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Transmission of material in this release is embargoed until 8:30 a.m. (ET) Thursday, March 3, 2022 USDL 22-0343 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 2021, Revised Nonfarm business sector labor productivity increased 6.6 percent in the fourth quarter of 2021, the U.S. Bureau of Labor Statistics reported today, as output increased 9.1 percent and hours worked increased 2.4 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the fourth quarter of 2020 to the fourth quarter of 2021, nonfarm business sector labor productivity increased 1.9 percent. (See chart 1 and table A1.) Annual average productivity increased 1.9 percent from 2020 to 2021. (See table C1.) Unit labor costs in the nonfarm business sector increased 0.9 percent in the fourth quarter of 2021, reflecting a 7.5-percent increase in hourly compensation and a 6.6-percent increase in productivity. Unit labor costs increased 3.5 percent over the last four quarters. (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. Data also include revised 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 3. 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. In the fourth quarter of 2021, both output and hours worked increased for the sixth consecutive quarter following historic declines in those measures in the second quarter of 2020. The fourth-quarter 2021 output index is 4.1 percent above the level seen in the fourth quarter of 2019, the last quarter not affected by the COVID-19 pandemic, while the hours worked index remains 0.4 percent below its fourth quarter 2019 level. (See chart 3 and tables A1 and 2.) Chart 3. Output and Hours Worked index series, nonfarm business, 2019 Q4 – 2021 Q4 106 Index (2019 Q4=100) 104 102 100 98 96 94 92 90 88 86 84 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 Output Hours Worked 2021 Q2 2021 Q3 2021 Q4 The nonfarm business sector labor productivity index is 4.6 percent higher in the fourth quarter of 2021 than it was in the fourth quarter of 2019, corresponding to an annual growth rate of 2.3 percent during the pandemic so far. This rate is higher than the 1.4-percent average annual growth rate during the previous business cycle—from 2007 to 2019—and slightly above the long-term average rate since 1947 of 2.1 percent. Manufacturing sector labor productivity decreased 0.1 percent in the fourth quarter of 2021; output and hours worked both increased 5.8 percent. In the durable manufacturing sector, productivity increased 2.8 percent, with a 6.9-percent increase in output and a 4.0-percent increase in hours worked. Nondurable manufacturing sector productivity decreased 4.0 percent, as 4.5-percent growth in output was outpaced by 8.8-percent growth in hours worked. Total manufacturing sector productivity increased 1.3 percent from the same quarter a year ago. (See tables A1, 3, 4, and 5.) -2- Chart 4. Output and Hours Worked index series, manufacturing, 2019 Q4 – 2021 Q4 104 Index (2019 Q4=100) 102 100 98 96 94 92 90 88 86 84 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 Output Hours Worked 2021 Q2 2021 Q3 2021 Q4 Manufacturing sector output is now 2.1 percent above its level in the fourth quarter of 2019, the last quarter not affected by the COVID-19 pandemic. Hours worked in manufacturing remain 2.3 percent below the fourth-quarter 2019 level. The manufacturing labor productivity index is 4.5 percent higher in fourth-quarter 2021 than in fourth-quarter 2019, corresponding to an annual labor productivity growth rate of 2.2 percent during that period. This rate is much higher than the 0.2-percent average annual growth rate during the previous business cycle—from 2007 to 2019—but is just below the long-term rate of 2.3 percent per year from 1987 to 2021. (See chart 4 and tables A1 and 3.) Unit labor costs in the total manufacturing sector increased 1.4 percent in the fourth quarter of 2021, reflecting a 1.3-percent increase in hourly compensation and a 0.1-percent decrease in productivity. Manufacturing unit labor costs increased 1.5 percent from the same quarter a year ago. (See tables A1 and 3.) 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 8.) Revised measures Quarterly and annual measures of hours worked and related series—including productivity—were revised for all major sectors. From 1990 to 2021, the revisions reflect revised BLS Current Employment Statistics (CES) program data for employment and hours of employees on nonfarm payrolls, due to annual benchmarking of CES data and revised seasonal adjustment of those data. Revisions from 2017 to 2021 reflect revised seasonal adjustment 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. Revisions to hours worked in all sectors also incorporate data from the 2017 Economic Census on the proportion of employment in tax exempt establishments and in corporations; data were subject to revision back to 2006. 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. -3- Quarterly measures of real hourly compensation in 2021 were revised to reflect revised data from the BLS Consumer Price Index program. In addition, third quarter, fourth quarter, and annual average data for 2021 were revised to incorporate regular updates of source data on output and compensation. Revised and previous measures for the fourth quarter of 2021 are shown in table B1 for the business, nonfarm business, and manufacturing sectors. In the fourth quarter of 2021, nonfarm business productivity was not revised, increasing at the same 6.6-percent rate that was previously reported. Unit labor costs were revised up, from an increase of 0.3 percent to an increase of 0.9 percent, reflecting a 0.6-percentage point upward revision to hourly compensation to an increase of 7.5 percent. When a revised 7.9-percent increase in consumer prices in fourth-quarter 2021 is taken into account, real hourly compensation declined 0.3 percent. Manufacturing productivity decreased 0.1 percent in the fourth quarter of 2021, rather than decreasing 0.8 percent as reported February 3, as an upward revision to output was larger than an upward revision to hours worked. A 2.1-percentage point downward revision to hourly compensation and the 0.7percentage point upward revision to productivity both contributed to a downward revision to unit labor costs, which increased 1.4 percent rather than 4.2 percent as previously reported. Productivity was revised up 2.0 percentage points in the durable manufacturing sector and was revised down 0.3 percentage point in the nondurable manufacturing sectors. (See table B1.) In the third quarter of 2021, nonfarm business productivity was revised up to a decline of 3.9 percent due to a downward revision to hours worked; output was not revised. Unit labor costs increased 10.6 percent rather than 9.3 percent as previously reported, as a 2.3-percentage point upward revision to hourly compensation was greater than the 1.1-percentage point upward revision to productivity. In all manufacturing sectors, productivity was revised up slightly. In the total manufacturing sector, unit labor costs were revised down to an increase of 1.7 percent—lower than a preliminary estimate of 5.5 percent—with a large downward revision in unit labor costs in durable manufacturing and a large upward revision in nondurable manufacturing unit labor costs. (See table B2.) Nonfinancial corporate sector productivity increased 1.8 percent in the third quarter of 2021 rather than decreasing 0.8 percent as previously reported, reflecting a 1.5-percentage point upward revision to output and a 1.2-percentage point downward revision to hours worked. (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 1.9 percent in 2021, as output increased 7.4 percent and hours worked increased 5.4 percent. The increases in output and hours were the largest since 1984, when these measures increased 8.5 percent and 6.1 percent, respectively. Unit labor costs in the nonfarm business sector increased 3.5 percent in 2021, reflecting increases of 5.4 percent in hourly compensation and 1.9 percent in productivity. Real hourly compensation, which takes into account changes in consumer prices, increased 0.7 percent in 2021. In the manufacturing sector, productivity increased 3.2 percent in 2021, reflecting an increase in output of 6.5 percent and an increase in hours worked of 3.1 percent. The increase in output was the largest annual increase since an increase of 6.5 percent in 2010, and the increase in hours worked was the largest in the series, which goes back to 1987. -4- Manufacturing unit labor costs increased 0.7 percent in 2021, with hourly compensation increasing 4.0 percent. Manufacturing real hourly compensation decreased 0.6 percent. Quarterly and annual data for all sectors from 2019 to 2021 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 2022 is scheduled to be released on Thursday, May 5, 2022 at 8:30 a.m. (ET). -5- Table A1. Labor productivity growth and related measures - revised fourth-quarter 2021 (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 6.6 1.9 Output 9.1 7.0 Hours worked 2.4 4.9 Hourly compensation 7.5 5.5 Real hourly compensation -0.3 -1.1 Unit labor costs 0.9 3.5 Business Previous quarter A year ago 6.6 2.0 9.0 6.8 2.3 4.7 7.7 5.8 -0.2 -0.8 1.0 3.7 Manufacturing Previous quarter A year ago -0.1 1.3 5.8 4.6 5.8 3.2 1.3 2.9 -6.1 -3.6 1.4 1.5 Durable manufacturing Previous quarter A year ago 2.8 2.2 6.9 5.1 4.0 2.9 -0.6 1.3 -7.9 -5.1 -3.3 -0.9 Nondurable manufacturing Previous quarter A year ago -4.0 0.3 4.5 4.0 8.8 3.7 5.1 5.9 -2.6 -0.7 9.4 5.6 Table A2. Labor productivity growth and related measures - revised and previously published third-quarter 2021 (percent change from previous quarter at annual rate) Sector Nonfinancial corporate Revised Previously published Labor productivity 1.8 -0.8 Output 6.7 5.2 Hours worked 4.8 6.0 Hourly compensation 9.1 5.4 Real hourly compensation 2.3 -1.2 Unit labor costs 7.2 6.2 Table B1. Labor productivity growth and related measures - revised and previously published fourth-quarter 2021 (percent change from previous quarter at annual rate) Sector Nonfarm business Labor productivity Revised 6.6 Previously published 6.6 Output 9.1 9.2 Hours worked 2.4 2.4 Hourly compensation 7.5 6.9 Real hourly compensation -0.3 -1.2 Unit labor costs 0.9 0.3 Business Revised Previously published 6.6 6.6 9.0 9.1 2.3 2.4 7.7 7.0 -0.2 -1.1 1.0 0.4 Manufacturing Revised Previously published -0.1 -0.8 5.8 4.8 5.8 5.6 1.3 3.4 -6.1 -4.5 1.4 4.2 Durable manufacturing Revised Previously published 2.8 0.8 6.9 3.9 4.0 3.0 -0.6 4.1 -7.9 -3.8 -3.3 3.3 Nondurable manufacturing Revised Previously published -4.0 -3.7 4.5 5.7 8.8 9.8 5.1 2.7 -2.6 -5.1 9.4 6.7 -6- Table B2. Labor productivity growth and related measures - revised and previously published third-quarter 2021 (percent change from previous quarter at annual rate) Sector Nonfarm business Labor productivity Revised -3.9 Previously published -5.0 Output 2.0 2.0 Hours worked 6.2 7.3 Hourly compensation 6.2 3.9 Real hourly compensation -0.4 -2.6 Unit labor costs 10.6 9.3 Business Revised Previously published -3.7 -4.7 1.8 1.8 5.7 6.8 6.7 4.3 -0.1 -2.2 10.8 9.5 Manufacturing Revised Previously published -2.4 -2.6 3.8 4.1 6.4 6.9 -0.8 2.7 -7.0 -3.7 1.7 5.5 Durable manufacturing Revised Previously published -0.8 -1.0 7.1 7.7 8.0 8.7 -8.2 1.7 -14.0 -4.6 -7.5 2.7 Nondurable manufacturing Revised Previously published -3.4 -3.5 0.3 0.3 3.8 4.0 14.1 4.0 6.9 -2.5 18.1 7.8 Table C1. Labor productivity growth and related measures - annual average changes: 2017-2021 Sector Nonfarm business Year 2021 2020 2019 2018 2017 Labor productivity 1.9 2.4 2.1 1.5 1.1 Output 7.4 -4.4 2.7 3.5 2.7 Hours worked 5.4 -6.6 0.7 2.0 1.6 Manufacturing 2021 2020 2019 2018 2017 3.2 0.3 -1.4 -0.1 -1.2 6.5 -6.5 -1.7 1.8 -0.2 3.1 -6.8 -0.2 1.9 1.0 -7- Hourly compensation 5.4 7.0 3.9 3.4 3.5 4.0 6.9 2.8 2.2 3.2 Real hourly compensation 0.7 5.7 2.0 1.0 1.3 -0.6 5.6 1.0 -0.2 1.0 Unit labor costs 3.5 4.5 1.8 1.9 2.3 0.7 6.6 4.3 2.3 4.4 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 (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 75 percent of the value of GDP in 2020. Nonfarm business, which excludes farming, accounted for about 74 percent of GDP in 2020. 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 49 percent of the value of GDP in 2020. -8- 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. -9- 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) 2021 ANNUAL 2021 IV III II I 2020 ANNUAL 2020 IV III II I 2019 ANNUAL 1.9 6.6 -3.7 r 3.4 r 2.1 r 2.4 7.2 5.3 9.0 r 1.8 8.2 8.2 2.3 5.7 4.7 6.0 -4.2 -6.5 r r r r 6.1 44.7 -36.8 -6.8 9.9 34.9 -42.1 -5.0 2.0 r 2.6 0.7 -3.5 7.2 9.2 -1.9 5.5 r r r r r r r r r 7.7 6.7 9.6 -0.5 0.8 r r r r r -0.2 -0.1 1.3 -4.2 6.9 r 5.5 9.8 -3.9 20.7 8.5 r r r r 3.8 7.2 -8.2 24.6 7.4 r r r r 3.6 r 1.0 10.8 6.0 -2.5 r r r r 4.3 r r r r 2.0 5.8 r 17.3 -0.1 9.1 17.2 r r r r -4.8 13.8 r -10.4 r 10.6 10.6 r 1.8 -13.7 32.6 -23.1 -12.7 4.5 7.5 r 6.2 7.3 5.1 0.4 r r r r 1.1 1.6 5.1 -4.6 0.0 1.5 2019 IV 1.4 r 1.8 0.5 r 5.1 r 2.4 r 3.7 r -1.6 r 1.4 III 1.0 r 3.1 2.1 r 0.2 r -1.1 r -0.8 r 3.0 r 0.8 II 3.6 r 3.5 -0.1 r 0.8 r -2.6 r -2.8 r 10.3 2.7 I 3.3 r 3.1 -0.2 9.5 r 8.7 r 6.1 r -6.0 r 0.7 --------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 2021 ANNUAL 2021 IV III II I 1.9 2.0 -0.5 2.2 3.6 r r r r 7.2 5.3 6.8 6.0 15.8 1.2 4.7 6.6 13.3 -2.3 -4.2 -6.5 2020 ANNUAL 2.4 2020 IV III II I 2.6 3.9 2.3 1.0 r r r r -2.5 -3.5 -11.3 0.3 2019 ANNUAL 2.0 r 2.6 5.5 r r r r r -5.0 r -7.1 r -13.3 r -0.7 0.7 5.8 6.3 3.6 6.1 0.8 r r r r r 3.6 r 5.8 r 4.5 3.7 r 6.8 r 1.3 2.4 10.6 r 2.5 r 10.0 r 0.7 6.5 5.0 4.7 1.7 r r r r -0.8 1.0 -1.2 4.1 6.9 r 5.5 4.3 -4.8 0.4 8.4 r 7.3 r 8.4 r 3.6 7.1 r 5.9 r 7.9 r 1.5 5.7 3.2 r 5.9 2.6 r -6.4 -3.3 -9.2 -0.6 0.5 0.4 -0.6 1.2 3.8 2.0 1.8 1.1 1.5 2019 IV 2.3 r 2.9 0.6 r 3.8 r 1.8 r 1.5 1.2 r 1.4 III 2.0 2.7 0.7 r 3.0 r 1.2 r 1.0 2.1 r 1.5 II 2.0 2.4 0.5 r 4.2 2.3 r 2.2 0.5 1.5 I 1.5 2.5 1.0 4.3 r 2.6 2.7 0.4 1.7 --------------------------------------------------------------------------------------------------Indexes 2012=100 2021 ANNUAL 112.4 r 124.4 r 110.7 r 135.7 r 114.7 r 120.7 r 109.0 r 115.6 r 2021 IV III II I 113.4 111.6 112.7 111.8 127.3 r 124.6 124.1 121.6 112.3 111.6 110.1 108.8 139.4 136.8 134.7 131.6 114.7 114.8 114.8 114.5 122.9 122.6 119.5 117.7 112.9 108.4 108.5 106.1 118.5 r 116.4 114.6 112.6 2020 ANNUAL 110.3 r 116.0 105.2 r 128.6 r 113.8 r 116.5 r 103.1 r 110.6 2020 IV III II I 111.2 112.2 110.3 107.9 r r r r 119.3 117.5 107.2 120.2 107.3 104.8 97.2 111.4 131.8 128.7 130.0 124.0 115.7 113.7 116.2 109.9 118.5 114.7 117.9 115.0 102.0 105.8 98.6 105.3 r r r r 111.3 110.8 109.5 110.8 2019 ANNUAL 107.7 r 121.2 112.5 r 108.3 r 110.2 r r r r r r r r r r r r r r r r r r r r 120.3 r r r r r r r r r 107.8 r r r r r r r r r 111.7 r r r r r 2019 IV 108.4 r 122.3 112.9 r 121.5 r 108.0 r 112.1 r 109.0 r 110.8 III 108.0 r 121.8 112.8 r 120.0 r 107.3 r 111.1 r 109.4 r 110.4 II 107.7 r 120.8 112.2 r 120.0 r 107.7 r 111.3 r 108.6 r 110.2 I 106.8 r 119.8 112.2 r 119.7 r 108.4 r 112.1 r 106.0 r 109.4 --------------------------------------------------------------------------------------------------See footnotes following Table 6. March 3, 2022 r=revised Source: Bureau of Labor Statistics -10- 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) 2021 ANNUAL 2021 IV III II I 2020 ANNUAL 2020 IV III II I 2019 ANNUAL 1.9 6.6 -3.9 r 3.2 r 2.1 r 2.4 7.4 5.4 9.1 r 2.0 8.5 8.4 2.4 6.2 r 5.1 r 6.2 r -4.4 -6.6 r r r r 6.2 44.6 -36.9 -7.4 9.3 36.3 -42.7 -5.0 2.1 r 2.7 0.7 -2.8 6.1 10.2 -2.5 5.4 r 7.5 6.2 9.2 -0.6 r r r r 7.0 r r r r 10.5 -4.8 21.5 8.7 0.7 r -0.3 -0.4 0.9 -4.4 3.5 r r r r r 0.9 10.6 5.8 -2.7 5.7 r 4.5 r r r r 7.9 -9.1 25.4 7.5 3.9 r 2.0 r r r r r r r r 4.9 r 18.6 -0.4 6.6 16.5 r r r r -4.9 13.7 r -10.3 r 10.3 11.4 r 1.8 -15.3 31.3 -21.6 -13.4 4.0 7.8 6.0 6.1 4.6 0.4 r r r r 1.2 0.9 4.7 -3.9 0.2 1.5 2019 IV 1.3 r 1.8 0.5 r 5.2 r 2.5 r 3.8 r -1.9 r 1.3 III 1.2 r 3.2 1.9 r 0.3 r -1.0 r -0.9 r 2.9 r 0.7 II 3.7 r 3.6 -0.1 r 0.8 r -2.6 r -2.8 10.7 r 2.7 I 3.5 r 3.4 -0.1 r 9.4 r 8.5 r 5.7 r -5.6 r 0.7 --------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 2021 ANNUAL 2021 IV III II I 1.9 1.9 -0.4 2.1 3.8 7.4 r r r r 5.4 5.4 r 4.0 3.5 r 6.7 r 1.2 r 2.3 10.0 r 1.2 r 8.4 0.4 6.1 4.4 4.1 1.5 5.5 6.2 3.4 6.2 -4.4 -6.6 7.0 5.7 r 4.5 -4.9 0.4 8.6 r 7.2 r 8.7 r 3.7 7.3 5.9 8.2 1.5 5.8 3.4 6.0 2.7 -6.8 -3.3 -9.0 -0.8 0.4 0.5 -0.4 1.2 3.9 r 2.0 1.8 1.2 1.5 2020 IV III II I 2.6 3.7 2.5 0.9 r r r r -2.7 -3.7 -11.5 0.2 -5.1 -7.1 -13.6 -0.7 2019 ANNUAL 2.1 r 2.7 0.7 r r r r r r r r 4.9 r 4.9 6.7 r 13.5 r -2.4 r 2.4 -1.1 0.9 -1.4 4.1 3.5 r 7.0 6.2 15.9 1.3 2020 ANNUAL r r r r 0.7 r r r r r 2019 IV 2.4 r 3.0 0.5 r 3.8 r 1.8 r 1.4 1.3 r 1.4 III 2.1 2.8 0.7 r 3.0 r 1.2 r 0.9 2.2 r 1.4 II 2.1 r 2.6 0.4 r 4.2 r 2.4 2.1 0.8 1.5 I 1.6 2.6 1.0 r 4.3 2.7 r 2.7 0.6 1.8 --------------------------------------------------------------------------------------------------Indexes 2012=100 2021 ANNUAL 112.1 r 124.2 r 110.8 r 135.8 r 114.9 r 121.1 r 108.9 r 115.8 r 2021 IV III II I 113.1 111.3 112.5 111.6 127.2 r 124.5 123.9 121.4 112.5 111.8 110.2 108.8 139.4 136.9 134.9 131.9 114.8 114.9 115.0 114.7 123.3 123.0 119.9 118.2 112.7 108.0 108.2 106.4 118.7 r 116.5 114.8 113.1 2020 ANNUAL 110.1 r 115.7 105.1 r 128.9 r 114.1 r 117.1 r 103.8 r 111.3 2020 IV III II I 111.0 111.8 110.1 107.5 r r r r 118.9 117.2 106.9 119.9 107.2 104.8 97.0 111.5 132.1 128.9 130.5 124.3 116.0 113.8 116.6 110.2 119.1 115.3 118.5 115.6 102.5 106.8 99.8 106.0 r r r r 111.8 111.6 110.3 111.4 2019 ANNUAL 107.5 r 121.0 112.6 r 109.2 r 110.8 r r r r r r r r r r r r r r r r r r r r 120.5 r r r r r r r r r 108.0 r r r r r r r r r 112.0 r r r r r 2019 IV 108.2 r 122.2 112.9 r 121.7 r 108.2 r 112.5 r 109.9 r 111.4 III 107.8 r 121.6 112.8 r 120.2 r 107.5 r 111.5 r 110.4 r 111.0 II 107.5 r 120.7 112.3 r 120.1 r 107.8 r 111.7 r 109.6 r 110.8 I 106.5 r 119.6 112.3 r 119.9 r 108.5 r 112.5 r 106.9 r 110.1 --------------------------------------------------------------------------------------------------See footnotes following Table 6. March 3, 2022 r=revised Source: Bureau of Labor Statistics -11- 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) 2021 ANNUAL 2021 IV III II I 2020 ANNUAL 2020 IV III II I 2019 ANNUAL 3.2 r -0.1 -2.4 9.5 -1.2 r r r r 0.3 r 2.9 20.3 -10.4 1.8 r r r r -1.4 6.5 5.8 r 3.8 r 5.8 2.9 3.1 r 5.8 6.4 -3.3 4.2 r r r r -6.5 -6.8 r 11.0 56.2 -44.5 -5.5 7.8 r 29.9 r -38.0 r -7.2 -1.7 -0.2 4.0 r 1.3 -0.8 11.2 0.2 r r r r 6.9 r 10.3 -11.4 27.1 7.9 r r r r 2.8 -0.6 r 0.7 r -6.1 -7.0 2.8 -3.6 1.4 r 1.7 r 1.6 1.4 r r r r 5.6 r 7.7 -15.4 31.2 6.8 r r r r 1.0 6.6 7.1 r -26.3 41.9 6.0 4.3 2019 IV -1.6 r -2.0 -0.5 r 7.4 r 4.7 r 9.1 III -1.2 r -0.5 0.7 r -0.8 r -2.0 r 0.4 II -3.1 r -3.4 -0.3 r 0.6 r -2.8 r 3.8 I -0.6 r -4.0 -3.4 r 6.5 r 5.7 r 7.1 --------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 2021 ANNUAL 3.2 r 2021 IV III II I 1.3 r 2.1 r 7.6 r 2.3 2020 ANNUAL 6.5 3.1 r 4.0 r -0.6 r 4.6 r 5.8 r 17.2 -0.2 3.2 r 3.7 r 9.0 r -2.5 2.9 r 5.1 r 2.2 r 5.6 -3.6 -0.2 -2.5 3.6 0.3 r -6.5 -6.8 r 6.9 r 5.6 r 6.6 2020 IV III II I 3.1 r 1.9 r -3.0 r -1.0 -2.4 -5.4 -15.4 -2.9 -5.3 r -7.1 r -12.9 r -1.9 7.6 r 6.9 r 10.0 r 3.7 6.3 r 5.5 r 9.5 r 1.6 4.4 4.9 13.3 4.8 2019 ANNUAL -1.4 -1.7 -0.2 2.8 r r r r 1.0 0.7 r 1.5 r 2.9 r -5.0 3.2 4.3 2019 IV -1.6 r -2.5 -0.9 r 3.4 r 1.3 5.1 III -1.8 -2.5 -0.6 r 2.3 0.5 4.2 II -1.8 r -1.7 0.1 r 3.4 r 1.5 r 5.2 r I -0.5 r 0.1 0.6 2.2 r 0.6 r 2.7 --------------------------------------------------------------------------------------------------Indexes 2012=100 2021 ANNUAL 2021 IV III II I 99.4 r 99.6 99.6 100.2 98.0 r r r r 101.5 r 102.1 r 128.4 r 108.6 r 129.2 r 103.4 r 101.9 r 101.0 99.6 103.8 102.3 100.7 101.6 129.4 129.0 129.2 125.8 106.5 108.2 110.2 109.4 129.9 129.5 128.9 128.4 2020 ANNUAL 96.2 r 95.3 2020 IV III II I 98.3 97.6 93.2 95.8 r r r r 98.9 96.3 86.2 99.8 2019 ANNUAL 96.0 r 101.9 r r r r 99.0 r 100.6 98.7 92.5 104.2 r r r r 106.2 r r r r r r r r r r r r r 123.4 r 109.3 r 128.2 r 125.8 122.7 126.5 119.2 110.4 108.4 113.0 105.6 r r r r 128.0 125.8 135.8 124.4 103.5 r 120.3 r r r r 115.4 r r r r r 2019 IV 95.4 r 101.2 106.2 r 116.9 r 103.9 r 122.6 r III 95.7 r 101.8 106.3 r 114.8 r 102.7 r 120.0 r II 96.0 r 101.9 106.1 r 115.1 r 103.3 r 119.8 r I 96.8 r 102.8 106.2 r 114.9 r 104.0 r 118.7 r --------------------------------------------------------------------------------------------------See footnotes following Table 6. March 3, 2022 r=revised Source: Bureau of Labor Statistics -12- 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) 2021 ANNUAL 2021 IV III II I 2020 ANNUAL 2020 IV III II I 2019 ANNUAL 5.5 r 2.8 -0.8 6.3 0.6 r r r r 8.5 r 2.8 r 6.9 r 7.1 r -0.2 6.7 4.0 8.0 -6.1 6.0 0.0 r -8.1 -8.1 r 4.8 45.9 r -20.8 r -2.3 r 11.0 97.9 -54.4 -10.0 5.9 35.7 -42.4 -7.9 -2.0 0.0 -2.0 r r r r r r r r 3.5 r -0.6 -8.2 13.9 1.2 r r r r 7.0 r -1.2 r -7.9 -14.0 5.3 -2.6 r r r r 5.6 r 12.3 -15.4 r 28.8 r 7.2 r 9.7 -19.2 33.0 6.2 2.2 r 0.4 r r r r -1.9 r -3.3 r -7.5 r 7.2 0.7 7.0 7.2 -42.0 62.7 9.7 4.4 2019 IV -0.5 r -1.9 -1.4 r 10.6 r 7.8 r 11.2 r III -0.2 r -0.3 -0.1 r -1.5 r -2.8 r -1.3 II -2.3 r -3.6 -1.3 r -0.2 r -3.6 r 2.2 I -3.2 r -6.2 -3.1 r 5.9 r 5.2 r 9.4 --------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 2021 ANNUAL 2021 IV III II I 2020 ANNUAL 5.5 r 2.2 2.7 13.1 5.0 r r r r 0.0 r 2020 IV III II I 4.3 3.0 -6.4 -1.3 2019 ANNUAL -2.0 r r r r 8.5 r 2.8 r 5.1 r 6.1 r 23.7 1.7 2.9 3.3 9.4 -3.2 -8.1 -8.1 r -2.6 -5.5 -20.4 -4.0 -6.6 -8.2 -15.0 -2.7 -2.0 0.0 r r r r r r r r 3.5 r -1.2 r -1.9 r 1.3 4.4 2.3 5.5 -5.1 -0.8 -2.4 3.5 -0.9 r 1.7 r -9.5 0.5 r r r r 7.0 r 7.0 6.6 10.8 3.9 r r r r 5.6 r r r r r 5.8 5.3 10.3 1.8 2.2 r 0.4 r r r r 7.0 2.6 3.6 18.3 5.3 4.4 2019 IV -1.6 -3.0 -1.5 r 3.6 r 1.5 5.2 III -2.3 -2.7 -0.4 1.3 -0.5 3.7 II -2.5 r -2.0 0.4 r 2.5 r 0.6 r 5.1 I -1.7 -0.4 1.4 1.7 r 0.0 3.4 --------------------------------------------------------------------------------------------------Indexes 2012=100 2021 ANNUAL 101.5 r 102.1 r 100.5 r 128.3 r 108.5 r 126.4 r 2021 IV III II I 102.3 101.6 101.8 100.3 104.2 r 102.5 r 100.8 100.8 101.9 100.9 98.9 100.5 127.9 128.1 130.8 126.6 105.3 107.4 111.6 110.1 125.0 126.0 128.5 126.3 2020 ANNUAL 2020 IV III II I 2019 ANNUAL r r r r r r r r 96.3 r 94.1 97.8 r 100.2 r 99.0 r 90.1 95.5 r 99.2 96.6 81.5 99.2 96.3 r 102.5 r r r r r r r r r r r r 124.0 r 109.8 r 128.8 r 99.0 r 97.6 r 90.5 103.8 r 126.3 122.6 127.9 120.0 r r r r 110.9 r 108.3 r 114.3 106.4 r 126.1 r 123.9 r 142.0 125.7 r 106.4 r 116.0 r 104.0 r 120.4 2019 IV 96.0 r 101.8 106.0 r 117.9 r 104.8 r 122.8 r III 96.2 r 102.3 106.4 r 115.0 r 102.9 r 119.6 II 96.2 r 102.4 106.4 r 115.4 r 103.6 r 120.0 r I 96.8 r 103.3 106.8 r 115.5 r 104.5 r 119.3 r --------------------------------------------------------------------------------------------------See footnotes following Table 6. March 3, 2022 r=revised Source: Bureau of Labor Statistics -13- 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) 2021 ANNUAL 0.7 r 2021 IV III II I -4.0 -3.4 11.4 -2.2 r r r r 2020 ANNUAL -0.2 r 2020 IV III II I 0.0 0.4 -2.6 6.2 2019 ANNUAL -0.7 r r r r 4.3 r 4.5 r 0.3 12.9 -1.1 -4.7 3.6 r 8.8 3.8 1.3 1.1 r r r r -4.5 r 10.9 21.4 -31.7 -0.3 11.0 20.9 -29.9 -6.1 -1.3 -0.6 r r r r 5.1 r 5.1 14.1 7.2 -2.2 r r r r 7.3 r 7.0 -4.4 26.2 9.4 r r r r 3.9 0.4 r -2.6 6.9 -0.9 -5.9 r r r r 5.9 r 4.5 -8.7 30.3 8.3 r r r r 2.0 4.4 r 9.4 r 18.1 r -3.8 0.0 7.5 7.0 -4.8 29.5 3.1 4.6 2019 IV -3.3 r -2.1 1.2 r 1.6 r -1.0 r 5.1 r III -2.6 r -0.7 1.9 r 1.0 r -0.4 r 3.7 II -4.6 r -3.1 1.5 r 2.5 r -1.0 r 7.4 I 2.5 r -1.6 -4.0 r 7.5 r 6.7 r 4.9 --------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 2021 ANNUAL 0.7 r 2021 IV III II I 0.3 1.3 2.3 -1.1 2020 ANNUAL r r r r 4.3 r 3.6 r r r r r 5.1 r r r r r -0.7 1.0 -2.9 4.0 r r r r 4.4 r 4.0 r 5.6 10.7 -2.4 3.7 4.2 8.3 -1.3 -0.2 r -4.7 -4.5 r 7.3 r 5.9 r 7.5 2020 IV III II I 0.9 0.1 r -0.7 r -1.2 r -2.2 -5.2 -9.8 -1.6 -3.1 -5.3 -9.2 -0.4 9.0 7.6 r 9.1 r 3.6 r 7.7 6.3 8.6 1.4 8.0 7.5 9.8 4.8 2019 ANNUAL -0.7 -1.3 -0.6 3.9 2.0 r r r r 5.9 6.4 1.8 6.0 0.4 r r r r r 5.6 r 5.0 r -0.5 7.2 4.6 2019 IV -2.0 r -1.9 0.1 r 3.1 1.0 5.2 III -1.1 -2.2 -1.1 4.3 2.5 5.5 II -0.9 r -1.4 -0.6 r 5.1 r 3.2 r 6.0 I 1.2 r 0.4 -0.8 r 3.1 r 1.4 r 1.9 --------------------------------------------------------------------------------------------------Indexes 2012=100 2021 ANNUAL 97.3 r 101.9 r 104.8 r 128.8 r 109.0 r 132.4 r 2021 IV III II I 96.8 97.8 98.6 96.0 103.6 r 102.5 r 102.4 99.3 107.0 104.8 103.8 103.5 132.7 131.1 126.8 124.6 109.2 110.0 108.2 108.4 137.1 134.1 128.6 129.8 2020 ANNUAL 96.6 r 2020 IV III II I 96.5 96.5 96.5 97.1 2019 ANNUAL 96.8 r r r r r r r r 97.7 r r r r r r r r r r r r r r r r 101.1 r 122.6 r 108.6 r 126.9 r 99.6 97.1 92.5 101.7 103.2 100.5 95.9 104.8 125.3 123.2 124.6 117.6 110.1 108.9 111.4 104.2 129.8 127.6 129.2 121.1 102.5 105.9 r r r r 114.3 r r r r 102.5 r r r r r r r r 118.0 2019 IV 95.6 r 101.8 106.4 r 115.0 r 102.2 r 120.2 r III 96.4 r 102.3 106.1 r 114.5 r 102.4 r 118.7 r II 97.1 r 102.5 105.6 r 114.2 r 102.5 r 117.7 r I 98.2 r 103.4 105.2 r 113.5 r 102.8 r 115.6 r --------------------------------------------------------------------------------------------------See footnotes following Table 6. March 3, 2022 r=revised Source: Bureau of Labor Statistics -14- 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) 2021 III II I 1.8 r 1.5 r 3.1 r 2020 ANNUAL 2.1 r 2020 IV III II I 2019 ANNUAL 17.0 -0.4 2.6 0.7 r r r r 1.4 6.7 r 5.7 8.9 -4.2 4.8 r 4.1 r 5.6 r 9.1 r 9.2 r -1.8 r 2.3 r 1.0 r -5.5 r -6.2 r 6.8 r 5.5 r 28.4 31.7 -39.0 -3.3 9.7 32.2 -40.5 -3.9 2.3 0.9 r r r r 8.4 -5.3 23.6 7.3 r r r r 3.9 5.8 -9.5 27.6 6.2 r r r r 2.1 7.2 r 7.6 -4.8 14.4 r -14.4 18.7 9.3 r 0.7 1.6 0.4 r 58.8 30.0 7.8 7.9 5.1 4.6 -10.6 -0.2 2.4 0.1 -7.4 -4.9 20.5 6.6 53.3 -21.4 -49.3 4.2 6.3 -9.6 -6.5 5.8 -31.4 206.1 -9.1 -35.4 -0.2 6.2 -6.8 -0.4 2.5 1.9 2.3 -1.2 1.9 2019 IV 1.9 r 2.2 0.3 r 4.5 r 1.9 r 2.6 -2.7 0.8 8.8 1.8 III 0.5 1.1 0.6 1.0 -0.3 r 0.5 5.3 2.0 2.6 2.1 II 0.8 r 1.6 0.8 r 1.7 r -1.7 r 1.0 1.7 1.2 13.3 2.6 I 2.5 r 3.4 0.9 r 7.8 r 7.0 r 5.2 3.2 4.6 -31.2 -1.0 --------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 2021 III II I 5.7 r 5.1 5.4 r 12.1 r 18.1 3.0 6.1 r 12.4 -2.3 r 6.1 r 2.4 r 5.7 r 0.8 r -2.2 3.6 r 2020 ANNUAL 2.1 r -4.2 -6.2 r 6.8 r 5.5 r 4.6 -10.6 -0.2 2.4 0.1 2020 IV III II I 4.8 r 1.2 r 1.4 r 1.0 -0.1 -5.6 -11.6 0.4 -4.6 r -6.7 r -12.9 r -0.6 8.0 r 7.1 8.8 r 3.6 6.7 r 5.7 r 8.3 r 1.5 3.1 5.8 7.3 2.6 -10.7 -20.3 -14.2 2.1 -1.2 -2.5 0.4 2.4 5.4 18.3 -10.0 -4.9 -0.4 0.1 -0.9 1.5 2019 ANNUAL 1.4 3.9 2.1 2.5 1.9 2.3 -1.2 1.9 2.3 0.9 0.4 r -2.5 0.2 15.5 r 5.2 -7.7 4.4 r -0.4 -2.3 9.2 r 44.3 25.5 5.1 4.7 1.0 2019 IV 1.4 2.1 0.6 r 3.7 1.7 r 2.3 1.8 2.1 -3.4 1.4 III 1.0 r 1.7 0.7 3.4 r 1.6 r 2.4 3.2 2.6 -2.4 2.0 II 2.2 3.0 0.8 4.4 r 2.5 r 2.2 1.1 1.9 0.8 1.7 I 0.9 2.3 1.4 4.1 2.5 3.2 1.4 2.6 0.6 2.3 --------------------------------------------------------------------------------------------------------Indexes 2012=100 2021 III II I 113.4 r 112.9 r 112.4 r 125.7 r 123.7 122.0 110.9 r 109.6 r 108.5 r 139.0 r 136.0 r 133.0 r 116.6 r 116.0 r 115.7 r 122.6 r 120.5 118.3 2020 ANNUAL 108.2 r 113.7 105.0 r 130.7 r 115.7 r 120.8 2020 IV III II I 111.6 107.3 107.4 106.7 r r r r 119.4 112.2 104.7 118.5 107.0 104.6 97.5 111.0 133.6 131.0 132.8 125.9 117.3 115.7 118.6 111.6 r r r r 2019 ANNUAL 106.0 r 118.7 112.0 r 109.7 r r r r r r r r r 122.4 r 100.2 r 96.9 100.7 115.1 r 112.6 112.4 127.9 r 127.8 113.8 117.0 114.8 112.6 96.3 112.6 100.9 111.0 119.8 122.1 123.6 118.0 96.5 86.7 92.1 109.1 112.0 110.3 113.1 115.0 106.6 117.2 88.6 90.7 111.2 111.3 109.6 111.6 115.5 107.7 112.9 98.5 110.8 2019 IV 106.5 r 119.5 112.2 r 123.7 r 109.9 r 116.1 108.0 113.4 101.2 111.7 III 106.0 r 118.8 112.1 r 122.3 r 109.4 r 115.4 108.7 113.2 99.1 111.2 II 105.9 r 118.5 111.9 r 122.0 r 109.5 r 115.3 107.3 112.6 98.4 110.6 I 105.7 r 118.0 111.7 r 121.5 r 110.0 r 115.0 106.9 112.3 95.4 109.9 --------------------------------------------------------------------------------------------------------See footnotes following Table 6. March 3, 2022 r=revised Source: Bureau of Labor Statistics -15- 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. SIZE OF REVISIONS: Productivity and cost measures are revised on a regular schedule as more complete data become available. The first estimate is published within 40 days of the close of the reference quarter, the second estimate approximately 30 days later, and the third estimate approximately 60 days after the second estimate. Based on past revisions, the third estimate of nonfarm business sector quarterly labor productivity growth has differed from the first estimate by -1.1 to +1.4 percentage point about 80 percent of the time. This interval is based on estimates for reference quarters from the first quarter of 2001 to the third quarter of 2021. For more about revisions to labor productivity growth see “How large are revisions to estimates of quarterly labor productivity growth?” at www.bls.gov/osmr/research-papers/2021/ec210040.htm. 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 1978-2020 is based on the Consumer Price Index Retroactive series (CPI-URS). (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. -16-
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