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USDL 01-40 TRANSMISSION OF THIS MATERIAL IS EMBARGOED UNTIL 8:30 A.M. EST, WEDNESDAY, FEBRUARY 7, 2001 Internet address: http://stats.bls.gov/lprhome.htm Historical, technical information: (202) 691-5606 Current data: (202) 691-5200 Media contact: (202) 691-5902 PRODUCTIVITY AND COSTS Preliminary Fourth-Quarter and Annual Averages for 2000 The Bureau of Labor Statistics of the U.S. Department of Labor today reported preliminary productivity data--as measured by output per hour of all persons--for the fourth quarter and for the full year 2000. The seasonally adjusted annual rates of productivity in the fourth quarter and the annual average changes were: Business sector Nonfarm business sector Fourth quarter 3.2 2.4 Annual averages 1999-2000 4.3 4.3 In the fourth quarter, productivity advanced 3.2 percent in the business sector as output rose 1.2 percent and hours worked dropped 2.0 percent (seasonally adjusted annual rates). In the nonfarm business sector, productivity rose 2.4 percent as output increased 1.2 percent and hours fell 1.1 percent. On an annual average basis, productivity in both the business and the nonfarm business sectors rose 4.3 percent in 2000. In the business sector, it was the largest increase since a 4.4-percent increase in 1971; in nonfarm business, the increase was the biggest since a 4.5-percent rise in 1983. Fourth-quarter productivity and related measures are summarized in table A and annual average data in table B. Detailed information is presented in tables 1 through 5. In the manufacturing sector, increases in productivity were: Fourth quarter Manufacturing sector 4.8 Durable goods manufacturing 4.7 Nondurable goods manufacturing 5.0 Annual averages 1999-2000 7.1 10.4 3.3 ____________________________________________________________________________ Measures of hours for private nonfarm employees have been adjusted to incorporate the results of the 1999 Hours at Work Survey. In addition, output measures for the manufacturing sector now include information released by the Board of Governors of the Federal Reserve System on Dec. 5. See Revised Measures on page 6. ____________________________________________________________________________ __________________________________________________________________________ Table A. Productivity and costs: Preliminary fourth-quarter 2000 measures (Seasonally adjusted annual rates) __________________________________________________________________________ Real Hourly hourly Unit Produccompencompenlabor Sector tivity Output Hours sation sation costs __________________________________________________________________________ Percent change from preceding quarter Business 3.2 1.2 -2.0 7.5 4.6 4.1 Nonfarm business 2.4 1.2 -1.1 6.6 3.8 4.1 Manufacturing 4.8 -2.1 -6.6 8.6 5.7 3.6 Durable 4.7 -2.2 -6.6 9.6 6.7 4.6 Nondurable 5.0 -2.0 -6.6 6.8 4.0 1.8 __________________________________________________________________________ Percent change from same quarter a year ago Business 3.6 3.8 0.2 6.0 2.5 2.3 Nonfarm business 3.4 3.8 0.3 5.7 2.3 2.2 Manufacturing 6.5 4.1 -2.3 6.2 2.7 -0.3 Durable 10.0 7.9 -1.9 5.9 2.4 -3.7 Nondurable 2.4 -0.5 -2.8 6.6 3.1 4.1 __________________________________________________________________________ Manufacturing productivity grew 4.8 percent in the fourth quarter, reflecting a drop in output of 2.1 percent and a larger decline, 6.6 percent, in hours of all persons. On an annual average basis, labor productivity in manufacturing posted a record increase of 7.1 percent in 2000. Output and hours in manufacturing, which includes about 17 percent of U.S. businesssector employment, tend to vary more from quarter to quarter than data for the more aggregate business and nonfarm business sectors. The data sources and methods used in the preparation of the manufacturing series differ from those used in preparing the business and nonfarm business series, and these measures are not directly comparable. Output measures for business and nonfarm business are based on measures of gross domestic product prepared by the Bureau of Economic Analysis of the U.S. Department of Commerce. Quarterly output measures for manufacturing reflect indexes of industrial production independently prepared by the Board of Governors of the Federal Reserve System. See Technical Notes (page 9) for further information on data sources. THIRD-TO-FOURTH QUARTER CHANGES, 2000 Business Productivity in the business sector grew 3.2 percent in the fourth quarter of 2000, reflecting a rise of 1.2 percent in output and a 2.0-percent drop in hours of all persons engaged in the sector (seasonally adjusted annual rates). Hours fell faster in the fourth quarter than at any time since the first quarter of 1992, when they decreased 2.5 percent. Revised data for the third quarter of 2000 show that output per hour rose 2.4 percent as output increased 2.3 percent and hours declined 0.1 percent. Hourly compensation increased at a 7.5 percent annual rate in the fourth quarter of 2000, following a 5.7-percent increase one quarter earlier. This measure includes wages and salaries, supplements, employer contributions to employee-benefit plans, and taxes. Real hourly compensation, which takes into account changes in consumer prices, grew at a 4.6 percent annual rate during the fourth quarter of 2000. This measure rose 2.5 percent in the third quarter. The unit labor cost measure, which relates compensation to output, increased at a 4.1-percent annual rate during the fourth quarter. During the third quarter of 2000, unit labor costs had increased 3.1 percent. The implicit price deflator for business output, which reflects changes in both unit labor costs and unit nonlabor payments, increased at an annual rate of 1.8 percent in the fourth quarter of 2000. Nonfarm business In the nonfarm business sector, productivity increased 2.4 percent in the fourth quarter of 2000. Output rose 1.2 percent and hours of all persons-employees, proprietors, and unpaid family workers--fell 1.1 percent (seasonally adjusted annual rates). Productivity increased 3.0 percent in the third quarter of 2000 (as revised), when output increased 2.3 percent and hours declined 0.7 percent (table 2). Hourly compensation in the nonfarm business sector rose 6.6 percent in the fourth quarter of 2000, following an increase of 6.2 percent in the third quarter. When the increase in consumer prices was taken into account, real hourly compensation increased 3.8 percent during the fourth quarter of 2000 and 3.1 percent one quarter earlier. Unit labor costs increased 4.1 percent in the fourth quarter and 3.2 percent in the third quarter of 2000. The implicit price deflator for nonfarm business output rose 1.7 percent in the fourth quarter, when a 2.1 percent drop in unit nonlabor payments partially offset the rise in unit labor costs. Manufacturing Manufacturing productivity grew at a 4.8 percent seasonally adjusted annual rate in the fourth quarter of 2000 as output fell 2.1 percent and hours fell further, 6.6 percent (table 3). In durable goods manufacturing, productivity rose 4.7 percent, as output fell 2.2 percent and hours dropped 6.6 percent (table 4). Among nondurable goods manufacturers, productivity rose 5.0 percent in the fourth quarter, reflecting a 2.0-percent drop in output and a 6.6-percent decline in hours of all persons (table 5). In the third quarter, total manufacturing productivity increased 6.7 percent (as revised), reflecting a 3.8-percent rise in output and a 2.8-percent decrease in hours. The average hourly compensation of manufacturing workers increased 8.6 percent in the fourth quarter--the largest increase since a rise of 12.0 percent in the second quarter of 1982. This fourth-quarter increase reflected increases of 9.6 percent in hourly compensation in durable goods manufacturing and 6.8 percent in nondurable goods manufacturing. When the increase in consumer prices was taken into account, real hourly compensation in total manufacturing rose 5.7 percent. Unit labor costs for the manufacturing sector rose 3.6 percent. In durable goods manufacturing, unit labor costs rose 4.6 percent. This was the first increase in these costs since a 0.9-percent rise in the second quarter of 1995. The unit labor costs of nondurable goods manufacturers rose 1.8 percent in the fourth quarter of 2000. ANNUAL AVERAGE CHANGES, 1999-2000 Business Business sector productivity increased 4.3 percent when the annual average for 2000 was compared with the annual average for 1999 (table B). Output increased 5.7 percent and hours of all persons engaged in the sector rose 1.4 percent. Productivity had increased 2.8 percent in both 1998 and 1999. _____________________________________________________________________________ Table B. Annual average changes in productivity and related measures, 1991-2000 _____________________________________________________________________________ Measure 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 _____________________________________________________________________________ Business: Productivity 1.1 3.9 0.5 1.3 0.7 2.8 2.3 2.8 2.8 4.3 Output -1.2 3.7 3.1 4.9 3.1 4.4 5.2 5.0 4.8 5.7 Hours -2.3 -0.2 2.6 3.5 2.4 1.6 2.9 2.2 2.0 1.4 Hourly 4.7 5.3 2.5 2.0 2.1 3.2 3.1 5.3 4.6 5.0 compensation Real hourly 1.0 2.6 -0.1 -0.2 -0.4 0.4 0.9 3.9 2.4 1.6 compensation Unit labor costs 3.6 1.4 1.9 0.7 1.4 0.4 0.8 2.5 1.8 0.7 _____________________________________________________________________________ Nonfarm Business: Productivity 1.2 3.7 0.5 1.3 0.9 2.5 2.0 2.7 2.6 4.3 Output -1.3 3.5 3.3 4.7 3.4 4.3 5.1 5.1 4.8 5.7 Hours -2.4 -0.2 2.9 3.3 2.4 1.7 3.1 2.4 2.2 1.3 Hourly 4.9 5.3 2.2 2.1 2.1 3.0 3.0 5.2 4.4 5.1 compensation Real hourly 1.2 2.6 -0.4 -0.1 -0.4 0.3 0.8 3.8 2.3 1.7 compensation Unit labor costs 3.6 1.6 1.7 0.8 1.2 0.5 0.9 2.5 1.8 0.7 ____________________________________________________________________________ Manufacturing: Productivity 2.3 5.3 1.9 3.0 3.8 3.5 3.8 6.2 5.8 7.1 Output -2.0 4.8 3.3 5.2 4.3 3.1 5.6 5.9 4.9 5.9 Hours -4.2 -0.4 1.4 2.2 0.4 -0.3 1.7 -0.3 -0.8 -1.1 Hourly 5.3 4.6 2.7 2.8 2.1 1.3 1.9 5.3 4.0 5.2 compensation Real hourly 1.5 1.9 0.2 0.6 -0.4 -1.4 -0.2 3.9 1.9 1.8 compensation Unit labor costs 2.9 -0.6 0.8 -0.2 -1.6 -2.1 -1.8 -0.8 -1.7 -1.7 1.7 ____________________________________________________________________________ Hourly compensation in the business sector increased 5.0 percent in 2000, following a 4.6 percent rise in 1999. Real hourly compensation rose 1.6 percent in 2000, slightly less than the 2.4-percent increase in 1999. Unit labor costs rose 0.7 percent in 2000, compared with a 1.8 percent increase in the previous year. The implicit price deflator rose 1.8 percent in 2000 and 1.1 percent in 1999. Nonfarm business Productivity increased 4.3 percent in the nonfarm business sector during 2000 due to a 5.7 percent growth in output and a 1.3 percent rise in hours. During 1999, productivity increased 2.6 percent, as output grew 4.8 percent and hours of all persons increased 2.2 percent. In 2000, hourly compensation increased 5.1 percent, following a 4.4 percent rise in 1999. When the increase in consumer prices was taken into account, real hourly compensation rose 1.7 percent in 2000 and 2.3 percent in 1999. Unit labor costs in the nonfarm business sector rose 0.7 percent in 2000, compared with a 1.8-percent increase one year earlier. The implicit price deflator for nonfarm business rose 1.8 percent in 2000 and 1.3 percent in 1999. Manufacturing In manufacturing, labor productivity rose 7.1 percent in 2000, the largest annual average increase since the beginning of the measure in 1949. The increase occurred as output rose 5.9 percent and hours of all persons fell 1.1 percent (table B). The manufacturing increase was led by a 10.4percent increase in durable goods manufacturing productivity, where output rose 9.9 percent and hours fell 0.5 percent. A much smaller increase in labor productivity was posted in nondurable goods manufacturing, 3.3 percent, reflecting an output increase of 1.3 percent and a drop of 2.0 percent in hours of all persons. Hourly compensation of manufacturing workers increased 5.2 percent in 2000, more than the 4.0-percent increase one year earlier (as revised). Taking into account the rise in consumer prices, real hourly compensation in manufacturing rose 1.8 percent in 2000. This increase was about the same as the 1.9-percent growth recorded in 1999. Unit labor costs in manufacturing fell 1.7 percent in 2000; these costs have now dropped in eight of the past nine years. Unit labor costs in durable goods manufacturing fell 4.7 percent in 2000--the ninth consecutive drop in unit labor costs in this sector. In contrast, unit labor costs in nondurable goods rose 1.7 percent in 2000. This increase was larger than the 0.8-percent rise recorded in the previous year. Revised Measures Current and previous measures for the third quarter of 2000 for the business, nonfarm business, and manufacturing sectors are compared in table C. In the business and nonfarm business sectors, output and productivity measures were lower than those published on Dec. 6; unit labor costs were higher. Output and productivity growth in the manufacturing sector also were lower than the figures published on Dec. 6. In addition, hourly compensation growth in manufacturing was higher and unit labor costs showed a slight increase of 0.2 percent rather than a decline. Table C. Previous and revised productivity and related measures Quarterly percent change at seasonally adjusted annual rate ______________________________________________________________________ Real Hourly hourly Unit Produccompen- compenlabor Sector tivity Output Hours sation sation costs ______________________________________________________________________ Third quarter 2000 Business: Previous 2.8 2.6 -0.2 5.7 2.6 2.8 Current 2.4 2.3 -0.1 5.7 2.5 3.1 Nonfarm business: Previous 3.3 2.5 -0.8 6.3 3.1 2.9 Current 3.0 2.3 -0.7 6.2 3.1 3.2 Manufacturing: Previous 7.3 4.1 -2.9 6.5 3.4 -0.7 Current 6.7 3.8 -2.8 6.9 3.7 0.2 ______________________________________________________________________ Productivity and cost measures were revised to reflect the results of the 1999 Hours at Work Survey, which are now available. This survey is used to adjust the number of hours for which private nonfarm employees are paid (as reported in the BLS Current Employment Survey) to hours at the workplace. For 1999, these new results show that hours of all persons were higher than had originally been reported. In the nonfarm business sector, hours of all persons grew 2.2 percent in 1999 rather than 1.8 percent, as previously reported. The difference in the ratio of hours at work to hours paid was even greater in the manufacturing sector, where hours of all persons fell 0.8 in 1999, rather than decreasing 1.7 percent, as previously reported. In addition, the results of the Dec. 5 revision to the Indexes of Industrial Production have been incorporated into the manufacturing output measures. Revised measures: Nonfinancial Corporations Revised productivity and output measures for the third quarter for nonfinancial corporations also were announced today. As in the other sectors, the increases in output and productivity were lower than those reported on Dec. 6, and unit labor costs were higher (table D). _____________________________________________________________________________ Table D. Nonfinancial corporations: Previous and revised productivity and cost measures (Quarterly percent changes at seasonally adjusted annual rates) _____________________________________________________________________________ Real Hourly hourly Unit Implicit Produccompen- compen- labor Unit price tivity Output Hours sation sation costs profits deflator _____________________________________________________________________________ Third quarter 2000 Previous 4.9 4.7 -0.2 6.1 2.9 1.1 -5.6 0.6 Current 4.4 4.4 0.0 6.0 2.9 1.5 -8.3 0.5 _____________________________________________________________________________ Next release date The next release of Productivity and Costs is scheduled for 8:30 A.M. EST, Tuesday, March 6, 2001. Revised fourth-quarter and annual average measures for business, nonfarm business, and manufacturing will be released at that time. TECHNICAL NOTES Labor Hours: Hours data for the labor productivity and cost measures include hours for all persons working in the sector-wage and salary workers, the selfemployed, 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. The CES also provides average weekly paid hours of production and nonsupervisory workers in these establishments. Average weekly paid hours of nonproduction and supervisory workers are estimated by the Office of Productivity and Technology. Weekly paid hours are adjusted to hours at work using the BLS Hours at Work survey, conducted for this purpose. Data from the BLS Current Population Survey (CPS) are used for farm labor; in the nonfarm sector, the National Income and Product Accounts (NIPA) prepared by the Bureau of Economic Analysis (BEA) of the Department of Com merce and the CPS are used to measure labor input for government enterprises, proprietors, and unpaid family workers. Output: Business sector output is an annual-weighted index constructed after excluding from gross domestic product (GDP) the following outputs: General government, nonprofit institutions, paid employees of private households, and the rental value of owner-occupied dwellings. Corresponding exclusions also are made in labor inputs. Business output accounted for about 77 percent of the value of GDP in 1996. Nonfarm business, which also excludes farming, accounted for about 76 percent of GDP in 1996. 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 BEA. These deflators are based on data from the BLS producer price 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 index 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. Durables include the following 2-digit SIC industries: Primary metal industries; fabricated metal products; nonelectrical machinery; industrial and commercial machinery and computer equipment; electronic and other electrical equipment; transportation equipment; instruments; lumber and lumber products; furniture and fixtures; stone, clay, and glass and concrete products; and miscellaneous manufactures. Nondurables include: Food and kindred products, tobacco products, textile mill products, apparel products, paper and allied products, printing and publishing, chemicals and chemical products, petroleum refining and related industries, rubber and plastic products, and leather and leather products. Nonfinancial corporate output is an annual-weighted index constructed by excluding from GDP the following outputs: General government; nonprofit institutions; employees of private households; the rental value of owner-oc cupied dwellings; unincorporated business; and those corporations which are depository institutions, nondepository institutions, security and commodity brokers, insurance carriers, regulated investment offices, small business investment offices, and real estate investment trusts. Nonfinancial corporations accounted for about 53 percent of the value of GDP in 1996. Productivity: These productivity measures describe the relationship between real output and the labor time involved in its production. They show the changes from period to period in the amount of goods and services produced per hour. Although these measures relate output to hours at work of all persons engaged in a sector, they do not measure the specific contribution of labor, capital, or any other factor of production. Rather, they reflect the joint effects of many influences, including changes in technology; capital investment; level of output; utilization of capacity, energy, and materials; the organization of production; managerial skill; and the characteristics and effort of the work force. 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. Table 1. Business sector: Productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted Real Year Output per Hours CompensacompensaUnit Unit nonImplicit and hour of of all tion per tion per labor labor pay- price quarter all persons Output persons hour (1) hour (2) costs ments (3) deflator (4) --------------------------------------------------------------------------------------------------------Indexes 1992=100 1998 1999 2000 I II III IV r110.0 r110.3 r110.8 r111.8 126.8 127.7 128.9 131.0 r115.3 r115.8 r116.3 r117.2 r117.4 r118.9 r120.3 r121.6 r103.2 r104.1 r105.0 r105.7 106.7 r107.8 r108.6 108.8 r116.3 115.1 r114.5 114.6 110.3 110.5 110.7 110.9 ANNUAL r110.8 128.6 r116.1 r119.6 r104.6 r108.0 r115.1 110.6 I II III IV r112.5 r112.7 r114.0 r116.1 132.3 133.1 135.3 138.5 117.5 r118.1 r118.7 r119.3 123.0 r124.3 r125.9 r127.1 106.4 r106.8 r107.4 r107.6 109.3 110.4 110.5 109.5 115.1 r114.2 r114.4 r116.9 111.4 111.8 111.9 112.2 ANNUAL r113.8 134.8 r118.4 r125.1 r107.1 109.9 115.1 111.8 I II III IV r116.6 r118.6 r119.3 120.2 140.3 142.4 143.3 143.7 r120.3 r120.1 r120.1 119.5 r128.2 r130.4 r132.2 134.6 r107.5 r108.4 r109.1 110.3 110.0 110.0 110.8 112.0 118.2 120.0 r119.5 118.9 113.0 113.7 r114.0 114.5 ANNUAL 118.7 142.4 120.0 131.4 108.9 110.7 119.2 113.8 --------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1998 1999 2000 I II III IV r4.8 1.1 r1.9 r3.5 7.9 2.9 3.7 6.8 r2.9 r1.8 r1.8 r3.2 r6.4 5.1 r4.9 r4.3 r5.7 3.5 r3.4 r2.7 1.5 3.9 r2.9 r0.8 -1.5 -4.2 -1.9 r0.3 0.3 0.7 1.1 0.6 ANNUAL r2.8 5.0 r2.2 5.3 3.9 2.5 -1.7 0.8 I II III IV r2.7 r0.5 r4.7 r7.6 3.8 2.6 6.6 9.9 r1.1 r2.1 r1.9 2.1 r4.5 r4.5 r5.1 3.8 r2.9 r1.3 r2.4 0.9 r1.8 r4.0 0.4 -3.6 r2.0 r-3.4 r0.8 9.0 1.9 1.2 0.5 1.0 ANNUAL r2.8 4.8 r2.0 r4.6 r2.4 1.8 0.0 1.1 I II III IV r1.7 r7.0 r2.4 3.2 5.3 6.3 r2.3 1.2 r3.5 r-0.7 r-0.1 -2.0 r3.7 r7.1 5.7 7.5 r-0.5 r3.3 r2.5 4.6 1.9 0.0 r3.1 4.1 4.8 r6.1 r-1.7 -1.9 3.0 2.4 r1.2 1.8 ANNUAL 4.3 5.7 1.4 5.0 1.6 0.7 3.5 1.8 --------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1998 1999 2000 I r3.4 5.8 r2.3 r4.7 r3.3 1.2 0.9 1.1 II III IV r2.7 r2.2 r2.8 4.7 4.4 5.3 r2.0 2.2 r2.4 r5.7 r5.8 r5.2 r4.1 4.3 r3.8 2.9 3.5 2.3 r-2.5 -3.3 r-1.8 0.8 0.8 0.7 ANNUAL r2.8 5.0 r2.2 5.3 3.9 2.5 -1.7 0.8 I II III IV r2.3 r2.1 r2.8 r3.8 4.3 4.2 4.9 5.7 r2.0 r2.0 r2.1 r1.8 r4.7 r4.6 r4.6 r4.5 r3.1 r2.6 r2.3 r1.9 2.4 2.4 1.8 r0.6 -1.0 r-0.8 r-0.1 r2.0 1.1 1.2 1.0 1.1 ANNUAL r2.8 4.8 r2.0 r4.6 r2.4 1.8 0.0 1.1 I II III IV r3.6 5.2 4.7 3.6 6.1 7.0 r5.9 3.8 r2.4 1.7 1.2 0.2 r4.3 4.9 5.0 6.0 r1.0 1.5 r1.6 2.5 r0.6 -0.3 0.3 2.3 2.7 5.1 r4.5 1.8 1.4 1.7 r1.9 2.1 ANNUAL 4.3 5.7 1.4 5.0 1.6 0.7 3.5 1.8 --------------------------------------------------------------------------------------------------------See footnotes following Table 6. February 7, 2001 r=revised Source: Bureau of Labor Statistics Table 2. Nonfarm business sector: and prices, seasonally adjusted Productivity, hourly compensation, unit labor costs, Real Year Output per Hours CompensacompensaUnit Unit nonImplicit and hour of of all tion per tion per labor labor pay- price quarter all persons Output persons hour (1) hour (2) costs ments (3) deflator (4) --------------------------------------------------------------------------------------------------------Indexes 1992=100 1998 1999 2000 I II III IV r109.6 r110.1 r110.5 r111.4 127.1 128.1 129.2 131.4 r115.9 r116.4 r116.9 r118.0 r116.8 r118.3 r119.8 r120.9 r102.6 r103.6 r104.5 r105.1 106.5 107.5 r108.4 r108.6 117.4 r116.2 r115.7 115.8 110.5 110.7 111.0 111.2 ANNUAL r110.4 129.0 r116.8 r119.0 r104.0 107.7 116.3 110.8 I II III IV r111.9 r112.0 r113.4 r115.6 132.6 133.4 135.6 138.9 118.4 r119.1 r119.6 r120.2 122.1 r123.4 r125.0 r126.3 r105.6 r106.0 r106.6 r107.0 109.0 110.2 r110.2 109.3 116.7 r115.8 116.1 118.6 111.8 112.2 112.4 112.7 ANNUAL r113.2 135.1 r119.3 r124.2 r106.4 109.7 116.8 112.3 I II III IV r116.2 r118.0 r118.8 119.5 140.7 142.9 r143.7 144.1 r121.1 r121.1 r120.9 120.6 r127.6 r129.4 r131.4 133.5 r107.0 r107.6 r108.4 109.4 109.8 109.7 r110.6 111.7 120.1 121.8 r121.4 120.8 113.6 114.1 r114.5 115.0 ANNUAL 118.1 142.8 120.9 130.5 108.2 110.5 121.0 114.3 --------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1998 1999 2000 I II III IV r4.7 1.6 r1.6 r3.2 8.2 3.1 3.7 6.8 r3.3 1.5 r2.0 r3.5 r6.3 5.3 r4.9 r4.0 r5.5 r3.7 r3.4 r2.4 r1.6 3.6 3.3 r0.7 -1.4 -3.8 -1.8 0.2 0.4 0.7 1.3 0.6 ANNUAL r2.7 5.1 2.4 r5.2 r3.8 r2.5 -1.4 0.9 I II III IV r2.0 r0.2 r5.0 8.0 3.6 2.4 7.0 10.0 r1.6 r2.2 r1.9 1.8 r3.8 r4.5 r5.2 4.2 r2.1 r1.3 r2.6 1.3 1.8 4.3 r0.2 -3.5 r3.0 r-3.0 1.3 8.9 2.2 1.5 0.6 1.0 ANNUAL r2.6 4.8 r2.2 r4.4 r2.3 1.8 r0.5 1.3 I II III IV r2.1 r6.3 r3.0 2.4 5.2 6.5 r2.3 1.2 r3.0 r0.2 r-0.7 -1.1 r4.1 r6.0 r6.2 6.6 r-0.1 r2.3 3.1 3.8 1.9 -0.2 r3.2 4.1 r5.1 5.7 r-1.2 -2.1 3.2 2.0 r1.4 1.7 ANNUAL 4.3 5.7 1.3 5.1 1.7 0.7 3.6 1.8 --------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1998 1999 2000 I II III IV r3.2 r2.6 r2.2 r2.8 5.8 4.8 4.6 5.4 r2.5 r2.1 r2.3 r2.6 r4.5 r5.5 5.7 r5.1 r3.1 r4.0 4.2 r3.8 1.2 2.8 3.5 2.3 1.3 -2.1 -3.1 -1.7 1.2 0.9 0.9 0.8 ANNUAL r2.7 5.1 2.4 r5.2 r3.8 r2.5 -1.4 0.9 I II III IV r2.1 r1.7 r2.6 r3.8 4.3 4.1 4.9 5.7 r2.1 r2.3 r2.3 r1.9 r4.5 r4.3 r4.4 r4.4 r2.9 r2.3 r2.1 r1.8 2.4 r2.5 r1.7 r0.6 r-0.6 r-0.4 0.3 r2.5 1.2 1.4 1.2 1.3 ANNUAL r2.6 4.8 r2.2 r4.4 r2.3 1.8 r0.5 1.3 I II III IV r3.8 5.3 4.8 3.4 6.1 7.2 6.0 3.8 r2.2 r1.7 1.1 0.3 r4.5 4.9 5.1 5.7 r1.3 1.5 1.6 2.3 0.7 -0.4 r0.3 2.2 3.0 5.2 r4.6 1.8 1.6 1.7 r1.9 2.1 ANNUAL 4.3 5.7 1.3 5.1 1.7 0.7 3.6 1.8 --------------------------------------------------------------------------------------------------------See footnotes following Table 6. February 7, 2001 r=revised Source: Bureau of Labor Statistics Table 3. Manufacturing sector: seasonally adjusted Productivity, hourly compensation, and unit labor costs, Real Year Output per Hours CompensacompensaUnit and hour of of all tion per tion per labor quarter all persons Output persons hour (1) hour (2) costs -------------------------------------------------------------------------------------------------Indexes 1992=100 1998 1999 2000 I II III IV r121.7 r123.2 r125.7 r126.8 r128.8 129.9 131.3 r133.0 r105.8 r105.5 104.5 r104.8 r115.4 r116.8 r118.0 r119.0 r101.4 r102.2 103.0 r103.4 r94.9 94.8 r93.9 r93.9 ANNUAL 124.3 130.7 105.2 117.3 102.6 94.4 I II III IV r128.9 r130.2 r131.9 r135.0 r134.3 r136.1 r138.1 r140.4 r104.2 r104.5 r104.7 r104.0 r119.9 r121.2 r122.8 r124.1 r103.7 r104.1 r104.7 r105.2 r93.0 r93.1 r93.1 r91.9 ANNUAL r131.5 r137.2 r104.3 r122.0 r104.5 r92.8 I II III IV r137.7 r139.8 r142.1 143.8 r142.8 r145.6 r146.9 146.1 r103.7 r104.1 r103.4 101.6 r125.7 r127.0 r129.1 131.8 r105.4 r105.5 r106.5 108.0 r91.2 r90.8 r90.9 91.7 ANNUAL 140.9 145.3 103.2 128.4 106.4 91.1 -------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1998 1999 2000 I II III IV r6.3 r5.2 r8.3 r3.8 r6.0 r3.6 r4.5 r5.0 r-0.3 r-1.5 r-3.5 r1.2 r7.2 r4.9 r4.4 r3.4 r6.4 r3.3 r2.9 r1.8 r0.8 r-0.3 r-3.6 r-0.3 ANNUAL 6.2 5.9 -0.3 5.3 3.9 -0.8 I II III IV 6.8 r4.2 r5.2 r9.7 r4.1 r5.4 r6.0 r6.8 r-2.5 r1.1 r0.7 r-2.7 r2.8 r4.6 r5.3 r4.5 r1.2 r1.3 r2.6 r1.6 r-3.7 r0.4 r0.1 r-4.8 ANNUAL r5.8 r4.9 r-0.8 r4.0 r1.9 r-1.7 I II III IV r8.3 r6.3 r6.7 4.8 7.1 r8.0 r3.8 -2.1 r-1.1 r1.6 r-2.8 -6.6 r5.0 r4.3 r6.9 8.6 r0.8 r0.6 r3.7 5.7 -3.0 r-1.9 r0.2 3.6 ANNUAL 7.1 5.9 -1.1 5.2 1.8 -1.7 -------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1998 1999 2000 I II III IV r6.0 r6.6 r6.3 r5.9 r6.8 r6.4 5.5 r4.8 r0.7 r-0.2 -0.7 r-1.0 r4.6 r5.8 5.9 r5.0 r3.2 r4.2 4.4 r3.6 r-1.3 r-0.8 r-0.4 r-0.8 ANNUAL 6.2 5.9 -0.3 5.3 3.9 -0.8 I II III IV r6.0 r5.7 r5.0 6.5 r4.3 r4.7 r5.1 r5.6 r-1.6 r-0.9 r0.1 r-0.8 r3.9 r3.8 r4.0 r4.3 r2.3 r1.8 r1.7 r1.7 r-2.0 r-1.8 r-0.9 r-2.0 ANNUAL r5.8 r4.9 r-0.8 r4.0 r1.9 r-1.7 I II III IV 6.8 r7.4 r7.7 6.5 r6.3 r7.0 r6.4 4.1 r-0.5 -0.4 -1.2 -2.3 r4.8 4.8 r5.2 6.2 r1.6 1.4 r1.7 2.7 r-1.9 r-2.4 r-2.4 -0.3 ANNUAL 7.1 5.9 -1.1 5.2 1.8 -1.7 -------------------------------------------------------------------------------------------------See footnotes following Table 6. February 7, 2001 r=revised Source: Bureau of Labor Statistics Table 4. Durable manufacturing sector: seasonally adjusted Productivity, hourly compensation, and unit labor costs, Real Year Output per Hours CompensacompensaUnit and hour of of all tion per tion per labor quarter all persons Output persons hour (1) hour (2) costs -------------------------------------------------------------------------------------------------Indexes 1992=100 1998 1999 2000 I II III IV r130.2 132.4 r136.6 r139.3 r145.0 147.1 r150.5 r154.3 r111.4 r111.0 110.2 r110.8 r112.8 r113.9 115.1 r116.3 r99.1 r99.7 100.4 r101.1 r86.6 86.0 r84.2 r83.5 ANNUAL 134.6 149.2 110.8 114.5 100.1 85.0 I II III IV r142.9 r145.6 148.0 r151.8 r156.6 r159.8 r163.8 r167.0 r109.6 r109.8 r110.7 r109.9 r117.5 r119.2 r120.9 r122.5 r101.7 r102.4 r103.1 r103.8 r82.2 r81.9 r81.7 r80.7 ANNUAL 147.1 r161.8 r110.0 r120.0 r102.8 r81.6 I II III IV r156.9 r160.7 r165.2 167.1 r172.0 r177.7 r181.2 180.2 r109.7 r110.5 r109.7 107.8 r123.8 r124.9 r126.9 129.8 r103.8 r103.8 r104.7 106.4 r78.9 r77.7 r76.8 77.7 ANNUAL 162.4 177.8 109.4 126.3 104.7 77.8 -------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1998 1999 2000 I II III IV r8.7 r7.0 r13.3 r7.9 r10.2 r5.8 r9.7 10.2 r1.3 r-1.1 r-3.1 r2.1 r6.5 r4.1 r4.1 r4.4 r5.7 r2.5 r2.6 r2.8 r-2.0 r-2.7 r-8.1 r-3.3 ANNUAL 9.0 9.6 0.5 5.2 3.8 -3.5 I II III IV r10.8 r7.9 r6.8 r10.7 r6.1 r8.6 r10.4 r7.9 r-4.3 r0.7 r3.4 r-2.6 r4.1 r6.0 r5.7 r5.6 r2.5 r2.7 r3.1 r2.7 r-6.1 r-1.8 r-1.0 r-4.6 ANNUAL 9.3 r8.4 r-0.8 r4.8 r2.7 r-4.1 I II III IV r13.9 r10.2 r11.5 4.7 r12.7 r13.7 r8.1 -2.2 r-1.1 r3.2 r-3.0 -6.6 r4.2 r3.7 r6.3 9.6 r0.0 r0.1 r3.2 6.7 r-8.6 r-5.9 r-4.6 4.6 ANNUAL 10.4 9.9 -0.5 5.3 1.8 -4.7 -------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1998 1999 2000 I II III IV r8.5 r9.0 r9.4 r9.2 r10.4 r9.7 r9.3 r9.0 r1.7 r0.6 -0.1 r-0.2 r4.6 r5.7 5.7 r4.8 r3.2 r4.1 4.2 r3.4 r-3.6 r-3.1 r-3.4 r-4.0 ANNUAL 9.0 9.6 0.5 5.2 3.8 -3.5 I II III IV r9.7 r10.0 r8.3 r9.0 r7.9 r8.7 r8.8 r8.2 r-1.6 r-1.2 r0.4 r-0.7 r4.2 r4.7 r5.1 r5.4 r2.6 r2.7 r2.8 r2.7 r-5.1 r-4.8 r-3.0 r-3.4 ANNUAL 9.3 r8.4 r-0.8 r4.8 r2.7 r-4.1 I II III IV r9.8 r10.4 r11.6 10.0 r9.9 r11.2 r10.6 7.9 r0.1 0.7 r-0.9 -1.9 r5.4 4.8 r5.0 5.9 r2.1 1.5 r1.5 2.4 r-4.0 r-5.0 -5.9 -3.7 ANNUAL 10.4 9.9 -0.5 5.3 1.8 -4.7 -------------------------------------------------------------------------------------------------See footnotes following Table 6. February 7, 2001 r=revised Source: Bureau of Labor Statistics Table 5. Nondurable manufacturing sector: seasonally adjusted Productivity, hourly compensation, and unit labor costs, Real Year Output per Hours CompensacompensaUnit and hour of of all tion per tion per labor quarter all persons Output persons hour (1) hour (2) costs -------------------------------------------------------------------------------------------------Indexes 1992=100 1998 1999 2000 I II III IV 115.4 r116.2 r117.0 r116.7 r113.7 113.9 r113.5 r113.2 r98.5 r98.0 97.0 r96.9 r118.6 r120.3 121.8 r122.2 r104.2 r105.3 106.2 r106.2 r102.7 r103.5 r104.1 r104.7 ANNUAL 116.3 113.6 97.6 120.7 105.6 103.8 I II III IV r117.2 r117.2 r118.4 r120.9 r113.7 r114.2 r114.4 r116.0 r97.0 r97.4 r96.7 r96.0 r122.5 r123.2 r124.4 r125.2 r106.0 r105.8 r106.2 r106.1 r104.5 r105.1 r105.1 r103.6 ANNUAL r118.4 r114.6 r96.8 r123.8 r106.1 r104.6 I II III IV r121.4 r122.0 r122.2 123.7 r116.2 r116.5 r116.1 115.5 r95.7 r95.5 r94.9 93.3 r127.2 r128.8 r131.3 133.4 r106.7 r107.0 r108.3 109.3 r104.8 r105.6 r107.4 107.8 ANNUAL 122.3 116.1 94.9 130.1 107.9 106.4 -------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1998 1999 2000 I II III IV r3.5 r2.8 r2.5 r-0.9 r0.8 r0.9 r-1.6 r-1.0 r-2.6 r-1.9 r-4.1 r-0.2 r8.1 r6.1 r4.8 r1.6 r7.4 r4.5 r3.3 r0.0 4.5 r3.2 r2.2 r2.4 ANNUAL 3.0 1.5 -1.5 5.3 3.9 2.3 I II III IV r1.7 r-0.1 r4.1 r8.6 r2.0 r1.7 r0.8 r5.6 r0.3 r1.8 r-3.2 r-2.8 r0.9 r2.3 r4.0 r2.5 r-0.7 r-0.9 r1.4 r-0.3 r-0.8 r2.4 r-0.1 r-5.6 ANNUAL r1.8 r0.9 r-0.8 r2.6 r0.5 r0.8 I II III IV r1.6 r2.0 r0.9 5.0 r0.5 r1.2 r-1.5 -2.0 r-1.1 r-0.8 r-2.4 -6.6 r6.5 r5.0 r8.0 6.8 r2.2 r1.3 r4.8 4.0 r4.8 r3.0 r7.0 1.8 ANNUAL 3.3 1.3 -2.0 5.1 1.7 1.7 -------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1998 1999 2000 I II III IV 3.5 r3.9 r2.5 r2.0 r2.7 2.5 r0.9 -0.3 r-0.7 r-1.4 -1.6 r-2.2 r4.3 r5.8 r6.0 r5.1 r2.9 r4.2 4.6 r3.8 r0.8 1.8 r3.4 r3.1 ANNUAL 3.0 1.5 -1.5 5.3 3.9 2.3 I II III IV r1.6 r0.8 r1.2 r3.6 r0.1 r0.3 r0.9 r2.5 r-1.5 r-0.6 r-0.3 r-1.0 r3.3 r2.4 r2.2 r2.4 r1.8 r0.4 r0.0 r-0.1 r1.8 r1.6 r1.0 r-1.1 ANNUAL r1.8 r0.9 r-0.8 r2.6 r0.5 r0.8 I II III IV 3.5 r4.1 r3.2 2.4 r2.1 r2.0 r1.4 -0.5 r-1.3 -2.0 r-1.8 -2.8 r3.8 4.5 r5.5 6.6 r0.6 r1.1 r2.0 3.1 r0.3 r0.4 r2.2 4.1 ANNUAL 3.3 1.3 -2.0 5.1 1.7 1.7 -------------------------------------------------------------------------------------------------See footnotes following Table 6. February 7, 2001 r=revised Source: Bureau of Labor Statistics Table 6. Nonfinancial corporations: and prices, seasonally adjusted Productivity, hourly compensation, unit labor costs, unit profits, Output Hourly Real Unit Total Unit Implicit Year per allcompenhourly Unit nonunit proprice and employee Employee sation compenlabor labor costs fits deflator quarter hour Output hours (1) sation(2) costs costs(6) (7) (8) (4) ---------------------------------------------------------------------------------------------------------Indexes 1992=100 1998 1999 I II III IV r110.6 r111.7 r113.1 r113.7 132.1 133.8 136.0 137.8 r119.4 r119.7 r120.3 r121.2 r113.7 r115.2 r116.7 r117.8 r99.9 r100.9 r101.8 r102.4 102.8 103.1 103.2 103.6 100.7 101.2 100.7 102.1 102.3 102.6 102.5 103.2 150.8 147.7 152.0 145.3 106.4 106.4 106.7 106.8 ANNUAL r112.3 134.9 r120.2 r115.9 r101.3 103.2 101.2 102.6 148.9 106.6 I II III IV r114.6 r115.3 r116.6 r118.3 139.6 141.4 143.8 146.9 r121.9 r122.6 r123.3 r124.2 r119.0 r120.3 r121.8 r123.0 r103.0 r103.3 r103.9 r104.2 103.9 104.3 104.5 104.0 101.3 102.2 102.9 103.4 103.2 103.7 104.0 103.9 150.6 148.6 144.4 147.0 107.2 107.5 107.5 107.5 ANNUAL r116.2 142.9 r123.0 r121.1 r103.7 104.2 102.5 103.7 147.6 107.4 2000 I r119.2 149.1 r125.1 r123.9 r103.9 104.0 104.2 104.0 152.2 108.1 II r120.8 151.4 r125.3 r125.8 r104.6 104.2 104.9 104.3 156.3 108.8 III r122.1 r153.0 r125.3 r127.7 r105.3 r104.5 105.5 r104.8 r153.0 108.9 ---------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1998 1999 I II III IV r3.5 r4.2 4.8 r2.4 5.9 5.3 6.9 5.4 r2.3 r1.0 2.0 r2.9 r6.5 r5.5 r5.1 r3.9 r5.8 r4.0 3.5 r2.3 2.9 1.3 0.2 1.5 0.5 1.9 -2.1 5.9 2.3 1.4 -0.4 2.7 -14.5 -8.0 12.4 -16.6 0.1 0.3 1.1 0.2 ANNUAL r3.5 6.3 r2.6 r5.0 r3.6 1.4 0.3 1.1 -5.1 0.3 I II III IV r3.0 r2.7 r4.4 r5.8 5.4 5.1 6.9 8.8 r2.3 r2.4 r2.4 2.8 r4.3 r4.4 r5.0 4.1 r2.6 r1.1 r2.4 1.2 1.2 1.6 0.6 -1.7 -3.2 3.4 2.9 2.1 0.0 2.1 1.2 -0.7 15.6 -5.3 -10.8 7.3 1.7 1.2 -0.3 0.2 ANNUAL r3.5 5.9 r2.3 r4.5 r2.3 1.0 1.3 1.0 -0.9 0.8 2000 I r3.1 6.2 r3.0 r2.9 r-1.2 -0.2 3.0 0.7 14.9 2.3 II r5.6 6.4 r0.7 r6.3 r2.5 0.7 2.6 1.2 11.4 2.4 III r4.4 r4.4 r0.0 r6.0 2.9 r1.5 2.6 r1.8 r-8.3 r0.5 ---------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1998 1999 2000 I II III IV r2.8 r3.9 r3.8 r3.7 6.6 6.5 6.1 5.9 r3.7 r2.5 r2.2 r2.1 r3.7 r5.3 r5.8 r5.3 r2.3 r3.8 r4.3 r3.9 0.9 1.4 1.9 1.5 0.1 -0.3 -0.3 1.5 0.7 0.9 1.3 1.5 -2.6 -5.0 -5.3 -7.3 0.3 0.2 0.5 0.4 ANNUAL r3.5 6.3 r2.6 r5.0 r3.6 1.4 0.3 1.1 -5.1 0.3 I II III IV r3.6 r3.2 r3.1 r4.0 5.7 5.7 5.7 6.5 r2.0 r2.4 r2.5 r2.5 r4.7 r4.4 r4.4 r4.4 r3.1 r2.4 r2.1 r1.8 1.0 1.1 1.2 0.4 0.6 0.9 2.2 1.3 0.9 1.1 1.5 0.7 -0.1 0.6 -5.0 1.2 0.8 1.0 0.7 0.7 ANNUAL r3.5 5.9 r2.3 r4.5 r2.3 1.0 1.3 1.0 -0.9 0.8 I r4.0 6.8 r2.6 r4.1 r0.9 0.1 2.8 0.8 1.0 0.8 II 4.7 7.1 2.2 4.6 1.2 -0.2 2.6 0.6 5.2 1.1 III r4.7 r6.4 r1.6 r4.8 1.3 r0.1 2.6 0.7 r5.9 r1.3 ---------------------------------------------------------------------------------------------------------See footnotes following Table 6. February 7, 2001 r=revised Source: Bureau of Labor Statistics 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. Compensation and hours 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 –1.7 and +2.2 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 2000. Footnotes, Tables 1-6 (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 selfemployed. (2) The change for recent quarters is based on the Consumer Price Index for all urban consumers (CPI-U). The trend from 1978-1999 is based on the Consumer Price Index research series (CPI-U-RS). (3) Unit nonlabor payments include profits, capital consumption allowances, interest, rental income of persons, and indirect taxes. (4) Current dollar output divided by the output index. (5) Quarterly changes: Percent change compounded at annual rate from the original data rather than index numbers. Annual changes: Percent change between annual average levels. (6) Unit nonlabor costs include capital consumption allowances, interest, rental income of persons, and indirect taxes. For nonfinancial corporations, rental income of persons is zero by definition. (7) Total unit costs are the sum of unit labor and nonlabor costs. (8) Unit profits include corporate profits with inventory valuation and capital consumption adjustments. Appendix table 1. Business sector: Revised productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted Real Year Output per Hours CompensacompensaUnit Unit nonImplicit and hour of of all tion per tion per labor labor pay- price quarter all persons Output persons hour (1) hour (2) costs ments (3) deflator (4) --------------------------------------------------------------------------------------------------------Indexes 1992=100 1995 1996 1997 I II III IV 102.0 102.3 102.5 103.4 110.5 110.8 111.8 112.9 108.3 108.2 109.1 109.2 105.5 106.4 107.1 107.9 99.1 99.1 99.3 99.5 103.5 104.0 104.5 104.4 108.9 109.2 109.4 110.3 105.5 105.9 106.3 106.6 ANNUAL 102.6 111.5 108.7 106.7 99.3 104.1 109.4 106.0 I II III IV 104.4 105.5 105.6 106.0 114.0 116.1 116.8 118.4 109.2 110.0 110.7 111.7 108.6 109.7 110.7 111.6 99.4 99.5 99.9 100.0 104.0 103.9 104.8 105.2 112.3 113.7 113.3 113.7 107.0 107.5 108.0 108.4 ANNUAL 105.4 116.4 110.4 110.1 99.7 104.5 113.3 107.7 I II III IV 106.4 107.5 108.5 108.7 119.9 122.0 123.5 124.4 112.7 113.5 113.8 114.5 112.2 112.5 113.8 115.6 99.9 100.0 100.6 101.8 105.4 104.7 104.9 106.3 115.3 118.0 118.4 116.7 109.1 109.6 109.9 110.2 ANNUAL 107.8 122.5 113.6 113.5 100.6 105.3 117.1 109.7 --------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1995 1996 1997 I II III IV -1.3 1.3 0.5 3.6 1.4 0.8 3.7 4.1 2.7 -0.5 3.2 0.5 1.7 3.3 2.5 3.3 -0.7 0.0 0.5 1.1 3.1 1.9 2.0 -0.2 2.1 1.0 0.8 3.5 2.7 1.6 1.5 1.2 ANNUAL 0.7 3.1 2.4 2.1 -0.4 1.4 2.8 2.0 I II III IV 4.1 4.4 0.0 1.8 4.1 7.6 2.4 5.5 0.1 3.1 2.4 3.7 2.3 4.2 3.7 3.2 -0.7 0.6 1.6 0.3 -1.7 -0.2 3.6 1.5 7.3 5.2 -1.4 1.5 1.7 1.9 1.6 1.5 ANNUAL 2.8 4.4 1.6 3.2 0.4 0.4 3.5 1.6 I II III IV 1.4 4.2 3.8 1.0 5.2 7.1 4.9 3.2 3.7 2.8 1.1 2.2 2.2 1.3 4.5 6.7 -0.3 0.2 2.8 4.6 0.8 -2.8 0.7 5.7 5.6 9.7 1.6 -5.6 2.6 1.9 1.0 1.1 ANNUAL 2.3 5.2 2.9 3.1 0.9 0.8 3.4 1.8 --------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1995 1996 1997 I II III IV 0.4 0.5 0.8 1.0 4.3 2.6 3.0 2.5 3.9 2.1 2.2 1.5 1.1 2.1 2.6 2.7 -1.3 -0.6 0.1 0.2 0.7 1.6 1.7 1.7 4.5 3.0 2.1 1.8 2.1 2.1 1.9 1.7 ANNUAL 0.7 3.1 2.4 2.1 -0.4 1.4 2.8 2.0 I II III IV 2.4 3.1 3.0 2.5 3.2 4.9 4.5 4.9 0.8 1.7 1.5 2.3 2.9 3.1 3.4 3.3 0.2 0.4 0.6 0.5 0.5 0.0 0.4 0.8 3.1 4.2 3.6 3.1 1.5 1.6 1.6 1.7 ANNUAL 2.8 4.4 1.6 3.2 0.4 0.4 3.5 1.6 I II III IV 1.9 1.8 2.8 2.6 5.2 5.0 5.7 5.1 3.2 3.2 2.8 2.5 3.3 2.6 2.8 3.6 0.6 0.5 0.7 1.8 1.4 0.8 0.0 1.1 2.7 3.7 4.5 2.7 1.9 1.9 1.8 1.7 ANNUAL 2.3 5.2 2.9 3.1 0.9 0.8 3.4 1.8 --------------------------------------------------------------------------------------------------------See footnotes following Table 6. February 7, 2001 Source: Bureau of Labor Statistics Appendix table 2. Nonfarm business sector: Revised productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted Real Year Output per Hours CompensacompensaUnit Unit nonImplicit and hour of of all tion per tion per labor labor pay- price quarter all persons Output persons hour (1) hour (2) costs ments (3) deflator (4) --------------------------------------------------------------------------------------------------------Indexes 1992=100 1995 1996 1997 I II III IV 102.2 102.6 102.8 103.6 110.8 111.1 112.2 113.3 108.4 108.3 109.2 109.4 105.4 106.2 106.9 107.7 99.0 99.0 99.1 99.3 103.1 103.6 104.0 104.0 110.0 110.4 110.4 110.9 105.6 106.0 106.3 106.5 ANNUAL 102.8 111.8 108.8 106.6 99.2 103.7 110.4 106.1 I II III IV 104.5 105.5 105.5 105.9 114.4 116.4 117.2 118.7 109.4 110.3 111.0 112.1 108.4 109.4 110.3 111.2 99.2 99.2 99.5 99.6 103.7 103.7 104.5 104.9 112.7 113.8 113.4 114.2 106.9 107.3 107.7 108.3 ANNUAL 105.4 116.7 110.7 109.8 99.4 104.2 113.5 107.6 I II III IV 106.2 107.3 108.2 108.4 120.2 122.2 123.6 124.7 113.1 113.9 114.3 115.0 111.8 112.2 113.3 115.0 99.6 99.6 100.2 101.3 105.3 104.5 104.7 106.1 115.9 118.7 119.4 117.8 109.1 109.7 110.1 110.4 ANNUAL 107.5 122.7 114.1 113.1 100.2 105.2 118.0 109.8 --------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1995 1996 1997 I II III IV -0.8 1.3 0.9 3.0 1.8 1.0 4.1 3.8 2.6 -0.4 3.2 0.8 1.7 3.2 2.6 3.1 -0.7 -0.1 0.6 0.9 2.5 1.8 1.8 0.1 3.0 1.3 0.1 1.9 2.7 1.6 1.1 0.7 ANNUAL 0.9 3.4 2.4 2.1 -0.4 1.2 3.2 2.0 I II III IV 3.9 3.9 0.0 1.6 3.9 7.4 2.5 5.6 0.0 3.4 2.6 3.9 2.4 3.8 3.3 3.2 -0.6 0.3 1.2 0.3 -1.4 0.0 3.3 1.6 6.6 4.2 -1.6 3.0 1.6 1.6 1.4 2.1 ANNUAL 2.5 4.3 1.7 3.0 0.3 0.5 2.8 1.4 I II III IV 1.0 4.2 3.4 0.8 4.8 7.1 4.6 3.4 3.8 2.8 1.2 2.5 2.3 1.4 4.0 6.4 -0.2 0.3 2.3 4.3 1.3 -2.7 0.6 5.5 6.0 10.2 2.4 -5.4 3.1 2.2 1.3 1.1 ANNUAL 2.0 5.1 3.1 3.0 0.8 0.9 3.9 2.1 --------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1995 1996 1997 I II III IV 0.8 0.7 1.2 1.1 4.6 2.9 3.4 2.7 3.8 2.2 2.2 1.6 1.2 2.1 2.6 2.6 -1.2 -0.6 0.2 0.1 0.4 1.3 1.4 1.5 5.5 3.7 2.3 1.6 2.3 2.2 1.7 1.5 ANNUAL 0.9 3.4 2.4 2.1 -0.4 1.2 3.2 2.0 I II III IV 2.3 2.9 2.7 2.3 3.2 4.8 4.4 4.8 0.9 1.9 1.7 2.5 2.8 3.0 3.2 3.2 0.2 0.3 0.4 0.3 0.5 0.1 0.5 0.9 2.4 3.1 2.7 3.0 1.3 1.2 1.3 1.7 ANNUAL 2.5 4.3 1.7 3.0 0.3 0.5 2.8 1.4 I II III IV 1.6 1.7 2.5 2.3 5.1 5.0 5.5 5.0 3.4 3.3 2.9 2.6 3.1 2.5 2.7 3.5 0.4 0.4 0.7 1.7 1.5 0.9 0.2 1.1 2.9 4.3 5.4 3.1 2.0 2.2 2.2 1.9 ANNUAL 2.0 5.1 3.1 3.0 0.8 0.9 3.9 2.1 --------------------------------------------------------------------------------------------------------See footnotes following Table 6. February 7, 2001 Source: Bureau of Labor Statistics Appendix table 3. Manufacturing sector: Revised productivity, hourly compensation, and unit labor costs, seasonally adjusted Real Year Output per Hours CompensacompensaUnit and hour of of all tion per tion per labor quarter all persons Output persons hour (1) hour (2) costs -------------------------------------------------------------------------------------------------Indexes 1992=100 1995 1996 1997 I II III IV 107.4 108.5 109.6 110.4 112.9 112.8 113.6 114.2 105.1 104.0 103.7 103.4 106.8 107.8 108.4 108.6 100.3 100.4 100.5 100.1 99.4 99.3 98.9 98.4 ANNUAL 109.0 113.4 104.0 107.9 100.4 99.0 I II III IV 111.4 112.3 113.3 114.0 114.3 116.5 118.0 118.9 102.6 103.8 104.1 104.3 108.4 108.9 109.6 110.3 99.2 98.8 98.9 98.8 97.3 97.1 96.7 96.7 ANNUAL 112.8 116.9 103.7 109.3 99.0 96.9 I II III IV 114.8 115.5 118.3 119.8 120.6 122.1 124.5 126.9 105.1 105.6 105.3 105.9 110.3 110.4 111.5 113.4 98.3 98.1 98.6 99.8 96.1 95.6 94.3 94.7 ANNUAL 117.1 123.5 105.5 111.4 98.8 95.1 -------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1995 1996 1997 I II III IV 5.5 4.1 3.9 3.0 5.6 -0.4 2.6 2.1 0.2 -4.3 -1.2 -0.9 1.0 3.8 2.2 0.8 -1.4 0.5 0.2 -1.4 -4.2 -0.2 -1.6 -2.2 ANNUAL 3.8 4.3 0.4 2.1 -0.4 -1.6 I II III IV 3.9 3.0 3.8 2.6 0.6 8.0 4.9 3.3 -3.2 4.9 1.1 0.6 -0.6 1.9 2.3 2.7 -3.5 -1.6 0.2 -0.2 -4.3 -1.1 -1.5 0.1 ANNUAL 3.5 3.1 -0.3 1.3 -1.4 -2.1 I II III IV 2.6 2.7 9.7 5.3 5.7 5.0 8.2 7.9 3.1 2.2 -1.4 2.5 0.2 0.3 4.0 7.0 -2.2 -0.8 2.3 4.9 -2.3 -2.4 -5.3 1.6 ANNUAL 3.8 5.6 1.7 1.9 -0.2 -1.8 -------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1995 1996 1997 I II III IV 3.8 3.5 4.0 4.1 6.7 4.4 3.6 2.5 2.8 0.9 -0.3 -1.5 1.6 2.5 2.4 2.0 -0.8 -0.3 0.0 -0.5 -2.1 -1.0 -1.5 -2.1 ANNUAL 3.8 4.3 0.4 2.1 -0.4 -1.6 I II III IV 3.7 3.4 3.4 3.3 1.2 3.3 3.9 4.2 -2.4 -0.1 0.4 0.8 1.5 1.1 1.1 1.6 -1.1 -1.6 -1.6 -1.3 -2.1 -2.3 -2.3 -1.7 ANNUAL 3.5 3.1 -0.3 1.3 -1.4 -2.1 I II III IV 3.0 2.9 4.4 5.0 5.5 4.7 5.5 6.7 2.4 1.8 1.1 1.6 1.8 1.3 1.8 2.8 -0.9 -0.8 -0.3 1.0 -1.2 -1.5 -2.5 -2.1 ANNUAL 3.8 5.6 1.7 1.9 -0.2 -1.8 -------------------------------------------------------------------------------------------------See footnotes following Table 6. February 7, 2001 Source: Bureau of Labor Statistics Appendix table 4. Durable manufacturing sector: Revised productivity, hourly compensation, and unit, labor costs seasonally adjusted Real Year Output per Hours CompensacompensaUnit and hour of of all tion per tion per labor quarter all persons Output persons hour (1) hour (2) costs -------------------------------------------------------------------------------------------------Indexes 1992=100 1995 1996 1997 I II III IV 111.6 112.3 113.6 114.9 119.2 119.0 120.4 122.0 106.8 106.0 106.0 106.2 106.7 107.6 108.1 107.7 100.2 100.3 100.2 99.3 95.6 95.8 95.1 93.7 ANNUAL 113.1 120.2 106.2 107.5 100.1 95.1 I II III IV 116.4 117.6 118.7 119.6 122.8 126.3 128.1 129.2 105.6 107.4 107.8 108.0 106.9 107.0 107.5 108.0 97.8 97.1 97.0 96.7 91.8 91.0 90.5 90.2 ANNUAL 118.1 126.6 107.2 107.3 97.2 90.9 I II III IV 120.0 121.5 124.9 127.5 131.4 134.1 137.8 141.6 109.5 110.3 110.3 111.0 107.8 107.8 108.9 111.0 96.0 95.8 96.3 97.7 89.8 88.7 87.2 87.0 ANNUAL 123.5 136.2 110.3 108.9 96.5 88.1 -------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1995 1996 1997 I II III IV 7.9 2.7 4.6 4.7 8.7 -0.4 4.5 5.6 0.8 -3.0 0.0 0.8 1.0 3.6 1.6 -1.4 -1.4 0.3 -0.4 -3.6 -6.4 0.9 -2.8 -5.9 ANNUAL 4.7 6.3 1.5 1.8 -0.7 -2.8 I II III IV 5.2 4.2 4.1 3.0 2.7 11.8 5.7 3.5 -2.3 7.4 1.5 0.5 -3.1 0.6 1.7 1.9 -5.9 -2.9 -0.4 -1.0 -7.8 -3.4 -2.3 -1.1 ANNUAL 4.4 5.4 0.9 -0.2 -2.9 -4.4 I II III IV 1.3 5.1 11.6 8.8 7.1 8.4 11.4 11.5 5.8 3.1 -0.2 2.6 -0.7 0.2 3.9 8.1 -3.1 -0.9 2.2 6.0 -2.0 -4.7 -6.9 -0.6 ANNUAL 4.6 7.6 2.9 1.4 -0.7 -3.0 -------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1995 1996 1997 I II III IV 5.3 4.3 4.4 4.9 9.2 6.3 5.2 4.6 3.7 1.9 0.7 -0.4 1.4 2.3 2.2 1.2 -1.0 -0.4 -0.2 -1.3 -3.7 -1.9 -2.1 -3.6 ANNUAL 4.7 6.3 1.5 1.8 -0.7 -2.8 I II III IV 4.3 4.7 4.5 4.1 3.1 6.1 6.4 5.9 -1.1 1.4 1.8 1.7 0.2 -0.6 -0.6 0.2 -2.4 -3.2 -3.2 -2.6 -4.0 -5.0 -4.9 -3.7 ANNUAL 4.4 5.4 0.9 -0.2 -2.9 -4.4 I II III IV 3.1 3.4 5.2 6.6 7.0 6.1 7.6 9.6 3.7 2.7 2.3 2.8 0.8 0.7 1.3 2.8 -1.8 -1.4 -0.7 1.0 -2.2 -2.5 -3.7 -3.5 ANNUAL 4.6 7.6 2.9 1.4 -0.7 -3.0 -------------------------------------------------------------------------------------------------See footnotes following Table 6. February 7, 2001 Source: Bureau of Labor Statistics Appendix table 5. Nondurable manufacturing sector: Revised productivity, hourly compensation, and unit, labor costs seasonally adjusted Real Year Output per Hours CompensacompensaUnit and hour of of all tion per tion per labor quarter all persons Output persons hour (1) hour (2) costs -------------------------------------------------------------------------------------------------Indexes 1992=100 1995 1996 1997 I II III IV 103.9 105.4 106.3 106.6 106.9 106.8 106.9 106.4 102.9 101.3 100.6 99.8 106.5 107.5 108.3 109.4 100.1 100.2 100.4 100.9 102.5 102.0 101.9 102.6 ANNUAL 105.6 106.7 101.1 107.9 100.4 102.3 I II III IV 107.4 108.0 109.1 110.0 105.9 106.9 108.2 109.2 98.7 99.0 99.1 99.3 110.3 111.3 112.2 113.3 101.0 101.0 101.3 101.6 102.8 103.1 102.8 103.1 ANNUAL 108.6 107.6 99.0 111.8 101.2 102.9 I II III IV 111.6 111.8 114.1 114.5 110.6 111.1 112.5 113.5 99.2 99.4 98.6 99.1 113.7 113.8 114.8 116.3 101.3 101.1 101.6 102.4 101.9 101.7 100.7 101.6 ANNUAL 113.0 111.9 99.1 114.6 101.6 101.5 -------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1995 1996 1997 I II III IV 2.6 6.0 3.3 1.3 1.9 -0.4 0.4 -1.9 -0.6 -6.0 -2.8 -3.2 1.0 3.9 3.0 4.0 -1.4 0.6 0.9 1.8 -1.5 -2.0 -0.3 2.6 ANNUAL 3.0 2.0 -1.0 2.4 -0.1 -0.5 I II III IV 2.7 2.5 4.2 3.1 -1.8 3.9 4.7 4.0 -4.4 1.3 0.5 0.9 3.4 3.7 3.2 4.1 0.4 0.1 1.1 1.2 0.7 1.1 -1.0 1.0 ANNUAL 2.9 0.8 -2.1 3.6 0.8 0.7 I II III IV 6.0 0.9 8.3 1.3 5.3 1.8 4.8 3.6 -0.7 0.9 -3.2 2.3 1.3 0.3 3.8 5.1 -1.2 -0.8 2.1 3.1 -4.5 -0.6 -4.2 3.8 ANNUAL 4.0 4.1 0.0 2.5 0.4 -1.4 -------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1995 1996 1997 I II III IV 2.3 2.7 3.5 3.3 4.0 2.2 1.7 0.0 1.6 -0.5 -1.7 -3.2 1.7 2.4 2.6 3.0 -0.7 -0.3 0.1 0.5 -0.6 -0.3 -0.9 -0.3 ANNUAL 3.0 2.0 -1.0 2.4 -0.1 -0.5 I II III IV 3.3 2.5 2.7 3.1 -0.9 0.1 1.2 2.7 -4.1 -2.3 -1.5 -0.4 3.6 3.5 3.6 3.6 0.9 0.8 0.8 0.7 0.2 1.0 0.9 0.5 ANNUAL 2.9 0.8 -2.1 3.6 0.8 0.7 I II III IV 3.9 3.5 4.5 4.1 4.5 3.9 4.0 3.9 0.5 0.4 -0.5 -0.2 3.0 2.2 2.3 2.6 0.3 0.1 0.3 0.8 -0.9 -1.3 -2.1 -1.4 ANNUAL 4.0 4.1 0.0 2.5 0.4 -1.4 -------------------------------------------------------------------------------------------------See footnotes following Table 6. February 7, 2001 Source: Bureau of Labor Statistics Appendix table 6. Nonfinancial corporations: Revised productivity, hourly compensation, unit labor costs, unit profits, and prices, seasonally adjusted Output Hourly Real Unit Total Unit Implicit Year per allcompenhourly Unit nonunit proprice and employee Employee sation compenlabor labor costs fits deflator quarter hour Output hours (1) sation(2) costs costs(6) (7) (8) (4) ---------------------------------------------------------------------------------------------------------Indexes 1992=100 1995 1996 1997 I II III IV 103.0 103.6 104.7 105.4 112.5 113.2 115.0 116.0 109.1 109.3 109.9 110.0 105.1 105.8 106.5 107.2 98.8 98.6 98.7 98.8 102.0 102.2 101.7 101.6 102.3 102.8 101.6 102.0 102.1 102.3 101.7 101.7 134.2 134.5 143.6 143.3 104.8 105.1 105.3 105.3 ANNUAL 104.2 114.2 109.6 106.2 98.8 101.9 102.2 102.0 139.0 105.1 I II III IV 106.5 107.3 107.8 108.4 117.0 119.1 120.7 122.9 109.9 111.0 111.9 113.4 107.8 108.8 109.5 109.7 98.7 98.7 98.8 98.3 101.3 101.4 101.5 101.2 101.3 100.7 100.3 100.2 101.3 101.2 101.2 100.9 150.5 151.8 151.9 154.6 105.5 105.5 105.5 105.5 ANNUAL 107.5 119.9 111.5 109.0 98.7 101.4 100.6 101.2 152.2 105.5 I II III IV 107.6 107.6 108.9 109.6 123.8 125.7 128.2 130.2 115.1 116.8 117.7 118.7 109.6 109.5 110.3 111.9 97.6 97.2 97.6 98.5 101.9 101.7 101.3 102.1 100.6 101.5 101.0 100.6 101.6 101.7 101.2 101.7 154.8 155.4 160.5 156.8 106.1 106.2 106.2 106.3 ANNUAL 108.4 127.0 117.1 110.3 97.8 101.8 100.9 101.5 156.9 106.2 ---------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5) 1995 1996 1997 I II III IV -2.5 2.1 4.3 3.0 0.6 2.8 6.4 3.7 3.1 0.7 2.0 0.7 1.8 2.7 2.4 2.7 -0.7 -0.6 0.4 0.5 4.4 0.6 -1.8 -0.3 5.3 2.0 -4.3 1.4 4.6 0.9 -2.5 0.2 -16.6 0.8 30.1 -0.8 2.0 0.9 0.7 0.0 ANNUAL 1.0 4.2 3.1 1.9 -0.6 0.8 0.9 0.8 5.5 1.4 I II III IV 3.9 3.2 2.0 2.2 3.3 7.4 5.6 7.5 -0.6 4.0 3.5 5.2 2.4 3.6 2.5 1.0 -0.6 0.1 0.5 -1.9 -1.4 0.4 0.5 -1.2 -2.9 -2.1 -1.6 -0.7 -1.8 -0.3 -0.1 -1.0 21.7 3.3 0.4 7.1 0.7 0.1 0.0 -0.1 ANNUAL 3.2 5.0 1.8 2.6 -0.1 -0.5 -1.5 -0.8 9.5 0.4 I II III IV -3.1 0.1 5.0 2.8 3.0 6.0 8.4 6.3 6.3 6.0 3.3 3.4 -0.5 -0.6 3.2 5.9 -2.9 -1.6 1.5 3.9 2.7 -0.6 -1.7 3.1 1.9 3.5 -2.1 -1.5 2.5 0.5 -1.8 1.8 0.6 1.7 13.7 -8.9 2.3 0.6 0.0 0.4 ANNUAL 0.9 5.9 5.0 1.3 -0.9 0.4 0.3 0.4 3.1 0.7 ---------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year 1995 1996 1997 I II III IV 0.1 0.7 1.7 1.7 5.0 4.0 4.4 3.3 4.8 3.3 2.7 1.6 1.1 1.8 2.3 2.4 -1.4 -0.9 -0.1 -0.1 0.9 1.1 0.6 0.7 -0.8 2.7 0.6 1.1 0.5 1.5 0.6 0.8 12.2 2.4 6.5 2.0 1.6 1.6 1.3 0.9 ANNUAL 1.0 4.2 3.1 1.9 -0.6 0.8 0.9 0.8 5.5 1.4 I II III IV 3.3 3.6 3.0 2.8 4.0 5.2 5.0 5.9 0.7 1.5 1.9 3.0 2.6 2.8 2.8 2.4 -0.1 0.1 0.1 -0.5 -0.7 -0.8 -0.2 -0.4 -1.0 -2.0 -1.3 -1.8 -0.8 -1.1 -0.5 -0.8 12.2 12.8 5.8 7.8 0.6 0.4 0.2 0.2 ANNUAL 3.2 5.0 1.8 2.6 -0.1 -0.5 -1.5 -0.8 9.5 0.4 I II III IV 1.1 0.3 1.0 1.1 5.9 5.5 6.2 5.9 4.8 5.2 5.2 4.7 1.7 0.6 0.8 2.0 -1.1 -1.5 -1.2 0.2 0.6 0.3 -0.2 0.8 -0.6 0.8 0.6 0.4 0.3 0.5 0.0 0.7 2.8 2.4 5.6 1.4 0.6 0.7 0.7 0.8 ANNUAL 0.9 5.9 5.0 1.3 -0.9 0.4 0.3 0.4 3.1 0.7 ---------------------------------------------------------------------------------------------------------See footnotes following Table 6. February 7, 2001 Source: Bureau of Labor Statistics
@FedFRASER