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News Bureau of Labor Statistics Lawrence Fulco Kathryn Hoyle -2- United States Department of Labor Washington, D.C. 20212 (202) 523-9261 (202) 523-1913 USDL 81-377 For Release 10:00 AM EDT Thursday, July 30, 1981 PRODUCTIVITY AND COSTS Private Business, Nonfarm Business, and Manufacturing Sectors Second Quarter 1981 Productivity in the private business sector increased at a 1.1 percent Table A. Productivity and costs: percent change at annual rate (Seasonally adjusted) Sector Hourly compensation Unit 1abor cost Real hourly compensation Output Hours First quarter 1981 to second quarter 1981 PRELIMINARY Private business 1.1 10.3 9.2 3.1 -2.6 -3.7 Nonfarm business -0.9 9.6 10.6 2.4 -3.5 -2.6 4.2 10.4 6.0 3.2 3.2 -1.0 Durable 5.2 10.3 4.9 3.1 4.4 -0.7 Nondurable 2.8 10.5 7.6 3.3 1.4 -1.4 11.5 4.8 Manufacturing annual rate during the second quarter of 1981, the Bureau of Labor Statistics of Fourth quarter 1980 to first quarter 1981 REVISED the U.S. Department of Labor reported today. The productivity increase was slower than the advance during the first quarter, and resulted from declines Productivity Nonfinancial corporations 6.3 11.4 4.8 0.0 in output and hours. Output dropped 2.6 percent,and hours declined 3.7 percent. During the first quarter, productivity increased 4.6 percent as output rose 7.9 Second quarter 1980 to second quarter 1981 PRELIMINARY percent and hours increased 3.1 percent (annual rates). Private business 1.5 10.1 8.5 .3 3.2 1.7 dropped 3.5 percent and hours slipped 2.6 percent (annual rates). During the Nonfarm business 1.6 10.0 8.2 .2 3.5 1.8 first quarter productivity rose 4.3 percent in this sector, as output and hours Manufacturing 4.5 11.2 6.4 1.3 6.2 1.7 Durable 4.8 11.5 6.3 1.6 7.0 2.0 Nondurable 3.9 10.4 6.3 .6 5.1 1.1 2.6 -.5 In the nonfarm business sector, productivity declined 0.9 percent, as output increased 7.9 percent and 3.5 percent, respectively. First quarter 1980 to first quarter 1981 REVISED The productivity and cost measures contained in this release are based on the latest measures of employment and average weekly hours compiled by the Bureau of Labor Statistics and are consistent with the March 1980 benchmark released July 2, 1981. Small changes resulted from the incorporation of this new information. Measures prior to the second quarter of 1979 were not affected. See appendix tables 1-6. 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 of production. Rather, they reflect the joint effects of many influences, including new technology, capital investment, the level of output, capacity utilization, energy use, and managerial skills, as well as the skills and efforts of the work force. Nonfinancial corporations 3.1 10.8 7.4 -.5 -4- -3In manufacturing, productivity increased at a,4.2 percent annual rate in the second quarter, as output increased 3.2 percent while hours of all persons engaged in manufacturing declined 1.0 percent. After allowing for the increase in the grew 3.1 percent during the second quarter. A summary of second-quarter changes, as well as revised first-quarter productivity and cost measure for nonfinancial corporations also reported today, One quarter e a r l i e r , real hourly compensation increased 0.4 percent; the second-quarter increase was the largest since the 5.1 percent gain during the second quarter of 1976 (annual rates) and appears in table A; details appear in tables 1-6. partly reflects slower growth in the CPI-U. Private business sector Unit labor costs--which show the effect of changes in hourly compensation The productivity advance in the private business sector slowed compared with the gains during the f i r s t quarter as output and hours both declined. The 1.1 percent productivity increase in the second quarter reflected declines in output and hours of 2.6 percent and 3.7 percent, respectively (annual rates). Farm productivity gains during the second quarter contributed to the increase. The decline in private business output was the f i r s t since the 11.5 percent drop during the second quarter of 1980, and the reduction in hours was the f i r s t since the 0.2 percent decline during the third quarter of 1980. The decline in hours during the second quarter was reflected in the decrease in both employment Although productivity increased during both the f i r s t and second quarters, the underlying movements in output and hours were in increase during the f i r s t quarter. Consumer Price Index for All Urban Consumers (CPI-U), real hourly compensation increased 4.0 percent. opposite directions. as well as payments for social security and other employee benefits, increased 10.3 percent during the second quarter, somewhat slower than the 11.8 percent During the f i r s t quarter of 1981, productivity increased 3.2 percent as output rose 7.3 percent and hours and average weekly hours. Hourly compensation, which includes employer outlays for wages and salaries and productivity—increased 9.2 percent in the second quarter, compared with a 6.9 percent gain during the f i r s t quarter. Unit labor costs—compensation per unit of output—grew more rapidly during the second quarter in spite of the slowing of hourly compensation because of the larger reduction in productivity growth in this sector. The implicit price deflator—which measures price change in a sector and reflects changes in unit labor costs and unit nonlabor costs combined—increased 5.9 percent in the second quarter, compared with a 10.0 percent increase during the f i r s t quarter. This was smallest price rise in this sector since the 5.8 percent increase during the f i r s t quarter of 1978. Compared with the second quarter of 1980, productivity increased 1.5 percent, as output rose 3.2 percent and hours went up 1.7 percent. Hourly compensation gained 10.1 percent (0.3 percent after allowing for the rise in the CPI-U), and unit labor costs rose 8.5 percent. The implicit price deflator showed an 8.9 percent increase over the 4-quarter period. -5- Nonfarm business sector Productivity declined in the nonfarm business sector by 0.9 percent during the second quarter of 1981, as output fell 3,5 percent and hours declined 2.6 percent. This was the first decline in nonfarm output since the 12.1 percent fall during the second quarter of last year, and the first drop in hours since the 0.7 percent fall off during the third quarter of 1980. During the first quarter, productivity increased 4.3 percent as output went up 7.9 percent and hours increased 3.5 percent (annual rates). Hourly compensation increased 9.6 percent in the second quarter of 19811, compared with an 11.6 percent increase from the fourth quarter of 1980 to the first quarter of 1981. After adjusting for the rise in the CPI-U, real hourly compensation rose 2.4 percent in the second quarter, the largest gain since the 2.9 percent increase during the first quarter of 1978. Unit labor cost rose 10.6 percent in the second quarter, compared with a 7.0 percent rise during the first quarter. The implicit price deflator rose 6.0 percent in the second quarter, compared with an 11.0 percent annual rate of increase during the first quarter. This was the smallest quarterly rate of increase in this series since the 5.6 percent rise during the first quarter of 1978. Compared with the second quarter of 1980, productivity increased 1.6 percent, output rose 3.5 percent, and hours increased 1,8 percent. Hourly compensation went up 10.0 percent (0.2 percent when the rise in the CPI-U is taken into account), and unit labor costs increased 8.2 percent. price deflator was 8.8 percent higher than a year earlier. The implicit Manufacturing Productivity increased 4.2 percent in the second quarter of 1980 in manufacturing, reflecting a 3.2 percent gain in output and a 1.0 percent decline in hours (seasonally adjusted annual rates). Productivity—and output growth—were more rapid among durable goods producers than among nondurable goods producers during the second quarter. During the f i r s t quarter of 1981, manufacturing productivity rose 3.2 percent. Hourly compensation increased 10.4 percent during the second quarter, compared with an 11.1 percent rise one quarter e a r l i e r . After allowing for the rise in the CPI-U, real hourly compensation rose 3.2 percent, compared with a 0.3 percent decrease during the f i r s t quarter. Revised measures Revised first-quarter productivity and cost measures were also reported today for the nonfinancial corporate sector. Productivity increased 6.3 percent in the f i r s t quarter, as output increased 11.5 percent and employee-hours increased 4.8 percent. Hourly compensation increased 11.4 percent, and unit labor costs increased 4.8 percent. A comparison of these revised measures with preliminary series published May 27 is presented in table B. Appendix tables 1-6 contain 1979 data affected by the revised labor input measures. As noted above, this new benchmark to the BLS establishment survey data affects productivity and cost measures begining with the second quarter. Together with tables 1-6, this release contains all the changes introduced by the new labor input information. In manufacturing, new estimates of output prepared by the Bureau of Economic Analysis of the U.S. Department of Commerce resulted in small changes in published measures begining in 1979. -7Table B. Nonfinancial corporations: preliminary and revised first quarter measures of productivity and costs, quarterly change at seasonally adjusted annual rate. Percent Measure Productivity Output Hours Hourly compensation Real hourly compensation Unit labor costs Unit profits Implicit price deflator Preliminary 5.6 10.8 4.9 11.2 -.2 5.3 66.9 10.7 Revised 6.3 11.5 4.8 11.4 0.0 4.8 77.9 10.4 HOURLY YEAR A N D QUARTER TABLE 1. PRIVATE BUSINESS COMPENSATION/ UNIT LA30R OUTPUT PER HOUR OF A L L P E R S O N S OUTPUT S E C T O R / A L LP E R S O N S : PRODUCTIVITY/ C O S T / A N DP R I C E S / S E A S O N A L L Y ADJUSTED INDEXES 1980 1931 T UNIT N O N LA3CR PAYMENTS^) ILLICIT PRICE DEFLATOR 115.2R 116.0 115.79 122.7R 123.C 126.1 129.1 132.2 1977=100 99.5R 9 9 . 1R 99.4R 9 9 . 1R 108.7 105.4 1C5.7 1C7.5 109.2P 106.4R 106 .3R 108.4R 126.4R 13C.1R 133.1R 135.9R 96.7R 96.5R 96.9R 96.CR 127 131 133 137 ANNUAL 99.3R 1C6.8 107.5R 131 .49 96.6R 132 .3 118.4 127.6 1C9.5R 1C8.8P 1 0 9 . 2R 108.2P 139.7R 143.ZP 96.1 R 96.8P 1 39.4 142 .4° 127.OR 127.3^ 135.4R 1 37.3P I II 100.3R 1CC.5P CHANGE FROM PREVIOUS CUARTER A T ANNUAL .0 .3 .9 .0 RATEC5) II III IV 1.6R -1 ,3R 1.3R -1 . 1 R 1 .8 - 1 1 .5 1 .1 6.9 0.2R -9.9 -0.2R 8. 1R 1 0 . 7R 1 2 . 3R 9. 5 R 8.6R -5.CR -0.7R 1 .6* -7. 8a 9.0 14.4 3.1 1 1 .29 2 .6 13 .79 1C .29 9.7 10.5 9.8 9.9 ANNUAL -0.29 -O.S -0.69 10 .1 R -3.09 1C.3 6.7R 9.2 1 7.2R 10 .OR 5 .9P 1980 I II 4. 6R 7. 9R -2. c P 1. 1P D 1 930 UNIT LABOR COST II III IV PERCENT 1931 REAL COMPENSATION P E R hCUR(2) COMPENSATION P E R HCURC1) HOURS OF A L L PERSONS I II III IV -0. 1 R -Q.6R 0.9 -1 .6 -1 .9 -0.7 0.0 n u nn . L.• " -0.2R ANNUAL 1981 II SEE F O O T N O T E S R=REVISED P=PRELIMINARY ERCENT C.8R 3.2P 1.5P FOLLOWING TABLE 3. 1 -3. 7? CHANGE FROM r\ w a 11 .89 1 0.3P CORRESPONDING 4R QUARTER OF PREVIOUS 3.8R 3.8R -0. 7R 9 .9R 10. 1 R 10. 3R 1C. 3R -0.6R 1C. 1 9 -3.CR 1C.5 1 C. 1c •0.7 1 .OR -1. OR -1 . 9 O.OR 1 .7P 6. 9? 9. 2° 3. 1 o 2.3 2.OR - c . 9P YEA R(6) 5.1R 10 a C 10 .8 10 .3 10 .3 5.1 7.4 10, t . 7R 9.79 3.5P 9.3R 1C.8R 9.8P 3.4 9 9 .4 1C • 0 9.2 10.1 3. 9 i 6. JULY 3 0 / 1 0 8 1 S O U R C E : B U R E A U OF L A 3 C R STATISTICS HOURLY YEAR A N D TA9L5 2 .NONPAR* BUSINESS COMPENSATION, UNIT LABOR O U T P U T PER HOUR OF ALL P E R S O N S QUARTER OUTPUT S E C T 0 9 , A L L P E R S O N S : P * 0 D U C T : v Ir Y / C O S T / A N DP R I C E S , S E A S O N A L L Y A L j j ST ~ : HOURS OF ALL PERSONS INDEXES 1980 II III IV ANNUAL 1931 I II I II III IV ANNUAL 1981 I II I II III IV 1931 I SEE FOOTNOTES R=REVISED P=PRELIWINAPY 96.4R 96. CR 96. 3R 95 . 6 R 127.4 131.8 133.6R 13o.3 113.9R 115.19 119.2 122.0R 1 22.9 126.3 123.5 131.9 98.8R 10 6.3 108. 1 R 130.39 9 6 . 2R 1 32.4 1 1 7 . 5R 1 27.4 100.OR 99.8P 109.7 1C8.7P 109.7R 109,OP 139. 1 R 142.4P 95.7R 96.3P 139.1R 142.7P 127.3R 1 26.6P 13 5.3c 137.3P 14.6 4.2 11.3 11.3 1C.0 CHANGE FRCV PREVIOUS CLAP TER AT ANNUAL RATE (5 ) 9. 9 14.6 1 .1R -9.5R -0.7R 7.3R 1C.2R 1 1 . 3R 9. O R 9. 3 R -5.4R -1 .6R 1 .29 -2.79 10.1 1 5 .OR 9.9R -0.9 -0.6R 9. 9 R -3.2R 1C.3 3.3 9.7 7.9R -3.5p 3.5 11.6R 9.6* 0.29 2.4P 2C.39 -3.6P 1 1 .C» -2.6P 6.4 6.9 9.1 9.1 9.7 9.6 0.3R -2.9R 3.6R -C.2R 1 .4 -1 2.1 -0.3R 4.3R -G.9P 2.9 7.1 0.6 CHANGE FRO!* C O R R E S P O N D I N G QUARTER 5.3 7.09 10.6° CF P 9 E V I 0 U S 3.2 6.C° YEAR ( 6 ) 1 .3R -0.9R -1.9 -0.6R 9.7R 9.9R 1C.1R 1C. 1 9 -4.OR -4.CR -2.5 -2.2R 10.4 11.0 0.1 -1 .9 -1 .8 -C.5 9.9 9.9 1C.S 1C.2 -0.3R -0.9 -0.6R 9.9R -3.29 10.3 8.3 9.7 0.0 1C.4 1C.CP -G.S 0.2P 9.2 12.2R 1C.0P 10. 1 R 8.SP 1 .1 R 1 .6P FOLLOWING 1977=100 1 It.OR 129.4R 132.3R 135.4R 0.1 II IM°L ICI T p P- I C E DEFLATOR 109 .S R 1 07.1 R 106. 9R 108.8R -0.7R -1.0R ANNUAL UNIT N O N LABOR D A Y •v E N T S ( 3 ) 1C8.5 105.1 105.8 107.7 PERCENT 1980 UNIT LABOR COST 9 8 . 9R 93.2R 99.OR 9 9.0* PERCENT 1930 E AL CCVDENSA^ T I ON c E R HCUR ( 2 ) C O H E N S ATICN PER H0 UR (1) 1 .1 R 3.5P 1 .8P 8.2P TABLE 6, JULY 3 0 / 1 9 3 1 SOURCE: 3UR5AU OF LA3CR STATISTICS TABLE 3 . NCNFINANCIAL CORPORATIONS: PRODUCTIVITY/ HOUPLY UNIT LABOR COST, UNIT PROFITS/ ANO PRICES/ SEASONALLY YEAR AND QUARTER OUTPUT PERALLEMPLOYEE HOUR OUTPUT EMPLOYEE HOURS HOUPLY COM°ENSATION (1) INDEXES 1930 1931 107. SR 1 24 129 1 31 134 95.5 83.4 89.1 92.4 121 , 124, 126, 129, 108.5 107.53 13C.7R 96.2R 129.4 13 0.2 1 29.7 90.2 125.2 112.8R 1C9 . 1 R 139.2R 95.7R 134.7R 139.5R 136.CR 106.39 132.7R 15.3 -41 .9 30.3 15.7 10.3 10.5 7.9 9.9 -8.9 9.1 ANNUAL 1C1.OR I 1C3.3R 106 . 7R 105.3R CHANGE FRC^ PREVIOUS 1 .5R -0.5 6.7R C.CR 2.2 -10.9 3,4 7.9 C.7R -1C.5 -3.1R 7.9R 10.2R 12.OR 10.2R 9.4R -5.4R -1.0 2.2R -3.1R 0.6R -0.7 -1 .3R 10.1R -3.OR QUARTER 4.8R 11.5R AT ANNUAL CHANGE 13.5 30.6 14.7 9.8 17.C 6.2 9.4 9.5 9.4 9.5 15.6 11.C O.OR FROM C O R R E S P O N D I N G RATEC5) 8.6 12.6 3.2 4.8R PERCENT 1 931 1 1 .4R I T IMPLICIT PRICE DEFLATOR 120 129 133 136 109.6R ANNUAL 1 930 UNIT PROFITS (10) 125. 129, 130, 133. 109.9 106.8 10 7.7 109.7 6. 3R TOTAL UNIT COST (9) 1977 = 1 CO IV 19S1 UNIT NONL-ABCR CCST(85 96.2R 95.9R 96.5R 95.7R 1CC.2R 1CC. 1R 1C1.8R 1C1.SP I II III UNIT LABOR COST 125.7R 129.3R 132.5R 135.5R I II III IV PERCENT 1980 REAL MCURLY CCM^ENSATIONC2) COMPENSATION ADJUSTED QUARTER 7.9R 77. 9R 10.4R 5.6R OF P R E V I O U S YEAR(6) II III IV -C.3R -G.5R 1 .3R 1 .9R 0.4 'Z.C -1 .6 0.4 C.7R -1 .5R -2.3 -1 .5R 9.SR 9.9R 1C.3R 1C.4R -3.9R -3.9R -2.2R -1.9R 10.1 10.5 8.9 8.4 12.2 16.3 1 6.8 16.8 10.6 12.C 11 .C 10.5 -9.5 -17.2 -8.6 C.3 8.5 9.1 9.1 9.6 ANNUAL C.6R -0.7 -1 .3R 1C.1R -3-CR 9.5 15.6 11.C -8.9 9.1 I 3.1R -0.5 10.8R -0.5 7.4R 15.4R 11.89 9.7 SEE F O O T N O T E S R=REVISED P=PRELIMINARY FOLLOWING 2.6R 9.5R TA8LE 6. JULY 3 0 / 1 9 8 1 S O U R C E : B U R E A U OF L A B O R STATISTICS TABLE 4 . MANUFACTURING SECTOR: COMPENSATION, UNIT LABOR CCST, Y E A R AND Q U A R TER OUTPJ T PER HO UR OF A L L PERSONS OUTPUT (7) H0URS OF A L L PERSONS INDEXES I II II I IV ANNUAL 1 931 I I 1 931 1 1 1 1 25.4R 3C.OR 33,9R 37,3P 95.9R 96. 4R 97. 5R 9 7 . OR 122.9 129.OR 133.3R 13 2.3 101.7R 103 .6R 101 .9R 131.63 96. 8R 129.4 1C4. ?R 10 5.3° 1 C 7 . 1R 1C8.CP 102.8R 102.6P 1 40.9R 1 4 4 . 5P 96. 9P 97. 7P 135.3R 137.2P ANNUAL 19 31 SEE C C O T N O T E S ° = RE V I S ED P=PRELIMINARY FOLLOWING PREVIOUS RA TE (5 ) 4. 5R -2.2R -4.3R 1C.7R - 2 . 5R 11 . 1 R 4. CR - 1 . OP 1 1 .1R 10. 4P - C . 3R 3.2P 7.7R 6.OP -4.6 CHANGE AT ANNUAL 1C.9R 21 .2R 14.0 -1 .5R - 0 . 3R 7 .3R X -2P QUARTER 1C . 4 R 15.5 12.7 10. 5R -1 . 2R 12. 1 R F R C I* C O R R E S P O N D I N G QUARTER -5.3R 2.1 OF PREVIOUS YEAR(t) C.5R 1 .5R 1 ,5R 1 .2R -1 .2R -6.3 -3.2R -2.8 -1 .7P - 4 . PR -6.7R -4.OR 9.4R 9.6R 1 1 ,7R 12.2R - 4 . 2R - 4 . 3R -1 .CR -C.3R 8. 9R 1 1 .3R 13. 4 0.3R -4.6 -4.3R 1C.70 -2.59 11.1 R -2.9R 1 2 . 4R 11 . 2 P 1.CR 1 .3P 2. 2R 4. 5P II FPC.V -0.6R -17.6 - 6 . 5R 1 1 .OR PERCENT 1980 CHANGE -1.0 -21 .5R -7.6 2 4 . 4R 7 2R 4 . 2P I I 1977=100 1 05 .9R 100 .9R 99 .2R 101 . 8 R 5R ANNUAL UNIT LABOR COST 10 8.0 101 .7 99.7 1C5.2R -4. 7R II. III IV REAL COMPENSATION PER HOUR(2) COMPENSATION PER HOUR(1) 102.OR 10C. SR 10C.5R 103.4? PERCENT 1 930 PPCDUCTIVITY, HOURLY SEASONALLY ADJUSTED TA3LE 6. 2P 1 I 7F 1C. 9R 10.0 6.4P 6. JULY 3 0 / 1 9 3 1 SOURCE: BUREAU CF LABCR STATISTICS TA3LE 5. DURABLE COMPENSATION, YEAR AND QUARTER OUTPUT PER HOUR OF A L L P E R S O N S M A N U F A C T U R I N G S E C T O R : P R O OL1 C T I V I T Y , H O U R L Y UNIT LABOR COST/ SEASONALLY ADJUSTEDC11) OUTPUT (7) HOURS OF A L L PERSONS CCMPENSATICN PER HOURC1) REAL COMPENSATION PER HCURC2) UNIT LA50R COST INDEXES 1 977 = 1 CO 1980 I II III 99.8R 99.OR 93.1R 1C1.4R 1C8.3 1C0.8R 97.8 1C4.5R 108.5R 101.9R 99.8R 103.1R 125.1R 129.9R 134.1R 137.7R 95.7R 96.4R 97.6R 97.3R 125, 131, 136, 135, 99.6R 1C2.9R 10 3.3R 131.7 R 96.8R 132.2R 102.5R 103.8P 1C6.7R 1C7.8P 104.1R 103. <9P 141.4R 144.9P 97.2R 93.OP 1 3 8 , OR 1 3 9 , 6P 3R 3R 7R 9R IV 1981 ANNUAL I II PERCENT 1980 1981 1981 FROM PREVIOUS QUARTER AT A N N U A L RATEC5) I II III IV -2.2R -3.4 -3.5R 14.1R -2.9R -25.C -11 .2R 3C.1R -0.8R -22.4 -8.C« 14.CR 12.3R 1c.5 13.4R I 1 . 3R -3.7R 2.9R 5.2R -1 .4R 14.8 2C.5R 17.6 -2.5R ANNUAL -1 .1R -6.6R -5.6R II .2R -2.09 12.5R 4.4 5.2P 8.5R 4.4P 4.C -0.7P 11 .1R 10.3P -C.3 3.1P 6.4R 4.9P I II PERCENT 1980 CHANGE CHANGE FROM CORRESPONDING QUARTER OF P R E V I O U S YEARC6) I II III IV -0.9R -2.6R -2.1R 1.0R -3.C -8.7 -10.7 -4.2R -2.1R -6.2R -8.8R -5.2R 9.OR 9.7R 12.4R 13.3R 4. 19 4. 1R u . 5R \j. 7R 10. 7 12. 6R 14. 7R 1 2. 2R ANNUAL -1 . 1 R -6.6R -5.6R 11.2R -2.OR 12.5* 2.7R 4.8P -1.5R 7.CP -4. 1 R 2.OP 13.CR 11 . 5 » I II SEE FOOTNOTES R=REVISED P=PRELIMINARY FOLLOWING TABLE 6R 6P 1C.1R 6.3P 6, JLLY 30/ 1981 S O U R C E : 9UREAL LA3C3 STATISTICS T A 3 L E 6 . N O N D U R A B L E -P A N U F A C T I ? I N G S E C T O R : P R O D U C T I V I T Y / HOURLY COMPENSATION, UNIT LABOR COST, SEASONALLY ADJbSTED(12) Q U TD U T o E R HOUR OF A L L ° E 9 S C N S YEAR AND QUARTER OUTPUT (7) HOURS OF A L L PERSONS INDEXES 1931 1977=100 1C5.5R 103.59 104.1 106.5R 1C7.5P 1C2.9R 1C2.4P 1C6.4R 1C1.9R 99.4R 93.4R 99.99 125.CR 129.6R 133.3R 136.09 95.7R 96.2R 97. 1 R 96. 1 R 118.69 125.2R 1 2 8 .1 R 127.7R ANNUAL 104.9R 1C4.8R 99.9R 131.OR 96.3R 124.9R T 106.8R 107.6P 1C71SR 108.2* 100.99 100.6P 139.6R 143.2° 96.CR 96.8P 13C.7R 133. 1P PERCENT T 2.2R 7.2R 2.29 9.5R II III IV 0.9 ANNUAL 1 931 UNIT LABOR COST I II III IV II 1930 REAL CONDENSATION PER HCURC2) COMPENSATION P E R HCURC1) I II ANNUAL 1931 SEE FOOTNOTES R=REVISED P=P9ELI MI NA9Y FOLLOWING QUARTER AT ANNUAL RATEC5) 7. OR 15. 6R 11. 9R 8. 29 -8.2R - 4 . 2R 4.7R 24.59 9.59 -1.2 -1 .50 -2.4R 1C.2R -2.99 9.3R 5 .6R 4 .1R -1 .4P 11. 2R 1C. 5P -Q.2R 3.3P 9.6R 7.6P 1 .4P CHANGE FROM CORRESPONDING QUARTER 2.2 3.3R O F PREVIOUS YEARC6) 2.7R O.OR -0.9R 1.5R 1 .7R - 2 . 89 -4.3R -0.69 -1 .OR -2.7R -3.5R -2.1 R 9.2R 9.7R 11 .2R 1C.6R 4.4R 4.1 R 0.9 -1.5R -2.4R 10.29 -2.9R 9.3R 0. 39 -1 .OR 1 .1P 11 .7R 1C .4P 0.4R C. 6P 10.2R 6.3P 1. 3 3. 9P II PREVIOUS -0.3R -9.4R -4.3R 6.4R PERCENT II III IV FRO* 1.9R -15.99 -2.2R 16.5 1 • 4R 2 .8P 1980 CHANGE TABLE 5. 1 P 1.5 1 .79 6.3R 9.7R 12.2R 9.OR 6. JULY 30/ 1981 SOURCE: 3UREAU CF L A 3 C R STATISTICS F O O T N O T E S / SOURCE: C O M P E N S A T I O N TABLES 1 - 6 O U T P U T D A T A FRO!* 3 U R E A U O F 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 O F C C M M E R C E / A N D T H E F E D E R A L R E S E R V E E O A R D . A N D H O U R S D A T A F R O M T H E B U R E A U O F L A B O R S T A T I S T I C S / U . S .D E P A R T M E N T O F L A B O R / A N D T H E B U R E A U O F E C O N O M I C A N A L Y S I S . R E L I A B I L I T Y : T H E BETWEEN T H E FIRST A N ABSOLUTE VALUE O F T H PERCENT). (CALCULATE AVERAGE C F T H E REVISION D THIRD P U 3 L I S H E D ESTIMA E R E V I S I O N FROM T H E FIRS D O N T H E 3ASIS G c DATA S I N T TES I S T T C T F C R T H H E IN 0 . 6 H E TH E JAN DEX O F P R O D U C T I V I T Y IN T H E PRIVATE 5USINESS S E C T O R / W I T H O U T REGARD T O SIGN/ 3 INDEX POINTS (0.53 P E R CENT),* THAT I S / I N ABOUT HALF O F T H E C A S E S / T H E IRD ESTIMATE C F T H E INDEX--ABCUT 9 C DAYS — WAS LESS THAN 0 . 6 3 POINTS ( C . 5 3 UARY 1 9 7 ?T O JULY 1 9 8 C P E R I O D . ) (1) WAGES A N D SALARIES O F EMPLOYEES CLUS E M P L O Y E R S ' C O N T R I B U T I O N S F O R SOCIAL INSURANCE A N D PRIVATE B E N E F I T P L A N S . N O N F I N A N C I A L C O R P O R A T I O N S / WHERE THERE A P E N O S E L F - E M P L O Y E D / DATA ALSO INCLUDE A N ESTIMATE C F W A G E S / S A L A R I E S / S U P P L E M E N T A L P A Y P E N T S ^ C R T H E SELF- EMPLCYED . (2) C O M P E N S A T I O N (3) NONLABCR U ) CURRENT COLLAR GROSS (5) ° E R C E N T CHANGE C O M P O U N D E D (6) CURRENT (7) QUARTERLY P E R HOUR PAYMENTS QUARTER D E P A R T M E N T (8) UNIT NONLABCR (9) TOTAL (10) UNIT (11) INCLUDE UNIT CCST COST PRC-ITS O F DIVIDED B Y C O M P A R A B L E ADJUSTED T C ANNUAL (13) 3 Y CONSTANT RATE C O E R * * * * * * * * H M A O E P S D D E U U U N R C L S E T I A S I INCLUDES QUARTER A YEAR A G O . E S T I M A T E S H E P R O D ETWEEN HANGER L T H O U G H W E A S U R E THEY R E F I N V E S T M E O F P R O D U C F OUTPUT RENTAL GROSS T h E ORIGINAL W C F LArCR C O R P O R A T E U C T I V I T Y A N D CUTPUT I N PEA F R C ^D E R I O D T T H E S E M E A S U R T H E S P E C I F I C L E C T T H E JOIN N T ; L E V E L C F C T I O N ; M A N A G E I N T E R 5 S T , D E P R E C I A T I O N / NG O F T H E RELEASE O F T I O N (HOURLY C O M P E N S A . THESE WILL B E P U B L V I T Y A N D COSTS/ A P P R O T B C A DOLLAR FRCV PROFIT A N D NCNLABOR INDEX F O R A L L URBAN INCOME/ A N D INDIRECT C O N S U M E R S . T A X E S . PRODUCT. DATA RATHER (GROSS PRODUCT A N D INDIRECT TAXES. THAN INDEX N U M B E R S . O R I G I N A T I N G ) FRCM T H E BUREAU O F E C O N O M I C A N A L Y S I S / T H T I O I S H X I M COSTS- A N D INVENTORY T H E DURABLE SECTOR INCLUDES T H E FCLLOWING A C H I N E R Y ; E L E C T R I C A L M A C H I N E R Y ; T R A N S P O R STONE/ CLAY/ £ G L A S S P R O D U C T S ; A N D M I S C E L T H E N O N D U R A B L E SECTOR I N C L U D E S T H E F C L L C W AND LEATHER P R O D U C T S ; PRINTING A N D P U B L I S PRODUCTS; FOODS; AND TOSACCC PRODUCTS. S C M P INTEREST/ PRICE F O R COMMERCE. V (12) I N T H E CONSUMER D E P R E C I A T I O N / A T ANNUAL I S T H E S U INCLUDE F O R CHANGES P R O F I T S / PRODUCT DIVIDED M E A S U R E S U.S. ADJUSTED EXCEPT A N D T L I H 2-DI3IT A T I O N E A N E O U S N G 2 - D I I N G ; CH VALUATION A D J U S T M E N T . S I C I N D U S T R I E S : PRIMARY ME Q U I P M E N T ; I N S T R U M E N T S ; L U M B M A N U F A C T U R E S . G 1 T S I C I N D U S T R I E S : T E X T I L EMICALS A N D CHEMICAL P R O D U C E NEi* C O N S U M E R P R I C E I N D E X ^ C R N ADJUSTED F C R QUARTERLY CHANG E D TOGETHER WITH REVISED OUTPU A T E L Y 3 C DAYS AFTER T H E P R E L I M A L L UR ES I N T A N D I N A R Y TAL; F A B R I C A T E D METAL P R O D U C T S ; N O N E L E C T R I C A L E R A N D L U M B E R P R O D U C T S ; F U R N I T U R E A N D F I X T U R E S ; E MILL P R O D U C T S ; A P P A R E L P R O D U C T S ; L E A T H E R T S ; P E T R C L E U M PRCDUCTS/' RU39ER A N D P L A S T I C B A N C O N S U M E R S ( C P I " U ) P R E C L U D E S T H E U S E OF R E A L HCU°LY T H E CPI-U) WITH P R E L I M I N A R Y P R O D U C T I V I T Y A N D COST LABOR INPUT M E A S U R E S WITH T H E NEXT R E G U L A R E D I T I O N O F M E A S U R E S . A S S O C I A T E D COST MEASURES I N THIS PRESS RELEASE DESCRIBE T H E R E L A T I O N S H I P L TERMS A N D T H E LA6CR TIME INVOLVED I N I T S P R O D U C T I O N . THEY SHOW T H E 0 P E P I C D I N T H £A M O U N T C F L A B O R T I M E R E Q U I R E D T C P R O D U C E A U N I T C F C U T P L T . E S R E L A T E 0UT °UT T C HOURS C F A L L P E R S O N S E N G A G E D I N A S E C T C R / THEY D O N C T C O N T R I B U T I O N S O F LABOR/ C A P I T A L / O R A N Y OTHER F A C T O R C F P R O D U C T I O N . R A T H E R / T E F F E C T S O F 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 I N T E C H N O L O G Y ; C A P I T A L O U T P U T ; U T I L I Z A T T 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 R I A L SKILL; A N D C H A R A C T E R I S T I C S A N D EFFORT O F T H E WORK FORCE. * * • * * * * * Chart 1. Productivity, hourly compensation, unit costs and prices In the private business sector (percent ohonge from preceding quarter ot annual rate) Output per hour of alt persons 15 10 5 0 -5 -10 Compensation per hour of all persons II 10,3 Unit labor cost 15 10 5 0 n 9.2 20 IS 10 S 0 -5 Unit nonlabor payments II -0.9 35 30 25 20 IS 10 5 0 -5 -10 -15 mplicit price deflator II 5.9 20 IS -I 1974 1 f H . . . r . . . i . . . [ . 1975" 1976 1977 1978 U. 10 5 0 + i i . 1979 r i i L980 1981 Chart 2, Productivity, hourly compensation, unit costs and prices in the nonfarm business sector (percent change from preceding quarter a t annual rate) Output per hour of all persons TO.9 IS 10 5 0 ""5 -10 Compensation per hour of all persons II 9.6 15 10 5 0 Unit labor cost II 10.6 25 20 IS 10 S 0 Unit nonlabor payments II -3.6 30 2S 20 IS 10 5 0 -5 10 IS Implicit price defla t o r II 6.0 -t H h i . , , I . , , I , , , I , . I 1974 1975 1976 1977 1978 1979 20 15 10 S 0 1 1980 1981 Chart 3, Productivity, hourly compensation, unit costs and prices in nonfinancial corporations (percent change from, same quarter a year ago) Output per hour of all employees 3.1 15 10 5 0 -S Compensation per hour of all employees LO.8 IS 10 5 a 1 4. 1 4 I- 1 0 Unit labor cost 15 10 5 0 Unit nonlabor payments 11.4 25 20 15 10 5 0 -5 Implicit price deflator 9.7 15 10 5 ! 4 1 1 1 1974 I 1975 I 1 1 I I 1976 I I I 1977 I 1I I 1978 + I 0 1 I I 1979 1980 1981 Chart 4. Unit costs, unit profits, and prices in nonfinancial corporations (percent change from same quorter a year aoo) Unit labor cost 7.4 20 10 tr="- a 0 i. Unit nonlabor cost 30 20 L0 0 -10 20 IS 10 5 0 80 70 60 50 40 30 20 10 0 -10 -20 -30 i f 1974 . i 1975 . i [ 1976 , • f • • . f . . • F . . . f . 1977 1978 1979 1980 1981 APPENDIX TABLE 1. PRIVATE BUSINESS SECTOR/ ALL PERSONS: PRODUCTIVITY/ HOURLY C O M P E N S A T I O N / UNIT LA3CR COST/ AND PRICES/ SEASONALLY ADJUSTED YEAR AND QUARTER OUTPUT PER HOUR OF A L L P E R S O N S OUTPUT INDEXES 1979 99.7 99.7 99.4 99.1 1C7.7 1C7.1 1C7.7 1C8.2 103.1 107.4 108.4 109.1 115.0 118.1 12C.7 123.2 1CC.6 1C0.3 ANNUAL 99.5 1C7.7 108.2 119.3 UNIT NONLABOR PAYMENTSC3) IMPLICIT PRICE DEFLATOR FROM P R E V I O U S GUARTER 99.2 98.0 115.4 118.5 121.4 124.3 109.6 11C.4 111.5 112.2 113.4 115.8 118.1 12C.2 99.6 119.9 11C.9 116.9 AT A N N U A L RATEC5) I II III IV 0.1 -1.2 -1.0 4.C -2.2 2.4 1.7 4.3 -2.3 3.6 2.8 11.6 11.3 8.9 8.6 1.1 -1.0 -4.5 -4.9 12.4 11.2 10.2 9.5 1 .9 2.8 4.1 2.5 8.8 8.4 8.2 7.4 ANNUAL -0.3 2.8 3.1 10.1 -1.1 10.4 5.5 8.8 PERCENT 1 979 CHANGE UNIT LAECR COST 1977=1OC I II III IV PERCENT 1979 REAL CCPPENSATICN PER HCUR(2 ) COMPENSATION PER HCURC1) HOURS OF A L L PERSONS CHANGE FROM C O R R E S P O N D I N G QUARTER OF P R E V I O U S Y E A R ( 6 ) I II III IV 0.0 -0.2 -0.6 -0.7 5.3 2.4 2.3 1.4 5.3 2.5 2.9 2.2 9.5 10.3 1C.3 10.1 -0.3 -0.3 -1.3 -2.4 9.5 10.5 10.9 1C.9 9.9 5.3 4.5 2.8 9.6 8.7 8.8 8.2 ANNUAL -0.3 2.8 3.1 10.1 -1.1 10.4 5.5 8.8 SEE FOOTNOTES R=REVISED P=PRELIMINARY FOLLOWING TA3LE 6, JULY 30/ 1931 SOURCE: BUREAU OF LABCR STATISTICS APPENDIX TABLE 2. NONFARM BUSINESS SECTOR/ ALL PERSONS: PRODUCTIVITY, HOURLY COMPENSATION/ UNIT LABOR COST/ ANO PRICES/ SEASONALLY ADJUSTED YEAR AND QUARTER OUTPUT PER HOUR OF ALL PERSONS OUTPUT HOURS OF ALL PERSONS COMPENSATION PER HOURd) REAL COMPENSATION PER H0UR(2) UNIT LA30R COST UNIT NONLABOR PAYPSNTSC3) IMPLICIT PRICE DEFLATOR INDEXES 1977=100 1979 I II III IV 99.5 99.1 98.9 98.8 107.9 1C7.1 1C7.8 108.2 108.4 108.0 109.0 139.4 114.9 117.7 12C.2 123.0 1CC.4 100.0 98.8 97.8 115.4 118.7 121.5 124.4 107.1 107.7 109.2 11C.1 112.6 115.1 117.4 119.7 ANNUAL 99.1 107.7 108.7 119.C 99.3 12C.0 108.5 116.2 PERCENT CHANGE FROM PREVIOUS QUARTER AT ANNUAL RATE(5) 1979 I II III IV -0.9 -1.6 -1.1 -0.2 4.1 -3.C 2.6 1.5 5.C -1.5 3.7 1.8 1C.9 1C.4 8.6 9.7 0.5 -1.8 -4.7 -4.0 11.9 12.1 9.7 9.9 C.4 2.2 5.8 3.3 8.1 8.9 8.5 7.8 ANNUAL -C.7 2.7 3.4 9.7 -1.4 1C.4 4.8 8.6 PERCENT CHANGE FROM CORRESPONDING QUARTER OF PREVIOUS YEARC6) 1979 I II III IV -C.1 -C.8 -1.0 -C.9 5.5 2.1 2.2 1.3 5.5 2.9 3.2 2.2 9.2 9.8 9.8 9.9 -0.5 -0.7 -1.7 -2.5 9.3 1G.7 11.0 1C.9 8.3 4.3 4.0 2.9 9.C 8.6 3.7 8.3 ANNUAL -0.7 2.7 3.4 9.7 -1.4 10.4 4.6 8.6 SEE FOOTNOTES FOLLOWING TABLE 6. R-REVISED P=PRELIMINARY JULY 30/ 1981 SOURCE: BUREAU OF LABOR STATISTICS APPENOIX TABLE 3. NONFINANCIAL CORPORATIONS: PRODUCTIVITY/ MCUPLY COMPENSATION UNIT LABOR COST, UNIT PROFITS, AND PRICES, SEASONALLY ADJUSTED YEAR AND QUARTER OUTPUT PER ALLEMPLOYEE HOUR EMPLOYEE HOURLY HOU»S COMPENSATICN (1) :UTPLT INDEXES 1979 UNIT NONLABOR CCSTC8) TOTAL UNIT COST (9) UNIT PRCFITS IMPLICIT PRICE DEFLATOR 1977=100 1CC6 ICC.7 1CC5 99.9 109.5 109.C 109.4 109.3 106.9 108.3 1C8.9 109.4 114.5 117.6 12C1 122.7 1C0.1 99.9 98.7 97.5 113.8 116.8 119.5 122.8 107.8 111.2 114.6 117.2 112.2 115.3 118.2 121.3 105.6 100.7 97.5 92.2 111.5 113.7 115.9 118.1 ANNUAL 1CG.4 109.3 108.8 118.7 99.1 118.2 112.7 116.8 99.0 114.8 T X CHANGE FRC* PREVICUS QLARTER AT ANNUAL RATEC5) II III IV 0.4 0.4 -C.3 -2.4 5.6 1.8 1.6 0.4 5.2 -2.2 2.4 2.C 11.2 11.4 8.6 <5.0 C.7 -C.9 -4.7 -4.6 10.8 10.9 9.5 11.6 7.2 13.C 12.8 9.3 9.9 11.4 10.3 11.C -11.8 -17.2 -12.C -2C.2 7.3 8.1 7.9 7.8 ANNUAL CO 3.3 3.3 9.7 -1.4 9.7 8.2 9.3 -3.9 7.9 PERCENT 1979 UNIT LAeO COST I II III IV PERCENT 1979 REAL HOURLY COKPENSATION(2) C.4 I II III IV SEE FOOTNOTES R=REVISED PsPRELlWINARY CORRESPONDING GUARTER CF PREVIOUS YEARC6) 10.7 15.8 -4.6 -7.9 -15.4 8.3 7.9 7.9 7.8 9.3 -3.9 7.9 8 .8 9.9 1C 10 . 0 -0.9 -0.7 -1.5 -2.4 8 .4 10 . 0 9.9 10 . 7 4.7 8.C 9.8 7.5 9.4 9.9 -C.6 6.1 3.0 2.8 1.8 10.6 CO 3.3 3.3 9.7 -1.4 9.7 8.2 CO FOLLOWING FRCM 6.4 2.9 2.9 1.2 -C.I ANNUAL CHANGE TA3LE 6. JULY 30/ 1981 SCURCE: BUREAU CF LABCR STATISTICS APPENDIX TABLE 4. MANUFACTURING SECTOR: PRODUCTIVITY, HOURLY UNIT LA30R COST, SEASONALLY ADJUSTED YEAR AND QUARTER OUTPUT PER HOUR OF ALL PERSONS OUTPUT HOURS OF ALL PERSONS (7) COMPENSATION PER HCURd ) REAL COMPENSATION P£* H0UPC2) UNIT LABOR COST INDEXES 1977=100 1979 I II III IV ANNUAL 101.5 102.3 102.0 102.1 109.3 108.5 1C8.5 1C3.3 107.7 106.1 106.4 106.0 114.5 118.6 119.8 122.3 100.2 100.7 98.5 97.2 102.0 108.6 106.5 118.8 99.2 PERCENT CHANGE FRO* PREVIOUS QUARTER AT ANNUAL 1979 I II III IV ANNUAL 5 8 116.5 RATEC5) 11.3 15.0 4.2 8.4 G.3 0.4 5.8 -5.9 1.2 -1.3 2.3 8.5 5.1 13.7 11.1 5.6 8.0 1.1 3.1 7 « 9.8 -1.3 8.6 I II III IV 2.0 1.7 0.3 0.1 ANNUAL 1.1 3.5 SEE FOOTNOTES FOLLOWING TABLE 6. R=REVIS£D P=PRELIMINARY 9 9 -2.6 -C.1 -0.9 2.2 3.5 1.3 PERCENT 1979 112. 115. 117. 119. CHANGE FRO!* C O R R E S P O N D I N G QUARTER OF P R E V I O U S YEARCo) -C.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 9.5 9.6 3.1 2.C 9.8 •1.3 8.6 7.2 3.7 1.S 6.5 9.1 JULY 30/ 1931 SOURCE: BUREAU OF LABCR STATISTICS APPENDIX TABLE 5. DLRA3LE C O M P E N S A T I O N , UNIT YEAR A*£ QUARTER OUTPUT PEP HOUR OF ALL PERSONS OUTPUT (7) ••AflUF ACTUR ING SECTOR: PRCDUCTI VITY, LA3CR COST/ SEASONALLY A D J U S T E O d D HOURS OF ALL PERSONS INDEXES 1979 I II III UNIT LABCR COST 1977 = 100 IV 111 .7 11C.3 109.5 1C9.1 110.8 108.6 1C9.4 108.7 114.1 118.4 119.3 121.5 99.8 100.6 98,1 96.6 113.3 116.6 119.2 121.1 ANNUAL 100.7 11C.2 109.3 116.4 98.8 117.5 I II III IV 4.4 3.4 5.5 PERCENT ANNUAL SEE F O O T N O T E S R=REVISED P=PRELIMINARY FOLLOWING CHANGE 1.4 C.5 -1.6 -1.5 -1 .6 -0.2 2.8 TABLE FRO" PREVIOUS 2.S -C.2 I II III IV CHAN3E 2.7 -4.6 -3.C -1.5 C.8 ANNUAL 1979 REAL CC*PENSATION PER HOURC2) eOXPcNSA TICN PER HCURC1) 1CC.7 101.6 100.1 100.4 PERCENT 1979 HCU»LV 8.7 3.8 C.7 FROM QLA9TER AT ANNUAL RATEC5) 7.4 -7.8 2.7 -2.3 11.3 16.1 3.1 7.5 3.3 9.5 5.9 16.4 12.3 0.1 6.6 3.C 9.8 -1.3 1C.1 CORRESPONDING 7.3 3.3 2.4 -0.1 QUARTER C.8 OF P R E V I O U S YEAR(6) 8.7 11.3 9.9 9.4 1.0 C.6 1.6 3.0 7.2 1C.7 11.8 11.1 9.8 -1.3 1C.1 6, JULY 3 0 , 1931 SOURCE: BUREAU CF L A B C R STATISTICS APPENDIX YEAR AND QUARTER TABLE 6. NONDURABLE COMPENSATION/ UNIT OUTPUT PER HOUR OF ALL ° E R S C N S OUTPUT MANUFACTURING SECTOR: PRODUCTIVITY/ LA30R COST/ SEASONALLY ADJUSTED ( 12) HOURS OF ALL PERSONS (7) INDEXES 1979 I TI III IV ANNUAL 103.C 102.2 101 .9 1C2.C 1 14. 5 113.2 119.9 122.9 104.0 1G6.4 10 2.3 113.3 1979 T II I'll FROM UNIT LABOR COST 1977=100 1C5.7 105.9 107.0 107.C CHANGE REAL CCVPENSATICNPER h C U 3 < 2) CC*PENSA TI ON PER HOUR(1) 102.6 103.5 105.0 104.9 PERCENT HOURLY PREVIOUS 1.6 3.5 5.3 4 .3 3.2 v» .6 4 .4 -2.3 -1.3 -0.4 0 .0 3.2 3.6 QUARTER AT ANNUAL 100.1 1C0.4 98.6 97.7 1 11 .5 11 4 . 1 11 4 . 2 11 7 . 2 99.2 114.3 RATt(5> 0.4 1C .7 13 .5 6 . no 10 .6 -7.0 -3.2 9 .0 9 .6 .2 1 1 .0 0.4 9.4 -1.7 6.0 0.3 C.9 IV ANNUAL PERCENT 1979 SEE CHANGE FRO* CORRESPONDING QUARTER OF PREVIOUS YEARC6) I II III IV 3.1 3.6 3.4 2.6 5.0 3.5 3.5 2.4 1 .8 -0.1 0.1 "0.1 8.2 1 C. 0 1 .5 0.6 9.4 10.1 2.1 2.3 5.0 6.2 5.8 7.4 ANNUAL 3.2 3.6 0.4 9.4 -1 . 7 6.' FOOTNOTES FOLLOWING ^PRELIMINARY TABLE 6, JULY 3 0 / 1 9 3 1 SCLRCE: 3UREAU OF LABOR STATISTICS
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