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United States
Department
of Labor
Washington, D.C. 20212
Bureau of Labor Statistics
L. J. Fulco
Kayle
Kame
K. D.
(202) 523 - 9261
(202) 523-1913
(20 2 ) 331 - 138 4
USDL 77 - 92 6
For Release:
11:00 A.M. EDT
Thuraday, Octob e r 27, 1977
PROOUCTIVITY AND COSTS
Private Busin e ss , Nonfarm BUlin, •• , and Manufacturin9 Sectors
Third Qua r ter 1977
Pr oductivity in t he prl"lIt'
seasonally adjusted
quarter of 1977,
annual
t he
bUlline.s
rate
Bureau
of
of
4. 9
Labor
Depilortment of Labor announced today.
l.1 percent decline in
the
sector
increase reflected a 4. 0 percent
percent
In
Statistic.
This
second
Illerellsed
rise
quar t er .
increase
in
the
of
U.S.
.. it~
third
output
a
third
the
comparel
The
at
a
quaner
and
a
0.8
inc""ase~
],5
psrcent decline in hours.
In the nonfarm
business
sector ,
prO<luct""ty
percent in the third quarter, compared
durin9 the second quarter.
Output
wit h
rose
a
0. 7
3.8
percert
Pi'[eent
al'.<1
"Ise
~O~TS
increased 0.2 percent (at annu,l rates) 11' the thinl period.
In ..,nu!ac t udn9, product ivity rose 6.5 percent
quarter,
as
O:.ltput
gre ..
pe r c.nt.
This quart e rly gain
p r oductivity in 2 y e ars .
increased 2 . 7
perce n t
.. easures
the
for
5. 4
percent
waS
the
and
In
this
manufact urin9
sector .
quarter,
dropped
19<!
outp~:
revisions
t.....
t~Hd
: .0
man"fa:;turing
product(>.,ity
<In"
COlt
."
sec t ocs -- total,
Industrial Classifica t ion of indultry, arxl
ot
in
t"e
hO<luc ti"lit),
nondurable--ace based on th, r,,,iled annual
COllJllerce, .. hich now reflect s the
hours
largest
During the second
In
ser
to
~~
prepared
the
St~n~aTrl
r,...ulac 2-year r .. nS10n
the Federal !Ieserve Soan! Roe.erve m:>nthly inc"",e' of L,d1,;ltria:
production .
,
A sumtnary of third quarter changes in productivity and costs
appeus in tab le A. details are found in tabl e s 1-6.
Private Business Sec tor
P,oductivity advan ce d strong ly in th .. third quarter of 19?7 as
output rOSe ( 4.0 percent) and hours of all persons engaged in the
sector declined slightly (-O .S percent).
••
This ... as the first time
hours did not i ncr e a se in thi s sector since the second quarter of
1975.
The [ate of growth of output was the slowe s t all year (See
table 1.)
Th e decline in hou rs "arne after the s t rong gain of the
second quarter
(when the increase ."as at a 9 . 7 percent annual
."te) , bu t emp loyment continued to grow, mar king the ninth
consecutive quarter of employment increase.
Hourly comp e nsatio,,-- which includes ... ~ges
~s
fringe benefits
plans--incr e ~sed
~nd
e~ployer
sal~ries
~s
" ell
contributions to employee benefit
8 .4 percent in the third quarter (at an
rate), com ? ued "ith a 6.3 percent
Re~l
~nd
incre~se
co mpensation per hour--hoorly
in t he second
compens~tion
~nnual
qu~rter .
a d justed tor
changes in the Consumer Price I nde x ICPIJ--increased 3 . 0 percent
during the third qu arter .
In the second
qu~rte r,
this measure
declined 2.2 percent.
unit labor cost- -w hich is influenced by chan g es in both
productivity and hourly compensa tion--increased 3.3 percent in the
third quarter
lat an annual rate), th e smallest such increa se
since the third quuter of 197 5 .
l a bor cost ro s e 7 . 5 percent.
In the second qu"rt e r, unit
Table A.
Productivity and Costs:
(Seasonally Adjusted)
Percent Change at Annual Rate
•
Red
P~oduc -
aourly
t:tYlty
C,,",pen- La1>or
.a tion
~nlt
Co~ t
Hourly
COlOpensa tion
Second Quarter 1977 to Third Quarter 1977
Privat e Business
Nonfarm Business
Manufacturing
Durable
Nondurab l e
..,
'"
..,
'"
'-'
PRELIMINARY
' .0
'-'
U
'-'
-0.8
3.'
'" '"
'"
'-'
'"
'-' 0 .'
'-'
'-'
'-'
•••
'.8
LO
'"
U
'-'
-1. 0
U
-5.1
First Quarter 1977 to Second Quarter 1977
REVISED
Nonfinancial
Corporations
LO
'"'0 •••
Third Quarter 1976
-1. 5
10.1
S.5
Third Quarter 1977
PRELIMINARY
Private Business
'-'
Nonf arm business
U
Manu f ac t ur i ng
'-'
Du,able
U
Nondur able
'.0
..,
'"
'-' ..,
.., ..,
s.;
.., '"
, •1
Second Quarter 1976
'0
L8
'-'
'-'
;.s
L8
'-'
'"
'"
'-'
U
U
U
'-'
•••
'-'
S"cond Quart .. r 1977
REVISED
Nonf inanc i al
Corpor~tions
1.1
8. 9
7.1
1.'
;.;
3.8
The implicit
i~
u~it
pcic~
labor cost
a~d
deflatoc--which shows the effect of
cha~ges
Ur'lit r'lor'llabor cost combined--it'lcreased 5 .3
percer'lt, compared with a 7.2
~ercer'lt
increase in the second
quarter.
Nonfarm Business Sector
Producti"ity in the nonfarm business sector increased 3.5
percent in the third quarter, a considerable impro"ement Over the
0.7 percent rise of the second quarter .
Output and hours both
grew more slowly in the third quarter, but producti"ity mo" e d up
since hours increas e d only 0.2 percent while output rose 3 . 8
percent.
Hourly compensation increased 7.4 percent , about the Same a9
the increase measured during the second quarter.
Real
compens a tion per hour increased 2.0 percent in the third quarter,
compued with a 1.2 percent decline dudng the second qUarter (at
annual rates) .
Unit labor cost rOSe 3.7 percent, significantly less than the
6.8 percent rise of the second quarter. The smaller rise in unit
labor cos t mair'lly reflected the fast e r rate of growth in
productivity, since hourly compensation rose at "irtually the same
rate in each quarter .
,
Productivity growth In the nonfarm business sector ",as slolo/e[
than in the privatI! business sector as a ",hoI .. , since a larg e gain
occurred in the farm sector .
The implicit pc;c", d e flator increased 6.9 percent in the third
quarter, compared wi t h a 7.5 percent rise in the s econd quarter.
Manuf actu[ i n9
productivity rose 6.5 percent in the manufacturing sector, as
Olltput increased 5 .4 percent and hours declined 1.0 percent.
In
th e second quar t er, manu fa cturing productivity increas .. d 2.7
percent.
AlthOUgh hours declined in the third quarter, employment
moved up s lightly .
Hourly compensation increas e d 7.6 p e rc e nt in the third
qusrt e r, s omewhat flIst H
than the 6.9 p.,[c .. "t rate of incre as e
during the second quarter.
p ~ rcent.
quarter .
a fast e r
in
c.ontr~st
in
hourly
comp ~nsation
incc e ~s e d
2. 2
to th e 1.8 p e rcent decline .of the s e cond
Th e increas e in
incre~se
Re ~1
re~l
hourly
c.omp~nsation
co",pe ns~tion
per hour
~nd
~
refl e ct e d both
slo~ in9
of t h e
CPl.
Unit labor c ost rose 1 . 0 percent in the t hird quarter. the
s ",allest such inc r ease in 2 y e a[5 .
In the second quarter. t he se
costs incr"a5 ed at a 4 .1 pe rce nt annual .ate.
Productivity increased faster in the nondurable ,manuf a cturing
sector (6.2 percent) than in durables (S . J percent); and the rate
•
of growth for the aggregate sector is a weighted average of these
rates.
The larger increase in nondurable stemmed from a sizable
redUction in hours (down 5 . 1 percent, at an annual rate) and a
modest increase in outpllt (up 2.7 p e rcent).
The reduction in
hours in the nondurables sector waS th e first decline in a year,
and the largest since the first quarter of 1975.
Nonfinancial Corporations
The Bur e au of Labor Statistics also r e l e ased revised second
quart e r measures of productivity and costs in the nonfinancial
corporat e sector.
This sector, which includes all corporations
doing business in the United States with the exception of hanks,
stock and commodity brokers, and credit and finance companies,
showed a 1.6 percent growth in productiyity in the second quarter
based on a 10.1 percent i ncrease in output a nd a a.5 percent
increase in hours.
Previously. these changes had been reported at
,1.0 percent in productivity and 9.9 percent and 8.8 percent In
output and hours, respectively.
Table B compares preliminary and
revised second quarter productivity and cost movements for the
nonfinancial corporate sector .
,
Ta bl e B. Preliminary and Revised Second Quarter Measures of
Productivity and Costs
Quar terly Change a t Annual Rate
Seasonally adjus t ed
Non f inancial Cor porations
Measure
Preliminary
Revised
Productivity
1.0
1.'
Ou t put
9.9
10.1
Hours
8. 8
8. 5
Hourly cOmpensa t ion
6.8
7.1
-1.8
- 1. 5
5. 7
5. 5
50 . 2
53 . 5
7.6
7.'
Real hourly compensation
Uni t labor cost
Unit profi ts
Implicit price deflator
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LaHOR S TU I S TI CS
FOOTNOTES, TABLES 1 TO 6
SOURCE: Output data from the Bureau of Economic Analysis.
U.S. Department of Commerce and 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 includes an estimates of wages. salaries, and
supplemental 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 of labor and non-labor costs.
(10)
Unit profits with inventory valuation and capital consumption
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
puolishing; chemicals and chemical products; petroleum
products; rubber and plastic products; foods; and tObacco
products.
CHRRT 1
PRO~UCTIVITY . HOURLY
COMPENSRTION. UNIT COSTS RNO PRICES
PRIVRTE BUSINESS SECTOR
[PERCENT CHRNGE fROM PRECEOING
QURRTER RT RNNURL RRTE l
OUTPUT PER HOUR OF
,
~LL
'"
•••
PERSONS
,
- -- . ----------.----------- -- . -- - -- -- - -----.~------------->----
,,
"
,
5
°
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-5
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,
,
,
,
-------------.------------.---------------------------.-------------.--------------------------:
'
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:
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PER HOUR OF
. ------- {- --
~LL
PERSONS:
8.4
-- -- -- .- - ~ ---
5
---
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--_ .. -_.. -...
-- - - - - -- --- - - j •••• --- . - ••
,
utJ!1
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cost
,
,
, -....
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,,,
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,
.3
,---_
..... _... +, ..... _. __3....
--:'-0''---~CJf
°
20
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5
°
·············t······-··· UNit
NONL~BOR
PAYMENtS
- - -j -- - -- - - --- - - - ~ ---- -- - --- - _••
,
,
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. --- ...... _. --_
, .... -_... - ' - -,' ._- ------ --- ,
-j ._- _....• _..•
,
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'0
20
+---....
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5
o
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,
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, --- -_.- ... "'-......
,
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,
1l1PLI C IT PRICE OEFLATOR
,,
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'"
5 .,
---------.--- ---------.----------_ .. , .. __ ._--------
20
<S
"5
°
t 911
1912
1973
197 4
1975
1976
1977
OCl 27 . 1977
CHART 2 . PRODUCTIVITY . HOURLY
COMPENSRTION. UNIT COSTS RND PRICES
NONFRRM BUSINESS SECTOR
lP[RCENT CHRNGE FROM PRECEDING
QUARTER AT ~NNUAL RATE]
:
.
! II
j""
/V.5
-: -·--r-----i---- - -- - i- - -- - --I -
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\ !
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/
1
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7 ...
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:
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:
1
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~--~~.----·~--~--~~--~--~----41------.-- --- -.-. _. --- _..
•
•
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:
UNll NONUIBOR PRYMENTS
.
.-+---.------.--:
.........
:
---.-.-------:.----------.-~-.-
:
:
:
:
-------
:
: :
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:
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---:-----.-------~-------------
•
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1
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i
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--_.+. ------------+_._--_._-----, -... -.------.;---.-... -.... .......... _-.. IMPLICIT PRIC(
•
-- -. ---- --- --: -- --- --- --- --.-- -. -. ---- -7' """ •--. --.-
•
•
•
·
1972
1973
197 4
"1 : 6 _9
----;-_._ ... ---.-.-_ ........ _._ ' -
i. . . . . .
L97 1
~
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·
•
(fLRTOR
1975
,~
.
1976
OCT
\977
2'7. t977
-
,
·5
20
IS
"5
,
CH~RT
3.
COMPENS~TION
PRODUCTIVITY . HOURLY
. UNlT COSTS AND PRICES
NONFIN~NCIRL
CORPOR~TIONS
[PERCE NT CHANGE fROM SI=II1E
QUARTER A YEAR ~GG l
········· ..
OU TP UT
HOUR •,
.... . -. ....,.. .............•.. -.--.-- . -...
I'ILL-E MPLOYEE
-·~- -·-- ········1·············~·············~
••
•••
~
IT
/
j/
•
L1
"
5
o
-5
COMPE fl SFlTI ON PER
•
••
•
•• ..... .
' .........................................
~LL-EI'lPLOYEE
~
•
.. ........
_-
IT
HOUR
a.9
•
•
-- .•.............
,•............. .
"
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o
Ufll1
•
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IT
7. ,
•
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,•............. .
•
•
•
••
••
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........ -- .. - .................
"
10
5
/
o
25
UNIT NONll'IBOR Pi'\YMENT S
••
•
.. ...................................
- .. •
••
- ~
.. ... ........•••... --.
----
•
..................
--
..... --. -- ... --
••
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--. --. -- ••
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s
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:
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-
P~ICE
o
TOR
~
"
10
5.5
s
o
\91\
1912
1913
\914
\975
1916
lsn
OCT 21 . 197?
CHRRT 4
UNIT COSTS . UNIT PROFITS . RNO PRICES
NONFINRNCIRL CO RPORRT10 NS
(PERCENT CHRNGE FROM SRME
QURRTER R )'ERR RGO)
t ·- --------.
:
•
...
,
---_._--------_._
-. __...
,
·
-,. -
UNIT LRaOR COST
"
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-------_._--
,
,
,
UNll NDNLRBOR COST'
.-.... -.. /-.-.--.-..
--..:----.-------.... --.----------l--------------1
,
.
,
, ---·-----·-- -.:-·-, •
W
o
30
,
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.
20
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.
,
,
,
,
,
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,
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,
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:
:
6.1
---_
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,, __ ., ............ .
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- '0
20
------_._-----------_._
.
ro
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1973
,
,
v
1975
I-
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,
1974
60
·-------+--·----·-·-··1 -
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1971
'0
,
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80
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,
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\916
OCT
1911
27. 1977
-
60
@FedFRASER