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United States
Department
of Labor
Bureau of Labor Sta::li::
sl::iC::s' --_-'W:.:a::s"h"in"9.::
lo,,n:c,"D::.C=-.::20
= 2.::',,2_ __
L. J . fulcn (~~) ~l3-~ 2 &1
~ . D. H~yle (202) H3-191J
nDL 18-61;
lor Kel ..... '
Thursd.y,
Prh·.,.
~&Coan<
!;~oi~o..u ,
Non!o= Suoinu. , &.~d M..o.nu!aeturlnl
Fourth Quarter 1911
t.rod .nnual overaln for 1911)
increase i n hour. of .11
U , OO A.M. . , EST
16, 1918
J." ..... ry
H03a (lOll 3)3- 138"
~.nono.
In the ,h!.J
S.ct~.a .
~lL>.r'ftr .
~reducHv it y
tb nUhr!ce1 . . d . . included In thio pro .. <d ~ a.e reflect tho.
u•• of now ••• acnel factor. tn ILS .. t!aat •• o f oaployaent and
.,.rol. " ... kly h""ro. Tho.. . revlo.!cnl apply to d.,. [,"'" 1972
!" ....·ord . ih~ .. fle .. of t~1 " ... duo. is "",ot apparent In tho
_uun. of qu arterly ohon; .. at ' "",,pound ...~ nu al u t. ; o t h.",! ..
t~~ affoct or the c." .... ona1 fa ct on 1. ",1~1,,".ol.
SO'I""E : All
of tho. do.. . . ffut.d by th 0 ..... r.ctoro . . . <ontaln.d In ,101.
pu. . . . te ... .
I~ ~n~f~ot~tlng,
produotiyity declined 0.5 poteent, as
out~ut
3.0 peroont "hile houts of all peuon< Increased 3.5 percent.
perce~t.
T~.
In the third
pero~nt,
aDd
foutth quarter productivity deoline
~ ••
quartO< , produotiyity increased 5 . 2 ;>",cent. output tos< 5.6
hours incr.a5ed 0 ••
rose
th. !(nt drop in a YUt.
Revised
thlr~
,ua rter
~a'u t.o
·..ere also rel . . . od today (n,le J).
fOt tho
nonfln.~cj.l
corporat. sector
Fourth quarter measure. are .u=arhed
In table A; detaih ore Biven In tobin 1-6.
Prlv.tt Sudnuo $Qctor
~rivate b~.lne'5
Productiv ity incuued 1.. peroent in the
tn. fourth quortet of 1971, o. output ron
i~",UUd
~uonH
3.10
Output
po<c~nL
ir~w
percent and houts of all person.
~ .8
a t progru.hely .l""er utn In uch
of 1977, and the 4.8 percent fourth quarter Inoreas. ,"u the '!Dallut
~v"",~~u
olnoo 'he fourth quartu of 19J6.
pottem duclni the y oar ;
o 0.2
5eetor in
~ercent do<Hn~
Kourly
th~
durl"i
in noun did not .h"" • sl .. Ir.<
fourth quoner Incruu of 3 . 10 porcuo
,h~
c~po~.otion--~hlch
fo ll",,~d
third quarut.
include. the hourly co., of
wai~'
and
.00ori .. , suppl.""'nto , and o",;>Ioyer oontribution. to Social Secu<lty ond
other u'ployu b.".ftt plano--1"cnooed 7.0 ~ercont in th~ fo~rth quorter.
In th o thlr4 quarto<, hourly com;>enutl<>n
~o",pono . . lon __ oftoc
ln~naud
ros~
8. 5
p~r<~nt.
Real hourly
adJuotinii for chaniu in the Con.unet Prke Index (CPI)--
2 . 6 percont (at an annua l
<ot~)
prec.ding q .... ru<, the Incre .. . was 3 . 0
In tn. fourth qUOrt...
In the
per~OM.
Unit labo< COot, ~h1ch is lnflue~c~d by chang. . 10 out.u< per hour .nd
co"pe~sation
por
~o~r,
a 1.9 percont ri se
ron 5.6 peroont in the fourth quarter, co:n.orod "loh
~urln~
th thi r d quarter .
Tho futer rou of incr .... in
tho fourth quartor rellected tho slo~lni of the Ute of Inoru.~ In productivity , .tnc. hourly cocpenuUon lUw
Ie .. <ltan in
'h~
third qua<ter.
Table A.. Ptod uctlvHy and eooto :
(Su.onaUy M.Just~d)
Secto<
hodu<_
tlvlty
Peroent Change at Annual hte
I!:ou rly
C""'ponsatlon
1:nit
Labo"
Cost
ll.ea I
Houdy
C""",ensa tl on
Output
Houa
Third Quan« 1911 eo f ourth Quarur 1977
PRELL"!II1ARY
Privau Buainu.
U
, .0
.Ion! a"" Bcoi"" ..
U
U
l!anuf&cturin~
Duu~le
t:ondurable
-0.5
•••
..,
•••
'.0
- 1.9
..,
U
, .0
10.4
•••
..
,
'"
M
..
'"
,
U
'.0
,.'",
,..
'.0
'.0
'0
U
.0
0.'
.\.5
Seoond Quarter 1977 to Third Qua<ter 1971
REVISED
Konflnanoial
Co<pouti.on
•••
,. ,
'"
".
ro,.,nh Quart. . 1976 to fourth Qua ner 1977
P ~lvn.
au.in . . .
1<onfa= Su.lnua
..,.,
,
,.,
•••
..,
•••
Ourabl.
".
•• •
..,
Nondurabl e
' .0
' .0
>(anuhctu<ing
.. ,
PRELlMI~AAY
...
'"
'"
,.,
,
U
..
U
Thicd Qua«OT 1976
'"
'"
Third Quarter 1971
RtvlStD
~ : onf1n.nclal
Corpo~ation.
NOH:
•••
U
The data in this
t4~le
..,
' .0
"0
•••
•••
".
..,
..,
Inc orporat e. uvlsed seasQul facton.
""
' .0
•••
•••
U
U
,
Th. ("'pHd,
~nit
changes in
prl~.
deflator, .. b.1ch rdleots ,he c=bined .tt.eto of
lahoe cos, and unit nonlabor payt><nto , [ncuaud 5.5
iQ the touHh quarter, CO"l'ued vith ·a 5.2 peroent lnoruu
pue~nt
in 'he third
quar<u.
Co",p ~ dng
'M fourth
~uartu
of 19JJ <lith the iouroh
produotivity lnereued 2.9 percon' . output rose 7.0
all persons increa . ed 4,0 perctn,.
~our11
qu.ru~
pero~n',
of 19)6,
and houu of
c"=?enoation rose 8,4 percent
OVH tho year ur liH lev&!, whUe real hourly w ..?e~oa'ion inoru.. d 1.7 porcent.
"," n' u~
5.6
p~<oent.
1'0"[ 3 '" Bcaine.,
s.c,~<
hQduot;vlty t'.oruud 1.1
r~"'.'"
In the nonfa= bu.1U>s sector In
tho fourth qua«« of 1911, uflecHn i rl ou of 4.5 ?t<ce nt and 3.2
per'~"t
in output .nd hours, «~pe<tive ly, (ot annual rato.).
~uarter,
;rOduetivlty !nc ...... d 3.8
inCT<ao~d Q.9
"' ~ inly
i~~" U
puc.M.
Th~
pu~."t
ao ou'pu<
In the third
"o.~ , . ~ ,,~ccent
. nd houro
=odera t1on of ,h. <aU of i""""O of
produ~t1vi<y
ceflectod <he fa Mer incre .... e in hours of all penon., s1noe output
.i.,il~r
u<u in both 'iuutor ••
COI1pcnoation pu hou< rose 7.5 pHoon< in <h. nonfa,.., bu<i" . .. u Hor
in the
t¢u~th
qu ~ r<~r,
~.tchin8
the third quarter increase; r ea l hourly
co"'pe n .. Uon rose 3.1 peroent o"",pared ,,1th a 2.\
P~"C~"t
r(u 1" ,h. third
Una labo< coot ro.e 6.1 percent and the 1l1plioit pr1ee deflator
..·ent up 4.8 pe rcont in tho ,ouoth quartu .
:\'o'n~f&Oturing
Sectou
ProduCtivity declined 0.5 perc'""t In ,ho lo"nh qUUtU In r:>.&nufacturlni,
.. flecti.ng I 3.0 percent Incr .... in output eou"lrd
In houu.
fo~"h
~·lth
• 3,5 percent d . .
Thl. \las tho !lut drop I" _n"hct"rin , productivity sloce the
In 'hI third ~u . . ar, produUlvity Inuusod 5.2 pu-
quarter of 1976.
clnt as output ro . . 5.6 pe«'M and hou .. In",uSld 0 . 4 porce"t.
H<>url),
c".. • • " .. t10n rou 8.0 porelnt (ulJcpuod \lHh a 6.9 percent rl . . In the third
Quarter), "hilI real houdy co:cpensatlon increas.d 3 6 pucent (<<,,,,par.d
I~
"Hb I 1.5 perc.nt cloe
co"t .
~
tho
thl ~ d
quartor).
~er
;;,,1, hbo. coot ro . . 8.6
.ij;,,!fic.nt lncro,," f."", th.. 1. 6 percent rl •• In the third quaner.
~"oduet1 .. ity ~cll"ed
In Jurablu,
1.9 puc.nt, the second qul"erly
Output .... u? 3.0 perc.nt, but hour. In«uud 5.0 ponl"'.
d.op .hls year.
Partly Owing to ,hQ productivity dodl"., unit labor coot ro .. 10.4
hourly cocpon.ation
lner~.od
8.3
p.re~nt,
ancl real
perc~nt;
~ou tl)' e~pen.at10n
.0 ••
3. 9 percent.
In nondurables, productiVity Iner ..... d 1.6
.. fl ac<ln~ Incr ...... of 3.0
, .. pa,,1vely.
Increao~d
lIourly
~HC~nt
and 1.4
c""'ponut1o~ ~.~
~ . . e.n<
?~rcen'
In the fourth quarter •
In outpu, and h""rs.
7.0 porco"t, and unit labor cost
5.4 yercen',
Annual Revl .... of Productivity and Coo .. : 1917
Productivity
tha pacI of 1916.
gro~'h
n..
In tho private buolne ••• ector In 1977 did not oaten
2.4 pa".", Incraue in 1977 reflect.d • 6.0 paTcan.
Ineuaso In out?ut and a ).6 porcont rl .. In hour..
ro . .
4.~
porcen'.
During 1976. productivity
A1thou!!h output ,ro,,,th , ... coaparabla In both yu .. (up
7.0 porcent In 1976 and 6.0 porcont In 1977), gro.·th of hou<o of aU perlon.
&«olaratod during 1977.
Tho I""rean In houu "u ,ha I&rsoo, sI"ce 1973.
•
The ol",-inl of ,boo rat. of , '<Ntb,. of productivity In 19n " . . . bo
ev1d.~,
th~
In
Inc r ....... In unit
la~o r
con.
flu,
6.1 percut rio. In 1971 "u
laegu than the 4.7 pucent Incraue in 19]6. put l y oving to the d ..... ln& of
~r<>d .. alvH)· ~«'''th;
1976.
ho",iy cemp .. n. . ,lon Ire..
o1<"..1y In 1911 th.o.~ In
Roal hourly cOIII.enutlon Incr .... d 2.1 pe«ent In 1977, ,o:opaud "I th
a J.\ percent tI ... In 19J6.
C~nt
""n
n..., l"pl1cU price denator Iconned 5.1 ""r-
In 1977 and 4. 8 percent In 1916.
In 'he ncnlano b ..... I". . . "etCr, p,.o.:\u«!vlty In ....... d 2.0 puoont In
1977. ,o"",o,od "Hh .. 4 .1 percent <I.e In 1976.
Output IUW 5,9 puce"t,
of all par.OnA Inereaaad J.8 perca"t.
and
~C~l'.
8.5
~.rcent,
Hour\y
c~n •• 'lon
aod unit l.bor coat Incru.ed 6.' pncent.
rooe
The i"Plid. ,rice
def!.tor "ont up 5 .5 ""reeDt In 19n,
In =anuhcturlng , pr04u"lvlty InCtu. . d
I.~
~.2
p ..... H, • • n.ctlnll a
paro"nt Incr . . . . in durabl .. and .. ).1 pore..., • • iu In """durable..
C\'"tp~t
Incr. . .ed '.8 puent In tl>o. neter ••• vbola over 1976 lavdo, and
Ito",.. of all PHOOOO "".3.6 parcen t bllher.
.. cto ....... In.4 •
.,...""at
Houu in the .... nu!acu'lnll
1.""•• ,!>an In 191. and u
".~rlv
.h_ " .."'" lovd
as in 1967.
Th. du.able $cad. producln, •• ctor I. typically tho . . . t •• n.l'lv. to
cyclical fluctuations .
v1'~
.. 1.2
~re...,t
Productivity Incr uud 1.5 pucent in
loetus. In 1916.
l~n.
co,,!,ared
OutPUt lDcua. .d about half as .",eIL
.0101916 (up 6 . 1 percant 10 1911. 11.1 puc.nt In 1976) , bu, h.,uu i,e"
."",,""u futet In 1911 (4 . 8 pu •• nt vert". 4 .5 P'O'rcent In 1976) .
c","penutlon , GO.
8.~
Hourly
percant. and "nit I.bo, toot Incrund 6.9 P'O'«enL
In U76, <hue IncTO .... wer. 8.9 parcent and 1.3 por.en,. rupect!voly.
,
Output IT ..... S.l percent (oompand <11th.
with a 6.1 percent <I,. in 1916.
10.8 puoen. rl ... In 1976). and hours of .11 peuou (n<u .... ed 1.9 percent
8.9 ,atccnt and unl, l.bor cost ros" 3.6 percon. .
Ro.I hourly
c~en •• tlon
inc teased 2 .3 percent .
productivity and eost series are ba.ed on ",easuru which are aUect« by ,hue
The .. Heet of the ne>< data can lOoot dearly be ••• n In the qua <tuly
qu.><,.....
chang.. at ",,",pound ann,..1 <ou ; table B 1l1UHut .. tM .H.c, for \917 in
tho p.lvo. . bus!n. . . sector .
!able B.
The historical uri .. afhctod by the revisions
Ptlvat. Butln. . . S"",or
Productlv;ty and RoI.t.d
~
•• ur ••
Befot. nd Afto. Introduction
ot
,
:-I. .sure
Productivity
IIo"rly
u_
Hou,"
0,1111"01
~ew
'"
R&vlsed
.. .. ,
,
C01OpUoa-
lI.3
11.8
'-'
'-'
Su.onal factor.
Hte'
H
Original
Rniod
- 1. 1
-1.0
..,
.. ,
...
..,
Orlil"ol
.. ,
•••
-0. S
'"
Revised
,..
..,
-0.2
•
:'onfinanclal Co<pora,jons
The Bur.au Of Lobor Sta,I.,le• • 1.0 ,.I •••• d r.vlscd thied quarteT
""uucu of productivity and eoat. foe the nonl1nandaJ, eocpouto -eCtor.
Thi . . .etor ,
St a t.s
~lth
~'hlch
lncl"du .11 co-rpQution. doina
,h• • ~."tlon of banko, o<oek and
and in&ur."o. eo"?,,,i. . ,
'be third
~u.etU,
~nlt.d
brokers, a nd finance
• 4 . 4 puc*n, [ncrUs. In
p<<>d~Ctlvlty
Pnvlouoly, ,hue inceu.... !Lad been
prod~ctlvl'y
houn. rupoc'l"ely.
c~dl'1
In th e
in
.. ou t;>ut ro .. 5 . 0 p.<unt and ho"," of all e><?loy . . .
lnore. . .d 0.6 ?uoent.
J . 8 pecce"t In
.~""ad
b".in~ . .
r~P<'<t ed
at
and 3.9 percent and 0.1 peTe.". in output and
,"RLF I , P" I " TE
~UuWL '
H." '""
Q"'''' H
-----
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"
'""
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FOOTNOTES, TAlILES 1 TO 6
SOL"CE , Out put d .. t .. hOI:1 tlla :lur ....u of [con"",1c Analysis, U.S. Depart_nt
of C=erce and the Federal R~nrve lIoard . C""'p~nut10n and h<mrs data frCIII
the Sureau of Labor Statistics, US.S .
Econo",ic Analy.is .
Depart~ent
of Labor a nd
t~e
Bureau of
(1)
liag ... and ulariu of e:oployus plus ,"",ployers' contributions for sodal
insurancs and pdvau bendit plans . Exc ep t for nonfinancial corporations.
·.here tnere are no self·"'~loyed, data a lso includes an esti_t e of ~·.ges,
s alari es , and s upple::lental pay=ents for the •• ll-e~ployed .
(3)
Nonlsbor pay:::enu inelude p,ofits, depreciatior., interest. rental income and
incH .. et taxes.
(4)
Current dollar gro •• product
(5)
hrcent c~ange compounded at annual rat .. fro",
ind"-,, n"",bers.
(6)
Curr."t
~uan"r
d~vided
by
const.~t
doll .. r gross product .
~rlg1nal
data rather
tha~
di ',ided by co:puabh quanu a year ago.
(7) Quar:arly :u.uru adjustad to a cnual uti:n.atu of output (gross product
originating) frc" tt.e lIu r u .u of teon"",ie A.'lalys!s, U.S. D.. pan;::e"t of C= ... rc~.
(8) Unit
nonl abo~
costs includa depreciation , int ... rest, .. nd indinct
<.,.~s .
(9) Total u"it costs is the su:: of hbor and non- labor cosu.
(IO) linit profits :'nelude corporate proHts a"d inventor; vah at ion adjust:e"t .
(11) Th .. durable s ector includes the follo y ing 2- digit SIC indu.t~ias : pricary
::.ootal; fabricated ", .. tal ?roducts; nonelectrical :nacb,in... ry; electrical
:.acb,iner~;; transportation equi?"",,,t ; ins tru:cen u; l=ber and lu<::b.r ?ro~ucts; Clay, slass , and stOne p r oduc< s ; furniture ~'lC fixtur .... ; and "iscellan~ous
:o.anufactures.
(12) Th. nondurabh uc tor includ.s the iolloving 2- diglt SIC industries:
t&:«U .. "'ill products; apparel ?roducts ; leather and leather prOducts; papu
and paper products; printing and ?u~lishin g; ehe::>icals and ch .."lcal produeu;
petroleum products; rubber and plastic pr Oducts; foods ; .. nd tobacc o prOducts.
PRODUC TI VI TY. HOU RLY
CHRR T 1
CO MPENSRTI ON UN! T COSTS RNO PR I CES
PR !V RTE BUS I NESS SEC TO R
( PERCEN T CHR NG E FR OM PRE CE DING
QURRTER RT RNN URL RR TE J
"
"5
,,,
,,
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,,
PEI{ SONS
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.
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i c on ENS RTION r ER HOU R Of
,,
RLL PERS ONS
:
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PRYMEN TS
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,,
,,
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15
----
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0
197 1
19 7Z
197 J
19 74
19 7:5
197 6
1 9 77
JRN 2 6. 19 7(1
PRODUCTIVI TY. HOURLY
UNIT COSTS RND PRICES
NON FRRM BUSiNESS SECTOR
(P ER CENT CHRNGE FR OM PRECEDING
QURRTER RT RNNURL RATE)
CHART
2.
COMFENSRT I ON
,,,
,,
OUTf'UT PER HOUR
PERSONS
,,,
J,
'"
,
,
,
,
------- ----------_. ----_
.. _--- --------------_._------------.---------------------------.---,
,
,
,
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5
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,
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COMPENSFH10N PER HOUR OF RLL PERSONS
:
,
.-----~
---------~---
7.5
---------
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- >0
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5
--_. __ . _-----.-----_
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,,,
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UN I T NON L !=lB OR P!=lYMEN TS
'
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-------------,--_._----_._-,-_._._._-.--
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:,
,
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"
1971
1972
1973
-,
,
,
"
"
-------------~-------------~-------------~-----.-------t· -----------~-------------~------------,
,
,
:
20
197.0,
"
-----.---.-----.- - -. - -. ~ .--.--- -
'---+' -_/"-~'J'
1975
..---
-----
1976
1977
JAN 26. 1978
~
]
20
"
",
0
CH ART 3.
PR OD UCTIVI TY. HOU RLY
COM PENS ATI ON. UNI T COSTS AND PR I CES
NONF I NAN CI AL CORP ORATI ONS
( PER CENT CH RN GE FR OM SRME
QUARTER R YE AR AGO]
r---------",---------c,----------"---------"----------"---------,'----------,
,
:
,
,
,
,
,
.
:
:
,i, /
'
'
:
OU TP UT PER AL L -EMPLOYEE HOU R
·:
.:
,
,
-
-------------! - - - - - ---- - - - -1-------------cr-------------:-------------~,-- -----------~------------I ,
:,
i·
i:
:
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Z _3
1-
y;
I-
:
::
I-
:
:
cdMPENSA T 1 0~
PER
----------- --~-, ------------ ,-------------..:.------
RLL ~EM PL OY EE
HOUR
!II I -
,
8 .8
-- - ~ - ------- --~- ----- ------...--------------1 -
·••
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10
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CHRRT 4
UN IT COSJS. UNIT PROFITS RNO PRICES
NON FINANC IAL CORPORATIONS
(PERCENT CHANGE FROM SANE
QURRTER R YEAR RGO)
-_. __ .. _.. __ .\-_ .... _...
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,
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UNIT LR80R C O S T ,
20
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