The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
News Bureau of Labor Statistics Lawrence Fulco Kathryn Hoyle (202) 523-9261 (202) 523-1913 United States Department of Labor Washington, D.C. 20212 USDL 81-509 For Release 10:00 AM EST Thursday, October 29, 1981 Table A. Productivity and costs: percent change at annual (Seasonally adjusted) Real Sector Private business Monfarm business Manufacturing Durable Nondurable Productivity Hourly compensation Unit labor cost rate hourly compensation PREL:IMINARY Second Quarter 1981 to third quarter 1981 -1.9 9.3 11.4 -2.4 11.9 9.4 -2.2 -2.2 10.0 1.4 8.4 -1.7 -1.3 9.2 10.5 1.1 -2.4 7.2 9.3 1.9 Output -1.2 -1.9 0.2 -0.7 1.5 0.7 0.3 -1. 3 -1. 8 -0. 4 0.1 -2.0 3.3 2.9 8.1 9.7 5.7 2.0 2.1 3.1 3.7 2.2 5.6 1.8 PRODUCTIVITY AND COSTS REVISED First quarter 1981 to second quarter 1981 Private Business, Nonfarm Business, and Manufacturing Sectors Third Quarter 1981 Productivity in the private business sector declined 1.9 percent at a Nonfinancial corporations U.S. Department of Labor. This was the f i r s t f a l l o f f in productivity in this sector since the 1.1 percent decline during the fourth quarter of 1980, and the largest decrease since the 2.3 percent drop during the f i r s t quarter of 1978. Private business Nonfarm business Manufacturing Durable Nondurable The decline during the third quarter of 1981 followed a 3.5 percent increase during the second quarter. 9.3 7.0 2.1 1.3 0.8 4.8 5.7 3.4 10.0 10.1 10.6 10.9 9.8 8.6 9.3 5.5 4.9 6.2 -0.7 -0.6 -0.2 0.1 -0.9 REVISED Second quarter 1980 to second quarter 1981 In the third quarter, output f e l l 1.2 percent, and hours of all persons engaged in the sector increased 0.7 percent (seasonally 2.2 PRELIMINARY Third quarter 1980 to third quarter 1981 seasonally adjusted annual rate in the third quarter of 1981, according to preliminary measures reported today by the Bureau of Labor Statistics of the He)ur Nonfinancial corporations 3.8 10.1 6.1 0.3 adjusted annual rates). In the nonfarm business sector, productivity declined 2.2 percent in the third quarter, as output declined 1.9 percent and hours edged up 0.3 percent. In manufacturing, productivity increased 1.4 percent in the third quarter, as output increased 0.2 percent and hours of all persons declined 1.3 percent One quarter earlier, productivity gained 1.4 percent, as output f e l l 1.1 percent (annual rates). During the second quarter productivity increased 4.1 percent in and hours dropped 2.5 percent (seasonally adjusted annual rates). this sector, as output increased 3.3 percent and hours declined 0.7 percent. NOTE: The productivity and cost measures for manufacturing contained in this press release are based on the latest industrial production data compiled by the Federal Reserve Board (FRB) and are consistent with the revised seasonal factors released by the FRB on October 16, 1981. Data prior to the fourth quarter of 1978 were not affected. See appendix tables 1-3. Although the productivity measures relate output to the hours of all persons engaged in each sector, they do not measure the specific contributions of labor, capital, or any other single factor or production. Rather, they reflect the joint effects of many influences, including new technology, capital investment, the level of output, capacity u t i l i z a t i o n , energy use, and managerial s k i l l , as well as the s k i l l s and efforts of the work force. A summary of third-quarter changes in productivity and costs appears in table A; details are found in tables 1-6. -4- -3- : j rivate business sector Nonfarm business sector The 1.9 percent productivity decline in the t h i r d quarter of 1981 came after 2 quarters of growth in, the measure. The 4.6 percent and 3.5 percent advances in Productivity in the nonfarm business sector declined 2.2 percent in the third quarter of 1981, as output declined 1.9 percent and hours increased 0.3 percent the f i r s t and second quarters of the year were the strongest gain since 1977. (annual rates). Although output declined 1.2 percent in the t h i r d quarter of 1981, hours increased fall during the fourth quarter of 1980, and the largest drop since the 2.9 percent s l i g h t l y , reflecting employment growth and with some drop in average weekly hours. decline during the second quarter of 1980. Hourly compensation increased 9.3 percent in the t h i r d quarter, compared with a 10.4 percent increase during the second quarter. Hourly compensation includes This was the first decline in productivity since the 0.2 percent Hourly compensation increased 9.4 percent in the third quarter, down slightly from the 9.6 percent increase during the second quarter. Unit labor costs rose wages and salaries, supplements, employer contributions to employee benefit plans 11.9 percent, the largest increase in this series since the 14.6 percent jump in and taxes, and all other fringe benefits. the second quarter of 1980. During the second quarter of 1981, unit labor costs Unit labor cost, which reflects both changes in hourly compensation and productivity, increased 11.4 percent in the third quarter, compared with a 6.6 percent increase during the preceding period. This was the largest quarterly increase in unit labor costs since the 14.4 rose 8.1 percent. Real hourly compensation declined at a 2.2 percent annual rate, compared with a 2.4 percent gain during the second quarter. This was the first decline in real hourly compensation since the 2.7 percent decline in the fourth quarter of 1980. percent gain during the second quarter of 1980. Real hourly compensation—hourly compensation adjusted for changes in the Compared with the third quarter of 1980, productivity in the nonfarm business Consumer Price Index for All Urban Consumers (CPI-U)—decreased 2.4 percent in sector increased 0.8 percent as output rose 2.9 percent and hours increased 2.1 the third quarter (annual rate), the f i r s t decline this year. percent. The i m p l i c i t price deflator, which shows the effects of changes in unit labor costs and unit nonlabor payments combined, increased 9.9 percent in the t h i r d quarter, compared with a 6.2 percent gain during the second quarter. Compared with the third quarter of 1980, productivity increased 1.3 percent, as output rose 3.3 percent and hours increased 2.0 percent. rose 10.0 percent and unit labor costs increased 8.6 percent. Hourly compensation Real hourly compensation declined 0.7 percent over the 12 month period, and the implicit price deflator rose 9.0 percent. Hourly compensation increased 10.1 percent and unit labor costs increased 9.3 percent. Real hourly compensation was 0.6 percent lower than it had been 12 months earlier, and the implict price deflator went up 9.6 percent. -5Manufacturing Productivity in the manufacturing sector increased 1.4 percent during the third quarter of 1981, compared with a 4.1 percent gain during the second quarter. The third quarter advance reflected a 0.2 percent increase in output coupled with a 1.3 percent decline in hours. Although manufacturing employment grew in the third quarter, the shortening of the average work week more than offset the employment growth. Hourly compensation increased 10.0 percent in the third quarter, compared with a 10.8 percent rise during the second quarter. Unit labor costs rose 8.4 percent, and real hourly compensation fell 1.7 percent (annual rates). Compared with the third quarter of 1980, manufacturing productivity increased 4.8 percent, as output grew 8.1 percent and hours of all persons increased 3.1 percent. Hourly compensation rose 10.6 percent and unit labor costs went up 5.5 percent. Nonfinancial corporations The Bureau of Labor Statistics also reported revised Second quarter productivity and cost measures for the nonfinancial corporate sector today. 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 carriers, showed a 2.2 percent increase in productivity during the second quarter as output increased 0.1 percent and hours declined 2.0 percent. Previously, productivity was reported to have increased 0.9 percent, as output fell 1.3 percent and hours dropped 2.2 Dercent, based on preliminary results. Table B compares the preliminary and revised measures. -6Table B. Nonfinancial corporations: preliminary and revised second quarter measures of productivity and costs. Quarterly change at annual rate. (Seasonally adjusted) Measure Preliminary Revi sed 0.9 2.2 Output -1.3 0.1 Hours 2.2 -2.0 Hourly compensation 9.2 9.3 Real hourly compensation 2.1 2.1 Unit labor costs 8.3 7.0 -19.4 -13.9 7.1 6.2 Productivity Unit profits Implicit price deflator Revised data The productivity and cost measures for the manufacturing sector contained in this release are based on revisions to the index of industrial production published by the Board of Governors of the Federal Reserve. The revised measures are shown in tables 4-6 and appendix tables 1-3, covering the period from the fourth quarter of 1978 forward. quarters affected by this revision. This release contains all the HOURLY YEAR A N D QUARTER TABLE 1. PRIVATE 3USINESS COMPENSATION/ UNIT LABOR OUTPUT PER HOUR OF ALL PERSONS OUTPUT SECTOR/ A L LPERSONS: PRODUCTIVITY/ COST/ ANDPRICES/ SEASONALLY ADJUSTED HOURS OF ALL PERSONS INDEXES 1980 COMPENSATION PER H 0 U R (1 ) REAL. COMPENSATION PER H0URC2) UNIT LABOR COST UNIT NONLABOR PAYMENTS^) IMPLICIT PRICE DEFLATOR 1977=100 I II III IV 99.5 99.1 99.4 99.1 1C8.7 1C5.4 105.7 107.5 109.2 106.4 106.3 108.4 126.4 130.1 133.1 135.9 96.7 96.5 96.9 96.0 127.0 131.3 133.9 137.0 115.2 116.0 119.7 122.7 123.0 126.1 129.1 132.2 ANNUAL 99.3 106.8 107.5 131.5R 96.7R 132.4R 118.3R 127.6 109.5 109.5R 109.2P 109.2 108.3R 108.4P 139.7 143.2 146.4P 96.1 96.8 96.3P 139,4 141.6R 145.5P 127.6 129.3R 131.5P 135.4 137.5R 140.7P 11.2 2.6 13.7 10.2 9.7 10.5 9.8 9.9 1981 I II III 100.3 101.1R 100.7P PERCENT CHANGE FROM PREVIOUS QUARTER 1980 I II III IV ANNUAL 1981 I II III 1.6 -1.8 1.3 -1 .1 1.6 -11.5 1.1 6.9 0.2 -9.9 -0.2 8.1 10.7 12.3 9.5 8.6 -5.0 -0.7 1.6 -3.8 9.0 14.4 8.1 9.8 -0.2 -0.3 -0.6 10.2R -3.0 10.4R 6.6R 9.2 4.6 3.5R -1 .9P 7.9 -0.1 R -1 .2P 3.1 - 3 . 5R 0.7P 11.8 10.4 9.3P 0.4 3.2R -2.4P 6.9 6.6R 11.4P 17.2 5.3R 6.8P 10.0 6.2R 9.9P PERCENT CHANGE FROM CORRESPONDING 1980 I II III IV ANNUAL 1931 I II III SEE FOOTNOTES R=REVISED P^PRELIMINARY QUARTER OF PREVIOUS YEARC6) -0.1 -0.6 0.0 0.0 0.9 -1 .6 -1.9 -0.7 1.0 -1.0 -1.9 -0.7 9.9 10.1 10.3 10.3 -3.8 -3.8 -2.3 -2.0 10.0 10.8 10.3 10.3 5.1 5.1 7.4 9.3 8.4 9.0 9.4 10.0 -0.2 -0.3 -0.6 10.2R -3.0 10..4R 6.6R 9.2 10.5 10.1 1C.0P -0.7 0.3 -0.7P 9.7 7.8R 10.8 11.5R 9.8P 10.1 9.OR 9.OP 0.7 2.1P 1.3P FOLLOWING AT ANNUAL RATEC5) 0.8 3.9R 3.3P 0.0 1 .8R 2.OP TA3LE 6. OCTOBER 29/ 1981 SOURCE: BUREAU OF LABOR STATISTICS TABLE 2. NONFARM BUSINESS SECTOR, ALL PERSONS: PRODUCTIVITY, HOURLY COMPENSATION, UNIT LABOR COST, AND PRICES, SEASONALLY ADJUSTED YEAR AND QUARTER OUTPUT PER HOUR OF ALL PERSONS OUTPUT HOURS OF ALL PERSONS COMPENSATION PER HCURC1) REAL CCMPENSATION PER H0URC2) UNIT LABOR COST UNIT NONLABOR PAYMENTS(3) IMPLICIT PRICE DEFLATOR INDEXES 1977=100 1980 1981 I II III IV 98.9 98.2 99.0 99.0 108.5 1C5.1 105.3 107.7 109.8 107.1 106.9 108.8 126.0 129.4 132.3 135.4 96.4 96.0 96.3 95.6 127.4 131.8 133.6 136.8 113.9 115.1 119.2 122.0 122.9 126.3 128.8 131.9 ANNUAL 98.8 106.8 108.1 13C.8 96.2 132.4 117.6R 127.4 100.0 100.4R 99.8P 109.7 1C9.4R 108.9P 109.7 109.0 109.1P 139.1 142.4 145.6P 95.7 96.3 95.7P 139.1 141.9R 145.9P 127.8 128.7R 131.3P 135.3 137.5R 141.1P 14.6 4.2 15.0 9.9 11.3 11.3 8.2 10.0 I II III PERCENT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATE(5) 1980 1981 I II III IV 0.3 -2.9 3.6 -0.2 1.4 -12.1 2.9 7.1 1.1 -9.5 -0.7 7.3 10.2 11.3 9,0 9.8 -5.4 -1.6 1.2 -2.7 9.9 14.6 5.3 10.1 ANNUAL -0.3 -0.9 -0.6 9.9 -3.2 10.3 8.4R 9.7 4.3 1 .4R -2.2P 7.9 -1 .1R -1.9P 3.5 -2.5R 0.3P 0.2 2.4 -2.2P 7.0 8.1R 11.9P 20.3 3.OR 8.5P 11.0 6.5R 10.8P 6.4 6.9 9.1 10.8 9.1 9.7 9.6 10.2 I II III 11.6 9.6 9.4P PERCENT CHANGE FROM CORRESPONDING QUARTER OF PREVIOUS YEAR(6) 1980 1981 I II III IV -0.7 -1.0 0.1 0.1 0.6 -1.9 -1.8 -0.5 1.3 -0.9 -1.9 -0.6 9.7 9.9 10.1 1C.1 -4.0 -4.0 -2.5 -2.2 10.4 11.0 9.9 9.9 ANNUAL -0.3 -0.9 -0.6 9.9 -3.2 10.3 10.4 10.0 10.1P -0.8 0.2 -0.6P I II III 1.1 2.2R 0.8P SEE FOOTNOTES FOLLOWING TASLE 6. R=REVISED P=PRELIMINARY 1.1 4.1R 2.9P OcO 1.9R 2.1P 9.2 7.6R 9.3P 8.4R 9.7 12.2 11 .8 10. 2P 10.1 8.9R 9.6P OCTOBER 29, 1981 SOURCE: BUREAU OF LABOR STATISTICS TA9L£ 5 • UNIT LA80R YEAR AND OUTPUT PER A L L - QUARTER EMPLOYEE HOUR COST/- U N I T EMPLOYEE HOURS OUTPUT PROFITS^ HOURLY COMPENSA- AND PRICES/ SEASONALLY REAL HOURLY UNIT LABOR TJQN COMPEN- COST (1) SATIONC2) ADJUSTED LA90R COST COSTC8) (9) UNIT PROFITS (10) UNIT NON- TOTAL UNIT IMPLICIT PRICE DEFLATOR INDEXES 1977=100 1980 1981 I II III IV 100.2 100.1 101.8 101.8 109. 106. 107. 109. 109.6 106.7 105.8 107.8 125.7 129. 3 132.5 135.5 96.2 95.9 96.5 95.7 125.4 129. 1 130.2 133.1 120. 129, 133, 136. 124, 129. 131. 134. 95.5 83.4 89.1 92.4 121.0 124.1 126.4 129.5 ANNUAL 101.0 108.5 107.5 13C.7 96.2 129.4 130.2 129.7 90.2 125.2 103.3 103.9R 112.8 112.8R 109.1 103.69 139.2 142.3 95.7 96.2 134.7 137.OR 139.5 143.6R 136.0 138.7R I II PERCENT 1980 1981 CHANGE FRC? PREVIOUS QUARTER AT ANNUAL 106.8 102.8R 132.7 134.7R RATEC5) I II III IV 1.5 -0.5 6.7 0.0 2.2 -10.9 3.4 7.9 0.7 -10.5 -3.1 7.9 1C.2 12.0 10.2 9.4 -5.4 -1.C 2.2 -3.1 3.6 12.6 3.2 9.4 13.5 30.6 14.7 9.5 9.8 17.C 6.2 9.4 15.3 -41.9 30.3 15.7 10.3 10.5 7.9 9.9 ANNUAL 0.6 -0.7 -1.3 10.1 -3.0 9.5 15.6 11.0 -8.9 9.1 6.3 2.2R 11.5 0.1R 4.8 -2.OR 11.4 9.3R 4.3 7.OR 7.9 12.3R 77.9 -13.9R 10.4 6.2R I II 0.0 2.1 5.6 8.4R PERCENT CHANGE FROM CORRESPONDING QUARTER OF PREVIOUS YEARC6) 1980 I II III IV UAL 1981 I II -0.3 -0.5 1.3 1.9 0.4 -2.0 -1.6 0.4 0.7 -1.5 -2.3 -1.5 9.8 9.9 10.3 10.4 -3.9 -3.9 -2.2 -1.9 10.1 10.5 3.9 8.4 12.2 16.3 16.8 16.8 10.6 12.0 11.0 10.5 -9.5 -17.2 -8.6 . 0.3 8.5 9.1 9.1 9.6 0.6 -0.7 -1.3 10.1 -3.0 9.5 15.6 11.0 -8.9 9.1 -0.5 1 .8R 10.8 10.1 -0.5 0.3 7.4 6.1R 15.4 11 .1R 11.8 23.3R 9.7 8.6R 3.1 3.8R 2.6 5.6R SEE FOOTNOTES FOLLOWING TA3LE 6. R-REVISED P=PR£LIMINARY 9.5 7.4R OCTOBER 29/ 1981 SOURCE: BUREAU OF LA80R STATISTICS TABLE 4. MANUFACTURING SFCTOR: COMPENSATION/ UNIT LABOR COST/ YEAR ANO QUARTER OUTPUT PER HOUR OF A L L P E R S O N S OUTPUT (7) HOURS OF A L L PERSONS INDEXES 1980 I II III IV ANNUAL 1981 I II III I II III IV ANNUAL 1931 I II III I II III IV ANNUAL 1981 I II III SEE F O O T N O T E S F O L L O W I N G R=REVISED P ~ P R E LIMIN A R Y UNIT LABOR COST 1977=100 103.0 101.6R 99.9R 105.1R 105.9 100.9 99.2 101.8 125.4 130.0 133.9 137.3 95.9 96.4 97.5 97.0 122.9 129.1R 133.OR 133.OR 101.7 103.6 101.9 131.6 96.7R 129.4 104.1R 105.1R 105.5P 107.OR 107.9R 107.9» 102.3 102.6 102.3P 14C 9 144 6R 148.1P 96.9 97.8R 97.3P 135. 4R 137, 5R 140. 3P -0.4R -4.9R O.OR 10.4R -0.3 CHANGE FRO* PREVIOUS QUARTER A T ANNUAL RATEC5) -1.0 -21.69 -6.6R 22. 5* -0.6 -17.6 -6.5 11.0 10.4 15.5 12.7 1C.5 -5.3 2.1 4.5 -2.2 10.9 21 .4R 12.7R 0.1R -4.6 -4.3 10.7 -2.5 11 .OR 4.C -0.7R -1.3P 11.1 10.8R 10.OP -0.3 3.5R -1 .7P 3R 1R 1 .4P 7.5R 3.3R 0.2* PERCENT 1980 REAL COMPENSATION PER HOUR(2) CO^PENSATION PER HCURC1) 102.0 100.7R 100.,7R 103 ,2R PERCENT 1980 PRCDUCTIV ITY/ HOURLY SEASONALLY ADJUSTED CHANGE FRO*! CORRESPONDING QUARTER O FPREVIOUS 5R 4R 8.4P YEARC6) 0.5 -1.6R -1.3R 1.1R -1.2 -6.4S -7.9R -2.9R -1 .7 -4.9 -6.7 -4.0 9.4 9.6 11.7 12.2 -4.2 -4.3 •1.0 -0.3 8.9 11.3 13.2R 11 .OR -0.3 -4.6 -4.3 10.7 -2.5 11.OR -0.99 6.2R 8.1P -2.9 1 .7 3.1? 12.4 11.3R 10.6P 1.0 1 .4R -0.2P 10.2R 6. 6R 5.5P 2.1R 4.4R 4.8* T A 3 L E 6. O C T O B E R 29/ 1981 S O U R C E : B U R E A U OF L A B O R T A3LE 5. DURABLE COMPENSATION/ MANUFACTURING SECTOR: PRODUCTIVITY/ HOURLY UNIT LABOR COST/ SEASONALLY ADJUSTEDC11) STATISTICS T A 3 1 E 5. 0 U * A 3 L £ COMPENSATION/' YEAR AND QUARTER OUTPUT'PER HOUR OF ALL .PERSONS OUTPUT (7) MANUFACTURING SECTOR: PROOUCTIV ITY, HOURLY UNIT LABOR COSTr SEASONALLY ADJUSTEOC11) HOURS OF ALL PERSONS REAL COMPENSATION PER H0URC2) COMPENSATION PER HCURC1) UNIT LABOR COST INDEXES 1977:MOO 1978 1979 I II III IV 99.4 101.1 101.8 101.9 132.7 106.3 108.7 110.9 103.3 105.2 106.8 108.9 105.0 106.4 108.5 111.1 100.8 100.0 99.7 99.6 105.7 105.3 106.6 109.0 ANNUAL 101.0 107.1 106.1 107.8 100.1 106.7 I II III IV 100.7 1Q1 .6 100.1 100.3 111.7 110.4 109.5 109.1 110.3 108.6 109.4 108.7 114.1 118.4 119.3 121.5 99.8 100.6 98.1 96.6 113.2 116.6 119.2 121.1 ANNUAL 100.7 110.2 109.3 118.4 98.3 117.5 PERCENT 1978 I II III IV 1979 I II III IV ANNUAL 1979 PREVIOUS QUARTER AT A N N U A L RATEC5) -1.0 14.7 9.5 3.4 4.3 7.2 6.3 3.1 8.6 5.7 8.1 9.6 1.4 -3.1 -1.4 -0.4 14.9 -1.3 5.0 9.4 1.0 7.1 6.1 7.8 0.1 6.7 -4.4 3.4 -5.6 0.7 2-7 -4.6 -3.0 -1.6 7.4 -7.8 2.7 -2.3 11.3 16.1 3.1 7.5 0.8 3.3 -9.5 -5.9 16.4 12.3 9.2 6.7 -0.2 2.8 3.0 9.8 -1.3 10.1 PERCENT 1978 FROM 7.0 3.0 0.2 -5.5 ANNUAL CHANGE CHANGE FROM CORRESPONDING QUARTER OF PREVIOUS YEARC6) I II III IV 0.3 0.9 1.2 1.1 7.0 6.7 7.0 7.7 6.2 5.3 5.8 6.6 7.4 7.3 8.0 1.6 0.2 0.7 0.9 7.5 6.4 6.1 6.8 ANNUAL 1.0 7.1 6.1 7.8 0.1 6.7 1.4 0.5 -1 .6 -1 .5 S.7 3.8 0.7 -1 .7 7.3 3.3 2.4 -0.1 Z.I 11.3 9.9 9.4 1.0 0.6 -1.6 -3.0 7.2 10.7 11.8 11.1 -0.2 2.3 3.0 9.8 -1.3 10.1 I II III IV ANNUAL SEE FOOTNOTES R=REVISED P=PRELIMINARY FOLLOWING 3.3 TA3LE 6, 0CT08ER 29, 1981 SOURCE: BUREAU OF LASOR STATISTICS YEAR AND QUARTER OUTPUT PER HOUR OF ALL PERSONS OUTPUT (7) HOURS OF ALL PERSONS INDEXES 1930 I II III IV 99.9R 93.9R 93.3R 1C1.1R ANNUAL 1981 99.6 I II III 102.2R 103.7R 103. ?P I II III IV -1 .8R -3.2R -2.4R 12.OR ANNUAL 1981 -1.1 I II III 5R 6R 1.1P I II III IV -0.9 -2.6 - 1 .8R .0.8R -1.1 ANNUAL 1981 2.4R 4.8R 5.7P I II III SEE FOOTNOTES R=REVISED P=PRELIMINARY FOLLOWING UNIT LABOR COST 1977=100 108.5 101.9 99.3 103.1 125.1 129.9 134.1 137.7 95. 96, 97, 97. 125.3 131.4R 136.4R 136.2R 1C2.9 103.3 131.6R 96.8 132.1R 1C6.4R 107.8R 107.6? 134.1 104.0 103. 5P 141.4 145.0 148.7P 97.2 98.1R 97.7P 138.3R 139.9R 143.OP CHANGE PROP1 PREVICUS QUARTER RATEC5) 11.3 14.4R 21.1ft 16.2R -0.7R -5.6 11.2 -2.1 R 12.5 4.0 -0.5 -1 .8P 11.1 10.7R 1C.5P -0.3 3.5R -1.3P -0.8 -22.4 -8.0 14.0 12. -6.6 8.7P 5.13 -0.7P CHANGE AT ANNUAL -3.7 2.9 5.2 -1.4 -2.6R -25.3R -10.2R 27.8P PERCENT 1980 COMPENSATION PER HOURC2) 108.4R 1C0.7P 98.1R 104.3R PERCENT 1980 COMPENSATICN PER HOURC1) 13, FROM CORRESPONDING QUARTER OF PREVIOUS 6.3R 4.8R 9.2P YEARC6) -3.C -8.7 -10.5* -4.4R -2.1 -6.2 -8.8 -5.2 9.6 9.7 12.4 13.3 -4.1 -4.1 -0.5 0.7 10.6R 12.7R 14.5R 12.4R -6.6 -5.6 11.2 -2.1R 12.5 - 1 -8R 7.OR 9.7? -4.1 2.1 3.7P 13.0 11.6 10.9P 1.6 1.7 0.1P 10.4R 6.5R 4.9P TA3LE 6. OCTOBER 29/ 1981 SOURCE: BUREAU OF LABOR STATISTICS TABLE 6. NONDURABLE MANUFACTURING SECTOR: PRODUCTIVITY/ HOURLY COMPENSATION/ UNIT LABOR COST, SEASONALLY ADJUSTEDC12) YEAR AND QUARTER OUTPUT PER HOUR OF ALL PERSONS OUTPUT (7) HOURS OF ALL PERSONS INDEXES 1980 I II III IV ANNUAL 1981 I II III 105.3R 103.5 104.3R 106.4R 107.4R 102.9 102.6R 106.3R 104.9 1C4.8 106.9R 107.4R 107.9P 107.8 108.1 103.5P °5RCENT CHANGE 1980 I II III IV ANNUAL 1981 I II III IV ANNUAL 1981 SEE FOOTNOTES R=REVISED P=PRELIMINARY FOLLOWING 1977=100 101.9 99.4 98.4 99.9 125.0 129.6 133.3 136.0 95, 96. 97.1 96.1 118.7R 125.3R 127.8R 127.8R 99.9 131.0 96.3 124.8R 139.6 143.2 146.5P 96.0 96.9R 96.3P 130.7 133.4R 135.8P 100.9 100.6 100.5P FROM PREVIOUS QUARTER AT ANNUAL RATEC5) -0.3 -9.4 -4.3 6.4 7.0 15.6 11.9 8.2 -8.2 2.2 3.8 -4.2 5.2R 24.2R 8.2R -0.1R 0.9 -1 .5 -2.4 10.2 -2.9 9.2R 4.1 -1.1R -0.4P 11.2 10.7R 9.3P -0.2 3.5R -2.4P 9.3R 8.6R 7.2P 5.8R 0.8R 1.5P FROM CORRESPONDING QUARTER OF PREVIOUS YEAR<6) 2.6R -0.1R -0.6R 1.5 1.6R -2.8 -4.1R -0.6 -1.0 -2.7 -3.5 -2.1 9.2 9.7 11.2 10.6 4.4 4.1 1.5 1.7 6.4R 9.8R 11.9R 9.0 0.9 -1.5 -2.4 10.2 2.9 9.2R -1.0 1.2 2.2P 11.7 10.5 9.8 0.4 0.7R 0.9P 1 .5R 3.8 3.4P I II III UNIT LABOR COST 1 .4R -15.7R -1 .OR 15.3R PERCENT CHANGE 1980 REAL COMPENSATION PE,R HOURC2) 1 .7R -6.9R 3.4R 8.3R 1.7R 2.OR 1.9P I II III COKPENSATION PER HCURd) 0.4R 5.0 5.7P 10.1R 6.4 6.2P TABLE OCTOBER 29/ 1981 SOURCE: BUREAU OF LABOR STATISTICS SOURCE: COMPENSATION OUTPUT DATA FROM B U R E A U OF E C O N O M I C A N A L Y S I S / U . S . D E P A R T M E N T OF C O M M E R C E , A N D T H E FEDERAL R E S E R V E B O A R D . A N D HOURS DATA FROM T H E B U R E A U OF LABOR S T A T I S T I C S / U . S . D E P A R T M E N T OF L A B O R / AND T H E BUREAU OF E C O N O M I C A N A L Y S I S . RELIABILITY: Based on data covering the period from the first quarter of 1976 to the first quarter of 1981 1 the probability is 0,95 that the interval between -2*0 and 2,4 index points contains the revision of the index of productivity in the private business sector from the first to the third quarterly publication of the estimate* (1) WAGES A N D S A L A R I E S OF E M P L O Y E E S PLUS E M P L O Y E R S 1 C O N T R I B U T I O N S FCR SOCIAL INSURANCE A N D PRIVATE 8ENEFIT P L A N S . EXCEPT FOR NONFINANCIAL C O R P O R A T I O N S / WHERE THERE A R E NO SELF-EMPLOYED/ DATA ALSO INCLUDE AN ESTIMATE OF WAGES/ S A L A R I E S / AND S U P P L E M E N T A L P A Y M E N T S FOR T H E S E L F - E M P L O Y E D . (2) COMPENSATION (3) NONLABOR (4) CURRENT DOLLAR GROSS PRODUCT (5) PERCENT (6) CURRENT QUARTER (7) QUARTERLY MEASURES ADJUSTED TO ANNUAL ESTIMATES OF OUTPUT U.S. DEPARTMENT OF COMMERCE. (8) UNIT NONLABOR (9) T O T A L U N I T CO'ST I S T H E S U M O F L A B O R PER HOUR ADJUSTED PAYMENTS CHANGE (10) UNIT PROFITS INCLUDE COMPOUNDED DIVIDED PROFITS/ DEPRECIATION/ DIVIDED AT ANNUAL RATE.FROM QUARTER DEPRECIATION/ PRICE INDEX FOR A L L URBAN GROSS A YEAR TAXES. PRODUCT. THE ORIGINAL DATA RATHER THAN INDEX NUMBERS. AGO. (GROSS P R O D U C T O R I G I N A T I N G ) FROM T H E BUREAU OF E C O N O M I C INTEREST/ AND INDIRECT AND NONLABOR CONSUMERS. INTEREST/ RENTAL INCOME/ AND INDIRECT BY C O N S T A N T D O L L A R BY C O M P A R A B L E COST INCLUDES INCLUDE FOR CHANGES IN T H E CONSUMER ANALYSIS/ TAXES. COSTS. CORPORATE PROFIT AND INVENTORY VALUATION ADJUSTMENT. ( 1 1 ) T H E D U R A B L E S E C T O R I N C L U D E S T H E F O L L O W I N G 2 ' D I G I T S I C I N D U S T R I E S : P R I M A R Y METAL,' F A B R I C A T E D M E T A L P R O D U C T S ; N O N E L E C T R I C A L MACHINERY; ELECTRICAL MACHINERY; TRANSPORTATION EQUIPMENT; INSTRUMENTS; LUMSER AND LUMBER PRODUCTS; FURNITURE AND FIXTURES; STONE/ CLAY/ & GLASS PRODUCTS; AND MISCELLANEOUS MANUFACTURES. (12) THE NONDURABLE SECTOR INCLUDES THE FOLLOWING 2-DIGIT SIC INDUSTRIES: TEXTILE MILL PRODUCTS; APPAREL PRODUCTS; LEATHER AND L E A T H E R PRODUCTS/' P R I N T I N G A N D PUBLISHING/' C H E M I C A L S A N D C H E M I C A L P R O D U C T S ; P E T R O L E U M P R O D U C T S ; R U B B E R A N D P L A S T I C PRODUCTS; FOODS; AND TOBACCO PRODUCTS. (13) S C H E D U L I N G OF T H E R E L E A S E OF T H E N E W C O N S U M E R PRICE INDEX FOR A L L URBAN C O N S U M E R S (CPI~U) P R E C L U D E S THE U S E O F REAL H O U R L Y C O M P E N S A T I O N (HOURLY C O M P E N S A T I O N A D J U S T E D FOR GUARTERLY C H A N G E S IN T H E C P I ~ U ) WITH PRELIMINARY P R O D U C T I V I T Y AND COST M E A S U R E S . T H E S E W I L L B E P U E L I S H E D T O G E T H E R W I T H R E V I S E D O U T P U T A N D L A B O R I N P U T M E A S U R E S W I T H T H E NEXT R E G U L A R E D I T I O N OF PRODUCTIVITY AND COSTS/ APPROXIMATELY 30 DAYS AFTER T H E PRELIMINARY M E A S U R E S . THE PRODUCTIVITY AND ASSOCIATED COST MEASURES IN THIS PRESS RELEASE DESCRIBE THE RELATIONSHIP BETWEEN OUTPUT IN REAL TERMS AND THE LABOR TIME INVOLVED IN ITS PRODUCTION. THEY SHOW THE CHANGES FROM PERIOD TO PERIOD IN THE AMOUNT OF LABOR TIME REQUIRED TO PRODUCE A UNIT OF OUTPUT. ALTHOUGH THESE MEASURES RELATE OUTPUT TO HOURS OF ALL PERSONS ENGAGED IN A SECTOR/ THEY DO NOT M E A S U R E T H E S P E C I F I C C O N T R I B U T I O N S O F LABOR/ C A P I T A L / OR A N Y OTHER FACTOR OF P R O D U C T I O N . RATHER/ THEY R E F L E C T T H E J O I N T E F F E C T S OF MANY I N F L U E N C E S / I N C L U D I N G C H A N G E S IN T E C H N O L O G Y ; CAPITAL I N V E S T M E N T ; L E V E L OF O U T P U T ; U T I L I Z A T I O N OF C A P A C I T Y ; E N E R G Y A N D M A T E R I A L S ; T H E O R G A N I Z A T I O N OF P R O D U C T I O N ; M A N A G E R I A L S K I L L ; A N D C H A R A C T E R I S T I C S A N D E F F O R T O F T H E W O R K F O R C E . APPENDIX TABLE 1. MANUFACTURING SECTOR: PRODUCTIVITY, HOURLY COMPENSATION, UNIT LABOR COST, SEASONALLY AOJUSTED YEAR AND GUARTER OUTPUT PER HOUR OF ALL DERSONS OUTPUT (7) HOURS OF ALL PERSONS COMPENSATION PER HOUR<1) REAL COMPENSATION PER HOUR(2) UNIT LABOR COST INDEXES 1977=100 1978 101.9 104.7 1C6.6 108.3 99.4 100.6 101.7 102.G I II III IV 100.9 1979 I II III IV ANNUAL I II III IV ANNUAL 101,5 102.3 102.0 102.1 109.3 102.0 1C8.6 ™8.5 108.5 101.2 100.4 100.2 100.0 118.6 119.8 122.3 100.2 100.7 98.5 97.2 119.8 106.5 118.8 99.2 116.5 CHANGE FRO* PREVIOUS QUAPTFR AT ANNUAL 3.6 6.3 2.9 5.5 10.0 5.9 8.6 9.1 0.9 5.4 4.4 3.5 -2.6 "0.2 -0.9 3.1 1. 1 107.3 107.7 106.1 106.4 106.0 -0.7 11.4 7.4 6.S 3.5 -1.3 0.3 106.0 106.2 107.3 109.3 100.5 -4.2 4.8 4.4 1.3 1979 I II III IV ANNUAL 105.4 106.9 109.1 111.5 105,4 PERCENT 1978 102.5 104.0 104.8 106.2 112.9 115.9 117.5 RATE(5) 2.7 -2.9 "1.1 -0.8 14 . 8 1.1 4.0 7.8 8.2 0.5 7. 3 5.8 -5.9 1.2 -1 .3 11.3 15.0 4.2 8.4 0.8 2.3 -5.5 -5.1 13. 7 11. 1 5. 6 8. 1 2.0 9.8 -1.3 8.6 PE1CEKT CHANGE FROM CORRESPONDING QUARTER OF PREVIOUS YEAR(6) 1978 I II III IV ANNUAL 1 979 ANNUAL 0.9 5. 1 TABLE 8.7 7.9 7.9 8.4 1.9 0.7 -0.2 -0.5 8.1 7.3 6.7 6.8 5. 4 4.4 3.2 0.5 7.3 2 7 3 1 5.1 2.0 1.5 -0,1 8.7 11.0 9.8 9.7 -1 .0 0.3 -1 .7 -2.7 6.5 9,1 9.5 9.6 3.1 2.0 9.8 -1.3 8.6 5. 3 7. 3. 1. -0. 1.1 FOLLOWING 6. 1 4.6 4.3 4.2 4.6 4. 9 2.0 1.7 0.3 0.1 I II III IV SEE FOOTNOTES R=REVISED P=PRELIMINARY 0.5 0.5 1.0 1 .5 6. A P P E N D I X TABLE 3. N O N D U R A B L E M A N U F A C T U R I N G SECTOR: P R O D U C T I V I T Y , C O M P E N S A T I O N , UNIT LABOR COST/ SEASONALLY A D J U S T E D C 1 2 ) YEAR AND QUARTER O U T P U T PER HOUR OF ALL P E R S O N S OUTPUT (7) HOURS OF ALL PERSONS INDEXES 1978 1979 1979 1977=100 100.7 102.3 103.3 104.5 101.1 102.4 101.3 102.2 105.8 107.4 109.6 111.6 101. 100. 100. 100. 106.3 107.5 107.9 109.2 ANNUAL 100.8 102.7 101.9 108.6 100.9 107.8 I II III IV 102.7 103.5 105.0 104.9 105.7 105.9 107.0 107.0 103.0 102.2 101.9 102.0 114.5 118.2 119.9 122.9 100.1 100.4 98.6 97.7 111.5 114.1 114.2 117.2 ANNUAL 104.0 106.4 102.3 118.8 99.2 114.3 FROM P R E V I O U S QUARTER I II III IV 2.1 -C.3 1.4 6.5 3.0 6.4 4.2 4.5 -2.2 ANNUAL 0.8 I II III IV 1.6 1.9 8.6 0.9 7.8 4.5 u. 6 4.4 3.2 -2.3 -1.3 10.7 13.5 0.3 0.9 9.0 3.5 5.7 0.4 0.0 0.4 -7.0 -3.2 0.2 11.0 3.2 3.6 0.4 0.0 0.8 2.1 ANNUAL FOLLOWING 14.8 2.7 0.1 SEE FOOTNOTES R=REVISED P=PRELIMINARY 4.8 1.5 I ANNUAL 12.3 RATEC5) -2.7 -1.2 -2.2 II III IV I II III IV 1.9 4.9 AT A N N U A L 6.1 8.4 7.6 PERCENT 1979 UNIT LABOR COST 99.6 99.9 101.5 102.3 ANNUAL 1978 REAL COMPENSATION PER HOURC2) I II III IV PERCENT CHANGE 1978 COtfPENSATION PER HOURC1) HOURLY CHANGE 6.0 10.6 9.4 4.6 1.8 4.5 9.6 -1.7 FROM C O R R E S P O N D I N G Q U A R T E R OF P R E V I O U S 6.0 YEARC6) 8.6 2.1 1.2 0.3 -0.4 3.8 8.4 7.5 6.3 8.6 0.9 7.8 1.3 8.2 -0.1 10.0 10.1 -1.5 -0.6 -2.1 -2.3 4.9 6.2 5.8 7.4 9.4 -1.7 6.0 2.2 2.1 2.7 2.2 2.2 8.4 8.8 1.9 8.4 ?-? 1.5 0.8 2.7 1.9 3.1 3.6 3.4 5.0 3.5 3.5 0.1 9.4 2.6 2.4 -0.1 3.2 3.6 0.4 TA3LE 6. 0CT03ER 29/ 1981 SOURCE: BUREAU OF LABOR STATISTICS
@FedFRASER