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Bureau of Labor Statistics
L.J. ' Fu1co
K.D. Hoyle
Home
United States
.4a~~
Department
~
of Labor
Washington, D.C. 20212
(202) 523-9261
(202) 523-1913
(202) 333-1384
USDL 78-143
FOR RELEASE: 11:00 A.M. EST
. Tuesday, February 28, 1978
PRODUCTIVITY AND COSTS
Nonfinancial Corporate. Sector
Annual Data for 1977
..
Productivity in nonfinancial corporations increased 2.2 percent in 1977, according
I'
to preliminary data announced today by the Bureau of Labor Statistics of the U.S. Department
of Labor.
The rise reflected a 5.9 percent increase in output and a 3.5
errrnployee-hours . . In 1976, productivity increased 3..7 percent.
perc~ nt
ri se in
The nonfinancial corporate
sector, which includes all corporations doing business in the U.S. with the
exceptio~
of
banks, stock and commodity brokers, and finance and insurance agencies, accounts for about
70 percent of private business hours.
A summary of annual movements in this sector appears
in table A; further information is contained in table 3.
Revised fourth quarter productivity
and cost measures for the Erivate business, nonfarm business, and manufacturing sectors
were also released today; a summary appears in table B and details in tables 1, 2, and 4-6.
Compensation and Labor Cost for Nonfinancial Corporations
Hourly compensation of all employees in the nonfinancial corporate sector increased
8.9 percent in 1977, compared with an 8.6 percent rise in 1976.
Hourly compensation
measures the hourly cost to employers gf wages and salaries, social securjty contributions,
and all other employee benefit plans.
Unit labor cost, which reflects the interaction or
changes in productivity and hourly compensation, increased 6.5
these costs rose 4.7 percent.
pe~cent
in 1977.
In 1976,
The faster increase in 1977 reflected both the faster
increase in hourly compensation and the slower rise in productivity.
Real hourly compensation--hour1y compensation adjusted for changes in the Consumer
Price Index (CPI)--increased 2.3 percent in 1977, compared with a 2.7 percent increase in
1976.
The slower in<:rease in real hourly compensation in 1977--in spite of the faster
rise in hourly compensation--resu1ted partly from the faster increase in the CPl.
Unit non1abor cost, which includes capital consumption allowances, net interest,
~
and indirect business taxes, increased 3.6 percent in 1977, compared with a 0.7 percent
increase in 1976.
Unit non1abor payments (unit nonlabor cost plus unit profi t) increased
3.0 percent in 1977 , compared with a 6.0 percent increase during 1976.
.
- 2 -
Table A. Productivity and costs in nonfinancial corporations
Percent change from previous year
Measure
1973
1974
1975
1976
. 1977p
£
r
,
Output per all-employee hour
2.4
-3.5
3.5
3.7
2.2
Hourly compensation
8.3
9.8
10.5
8.6
8.9
Unit labor cost
5.7
13.8
6.8
4.7
6.5
Real hourly compensatiol1
2.0
-1.1
1.2
2.7
2.3
Output
7.4
-3.5
-2.3
7.7
5!9
Hours
4.8
0.0
-5.6
3.8
3.5
Unit nonlabor payments
1.8
6.8
19.5
6.0
3.0
-1.7
-18.8
34.8
20.9
1.4
~
Unit profit
e
p·prel1minary
,
- 3 -
Table B. Productivity and cost·s : percent change at annual rate
(Seasonally Adjusted)
Produ~-
Sector
tivity
Unit
labor
cost
Real
hourly
compensation
Output
Hours
Third Quarter 1977 to Fourth Quarter 1977
REVISED
r
,
Hourly
compensation
.
Private business
0.5
6.9
6.4
2.5
4.6
4. 1
Nonfarm business
0.5
7.3
6.8
2.9
4.4
3.9
-0.9
7.9
8.8
3.5
3.7
4.5
-1.6
8.2
10.0
3.8
4.1
5.8
0.4
7.0
6.6
2.6
3.0
2.6
Manufacturing
Durable
Nondurable
e
Fourth Quarter 1976 to fourth Quarter 1977
REVISED
rivate business
2.7
8.4
5.5
1.7
6.9
4.1
Nonfarm business
2.5
8.5
5.9
1.8
6.9
4.2
Manufacturing
2.0
8.9
6.7
2.1
6.8
4.6
Durable
1.6
9.2
7.5
2.4
7.8
6.1
Nondurable
2.7
8.0
5.1
1.3
5.3
2.5
- 4 -
Profit and Prices for Nonfinanci al Corporations
Profit per unit of output i ncreased 1.4 percent i n 1977, reflecting a 7.4 percent
rise in prof i t and a 5.9 percent r ise in output.
In 1976, unit profit rose 20.9 percent.
,
The impljcit price deflator--which reflects changes in unit labor cost. unit non-
labor cost, and unit profit--increased 5.3 percent i n 1977, compared with a 5.2 percent
rise in 1976. Table C shows the implicit price def l ator and its components from 1968
forward.
Table C. Indexes of prices, costs , and profits, nonfinancial corporations
1967= 100
Measure
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977p
Implic1 t price
deflator
103.3 107.5 112.5 117.2 120.5 125.8 140.2 155.3 163.4 172.0
Total unit
cost
e
. 103.7 110.8 119.9 124.3 126.3 132.8 152.6 166.1 172.1
181.9
Unit labor
cost
103.4 109.9 117.4 120.6 123.7 130.7 148.8 158.8 166.3 177.1
Unit nonlabor cost
104.7 113.3 127.8 135.6 134.6 139.2 164.4 188.8 190.1
Unit profit
100 ~ 6
88.8
69.8
76.9
87. 1
85.6
69.5
196.9
93.6 113.2 114.8
p=preliminary
Hours of all employees increased 3.5 percent i n 1977, compared with a 3.8 percent
increase in 1976. The 1977 increase carried the number of hours higher than the pre,
recession peak set in 1973-1974 for the first time.
Employment rose 3.6 percent (compared
with a 3. 4 percent rise in 1976). also exceeding t he previous annual peak level (1974)
for the first time.
Revised Fourth Quarter Measures for the ,Business Sector
The Bureau of labor Statisti cs also released today revised figures for the fourth
quarter of 1977 for the private bus iness, nonfarm business, and manufacturing sectors .
Reflecting the revised output and compensation measures published by the Bureau of
Economic Analysis of the U.S. Department of Commerce and latest employment and average
weekly hours measures prepared by. BlS, the revised productivity and cost measures show
productivity increased 0.5 percent in the private business sector and the nonfarm business
sector anq was unchanged in manufacturing.
Previously, these changes had been reported as
\
- 5 -
1.4 percent, 1.2 percent, and -0.5 percent, respectively, based on preliminary data.
Table 0 contains a comparison of the preliminary and revised fourth quarter 1977 measures
of productivity and cost •
."'
.'
(
·
-
I
- 6 -
Table D. Preliminary and Revised Measures, Fourth Quarter, 1977
Percent change from previous quarter at annual rate
(Seasonally Adjusted)
Private Business Sector
Preliminary
Output per hour of all persons
Compensation per hour
Unit labor cost
Real compensation per hour
Output
Aggregate hour:s
1.4
7.0
5.6
2.6
4.8
3.4
Revised
0.5
6.9
6.4
2.5
4.6
4.1
Nonfarm business sector
Output per hour of all persons
Compensation per hour
Unit labor cost
Real compensation per hour
Output
Aggregate hours
1.2
7.5
6.1
3. 1
4.5
3.2
0.5
7.3
6.8
2.9
4.4
3.9
Manufacturing
Output per hour of all 'persons
Compensation per hour
Unit labor cost
Real compensation per hour
Output
Aggregate hours
,
-0.5
8.0
8.6
3.6
3.0
3.5
-0.9
7.9
-1.9
8.3
-1.6 .
8.2
10.0
3.8
4.1
5.8
8.8
3.5
3.7
4.5
Durable
Output per hour of all persons
Compensation per hour
Unit labor cost
Real compensation per hour
Output
Aggregate hours
"
10.4
3.9
3.0
5.0
Nondurable
Output per hour of all persons
Compensation per hour
Unit labor cost
Real compensation per hour
Output
Aggregate hours
1.6
7.0
5.4
2.6
3.0
1.4
0. 4
7.0
6.6
2.6
3.0
2.6
e
YFA~
TARLI: 1. PRIIIATE BUSI"IESS SECTOR. AL ~RSON"I PRODUCTIVITY.
"
HOURLY CUMP~NSATION. UNIT LABOP COST. AN
ICES. SEASONALLY ADJUSTED
ANU
OUTPUT PER
HOUR
OF ALL PERSONS
QUA~TER
OUTPIIT
----
HOURS
OF ALL
PERSONS
COMPFNSATION PER
HOUR (1)
REAL
COMPENSATlON PER
HOUR( 2 )
UNIT
LABOR
COST
UNIr NONLA~OR PftY-
158.7
IbO.1S
1,6 0.8
159.0;
161'.3
"'ENTS(~)
IMPLICIT
PRICE
DEFLATOP
INnEXES 191'17=100
I
II
III
III
115.4
116.4
117.2
117 .2
12,..9
12b.7
127.7
128.4
108.?
108.Q
109.0
109.~
2~2.7
116.7
-165.1
167.1
169.4
173.0
"'N I ~UAL
I1b.5
126.9
108.9
196.5
115.3
168.7
159.9
1"5.6
.1
II
III
IV
118.9
118.6
120.2120.3R
131.)
134.0
135.7
131.3
110.4
113.0
112.9
114.}I~
21'8.4
211.7 '
216.0
219.7
117.7
117 .0
117.9
118.7
175.2
178.5
179.7
lA2.5R
160.4
163.0
161.0
168.4R
170.1
173.1
175.4
177.7
ANNUAL
119.4R
134.6
112.7R
213.9R
117.9P
119.1~
164.7R
174.2
1976
1977
PERCENT
1976
10.8
III
IV
7.8
3.5
2.8
-0.1
ANNUAL
·4.2
1
JI
1977
IV
6.1
-1.0
5.4
0.5R
ANNUAL
2.5R
I
II
III
CH ~ NGE
190.5
194.5
198.6
113.9
114.9
1l5.~
If,?.9
1"4.A
166.5
FROM PREIIIOUS aUARTER AT ANNUAL RATE(S)
3.1
2.1
2.8
2.3
0.3
2.2
13.3
8.6
8.7
8.5
8.5
3.8
2.4
3.7
5.1
4.9
5.8
8.6
-0.7
4.4
0.9
-3.2
1.0
2.7
9.1
3.1
4.7
5.1
4.8
3.3
3.4
-2.1
3.0
2.SR
5.4
7.6
2.9
6.4R
2.3
6.6
10.2
3.5P
4.4
-0.2
4.lR
1l.8
6.5
8.5
6.9R
3.5R
8.8R
2.2R
6.2R
3.0~
~.9
9.6
8.5
5.2
•• 6R
6.0
9~5
3.1
4.~
4.1
4.6
7.~
5.?
5.4R
Ii.l
PERCENT CHANGE FROM CORRfSPONDING QUARTER OF PREVIOUS YEAR(,,)
II
III
IV
5.9
4.2
3.0
3.5
8.5
8.1
5.9
5.4
2.4
3.8
2.A
1.9
8.1
8.6
9.7
9.8
1.6
2.4
4.0
4.6
2.1
4.2
6.5
6.1
13.6
7.6
0.3
5.6
5.3
4.5
4.1
ANNUAL
4.2
7.0
2.7
, 9.1
3.1
4.7
5.1
4.8
I
II
Itl
IV
3.0
1.9
2.S
2.7R
.5 .1
5.8
9.4
8.9
8.8
8.4
3.3
1.8
2.0
1.7
6.2
6.8
6.1
S.5R
1.1
1.6
3.8
5.6P
4.5
5.1
. 5.3
6.9~
2.0
3.R
3.6
4.lR
/lMNUAL
2.5R
b.O
3.5R
8.8R
2.2R
6.2R
l.nR
OJ.l
1976
I
1977
--FOOTNOTES
SE~
b.3
O.~
5."
FOLLOWING TARLE h.
Ra~EVI"EU
P,.PRELTMINARY
FERRUAQY 28.1978
SOI/RCEI BUREAU OF L6ROR STHISTJCS
~.~:~~~:~
e
":
TAHU:. 7... IIjUNF ARM HU5INESS SECT .
ALL PERSONS: PROOllCTIVITY.
fiOURLY ClIMfJi:.N<;l\lION. UNIT LABOR COST. ANO PRICES. SEASONALLY I\nJUSTFD
REI\L
Yf"~
illl TPUT fJER
A"i!)
(jll"~ TFI<
/ILL
HOUR';
COf.4PFNSATION PER
of ALL
HlJlIP
()~
----....
nUTfJUT
PERSO NS
fJE" S()t\I~
COMPENS~
TION PER
HOIJP (?)
fWtl~(l)
U"'IT
LA~O~
COST
UNI T NO~I
LAROk PAY'''ENTS (1)
IMPI IeIT
PRICE
DEFLATOR
1.,5.3
1.,6.1:1
159.2
16::».1
1"3.f>
1,,6.(1
1"SI:l. 1
I"R.l
-----------------------------~ ..
lQ7ft
UJOEXF.<; 19"7=100
I
JI
III
112.4
1"".2
177.2
111.0
1~6.Q
114.~
111
11.1:1.3
1211.7
111.4
112.3
111.7
113.1
113.7
IV
I I ~. 2
114.6
lQl.3
195.2
IQ8.7
114.4
167.1
169.5
113.3
""INUAL
114.3
121.4
111.4
lQ3.1
111. '3
1"8.9
151.4
If>"i.O
I
JI
I1t-.l
131.'"
1 :l4 • 'i
III
IV
}3b.O
13/.5
113.4
115."
115.9
1'04.3
2/lR.l '
<'11.9
11".3
115.(1
II,)."
11".0
II b. 3
117.41 1 7 .,,~
lAO.S
157.2
160.1
166.3
117.n4
?I').f-R
116.';
Iln.5R
166.3~
1"9.6
17?7
11';.f117.6R
f.~INlJ/lL
I1f1.I:1~
134.9
115.5>1
?l(l.n~
115.11.1
179.H~
Ift2.7P
174.0
1917
--------,
.?
PEkCt::NT CHANGE
FRO~
PRfVTOUS
3.2
1.3
4."
O.A
0."
3;3
11.4
9.7
8.5
7.3
5.1
~.5
fl.1:!
IV
3.1:1
O.5R
ANI'IUAL
2.1R
5.9
lQ7b
4.5
4.4
::I.A
.... 0
1.3
3.1
8.7
7.A
4.5
6.5
C;.1
4.?
7.9
11.1
1.1
3.3
H.A
-1.0
4.~
0.9
4.4R
3.9~
7.5
1.3R
2.1
2.9Q
6.3
6.8
3.5
b.aR
3.1~
R.7R
2.1R
6.4
b.6
2.b
-1.9
H'~UAL
4.1
I
II
III
PERCENT CHANGE
~=PRELI~INARY
3.4P
5.';
-.,.---
CORRESPONOINr, QIJARTEk OF PREVIOUS YEAR(")
13.4
r:;.f>
7.14
3.1
C;.1
"i.0
4.Q
6."
.,. 1
4." ,
1.4
2.3
3.1
5.9
4.0
5.A
J.n
7.3
3.1
fI.7
?.A
4.~
2.14
1 • t>
1.9
".1
".7
6.1
2.2
4.n
9.3
'3.;:>
fI.3
1.3
~.A
I.A
1.1
2.0;
0; ....
4.1
I .1
b.5
b.9
4.~R
1.R
5.9~
4.4
S.2 P
5.A
2.':IW
8.5
8.5Q
5.6P
u~
.,.,,#
3. lR
~.1R
2.1~
('.4
3.4R
';.0;
2.
--------.
SFE FOOTNOTFS FOLL(lwI NG TAALt::
k=REVISED
14.A
O.OR
,.0;
1.r:;
7 '. 0
4.6P
4.1
I
I t
1\~I ' ~llAL
~.o
7.3
H 'NUAL
III
IV
?Q
4.1
-2.3
5.3
".6
IV
1917
1:1.6
1:1.7
F~OM
6 ....
7.9
'4.5
9.0
Q.2
!:l.t>
4.4
2.9
3.2
lIT
RATE(S)
3.9
6.5
-2.1
11.1
I
II
AN~UAL
4.3
3.1:1
5.7
9.4
~.l'!
<;.7
191b
AT
11~.9
4.A
7.?
2.6
I
TT
ITT
IV
1 Q17
QUARTE~
·16<;.b
ft.4
3.4
2.2
3.9
b.
FEHHIJAHY 2th 1 Q78
SOURCEI AUHEAU OF LAROP
STATISTIC~
e
TAH LE 1 . NONf INA NCIAL C O ~PORATIO N S: PR JIII TIV I TY, HO URLY COM PENSAT I ON
UN IT LAtWH CO S T, UN IT P ROFITS, ANO
f C:, SEAS ONALLY AO JII S TED
YF/I~
AN[J
QtlA~TER
OU TPU T
PEl-I ALLI:MP LOYEf
I:: MfJLO YEF
OU TP UT
H OU ~S
(11
---I
III
IV
1 16.2
1 1 7. 5
11R.O
117.2
131. A
134.0
135.0
135.0
113.4
114.1
114.4
115.2
H ' ''JU~L
117.2
133.9
I
II
III
IV
11 A. 9
1 19.4
1 7.0 .7
N.A.
11 Q.8P
II
ANNU AL
--- -
li NIT
L ARO~
r OST
UNIT
NONLA BOR
(,OST(~)
TOTA L
UNIT
COST
(9)
UNIT
PROFITS
( 10)
I MPLICIT "
PRICE
OEFLATOH
200."
113.0
114.2
114...1
115.5
162.7
164.1)
166.8
111.2
1'11.7
1M.3
190.1
194.1
168.$1
170.3
172.5
1 7f,. ~
"11 3 .1
"1 15.0
117.7
107.0
160. 5
1"2. 1
164.3
1"6.4
114.3
194.9
114.3
166.1
190.1
17;>.1
113.2
163.4
13 8 .0
141.4
143-.1
N.A.
116.1
118.4
11 8 .6
N.A.
?0".7
210.1)
214.;:>
N.A.
11 ", .1
11".4
116.9
N.A.
1 73.9
176.2
177 .4
N.A.
195.0
194. 3
197.5
N.A.
119.0
1$10.6
182. 3
N.A.
1 03 .7
115 ....5
123.1
N.A.
161. 8
170.9
173.5
N.A.
1"4 1.A P
11 A.3P
2 12.3P
11 6 .9P,
177.1P
196.9P
181.9P
114.8P
112.0P
189.1
19 3 .7
19f,.9
PERCEN T CHANG E FROM PR EVIOUS QUARTER AT ANNUAL RATE(5)
I
II
III
IV
<; .2
4.3
2.0
-2.9
ANNUAL
I
II
III
IV
1977
~E A L
HO UR LY
CO" PI: NSATION(?)
INDEXES 1967=100
1976
19 7 6
Y
TI ON
H ()UI~
1977
HOUl~ L
COMPE N ~A-
AN "JUAL
2.Q
-0.1
6.3
2.4
1.0
2.9
12.1
8.A
7.9
7.7
1.2
4.0
1.1
2.9
6.5
4.4
5.9
10.9
-5.9
1.4
3.8
8.9
3.0
3.5
1:;.3
10.3
21.3
1.0"
9.5
-31.7
4.7
3.9
5.1
5.1
3.7
7.7
3.8
8."f,
2.7
4.7
0.7
3.(,
20.9
5.2
".0
1.9
4.4
N.A.
9.4
10.1
5.0
N.A.
3.3
8.1
0.6
N.A.
12.8
7.5
7.2
N.A.
6.4
5.5
2.7
N.A.
1.7
-1.3
6.7
N.A.
5.2
3.6
3.7
III.A.
-11.6
53.5
29.1
N.A.
3.5
7.6
6·.1
"J.A.
2.2P
11.9
6.B
5.9 .. .
3.!;P
8.9P
4.4R
-1.2
1.9
N.A.
2.31"
6.5P
3.6P
,
5.7P
1.4P
5.3P
PEHCENT CHANGE FROM CORRESPONDING QUARTER OF PREVIOUS YEAR(6)
1916
I
II
III
IV
".1
4.1
2.3
2.1
10.0
9.2
AN NUAL
J
II
III
IV
1 en7
1I t-'''JUAL
---SEE
F () O T~U TES
R=HE VIQ"O
~=PR E LJ M INARY
5.3
3.1
5 .0
4.0
3.1
8.1
8.4
8.9
9.1
1.6
2.3
3.3
4.0
1.3
4.2
6.5
6.9
0.4
-0.5
0.8
1.9
1.1
2·.9
4.9
<;.5
71.9
30.9
5.8
-0.7
5.6
5.3
5.0
4.9
3.7
7.1
3.8
8."
2.1
4.1
0.7
3."
20.9
s.?
7.3
1.1
?3
N.A.
4.7
5.5
6.1
N.A.
2.4
3."8
9.1
9.0
B.A
N.A.
6.9
7.1
6.3
N.A.
3.9
3.2
3.9
N.A.
6.1
6.1
<;.7
III.A.
- ~.3
4.6
5.5
5."
N.A.
?2P
6.3
1).9P
3~ 7
N,':A .
3 .5P
8 .QP
3.3H
1.9
2.0
N.A.
?]P
6.5P
J.6P
5.1P
0.4
4.(,
N.A.
1.4P
5. 3 P
F OLL Ow I NG TAR LE ".
FEBR IJ llkY 2ti,197 R
~UREAU OF LA 9 0~ STATI5TICS
C;oU~CE I
e
TA~Lf, 4. ~ANU~ACTU~ING SECTOW: 8
CIlMF'I:.NSATION, UNIT LAHOH COST, .
UCTIVITV, HOIlRLY
, ONALL Y AI'lJUC;TF.D
REAL
YF/.I~
AND
QlIA~TF.:R
OUTPUT PER
HflllR
OF /ILL PfPSON5
()UTPUT
(1)
HOUR<;
OF ALL
PERSONS
COMPfNSATTO~I PER
HOII!) (1)
CO~PENSA-
TION PER
1040URI?)
""'IT
LABOR
COST
INDEXES lQ"T=100
1976
I
II
III
IV
12l.1
124.3
125.!>
125.0
117.8
119.9
121.1
121.2
Q".4
96.5
"".5
97.0
1A9.0
193.7
)Q6.7
200.0
113.0
114.5
114.5
115.2
155.9
156.7
160.0
ANNUAL
124.2
120.0
96 ....
lQ4.8
114.3
156.9
98.4
116.4
11 .... 2
116."
117.6
164.9
166.5
167.2
170.AR
11 .... ~R
167.1)
1977
I
II
III
IV
--
ANNU AL
1976
100.4
101.5R
.206.1
2)0.1
213.6
217.7R
126.9
127.1R
InO.l
211.Q
100.~
III
IV
3.2
7.2
3.9
-1.6
12.8
7.6
3.9
0.5
9.3
0.3
O.n
2.1
12.5
10.4
6.2
6.9
7.6
5.5
0.1
2.2
9.0
2.9
2.2
8.7
ANNUAL
6.8
11.6
4.5
8.6
2.7
1.7
12.8
8.1
6.9
7.9R
4.3
-0.7
1.S
3.5R
12.7
4.1
1.6
8.AR
8.8
2.l1'
".5
I
IT
--
123.0
126.5
128.3
129.4R
PI:.HCI:.NT CHANGf FROM PREVIOU'S (JUARTER AT ANNUAL RATE (5)
1976
l cH7
125.0
.126.2
127.8
127.5R
1~4.8
I
II
III
IV
ANNUAL
0.1
3.8
5.2
-0.9H
12.2
5.6
3.7R
2 .. 2
5.9W
~.8
5.7
8.1
0.4
4.5R
3.6
PERCENT CHANGE FROM CORRI:.SPONDINr.
~UARTF.:R
I
II
III
IV
11.7
8.9
4.1
3.1
16.5
15.6
8.9
6.1
". 1
2.Q
q.o
ANNUAL
6.1'1
11.6
4.5
2.3
4.4
5.5
2.0
3.9
1977
II
III
IV
IINI~UAL
1.~
1.8
2.0R
2.2
SEE FonT~UTES FOLLOWING TABLE b.
R=HEVISfO
P=PHELJMINARV
,~.9
' b.BR
!>.9H
~.~
-3.2
-0.3
4.5
5.6
8.6
2.7
1.7
3.0
4."~
9.0
8.4
R.6
R.9
?lR
6.5
6.8
".7
6.7R
3."
8.8
2.2
6.5
4.~
4."
4.0
8.1
R.6
8.A
OF PRFVJ0US VEARlb)
1 ."
l1'.4
3.1
1.5
1.~
FERRIJARY 2th 1 Q78
SOURCE' RUREAU OF LAROR STATISTICS
.
'.
YF H(
TAl-ill .,.
DlJ~AALl
MANIiFACTUkING
S~a :
PRODUCTIVITY,
:)II TPIJT Pt.!)
HOUR
MIl)
nF
1) IITPtlT
(7)
HL PFR'>\lNS
~O UR S
OF ALL
PF I-ISO ' IS
COMPFNSAT [(W PF.R
HOUR(I)
--------------------------------------IN Ll Fl(ES 19""=1011
T
IT
ITl
RI::AL
COMPHISATION PF.R
HOUR(;:»
UNIT
L4t:iOR
COST
-----------------------------~--
JV
IIF.O
120.7
121.'1
I;;>O.H
I 11.7
114.9
Ilb.A
116.2
'16.;;> •
I QI'. .• 4
IQd.8
201.1
1\ N,\jtJAL
l?o.3
114.9
4').5
lQ7.0
11';.<;
Itl3.7
120 . 3
I2t'.1
P].,
1?2.7R
11 , • 6
I l I.R
124.0
97.7
99.~
207.5
212.]
It5.2H
100.'"
102.IR
219.6
117.1'
117.4
111."
I1A."
17?5
173.9
174.tI
179.0>(
177.2"1
1;'><'.)"
100.0
213.AR
117. Ii
114 ,. 9Q
1977
II
III
IV
AN NIJA L
----
94."
95.;:>
45.A
1 Ql.6
21~.3
114."
11".1
16;;>.4
115.~
163.1
It1 .... "
llC;.~
------------------------------------_.
PlPCrNT CHANr.f
PREVIOU S
AT ANNUAL RATF.(<;)
FRO~
r
1976
II I
IV
-3.t>
It:'.O
b.7
-t:'.o
jI"''''UAL
7. '-.
12.1
4.5
4.R
15.4
1.2
4.IR
6.')
IV
-1. C,
6.1
].5
-1.6 R
8.1
3.5
5.A>(
aNNUAL
1.6R
6.4R
4.11
1977
I
TI
II I
-------_.
15.6
tI.2
8.9
;?9
1.5
1].2
9.6
4.7
0.1
5.7
8.2R
1.A~
1<;.0
3.3
2.1
10.0R
A.5
2.0R
13. I
10.4
4.9
4.8
CO~RESPONOIN~
I.A
IV
14.4
16.0
10.6
7.8
"'.0
4.1
9.6
9.3
H.7
8.2
IIIIINlIAL
7.7.
12.1
4.5
-~
ITJ
IV
1.9
1.2
1• I
l.b R
, 6.0
" ".2·
/I~ ' NlJAL
l.h R
1977
IT
SEE FOOT ~ OTES
R=REVI"FI)
P=PRELJ~INARY
~nLLuwI~G
TAHL~
".?
5.~
A. '1
'5.5
-I.?
n.e;
".9
QUARTFR OF PREVIOIIS YlAR(tI)
12.3
9.7
4.4
3.4
I
II
TIl
--------------------------
R.6
1.0
O.R
R.1
10.9
7.4
2."
1..1,
-------_._--------------PERCENT CHANGE FROM
162.~
nUAPTF.~
4.2
9.3
4.0
II
19 7 "
~O\JI~LY
COMPlNSA TION, UNIT LAROR COST, SEAS('INALLY AI)JUSTFI)( 11)
1l1lA"TfR
I Q 7f..
.
3.0
3.1
-?5
-n.4
~.I
4.2
4.7
8.9
?9
1.5
1.1 '
• :i
1i.3
?1
t..?
R.1
f\.3
9.2
1• 1
1 • c;
?4
1.?
7.A~
4.A
5.0
b.1 R
6.4 ~
4.A
A.I)
?OR
6.9
1'1.8
7.1)~
6.
FERRI/dRY 21h t 978
SOURCE: 8U~E AU OF LaRnQ STaTISTICS
e
rAHL~
b. NONOUIoIAHLt. "A~'"FACTIlRINr, e
COMfo'fNSATIUN, UNIT LARuR COST • .
AN()
:,1'11><1 F. ~
yr:
M-J
I)IIT "-lJT
OUT"'UT PEl-!
hOUR
or- ALL
HOlJRC:;
OF ALL
PF.I-!SOIlJS
(7)
PEIoISO N ~
OQ: PHOOUrTIVITY, HOURLV
snNALLY AOJUSTE[)(l7)
CO"1PF.NSATIUN PER
HOt..Q(I)
RF.IIL
COllolPENSATIOI~ PFR
HOUR(?)
II"'IT
LAROR
COST
--------------------------------
----
-------
INOF)fE<; ' 1961=11)0
lQ,"
I
l?fI.~
TJ
III
IV
110.1
131.3
111. 8
J;>1.f>
12M.l
12M.l
12"'.4
98.4
91.<;
9f1.?
11'15.5
11'19.9
lQ3.4
lQ8.4
11 0.9
1 12.?
IP.6
114.2
144.0
14<;.Q
141.3
150."
. At-'NlJAL
I1n.5
12M.]
91'1.1
I Cl I.1
112.5
147.0
132.6
132.8
1 35•• 2
l .i5.4R
131.1
131t.7
135.3
136.3
QQ.J
101.1
100.0
100.7R
204.0
206.6
2)0.6
714.2
II'>.?
114.?
115.1)
11<;.1
151.Q
1';;5.6
151\.7
151'1.;»101
134.<;
134.Q
100.3R
201:1.8
115. I)
1";'5. JR
1971
TJ
lJI
IV
~"'NlJAL
----
----
lQ7b
... ERCENT CHANGE
3.1
1.3
5.'J
8.9
5.2
3.Q
Q.2
b.l
10.8
4.4
8.1
2.2
1.8
ANNUAL
III
IV
ANNUAL
J.n
4."
1.2
-4.1
2.6101
11.1'1
5.3
7.9
7.0
3.4
-3.;»
7.5
?f.
Q.O
4.7
0.2
"."R
3.1
5 .1
2.t)R
1'1.9
?l
'5.7R
COQRESPON[)I~R
2.7
0.1'1
-0.1
1.4
?Q
4.f,
".A
10.8
1t.4
8.1
??
1.H
3.2
... 7
5.6
,'. 5.1
fl.]
10.0
2.7
7.S
fI.F!
".7
'5.7
5.1R
<;. "101
1'1.0
III
TV
IINNIJAL
6.1
I
i'.Q
II
lIT
2.1)
3.0
IV
2.7~
41\'NUAL
-------SEE
FooT~UTES
R=~EVI<;Fll
P=P~t::LT~lNARY
~.
3.1
------
FOLLUWIN~
TARLE
h.
-----
QUARTER OF PREVIOIIS YEAR(,,)
6.3
7.5
8.5
9.7
19.7
15.0
6.5
3.t.
1977
4.8
1.5
1.7
'.1
3.3
10.1i
7.9
3.1
2.8
I
TJ
f..1
7.5
0.5
7.7
0.4101
"'ERCENT CHANGE FROM
1976
QUARTER AT ANNUAL RATE(5)
)0.9
9.7
7.8
10.7
III
IV
I
PREVIOU~
b.Q
-2.5
-3.1
, 2.9
1.9
4.<:'
II
FRO~
9.0
1 • f.
-0.1
4.3
I
II
1977
99.1
1
6.f..
2.,\R
8.9
I:!.t)
3.9
I.R
2.1
I .3
2.0Q
R.9
?3
-4.1
-1).3
4.6
f..H
------------FERRUARY ?8,IQ71:!
SOURCE: AUREAU OF LIIAOR STATISTICS
FOOTNOTES, TABLES 1 TO 6
SOURCE: Output data from the Bureau of Economic Analysis, U.S. Department of
Commerce arid 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.
,"
~
(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 i ncludes an estimate of wages, salaries, and su~ple
mental payments for the self-employed.
(2)
Compensation per hour adjusted for changes in the Consumer Price Index.
(3)
Nonlabor payments include profits, depreciation, interest, rental income,and
indirect taxes.
(4)
Current dollar gross product divided by constant dollar gross product.
(5)
Percent change compounded at annual rate from original data rather than index
numbers.
(6)
Current quarter divided by comparable quarter a year ago.
(7)
Quarterly measures adjusted to annual estimates of output (gross product
originating) from the Bureau of Economic Analysis, U.S. Department of Commerce.
(8)
Unit nonlabor costs include depreciation. interest, and indirect taxes.
(9)
Total unit costs is the sum o{ labor and non-labor costs.
(10)
Unit profits include corporate profits and inventory valuation adjustment.
(11)
The durable sector includes the following 2-digit SIC industries: primary
metal; fabricated metal products; nonelectrical machinery; electrical machinery;
transportation equipment; instruments; lumber and lumber products; clay, glass,
and stone products; furniture and fixtures; and miscellaneous manufactures.
(12)
The nondurable sector includes the following 2-digit SIC industries: textile
mill products; apparel products; leather and leather products; paper and paper
products; printing and publishing; chemicals and chemical products; petroleum
products; rubber and plastic products; foods; and tobacco products.
-.
rHRRT 1. PRODUCTIVITY. HOURLY
COMPENSRTION. UNIT COSTS RND PRICES
PRIVRTE BUSINESS SECTOR
(PERCENT CHRNGE FROM PRECEDING
QURRTER RT RNNURL RRTE)
I
I
I
I
I
I
I
I
I
I
OUTPUT PER HOUR OF ALL PERSONS
I
I
I
I - -- - -- - ------~-------------~----I
I
-------------.-------------~I
J
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
IV
15
0.5
10
------~-------------~------------I
I
I
I
I
I
5
0
I
I
I
I
I
I
I
I
-5
-------------~-------------1--------------r-------------t-------------~-------------4i--------I~--
:
COM ENSAT I ON PER HOUR OF ALL PERSONS
_____________ lII ____________ _
:
6.9
I
I
I
I
I
I
I
I
I
I
-------------1---------- UN I T LABOR COST
I
I
I
I
.-----~-------------~-------------~-------------I
I
I
I
I
I
I
I
I
:
:
I
:
I
IV
:
:
6.4
I
I
_____________ lII _ _ _______ _ ___ ~I _ _ _ _
I
~-------------~--------------
I
I
I
I
~
-10
15
10
5
0
20
15
10
5
0
-5
35
UNIT NONLRBOR PAYMENTS
I-------------~------------I
I
I
I
I
I
I
I
I
I
I
I
I
I
25
--.-------------~------------I
I
I
I
I
I
I
I
I
I
I
I
I
I
-~- -------------:--------
30
IV
3.5
20
15
10
I
I
I
5
I
I
I
I
0
I
I
I
I
_____________ ~I ______________ tI~ _____________ L ___________ __ ~I _______ ~ _____ ~I _____________ _
_____________
I
I
:
I
I
IMPLICIT PRICE DEFLATOR
I
I
I
I
:
:
I
I
I
I
I
I
I
I
I
I
I
I
I
-------------T-------------,-----------I
'
I
I
I
IV
5.4
---------~-------------~-------------
I
I
I
I
I
I
I
I
I
-5
20
15
10
5
0
1971
1972
1973
1974
1975
,
"
"" H
1976
1977
FEB 28. 1978
CHART 2. PRODUCTIVITY. HOURLY
COMPENSATION. UNIT COSTS AND PRICES
NONFARM BUSINESS SECTOR
(PERCENT CHANGE FROM PRECEDING
QUARTER AT ANNUAL RATE)
i
OUTPUT PER HOUR OF RLL PERSONS
1
'I
1
.
------------- .
1
1, -------------~-------------1
1
1
1
1
1
I
1
1
1
1
1
1
1
1
1
1
1
15
IV
1
1
10 '
1
1
1
1
1
1
1
1
"
1
1
. ---------- ---.-----
1
1
1
5'
0
1
1
1
1
1
1
I
1
1
-5
1
1
-------------t~------------1--------------~-------------t-------------~-------------1i--------I"-1
1
I
1
1
1
:1
COMPENSRTION PER HOUR OF RLL PERSONS
1
1
I
-------------t------------- -- __________ L_
1
7.3
---------t--- ---------i
1
1
:
1
1
1
1
J
1
1
1
1
1
1
1
1
1
-------------l---------1
1
1
1
1
1
UN IT LRBOR COS T
1
1
1
1
1
1
-------------~-------------~----1
1
1
1
1
r-------------r- ---------
1
1
1
1
1
1
1
1
I
1
1
I
I
1
1
I
I
I
I
I
IV
6.8
~-------------~-------------
I
1
1
1
1
I
I
I
1
1
1
1
-------------.-------------~-------------~-------------.
:1
-
1
UNIT NONLRBOR PRYMENTS
: '
:1
1
1
1
1
:..
1
1
1
1
1
1
1
1
1
:1
----------+-------------~-----------~---1
1
1
1
:I
1
-------
.
25
20
1
1
1
1
1
I
I
1
15
--- ---
0
I
1
-------------t-------------~-------~------~-------------t-------------1-------------~-------------
IMPLICIT PRICE
':'1
1
1
1
1
•
I
1
1
1
1
1
1
1
I
-- ----------r---
-------------T-------------~----·------1
1
1971
1972
1
1
1
.1
I
1
1
1
1973
C:~, LlFO " p~ ;A C(; \'IPUT F" ,l?,c,r 'j;; {S o I NC .
1974
.. -
..
--~. - .
~; .': AHE' M.
1
:I
1
IV
1
4.6
1
I
I
1
1
1
---------~-------------~------------1
1
-5
20
15
10
5
0
1975
_._. . ... _---_._--_ .- -_ ..
r.r.UFORN! ,l.
10
5
1
1
1
1
1
1
1
-5
30
:
1
1
1
:1
10
:
1
1
1
15
1
-i-------------~-----1
-- --
1
1
1
20
:
'1
IV
---1-------------~------------:1
:1
0.0
1
1
1
0
25
0
1
1
1
1
1
I·
-------------t-------------~--------------~-------------t-------------i----~--------~-------------1
1
1
1
1
1
:1
5
5
1
"
1
10
1
1
I
1
.-----~-------------~-------------~------------1
I
1
1
1
~
-10
15
1976
1977
FEB 28. 1978
,.
CHJ~r:
f
r~ :
'. O~
.- mez·
CHART 3.
PRODUCTIVITY, HOURLY
COMPENSATION, UNIT COSTS AND PRICES
NONfINANCIAL CORPORATIONS
(PERCENT CHANGE fROM SAME
QUARTER A YE AR AGO)
I
I
I
!
OUTPUT PER ALL-EMPLOYEE HOUR
I
15
I
I
I
I
10
-------------.-------------~-------------~-------------.-------------~-------------~------------I
I
I
I
I
II
:I
I
I
II
I
II
I
I
~--~I--
I
..
.
II I
2.3
____-
5
o
I
I
I
I
I
I
I
-5
,
I'
;I
-------------~-------- -----~-------------~----I
8.8
I
I
I
15
III
COMPEN6ATION PER ALL-EMPLOYEE HOUR
,
>
I
10
-------------
--~-------------
5
o
I
I
I
I
I
I
I
U~ I T LABOR CO
-------------r-------------,------------.
I,
I
I
I
I
I
I
1
I
-----------r---.
_-41----_
I
I
,
6 .3
10
--------~-------------1i------------I
:
I
15
I II
5
I
I
I
o
I
I
I
I
I
I
I
I
I
I
I
I
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@FedFRASER