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News Bureau of Labor Statistics United States Department of Labor Washington, D.C. 20212 Lawrence FUlco (202) 523-9261 Kathryn Hoyle (202) 523-1913 Charles Wallace (202) 523-1208 -2Table A. Productivity and costs: percent change at annual rate (Seasonally adjusted) Real Hourly Unit hourly Output compenProduclabor compensation sation tivity cost Sector USDL 81-541 For Release 2:00 PM EST Wednesday, November 2 5 , 1981 Hours PRELIMINARY Second quarter 1981 to third quarter 1981 PRODUCTIVITY AND COSTS Nonfinancial corporations Nonfinancial Corporate Sector T h i r d Quarter 1981 -0.6 9.6 9.0 -2.6 -0.2 0.4 -0.3 -1.3 2.0 0.8 0.3 -1.3 -1.8 -0.4 REVISED P r o d u c t i v i t y i n nonfinancial corporations declined 0.6 percent in the t h i r d quarter of 1981 at a seasonally adjusted annual r a t e , the Bureau o f Labor S t a t i s t i c s of the U.S. Department of Labor reported today. The d e c l i n e , r e f l e c t i n g a 0.2 percent drop in output and a 0.4 percent increase i n hours of a l l employees, followed 4 consecutive quarters of p r o d u c t i v i t y increases. Private business Nonfarm business Manufacturing Durable Nondurable 1.3 0.5 2.4 9.2 9.3 9.0 9.1 8.7 The nonfinancial corporate sector includes a l l corporations Nonfinancial corporations 1.9 9.8 doing business in the United States with the exception of banks, stock and t w o - t h i r d s of the p r i v a t e business sector. BLS also reported revised t h i r d - q u a r t e r p r o d u c t i v i t y i n the p r i v a t e business, The p r o d u c t i v i t y declines i n the business sectors are smaller in the revised measures, mainly because of changes i n In manufacturing, the revised measures show slower p r o d u c t i v i t y gains than had been reported on October 29, based on preliminary I n f o r m a t i o n . A summary of t h i r d - q u a r t e r p r o d u c t i v i t y and cost measures appears i n table A; d e t a i l s are found in tables 1-6. Although the p r o d u c t i v i t y measures r e l a t e output to the hours of a l l persons engaged in each sector, they do not measure the s p e c i f i c c o n t r i b u t i o n s of l a b o r , c a p i t a l , or any other single f a c t o r of production. Rather, they r e f l e c t the j o i n t e f f e c t s of many i n f l u e n c e s , i n c l u d i n g new technology, c a p i t a l investment, the level of output, capacity u t i l i z a t i o n , energy use, and managerial s k i l l , as well as the s k i l l s and e f f o r t s of the work f o r c e . 0.0 -1.3 7.7 -0.9 4.7 2.7 8.4 9.1 5.3 4.7 5.9 -0.7 -0.6 -0.4 -0.2 -1.0 3.5 3.1 8.0 9.5 5.8 2.0 2.1 3.1 3.8 2.2 REVISED commodity brokers, and finance and insurance companies, and accounts f o r about the output s e r i e s . 7.6 8.6 6.2 -2.4 -2.3 -2.7 -2.5 -2.8 PRELIMINARY Third quarter 1980 to third quarter 1981 During the f i r s t 2 quarters of 1981, p r o d u c t i v i t y advanced 6.3 percent and 2.2 nonfarm business, and manufacturing s e c t o r s . 10.3 11.1 The l a s t q u a r t e r l y p r o d u c t i v i t y decline in t h i s sector was 0.5 percent in the second quarter o f 1980. percent, r e s p e c t i v e l y . -1.0 -1.6 Private business Nonfarm business Manufacturing Durable Nondurable 1.5 0.9 4.7 5.6 3.6 10.0 10.1 10.3 10.6 9.7 -4- -3Revised measures Compensation and costs In the private business sector, productivity declined 1.0 percent and, in the nonfarm Hourly compensation, which includes wages ana s a l a r i e s , supplements to pay, employer contributions to employee benefit plans and taxes, and all other fringe business sector, the decline was 1.6 percent, while, in manufacturing, productivity benefits, increased at a 9.0 percent annual rate in the third quarter of 1981 increased 1.3 percent (seasonally adjusted annual r a t e s ) . (seasonally adjusted). reported on October 29 as -1.9 percent, - 2 . 2 percent, and 1.4 percent, respectively, based One quarter e a r l i e r , compensation increased 9.3 percent. These movements had been Real hourly compensation—which is adjusted for changes in the Consumer Price on preliminary information. Index for All Urban Consumers (CPI-U)--declined 2.6 percent in the third g a r t e r chafig-es in the output estimates; hours revisions were smaller. of 1981. The revisions in the productivity measure stem mainly from See table R. This was the f i r s t decline in the series since the 3.1 percent drop in the fourth quarter of 1980. Unit labor cost, which is influenced by changes in hourly compensation and productivity, increased 9.6 percent, the largest gain in unit labor cost since the 12.6 percent increase during the second quarter of 1980. Table B. Preliminary and revised third qu-arter measures ©f productivity and costs Quarterly change at annual rate. (Seasonally adjusted) During the preceding Private business sector Nonfarm business sector Manufacturing quarter of this year, unit labor cost rose 7.0 percent. Unit p r o f i t rose 8.9 percent (seasonally adjusted annual rate) durinq the third quarter. During the f i r s t 2 quarters, unit p r o f i t increased 77.9 percent and f e l l 13.9 percent, respectively. The implicit price deflator, which shows the effects of changes in unit labor cost, unit nonlabor cost, and unit p r o f i t , increased at a 10.2 percent annual r a t e , compared with increases of 10.4 percent and 6.2 percent, respectively, in the f i r s t 2 quarters of 1981. Compared with the third quarter of last year, productivity increased 1.9 percent, output rose 4.7 percent, an.d hours of a l l employees increased 2.7 percent. Hourly compensation increased 9.8 percent—but f e l l 0.9 percent after allowing for the increase in the CPI-U. Unit labor cost increased 7.7 percent over the 12-month period, and unit p r o f i t increased 17.9 percent. Measure Preliminary Revised Preliminary Revised Preliminary Revised Output per hour of all persen -1.9 -1.0 -2.2 -1.6 1.4 1.3 Compensation per 9.3 9.2 9.4 9.3 10.0 9.0 Unit labor c&st 11.4 10.3 11.9 11.1 8.4 7.6 Real compensation per hour -2.4 -2.4 -2.2 -2.3 -1.7 -2.7 Output -1.2 -0.3 -1.9 -1.3 0.2 0.0 Hours 0.7 0.8 0.3 0.3 -1.3 -1.3 Tfl£ L £ 1 . . ° 3 I V A T £ F U S I N = S S COMPENSATION, UNIT LA309 YEAR AND QUARTER :U T PJT 0LT°JT HOUR OF A L L ° E S E C T O R / A L L P E R S O N S : P R 3 D U C T IV I T Y , COST/ AND PRICES/ SEASONALLY ADJUSTED HOUR 3 CF ALL PERSONS CCFPENSATICNI PER INDEXES 1960 1 931 UNIT LABOR COST UNIT N O N LABOR PAY" MENTSC3) IMPLICIT PRICE DEFLATOR 10?7=10G II IV 9 9.4 9 9.1 1C:.7 1C5.4 1C5.7 1C7.5 ANNUAL 9 9.3 ICi.3 107.5 131 .5 96.7 132.4 118.3 127.6 1C9.5 1C9.5 1C * a 4 R 109 .2 103 m 3 105 .5R 139 .7 143 .2 146 .4 96. 1 96. 3 96. 2R 1 39 .4 127 .6 129 .3 132 .2R 135 .4 137 .5 140 .8 I II III 100. 3 101 . 1 1C0. v R 109. 1 36. 10c. 10 3.4 1 26, 130, 133. 135.9 96.7 96.5 96.9 96.0 127.0 131 .3 133.9 137.0 115.2 116.0 119.7 122.7 123.C 126.1 129.1 132.2 CHAN3E 1930 REAL COMPENSA TION PER H0UR (2 > I II III IV 1 .6 -1 .-: 1 .3 -1 .1 1 .3 -11.5 1 .1 6 a? ANNUAL 9<s1 4,6 II III 3.5 7 ,v -C.1 -1 aC? -0.3R PERCENT -0.1 1 930 II III IV 7 1961 SEE FOOTNOTES R=R£VISED P=PRELIMINARY FOLLOWING TA?LE 0 .2 -c . 9 -0 . 2 .1 1C.7 12.3 -0.6 10 9.5 3.6 3.1 11. £ -3.5 0. ' R 10.4 CHANGE 9.2 F?Cf* C O R R E S P O N D I N G 5.C 0.7 1.6 3.5 -3.C 0. 4 3. 2 2. 4 QUARTER RATE(5) 9.0 11 .2 9.7 14.4 2.6 10.5 3.1 9.8 13.7 10.2 9.8 9.9 10.4 6.6 9.2 17. 2 5. 3 9. 3R 10 .0 6 .2 10 .OR 3.4 9.0 9.4 6. 9 6. 6 10. 3R CF PREVIOUS YEARC6) a 9 1.: 9.9 "I a J -1 .? -0.7 10.1 10.3 1C.3 -3.3. -3.8 -2.3 -2.0 10 .0 10 .8 10 .3 10 .3 5.1 5.1 7.4 9.3 10.0 .6 10.2 -3.0 10.4 6.6 9.2 0 .0 1 2 .0 10. 5 10. 1 10. 0 0. 7 0. 3 0. 7 10. 8 11. 5 10. 4R 10. 1 9. 0 9. 0 0• Z 3 .9 3 .5°. 2. 1 1. 5R II III => P EV IOU S GU ARTE R AT A N N U A L 1 .6 1# 0 0B 7 -O.c ANNUAL FROM 141 .6 145 .1R 9 .7 7 .8 8 .4R 6. NOVEMBER 25/ 1981 S O U R C E : B U R E A U OF L A 3 0 R STATISTICS HOURLY YEAR AND QUARTFR TABLE 2. NONFARM BUSINESS C O M P E N S A T I O N / UNIT LABOR OUTPUT PER HOUR OF ALL PERSONS OUTPUT SFCTOR/ ALL PERSONS: PRCDUCTIVITY/ C O S T / A N D PRICfcS/ S E A S O N A L L Y A D J U S T E D HOURS OF ALL PERSONS REAL COMPENSATION PER H0UR(2) COMPENSATION PER HCURC1) UNIT LASCR COST UNIT NONLABOR PAYMENTSC3) IMPLICIT PRICE DEFLATOR INDEXES 1977=100 1980 1981 I II III IV 98.9 98.2 99.0 99.0 1C8.5 105.1 105.8 107.7 109.3 107.1 106.9 108.8 1.26.0 129.4 132.3 135.4 96.4 96.0 96.3 95.6 127.4 131 .8 133.6 136.3 113.9 115.1 119.2 122.0 122.9 126.3 128.8 131.9 ANNUAL 98.8 1C6.8 108.1 130.3 96.2 132.4 117.6 127.4 100.0 100.A 99.9R 109.7 109.4 109.1R 109.7 109.0 109.1 139.1 142.4 145.6 95.7 96.3 95.7 139.1 141.9 145.7R 127.8 128.7 131 .9R 135.3 137.5 141.1 I II III PERCENT CHANGE 1980 I II III IV ANNUAL 1981 I II III 1981 AT ANNUAL RATEC5) 0.3 -2.9 3.6 -0.2 1.4 -12.1 2.9 7.1 1.1 -9.5 -0.7 7.3 10.2 11.3 9.0* 9.8 -5.4 -1.6 1.2 -2.7 9.9 14.0 5.3 10.1 14.6 4.2 15.0 9.9 11 .3 11.3 8.2 10.0 -0.3 -0.9 -0.6 9.9 -3.2 10.3 8.4 9.7 4.3 1.4 - 1'. 6 R 7.9 -1.1 -1 .3R 3.5 -2.5 0.3 11.6 9.6 9.3R 0.2 2.4 -2.3R 7.0 3.1 11 .1 R 20.3 3.0 10.3R 11.0 6.5 10.9R °ERCENT 1980 FROM PREVIOUS QUARTER CHANGE FROM CORRESPONDING QUARTER OF PREVIOUS YEARC6) II III IV -0.7 -1.0 0.1 0.1 0.6 -1 .9 -1 .8 -0.5 1.3 -0.9 -1 .9 -0.6 9.7 9.9 10.1 10.1 -4.0 -4.0 -2.5 -2.2 10.4 11.0 9.9 9.9 6.4 6.9 9.1 10.8 9.1 9.7 9.6 10.2 ANNUAL -0.3 -0.9 -0.6 9.9 -3.2 10.3 8.4 9.7 0.0 1.9 2.1 10.4 10.0 10.1 -0.8 0.2 -0.6 12.2 11.8 10.7R 10.1 8.9 9.6 T 1 .1 2.2 0.9R I II III SEE FOOTNOTES R=REVISED RsPRELIMINARY FOLLOWING 1.1 4*1 3.1 R 9,2 7.6 9.19 TABLE 6. NOVEMBER 25/ 1981 SOURCE: 3UREAU OF LABOR STATISTICS TA3Lt 3. N O N F I N A M C I A L C O R P O R A T I O N S : P R O D U C T I V I T Y / HOURLY UNIT LABOR C O S T , UNIT P R O F I T S / AND P R I C E S / S E A S O N A L L Y YEAR AND QUARTER OUTPUT PER A L L EMPLOYEE HCJR OUTPUT EMPLOYEE HOURS HOURLY CO^PirNSATION (1) REAL' HOURLY COMPENSATIONC2) INDEXES 1930 I II III IV ANNUAL 1981 I II III 12 5.7 129.3 I II III IV ANNUAL 1981 UNIT ORCPITS (10) IMPLICIT PRICE DEFLATOR 125.4 12^.1 130.2 133.1 120.9 12^.3 133.2 136.9 124.2 129.2 131.1 134.1 95.5 83.4 £9.1 121.0 124.1 126.4 92.4 129.5 90.2 125.2 1977=100 1 0" 7• S 132.5 135.5 101.C 103.5 107.5 13C.7 96.2 12".4 130.2 103.3 103.9 103.7P 112.S 112." 109.1 103.6 103.70 139.2 U2.3 145.4= 95 .7 96 .2 95 .60 134. 7 137. c 1 40. 2P 139 143 147 •10.° 6.7 3.4 ."•» 7.V ^ CHANGE 0.6 -0.7 o. 7 2.2 11.5 0.1 F3Q-Y 1:. 2 0.7 1.5 -C.5 -1C.5 -3.1 7.9 1 ?. j 10.? 4.S 2.0 p R6VICUS QUARTER -5.4 -1.0 2.? 10.1 -3.0 11 .4 O.C 2.1 ~.CP °"3CF\T I II III IV TOTAL UNIT COST (9) 96.2 95.9 9 6.5 95.7 III 1980 UNIT NONLABOR COST(S) 10O.O 106.5 107.7 109.7 °E9CEfvT 1980 UNIT LA30R CCST 100.2 100.1 101.3 101.? 112.7© 109 106 .7 105 .S •0.5 1 .3 1.° 0.4 -2.0 -1.6 C H A N C- '£ F ° 0 » CC°PES°ONDING :.7 -3.9. -1 .5 1: .4 AT ANNUAL 1 931 II III SEE FOOTNOTES RsfttVISED P=PRELIMIMARY C.6 3.1 3• ~ 7 ,? FOLLOWIN -1 .3 -3.5 1. i 1.7* 10.3 10.5 7.9 RATEC?) 15 .6 11 .0 -S.9 9.1 4.3 7.0 9.60 7.9 1 2.3 1 2.3P 5.6 S.4 10.4P 77.9 -13.9 8.9P 10.4 6.2 10.2P QUARTER O F PREVIOUS -9.5 -17.2 P. 5 s.1 10. C -3.6 0.3 9.1 9.6 11.C -8.9 9.1 11 . 2 2 3 .3 9 .7 8 .6 9 .2 10.1 10.5 -2 • ? -1 . ^ 16.3 16.3 16.8 15. i 7. 4 6. 1 7C 1 5. 4 1". 1 -n."? 132 .7 134 .7 133 .OP 15.3 -41 .9 30.3 15.7 9.5 ?D 106 102 .3 105 .1P 9 .? 17.C 6.2 9.4 1C.1 3 136. 0 133. 7 1*2. 2P 13.5 30. i 14.7 9.5 8.6 12.6 3.2 -1 .5 ANNUAL COMPENSATION ADJUSTED 11 .1 10 .5P 10. 12. 0 1 1 . -\ KJ o. 5 7. 4 8. 4P 17 .9? 9.9 • 6. NCVE.Y3ES 2 5 / 1 9 SI S O U R C E : 3 U R 6 A U OF L A B O R STATISTICS TAdLi 4. VANUPACTURINo SECTOR: PRCDUCTI V ITY, HOURLY COMPENSATION/ UNIT LA90R COST/ SEASONALLY ADJUSTEO YcA3 AND 2UA9TtR CUT D UT °z? HO'J? OF ALL °r»SC N HOURS OF ALL PERSONS OJTPJT IMDEXES III IV 1 j".7 100.? 10?.? ANNUAL 101.7 134.1 10 5.1 III 09 .9 105 .1 1C7.: i: 7.9 1 C 7. ? 'T .L in :v . ^ 1: . 4 A\VJALr II 4.1 1 . 7- i T; 1 Zi 1 z^ CHANGE J • II IV 1. 1. 1. 1 n: :c FOOTNOTES 125.4 130.0 133.9 137.3 95.9 96.4 97.5 97.0 122.9 129.1 133.0 133.0 101.9 131.6 96.7 129.4 1C2.S 102.fi 10?.3 140.9 144.6 147.75 96.9 97.8 97.1 F 155.4 137.. 5 140.1R FPOY PREVIOUS -1 • Z .4 -7 . o -- 9 -C.9 CUA9TER A T AWNUAL RATEC5) 5 7 5 -5.3 2.1 4.5 -2.2 10.9 21.4 12.7 0.1 -4.3 10.7 -2.5 11.0 4.0 -0.7 -1 ,T 11.1 10.3 9.OP -0. T 3. 5 -2. 7R -4.6 AN\JA L Z.1 105.9 100.9 99.? 101 .3 -0 .6 -17 .6 -6 11 .0 CHAN3= UNIT LABOR COST 1977-100 -1.: -21 .t -6.6 ? 2 .5 7.. 5 3.3 REAL COMPENSATION PER HCURC2) COMPENSATION PER HCURC1) 1C. 15. 12. 10. F'OiV! C C Q R E S » O N D I N G 4 QUARTER OF PREVIOUS 7 .5 6 .4 7 .6R YEARC6) -6 .7 -4 • 0 9 .4 9 .6 1.1.7 12 • 2 -4.2 -4.3 -1.0 -0.3 S.9 11.3 13.2 11.0 -4.3 10.7 -2.5 11.0 -2.3 1.7 3.1 12.4 11.3 10.3* 1.0 1.4 -0.4R 10.2 6.6 5.3R -1 .7 -4 .9 A -LE NOVEMBER 25/ 1981 SOURCE: BUREAU OF LABOR STATISTICS TATLE 5 Y£A.R A N C *UART£R AcLE ION/ MANJF&CTUPIMG SECTOR: PRODUCTIVITY, HOURLY U N I T LA=sO? C O S T / S E A S O N A L L Y ADJUSTED(H) HOURS OF ALL ARSONS OUTPUT (7) ALL =E°50MS INDEXES 1960 II III IV 101.1 ANNUAL 1931 10?.5 1C1.9 90 . 2 1C4 . 3 10 3.1 ANNUAL 96. S 132.1 1Cc.4 1U4.1 104.0 103.5 141.4 145.0 145.2R 07. 2 138. 3 139. 9 1 4 2 . SR CrAM^ P^Qv =REVICUS -6 a t ••- 5.1 -1 .3 <C-NT CHANCE 19 sO -1 ..= 14 a J «. c .6 11 .2 -2.1 12.5 c 11.1 10.7 -0. 3 3. 5 -2. 5R a -» -1 .3 FPC^I C O R R E S P O N D I N G -'1 .; III P^RcLI'INA^Y QUARTER OF P R E V I O U S 6. 3 4. 8. 6R YEAR(a) -2.1 -6..? 9.t 9.7 12.4 13.3 -4 • 1 -4. 1 -Q. 5 0. 7 10.6 12.7 14.5 12.4 -5.6 11.2 -2.1 12.5 -4.1 :.i 13.0 11 .6 1u. 6* -10.! -1.1 RATE(5) 14.4 21.1 16. 2 -0.7 IV ANNUAL AT ANNUAL -3.7 2.9 5.2 -1.4 •? 4. 5 a QUARTER 93. 1 97. 5fi 12.3 16.5 13.4 11.3 -0 -22 .4 m -?5 . 3 -1 C.2 ^- 125.3 131.4 136.4 136.2 131.6 . • -1 .1 95.7 96.4 97.6 97.3 103.3 = \T III IV 125. 1?9, 134, 137, 1C2. * 1C7!43 - 1 UNIT LA30R COST 1977=100 102.4 1CC.7 C V.1 10- . 7 19 6 0 REAL CCWPENSATION PER H 0U R(2) COMPENSATION PER HOURC1 ) 1. 1. 7 -p 7 p 10. 4 6. c 4. 7R N 0 V E M 3 E R 2 5 / 1931 S O U R C E : B U R E A U OF L A B O R STATISTICS E a. i\i:NDUDA3LE M A N U F A C T U R I N G S E C T O R : P R O D U C T I V I T Y / HOURLY C0v'oEN3ATI0N/' UNIT LA309 COST/ SEASONALLY ADJUSTEDC12) YEAR AND 3UARTE- OUTPUT 3 E R HOUR OF A L L P E R S O N S OUTPUT (7) INDEXES 19oO IV 10 5.3 10 3.5 10 4.3 106.4 10 7.4 10 2.9 10 2.6 106.3 ANNUAL 104.9 104.o 106. 9 107. 4 135. OR 107 c 10£ .1 1Ci • o R 1981 II III ENT 1960 6. 9 7 III IV ANNUAL 1931 4. a 7 1 5 0 .9 -1 .5 1. 7 2 • 4R p 19SC SEE F O O T N O T E S R=REVISED P=PRELIMINARY 95.7 96.2 97.1 96.1 113.7 125.3 127.3 127.8 9° . 1 31 .0 96.3 124.8 139. 6 143. 2 146. 3R 06. CHANGE 101.* 100.° 100.6 100.5 F?0 * P R E V I O U S - n •_> .3 -9 .4 -4 .3 6 .4 QUARTER 4 .1 -1 .1 -0 .4 •0. 2 10. 7 3. 7 3.5 -2.3R F R C *! C O R R E S P O N D I N G QUARTER 24.2 8.2 OF P R E V I O U S 9.3 ?.6 6.2R YEARC6) 11.2 10.6 -4.4 -4. 1 -1.5 -1 . 7 11.9 -2 • 4 10.2 -2.9 9.2 -1 a U 1 .2 2m 2 11.7 10.5 0.7R 0. 4 0. 7 -1 . OP 1 .5 0.4 7 5.0 TABLE RATE(5) 11 . 2 -1 .5 5 • 3R 130 7 133 .4 135 .4R -2.4 .9 7 AT ANNUAL -3.2 2.2 3.3 -4,2 -3 .5 -2 .1 .8 -6R 0 96. 9 96. 7.0 15 .6 11 .9 g .2 9.2 9.7 .6 1• 5 FOLLOWING 90.9 1 25.0 129.6 173.3 136.0 UNIT LA3CR COST 1977=100 - ?. 7 —c I II III REAL COMPENSATION PER HOURC2) 1 .6 -2.3 -4.1 -0.6 ANNUAL 1931 cPCSNT 2. 6 -Q .1 II III IV 7 5 .3 0. c .OP 2. II III CHANGE 1 .4 -15 .7 -1 .0 1. 7 A 1 CGFPENSATICN c=a H C U R (1 ) HOURS OF ALL -1 .0 6.4 9.S 9.0 10. 1 6. L 5.OR t. N O V E M B E R 2 5 / 1 9 31 SOURCE: BUREAU OF LABOR STATISTICS T FOOTNOTES/ SOURCE: C O M P E N S A T I O N A8LE S 1 - 6 0 J T 3 J T D A " APROM 3'JRF.AU C FE C O N O M I C A N A L Y S I S / U . S . D E P A R T M E N T O F C O M M E R C E / A N D T H E F E D E R A L R E S E R V E B O A R D . A N ! 0 H O U R S D A T A F & O M T H E B U R E A U C FL A 3 0 R S T A T I S T I C S / U . S . D E P A R T M E N T O FL A 9 0 R * A N D T H E B U R E A U O FE C O N O M I C A N A L Y S I S . RELIABILITY: BASED ON DATA COVERING THE PERIOD FROM THE FIRST QUARTER OF 1 9 7 6 TO THE FIRST QUARTER OF 1 9 8 1 , THE PROBABILITY I S 0 . 9 5 THAT THE INTERVAL BETWEEN - 2 . 0 AND 2 . 4 INDEX POINTS CONTAINS THE REVISION OF THE INDEX OF PRODUCTIVITY IN THE PRIVATE BUSINESS SECTOR FROM THE FIRST TO THE THIRD QUARTERLY PUBLICATION OF THE ESTIMATE. ( 1 ) W A G E S A N D S A L A R I E S C F E M P L O Y E E S e L U S E M P L O Y E R S 1 C O N T R I B U T I O N S F O R S O C I A L I N S U R A N C E A N D P R I V A T E B E N E F I T P L A N S . N O N F I N A M C I A L C C R P 0 * A T I 0 N S / w H E R E T H E R E P * EN O S E L F - E 0 P L C Y E D / D A T A A L S O I N C L U D E A N E S T I M A T E O F W A G E S / S A L A R I E S / C V EMENTAL PAYMENTS O P T H ? 3E L F - £ P L0 Y 5D . (2) C O M P E N S A T I O N ° RH O U R E N T $ A D J U S T E D N C N L A J C R (4) C U R R E N T D O L L A R ^ C S G (5) D C H A N O F C C Y P O U N D C D C6) C U R K E M T (7) SuA«T£RLY v!SAiU9E3 ADJUSTED T O ANNUAL U.S. D ^ A r ^ > ^ \ 7 C F C O ^ ^ : - . ( 5) UNIT ( 9) TOTAL CIO) UNIT- PROFITS (11) Trit : j A & T £ c I N C L U D E F C 3 C H A N G E S (3) £ 5 C E \ T ° A Y V C P R O F I T S / ° » C D J C T D I V I D E D I NT H E C O N S U M E D D 1 ° » E C I A T I O N / D I V I D E : A T A N N U A L I N T E R E S T / ^ Y C O N S T A N T ' A ^ :T?0* - Y CCMPARATLr D O L L A R OUAR^ER A YEAR ESTIMATES ) w ^ ; : . r IN'CL'JD: M C T ; H ::?S:3-TL : \ C L J D : : -^CrI' T ^'r DATA ? - D : G I T F O R A L L U R B A N I N C O M E / : M •: N o \: u -•: A . L . i r c T : R D AT, L E A T - L 5 ° ^ J L C T S ; P R O D U C T S ; (1i) r :c;s; A N D T.-;•: A c c : R A T H E R T H A N I N D E X (G^OSS PRODUCT A N DINDIRECT TAXES. ORIGINATING) c J ' ? L 7 I N ^ - a . ~ 7 '-• * i A '-i r R 0 -v ' r o l J ? ? =- F 3 I Ci D I AL'H:^:7 •-• i" -• v T ''"i:^^:^ J :L^ T : : - - L =-: « - '-zzi'i: c.: \ T ^ i.. u T : " H E Y n v i ; » : C T ^^r J .: I V T : p r 7 C T : I.\VIST^;\T; L - : V : L •:" : U " - L ; T ; J T O F - - - . 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RATHER/ V ANY INFLUENCES/ INCLUDING CHANGES IN TECHNOLOGY/* CAPITAL i : A ' i n \' o r C A P A C I T Y ; E N E R G Y A N D M A T E R I A L S ; A N : CH A ^ A C T : 5 : S T I C S A N D E F F O R T O FT H E W O R K T H E O R G A N I Z A T I O N F O R C E • *
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