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-
NEWS
v&
U. S. DEPARTMENT OF LABOR
OHiCE OF INfORMATION, WASHINGTON . D. C. 20210
US DL - 12- 582
FOR RELEASE : A. M. Editions
Thursday, AUiuot 24, 1972
BH"" of L.bor Statistic.
iI . M. Eiunbeq (202) 961- 3595
K. D. Hoy! . (202)
h"",,:
froductlvity in the oonflnanelal co<por. .. . . otor ron
961-291~
333-1384
a t an annual ran of
6 . 1 perc e nt in the s econd quut &r of 1972 ... output contlnuQd to increase s harply,
'he U.'. !)ep a <t",ent of Labor' . Bure a u of Labo r Statitt10.
a.~nounc . d
toda y.
The
second qUH'"" gain roflee.ed a 12.0 percent ri oe in Qutpu< AllociaUd >11th a 5.S
pHcent incre as e in "",n-houn.
Th . gain in
outp~t
po< un-hour uc u de d the incre a . .
in hourly cocpensation and un.it labo r coots f oI l fo r the second t l ",e in uvon years .
tod ay , indic a t.d a gain of 5.2 pe r cent rathe r than the
BU; notod
th ~ t
did Mt d tu
perc e nt [ncru • • previously
the <_ ooM up"ud revis ion. in t ha u U .. ates of iro . . nationd produot
~"'vio~ly
iuuod fig " , u f or productivity grwth in th e private oconooo:y
and th o nonf ono s octor , boc o" • • • • t1 .. at • • of ..an-hours
ocono"l' .. pruent e d bel"" .
~ . 7
~'r'
ol . o "vi.o d upward .
Table A.
Percent ChaniG 1n Productivity and Coots a t Annual &ote.
(S ...onally Adjusud)
Lot Quartu 1972
2nd Quartor 1971
"
2nd Quarter 1972
2nd Quarter 1972
"
l\"onUnancid Corporations (pn1111tin.ry)
Output per man-hour
Compens.tion per man-hour
unit labor c"""
Real eo"'pens.Uon per mn-hour
..,
..,..,
L'
Tot.l Private (revised)
Output per man-hour
Compensation pe r man-hour
Urlit labor coot.
P.o.al compensation pn _n-hou r
,.,.
,,.,
,. ,
Prtvn e Nonf."" (rovi. .d)
Output per man-hour
Compensation per ....., - ho..t
Unit labor coots
Re.l compensation per ...,,-hour
,.,
•••
,.>
'-'
,.•••,
'-'
'-'
Output per ..an-hour
Co=~ons.tion per ~~-hour
I:nH labor costs
Re.l cocpensation por man-hour
period -- 1971 II to 1972 II -- ".,. 5 . 5 pereen t.
Caatpnable foul'-quartu iner • .,. . .
percent in the •• cond qu. rt or, down con.ldsrably from tho 9.8 percent increaso rog10-
,
Ileal compe""aticn par ..,,-h<>ur (hourly c=penoael"" dju,ned r... chon,u in
the consumer price inde x) io the corporate •• ctor ro •• by 1.5 parolnr in tho •• cond
quarter, and by l.l percent linel tha ..... quarur of 1971.
Unit labor c""o in thl corporate . . etor declined by
l.~
pareenr •• the continued
,htrp productivity lain axc.,dad the .or. moderate a-Ln in hourly tempa""'t!"'"
~ ..
Tni .
ocly the aecaod <1.. linea 1966 that unit lobor coot. va.a Ictull1y .educed.
Onit
0",,1.100< .011" (nth . . capltd C_UIIpUon .llow....,... Me 1nta.u •• ""d tedt .....
butlo... taxu) incr....d by 2.1 pareont, priba.!ly
b.c~.
capital c""'uGPtlon allov-
""eol ughu.ud • lara" Ido in the . . c""~ quarter than In thl pravi.,.,. four quut a ra
. . . l'uult of tile extraordinary amount of accidental d ....' . 'A ... ud by flood. .
ioul
un1t toot. (l.abCl' and neolabcr cOUI cCOlbinadl d . cr ..... d .Hahtly .. the decuau in
unit labor Co.tl off.. t thl rln In nonlabor COl •••
Profits P<'t unH of output Incn.. ed n
ueond quuur.
....a
on annUlI raU of 17.8 perc.nt In the
Over tho tour qUlrtor. b.,lnDlo, witb tb. IItond quittor of 1971 •
proft •• ro. . J.l porc.n •.
n..
implicit pric. dltbtor. vhich t.thcu chon,.. io unit lobor toetl , unit
nonlobor eol ••• ond unit profltl, Inc .....d I • • 1.1 perc.nt annulI •• t •• co.p.rod
to. 2.9 pncont lnc r . .. . in thl fint qUi t ter .
Froo thl u.end quuter of 1911, th l
pdt . ddlator for nonUnon.h1 corporationl ro . . by
l.~
perc.n •.
Thll v .. the
. ... 11 • •• tour- quart •• Incr.... line. 1966.
Thl In...... In thl d ....nd for l abor In tho corporlte . . ctor, .. nfhtUd in
tho rl •• In
~ - hou,"
lrom 4.6 plrclnt In thl firot qUlrto. to 5.5 portlnt 10 th o
I.cond. v .. b . . .d on both Incr..... 10
IDploy~~t
and In tb. I,oath of tho vorkwe.k,
......... the firet qu.rt .. lne ..... 10 .....,-houro v . . . ~t ... tlroly duo to ,ains in
employ~~t .
Th. 8 . 3
p ~ rc.nt ~n - hou r
ri.1 in the canufacturing •• c'or (which
upre • • nu al.:nost SO percent of thl nonfinancial corporate tOtal)
average workw.. k.
Wall
p a rticu larly
In both tho fourth quutn of 1911 ond the fint quarter of thh
year, ctanufac,uring ""'ploy ..... adjoa,"d 'hI level of thdr workforcl at 0 II.. rapid
ut .. ,hon thl corporate " ctor as a whole.
ri o. in
~anufocturing e~ployment
H"".ver, in the oacond quarter the
accel e rated to 5.5 percent , whil.
1n tla tOtal corporau uctor Ilowed to 3 . 8 percent.
e~p1oyment
(See tab le B.)
rabl. B.
fltc.nt Changel in emp1oycent. Averag. Weekly HourI, and
Man-hours (Parclnt Chang. Over Pr.vious Quarter at Annual Rote)
Man-hou,,"
Nonfi lIaounanoial
Corporation.
1971
1972
",
1972
n
fac-
t"r~.
,.,
.. ,
Corporations
..,.,, .., ..,.,
U
LO
tu'ing
Corpora-
Hon.
turing
0 .'
,.,
,.,
U
0.'
.. 0
,.,
,.,
' .0
growth
T~I.
I.
To,.1 ,.Iv.t. EcOQo.y: Output po. Han-Hou •• Hou.ly eo.,.n •• ,IOQ, Unl,
nd Pdceo , S. . .on.lIy AdJ ... td. (lnd.... 1961 • 100)
""'t .•
OutPUt po.
_-hour
~ .... a·
Ou'put
Han por
tlon , ••
_-bout II
11
_-hO\l.
1911
I." ..
2nd .•.
lrd ...
4th .•.
1912
IH •..
2nd ...
1971
/0,,,.
2nd .•.
lrd .. .
4th .. .
Annuo l Av •. !1
1972
I n .. .
2nd .. .
1911
l.t •..
2nd •.•
lTd •••
hh •..
1912
lot ...
101.3
101.1
loa.8
...,Ilcl,
pdC41
ddhto • • ,
110.3
101. 1
1)3.0
L09 .6
122.6
IU.8
118.4
110.8
112 .5
LU.]
103.1
104 . lr
138.6
140 .4.
112.0
111. 1 .
112.6.
la.1
124.9
Ill.)
11).2
120.6
121. lr
..,..,
..,. ,,
110. 1
1l).6
11 1. 6
112.)
112.6
111.0
118.2
\19.0
119.3
Ill.1
..,.,,.,,
u
..,
,.,
,.,
..,
..
,.,
,.,
..,
,•••
•••
0.6.
..,
,,.,.,
U
....,,
121 . 2
112.4
j"·"""·i",.:~",·,",.",Cj~"·i·J"·,·"·",-,,·:,,g;;.i·,.,·,.:;.,.:;.,,.,.,·,,0.,·;.;. >I
>.0
.....,
110.a
_U
,.JII
loa. )
110.4
1J~.9
Unit non·
labor
IlZ. )
loa. a
109 .)
109.9
,~.
109.9
loa. 1
109.1
1)0.1
1l2.0
1)4.1
Unit lobo.
101.)
101.1
101. 4
102.2
2nd ...
54. foo,not •••, end of '~I. 4.
r • •evl • ..,
k"
c _n... -
,.,
6.1<
•••
•••
•••
...
..,
..,
..,
,..
...
..,
11. 3
,.••,
,.,
,.,
'.9.
.. ,
..,
1.7r
.. .., ....•••,,
,,,....
,.,
...
>.>
•••
,.,
,.,
1.',
Tabl.
fear and
qUll r tu
,.
."'
e_. . -
Outp .. t
106.1
106.9
101.6
109. I
108.1
109 .a
tlO.S
112.1
102 . S
102 . 8
102 . 6
103. J
128.4
llO.1
132.S
134.4
101.S
10a.2
IOa.6
109.6
101.4
110. 4
102. a
131.S
108.4
1l0.J
111 . 6
111 · 81
l'Ian-houu
eo.>enulion per
...,-hour >I
,,~
~,
__ -hour
1911
2n d . ..
3.d . ..
4th ...
Mn ... 1 .~.
191Z
l it ...
2nd ...
1911
11' . . .
2nJ ...
Jr d .. .
4th .• .
,\oRUlll Ave.!1
1972
l it ...
2Rd . ..
1911
In ..•
2nd ...
J r d •.•
hb . ..
1912
1.. ...
2nd •.•
'", . . avl."", "
footlOO' ..
,,•••..
.
'"
..,.,'",
...'"•• •
..•••,
"
&U labor
,~,
'"
'"
•••
".
..,
10.6,
.....,,.,
>.0
'"
1.),
••
.......
..
,
,'".
•••
'",
,
,. ,
•••
'"
'.4.
5·31'
..,
...
'"
'"
".
,. ,
,..
l. J r
labor p.J_nU
"
1... Ilc1t
prlc.
ddlat"r
110.6
III • 1
112.5
112 . 3
122.4
111.8
118.4
113.1
lU .6 r
120.2
120 .6 1'
104 . 2
131 . 3
110.9
124 .5
IOS .5r
!lB . 8.
111.3,
124 . 3 1'
h r cent Change ~" Previ""", QUII.t. r .t Mnlld !lite 11
•••
&U nOn-
121. I
122.J
123.1
123 . 3
114 . 9
•••
aDd <or ubh
~U
boO
Outp ...
un-hour
In ...
.."
Prlv... Nonr ... Sector: Ou.put par Han-hour. Ho .. rly eo.op.noat Ion.
,"", , ~. Prlcu. Sa..ondly oWJUII •• d. (lndu.. 1961 -
..,
.,
..'",
..'",
0.5 .
10. S
'.'
'"
•••
•••
,..
S ...
111.1
1I8.l
119.1
119 . I
..,
•••
,'"..
..,
,. ,
1. S.
'-rcent Chango Ov. . P . ..v i o ... ha l'
..,
..,
•••
..,
...
2.1t
,.,
'"
•••,
..•••,
..
"
,.,
'"
,..
'"
..,
'"
,.'"
'",
'"
..,
'"
..•••'",
,.,
...
•••
'"
•••
•••
...
...
2.0 1'
.,
T.ble J.
..
Unit Labo.
,
Yur ~,
Qouo.ur
1971
I . . ...
2..., •.•
3rd ...
4th •..
~n~f.ct~rlnl
o..tput
....·hour
Scctor,
o..tput
Man·Hour. Hourly eo.pen.ltlon. and
!I
_·hours
eo.p.nu'lon
94.6
127 .9
119.'
11).0
114.9
9'.7
91.9
94.6
~M ..... I A~ ••
U4.1
101.8
1912
lit •..
2nd ...
116 •.11'
117.8.
111 .1<
114. 8 .
..,
Annual
1912
1.. ...
2nd" •
A~ e.
"
,.,
16.6
'-'
O. ,
U
..
'.0
,
L'
4. a.
9.1<
14 . Or
'.h
'- rcent
1971
lit ...
2nd ...
l rd ...
'th ...
O. ,
LO
'.0
1912
l.h
10 ....
l.l.
2M .•.
OM foo."" ... It .nd
..bl •
r ulled
,.
..,
.. ,
'.0
,.,
,..
.,
4. ) .
6,1 .
••
k.' eo..enu.lon
11
.... 1' . . n-tlour
~"
,-,
co""
1)0.7
132.0
107.0
107.1
107.1
101.6
Ill.S
111.3
111.1
114.9
94.'
1)0.0
101. I
111.9
95.)
91.5.
115.4
136 .S.
109.4
109 .1<
116 . 4<
116.1.
hrcent OInse 0". . P . . ~lo ... Quart. .
1l .4
~,
!I
_-hour
106.3
108. Z
107.9
108.7
112.1
lU.2
1911
I .... ,
2nd .••
lrd ...
4th .. •
Ou'p~< p~.
eo.t •• Seuonlily Adj .....d. (Ind. . . . 1967 • 100)
.
U
0.'
,
U
,.,
.. ,
8.11'
•••
•••
..,
..,
.. ,
•••
•••
4.3.
U
0.'
...,.
0.'
,....,..,
,..
'.0
5.1.
...
..,
,.,
...,..
'.0
0.'
0.'
10. ,
OIen81 0,.0. P •• ~lo ... h n
,..
•• ""nud aa .. 11
y
,.
..,
' .0
..,
..,
n
0.'
L~
0.9 ..
~.h
...
..,
0.'
O. ,
..,
2. lr
2.4 •
2. Sr
Table
..'
Year 8nd
Oulpul
aan-hour
Quarter
••
Noo.finanohl Corporations : Output per /tan-llour, Hourly <:<>.pen.ution ,
t S and Pdce., S" . . oo.alI1 Adjusted
~" eo.ts, ~" Prof!
(Index". 1967
Output
- '00,
Kan-hours
..'
C<apellUllon
-.a,,-hour
1971
"
..'"
~"
c __
enu lion
... n-hou r
,-,
~"
18bor
~"
non-\a\>or
cost .
~"
Profits
" '"'
lIO.2
Ill. 1
112 . 9
113 . 9
lIO.7
Ill. 9
1I2.5
114.6
100.5
100.5
99.6
100.6
128.6
DO.9
133.3
1)4.1
107.8
108.4
IIJ'J . 1
llJ'J . 8
116.9
111.6
118.0
118.2
124.7
125.1
128.2
\29.4
16.6
Annua l Ave.
112.0
111.5
100.4
131.8
108.1
111.7
1972
lot ...
2nd . ..
US . 1
Ill . %>
117.8
111 . 1p
101.8
J,OJ.2p
131.9
139 . 4p
111.4
1ll.S!>
119.1
118.1p
ht ...
1nd . .•
ltd ...
.'h ...
PQreent OIao\8"
1971
lot ...
2nd ...
lrd .••
4th ...
.I,.",ual Avo.
' .0
.
..,
...,....,
,..
,,.,
U
H
1912
ht . ..
1nd .. .
1911
10( ...
2nd ...
ltd ...
4th .. .
1912
lat .. .
1nd . ..
",
•-
Ii . lp
.. •••-"'
fontnotu
preJ,(a lnary
'.0
.5.5p
,
tabl ..
revl oed
..,
12.8
.....,
L.
lI.S
12.0p
,. ,
0. '
,..
U
...
U
~,
.....,
' .0
•••
..,
,.,
....
..
.. ,
'.0
LO
•••
L'
2.6p
6. Sp
U
L.
8 . 2p
••
...
0.'
.. ,
.5 .5p
4.6p
1.5p
Porcenl OMnS" Over Previous Yur
,,.,
,,
,. ,
o••
Ul .•
1l).9
1l1.9
126.9
16.6
Ill . •
11l. 9 r
16.1
81 . 4p
114. 8
1I5.1p
12B . 6p
,. ,,
,..,.. ..
,..
L•
,,,.....,
,. ,
U
3.lp
,.,
,.,
J. h-
4 . 5r
2 . 1p
1 . 4p
II
,.,. ,, ..,
,. ,
•••
,. ,
0.'
...
2.0t
LOP
I l l .•
16.9
14.5
Annual b "
"'
" ,.,
,.,
U
...,.
prie ..
deflator
78.8
Previous Ouane<
•••
•••
1~I1c1t
...
2.1P
82.J
- ..,
11.9
,..
-U.8
20 . 9.
17.8p
..•••,
' .0
U.O
,•.,.,..0
,..
0 .0
...
1. J p
•••
..,
'.0
U
'.0
,. ,
l:lp
l.Sp
rOOT~OT[S,
TA3L~S
I
,0
4
Source; Output data f~c", the lIur"au of Ec,~n~~c ".nalys~~,
U. S . o..p,ut:::ent of Co=erce "r.c! the Federal P.c~erve Board.
Co"'pensstlon a:lj ~an-hours Qat a fr~ the Bu~eau of La~or Statistics,
U. S. Dapart~ent of Labor ~~d the Sur e "u of £cono~ic ~~alysis.
1/ ;""lte,. and salr.ries of e"'ployees plus e:ployen' co"t~lb"tions
fo. social insurance snd privat~ blloncfil pIa:'!s. Except for nonf1:'!ancial
corpor~tiNl5, .... here there are no seif-c",~lo:;ec, dllta also i:lc1uc~' ;I."
estieate of "·sltes , salades ""d supple=cnt"l pay=e"ts fo r the selfempl cyed.
11 CODpe"Sat!on per can-hou r adjusted for chanltes in th"
Price Index.
}.I
rental
Consu~er
Nonh.bor poyments include profits, dep:eciatlon , interest ,
and indirect ta>:e5 .
~nco=e
41 CUrrent dollar gross pr~uct divided by conStan t do l lar
gross product.
dl Percent change ccmpounded a t annual
data rather than indes numbers.
r at ~
froQ orig1nal
21
Percentage ch~nlte of annual average .
J...!
(urTent quarter divided by comparable qua rter a year ago.
gl Quarte rly maasures adjusted to annual £stimates of outP~t
(grou product or~ginl!t1"g) fro!> the Bureau o f Economic Analysis,
U. S. Departcent of CO~2 r ce.
if Dnit nOn labor eOS:S include depreciation, interest and
indirect t""es.
1!l1 Unit profits include corpo r ate profits and invc"tory valuation
adjusttle"t.
CHRRT 1.
PRODUCTIVITY . HOURLY
COMPENSRTION . UNIT COSTS RND
PRICES--NDNFINRNCIRL CORPORRTIONS
(PERCENT CHRNGE FROM SRME
QURRTER R YERR RGO)
,
,
:
:
:
·
...... ... -. .
,
,
:
,
I/1--
:
OUTPUT PER MRNHOUR:
.
.
.
••
••
••
••
_~mm_{_n____ ~..c:-{
••
••
•
•
,••
.
-+-
·
5 .5
,,
COMPENSRTION
,,
, PER MRNHOUR
,,,
,,
,,
,
:
II
'.
1-
-,-.-.---;' -;===+~--I
..--!-
,,
:
:
.
-
:
·- ---·~··"-r ----------i-----------+---------i--,
,,
,,
,,
,,,
,
,
,,
,
••
••
•,
•
•
•••
UN Ii UlBOR COSTS
•
•
••,•
••
••
,,
,
---.l.----.-
II
6.5
-----
•••
•
••
••
•
--------- ,---------- ,----
--r-------
...
,,
,
,•
••
"
,,
,,
..
'
•
•••
,•
,,
,
,
••,
!l
0
I.
1 -
-5
I5
1 -
10
1 -
5
,,
,
I5
I ~
10
1 -
II
2 .6
0
-
\.0
,
,,•
,,
,
,,
.
I.
,
UNIT NONLRBOR PRYMENTS
,,
,,,
5
1 -
I
•••
••
•••
.
5
1 -
0
1 -
15
1 -
10
-----------.-:-------------1--------1------1
~,,-.-,,-.-..-.,-: ------""-I
·
.
1 -
5
l·=:~·~·~·C .~."' ''[:~.~.=.~.=.~,..~~.":::':"~"="~"~"f".~/~"~"=.=·~. tL.~..~,,~"="="J.j=.~~.=-:::::]1__
.
•
"
!l
PRICE DEfLATOR
: :
I .5
-". ---- ------;-------------~-. -- --- ----_. or --- -----. -'i-}e=-"'c'""c'~-----,--------:i
:--:,
............ :
,
,
.·
\967
,
196B
,
1969
,i
,
\910
\97\
1972
I-
0
5
r:
CHRRT 2 .
UNIT COSTS. UNIT PROFITS RND
PRICES--NONFINRNCIR L CORPORRTIONS
(PERCENT CHRNGE FROM SRME
DURRTER R YERR RGOJ
~O~l~BOR
,
,,,
,,
,,
············-1-··· ....... oj ......
TOT~'_
,,
,,
,,
U~IT
COSTS PER
,
i
,,
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5
,
"
COST PER UNIT
--- •• - .-. -.- oj. -- - . -
10
-'-1 -
"
,
1 •3
--------,., __ ......... .
,
20
PROfiTS PER UNIT
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· 20
:
II
IMPLICIT PRICE OEfl~TOR
:
1 •5
· .... · ...... ·l-.. - ....... -. .:............. . ~ .. _.......... I ........................... ..
,
\96?
,i--
,
1968
1969
"',
:,
19?0
~
\971
1912
@FedFRASER