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" News Office of Information United States Department of Labor Washington, D.C. 20210 L.J. Fulco (202) 523-9261 K.D. Hoyle (202) 523-1913 Home (202) 333-1384 • USDL 78-657 FOR RELEASE: 10:00 A.M. E.D.T Thursday, July 27, 1978 PRODUCTIVITY AND COSTS Private Business, Nonfarm Business, and Manufacturing Sectors Second Quarter ' 1978 Productivity in the second quarter ot 1978 increased 0.1 percent in the private business sector, according to pre11minary measures released today by the Bureau ot Labor Statistics ot the U.S. Department of Labor . Although In the first quarter, productivity had declined 4.6 percent. productivity.~hanged little in the second quarter, output increased 8.8 percent while hours of all persons increased 8.6 percent--at seasonally adjusted annual rates. In the nonfarm busines sector, productivity increased 0.6 percent in the second quarter, compared with a 3.2 percent decline in the first quarter. Output incr,e ased 10.0 percent in th~ second quarter, while hours of all persons went up 9.3 percent. . 1 '. • The productivity and cpst measures contained in th1s press release incorporate the revised measures of gross national product and compensation for the period since 1975 released by the Bureau of Economic Analysis (BEA) ot the U. S. Department of Commerce. Data for the full period affected by this r~vision are contained in this press release. In addition: New seasonal factors have been computed for the labor input component of the productivity and cost measures; the compensation of persons engaged in the rest-of-the-world sector has been excluded from the private business compensation series; and the rental value of equipment and structures owned by nonprofit institutions has been excluded. Copies of the historical measures . showing the full effect of all revisions are available on request from the Office of Productivity and Technology, Bureau of Labor Statistics, Washington, D.C. 20212, (telephone 202 523-9261) . - 2 - In manufacturing, productivity advanced strongly in the second quarter, showing a 7.3 percent increase over t he first quarter. Output increased 13.2 percent, and hours rose 5.5 percent. A summary of these second quarter measures, as well as revised first-quarter productivity and cost measures for the nonfinancial corporate sector also released today, appears in table A; details are in tables 1-6. Table B compares previous and revised annual produc- tivity and cost measures for the period ,affected by the BEA revisions. Private Business Sector Productivity increased 0 . 1 percent in the second quarter in the private business sector, compared with a 4.6 percent decline in the first quarter. The output increase--the largest since the first quarter of 1977--may have partly reflected the recovery from first quarter levels which were affected by both the unusually cold weather early in the year and the long strike of bituminous coal workers. The increase in hours of all persons in the second quaTter--at an 8.6 percent annual rate--was the large~t quarterly increase since the second quarter of 1959. Hourly compensation--which includes wages and salaries as well as , employer payments fo'r public and private employee benefit plans--rose .,~-, 7.9 percent in the second quarter, compared with an 11.9 percent increase in the first quarter. Unit labor cost, which reflects changes in both productivity and hourly compensation, increased 7.8 percent. (1) Scheduling of the release of the new Consumer Price Index for All Urban Consumers (CPI-U) precludes the use of real hourly compensation (hourly compensation adjusted for quarterly changes in the CPI-U) -with preliminary productivity and cost measures. These will be published together with revised output and labor input measures with the next regular edition of Productivity and Costs, approximately 30 days after the preliminary measures. - 3a - • Table B. Preliminary and Revised Measures of Productivity, Hourly Compensation, and Unit Labor Cost, Annual Changes 1975-77 Sector and Measure .t.. 1975 1976 I 1977 prel., Rev. Pre1. 1.8 9.6 7.7 2.0 9.9 7.7 4.2 9.1 4.7 3.7 8.9 5.0 2. 6 8.9 6.1 1.8 8.4 6.5 . 1.6 9.6 7.9 .1.9 9.9 7.9 4.1 8.7 4.5 3.6 8.5 4.7 2.2 8.8 6.4 1.5 8.3 6.7 3.1 11.2 7.8 4.6 11.5 6.6 6.8 8.6 1.7 4.7 8.8 3.9 2.2 8.8 6.5 2.6 9.0 6.3 3.5 10.5 6.8 3.6 10.5 6.6 3.7 8.6 4.7 3.5, 8.6' 5.0 2. 4 8.9 6.4 1.8 8.8 6.8 Rev. prel'l Rev. Private business Productivity Hourly compensation Unit labor cost Nonfarm business Productivity Hourly compensation Unit labor cost . Manufacturing Productivity Hourly compensation Unit labor cost Nonfinancial corporations Productivity Hourly compensation Unit labor cost ., . 0, - 4 - One quarter earlier, this cost increased at a 17.4 percent annual rate, reflecting both the larger first-quarter increase in hourly compensation and the decline in the output per hour of all persons. The implicit price deflator, which shows the effects of changes in unit . labor cost and unit nonlabor payments and serves as a measure . , of price change in a given sector, increased 11.2 percent in the second quarter, a considerably larger increase than the 6.7 percent annual rate of the first quarter. Since unit · labor cost rose more slowly in the first quarter, .the larger rise in the implicit price deflator in the second quarter reflected a significant increase in unit nonlabor payments--which rose 19.3 percent. In the first quarter, these payments declined at a 13.3 percent annual rate. Nonlabor payments include capital consumption allowances, profits, net interest, and indirect business taxes. Nonfarm Business Sector Productivity increased faster in the nonfarm business sector than in the private business sector; the latter includes the effects of productivity change in the farm sector. The 0.6 percent increase in the nonfarm business sector in the second quarter compares with a 3.2 percent decline during the first quarter. Output rose 10.0 percent, the biggest rise since the first quarter of 1976, and hours of all persons increased 9.3 percent, the largest increase sinc e the fourth quarter of 1952. Hourly compensation rose 8.1 percent in the second - 5 - quarter--compared with a 12.0 percent increase during the first quarter--and unit labor cost increased 7.4 percent--compared with a 15.8 percent increase in the previous quarter. Unit nonlabor payments rose 15.5 percent--compared with a 13 . 8 percent decline in the first . "' ~ ....i quarter--and the implicit price deflator rose 9.8 percent in the nonfarm business sector . In the fi r st 'q uarter, the price deflator rose at a 5.8 percent annual rate . Compared with the second quarter of 1977, productivity increased 0.6 percent on the strength of a 4.8 percent rise in output and a 4 . 1 percent increase in hours . Hourly compensation was 9.2 percent higher and unit labor cost 8.6 percent higher than year-earlier levels. The implicit price deflator rose 6.5 percent over the period. Manufacturing Productivity increased 7 . 3 percent in the second ,q uarter in manufacturing, after 2 quarters of decline. The increase in output per hour of all persons reflected a 13.2 percent increase in output and a 5.5 percent rise in hours (at seasonally adjusted ann~a1 rates). increase in productivity was the l~rgest The since the third quarter of 1975, and the increases in output and hours were the largest since the second quarter of 1977. Hourly compensation increased 6.8 percent in the second quarte,r , down considerably from the 11 . 1 percent annual rate of increase in the first quarter. This was the smallest quarterly increase in manufactur- ing hourly compensation in 5 years. The large increase in productivity . - 6 - coupled with the moderating rise in hourly compensation resulted in a 0.5 percent decline in unit labor cost, the first drop in this important cost measure since the third quarter of 1975. In durable manufacturing, productivity increased at a 9.8 percent annual rate in the second quarter, the most rapid increase since the . '.. third quarter of 1975 .. Productivity had declined in this sector in both the first quarter of 1978 and the fourth quarter of 1977. The productivity rise in the second quarter reflected a 16.7 percent jump in output and a 6.3 percent rise in hours of all persons. Hourly compensation rose 6.,6 percent--compared with a 10.2 percent rise during the first quarter of 1978--and unit labor cost dropped 2.8 percent. Unit labor cost had not declined in this sector in any quarter since the third quarter of 1975. Among nondurables, productivity advanced 3.8 percent in the second quarter, compared w1th a 3.4 perce~t decline in the f~rst quarter. Output was up 8.4 percent, while hours paid for of all persons engaged in the sector increased at a 4,4 percent annual rate. Hourly compensa- tion increased 6.9 percent--campared with a 12.7 percent increase in the first quarter--and unit labor cost rose 2.9 percent--compared with a 16.6 percent increase in the first quarter. The quarterly output series on which the productivity and cost measures are based in the manufacturing sector are computed using the monthly index 9f industrial production prepared by the Board of - 7- Governors of the Federal Reserve System and annual measures of manufacturing output prepared by the Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce. .... This press release incorporates the revised annual output series recently published by BEA from 1975 • forward. '. Nonfinancial Corporations The Bureau of Labor Statistics also released revised first quarter productivity and cost measures for the first quarter of 1978 for the nonfinancial corporate sector. This sector, which includes all corporations doing business in the United States with the exception of banks, stock and commodity brokers, finance and credit agencies, and insurance companies, showed a 2.6 percent decline in productivity in the first quarter, as output showed no growth and hours increased • 2.7 percent. Previously, productivity had been reported to have decreased at a 2.0 percent annual rate, on the strength of preliminary reports of a 1.0 percent decline in output and a 1.0 percent increase in hours of all employees. " Table C summarizes preliminary and revised first-quarter productivity and cost changes in this sector. ~. " .. ..f - 8 - Table C. Nonfinancial Corporations: Preliminary and Revised First Quarter Measures of Productivity and Costs, Quarterly Change at Annual Rate Seasonally Adjusted Measure Produc t i vi ty Output Hours Hourly compensation Real hourly compensation Unit labor cost Unit profits Implicit price deflator • • Preliminary -2.0 -1.0 1.0 14;4 6.0 16.7 -54.3 5.8 Revised -2.6 0.0 2.7 12.4 4.2 15.3 -47.8 5.5 - e ."' TAdLE I. PRIVATE BUSIIIIESSSECTOR, . A.LL PERSONS: PRODUCTIVITY, COMPENSATION, UNIT LABOR COST, AND PRICES. SEASONALLY ADJUSTED ~OURLY Y~AK OUTPUT PER HOUR OF ALL PERSON~ 111\10 QUARTER OllTPUT ----.---------------------------------_.---------, 1977 <I 130.SR l'32.SR 134.?R IV 117.bR 117 .2R 118.9R il9.1R ANNUAL I II 117.71' I II III 1978 HOURS OF ALL PERSONS COMPENSATION PER HOURCl) REAL COMPENSATION PER HOUR(2) IINIT LABOR COST UNIT NONLABOR PAYMENTS(3) IMPLICIT PRICE DEFLATOR INDEXES 1967=100 135.~R lll.OR ll3.1R 112.9R 113.8R 206.8R 2tO.OR 2t5.2R 218.9R' 116.AR 116.1R 117.SR 118.2R 175.9R 119.2R 181.0R 183.8R 160.SR 164.1R 167.0 167.8R 170.6R 174.0R 176.3R 178.4R 118,.1 R 133.2R 112.7 2t'2.7R 117.?R , 180.1R Ib4.8R 174.9R 117.7R 13S.3R 138.2P llS.OR 117.4P 225.2R 229.5P 119.3R N.A. (13) 161.9R 169.3P 181.3R 186.2P 191.4R 195.0P , PERCENT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATECS) IV l.8R -1.2R S.8R 0.6R 9.3R 6.SR S.OR 4.0R 6.3R 7.AR -0.7R 3.4R 8.3R 6.4R IO.3R 7.0R O.OR -2.2R S.OR 2.2R 5.3 r.7R 't.3R 6',,3R 4.8R 9.3R 7.3R 1.9R 5.lR" 8.2R S.2 1t.9R IINNUAL 1.8R 5.3R 3.SR a.4R 1.AR 6.5R 't.1R S.7R I 1I -4.6R O.lP -O.6R 4.2R 8.6P 1l.9R 7.9P 17.4R 7.8P -13.3R 19.3P 6.7R 11.2P 1977 I II ,1 II 1978 8.8P 3.8R N.A.CI3) PERCENT CHANGE FROM CORRESPONDING QUARTER.oF PREVIOlis, YE~R( ,6) --- IV 2.2R 1.2R 1.8R 2.0R It.ltR 5.0R 5.6R 6.2R 2.2R 3.8 3.7 4.1 8.7R 8.ltR 8'. ltR 8.0R 2.7R 1.3R 1.6R 1.2R ( 6.ltR 6.9R 6.SR S.9R 2.3R 3·.SR 4.9R 5.8R ANNUAL 1.BR 5.3R · 3.SR 8.ltR 1.AR 6.5R 4.IR 5.7R I II o .1R 0.4P 3.7R 4.2P 3.6R 3.8P 8.9R 9.3P 8.8R 0.9R 3.1P 6.3R 7.0P 1977 I II III 1978 ---'-'-----_. SEE FOOTNDTES R=REVISEO P=PRELJ ~ I NARY FOLLU~II\jG 2.2R N.A. (13) 8.8P I S.OR S.8R , 6.0R S.9R TABLE b. JULY 27,1978 SOURCE: BUREAU OF LABOR STATISTICS .\ . e - .. i . TABLE 2. NONFAR M BUSINESS SECTOR, ALL PERSONS: PRODUCTIVITY, COMPENSATION, UNIT LABOR COST, AND PRICES, SEASONALLY ADJUSTED ~OUHLY YfA R AM) QUA RTER OUTPUT JJ ER HOUR OF ALL PERSONS OUTPUT ----1977 HOURS OF ALL PERSONS COMPENSAlION PER HOUR<l) REAL COMPENSATION PER HOUR(2) UNIT LABOR COST UNIT NONLABOR PAYMENTS(3) -- INOEX.ES 1967&100 I IMPLICIT PRICE DEFLATOR III IV 115.2R 114.9R 116.1R 116.4R 13l.0R I33.0R 134.6R 13S.8R l13.8R 115.7R 11S.9R 116.7R 203.0R 206.5R 210.9R 21S.0R 114.6R 114.2R 11S.2R 116.1R 179.7R 181.6R 184.8R 157.9R l61.7P 166.1R 16S.1R 170.0R 173.6R l76.4R 178.1R ANNUAL 115.6R 133.6R 115.6R 208.9R l1S.1R 180.7R 162 •.7R 174.6R II l7~.3R I 1978 I II 115.4R 11S.6P 136.1R 139.31' 117.9R 120.SP 221.2R 22S.SP 117.2R N.A. (13) 191.7R 19S.1P lS9.0R · 164.9P 180.6R 184.8P PERCENT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATE(S) 1977 III IV 2.7R-O.AR 4.3R O.8R 9.4R 6.2R S.OR 3.5R 6.6R 7.1R O.7R 2.7R 8.6R 7.2R 8.8R 8.0R O.3R -l.SR 3.6R 3.2R S.8R 8.1R 4.3R 7.1R 1.4R lO.lR 11.4R -2.6R ANNUAL I.SR 5.2R 3.7R 8.3R 1.7R 6.7R 4.2R S.9R I II -3.2R O.6P O.7R 10.0P 4.1R 9.3P 12.0R 8.1P IS.8R 7.4P -13.8R lS.• SP S.8R 9.8P I II 1978 3.9R N.A. (13) 4.4R 8.7R . 6.SR •• OR PERCfNT CHANGE FROM CORRESPONDING QUARTER OF PREVIOUS YEAR(6) \ .... 1977 1978 II III .IV i.2R o."7R 1.2R 1.7R 4.7R 4.8R S.4R 6.0R 2.4R 4.0 4.1 4.2 8.7R 8.1R 8.2R 8.1R :2.7R 1.3R 1.5R 1.4R 6.3 .' 7.4R 6.9R 6.3R ?6R 3.9R 5.4R 4.9R 5.1R .6 .2R 6.4R 5.9R ANNUAL 1.SR S.2R 3.7R 8.3R 1.7R 6.7R 4.2R S.9R I II 0.2R 0.6P 3.8R 4.8P 3.6R 4.1P 9.0R 9.2P 8.7R 8.6P O.7R 2.0P 6.2R 6.SP .I SEE FOOTNOTES FOLLOWING TABLE 6. R:REVISEO P·PRELIMINARY .~ \....- '- '- 2.3R N.A. (13) JULY 27,1978 SOURCE. BUREAU OF LABOR STATISTICS ~ - e 'e ," , TAHLE 3. NONfINANCIAL CO~~ORATIONSI PRODUCTIVITY. HOURLY COMPENSATION UNIT LAtlOR COST. UNIl PROFITS. ANO ~RICES. SEASONALLY ADJUSTED YEAR AND QUARl'fR OUTPUT I-'E'R ALLI:.Iot.PLOYlE HOIlR EMPLOYEE HOU~LY HOURS COMPENSAfION ouTPUT (]) REAL HOURLY COMPFNSAfION (2) INDEXES 1967=100 1977 I II III IV ANNUAL 1978 liN IT LABOR COST UNIT NONLABOR COST(S) TOTAL UNIT COST (9) UNIT IMPLICIT PROPRICE FITS DEFLATOR (10) , -- 117.SR 11A.6R 120.1R 12_0.1 H 13'7.SR 140.SR 142.3R 143.6R 116.7R -1I8.SR 11A.SR 119.bR 20S.4R 209.7R 214.C;R 218.3R 116.0R 11S.9R 1l7.IR 117.9R l74.3R 176.8R 17S.SR 181.9R 192.6R 193.1R 19S.0R 197.1R HS.8R IAO.8R l82.SR 18S.6R 108.8R 120.1R 128.3R 122.9R 1&8.4101 17l.SR 174.SR 176.3101 11 CI.2R 141.0R 118.3R 212.0R 116.8R 177.9R 194.SR 182.0R 120.2R I72.SR 119.3R 143.6R 120.4R 224.8R 119.1R lS8.SR 201.1R 191.SR lO4.SR 178.6R PERCENT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATE(S) IV J.SR 2.7R S.3R -O.2R 9.2R S.2R 3.6R b.2R b.3R -O.lR 3.9R 8.7R 8.7R 9.3R 7.SR O.3R -O.IR 4.1R 2.7R S.OR S.8R 3.9R 7.7R -O.7R 1.0R 3.9R 4.3R 3.SR 4.6R 3.9R 6.8R 12.9R 48.2R 30.4R -lS.SR 4.3R 8.3R 6.4R 4.2R ANNUAL I.SR S.4R 3.SR 8.AR 2.2R 6.8R 3.0R S.8R 6.6R S.9R -2.6R O.OR 2.7R 12.4R 4.2R IS.3R 8.SR 13.6R -47.8R S.SR 1917 I II III 1978 ~.9R ---1977 PERCENT IV 3.9R 4.8R S.9R 7.0R 2.7R 3.7R 3.7R 4.1R 8.8R 8.AR S.9 8.SR 2.8R 1.9R 2.1R 1.7H 7.SR 7.6R 6.6R S.6R 3.0R 2.IR 6.4R . 6.SR S.6R 4.7R ANNUAL 1.8R ' S.4R 3.SR 8.AH 2.2101 6.8R 3.0R 1.2R 4.SR 3.2R 9.SH 2.7R S.lR 4.4R III SEE FOOTNOTES FOLLOWING TABLE 6. Rz:REVISE'D Pz:PRELIMINARY 3.SR 3.3~ 3. ,9R 11.9R 16.4R S.2R 6.2101 6.3R S.SR S.8R 6.6R S.9R 7.1H -4.0R 6.1R -S.3~ JULY 27.1978 SOURCE I BUREAU OF LA~OR STATISTICS " '- FROM CORRESPONDING QUARTER OF PREVIOUS YEAR(6) 1.2R 1.OR 2.1R 2.8R I II 1978 CHA~GE e e l e TABLE 4. MANUFACTU~IN .G SECTOR I PRODIfCTIVITY, HOURLY COMPENSATION, UNIT LABOR COST, SEASONALLY 60JUSTED YF:A~ OUTPUT PER AND (WA~.TER OUTPUT (7; HOU~ OF ALL PE~SOtlS ----------------------- HOURS OF ALL PERSONS COMPENSATION PER HOUR(l) REAL COMPENSATION PER HOUR!?) UNIT LABOR COST " III IV 124.1R 126.1R 12R.3R 128.2R 122.6R l26.6R 128.6R 129.8R ·98.7R 100.3 100.2R 101.3R 206.3R 210.SR 21S.SR 220.1R ll6.5R 1l6.4R ll7.7R 11R.9R 166.3R Hi6.9R 168.0R 171.7R ANNUAL 126.7R 126.9R 100.2R 213.2R 117.SR ~168.3R I -126.4 128.6P 129.7R 133.8P I02.6R 104.0P 2?6.0R ??9.7P 119.7R N.A.(13) 1977 I II 1978 II ----197?: -------PERCENT 1978 IV 8.3R 6.6R -O.SR 4.3R 9.9R 8.4R 9.8R 8.8R 1.5R -O.4R 4.6R 3.9R 10.SR 1.6R 2.6R 9.1R ANNUAL 2.6R 6.3R 3.6 9.0R 2.4R 6.3R I II -5.6R 7.3P -O.SR 13.2P S.4R S.SP 1l.lR 6.8P IV it.OR 6.IR 7.1R 7.9R AN .... UAL 2.6R I II 1.8R 2.0P III SEE FOOTNOTES FOLLOWING TABLE 6. R=REV7SED P=PRELI MINARY \ _- ....:. 3.0R N.A. (13) 17.7R -O.SP PERCENT CHANGE FROM CORRESPONDING QUARTER OF PREVIOUS YEAR(6) 1-.9R 2.2R 3.0R 3.2R I II 1978 CHANG[ FROM PREVIOUS QUARTER AT ANNUAL RATE(S) 7.7R 13.7R 6.6R 4.0R -------------------_. 1977 178.8R 178.6P -0.6R. 6.6R 7.1R -0.3R 1 II III ,-- INDEXES 1967=100 2.IR 4.0 4.6 9.IR 8.SR 9.0R · 9.2R 3.1R 1.7R 2.2R 2.4R 7.1R 6.2R S.8R 5.9R 6.3R 3.6 9.0R 2.4R 6.3R S.8R S.7P 3.9R 3.7P 9.SR 9.IP 3.9 l.aR N.A. (13) 7.6R 7.0P JULY 27,1978 SOURCE-I BUREAU OF LABOR STATISTltS , - " e .' TA~LE e 5. DURABLE MANUFACTURING SECTORI PRODUCTIVITY, HOURLY UNIT LABOR COST. SEASONALLY ADJUSTED!ll) COMPc~SATION, OUTPUT PER HOUR OF ALL PERSONS liND QUARTER Yf~k OUTPUT (7) HOURS OF ALL PERSONS COMPENSATION PER HOUR Cl) REAL COMPENSATIONPER HOUR(2) UNIT LABOR COST " INDEXES 1967=100 1977 1978 III IV 118.6R 121.2R 1?2.9R 122.SR 116.3R 121.0R 123.SR 124.8R 9S.IR 99.9R 100.SR 101.9R 208.3R 213.2R 218.2R IINNUAL 121.3R 121.4R I II l20.3R 123.2P 124.4R 129.3P I tl --------_. 1977 197~ 223.3~ 117.6R 117.9R 119.2R 120.6R 175.7R 17S.9R 177 .SR · 182.2R 100.lR 215.8R 118.9R l77.9R 103.4R 10S.OP 228.7R 121~2R 232.4P N.A.· (13) 190.1R 188.1P PERCENT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATE(S) II III IV -1.9R 9.1R S.8R -1.2R 6.9R 17.1R 8.3R 4.SR 8.9R 7.4R 2.3R S.9R 1l.lR 9.6 9.8R 9.6R 2.6R 0.7 t.6R 4.7R 13.2R O.SR 3.8R " 11. OR ANNUAL 2.2R 7.IH 4.8 9.2R 2.6R 6.9 I II -7.0R -1.5R 16.7P 1 9.8P S.9R 6.3P 10.2R ' 6.6P PERCENT CHANGE FROM CORRESPONDING QUARTER OF 1977 1978 PRE~IOUS 18.SR -2.8P YEAR(6) I II III IV 1.6R 2.0R 2.4R 2.eR 5.0R ' 6.9R 7.SR 9.IR 3.4R 4.8 5.0 6.1 8.7R 8.6R 9.4R 10.OR 2.7R 1.7R 2.6R 3.1R 7.0R 6.SR 6.8R 7.0R IINNUAL 2.2R 7.1R 4.8 9.2R 2.6R 6.9 I 1.5R 1.6P . 6.9R 6.8P 5.3R S.lP 9.8R 9.0P II SEE FOOTNOTES FOLLOWING TABLE 6. R-REVISED P·PRELIMINARY 2.2R N.A.1l3) " 3.0R N.A.1l3) 8.2R 1.3P JULY 27,1978 SOURCEI BUREAU OF LABOR STATISTICS e Ie .' TAHLf·; 6.· NUNJIl~ABLE MANUFACTURING SECTOR: PRODUCTIVITY. HOIJRl Y COMI-'ENSATIU :4. lJNI -T LAROR COST. SEASONAllY ADJUSTED(l?) YF/I~ AND (.\(l 4 iHEP OllTPJ T ,",[P. HOUR n~' /ILL ' P[Io/ SONS OU TPUT (7) HOURS OF ALL PERSONS CO MPENSATION PER HOUR (11 REAL COMPENSAT.10N PER HOUH(?) UNIT lABOR COST I I.. OfXES 1967=100 r l ·n.O~ LU.6R II 1 H.1 P 13~.'5R III 137.111-1 1 H.4~ 136.9101 TV 13~.OR 9c;.7R 101.1 99.9101 100.4101 ANNUAL 115.4101 135.7101 .I It Ilh.2R 117.51-' 130.3~ 141.1P 1971 "1918 203.3R 114.8R . 206.3P 114.1P IS2.8R 153.9R 153.8R 21D.7R 214.3 1I5.1R 11'5.7 ~ 15'5.9R 100.3 208.7R lIS.0R IS4.2R 101.SR 102.61-' 2?D.8R 2?4 •.SP 117.0R N.A. (13) 162.0R 163.2P - - - -- -------------mCEN"T-CHAriGE FROM PRF.V IOU S QUARTER AT ANNUAL RATE(S) IIHT I II III IV ANNUAL 197~ tI r III IV ANNUAL 1 II ----SEE FOIJT 'WTES R=kEIIIC:;FO P=PRELII-J.INAPY -O.hR -2.5R 3.6R 2.1P 5.1 2.0 ·8.3R 1.7R 1.1R 8.4f.> 4.6R 4.4P . B.8H 3.1 ~.OR 4.1R -3.4R 3.8f.> 12.7R 6.9P .. 6'2R 2. BR -O.lR S.6R S.DR 4.SR N.A. (13) 16.6R 2.9P ~ERCENT CHA NGE FROM CORRESPONDING QUARTER OF PREVI~US YEAR(6) II 1978 7.6R 6.DR 8.9R 6.9R 3.2R ----1971 7.4R S.I'.R. -4.5R 2.0R 1.41-1 3.21< 9.DR 1.211 2.3R 2.4.R 3.'1101 3.6R 3 .1 2.4 k 2.51-' , _9.4R S.IR 8.1R 7.3R 3. lR 1.3R 1.lR D.6R S.6R 4.0R l.6R 2.0 8.3R 1.7R S .DR 1.9R ·1.6P 8.6R S.8P 2.6R 5.1k 6.6 k 6.2R D.3 2.6R 5.1 4.310/ 4 .21-' 2.M~ 2.5R 1.9R N.A. (13) 6.9~ fI.OR 6.1P .. OlLO,", I'lG TARL:E 6. JIILY 27.1978 SOURCE: RUREAU OF lAHOR STATISTICS ......:"'. -.. ~~. :,.,:.>: .,~ ,: ...-t. .." e . - FOOTNOTES. TABLES 1-6 e , ", .,' '"-~"". ' ,:~,: . ·:',:.f .':. ~~_'J':'··;I:'~." ~·: ·" SOllRCEI OUTPUT DATA FROM BUREAU OF ECONOMIC ANALYSIS. U.S • .DEPARTMENT OF COMMERCE. AND TME FEDERAL RESERVE BOARD. COMPENSATION AND HOURS DATA F.ROM THE BUREAU OF LABOR STATISTICS. U.S. DEPARTMENT OF LABOR. AND THE BUREAU OF ECONOMIC ANALYSIS. " • . (1) AND SALARIES OF EMPLOYEES PLUS EM?LOYERS~ ' CONTRIBUTIONS FOR SOCI~L INSURANCE AND PRIVATE BENEFITPLA~S.EXCEPT FOR NONFI~ANCtAL CORPORATIONS. WHERE THERE ARE NO SELF-EMPLOYED. DATA ALSO INCLUDE AN ESTIMATE OF WAGES. ' SALARIES. AND SUPPLEMENTAL PAYMENTS FOR THE SELF-EMPLOYEO • (2) COMPENSATION PE~ HOUR ADJUSTED FOR CHANGES IN THE CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS. ., . (3. NONLABOR PAYM~NTS INCLUDE PROFITS. DEPRECIATION. INTEREST. RENTAL INCOME. AND INDIRECT TAXES. (4) CURRENT DOLLAR GROSS PRODUCT DIVIDED 8Y CONSTANT DOLLAR GROSS PRODUCT. (5) PERCENT CHA NGE COMPOUNDED AT ANNUAL RATE ;OR OM THE ORIGINAL DATA RATHER THAN INDEX NUMBERS. 4 . ~ .~ (~ ,.... \ ~,- ·r ~AGES (6) . CURRENT ' QUARTER DIVIDED BY COMPARABLE QUARTER A YEAR AGO. (7) QUARTERLY MEASURES ADJUSTED TO ANNUAL ESTIMATES OF OUTPUT (GROSS PRODUCT ,.. OR I GINAT ING) FROM THE BUREAU OF EcbNOMIC ANALYSIS. U.S. DEPARTMENT ~F COMMERCE. (8) UNI ~ ; ~ "-- ·4 ' . (9) NONLABOR COST INCLUDE DEPAECIATlON. INTEREST~ '; . AND INDIRECJ TAXES • TOTAL UNIT COST IS THE SUM OF LABOR AND NONLABOR COSTS. (10) UNIT PROFITS INCLUDE CORPORATE PROFIT AND INVENTORY VALUATION ADJUSTHE.NT. .. ' ';,t . (11) L-. ~ i."1. • ~: '--- '\..... \.;.. THE DURABLE SEC~QR INCLUDES THE FOLLOWING 2-DI6IT SIC INDUSTRIESt PRtMARY METAL' 'ABRICATED METAL PRODUCTS' NONELECTRICAL MACHINERY' ElEC~RJCAl MACHINERy, . TRANSPORTATION EQUIPMENT' INSTRUMENTS' LUMBER AND LUMBER PRODUCTS' F'URNITURE AND FIXTURES' AND MISCELLANEOUS MANUFACTURES~ ' . \ (12) THE NONDURABLE SECTOR INCLUDES .THE FOLLOWING 2-DI6IT SIC INDUSTRtESt TEXTILE ~ILLPRODUCTS' AP~AREL . PRODUCTS' LEATHER AND LEATHER PRODUCTS' PRINTING AND PUBLISHIN~' CHEMICALS AND CHEMICAL PRODUCTS' PETROLEUM . PRODUCTS' RUBBER AND PLASTIC PRODUCTS, FOODS' AND TOBACCO PRODUCTS. (13) SCHEDULING OF THE RELEASE OF THE NEW CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS (CPI-U) PRECLUDES THE USE OF REAL HOURLY COMPENSATION (HOURLY COMPENSATION ADJUSTED FOR QUARTERLY CHAN6ESIN THE CPI-U) WITH PRELIMINARY PRODUCTIVITY AND COST MEASURES. THESE WILL BE PUBLISHED TOGETHER WITH RE~ISED OUTPUT AND LABOR INPUT MEASURES WITH THE NEXT REGULAR EDITION OF PRODUCTIVITy AND COSTS. APPRbxlMATELY 30 DAYS AFTER THE PRELIMINARt M~.SURES. ;--~'l, .....~ L ,-. ~, . e TABLE 1. PRIVATE BUSIN HOURLY COMPENSATIO"l, UNIT lABOR C YEAR AND QlJARTER 197f) OUTPUT '" " ----}Ins OUTPUT PER 110IJR OF All PF.RSONS .. ~SECTOR, AP~ENOI~ HOURS OF ALL PERSONS ~T, All PERSONS I PRODUCTIVITY, " AND PRICES, SE.SON.llY .DJUSTED COMPENSATION PER HOUR(l) REAL COMPENSATION PER HOUR(?) UNIT l.BOR UNIT NON,L.eOR PUMENTS() IMPLICIT PRICE DEFLATOR 139.4' 1-7.8 157.6 156.3 153.1 155.8 158.8 161.1 cost I"IOEXES ' 1967 .. 100 I II III IV 109.0 111.9 114.1 113.5 115.3 117 .3 120.A 121.7 105.7 104.8 105.8 107.2 175.6 179.0 lAl.9 lA5.7 111." 112.1 111.1' 1l2.~ 161.1 ' 160.0 159.4 163.6 '''INUAl 112.0 118.8 106.1 lRQ.3 111.Q J61·.1 150.4 157.4 I II III IV 115.1 115.9 116.8 116.8 125.0 126.2 127.1 121.6 108.6 108.9 108.R 109.3 190.3 194.2 198.5 202.7 113.7 114.7 115.6 il6.1! 165.3 167.6 170.0 173.6 156.8 158.5 159.2 158.6 162.4 164.5 166.3 ' , 168.5 ANNUAL 116.1 126.5 109.0 196.3 liS.? 169.2 158.3 165.4 11.8 5.7 7.8 6.0 PERCENT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATE(5) 1915 1976 I II III IV 0.9 11.0 8.3 -2.3 -10.9 7.2 12.4 3.1 -11.7 -3.4 3.8 5.5 10.6 8.0 6.7 8.6 2.ft 1.4 -1.1 1.9 -1.4 11.1 16.9 26.5 29.3 -3.3 ANNUAL 2.0 -2.3 ,-4.2 9.9 0.7 7.7 15.3 10.1 5.8 2.8 3.2 -0.1 11.2 4.0 2.8 1.6 5.2 1.2 -0.3 1.7 10.2 8.6 9.1 8.7 5.0 3.4 3.,? 4.0 4.2 5.6, 5.8 8.8 1.3 4.3 1.7 -1.4" 3.2 " '5.2 4.4 5.4 "3.7 6.5 2.7 8~9 2.9 5.0 5.2 5.1 I, II III IV ANNUAL PERCENT CHANGE CORRESPONDING QUARTER OF PREVIOUS YEAR(6) 12.0 III IV -1.5 1.6 4.3 4.3 -6.5 -4.4 -0.• 5 2.6 -5.1 -6.0 "4.6 -1.7 10.7 9.0 8.5 0.8 0.9 0.4 , 1.2 13.6 8.9 4.5 3.9 ' 9.2 14.4 20.6 16.6 12.2 10.6 9.5 7.8 ANNUAL 2.0 -2.3 -4.2 9.9 0.7 7.7 15.3 10.1 I II III IV 5.6 3.6 2.3 2.9 8.4 1.6 8.4 8.5 9.1 9.2 1.1' 2.3 3.4 ,3.9 2.,6 4.8 6.6 6.1 12'.5 7.2 4.9 , 2.1 3.Q 2.9 1.9 1.5 5.7 5.6 4.7 4.6 ANII!UAl 3.7 6.5 2.7 8.9 2.9 5.0 5.2 5.1 1975 I II 1976 -- FRO~ 9.6 -2~'1 SEE FOOTNOTES R-REVISEU P.PRELIMINARY FOLLO~I"IG 5.2' 1.0 TARLE 6. JULY 27,1978 SOURCEI BUREAU OF LABOR STATISTICS ,·f;~ ': . e ," Yf'A R AN!) Q I .I /I ~ T F.~ NONFA~M APPE.NOI)I. TARLE 2. Hla ESS .SE;CTOR, ALL PERSONS: PRODUCT! VITY. HOURLY CO MPE NSATI ON, UNIT LABOR COST. AND PRICES. SEASONALLY ADJUSTED OUTP UT PE R i-iOUR OF ALL PE RSONS OUTP UT HOURS OF ALL PERSONS '. ------------, - ------------------19 75 REAL COMPENSAlION . PER HOUR(?) IINIT LABOR COST UNIT NONLABOR PAYMENTS(3) IMPLICIT PRICE DEFLATOR If\lDEXES 1967:100 III IV 1 0 7.1 11)9.1:1 112.1 111.3 115.4 117.2 120.7 121.8 1 0 7.8 106.8 107.7 109.4 172.8 176.2 179.7 lA3.0 110.0 110.4 110.5 110.7 161.3 160.5 160.3 164.3 136.6 ' 144.0 152.0 151.1 153.0 154.9 157.5 159.8 ANNUAL 110.0 118.8 108.0 177.8 110.3 ~61.6 146.1 156.3 t II III IV 112.6 114.1 114.7 114.4 125.2 126.9 127.7 128.1 111.1 111.3 111.3 112.0 186.8 191.0 194.9 198.8 111.6 112.7 113;5 114.5 165.8 167.4 169.9, 173.8 153.8 155.6 157.6 157.3 161.8 163.4 165.7 i68.2 ANNUAL 114.0 127.0 111.4 192.9 113.1 169.2 156.1 164.9 J II IH6 --1975 PERCENT CHA NGE FROM PREVIOUS QUARTER AT ANNUAL RATE(5) I II III IV 1.0 10.3 8.9 -2.8 -11.0 6.5 12.5 3.7 -11.9 -3.5 3.3 6.7 9.9 8.0 8.3 7.4 1.9 1.4 0.4 0.8 8.7 '-2.1 -0.5 10.5 24.2 23.6 24.0 -2.3 13.1 5.2 6.8 6.2 ANNUAL 1.9 -2.5 -4.3 9.9 0.7 7.9 11.1 10.6 I II III IV 4.8 5.3 2 .• 2 -1.0 11.5 5.7 2.5 1.2 6.4 0.4 . 0.3 2.3 8.7 9.2 8.4 8.3 3.5 4.0 ,2.8 :J.6 3.8 3.8 6.1 9.4 . 7.3 4.9 5.1 -0.6 4~9 4 •.1 5.8 6.1 ANNUAL 3.6 6.9 3.2 8.5 2.6 4.7 6.9 5.4 1976 ---- PERCENT CHANGE PROM CORRESPONDING QUARTER OF PREVIOUS YEAR(6) I II III IV -2.3 1.5 4.4 4.2 -6.9 -4.6 -0.8 2.5 -4.7 -6.0 ' -5.0 -1.6 11.2 10.5 9.6 8.4 0.2 0.7 0.9 1.1 13.8 8.9 5.0 4.0 14.0 16.4 20.5 16.8 13.9 11.1 9.6 7.8 ANNUAL 1.9 -2.5 -4.3 9.9 0.7 7.9 11.1 10.6' I II III IV 5.2 3.9 2.3 2.8 8.5 8.3 5.8 5.1 3.1 4.2 3.4 2.3 8.1 8.4 8.4 8.7 1.5 2.2 2.8 3.~ 2.8 4.3 6.0 5.8 12.6 8.1 3.7 4.1 5.8 5.5 5.2 5.2 ANI'-I UAL 3.6 6.9 3. 2 8.5 2.ft 4.7 6.9 5.4 1975 1976 ----SEE F On T ~ OTES R=REVISEO PaPREL J "'INARY COMPFNSAlION PER HOUR (11 .\ FOLLOwI NG TA BLE 6 . JULY 27,1978 SOURCE: RUREAU OF LAROR STATISTICS - e Af'-'O OlHPIIT PEH IILL- QIIAIHEFI E~PLOYEf. EMPLOYEE HOURLY REAL HOURS COMPENSA- HOIJRLY TION COMPEN(1) SATION (2) OUTPUT HOU~ ---- 1976 .\ "PPENOIX TARLF: :i . NOliFINANCIAL r.ORP'ORATIONSI PRODUCTIVITY, HUURLY COMPENSATION U~~T LAHUR COST. UNIT PROFITS. AND PRICES, SEASONALLY ADJUSTED , YFA~ 1975 " UNIT LABOR COST UNIT NONLABOR COST(8) TOTAL UNIT COST (9) UNIT P'ROF:ITS (10) 68.6 85.1 106.9 105.1 151.7 153.4 155.9 158.2 ' IMPLICIT PRICE DEFLATOR INDEXES 1967=100 I II III IV 1119.1 112.8 115.7 110.0 108.7 109.9 111.4 174.0 177.6 181.6 185.3 110.8 111.3 111.6 112.1 159.5 157.5 156.9 160.0; 186.8 ' 189.6 110;.0; 120.0 122.6 127.1 128.7 lR9.3 166.1 165.3 164.5 167.5 ANNUAL 113.1 124.6 110.1 179.5 111.3 158.6 188.,5 165.9 91.8 154.9 I II II I IV 11".4 117.4 117." 11 6 . 8 132.3 134.1 13,..4 134.2 113.6 114.2 114.3 114.9 188.8 192.fI 196.9 201.2 112.8 113.8 114. 'f 11 5 .9 162.2 ]64.3 167.4 172.2 , 186.1 186.9 189.4 193.0 168.0 169.8 172.8 17,7.3 114.9 11S.5 114.7 105.6 160 .1 164.2 166.6 ANNU AL 117 .1 LB . R - 114 . 3 194.9 114.3 166.5 188.8 172.0 112.7 163.2 1B8.1 161~7 PE RCE NT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATE(5) 1975 III IV 4'. " 14 .1 10 .7 -11.9 - 10 . " 9.1 15.4 5.0 -14.5 -4.4 4.2 5.9 10.9 8.5 9.1 8.5 2.8 1.9 1.1 1.9 6.1 -4.9 -1.5 9.5 21.8 6.1 -3.1 2.6 10.1 -2.0 -2.0 7.5 41.0 136.2 149.0 -6'.5 11.9 4.7 6.8 6.0 ANNUAL ~." -2.2 -5.6 10.5 1.2 6.6 14.7 8.7 32.2 10.5 I 3.4 3.3 11.B IV -2.7 5.4 1.0 -0.5 8.1 2.1 0.2 2.3 7.8 II 8.8 8.9 2.7 3.5 3.7, 4.1 4.2 5.3 7.9 11.9 -6.7 1.8 5.4 7.9 1.1 4.4 7.2 10.'3 43.0 2.2 -2.9 -?8.2 4.8 4.1 6.1 6.2 ANNUAL 3.5 7.3 3.8 8." 2.1 5.0 0.2 3.7 22.7 5.3 I II 1976 tIl Il.R 8.R PERCENT CHANGE FROM CORRESPONDING QUARTER OF PREV"fOi:i'SYEAR(6) 1915 -A.l I II III IV .. 1.8 2.8 7.0 7.0 -4.8 0.5 4.3 ANNUAL 3.6 -l.2 I IJ 6.7 4.1 III IV 1.2 I.." 10.3 9.3 5.7 4.3 ANNUAL 3.5 1.3 1976 -----SEE FOOTNOTES R=REVI«;EO P=PHELTMINARY -0.5 -1.4 -6.1 -2.~ 11.7 10.9 ]0.4 9.3 0.6 1.1 1.6 1.9 13.1 7.9 3.1 2.1 23.6 18.5 11.1 6.5 16.2 10.7 5.2 3.3 -8.7 14.9 "4.0 66.9 14.1 11.0 9.2 7.3 -5.t! 10.5 1.2 6.6 14.7 8.7 32.2 , 10.5 3.3 8.0; 8.5 8.0; 1.7 4.3 6.7 7.3 -0.4 -1.4 0.7 1.9 1• 1 2.7 5.0 5.$1 67.4 35.8 7.3 0.5 5.6 5.4 5.3 5.3 5.0 0.2 3.7 22.7 5.3 3.i 8." 1.9 2.3 2.8 3.4, 3.8 8.4'> 2.1 !:I. 0 4.0, ------------ FOLL OWI NG TARLE 6. JULY 27-.191.'8 SOURCEI BUREAU OF LAAOR STATISTICS e' . # " YFAR AND QUARTfP OUTPUT Pt:R HOUI? OF ALL PI::RSOfllS OUTPUT 111 HOURS OF ALL PERSONS INDEXES 1975 . COMPENSATION PER HOUR III REAL COMPENSAlION PER HOUR(2) ..- - 19~7=100 102~4 ~2.5 105.5 112.9 11~.5 90.9 92.1 94.1 174.6 178.5 184.8 111.1 111.8 111.6 111.8 157.7 153.8 148.2 150.7 JV A~INUAL 117 .9 109.1 92.5 179.7 111.5 1~.4 I IV 121.8 123.4 124.5 124.3 117.8 119.2 120.0 120.3 96.7 96.6 ,96.4 96.8 lR9.1 194.0 197.7 201.5 113.0 114.5 , 115.2 116.1 155.3 157.1 158.7 162.2 ANNUAL 123.5 119.3 96.6 195.6 114.7 158.3 lIt 1976 II III ," UNIT LABQR !:OST 11 0.7 116.0 P2.6 172.7 I II 1~1.6 PERCENT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATE(5) 1975 III IV -6.5 20.7 24 . 7 0.3 -27.5 12.5 31.3 9.3 -22.4 -6.8 5.4 8.9 11.7 9.3 7.2 7.2 3.6 2.6 -0.6 0.7 19.5 -9'.5 -14.0 ANNUAL 4.6 -5.1 '-9.3 11.5 2.2 6.6 -2.8 5.4 3.6 , -0.8 8.4 4.9 2.7 0.9 11.5 -0.5 -0.8 1.7 9.7 10.6 7.9 8.0 4.4 5.3 2,3 3.3 12.8 4.9 .4.1 8.9 ' 4.7 9.4 4.5 8,,8 2.9 3.9 I II 1976 •> " ---- -- TA~LE APPENOIX 4. MANUFACTURING SECTOJillRODUCTIVITY, HOURLY COMPENSATION. UNIT LABOR COST, SEASONALLY ADJUSTED I. II III IV ANNUAL ---- ~.9 PERCENT CHANGE FROM CORRESPUNDING QUARTER OF PREVIOUS YEAR(6) ' 1975 1976 I II III IV -1.3 3.1 7.8 9.0 -12.1 -8.9 ANNUAL 15.2 9.0 3.1 4.0 -10.9 -11.6 -10'.0 -4.6 .13.6 12.4 11.2 8.8 2.3 2.5 2.4 1.5 -0.1 4.6 -5.1 -9.3 11.5 2.2 6.6 I tI III IV 10.1 6.4 1.6 1.3 15.0 13.0 4 ~ ,2 4.5, 6.2 4.6 2.9 8.3 8.7 8.8 9.0 1.7 ?4 ".2 ' 3.8 -1 ·.6 2.1 1.1 7.6 ANNUAL 4.7 9.4 4.5 8.8 ?9 3.9 SEE FOOTNOTES FOLLOW INC; R-REVISED P=PRELJ ~ I NARY TABLE -3,.0 6.~ 6. JULY 27,197ff SOURCE: BUREAU OF LABOR STATISTICS [lU~AHLE. e .. S~CTOPI "PPt'NOIA TlltiLI:. 5. "4AMIJFAC e NG PROOUClIvITY. HOUPL V CO"4PE::~ISA T 1 O~; . liN IT L AROR COST, SF: ASONALL V AnJUSTEn (Ill YF:a~ liND ~1I6~TFH () !JTP tJT PFR "i ')UR OF ALL P[RSO"'S tHITPUT (1) HOURS OF ALL PERSOt\JS COMPENSATION PER HOUR(1) REAL COMPENSATION PER HOURI;?) UNIT LABOR COST INUfXES 1961=100 1975 IV 105.9 111.0 117.8 117 .2 98.5 ' 100.0 106.3 101.9 92.9 90.1 90.3 92.0 175.0 179.8 183.8 187.5 111.4 112.6 113.0 113.4 ANI~UAL 1)2.9 103.2 91.4 181.3 112.5 I It III IV I1h.7 118.8 120.0 119.1 110.8 113.3 114.8 114.4 94.9 95.3 95.7 96.0 191.6 196.3 199.5 21)2.9 114.5 115.9 11fo.2 116.9 164.2 165.1 166.2 170.3 ANNUAL 118.7 113.3 95.0:; 1'97.6 115.9 166.5 I II III 1976 --------, r 1975 160.7 PERCENT CHANGE FRO"4 PREVIOUs-QUAPTER AT ANNUAL RATE(S) 12.6 11.4 9.2 8.2 4.5 4.6 1.2 1.6 25.2 -7.7 -13.8 10.4 IV -2.0 a"INUAL 3.9 -7.8 -11.3 12.4 3.n 8.2 I II III -1.7 7.5 4.0 IV -2.9 11.2 9.4 5.7 -1.5 13.1 1.7 1.6 1.5 9.1 10.1 6.7 7.1 3.9 4.8 1.1 2.4 11.0 ' 2.3 2.,., 10.3 AI\INUAL 5.1 9.8 4.5 8.9 3.0 3.6 1976 -----------'- --1975 -10.1 ;?0.7 -24.9 -11.9 1.0 8.0 -32.4 6.3 2R.0 5.8 II III ~6.7 PlRCENT CHANGE FROM CORRESPUNDING QUARTER OF PREVIOUS VEAR(6) -12.8 IV -1.9 2.5 7.4 7.7 aNNUAL 3.9 -7.8 1 II III IV 10.2 7.0 1.9 l.b 12.5 13.3 8.0 6.1 A!'.! NlJAL !>.1 I II III 1976 -11.1 -6.5 -0.7 .' 9.8 16.0 10.3 4.9 10~3 2.5 3.0 3.6 2.9 -11.3 12.4 3.1) 8.2 2.1 ?8 ?9 -0." 2.0 6.0 4.4 9.5 9.2 8.5 8.2 3.1 fo.S 6.5 4.5 8.9 3.0 3.6 -11.1 -13.2 '-12.9 13.8 13.0 12.6 -7.~ !;.A -----------------'------'--------------------SEE FunHIOTfS F'JLL'lloJI NG UHLE h. ?R , ?.4 ._----,- ------,JilL Y 27, !978 SOURCE: RUREAU OF LAROR STATISTICS R=HfVlc:;FU P=PHELT~lNAPY . 165.2 161.9 156.0 159.9 . ~" ~.~ 1;::"" e YFj\~ , , IIpf'F.tm t)( TllliLE b. NONOURj\~Lf MA~JI)F4CltJRI"h(; r.OM~t~SATI0N. ANI) OUT"IJT rJIJARTE~ OUTPIJT I"ER (7) HtHlP OF ALL PERSON!) UNIT LAHOR COST. HOURS ()f ALL PERSO~S --------------------- _ OR,: S~ASn~.LLY CO"lPFNSATtON PER HOUR(l) .- " PRODUCTIV lTY. HOlJRL Y ADJUSTEO(l~) REAL ,COMPENSATION PER HOUR(2) UNIT LABOR COST INDOES 19"7=100 108.8 114'.4 1·23.6 127.8 9i.9 92.2 94."1 97.2 113.6 176.1 178.9 110.5 110.7 IV 11R.4 124.1 130.3 DI.S UI1.5 11)9.~ 142.4 137.3 138.0 AN~UAL 126.1 118.7 94.1 1 7 7. 5 11 0.1 140.8 129.~ 99.4 9R.5 97.4 97.9 ]85.9 190.8 19<;.0 199.6 111.1 112.6 113.6 115.0 }42.9 145.8 147.9 150.5 129.1 98. ,:\ 192.8 113.1 14".8 1915 I II III 1976 J 130.1 li9.2 II llfl,.9 III IV 131.9 1.32.'" 128.9 128.5 ANNUAL 131.3 -----1975 1't::IoICENT CHANGE FROM"PREVIOUS QUt\RTER AT ANNUAL RAlF!!,;) -19.4 22.1 36.3 14.2 -IR.~ 1.4 ll.8 10.2 11.0 1.3 5.1 5.9 ?9 0.7 -2.6 -0.6 12.1 -11'1.9 -13.7 2.3 7 -0.9 -~.3 10.6 1. ':\ 4.6 I -~.2 ?.~ 9.3 -3.5 -4.? 2.1 )0.1 10.9 9.2 9.A 4.~ II III 5.6 3,.5 4:.9 15.0 A.? 6.0 7.3 4.4 R~6 ;:>.7 4.2 1 -1.0 II 2(1.5 III IV ~1.9 l\"'NU/lL lQ76 3.6 ~. IV 3.0 2.3 4.6 -1.1 -1.4 4.4 A~INUAL 4.? 8.8 ---------------------~CENr-C'HiiN~FQ()M 1975 llO.O 14~." I -0.5 4. f) CORRE.SPONDINr, QUARTER OF PRfVIOIJS YE/IP (td 13. 9 7.6 III R.t; -11.1 -5.5 2.5 Iv lO.~ 11.3 -5." 0.4 H INUAL S.7 -O.c; -b.~ I II '1.9' 18.fI A.I 1.1 O.~ -;:>.5 5.5 1.2 12.7 1:1.0 ) .7 9.0 ':\.~ ;>.3 7.8 10.fI 4.7 Q.l 8.b ?7 4.;> I J 1 CHI:> III tv ~ ~I I~lJ/I, L -10.7 }3.~ ?1 '-9.1 ]1.9 9.9 'l.1l 1 .2 7.3 0.1 -3. ,) 10.b 1.3 4.6 O.H 1.6.\ 6.R 2.7 0 • .'\ 4.;> I3.P 4.4 3.<; 1.3 --------------------SEE FonlNllTES -------------------------------------------------------t'OI.LO"lI "i \' TllnU:: 6. ~=REVlc;F" p=PRE:LI~INA~Y ,JilL Y 27.19713 SOURCE: BUWEAU OF LABOR STATISTICS CHART 1. PRODUCTIVITY. HOURLY COMPENSATION. UNIT COSTS AND PRICES PRIVATE BUSINESS SECTOR (PERCENT CHANGE FROM PRECEDING QUARTER - AT RNNURL RRTE) ,, , ,: , , ,, ,: OUTPUT PER HOUR OF RLL PERSONS I I I -------------~-------------~--------------~---I I I Ii.. I 1 ' 1 I I I I I I I I I • I I I I I I I I I I I I I 5 , ,, ,, ,, I 10 I I I -----.--------- ---~-------------~------------I , I I " • - 15 0 -5 I I -------------1-------------1--------------~--------~----r-----:--·'---~-------------~---- - ---Ilr-- . !, !, COMPENSRTION PER HOUR OF RLL PERSONS , 7.9 , __ .I ,, -------------1---------,,, ,, , -------------i-----~~~ , , . UN IT LRBOR COST ,, ,, _. - - - - r-- -- _._- --_. - --,-- - - - -- - - -- - ,, ,, ,, ,, , , , , I I ,, ,, - - - - - - -- -- - -,, , ~ I , -------------~------------- I ---- -------II 7.8 ~ -10 15 10 5 0 20 15 10 5 0 -5 35 EN T5·----------- -,-------------7------------, ------------- ---------- UN IT NONLRBOR ,, 1I ,, 19.3 , , ,, , ,, ---.-------.---.-~-------------~------- ----,,, ,, ,, ,, I I , , , , - -1-- --- -- -- -- --- f--------------:---, I , , --------- I I , , I 15 10 0 I I ,, , f 20 I I ,, , 25 5 I I 30 " ----------1I :,, IMPLICIT PRICE OEFLRTOR :,, ,, ,, 11 .2 -------------T------ ---------------~-------------~-------------~---------- -------------~-------------~-------------I I I -------------~--------~----~-------------~I I f I I I I I I I I I I I I I I I I -5 20 15 10 5 0 1972 1973 1974 1975 1976 1977 1978 1978 JULY 27. CHRRT 2. PRODUCTIVITY. HOURLY COMPENSRTION. UNIT COSTS RND PRICES NONFRRM BUSINESS SECTOR (PERCENT CHRNGE FROM PRECEDING QURRTER RT RNNURL RRTE) I I OUTPUT PER HOUR OF RLL PERSONS I I I I I I I I I I I I I I I I I I I I I . I .... - _ .......... - _ .... _ .. -- -- ...... - .- ................ ..e.- ................ - ___ _ I I I --~----------~-------------~--------------~---I 15 I I I I I 10 ~ I I I I I I I I I I I I I I II 0.6 5 I 0 I I I. I I I . I I -5 I I I -------------1-------------1-------------1i-------------r--------'·----1-------------ir--------l1r-I : .... _____________ I COMPENSATI N PER HOUR ' OF I I A~L I ___________ __________ L ~ I I I I I I UN I T LABOR COST .-----.. --___________ I • -------------~----I 5.1 ___________ _ I I I I I I II 7.4 _ I _____________ ..e._----__ ----__ ~ I I I I I I I I _______ .. _.~- ... I I I I I -------------!---------. : ~~------_------~ I I I I • PERSONS I I I I I I I I------------- ~ 10 0 I I I I I I I -5 30 J f I I I I I I I f , I I I I I I I I I I I I I . I 1_ .... - - - -_ .. - - - - ...- - - - - - .......... - - - :I :I : ------- --- -- ... - .......................... -_ .. --- .. -_ .. -_...... • • -- I I • . I , ---------:--- -~- ----------- -~ , - :f -_. _e. ___ -___ • I I t I II •• I I I I I I I I I I I _____ ..... __ .. ___ .. I I I I I• - -- -- - --- -- ~ - - - - - - - - - - f II -- - - - - - -- -,.. - I • I I I I I II II 5 0 -5 20 _ DEFLATOR:: I -- - - - ---- r- ------- - --- -_ ... ,- - ----- - - - - I I I I I I I I I I I f I I I I -~- f I II 9.6 - --- 1974 15 10 I I 5 I I 1973 15 10 • I I I 20 0 -- --1- ---- f . I I I I I I ____ .. ___. _ . __ •• , _____________ ... .. .... __ ................ L _~ 25 II 15.5 :I I I • • : :I I• I I I I I I .. __ .... _ .......... _________ .. ___ ol_ I I I I I --•. -,.----.------+----- I I I 0 1975 1976 1977 1976 JUL Y 27. 1976 0 25 15 -------------i------------- ,--------------r-------------t-------------·l-------------~-------------- 1972 5 5 I I I I I I ~- 10 20 I I I I I I I I I • -10 15 ... CHRRT 3. PRODUCTIVITY. HOURLY COMPENSRTION. UNIT COSTS RND PRICES NONFINRNCIRL CORPORRTIONS (PERCENT CHRNGE FROM SAME QURRTER R YERR AGO) , ,, , ,, OUTPUT PER I ~LL-EMPLOYEE HOUR . : I • 15 . I I I I I . I -------------.-------------~--------------~-------------.-------------~-------------~------------I I I , I , • • I I I f I I I , "" I I • I " i I , I ," I I I , ,, ,, , .. ,- . COMPENS~TION I , PER ,,, ,, I ~LL-EMPLOYEE , HOUR , , I I I 5 o I .l , ,, ----r_--------- I 1.2 .:, I I , , -------------T-------------,------,, ' I 10 I 9.5 -r-------------,-------------~------------- -5 15 10 I I ,, 5 ,,, I ,, ,,, ,, -------------T------------,, , ,,, o I I 8.1 --------r-------------,-------------,-------------, , , I , I I I I , , 15 10 I , 5 , I , .', ,, ,, , ,,, UNIT NONL~BOR P~Y , , , -------------~-------------,--------------r_-----, , , I I I I , I , I , I I I ~I I I I I , , , I I , I , I I I I _____________ _____________ J_____________ • I I , , I I I , , I , I I , I I 20 I I --------~-------------~------------I , 10 L __ _ , ,, ,, ., , ,, I I, I 1973 I , I I ,, ,, ,, ,,, ,, ,, , ,, ,, -------------.-------------~---,, , ,, 1972 , , , , -r-------------,-------------,-------------, , , , _____________ I " " 25 I "" I" o I , , , , I , I 2.0 I -5 15 I 1974 ,, I I : I -----~-------------1-------------~-------------- 1975 : ,,: :, 5 o , ,,, , ,, , , ---------~-----,,, ,,, ,, , 15 6.1 10 5 o 1976 1977 1978 JULY 27. 1978 CHRRT 4. UNIT COSTS. UNIT PROFITS. RND PRICES NONFINRNCIRL CORPORRTIONS (PERCENT CHRNGE FROM SRME QURRTER R YERR RGO) _____________ ~ _________ • ~ 1 • _____ L _____________ ~ _____________ ~ ____________ _ 1 UNIT 1 1 , ... -------------.------------- : : : 1 :1 :I :1 6.1 I I ---------.-------------~-------------~------------I 1 1 1 I I· • I I I I I ' I I I I I I --------T-----·-------,--------------r-------------r-------------,-------.-----,-------------- .f I • , I _____________ • ~ _____________ ~_______ • I I 30 I I I I I I I • ________ L•J _________ • ___ ~II _____________ ~ ____________ _ • I I I I I I I I I I I I I I I I I I I I I I I -------------.------------- r: I 20 , 4.4 La ---+-------------~-------------~------------I I I I I I I I I I I I , I a 1 1 1 I • I I I I ------------ ·t-------------:--------------:-------------t-------------t-------------:---------r---- -------------t-------------1--------------~-------------t-------------~-------------~------------- :1 :1 1 : : 1 1 1 1 : : 1 7.1 j ·10 2G LG 1 1 1 G I I I I t I I I I I • I I I I I I I I • I I I • I I I I I I I I I I I I I I I I I I I I -----------~-+-------------~--------------~-~-----------t-------------~-------------~-------------I I I • • I I I • t I • I I I I • • I • I I -------------.-------------~--------------~-----------~I . ' I I I I I I I I I , I I I I I I I I I I • I I I ----------1-------------~------------I I I I I I I I I I I I I I I I • I I I I • I • I • I I I I - ------ ·-----t---------· UN I T PROf I TS I I I I I I I I I I I I I I • I 1 1 1 1 I I 1 , 1 I I 1 I I 1 I I I ' I 1 1 1 1 • 1 1 1 . I , 1 I I 1 1 30 I I ._-- I I I 1 -4 ·0 I I I .--•............ _......._........,•••.•.... 1 I 1 1 1 , 1 • ,.... _.- ...•.. -- , , I I 1 I 1974 1975 I I 1 I I 1 I I , , 1 --- ------~-- --- --- --- -- -:--- -- -- -- ----- I 1 1 1972 -.---- I , 1976 10 a -10 1 I 1 20 I I I 1 40 I ------~-------------~---------------------T-------------,--------------~-----------~-----1 I . I I I I 6G 50 ------t---- --------1--------- .---~------------- I I I I .1 I 70 I I I • I 80 , • 1977 1978 JULY 27. 1978 -20 -30
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