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vII
NEWS
USDL • 73 ·57
FOR RELEASE :
U. S. DEPARTMENT OF LABOR
IHlCE OF IMFIlIUTlOM , WASH INGUM , D. C. 28210
Buru,u Qf Labo r Statishc.
[,00 PM, £'S . T .
Tu~.dtt.Y. February 27, 1'173
W. M. Eioenl>ora (202) 961-3595
K . D . Hoyle {lOll 961 _2913
home: 333 - 1384
Productivity in the nonfinancial corpor .. ! .. lecto r in<reued 4.1 percent from
1971 to 1972 , the U.S . Depar t ment 01 Wbor ' . Buruu 01 Lobor Sta ti.tic8 reported
toclay.
The gain
".a. the ume
at it "'at
in the pr ecedi na yur and iu"""r th ... n
the 3 pucen! long-tun, ave'''ile annual .... te over the I.... two decade- .
comp"""",,on increaoed 6 . 2
from i 970 10 1971 .
~rcent
Co".e~uently
Hourly
from 1971 to 1972 , a fall olf [rem the r iu
the rUe of increa ... in unit labor C05to {which
reOeet the reb.hon.hip between hourly corn.penoation and ()utpu, per man _hour)
.lowed do"m'o 1. 4 percent , the .malleot annual'r;oe o;nce 1965 .
... • wnrnary of the new corponte Wt.ta appearo ;n table A .
Table A .
Perc~nt
Full detail. are
Chanie ""er Previous Year ;n Produ ctivity and Co.to ;n
Nonfinancial Corporation.
1971
19,z
Outp", per man_hour
U
.. . 7
Compenution per man_hour
U
'-'
Unit labor coou
U
Real compenoatlon per man - hour
'-'
Note:
..
,
'"'
Fii"ru for 197Z are prelirn.mary.
Revi .ed figure. 00 output per man_hour on , he pr>va'e economy, rtonfa r ITl
sector, and manubcturini ucto.-
wore aho iuued today.
(See table B on
page 2 . ) They ;ru.Hca' ed .maller p~oduc'iv;,y gains than those previously
reponed for t he fo'\!rth qu .. rter a, a result of downward revisions 1n
gross national procuct
index.
The fourth
IT• .,asures
qu~rt"r
and the manufactunng product;,cn
increase in output per man·hour in the
private sector waS 4.7 perc'lnt i nstead of the previously reported
;' . 3 percent .
The revi5eci figure for
c.,nt and for rr.anufa.::turing I. 8
Table B .
t~c
nor.Iarm sector is 3. 6 per-
per~ent.
Percent Change in P 1'oductivity and COSts at Annua : Rates
(Seasonally Adjusted)
3rdQtr.1972
4 th Qtr . 1971
4th Qtr. 1971
4th Qtr , 1972
'0
Total Pr i vat e {revis"J)
O"tp,,-t p"r =an_hour
Cnn:t?!'n5 .... tion per rrta"·ho,,r
Unit labor cosh
Re3i ,::oiTlpensation per rrtan - hour
Private Noni:..rm (revised)
O"COut per 'nan_no''''
CCIT.?en"ation Fer n',J;r.-nour
Un:t iabo!' co~ts
Rea: ~mnp!"ll!ati"n F~r l:1a!l-haur
Ai "' nu!"-ctu,,·l,,.If (revised)
Output P"': rr,""-l!our
Com"c-nsati<Jn !,,,r ma:;_r,o,n
Unit labor cosu
?i.eal cor:lp~n~ .. tion per man-hour
,.<.7,
3. 0
U
'0
4.7
'"
L8
3. ,
3.6
,. 6
J.8
3. 9
6.'
L8
6.6
'"
l.9
'"
~.
1
L6
3. 3
S. 8
2.0
3. ,
------'------
In it~ r""ort [o~ nc,r.I;nancial. corpo,aH<Jns the BLS reported t}.at
the 4.7 perc<C'r.t producti,·Uy g"in fr<>rrt 1971 to 1971 resulted from an
8.
~
pd'cent J;ain in outpm an:! J; 3. 4 percer.t 1ncreaSe in man-hou r s.
COJ'.t,ra,;t
~hc
4.7 p"r<.e!ll
,."t~
In
for 1971 l"efl".::ted .. muc;, s=alle r gain in
- 3 The 6.2. percent g:1in in hourly compensation was less than the
rate fo r 1971 and was the smallest annual increase since 1967.
Real hourly compen.ation (compensation per man-hour adjusted
for chang es in the conS\III\er price inde x ) rose by 2.8 pe rc e nt in th e
nonfinancial 8ector in 1972. .
during 1971.
This was the Same rale which occur r ed
Aithough the increase s in hourly compensa t ion
s lack ened , the rat e of change in the cOnsume r price index aho
slowed.
The l. 4 percent rise i n unit labor cos t s for this sector waS well
below the 1966 t o 1971 ave r age annual ,.ate of 4.3 percent.
In 1972. , unit non_lai:>o r costs (including capital COn8l1IIlption
allowances, net interest, and indirect business taxes) rOSe
b)'
1.1 per -
cent and t ot al unit costs (i. e ., labor a nd non-labor costs comhined)
ro se 1. 3 percent in 197Z.
Profits per unit of output continued to
improve. rising 4.6 percent in 1971 .
T he implicit price deflator (which reflects ",hange. in unit hbor
costs. unit non-labor costs, and unit proHts) incr eased 1 . 7 percent
in 197Z , about one-hali of :he rise which occur red in 1971 .
The increase in the de.nand for hbo!" in the corpo:rate sector,
as re!lected in the mar.-hours gain, wa. i",marillcim to ar.
of employm.ent .
ex?an~io"
EmpiO)""ent rOse Z. 1 percent ,vhile t he ave rag"
workweek increa,.ec 0 . 8 percent.
E.,-:ploym. e nt in r.on!i:larlcial
corporatio:lS has virtually regained th .. ,,,vel of th" previous peak,
which occurred i n 1969.
(See tabie C.,
Table C.
Index of Employment in Nonfinancial Corporations
(1 967 = lOa)
1966
98. 2.
1967
100.0
1968
102. 3
1969
105. 3
1970
104. 0
1971
I 02.. 4
1972
105. 1
Tal>le I .
Y" ar a n d
~ ". , ,-, ,'r
nut l",l pcr
Tnt,,1 Privat e F."o" o,"y' Output per Han-hour. Hourly Compe n sall"n. Un it
Lailor Cost, and 1'r1~e". Seasonally AdJusted . (lnde~ea i 967 • 100)
Ou tput
... Hl -I",ur
Han -hours
----.---
~~--------
19 71
h l . ..
2n d •••
) r d ••.
I. tt, . ..
"", ,,,,.,1
Av(.' •
!O J.O
10 7.6
108.5
108 . 7
109. 7
I09.!.
ilL)
I 10. l
1l 0.~
108. I
Compe"",,t ion 1""
man-hour I I
Real
co,"peosat i on pcr
,,'lll-ilour 21
Unit l abor
cost
Unit ,,0,, I ml'lldl
labor payprice
"",,,t s
)/ cl <If la. t "r !<..I
---.~-
101.6
10 1. <;
101 . a
102. 6
102.0
1)0.6
132.5
10.1.1,
104./.
105.0
lOS.9
104 . 1
l38.8
140.7
142.2
1I,5.0r
14 1 . 7
I)" . "
136 . 0
133."
109.2
109.7
110 . 2
1 10. 8
109.9
122 . 0
123 • 2
123 .9
124.2
12).4
109 . I
1 1 2. 2
12 5 . I
115.5
125.5
12b.5:r
125. St
I JL.6
117 .0
llB.2
119.0
1 19 . 3
118 .4
1 10.4
Ill. 3
I I 1. 6
1 10 . 6
l 'n!
\s,
: " J . ..
),'" . ..
',,",
I J I, . j
11 7 . I
1I0 . 5
1I 2 . 2
I D.]
114 , 6"
I 12 . 7
...
," "" ,; ·1 ,Iv ...
,,
1 j g .9
121.4r
117.9r
lIZ.9
IlJ. J
I H.2
I I J. 1
~,
'",
2.2
'> .-.1 .
1
2. 5
'v.'
~/
:·,t ...
).0
-u ,6
'"'
1. ,
,)
i;. ::
' lI :
4.] ,
, ,-.1 :,-;e
10.2
6.5
8."
- --
il • 2
,,
.1 'J l 2
j 3" , .
: ncl .
1 t' j .
I, tt l .
'-"
..,
'" .
,.,
,.'",
'"
'"
,,..,,
I•• 7
"
) . ~
".
~-"~~~-
1.:4.2
'"
8 .0
4.7 (
6.3
'"
3. I
'"
""
2 . I,
7. I
I.. ~
r
I I 5. H
116.5r
114 , gr
12 1. 8
122. 6
12 I . 5
3. 1
U
'"
10 . 5
1.9
I•. 9
'"
) .,
'.0
,"0
",
,"0
3.6
U
'.0
'"
2 .0,-
2.4r
J . 8T
'"
,"0
2.9
2.6
3. I r
-0 . 6
0.)
3 .0r
['9
U
). 8r
9.'
,. ,
,. ,
s." """"'"
"n.1
"
t
,.~
,
"
,-
revised
""
3. I
1.5
2•~
2,)
4.I,r
- ' ~--'
..,
""
'"
'"ar
2.
'"
4 . 'l
1. ,
'"
2. :;
U
0.'
).
51:"
7.91"
4.2 r
r
t,
•
2
Z
,ti
6.91.'
~" n.:~r.·t-C),":;-;;:"0"" r ?,-:;'·:'~Ye"rTi
t,. 1
tI
U
U
_ <ci • ,
'Ie, I •
..
L;
1.1
,.
JY12
9.2
] J,
1 , •• _
'' ';0'''' I
1.2
-0.6
1.1,
J,~
J 20. 6
121 • I
l!
1'''- ,
:' • 'i
I JI, • 1
2.'
f'-;VM., N .'nf~crJ :;"CI
T.,hlc 2 ,
;.ab,,[ C"ot, .In,1
Pr',~s,
O'H'PHt I" " Man-hour , lI"ur\y C""p"n".Hl"n, Unil
Se"~()naIJy
Adju5t e d, (Index,",s 19(,7
_
.... ...ke~ 1
,
y .",T
l " "r l
')("':>1" 1'''''
....
".,~-'\
M",,-htlc,t' ,
",-
C~"r",,,,a-
co"p" ns~-
t lu " p"r
[ionl'cr
;ndn-I"lur 2/
~a"-Io(),,r
'11 ;
",
;
~ ,," -
'0, . a
I Qd . 7
IG?
l O6 .~
i
11)).0
h13.0
103.8
;0)
oq. a
; co .
lOi . ',
l l fJ . S
l' I. h .
,,)8.3
1Oi . I
Ii 7 . 7
1O~. <j
11 '.. 9
I Ii" . a
1 20.0
IV .3"
ll~. 7r
•.
.\m"'~
1 '" e .
,,, .
1972
1 1 J. '\
II ] _J
jtl,.l r
1U . 1
!u.1 .
Jed .
·
,'.r." CL':' ,he.
t<; h
•
~
19 71
1s t
2n d .
' rd.
4lh .
'"
·
·
U
U
·
t" I
,\nnu a l
I\v~
.
Of
19 72
3.'
:.'.).~
"
12 I • 8
123.0
1 )4 . 5
13 1. iI
108 .9
109.6
10S.7
123.8
123.9
12J.2
10" . ~
LJ1.4
111. 1
.~
1 JQ.O
14 I. I
12 ~.O
124.9
,
10';
lllb .1
107 .2
\03.9
""
I, . 1
'"
0.'
2.t.
-0.2
'"
3.3
J.e
-(J . 6
8. ,
U
~ ",I
U
··
··
1r ,\.
··
l II .
·
I,
~ce
7. 9r
7 .5 r
,u.,
'"
5. lr
foolnot'·s at end of table 4
140.11 r
-.
10.6
U
19 12
I c. t2nd .
11').7r
- _.. __ ._. --- - ---,- !'y}'C<,,'t Ch.EH',~. O""r_ !:,r£'!.Lo,,!!,s_.'l'!i'--,.te r
J.,
U
) . 6r
I, . 7
Of
11 t. s
I 12 . I
113 . 2
112.0
, .,
0.'
'"
9.,
..,.,,
L'
5•2
U
..,
4 .6
7. 6,
6.5 r
-~.-
!24.d
llS.9r
115.
.. --------
at A..,~lU!!$.
~r
Un; ' IIQnlahor p"y-
il2.l
113.1
1 I 5 • (I
114.Sr
llJ.9r
I 20. 2
J 20 . 6
121. 1
121. 7
120 . 9
2/
1.1
U
J.O
2. 7
3 .9t
J. ,
J.O
'"
J .0
'"
:>rlc"
d.'flOlor 1,/
117 . 1
US.3
119.1
119. J
1) 8 . 4
10 . 1
>.5
11
Implicit
1O~ . 5
1l0. 5
111.3
Ill. ]
J 10. 7
'-'
",
'-'
100)
_ -- _.- .........
ments
107.8
5.2
~v"
128.8
1 31 . 2
132. 9
lab or
C'Jst
108.6
1;n •
·
.
Jr d .
·
4 1h .
·
Al1n u., l
11
u .. ! t
..
~
..,
'-'
'-'
' .0
-0 . I
U
O. ,
6. ,
'.J
'.J
-0.5
-0 . 4
3.8 r
1. 7 t
- 0.4 r
2.9 r
'-'
..,
,.,
..,
'"
,.,
'"
'-'
' .0
1.6 r
). 2 r
2.2 r
J.e
0.'
J.2
".7
1.J
I .I,
2.3 r
..,
'fab l ,' ).
Y ~~ r
and
q u~n"r
19;1
15 t • • •
2nd , ..
.3rd . . ,
I. t to .• •
An n ual Ave.
1972
1st. . .
2nd • • .
J rd .••
h •••
Ann ual Ave.
I, t
Output per
lI\..~ n- !lOur
112. 6
114. 7
115 . )
11 5. I
114.4
I 16 . 6
lI B. 5
120 . 1
120 . 6 "
11 9 . 1
1971
1st .. .
2nd. , .
:lrd .• .
.', t h . . .
"'"",al Avp .
1172
I ~ t. • ••
1" ...
,.,
,.,
,.,
,.,
\3 . B
·1. 0
r, . 6
~.5
, ar
.0
1i,,-nuiac tu '-\n g Sect Ol ; O"l p ur per M'on - l1 our, Huu rl y Compe nsati on , and
Un it Labo r Cos ts , Se asonall y Adj usted (I nd e xe s 1967 - 100)
Output
!il
-- -
'·r . , .
~
...
,'j r
l/
94. 4
94. 3
93.5
94 . 5
I I I •1
135 . 9
137 . 5
139.1
14 1. 4
138.5"
Chan !>" Ov"r Previous QuarteT
2. 5
7. 3
-0.5
- 1. 1
-3. 2
,.,
,.,
,,,..,,
II• • II
I • tl r
.
1.1' . 7r
b. 6 r
e.,
{ .1,
'-'
,.,
,. ,
..,
II, 5
I, . S
" •9
1, .
.I"'''l~ '
OVl>r
J'rev,,,,
..
6.'
,,.,
,
'•..
••
•
,
~v
jc " d
,.,
,.,
,.,
,.,
- 0 .3
,.,
J. "
,.,
::. ~
"'
109.9
lIO . 3
1l0.6
11 1. 4
110.5..Annuo 1 R.He
J. I
.4. 0
(). <;
(i . ~
,.,
5.7
,.,
,.,
5
Unit labor
costS
113 . <}
113 • .3
1 13 . 8
1\4.9
114 . 0
107 . 3
107 . 6
107.6
107 . a
107. 5
95.3
97.0
97. 4
99 . 7
97 . 4
16 . 6
,.0
128 . 2
130 . 0
13 1. 2
132 . 2
130. 5
Q4.2
115.0
117 . 0
120 . 3 "
11.5. 9
per cent
t ••
;. i
,",~n-ho"r
Rea l compe nsation
pe r rum- hour 2/
... ---"-"---'----=-----'-------=----
106.3
10B. 2
107.9
1011 . 7
107 . 8
J'~nc' nl
"",1• .•
Compellsatlon per
Han- ho "r~
2.9"
__
Y ~ '\r 7../
...
.
'.'
116 . 5
1 16 . 0
1 15.9
117.21"
116.3 ..-
51
~4 .2
_2.0
L'
4. 2
0.'
' .6
- 1. 6
_0 . 6
4 .6r
,.,
2. 4
2.4
~.3
~.4
l .1,
2.!lr
,.,
: • 'I
-
Table
~.
Non f inanc i al Co r por
Unit i.abor Costs,
~"J.t
per Man-hour, Hourly
"I>ro Outpul
fi ts and Prices , Seasonally
Compensat i on,
Adjuste d
(Indexc.s 1967 .. 100)
'lea r lind
q un r ter
Output
,0<
Output
Man-hour s
""'''-hour
4Lh . ..
Annu al Ave.
19 72
la l; ...
Zn d .• .
3rd .• .
Mh .• .
Ann u al Ave .
19 7.1
1s t . ..
2n d .•.
lrd .. .
4th .•.
Ann u al Ave.
Total
unit
cost
21
91
Unit.
l a bor
cost
Unit
proflls
W/
129.2
131.4
133.5
134 . 7
132 . 4
10S . 1
lOS .8
109 . 1.
t09 . S
109 .1
11S .8
119.6
120.5
121.0
120.0
116 .9
11 7.6
118.0
US . :.>
117 . 7
124.7
125.7
128.2
129. 4
126 .9
76.6
78.S
76.9
7~. 5
U5 . 8
117.3
US.7
". a.
117.7P
117. S
120.9
122.7r
101. 7
103 . 1
103.4
n ." .
10l. 4 1'
1)7 . 9
139.6
It.l. J
n. ".
140.5p
111.5
lt1.9
Li2.3
n ..~ .
U2 . 2p
121.3
121.4
121.1.
n." •
121.6p
119.1
119.0
119 . 1r
n . 3.
119 . I.p
127.9
12S.9
12S.6r
n • ~.
128.31'
78.1
79 .8
S1.6r
n. ~.
so. 11'
n.~.
12 1. 7P
L2.8
'"
.,'
.,'
'"
'"
'"
L'
0, ,
2,'
'"
L'
6,6
11.5
'.6
,,)
11.0
6.2r
n . a.
S. lp
,,)
4. 7p
L'
n ." .
3.4 p
Percent Cllange Over Previous Quarter at Annual
L5
",
'"
'"
.,'
,"", ,
6 ,'
3.>
.,'
,.'", ,,'
'"
'" '"
",
, ,2
),)
'"
6,'
'"
'"
n.a .
L6
n. a.
6.21'
2.81.':
0,'
0,0
" .".
1.Jp
'"
' ,0
4 . 9r
6, '
" ,0
9 . lr
n.9 .
n. ".
end of table
L6
'"
6 ,7
6. 2
'"
2,'
'"
• ,0
,,'
2,'
2. 6
n. a.
n . a.
n • a.
,-
reviscd
n . ".
-
0,7
n . a.
00<
n.3
-
) ,6
20.9
) ,
O.3r
n • a.
l.~p
',2
""
,,'
.,',
0,'
11.9
-11.8
,,)
U
Percent Chenge Over Prev ious Year
"H" 1/
,,)
).2
2, '
76.6
),2
L6
0,6
l",plidt
price
deflator
HI
100 . 1
tOO.2
99.4
100.6
100 . 0
i, .7 r
n.3 .
"'
Unit
non-lnbor
costs
110.7
111 . 9
112 .5
111..6
112 . 5
',0
),0
1972
1st. ...
2nd • ..
J r d . ..
loth ...
!OO l tlote~
Real
compensa lion per
lllan-hour
110.6
111. 7
113 . 1
li4 . 0
112.5
10.7
1972
19t ...
2nd • ..
3rd •..
4th ••.
Ann ual Ave .
..
,0<
"
1911
h t •..
21ld ..•
lrd .. •
,
COOlpen5acion
"",n-hour
1.0r
n .a .
Lip
9 . 4r
n.".
4.6 p
2.6
2 ,0
L)
112.4
11l .4
113 .9
113 .9
113 .4
111.. S
115 .1
115.~
n . a.
115.3 p
',0
) ,6
'"
0,0
),6
'"
L)
0,'
ll.".
L 71'
y
2, 0
L2
0.9r
n. a.
avalbble
,
"
0,3r
n. a .
,-
6 .1 r
n.a.
U
L'
L)
n ." .
prelillinary'
FOCII'N)TES , TASt.E.S I TO "
Source , Output dau fro nl the Bureau of Economic Analysi.s ,
U. S . Oepartoen't oE Co","",rce and th" Fed"r;1.! Re~erve Soard . CO"'Po:msaticn
and ~n-houn daea from the Bureau of t.abo r Statiseics, U.S . Depart"",,!,:
of Labor and the Bureau of EconoO!ic Analys i s .
11 Wages and sahri.es of eO!ployees pbs eroployers' cor.t ::ibutlons for
social i nsuranc" and private l>enefi~ plans . Except fo, nontln"""iat
corporations, "ilere the.-" "re :>0 se1f_e~lored . data "lso includes "n esti mate. of wages . salaries and supple"",ntal pay"",,ns for the. seH _e-vloypd .
?/ COClpCnsation per n>an_hour adjusted for
Pl"ice Index .
change~
the Consu","r
l.;,
11 Nonlabor payments i.nclude profits. depreciation ,
inco"",- and indi r ect taXH.
i~telest.
4/ Cu.- r en t doll".- gron product diviJed by constant <!ollar
product .
V Pe.rce.nt change co:npcund ed at a""ual
than index numbers.
!./
Cun-ent quarter divided by
ra~c
t:~c~s
fro", origi.:-dl daf"
~o::yarab:e qU3'-~"~
r~~taJ
rath~r
.. }"."r "go.
.
V
Q~"rte~ly "",asu~",s adjusted ~o annut. ! ""t~" ~~e~ cf ~U~PLlt (l;;le,e
p~oduct orig~n"tiq;;) fro," the S"reau of Econ"",";'c . ~.'''iysis, C.S. De~"no>er,~
of Conae rce.
2/
1o:al unit ccst. is the sur.! of la""
10/ Un:t non labor costs include
"-nd non_labor
depr"c~":"~on .
int~~".t
<:,)s~s.
",,,d
,,,dire~t
tax~s "
111 Unit
adjust"",nt .
p~ofits
ir.cl\"Je c,,:.porate
p~ofi~3
ancl i" ... e'"t., ry
v,,:,,"~i.~·.
CHR RT 1 . PRODUCT I ViTY , HOURLY
COMPENSRTION, UNiT COSTS RNO
PRICES--TOTAL PRIVRTE ECONOMY
(PERCENT CHANGE FROM PRE CED I NG
QURRTER AT ANNURL RRTEl
OUTPUT PER MAN HOUR
,
--- - ....•... -------- ..
,
- ~ ---
..
.,
,
"'
,
....,,
5
,,
,
---------- --- ,-------------,-------------,
o
-5
,,'
"
COMPENSAtiON PER MANHOUR
""....,; _________ __ __l ______ ._ .. __ ..~- .. -... -..... ~.-.--~-"-,-,-,->...i~:,,,.,,"-.,_ ... -.. --.---,"
,,
"
"
"
5
o
15
UN I T LABOR COS TS
---. --- ';--~---~~~~T --.-- ~.. -.. -----. --
"
"
'r, ---
3,0
o
UNI T NONLABOR PAYMENTS
,,
,
,,
" ... -- --- --- -----
z, •
..........._. ,--- --- .. _---- .--, --- ---- --- ...,, --,
._- ....... \. _... - .-~?~,'-----,->.-~,
,,
,
--+-
-~~, -- ,
,,
,,
,
,
------··---I-·-----·
-----,·--·---·------t-------------,,
,
PRICE OEFLATOR
.... ---_. ----.-------- --_. -'---
--,
,
I V ,:
,
Z. B :
----_._-- ........................... _. _.
,,
,,
"
"
5
o
-5
"
5
o
\961
1968
1969
1910
\911
1973
191Z
"B
Z1
1973
CHRRT 2. PRODUCTIVITY. HOURLY
COMPENSATION. UNIT COSTS RND
PR I CES--PR I VAlE NONFRRM SECTOR
(PERCENT CHANGE FROM PRECEDING
QUARTER RT RNNURL RRTE)
"
C?t.---"''''." ............. ,
....
•
---- ---- --- _ •
>0
3,6,
•
OUTPUT PER MAN HOUR
•
•
- -- ----- --- ---~-------------~------------••
•
-"
..::c
....'"'
... , ............. ,~
...--...--...-'
.... ~ .......... .
•••
-----~------------•
••
•
.,
"
"'"
COMPENSATION PER MANHOUR
0
•
",
0
"
UNIT LA50R COSTS
>0
"
•
--- -~---- ---- --- --.-•• --
3.5 '
------------;-------------~------------•
•
,
•
0
"
UNiT NONLA50R PAYMENTS
" --- t-------. -----
••
-0.4
.-----,----------...•~--•
••
--_ •
•
--_. --- -_ .. --.--_.
\96'7
••
••
••
.....
..---------,------------
1969
--I,
••
19'70
.,
>0
i ...........
:2 • 3 ", ... -._---------_._---,-••
•
•••
•
1 9'7 I
19'7:2
'"
,
0
••
•,
•
rRICE OHLA TOR
------ --- •'.. _-
1968
/r-~
>0
\ 9 '73
2'7 . \9'73
j,
0
CHART 3.
PROOUCi!V!TY. HOURLY
COMPENSATION , UN IT COSiS AND
PR]CES--NONFINAN C]RL CORPORATIONS
( PERCENT CHANGE FROM SRME
QURRTER R YERR RGO)
I- "
CO~PENSRTIDN
PER MRNMOUR
5
- -------- ---- : -
0
1:
-5
I -
"
1-
10
IlII
---f-e--~--~-~--~----~-~--~-~--~--~--:-:- ~--~--~--~--~--~--~-~--~-~- -~---~~-t-~-~-_~_C_c-~~ -~
-1-
-------------1-
- :-
--- --- --- -- -
-I -
UNIT LABOR COSTS
111
0_1
o
"
UNIT NONLRBOR PRYMENTS
I
JI I
1- ••• --.--.-••• --.--
--------'-~
--;:;. --.--••
_.. _---------
5
-------------
0
'-,
PRICE DEFLATOR
!II
------------- ----------.-- - - -- _.. _------ ------------- ------------- ------------I
I
1967
1968
1909
1970
1 97 1
1972
197 3
FEB 27. 1972
CHART 4 .
UNIT COSTS . UNIT PROFITS RND
PRICES--NONF IN ANCIAl CORPORATIONS
( PER CEN T CH ANGE FROM SAME
QUARTER A YEAR AGO)
--
,
0
0
0
0
0
LABO R COSTS: PL!l UNIT
-- --- ---1-- --- -- ---- --~-----
---~ ---- - ------ -- ,
0
0
0
0
0
o
oo
o
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
NONLABOR COSTS
0
0
0
0
---: --.. --.--1 ----
0
0
0
0
0
0
0
-- -----~------
UNIT
'" :,
II I
:
0 .3
"
0
0
0
UNIT
,
'"
0
---+ -- ---- --- ----1-
--~------
,
,,
,,
,,
,,
0
0
0
0
0
PROf I TS
'"
I:
C
IS
0
0
0
0
0
,,
,
,,
,
)
0
0
C
IS
5
I" , --- --- -----I --- --- --- -1-o --- --- --- ---.--,
UNIT
5
I-
I
Co,
,
,,
,,
,
0
0
0
0
0
0
0
10
10
1----- ---- ----- --- ------ ----
,
0
0
0
0
0
j
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0_9:
0
0
0
TO TAL COST
--- - -_. -- -
III :
--- --- --- --1- --- --- --- --- +- --- --- --- ---
------~-------------I--------- 0
0
0
0
0
,,
,
,
0
0
0
0
0
0
0
0
0
----
,
o
0
o
ill ,
o
o
o
0
o
o
,,
,
,0
i
\)' :
IIII-
10
5
C
20
IS
10
I------------- ---- --- -- ---- ---- ---- -_.- --- ---- ------- ----- ---- _.- ------ --- --- --- --- --- --- I 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
,,
,,
,,
,
,
,
,
0
0
0
0
,
,,
,,
,,
0
/[
,
,
,,
IMPLlCiT PRICE OEfUnOR
_____________ •___________ ,
__ ____ . __ .. _,-----,
,
'i
,
[V
0
0
0
0
0
0
0
0
0
0
0
0
0
0
w~-----------.--~-------------:.
0
0
0
0
0
0
1961
! 966
1969
0
0
0
1910
IIII-
,
0
0
19 11
C
~-
0
0
0
0
0
0
0
,
,,
0
0
0
0
0
0
5
,"-,
I
______ T- __ ______ ___ •
0
0
0
0
1912
1913
FEB 21 . 1912
~J
-5
-10
-IS
-20
10
5
C
@FedFRASER