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v~
~ .. lI1n,ton. D.C. 20212
L.J. hleo (2Ol2) 961·4~97
~.D.
U. S. DEPARTMENT OF LABOR
111£11 Of lIlIIlTITlSTICS
USlll-74 - 26~
fOR JlEl.E.'.S!, 11:00 A. i'!.
Ko11. ('1l2) 961-2911
Tburlday,
H.... ' {lOll 333- 138'
~
23 . 1914
Pr<>ductivlty In nooHo.nebl corporatlOnl f.il 6 . 2 perc"nt at .. uuondly
IdJunod Inn""l UU In thl tlUt quu,er of 1914, f"U""lnt ~ 3.3 perclnt
decline in tb. p •••• din. q",,'Ur, th Inr. . n of La!>or Statlltlcl of 'he U.S.
2.1 p_r._ .. e -- It .nnu.l ra, •.
no . . . . heel productivity _U"ru for cia total prlvou Ind n""fa ....
quorur at annual •• ,...
""to ..
l"h ... d"""",ord tevl.lon. In th ou,put par "", .. -hour
Tabl. " .
Parco~< o..nl~
at Annual RatU In Productivity
(S".onally AdJu.tod)
." ••
",
quortor 1973
""art.. 19H
.,,4 eo...
,,, Quarur
". ••
~rtU
NonHunoi&l Co rp o ... tio~.
(Pulho1n..-.,j
Output po ..
..,
~n - hour
-6.2
Compon.o.ion por ~-hout
UIlI< labor COOto
Real campan •• tion ~r ~-hour
0 .8
-1.1
..,
>.0
Ou'put
-4.3
- 8 .1
llan-bou "
-2.1
-2. S
U
U
Output po.. =on- hour
Compon.ation po r =on-hOur
l!nlt I.bor eoat.
Real ccapo" •• tion por . .n-hour
Output
-6. 4
-2. I
llan- houn
U
12.0
- 6.0
-1.1
-0.7
...•••
-2.9
0 .0
,.,
Nonfarm Soctor (Ilevlud)
""'put por . .,,- hour
eo=po"o.tion per ..,,-hour
- 4. S
Unit labo,. co. . .
a.ol ccapono.tion po r .an- hour
Outpu'
llan-houro
11 .8
•••
- 4 .2
- 6.7
-2 .4
- 1.4
U
•••
-2.5
o. ,
,.,
!1&nu!ac'urln g ( Roviud)
Output po,. man- hou r
eo.ponution pOT 1I.lIn- hour
Unit labor COOto
Re.l ccapo" •• tloo por man- hour
Output
!!an-ho u ' "
,.,
••
- 1.5
0.'
, .0
- S.8
-2.6
- 6.5
- 5.1
0. '
'.0
..,
1973
19)4
m • • hHp out put d.dl"o for
eonout!"",o do!o.
~u.lne ..
n~nHn.nciol
corJ><ln<lon. -- "Meh !ndud• • 11
In tho U.S, ,",,<opt bank • • credit .,onol ... I<ook a nd
e<l<lll:l<>dlty broke .. and Inauuneo "o~an! .. -- rlu rl", tho ~u ..... " . . . h. l.rg . . .
quu ...-to-quu, &< d.cr .... ,Inc. the louetlt quu , , , 01 1970.
Abo. tho -.on- hour>
dodln. o f 2.7 p•• unt In ,h. nut q... "tor """ ,"u t d .. lth tho J.9 poron. Incroaso
which o«u « .d On' quutU oHllor,
_loy.o~:
mh donca ••
(0 . 9 p. . ~.n.) ."" • docll •• In
.v~ug.
n fl o~"d
" ..
10.1,
both. docHne I.
hours (1.8 po ...... ) .
Frooo ,b. flu, q .... Ut of 1971 '0 ,ho fiu, quorto< of 197'.
p....... - hou. f .U 1.1 porOOnt.
l~ . . . han
oU'put
,ho 2.1 pcrcent In tho '0,.1 p<iv. . .
ooo'or .nd .t.. 1. 4 poreut In ' h .ontonl u«oc .
-.on-h~u.
~o'lJOu"
In ... rtufo«urln •• ""tpu' PO'
Increased 0.9 porcoo, oyer ,hO"""" f our- qua««' period.
",,,,,.,,oa,loo por "an-hou.
(~hloh
irtolud.. both " a, . . and .upple... nta l poy*nto)
In ,ho n"tlflnoncld eorpouu noto . <coo
It .. , qua" ...
~OIRp.ud
to • 6.0 porun,
at
.n .nnuol rate of 6.7 pore.", In ' he
I~nu ..
in 'he p"eodlnl q........
"<-.pORnt1on po . .... ,,-hou. (.o""onntlon por ... n-hour
adJu~,ed
Reol
lor cho"'" In tho
Cons,...." Pcieo Indnl docru . .d 4.) pe r con, I" ,ho fir .. q ... .,et . . . . rkln,.h
fourth c<><I.,*cu,lve qu""er of .Hellno !o Ibis ""U'u".
,.. a ....,1, of ,h...
docUnu. ro'" c"*I'on. . ,I<><I. po. ... n- hou. !n tho Hu. qu."" .. 004
It
Ito I"" ...
lovol In 2 yea r •.
Unit lobor co... . which u!loot bo.h
oh.n~ ..
In compe" .. ,lon por un-hour and
productivity . Irtc<e ... d a, On onnuol .... of U.S porc.". in tho fi ...
eespond "lth a 9.7 PorCOM <I . . en. q ... nor ucllo r.
.o.. a
"'.. olso tho lor,.. , durin.
,h. _uuro_nt
Qu~r t ...
th. Inor .... in unit lobor
p. . lod .
1;nlt nonlabor co. . . . "hlol> l""lude dopreciatlon. no' In .. . . ot. and Indi r ect
bu'ln. . . t n . . .
I~cr . . . ed
U.5 poree'"
I~
'ho H ,., qu ..... of 19)4 • • _
on 8.~ po<cc~' locr u . . ,ho q .. a .... I>ofo...
.... ure dnce the lo.,rth qUlrtU of 1970.
.. od ,,\,1.
Thl. " •• ,h. I ..... ' lnc""o In ,hi •
total unit co"" (hbor and """Iabo .
co... c"";'l""d) In«....d 14.2 perc,", . coap, .. d vUh. 9.' po . oo.. Incro .. o In
n..
dul1ne in pTofiu "U 'hi lu,u, .Inu th four,h quntu o f 1970.
Tab l . B.
["
lllJ>liclt hlo.
Dofla'oT .
eo. •• and Profit. In the
Sonfln.nolal Corpo r at. See , oT
(1967 • 100)
Indue. of Prlo •••
.. .. [""
["
~~
[<on [,,"
102. ~
lOS.
110.0
Ill . ~
116. 0
118. 2
\19 . 6
120.7
..... . . . .
103 . 0
108.
116 . 8
l!9 . l
m
,
lZJ . O
124 . 4
lH .'
Unit Labo r Co" .
102 . 8
108 . 1
114 . 9
116 .7
UO 0
122 .0
123.7
lH . 9
,
co.t ... ... . . .
10 J. 9
109.
122.9
127 . 2
1l6 . 7
IH . 9
126 . S
126 . 7
129 .
.. .
99.7
11 . 3
80 . !
M.8
91. 4
92 . 7
94.8
10ul
~nlt
COlt
l H. )
12 S.1
l3 1 .~
131. 0
Un i t KonhbQT
~nlt
P.~f!,"
.0.0
I J' . 0
8~ . 6
Tabl. L Total Privata _.ono-" Ou~put per Man-hou r
Hourly eo.pen.atton , Unit Coet , aod 'ric .. , Sau""aUr Adjuatad
Year and
Qulrter
Output per
Han-hour
Output
HAn-haun
Ind .."u
,
1~73
U
m
"
1974
,
AnnUli Ava.
,
,
m
"
19H
,
,".. footncteo
•
rnlud
M
-2.1r
follow i08 t"bll
P • prellol1n.rr
122.3
128.3
159.5r
112.8.
139.9r
129.4.
lJS.llr
109.0.
LO
.......ual Aya·
132.2
la.3r
,.,.,.,,,
U
llS.4
114.0r
-6.4 .
1973
153 . 5
108.0
,.,
Annual Avg.
1974
125.9
125.5
L>
-7.1.
,,.,
,.,
11.3
,. ,
,
.....,.. ,
..
-0.7.
4.8r
....
.. ,
,.,
,,.,
..,,
,..
0.0.
2.1.
6.6.
••
,
..
•••
'-'
L>
..,
•••
,.,.,,
,. ,
•••
,..
- 6.0r
12.0.
11. 7.
11.9.
,.,
-2.1
-1.7
-1.6
P..cent o.ln," ,"U Puvioul "f .... r ( 6l
,.,
,. ,
,.,
,.,
..,
,..,,
123.4
Pucaot Chang" Ov.. 'ravlo... Qul.te . at Annual b . . (5)
.....
l.pUcit
Prl""
Deflator
124 . 8
127 . 1
129.3
132.0
116.2
-0 . 8
CoatI
Par
unit KonLabor
.. ntl (3
1111. ')
121.1
149.6
151.9
154.6
157 . 7
-1.2
~"
Labor
128.5
DO.9
133.1
136.0
106.7
101.7
108.6
109 .2
...,....,
..,
'"
Co.p.....tlon per
HAn-hour III
116.2
115. 6
IB.l
114.6
124 . 2
125.0
126.1
116.6
,
,..
U
1967 •
116 . •
U6 . 1
1l6.2
llS. '}
..
,
'""
1913
....
Co.penutloo pe r
1Ian-lIour (1)
....
,.,
......
.. ,
-0.2
-2.9.
,.,
••••••
..
,..,
...., ,..,...,,
,...., ,. ,
..,
8.8r
..
,
•••
..,
•••
...,..
8.8.
8.8r
SOURCE , Bureau of Labor Stathtlc.
HAy 23, 1974
",
Tabl .. 2. Private No n far m Econo~' Output per Man-hour
Hourly eompenaation, Unit Cost,
Prlc", Seasonally Adjusted
""'
Yea< ancl
Quaner
Output pe r
Man-hour
Kan-houTO
Output
Cooopenoalion p er
Man-hour
Indexes 1967
,
1973
n
m
"
Mnu a l Ava·
,
115 . 6
115.3
115.9
~.,
",
. '"'
eo.penutlon PH
lian-hou. 12)
127 . 9
155.8
1110.9
113.9
113.6
113.2
109 . 6
151. 6
Il3.9
110.0r
IS8.4r
112.0r
108.2
109.5
110.2
110.7
147.9
149.8
H2.7
US. )
125 . 1
126.3
127.6
127.6
115.6
121•• 6
114.0.
125.4t
1914
,
1973
n
m
"
Annual Avg.
1974
,
,
1973
n
m
"
,
Annual Avg.
1974
footnot ...
,See.
• revised
p • prdl.l na ry
....
...
,.,
-0 . 1
,.,
•••
-4.5t
..
..
'.0
,•••
,'"
-6 . 7r
-2.4r
•••
,.,
•••
..,
,,,...,
,. ,
"'.,
Previous Quan or
,.,
10.7
"'
..
'"
L'
,. ,
-1. 4r
tablo
..
•••
,..
0.3.
1.7c
,.
135. 1
11l . 2
l.lS.2
126 . 3
122.7r
132 . 8r
138.9.
! 5)
-). )
-1.1
-1. 3
10.5
".
L'
•••
6 . 8.
-4 . 2.
11.8r
'.0
•••
,,.. ,,
..,
'"
".
7 . It
,. ,
LO
0.'
-0 . 3
'"
-2.5r
...,ot . 0>
l",!,l1eH
Price
D<oflator
123.6
125.4
126.8
129.2
131.6
~
Unll ~oo].abor Pay-
116 . 4
118.0
118 . 6
119 . 6
129.8
..
,..,..
...
.. ,
Annual
Pe<cent CIlange (}ver Previous Year !6)
,'"
fullowlng
Percent Olanse
,,
-0 . 8
LO
-1. 9
Unit
Labor
CoOl.
'"
,..,.
'"
10 . 7 .
11 . 4r
'"
'"
,'".
...
,,...,
,.,
'"
,..
8.6r
5.3r
,'"..
•••
, .0
SOURCE' Buua" of Labor Statlstica
May 23, 1974
,.
..,
,. ,
'"
•••
..,
U
7. Or
'OJ
Table J . ~nu f a ctu< jng Sect o. , Output pet Man-hour, Hourly
C,,_pensation, Uni t Labor Costs, Seasonally Adjusted
Yur and
!l!!aner
Output pet
• a n-hour
Output (7)
Han-hours
lndeK e•
,
1967
Coapenaatloll per
.an-ho u• Pi
Rea l Compensation
~er ""n-hou< \2)
UnIt Labot
~"
113. 1
• 100
1973
n
m
"
,
Annual Av g.
1974
126 . 1
127.3
128.9
127.8
127.5
129.9
131.5
131.9
102.0
102.0
103 . 2
U5.6
L48.5
151.8
153.8
112.9
113 . 0
111.8
115 . 4
116.6
11 7 . 8
120.4
127.6<
lJO.2
102 .1
150.0.
112.7
117.6
127.3<
129 . 7r
101.9.
155.7.
110 . 1<
122.3.
,.,
,
1973
n
Percent Cbange Over Previous Qua rter
'-'
' .0
m
-3 . 4<
"
,
Ann ual Avg.
1974
..,
-1. 5r
..,
,.,
,,.,..
,
1973
n
m
"
,
Annual Avg .
197 4
".
,•
•
LOLl
'-'
'-'
10 . 3
'-'
'.0
'-'
-0.0
10 . 8.
'-'
•••
-6.5r
-5.1<
Perceot Change
..
~ O<
"
Annual ~" (5)
..,
10.8
'-'
5.3r
,.,
5.1<
Puviou. YUr
.. ,
'-'
..,
'-'
,
..
•••
•••
,.,
0.9t
1. 7<
0.8.
7.0<
".otnot". following t"bL~
prell_iouy
• r evl... d
'.0
'.
J.7.
•••
'-'
'-'
' .0
L.
,. ,
-5 . 8r
6.6<
( 5)
,
,.,
..,
12 . 6
10.9
..,
-0.7
O. ,
-4. I
...
...
-0.0
'.0
' .0
-2.6<
6 . 0r
'-'
'"0
'-'
SIOORC'. : "ure a u of LabOr Sti t UtiCS
~,
n.
19H
O. ,
'-'
,.,
Table 4. Nonfinancial Corporations: Output pe, )\',!]+hour , Ii"" riy C",",, ~n aat Ion
tlnh !.abor Costs, Ihlit ProfHs and Prlcu, Seuondly Mjuoted
Yeu lind
Output
0
H
b
M."Ul-l,,,,,"
~'~____':":'~":'_____':"_-__
',::~::__ .__~!":':'
Quarl~r
,
lJnit
'
O:":"___
::5~;';';'".:'""~
l,.~bor
penaa-
[<opllcH
Prl.C8
oeLlator
"<>nhbo~
con
197)
'"
~nn~41 ~"8.
,
I 2~. 7
94.8
129 . 3
128.~
~0 . 9
ll8.2
119.6
120. 1
122.6
124 _6
127.2
125.2
n .5
120.3
132.0"
13 4 .Op
132.50
8.'> . 6"
In.)p
U5.l
111•. 5
llli . 4
122.0
121.7
124, q
LOS.7
113.4
~27.11
131. 2
107.5
152. I
114.2
129.1p
108.0p
158.6p
112.2p
107.3
1:12. 7
122.0
120.1p
121.7
123.1
122.1
12).0
124.4
IH.4
1411_2
150.5
153.S
156. t
106.2
129.0
130.6
132.5
121.4
n
m
107.7
125 . 9
126 . 5
91.4
92.7
1974
,. ,
",
,
197)
...
n
m
+3.3
'"
,
,.,
,. ,
'"
Mnual 11"11'
1974
+6.2p
-8.7"
n
m
'"
M nual IIvg.
19 74
,
-Lip
0.5p
See foo.note8 a t end of table 4.
t
-
revh~d
p - proU.lnary
•••
'.0
,.,
-2.7p
..,
,.,
,.,
,. ,
,.,
,
1973
,.,
12. I
11.6
1. 6p
..
+2. 1
+0. 2
' .0
-3.4
6.7p
-4.3p
,
,.,
,. ,
..,
'"
..
,..'".., ..
-2.0
,.,
13.8p
,,
,.,
'"
,.,
,.,
11. 6
-15 .6
,., ,.,
9.2p
14.2p
-25.0"
,.,
""
,.,
,.,
10 . 2
,.,
,.,
7.8p
-7. 5p
6.0"
Pe r cent Ch a ngo Ova. ProvloUl Year (6)
..,
....,.,,,
".
'"
U
-0.0
).4
,. ,
-0 . 3
,. ,
-0.6
U
,.,
6. I.p
Bureau of Labor StBthllc.
Hay 23, 197 4
-2.5p
SOURC£'
'"
,.,
'"
1I.2p
12. )
IL6
U
FOOTNOTES,
TABLES I TO
~
Sourc~: Output data from the Bureau of Economic Ana lysis, U.S.
Department of Commerce and the Federal Reserve Board . Compensation
and Man-hours data from the Bureau of Labor Statistics, U.S. Department
of Labor and the Bureau of Economic Analysis.
(1) Wages and salaries of employees plus employers' contributions for
social insurance and privat e benefit plans. Except for nonfinancial
corporations, "here ther e are no self-employ~d. data a ho include~ an
e~timate of wages, salaries and suppl~ntal paymenta for the self-employed.
(2) Cocpensation pur man-hour adjusted for changes in the Consumer
Price lnde" .
(3) Nonlabor payments include profits, depredation, interest, rental
income and indir~ct taxes.
(4) Current dollar gross product divided by cOnStant dollar gross
product.
(5) Percent change compounded at annual rat e from original dats rather
than index numbers.
(6) Current quarter divided by cocparable quarter a
y~ar
ago.
(7) Quarterly measures adjusted to annual estimates of output (gross
product origin.ting) from th e Bureau of Economic Analysis, U.S. Department
of COClllerce.
(8) Unit nonlabor costs include depreciation, interest and indirect
taxes.
(9) Total unit cOsts is the sum of labor .nd non- labor costs.
(10) Unit profits include corporate profits and inventory valuation
.djust.... nt.
CHART I . PROOUCTIVITY . HOURLY
COMPENSA1ION UNIT COSTS ANO PRICES
TOTAL PR I VA TE ECONOMY
(PERCENT CHANGE FROM PRECEOING
QUARTER AT ANNUAL RATE)
,,
i
,,,
,
,
,
-_.,,,
~,.,,_;C',--
.. ------_r------.------
,,
,,
,,
''
,,
,,
,
---------···-t-----·-------{--------------T-------------\·----···-----t-------------;,,
,
,
,
,
,,
,,
,
,
,,
,,
i
.
COMPENSP.TION PER MP.tlHOUR
i,
-5,
i,
,,
" ~~'
,
,
.,
"
.., ",
,
'1
"
j, ,
,,
,
.
,,
,,
I
U: .0
Utl lT lP.60R COSTS
---- -;,....
,,
,
,,
,,
,,:
,,
,,
~
I
-------------;--_ .. _-------,-_._--------
i
",
,,
,
OUTPUT PER M
:,
;
'
-----------.-------------.-----,,
''
!C
,,
,
,,
,,
_-- ------,----
-------. -- -r, --- -----. . --,,
,
J
"
1) .7
UtllT
-.,--------- - -- ~
,
, -- -
-· · · -- ···--·-i-------------~----,
,
,,
,
,,
,,
..,
:
•
,
,
,,,
,
,,
...,
.,
.... - - - - - I
1 ."
---.----_._.- ,, --_._._-_ ...•,,-.... _._._----.------_._-_.-.-._--------_
--_._-------_.-_--_.
__I._---,,
,,
,
,
i
,
i,
IMPLICIT PRICE OEflP.TOR
-_. __ . _. _... -,...
1966
,
1969
1970
197 1
1972
:
,,
-----------~--.--------,,
,,
1973
0
j
",
,
.,
",
,
1974
MP.l 23. 1974
•
•
CHA RT 2 . FRO DUCTIV I TY , HOU RLY
COMP EN SRTJON UNIT COS TS AND FRIC ES
PRI VRT E NONFRRM SECTOR
(PERCENT CHRNGE FROM FRECEDI NG
QURR TER RT RN NURL RRTEJ
. -_. -_.-
,,
,,
OUTPUT P R f1
,,,
,,
.-.--------... ......
-_ ,,,
,,
,, ..
,,
,,
,
,
..
:
,"
,
-............1............· j------
,,
,,
,,
,,
V'
.....~
--Lf
-- =--n----.----.1...---------:
-4 . S
,
.... -·t .... ·· ...... ·t ............ -1.... ·-.... ··· t-- .---------.
,
,
,
'
"
'
' "
"i
,,
""
"
i
CO MPENSIHI ON PER HANHOUR
,
-.------- ..... _,----_
... _--,,
,
. __ ..... ... ,
,
i,
I
,
.,
"
'"
--.--.. ,-----------.-.r-.--".--.-"
,
,
,
I
! ! .8
UNIT LABOR COS TS
,,
,
-- ---;, ----. -... .. ~---,
:,
:
,,
,,
,,
UN IT
,,
,,
,,
--
-- ---- . ;, ....
,
--1.- -------------
o
"
,
o
I
PAYME NTS
10 .7
"
,
_--------,-_.,,
,,
,,
,
,
"
, .. ____ __ ____ .!. .. __ ........."
__ ........... :_
____ .• _. __ : ____
._ .. _____ • ____ .. __ .. ___ .!. ___ . __ l.Lci .
,
,
,
,
,
.,
' "
.
~._.
.,
~~:t:';::;::::±'::;:::;::±=2::f' ~±';::;:::::±'::;:::;::d j ":
:
------...
19SB
I" /'LIC IT PIC E OEfLA TOR
:
:
:
-----·-t-------------l.-o>",,-<
... -i.-.........-.. ,
1S69
\970
IS7l
19 72
1973
197 4
MA Y 2 3 . 1914
PRODUCTIVITY . HOURLY
CHRRT 3
COMPENSRT I ON UN I T COSTS RND PRICES
NONFINRNCIRL CORPORRTIONS
[PERCENT CHRNGE FROM SRM E
QURRTER R YERR RGOJ
OUTPUT
rE ~
,
~~N~OUR
,
,
·
•
'I
~
,
"i-,
- 1•1
. ..
.
·~
..
·~·
.
"
.•
········~
.•
.•
.:
•
: :
,
,,
,,
,,
,
:,
,,
,
.,
.
UNIT LRBOR COSTS
I
..,
···l............ ·~··· ........·r·······...... ~ ........··
- .. ------ ....•. ...
.,
.
·i•
UNI; NONLASO R PAY ME NTS
:
:
:
,r~~~~_., '
:/
.•
••
•
PR
IMP
LICI
T
,,
., CE
f
i
.•
•
,,••
OEf LATOR
.,
.... ·· .... m
.
,
, _--_. _..... _
.......................................
- - -•....... _._...•... .. _.......•.
_, .............
•
1
······ ·· ·· - ·· 1· ____ ······· ·,·········
·
1968
.:.--
1969
1910
i ~j
I 91 I
,,••
,
I
. ,,'
......mm
;m ~
1912
,
,
1913
",
,
"
",
,
···1···-··;;1·.......-~.... . -····;·-···········~········i·:
............ ·1···· ·..·..
~
.
,
.............
------,"'-i'--"''''-.-.-.---i'---.-.'''_.__.J____~
··"··· ...... -.. ·;·· - -- . --.-.. , --- . -. -.- - ..:.- - - -. . .... -. . .
,
··•
,
,,
•...... · .... · ..•f·· .......... • ............ l•.. · ...... .... -;-···
• -........ .
•
•
•
•
•
,
CO~rENS~T10N PE R ~RNHOUR
I
,
............ ·l•.. · .. · ......
•
,
-1
.. · -- - -.. -.. ·l .. · ..
1-
......... .............+.............\
"""""" "'" '" """,',,""'" '''7"
:,
:
.,
,
,,
,,
,,
,,
,,
,,
,,
,
ISH
MRr 23 . 1974
"
",
,
CHART 4.
UNIT COSTS. UNIT PROFITS. RNO PRICES
NONFINRNCIRL CORPORRTIONS
{PERCENT CHRNGE FROM SRME
QURRTER R YEAR RGO)
,,
,
,,
I
",
.----. --- •• --1-- -
,
"
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,
"
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,
,
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,,
i
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,
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,,,
iOTAl Uti !T COST
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,,,
,,
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,
,,
,,
,
,
:
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--- --- ---- ---j--, -------'\7-----. ------j--------r7
,
,
.,
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,:
.......... _..• ..-
..,
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i
..
"
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,
.,
·
.
:
:,-7.5
·
.
.
..... _.......... - ·
:-.-- -·'···'-r'" ··------1·····-----··-········-----1- ."
,,
i
! - ."
UNTPROFlT
,.
-. -
,
20
,,
,
: :
+, ............ -
,,
,,
,
,
1,
,
,
,
,
,,
,
i
U'IPLICIT PRICE OEflATOR:,,
,:
6I . 0
~---=---~---=---±i=---::;----=---~--rtm;-=--;--~-2±~;---;---~----j--~E---=---;:---~
----±:--~---;---;---"'~i=---=---;---:d----
1968
1969
19iO
1971
1972
j ",
I-
1973
1914
MAY 23 . 1914
·20
,
@FedFRASER