.3 37.1 Hourly compensation -5.8 -2.2 Real hourly compensation -10.0 -7.0 Unit labor costs -9.6 -7.0 Business Revised Previously published 5.5 6.5 44.2 44.2 36.7 35.5 -4.8 -1.1 -9.1 -6.0 -9.7 -7.1 Manufacturing Revised Previously published 20.7 20.2 57.8 56.7 30.8 30.4 -12.4 5.3 -16.3 0.2 -27.4 -12.4 Durable manufacturing Revised Previously published 48.2 48.1 102.8 101.3 36.8 36.0 -16.5 7.5 -20.2 2.2 -43.7 -27.4 Nondurable manufacturing Revised Previously published 1.4 0.5 23.3 22.4 21.5 21.8 -5.2 0.3 -9.4 -4.7 -6.5 -0.3 Table C1. Labor productivity growth and related measures - annual average changes: 2016-2020 Sector Nonfarm business Year Labor productivity Output 2020 2.5 -4.2 2019 1.8 2.5 2018 1.4 3.5 2017 1.2 2.8 2016 0.4 1.8 Manufacturing 2020 2019 2018 2017 2016 0.3 0.3 0.4 -0.3 -0.2 -6.3 0.0 2.3 0.7 -0.1 Hours worked -6.5 0.7 2.0 1.5 1.4 Hourly compensation 6.4 3.7 3.3 3.5 1.1 -6.6 -0.3 1.9 1.0 0.1 4.8 3.1 2.1 3.3 0.5 -7- Real hourly compensation 5.0 1.8 0.9 1.3 -0.2 3.4 1.3 -0.3 1.1 -0.8 Unit labor costs 3.8 1.9 1.9 2.3 0.7 4.4 2.8 1.7 3.6 0.7 Updated Seasonal Adjustment of Hours Worked Data Source data on hours worked of employees in nonfarm establishments are seasonally adjusted by the BLS Current Employment Statistics (CES) program. To supplement these data, the BLS Office of Productivity and Technology (OPT) uses data for other classes of workers from the BLS Current Population Survey (CPS). OPT extracts and compiles the CPS not-seasonally-adjusted data by industry and class of worker and performs the seasonal adjustment. Large changes in employment and hours worked due to the COVID-19 pandemic led OPT to implement use of X-13ARIMA-SEATS (X13) software to take advantage of its ARIMA-model-based option for outlier detection and seasonal adjustment; this approach can perform better for some irregular series. Prior to this change, X12ARIMA software had been used. Only 2020 data were based on the new seasonal adjustment methodology. Today’s release of hours worked data and related measures—including labor productivity—incorporates data seasonally adjusted using the new X13-based methodology back to the first quarter of 2000. This is the first time these CPS-based series have been revised for previous years due to updated seasonal adjustment. In the future, these data will be revised back 5 years after each annual evaluation of seasonal models. At that time, seasonal adjustment parameters will be set for the upcoming year, and monthly concurrent seasonal adjustment will revise 2 previous months as each new month is added; the same monthly production methodology previously used. -8- TECHNICAL NOTES Labor Hours Hours worked data for the labor productivity and cost measures include hours worked for all persons working in the sector—wage and salary workers, the self-employed and unpaid family workers. The primary source of hours and employment data is the BLS Current Employment Statistics (CES) program, which provides monthly survey data on the number of jobs held by wage and salary workers in nonfarm establishments, counting a person who is employed by two or more establishments at each place of employment. The CES also provides average weekly paid hours of production and nonsupervisory workers in these establishments. Weekly paid hours are adjusted to hours worked using data from the National Compensation Survey (NCS) for 1996 forward and data from the BLS Hours at Work survey, conducted for this purpose, prior to 1990. Between 1990 and 1995, weekly paid hours are adjusted to hours at work using a combination of NCS and Hours at Work survey data. The Office of Productivity and Technology estimates average weekly hours at work for nonproduction and supervisory workers using information from the Current Population Survey (CPS), the CES, and the NCS. Data from the CPS are used to estimate hours worked for farm labor, nonfarm proprietors, and nonfarm unpaid family workers. Using CPS information on employment and hours worked at primary jobs and all other jobs, separately, the BLS productivity measures assign all hours worked to the appropriate industrial sector. Hours for government enterprises are derived from the CPS, the CES, and the National Income and Product Accounts (NIPA) prepared by the Bureau of Economic Analysis (BEA) of the Department of Commerce. Detailed hours data are presented in the table “Hours Worked in Total U.S. Economy and Subsectors” on the BLS website (https://www.bls.gov/lpc/special_requests/us_total_hrs_emp.xlsx). Output Business sector output is a chain-type, current-weighted index constructed after excluding from gross domestic product (GDP) the following outputs: general government, nonprofit institutions, and private households (including owner-occupied housing). Corresponding exclusions also are made in labor hours worked. Business output accounted for about 78 percent of the value of GDP in 2019. Nonfarm business, which excludes farming, accounted for about 77 percent of GDP in 2019. Annual indexes for manufacturing and its durable and nondurable goods components are constructed by deflating current-dollar industry value of production data from the U.S. Bureau of the Census with deflators from the BLS. These deflators are based on data from the BLS Producer Price Index program and other sources. The industry shipments are aggregated using annual weights, and intrasector transactions are removed. Quarterly manufacturing output measures are based on the indexes of industrial production prepared monthly by the Board of Governors of the Federal Reserve System, adjusted to be consistent with annual indexes of manufacturing sector output prepared by BLS. Nonfinancial corporate output is a chain-type, current-weighted index calculated on the basis of the costs incurred and the incomes earned from production. The output measure excludes the following outputs from GDP: general government; nonprofit institutions; private households; unincorporated business; and those corporations classified as offices of bank holding companies, offices of other holding companies, or offices in the finance and insurance sector. Nonfinancial corporations accounted for about 50 percent of the value of GDP in 2019. -9- Labor Productivity The measure describes the relationship between real output and the labor time involved in its production. Measures of labor productivity growth show the changes from period to period in the amount of goods and services produced per hour worked. 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. Labor Compensation The measure includes accrued wages and salaries, supplements, employer contributions to employee benefit plans, and taxes. Estimates of labor compensation by major sector, required for measures of hourly compensation and unit labor costs, are based primarily on employee compensation data from the NIPA, prepared by the BEA. The compensation of employees in general government, nonprofit institutions and private households are subtracted from compensation of employees in domestic industries to derive employee compensation for the business sector. The labor compensation of proprietors cannot be explicitly identified and must be estimated. This is done by assuming that proprietors have the same hourly compensation as employees in the same sector. The quarterly labor productivity and cost measures do not contain estimates of compensation for unpaid family workers. Unit Labor Costs These measures describe the relationship between compensation per hour and labor productivity, or real output per hour, and can be used as an indicator of inflationary pressure on producers. Increases in hourly compensation increase unit labor costs; labor productivity increases offset compensation increases and lower unit labor costs. Presentation of the data The quarterly data in this release are presented in three ways: as percent changes from the previous quarter presented at a compound annual rate, as percent changes from the corresponding quarter of the previous year, and as index number series where 2012=100. Annual data are presented both as index number series and percent changes from the previous year. The index numbers and rates of change reported in the productivity and costs news release are rounded to one decimal place. All percent changes in this release and on the BLS web site are calculated using index numbers to three decimal places. A complete historical series of these index numbers are available at the BLS web site, www.bls.gov/data/home.htm, or by contacting the BLS Division of Major Sector Productivity (Telephone 202-691-5606 or email productivity@bls.gov). For a more detailed explanation of methodology see "Technical Information About the Major Sector Productivity and Costs Methods" at www.bls.gov/lpc/lpcmethods.pdf. Information in this release will be made available to sensory-impaired individuals upon request. Voice phone: 202-691-5200; Federal Relay Service number: 1-800-877-8339. -10- Table 1. Business sector: Labor productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted. Real Hourly hourly Unit Implicit Year Labor compencompenUnit nonlabor price and producHours sation sation labor payments deflator quarter tivity Output worked (1) (2) costs (3) (4) --------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate (5) 2020 ANNUAL 2020 IV III II I 2.5 r -4.9 5.5 10.1 -0.4 r r r r -4.1 5.5 r 44.2 -36.8 -6.0 2019 ANNUAL 1.7 2.4 2019 IV III II I 1.4 0.3 r 2.0 r 3.8 r 2.8 2.9 1.3 3.6 2018 ANNUAL 1.6 3.5 -6.4 r 10.9 36.7 -42.6 -5.7 r r r r 0.7 1.4 2.6 r -0.7 r -0.2 r 1.9 6.3 r 0.8 -4.8 23.6 8.8 4.9 r r r r r -1.6 -9.1 27.5 7.3 3.7 r 1.8 3.3 -0.2 1.3 9.5 r r r r 3.4 0.9 -2.0 -1.7 8.5 r r r r 3.7 r 6.0 -9.7 12.3 9.3 r r r r 1.9 r r r r 0.9 1.9 -0.5 -0.7 5.5 -3.5 r -3.3 29.2 -23.8 -9.5 r r r r 0.9 r r r r 1.8 0.4 3.2 8.0 -6.0 0.6 2.0 r 4.6 -4.3 0.8 1.5 r r r r 2.7 1.2 1.1 3.0 0.4 2.2 2018 IV 0.6 r 1.5 0.9 r 1.5 0.2 r 0.9 2.1 r 1.4 III 0.7 r 2.3 1.6 r 4.6 r 2.4 r 3.9 r -2.2 r 1.1 II 1.2 r 3.0 1.8 r 1.3 r -0.9 r 0.1 r 8.2 r 3.6 I 2.4 r 4.5 2.0 r 2.7 -0.6 0.3 r 4.3 r 2.0 --------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 2020 ANNUAL 2.5 r 2020 IV III II I 2.4 4.1 2.8 0.8 2019 ANNUAL 1.7 2.4 2019 IV III II I 1.9 r 1.7 1.8 r 1.6 r 2018 ANNUAL 1.6 r r r r -4.1 6.3 r 4.9 r 3.7 r -3.5 r 0.6 6.6 r 7.2 r 8.5 3.2 r 5.2 5.9 7.9 1.1 4.1 r 3.1 r 5.6 r 2.4 -3.7 r -2.7 r -8.1 0.3 0.7 0.5 -0.3 1.5 0.7 3.7 r 1.8 1.9 0.9 1.5 2.6 2.3 2.2 2.6 0.8 0.6 0.4 r 1.0 3.4 r 2.9 4.2 r 4.2 r 1.3 1.2 r 2.3 2.5 1.5 r 1.3 r 2.4 2.6 1.3 r 1.7 r 0.3 r 0.4 1.4 1.5 1.5 1.6 3.5 1.9 3.4 0.9 1.8 2.7 2.2 -2.5 r -3.1 -11.0 0.2 -6.4 r -4.8 -6.9 -13.4 -0.7 r r r r r r r r 2018 IV 1.2 r 2.8 1.6 r 2.5 r 0.3 r 1.3 3.0 r 2.0 III 1.4 r 3.6 2.2 3.5 r 0.8 r 2.0 r 2.7 2.3 II 2.1 r 3.9 1.8 r 3.7 1.0 1.5 r 3.8 r 2.5 I 1.5 r 3.7 2.1 3.9 1.6 2.3 1.3 1.9 --------------------------------------------------------------------------------------------------Indexes 2012=100 2020 ANNUAL 110.9 r 116.6 r 105.1 r 127.8 r 113.1 r 115.2 r 105.3 r 110.9 r 2020 IV III II I 111.3 112.8 111.3 108.6 119.6 r 118.1 107.7 120.8 107.5 104.7 96.8 111.3 129.0 128.8 130.4 123.6 113.2 113.6 116.4 109.5 115.9 114.2 117.2 113.8 106.1 106.9 100.3 107.4 111.6 r 111.0 109.8 111.0 2019 ANNUAL 108.3 r 121.6 112.3 r 120.3 r 107.8 r 111.1 r 109.1 r 110.2 2019 IV III II I 108.7 108.3 108.3 107.7 r r r r 122.7 121.9 121.0 120.6 112.9 112.5 111.8 112.0 121.1 120.1 120.1 119.8 107.6 107.4 107.9 108.4 111.3 110.8 111.0 111.2 110.1 110.0 109.1 107.0 r r r r 110.8 110.4 110.2 109.4 2018 ANNUAL 106.4 r 118.7 111.5 r 108.0 r 108.6 r r r r r r r r r r r r r r r r r r r r 116.0 r r r r r r r r r 105.9 r r r r r r r r r 109.0 r r r r r 2018 IV 106.7 r 119.6 112.0 r 117.1 r 106.2 r 109.7 r 108.7 r 109.3 III 106.6 r 119.1 111.8 r 116.6 r 106.1 r 109.4 r 108.1 r 108.9 II 106.4 r 118.5 111.4 r 115.3 r 105.5 r 108.4 r 108.7 r 108.5 I 106.1 r 117.6 110.9 r 115.0 r 105.7 r 108.4 r 106.6 r 107.6 --------------------------------------------------------------------------------------------------See footnotes following Table 6. March 4, 2021 r=revised Source: Bureau of Labor Statistics -11- Table 2. Nonfarm business sector: Labor productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted. Real Hourly hourly Unit Implicit Year Labor compencompenUnit nonlabor price and producHours sation sation labor payments deflator quarter tivity Output worked (1) (2) costs (3) (4) --------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate (5) 2020 ANNUAL 2020 IV III II I 2.5 r -4.2 4.2 11.1 -0.8 r r r r -4.2 5.5 r 44.1 -36.8 -6.4 2019 ANNUAL 1.8 r 2.5 2019 IV III II I 1.5 0.5 1.9 3.9 2.8 2.9 1.2 3.8 2018 ANNUAL 1.4 r r r r 3.5 -6.5 r 10.1 38.3 -43.2 -5.6 r r r r 0.7 1.3 r 2.4 r -0.7 0.0 r 2.0 6.4 r 5.0 r 1.5 r -5.8 r 24.3 8.9 r -0.9 -10.0 28.3 7.4 3.7 r 1.8 3.5 r -0.2 1.2 r 9.3 r 1.0 -1.9 -1.8 8.3 3.3 r 0.9 r r r r 3.8 r 6.0 -9.6 11.9 9.8 r r r r 1.9 r r r r 1.9 -0.6 -0.7 5.2 -3.4 r -4.6 28.2 -22.3 -10.1 r r r r 1.1 r r r r 1.9 0.3 3.2 8.2 -5.7 0.7 1.5 r 4.3 -3.6 0.8 1.5 r r r r 2.7 1.2 1.0 3.0 0.4 2.2 2018 IV 0.4 r 1.4 1.0 r 1.5 r 0.2 r 1.0 1.9 1.4 III 1.2 r 2.3 1.1 r 5.1 2.9 3.9 r -1.6 r 1.4 II 0.7 r 3.0 2.2 r 1.1 r -1.1 r 0.4 r 8.0 r 3.6 I 1.9 r 4.3 2.4 r 2.3 r -1.0 0.4 r 4.3 r 2.1 --------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 2020 ANNUAL 2.5 r 2020 IV III II I 2.4 3.9 3.0 0.8 2019 ANNUAL r r r r -4.2 -6.5 r 6.4 r 5.0 r 3.8 r -3.4 r 6.7 7.2 8.7 3.3 r r r r 5.3 5.8 8.1 1.1 4.2 r 3.1 r 5.6 r 2.5 -3.8 r -2.6 r -7.8 0.2 r r r r 0.7 -2.6 r -3.2 -11.1 0.1 -4.9 r -6.9 r -13.6 -0.7 r 0.7 r 0.6 -0.2 1.5 1.8 r 2.5 0.7 3.7 r 1.8 1.9 1.1 1.5 2019 IV III II I 1.9 1.7 1.9 r 1.6 r 2.7 2.3 2.2 2.6 0.7 r 0.7 r 0.3 r 1.1 3.4 r 2.9 4.2 4.2 1.3 r 1.1 2.4 r 2.5 1.4 1.2 2.3 r 2.6 1.4 1.8 0.6 r 0.5 1.4 1.4 1.6 1.7 2018 ANNUAL 1.4 3.5 2.0 3.3 r 0.9 1.9 2.7 2.2 2018 IV 1.1 r 2.7 1.7 r 2.5 r 0.3 r 1.4 3.1 2.1 III 1.4 r 3.6 2.1 r 3.5 0.9 r 2.1 r 2.8 r 2.4 II 1.9 r 3.9 2.0 r 3.5 0.8 1.6 r 3.8 r 2.6 I 1.5 3.7 2.2 3.8 1.6 2.3 1.3 r 1.9 --------------------------------------------------------------------------------------------------Indexes 2012=100 2020 ANNUAL 110.6 r 116.2 r 105.0 r 128.1 r 113.3 r 115.8 r 106.2 r 111.6 r 2020 IV III II I 111.1 112.3 111.1 108.2 119.3 r 117.7 107.4 120.5 107.4 104.8 96.7 111.3 129.3 128.8 130.8 123.8 113.5 113.7 116.8 109.7 116.4 114.7 117.7 114.4 106.8 108.0 101.5 108.1 112.2 r 111.8 110.6 111.7 2019 ANNUAL 108.0 r 121.3 112.4 r 120.4 r 107.9 r 111.5 r 110.0 r 110.8 2019 IV III II I 108.5 108.1 107.9 107.4 r r r r 122.5 121.6 120.8 120.4 112.9 112.6 111.9 112.1 121.2 120.2 120.3 119.9 107.8 107.5 108.0 108.5 111.8 111.3 111.4 111.6 111.0 110.9 110.1 107.9 r r r r 111.4 111.1 110.8 110.0 2018 ANNUAL 106.1 r 118.4 111.6 r 108.8 r 109.2 r r r r r r r r r r r r r r r r r r r r 116.1 r r r r r r r r r 106.0 r r r r r r r r r 109.5 r r r r r 2018 IV 106.4 r 119.3 112.1 r 117.3 r 106.4 r 110.2 r 109.5 r 109.9 III 106.3 r 118.9 111.8 r 116.8 r 106.3 r 109.9 r 109.0 r 109.5 II 106.0 r 118.2 111.5 r 115.4 r 105.5 r 108.9 r 109.5 r 109.1 I 105.8 r 117.3 110.9 r 115.1 r 105.8 r 108.8 r 107.4 r 108.2 --------------------------------------------------------------------------------------------------See footnotes following Table 6. March 4, 2021 r=revised Source: Bureau of Labor Statistics -12- Table 3. Manufacturing sector: Labor productivity, hourly compensation, and unit labor costs, seasonally adjusted. Real Year Labor Hourly hourly Unit and producHours compensacompensalabor quarter tivity Output worked tion (1) tion (2) costs --------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate (5) 2020 ANNUAL 2020 IV III II I 2019 ANNUAL 2019 IV III II I 2018 ANNUAL 0.3 r 5.0 20.7 -13.3 1.8 r r r r 0.3 r -0.3 -0.1 -1.7 1.5 r r r r 0.4 -6.3 r 13.0 r 57.8 r -46.4 -5.5 0.0 -6.6 r 7.6 30.8 -38.1 -7.2 r r r r -0.3 r -0.2 0.9 -3.1 -1.7 0.1 1.0 -1.4 -3.2 2.3 1.9 r r r r 4.8 r 3.4 r 4.4 r r r r r -6.5 r -16.3 r 29.0 4.7 -8.8 r -27.4 r 44.3 4.3 3.1 r 1.3 r -4.2 -12.4 25.0 6.2 5.7 -1.5 2.0 7.0 r r r r 2.1 3.2 -3.3 -1.0 6.1 r r r r -0.3 2.8 6.0 -1.4 3.8 5.5 1.7 2018 IV 0.8 r 1.6 0.8 r 3.2 r 1.9 r 2.4 III 0.5 r 4.0 3.5 r 3.9 r 1.7 r 3.3 II 1.1 r 2.6 1.5 r -3.6 r -5.7 r -4.7 I 0.0 1.9 1.9 2.4 r -0.8 2.5 --------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 2020 ANNUAL 2020 IV III II I 2019 ANNUAL 2019 IV III II I 2018 ANNUAL 0.3 r 2.8 1.5 -3.2 -0.1 r r r r -6.3 r -2.5 r -5.5 r -15.5 -2.0 -6.6 r -5.2 -6.9 -12.7 -1.9 r r r r 4.8 r 3.4 r 2.7 5.3 8.4 3.0 1.4 3.9 7.8 0.9 r r r r r r r r 4.4 r -0.1 r 3.7 r 12.0 3.1 0.3 r 0.0 -0.3 r 3.1 r 1.3 r 2.8 -0.2 r 0.1 r 0.2 r 1.0 -1.1 -0.6 0.1 1.6 -0.9 r -0.7 r -0.1 r 0.6 3.3 2.6 4.0 2.5 1.2 r 0.9 r 2.1 r 0.9 3.4 2.5 3.8 r 1.6 0.4 2.3 1.9 r r r r 2.1 -0.3 1.7 2018 IV 0.6 2.5 1.9 1.4 r -0.8 r 0.8 III 1.3 r 3.4 2.1 r 2.0 r -0.7 r 0.7 r II -0.2 1.7 1.9 r 1.6 -1.0 r 1.8 I -0.1 1.5 1.6 3.6 1.3 r 3.7 --------------------------------------------------------------------------------------------------Indexes 2012=100 2020 ANNUAL 2020 IV III II I 99.3 r 101.6 100.4 95.8 99.2 r r r r 98.4 r 99.1 r 102.3 r 99.2 r 88.5 103.5 100.7 98.9 92.5 104.2 r r r r 121.3 r 107.3 r 122.1 r 120.1 121.4 125.5 118.6 105.3 107.1 112.0 105.1 118.2 120.9 131.0 119.6 r r r r r r r r r r r r 2019 ANNUAL 99.0 r 105.1 106.2 r 115.7 r 103.8 r 117.0 r 2019 IV III II I 98.8 98.9 98.9 99.3 r r r r 104.9 105.0 104.7 105.6 106.2 106.2 105.9 106.3 116.9 115.3 115.7 115.1 103.9 103.1 103.9 104.2 118.3 r 116.6 r 117.0 r 115.9 2018 ANNUAL 98.7 r 105.0 106.4 r r r r r r r r r 112.3 r r r r r 102.5 r 113.8 2018 IV 99.0 r 106.0 107.2 r 113.2 r 102.7 r 114.4 III 98.8 r 105.6 106.9 r 112.3 r 102.2 r 113.7 r II 98.6 r 104.6 106.0 r 111.2 r 101.7 r 112.8 I 98.4 r 103.9 105.6 r 112.3 r 103.2 r 114.2 --------------------------------------------------------------------------------------------------See footnotes following Table 6. March 4, 2021 r=revised Source: Bureau of Labor Statistics -13- Table 4. Durable manufacturing sector: Labor productivity, hourly compensation, and unit labor costs, seasonally adjusted. Real Year Labor Hourly hourly Unit and producHours compensacompensalabor quarter tivity Output worked tion (1) tion (2) costs --------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate (5) 2020 ANNUAL 2020 IV III II I 2019 ANNUAL 2019 IV III II I 2018 ANNUAL -0.7 r 6.4 48.2 -26.0 -2.3 r r r r -8.6 r 12.8 r 102.8 r -57.7 -9.8 -8.0 r 6.0 36.8 -42.8 -7.7 r r r r 4.3 r -6.0 -16.5 26.9 4.8 r r r r 2.9 r -8.2 -20.2 31.0 3.4 r r r r 0.9 r 0.8 -0.1 r 2.6 r 0.8 r -0.4 r 0.8 r 0.2 r 0.3 -1.5 1.5 -2.3 -2.7 -1.1 r 0.7 r -2.5 r -3.0 8.8 r -2.8 r 1.3 r 6.9 6.3 r -4.5 r -1.7 r 5.9 1.2 3.5 2.2 2.7 0.2 5.0 r -11.7 r -43.7 r 71.6 7.3 1.7 9.2 -3.6 1.2 r 6.6 1.4 2018 IV 1.8 4.9 3.0 r 1.5 0.3 -0.3 III 2.6 r 6.2 3.5 r 3.4 r 1.3 r 0.8 II 0.6 r 2.7 2.1 r -3.0 r -5.1 r -3.5 I 1.2 r 4.6 3.3 r 2.5 r -0.7 r 1.3 --------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 2020 ANNUAL -0.7 r 2020 IV III II I 3.3 1.6 -7.7 -0.4 r r r r -8.6 r -3.4 r -6.6 r -21.4 -3.1 -8.0 r -6.5 -8.1 -14.9 -2.7 r r r r 4.3 r 1.1 4.9 8.9 2.9 r r r r 2019 ANNUAL 0.9 r 0.8 -0.1 r 2.6 r 2019 IV III II I 0.2 r 0.8 r 1.2 r 1.3 -1.3 0.3 1.4 2.7 -1.5 r -0.5 r 0.2 r 1.4 3.4 1.7 3.3 2.1 2018 ANNUAL 1.2 3.5 2.2 r r r r 2.7 2.9 r -0.2 3.5 8.3 0.8 r r r r 5.0 r -2.2 r 3.2 r 18.0 3.4 0.8 r 1.7 1.4 r -0.1 r 1.4 r 0.5 3.2 0.9 2.0 0.8 0.2 1.4 2018 IV 1.5 r 4.6 3.0 r 1.1 -1.1 r -0.5 r III 2.2 r 4.6 2.4 r 2.5 r -0.1 r 0.3 II 0.4 r 2.5 2.1 r 2.3 r -0.4 1.9 I 0.8 r 2.1 1.2 4.9 2.6 4.0 --------------------------------------------------------------------------------------------------Indexes 2012=100 2020 ANNUAL 100.2 r 2020 IV III II I 104.3 102.7 93.1 100.3 2019 ANNUAL r r r r 98.0 r 97.8 r r r r r 121.4 r 107.4 r 121.1 r 119.2 121.0 126.6 119.3 104.6 106.8 113.0 105.7 114.3 117.9 136.1 118.9 103.4 r 100.4 r 84.1 104.3 99.2 97.7 90.4 103.9 100.9 r 107.3 106.3 r 116.4 r 104.3 r 115.3 r 2019 IV III II I 100.9 101.0 100.8 100.8 r r r r 107.0 107.4 107.0 107.7 106.0 106.3 106.1 106.8 117.9 115.4 116.3 115.9 104.8 103.2 104.4 104.9 116.8 r 114.2 r 115.3 r 115.0 2018 ANNUAL 100.0 r 106.5 106.4 r r r r r r r r r r r r r 113.4 r r r r r r r r r 103.5 r r r r r 113.3 2018 IV 100.7 r 108.4 107.6 r 114.0 r 103.4 r 113.2 r III 100.3 r 107.1 106.8 r 113.5 r 103.3 r 113.2 II 99.6 r 105.5 105.9 r 112.6 r 103.0 r 113.0 I 99.5 r 104.8 105.3 r 113.4 r 104.3 r 114.0 r --------------------------------------------------------------------------------------------------See footnotes following Table 6. March 4, 2021 r=revised Source: Bureau of Labor Statistics -14- Table 5. Nondurable manufacturing sector: Labor productivity, hourly compensation, and unit labor costs, seasonally adjusted. Real Year Labor Hourly hourly Unit and producHours compensacompensalabor quarter tivity Output worked tion (1) tion (2) costs --------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate (5) 2020 ANNUAL 0.5 r r r r r -3.9 r 2020 IV III II I 2.8 1.4 -3.8 6.2 13.1 r 23.3 r -32.1 -0.7 2019 ANNUAL -0.3 r -0.9 2019 IV III II I -1.0 r -1.2 r -4.4 2.9 r 1.2 0.2 -4.0 -0.7 2018 ANNUAL -0.6 0.8 -4.4 6.0 r 10.1 r 21.5 r -29.4 r -6.4 r r r r 5.5 r r r r r -2.9 -9.4 28.0 7.5 -0.6 r 4.0 r 2.1 2.2 r 1.5 r 0.5 -3.5 r 0.1 r 1.2 r 3.7 7.3 r -2.2 r -0.6 r 0.6 6.4 r 1.1 2.5 r 8.5 4.3 1.0 -1.4 1.6 1.4 -0.5 -5.2 24.0 9.1 4.6 r -3.2 r -6.5 r 29.0 2.7 4.3 2018 IV 1.0 r -1.9 -2.9 r 5.8 r 4.5 r 4.8 III -1.7 r 1.6 3.4 r 4.8 r 2.7 r 6.7 II 1.8 r 2.3 0.4 r -5.1 r -7.1 r -6.8 I -1.0 r -1.2 -0.3 r 2.0 r -1.2 r 3.0 --------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 2020 ANNUAL 0.5 r -3.9 r -4.4 6.0 r 4.6 r 5.5 r 2020 IV III II I 1.6 r 0.6 0.0 -0.2 r -1.5 r -4.2 r -9.1 -0.8 -3.1 -4.8 r -9.0 -0.6 r 6.3 r 6.4 r 8.2 3.4 r 4.9 5.1 7.5 1.3 4.6 r 5.8 r 8.2 3.6 2019 ANNUAL -0.3 r -0.9 -0.6 r 4.0 r 2.1 4.3 2019 IV III II I -1.0 r -0.5 r -0.6 r 1.0 -0.8 -1.6 -1.3 0.3 0.1 r -1.1 r -0.7 r -0.7 3.0 r 4.5 r 5.4 r 3.1 1.0 r 2.7 r 3.5 r 1.5 4.0 5.0 6.1 2.1 2018 ANNUAL -0.6 0.8 1.4 1.0 r r r r -1.4 1.6 2018 IV 0.0 0.2 0.1 1.8 -0.4 1.8 III 0.3 r 1.8 1.5 r 0.8 r -1.8 r 0.5 II -1.0 0.6 1.5 r 0.3 -2.3 r 1.3 I -1.7 0.6 2.3 1.1 r -1.1 r 2.9 --------------------------------------------------------------------------------------------------Indexes 2012=100 2020 ANNUAL 98.4 r 2020 IV III II I 98.8 98.2 97.8 98.8 101.2 r 121.4 r 107.4 r 123.4 r 102.1 r 99.0 r 93.9 103.5 103.3 100.8 96.0 104.8 122.2 122.3 124.0 117.5 107.2 108.0 110.7 104.0 r r r r 123.6 r 124.6 r 126.7 118.9 r 2019 ANNUAL 97.9 r 103.6 105.9 r 114.5 r 102.6 r 117.0 r 2019 IV III II I 97.3 97.5 97.8 99.0 103.7 103.3 103.3 104.3 106.5 105.9 105.6 105.4 115.0 114.9 114.6 113.6 102.2 102.8 102.9 102.8 118.1 r 117.8 r 117.1 r 114.8 2018 ANNUAL 98.2 104.5 106.5 r r r r r r r r 99.6 r r r r r r r r r r r r r r r r r 110.1 r r r r r 100.5 r 112.1 2018 IV 98.3 r 104.5 106.4 r 111.6 r 101.2 r 113.5 r III 98.0 r 105.0 107.1 r 110.0 r 100.1 r 112.2 r II 98.5 r 104.6 106.3 r 108.7 r 99.4 r 110.4 r I 98.0 r 104.0 106.1 r 110.1 r 101.3 r 112.4 --------------------------------------------------------------------------------------------------See footnotes following Table 6. March 4, 2021 r=revised Source: Bureau of Labor Statistics -15- Table 6. Nonfinancial corporate sector: Labor productivity, hourly compensation, unit labor costs, unit profits, and prices, seasonally adjusted. Real Hourly hourly Unit Total Implicit Year Labor compencompenUnit nonlabor unit Unit price and producHours sation sation labor costs costs profits deflator quarter tivity Output worked (1) (2) costs (6) (7) (8) (4) --------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate (5) 2020 III II I 2019 ANNUAL 2019 IV III II I 2018 ANNUAL -0.6 r 4.8 0.3 r 32.0 r -38.3 -4.0 32.8 r -41.2 r -4.3 r 0.7 r 1.6 0.9 1.4 r -0.8 0.7 r 2.2 r 2.6 -0.1 1.0 2.9 1.2 0.7 0.3 r 0.7 r 2.6 2.0 r 0.6 -5.9 r 30.7 8.2 r 3.8 r 2.5 0.1 r 1.0 r 11.9 r 3.5 -10.1 r 34.9 r 6.7 r 1.9 0.2 r -1.7 -1.9 r 10.9 r 1.0 -5.3 r 24.7 7.9 -24.9 r -49.2 10.3 -10.9 r -4.0 8.7 228.3 r -6.7 -44.1 4.8 -4.3 0.6 3.1 1.9 2.7 -3.3 1.9 1.2 0.9 0.3 9.5 -2.3 6.6 1.5 3.3 0.1 2.6 0.7 7.5 12.4 -5.3 16.1 -30.8 1.5 1.6 2.4 1.7 2.8 -1.0 1.6 6.2 2.2 2018 IV -0.8 r 0.2 0.9 r 0.9 r -0.4 r 1.7 2.4 1.9 2.2 1.9 III 2.6 r 3.7 1.1 3.2 1.0 0.6 -1.9 -0.2 15.1 1.7 II -2.5 r 0.2 2.8 r -0.2 r -2.3 r 2.4 -0.2 1.6 15.2 3.2 I 4.9 r 6.7 1.7 r 8.7 r 5.3 r 3.7 -4.2 1.1 8.0 1.9 --------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 2020 III II I 1.4 r 1.4 r 0.4 -5.4 r -11.8 -0.2 -6.7 r -13.0 r -0.6 8.1 r 9.8 r 2.9 6.7 r 9.1 r 0.7 r 6.6 r 8.3 2.5 -19.9 r -12.6 3.9 -1.8 r 1.7 3.0 17.8 r -13.7 -8.9 0.6 -0.2 1.5 2019 ANNUAL 0.7 r 1.6 0.9 3.8 r 1.9 3.1 1.9 2.7 -3.3 1.9 2019 IV III II I 0.9 r 0.3 1.2 r 0.3 1.6 1.0 1.9 1.7 0.7 r 0.7 0.8 1.4 3.8 r 3.4 r 4.2 r 3.8 1.7 r 1.6 2.3 2.2 2.9 3.0 2.9 3.5 2.2 3.4 1.3 0.9 2.7 3.1 2.4 2.7 -3.9 -6.1 -1.4 -1.6 1.8 1.9 1.9 2.1 2018 ANNUAL 0.6 2.6 2.0 r 3.5 1.0 2.8 -1.0 1.6 6.2 2.2 2018 IV 1.0 r 2.6 1.6 r 3.1 r 0.9 r 2.1 -1.0 1.1 10.0 2.2 III 1.0 3.0 2.0 3.6 1.0 r 2.6 -1.8 1.2 10.1 2.3 II -0.2 1.9 2.1 3.5 0.8 3.7 -0.8 2.2 3.2 2.4 I 0.7 2.9 2.2 3.7 1.4 3.0 -0.3 1.9 1.4 1.9 --------------------------------------------------------------------------------------------------------Indexes 2012=100 2020 III II I 104.0 r 104.2 r 102.9 r 110.3 r 102.9 116.1 106.1 r 98.8 r 112.8 r 129.9 r 131.9 r 123.4 r 114.7 r 117.8 r 109.3 r 124.9 r 126.6 119.8 86.7 r 93.1 110.3 112.2 r 115.5 116.7 2019 ANNUAL 102.7 r 116.7 113.7 r 120.3 r 107.8 r 117.2 107.1 113.8 95.4 111.2 2019 IV III II I 102.9 102.5 102.7 102.5 r r r r 117.3 116.6 116.6 116.3 114.0 113.7 113.5 113.4 120.9 120.2 120.2 119.8 107.5 107.5 107.9 108.5 r r r r 117.6 117.2 117.0 116.9 107.6 108.2 106.5 106.1 114.3 114.2 113.5 113.3 97.8 95.0 96.3 92.7 111.9 111.5 111.0 110.4 2018 ANNUAL 102.0 r 114.9 112.7 r 105.8 r 113.7 105.1 110.8 98.7 109.1 r r r r r r r r 115.9 r 111.8 r 83.1 84.5 112.1 110.8 112.1 2018 IV 102.0 r 115.5 113.2 r 116.5 r 105.7 r 114.3 105.3 111.3 101.7 109.9 III 102.2 r 115.4 113.0 r 116.3 r 105.8 r 113.8 104.7 110.8 101.1 109.4 II 101.5 r 114.4 112.7 r 115.4 r 105.5 r 113.6 105.2 110.8 97.6 108.9 I 102.2 r 114.3 111.9 r 115.4 r 106.1 r 112.9 105.2 110.4 94.2 108.1 --------------------------------------------------------------------------------------------------------See footnotes following Table 6. March 4, 2021 r=revised Source: Bureau of Labor Statistics -16- SOURCES: Output data are from the Bureau of Economic Analysis and the Census Bureau of the U.S. Department of Commerce; the Bureau of Labor Statistics, U.S. Department of Labor; and the Federal Reserve Board. Hours and compensation data are from the Bureau of Labor Statistics 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 within 40 days of the close of the reference period; revisions appear 30 days later, and second revisions after an additional 60 days. In the business sector, the third publication (second revision) of a quarterly index of output per hour of all persons has differed from the initial value by between -1.4 and 1.4 index points approximately 95 percent of the time. This interval is based on the performance of this measure between the fourth quarter of 1995 and the third quarter of 2020. Table Footnotes (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) The change for recent quarters is based on the Consumer Price Index for all urban consumers (CPI-U). The trend from 1978-2019 is based on the Consumer Price Index research series (CPI-U-RS). (3) Unit nonlabor payments include profits, consumption of fixed capital, taxes on production and imports less subsidies, net interest and miscellaneous payments, business current transfer payments, rental income of persons, and the current surplus of government enterprises. (4) Current dollar output divided by the output index. (5) Quarterly changes: Percent change compounded at annual rate is calculated using index numbers to three decimal places. Indexes published in the news release are rounded to one decimal place for convenience. Annual changes: Percent change is calculated using annual indexes to three decimal places. (6) Unit nonlabor costs include consumption of fixed capital, taxes on production and imports less subsidies, net interest and miscellaneous payments, and business current transfer payments. (7) Total unit costs are the sum of unit labor and nonlabor costs. (8) Unit profits include corporate profits before tax with inventory valuation and capital consumption adjustment. -17-
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