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-
'V U. S. DEPARTMENT OF LABOR
NEWS
~
lJ5DL-71-191
,OT Reloa . . ' A.H. Edl.lonl
hld.y, A~i""'
Pr
cnplctiV<l)Y.
2'.
191]
OffiCE Of IMfORIUTlDl , WASHINGTON . D. C. 2U2U
htu,. of Labor Suth.lcl
1/.)1. &1 .. nbITI (202) 96\-3595
t.D. floyl. (202) Ul-Ull
flo<>o' In-11M
uct1vity and eol" In II_financial Co
ration.
{and hvlud TIl"". ro. t • Prlvat. [',,",""Y)
ItO;vlud
H,~ •••
lOT thl unufaotudng •• ctOT . l u TU"lt..:l In lovu
hbl_ /0. .
hro.~t a.a~g.
1~ Pred~o,lvl'y ...,d Coot. at Annual Ru ..
(Sea."".l1y Adju.ud)
1973 2nd
Q~Htu
1972
<0
lncl Quarter 1913 .nd
~onfinanchl
Corporation. (prdiminuy)
-I. I
Ou t put pOT =an-hour
-0 . 7
por =an- hour
l"nit lohor 00'"
,.,
U
~.,-hOUT
-1.7
Output por . .,, - hour
Co~on.otion pcr ~n - hour
lInit labor co . . .
Rul oO=;>0" • .,ion po" moo-hOur
-0.8
h.l comp4n.atlon pcr
191)
,.,
L'
,.,
Output por m.n- hour
Coap4n.atlon por . . n-hour
Unit labor co."
hal <OIIIvonutlo" por .... ,,-hour
C~po~.otion
Q~artu
,.,
..,
- ). 1
,.,
,.,. ,,
...
Output por ~ -h our
(OIOPOnsOtioo per .... n-hour
Unit labor cOot.
hal c""'~.n.otion po< ... n-hour
Tho productivity .aln in tho nonfinoncial corpo r a," .. <tor frOlll tho ... ond qu .. ur
0(
1972 to tho .. <ond quarter of 197) wu 1, . \ porcUt, coq>ued " ith 2.9 percant {or
-;-
Compenutioo pa r man-hour (.mieh indudu
both ".gu and .uppl ~""nul pa)"IMoto) In
the
nonfl~.ncl.1
7. ~
pucant In the .acond quuter, dovn f r.,. 12 . 1 pucan, in the previn"", qu.rter .
corpora' • •• ctor ro • • at a oe.oooa11y adjusted annual
r.t~
of
lh.
unu s u ally l ar ge comp.nutlon inena" in eh" fint quarte r nflected changu I n the
Soc i al Secu rity tax h .. , «hieh inc reased contrlbutiou by both .",ployu& a nd .mp l oy ....
Re al compen.ation per man-hour (hourly compen •• tion adjusted fo r chan, •• In the
Con o""", Prlc. Ind,""l declined at an annual
rat~
of 1.2 percent , d""" from the
5 . 9 percent ute of Incru. . In the first quartu .
Th. sharp decline in real hou r lY
compensation galno renected both tha accdu.ud ie.crus. In ,he Con.U:lU Price
Index and th o f a lloff In hourly
"~Io'"
Unit labor tnHS ,
cotlpenlOtlon, rou
cotlpored "lth • 4.
r.at . ~
al
~
co~p . n •• tlon
gain •.
reflect both changes In productivity end hourly
an .annual rau of 5.3 p.rcent cludna the oecon d quarter ,
perCent rl .. In
t~e
fir s t quarter .
decline in t he rate of Increase f or output per
This rI .. ufhcted ..
~an-hour
th an for hourly
compensation during the quarter .
Unit non-labor cc • •• -- "hlch include depreciation, nat in' a res t , and indlrec.
business
.""eo
197), conpaud with a decline of 2 . 0 percent In th e flut quarter .
Toul unH
co.t. ( l abor and non - labor coet. co=blned) incre •• ed e. an annual ret. of 4,4 pe r cent ,
up fro", 'he 1.8 perca nt rata o f Increase in .he first qua« . . .
Profit. pe r unit cf output in n""finAnoial <o<poution. Increased by 6 . 9 percent n
a season ally adjusted annua l rate In
th~
of in creau In the prevIous quutec .
unit of output have ri •• " by
The
i ~plicit
second qua.to. down from an 11 . 6 pe rc ent r.t.
Since the second quorte r of 1972, proflto per
12 . ~ e"rc~nt .
price deflator for the non f inancial
Secto r.
co~orat .
~hjch
reflect s
ehanie s In unit labor costs , unit non-labor C08t. , and unit profIts, Inc r ea.ed a t an
annual rate of
~.7
percent In
th~
fir.t quarter, up
fr~
the 3 . 8 percent annual rate
of incre •• e in the firs t quar t er.
The 3.1 po r cent
adju.ted annua l rate of Incroa5e in man - hour. In the
.~as onally
second quarter reflected the
hhle B sultf>.arhu p d u . co""
sp an In cludes the
~cono"' lc
In
~an'1"~i"g Incr~a.e
e~plo)~ent
(up 3 . 5
~ er cent)
and profits devel op''''''ntl since 1968.
slowd""" of 1969- 10 and the
.~buq~e"t
and
T~i$ tl,,~
recovery.
Table B. Index .. of Price ~ , Costo, and Profit~ In the
Nonfinanci.1 Corporate Sector
(1967 • 100)
m
1 \.
,
115 . 6
116.2
II 7 • I
U8.2
119 . 6
121.6
121 . 5
121 . 8
122.1
123.0
1210 . J
119.9
119 . 6
120.2
120. 7 i 122 . 0
1l3.6
1972
1968
1969
1970
1971
1972
....... . 102,5
lOS, )
110. 0
113.4
116 . 0
103,0
108.5
116 . 8
119 . J
Unit labor cost . 1.02.8
108 . I
114,9
116,7
l"'plicit prlc~
defluor
Total
u~ 1t
COH .•.
Un it ~on - labo r
cos t .......... \03.9
Un i t proHn
... , .
99 . 7
H
•
109.8
121.9
127.2
126 . 7
121 . 3
12~ . 5 .
86.9
71.3
.'"
8.\ . 8
82,6
84 . 91
,
19 n
H
,
126 . 6
89 . 0
125.9
126 . 5
91.4~
Table
Yea rand
quarter
,.
OUtput pu
IIIIIn - heur
1972
I. t •.•
2nd •••
lrd •••
4th •••
Annud Ave.
1973
lo t . ..
2nd • • •
Total Pri vate E<;:onomy : OUtput pl r Moon-Hour. Hourly CoIopenution, Unit
CoH , and Prl c .. , Su~onaLly Ad JUltld , (lndaxu 1967 -
"",
OUtput
IUon - houn
Compen .. don per
man-hou r
"
Rul
cO<npen.ation per
n>an- hour 2/
Unit
l abor
<;:o . t
Un! t non _
l abor paymen u 11
Imp Lldt
price
deflHor
llO.7
ll2 . 5
lll. l
1l4 . 8
ll4.!>
ll7.4
ll9. I
111.5
10l. !>
104.4
10!> . 1
105 . 9
1)9.4
141.4
143.1
145 . 7
II 2 • 7
llJ . 4
II 3. 8
114 . 8
12!> . 9
125 . 7
126 . l
126 . 9
ll Z. 6
ll4 . 1
1l!> . 4
1t 7 . 0
120.7
121.2
122.0
12 3.1
1l2.8
ll8.1
104 . 7
142.4
Itl . 7
126 . 2
114.8
121.8
LlS . 9
lIS.8r
124 . 1
lB.Or
107 . 1
108 . 0r
149.0
131. 5r
L1S.8
LIS . J
128 . 5
130.9
118.9
UI.I<
124.8
127 . lr
1912.
lot ...
2nd •• •
3rd •• •
4th .. .
,.,
..,
,.,.,,
Annud AVI.
3.'
..
,.
..'.',
,.,
U
' .3
,."
1973
lo t •..
2nd ...
_0 . 1r
U
1973
lot " .
2nd •••
'.'
",
,
10 . 4
2.6<
3. ,
3.'
3."
".
J . lt
.
",
'"
,..
•••
,.,
3."
U
3.'
2.9r
end of u ,b le
•••
•••
,.,
,.,
.... ,,
••
,
3.3
3. !> r
",.. ".,,..
...".
'.3
6 .9<
_1. 7r
7. 6r
y
.."."
•••
..,
Pareant Chanle Over Previ oul Yen
1972
lit • ..
2nd •• •
l<d .. .
4th •••
f oo tnott.
0<
Percent Cha"ge ~" Previ ou . Quutar 0< AnnUli Rate
,.,
,."
'.3
"",
,.,
..
".
'"
3.'
3.'
3.'
'"
,.3.',
3. ,
.
"
l.6r
-0. 5
'"
""
",
,.,
".
".
U
U
.
..""
•••
•••
,.,
'"
'. ,
..,.,,
,..
,.,
'"
,.,
7 .4 <
7. Sr
U
' .3
",
,..
6.lr
,.,
'"
3.'
4. 9r
"
Tabla 2.
Ve il r ""d
q"oTtlr
Private Nonfar. Soctor: Output per HaI\·hO\lr. Hourly eo.peolatlon ,
U\d Prien, S... ona11y ,wjuated , (Ind ..... 1967 • 100)
Output p"r
1I&n-ho...
""" .
Outp .. t
Han-hour.
CooopcIlBation pe.
un-hour 11
...,
co..,e ... atlon par
... n-ho ... 2/
Unlt labor
e08t
"""
Unlt 000 labor ply. .nts
lapltc:lt
price
daflator
"
1972
109 . 8
111.3
112 . 9
114.2
18 t ••••
2n d ...•
] rd •...
41:h ••..
112.1
....."""1 ........
1973
Is t •.•.
2n d ••••
115 . 6
US.4 r
114.9
117.9
119.9
122.3
U8.1
125.1
126.3
..
104. I>
105.9
106.2
107.1
106.0
-,
,,....
108.2
109.5r
Pe rcent "'..-&e
1972
Is t ••••
2n d ••••
J rd ••.•
4th •.••
....." .. d "'va.
1973
19 t ....
2n d ••••
"n
h. t ••••
2nd ••••
3rd ••••
4th .• • •
1973
b It ....
2nd •...
,..,.
11.0
",
'd
7.'
,.,
.
U
,
-0.8.
3.6r
114.9
113.9r
121.9
129.8
111>.4
118.0.
123.6
125.4.
Predo... quarter u
,. ,
,.,
,.,
' .7
..,
U
•••
4.8.
10.7
5.3.
J
••
141.9
149.8.
U
,.,
7.
,.,
112. S
113.5
114.5
115.8
114.0
-6.9
..
•••
12S. S
125.3
125.6
126.2
125 . 7
'.7
,.,
7.'
,7.'
...•••
111.4
111.9
112.7
113.6
112.4
7.'
3.9.
,.,
foot not ... at "nd of table
ro" 1&,,d
,
U
137.8
139.5
141.8
144.2
140.9
120.6
120.8
121.4
122.3
121.3
Pareent OIan&"
,. ,
,.,
,.,
3.2
3.'
3 . 4r
Ov",
Annu.1 II.4te }/
,..,
....,
,.,
'"
•••
7/
••••••
'.7
,.,
,.,
",
,. ,
7.'
'.J
3.'
3.'
1. 8.
,'.7..
- 0.4
..
,,. ,
'"
'"
,.,
,
..,
..
'"
,,....
,,,.,.
..
...,.,.'".
'"
'",
,.,
..
,.,
,.,
3.9r
3.7r
2.6
-3.2r
P.avloua Year
......
",
-0.5
U
,
",
L8
,.,
U
.
"
table. 3.
Ye a r and
Q,nr ter
1972
lR t •.•
2nd ••.
lrd •..
4t11 ••.
1913
t at. ..
2nd •..
Kan ... fact ... rl,., S.. ~tor; o...tp ... t pa r ~"-hour, lIo ... rlf COIq>an ... atlon, ;lind
Unit Labo r Cons , Seasonally AdJ .... t .. d, (Indue. 1967 - 100)
Output per
_n-hour
US.Of
120.7<
12J.2T
124.9<
Output
!I
lll.or
95.3
Ul.0r
9].0
97.6
121.8
120. It
tH.4 r
i.18.6
126.lr
127.2r
127.5 r
129.8r
7. St
7. 4 r
S.6<
5 . 7r
12.2r
l S.)r
11.1, r
14 .3t
Co.p.n,.t1on per
ann-hour 1/
Man-hours
99.6
97.4
LOl.l
102.1r
1972
1st. ..
2nd •••
3Td •••
4t h .•.
/lnn" n i Ave .
5.'
1973
1st. ..
2nd •..
.. ,
10 .3 r
7. 4r
136.4
138.1
139.6
141.9
139.0
110.3
110 . 7
110.9
US.6
U8.4r
..,
...
II . i
..,
J .Br
P.. rc.nt Chanse
110.9
114 . 1
113.1
U5.4<
H2.9r
116.1 r
' .6
L6
0.'
,.,
,.,
10. 8
..,
-O . a r
6.J
..,
1971
lu ...
4.7t
12. St
u
,..
2nd •••
5.4r
10 . St
S.2t
1. 9r
3.1 ,
-2 .3<
-3 . a'
l.IT
0.'
6 .6r
4.5r
h .. vl" .... Year 71
5.2 r
7 . ir
10.4r
1l.3r
See r<>Otnot"~ at e nd of table 4.
< - rev i ud
cOSts
111.8
4.J r
4. It
S.Sr
7.4r
18t ••.
2nd ••.
3 Td •••
4th •..
Unit Labor
115.1r
H4 . 4r
U3.3r
113 .6<
6. '
6. 3
a.lt
Ov~r
1972
Real Cooap .. nut~r
per _n-hour
5.'
6.'
2.0 r
2.0r
O. l r
-O.Sr
NOT E: Datu h""e bo.", revised beginning in the ht quarter
of !972 to ,,,fleet revi sIon" i1\ t he Feder"!
Reter"e Board Index of Indust r ial Pr oduc ti on .
T~bh
..
,
4.
Nonfln.nclal Corpou tl ons , Output p~r Man -Mour , HOurly Compenution,
Unit L.bor Coot" Unit Proflta .nd Pdcu , 58.,on& ll y AdJuot,d
(lnduu 1967 ~ 100)
ec.penudon per
_" . hou r
II
Output
Output
... n . hour
1972
ht •..
2nd . ..
lrd • . .
4th . ..
Annual Ave.
ll6.6
117 • )
118. J
119 • )
1t7.9
llS . ~
120 . 9
122 . 4
125. 5
121. 9
10l.6
10 J. 1
103. S
l OS. 2
103.4
IJIl.8
UO.2
142.)
141•• 0
141. ,
121 .4
122.11'
129.0
llO.7p
106.2
107.01'
148.2
DO.9p
•. I
11. ~
R.. I
compens.tlon per
... n · hour
y
Untt
I.bor
Unit
non.l.bor
COlt
COIU
~I
11 2. ~
119.6
I 19 • 1
1 26 • ,
127 • 1
11J. 1
tl2.8
120.2
120. 7
LL9.9
US.l
114.81'
122 .0
12J.6p
112. 2
UJ.~
ToUI
unit
coat
Unit
profit.
!QI
ill
t.pllclt
price
deflHor
I I ~. J
1 26 • ~
126.6
126.7
120.8
121. 5
121.8
122. I
121.6
83.0
82.6
84.9
89.0
84.8
125.9
126.51'
Ill.O
124 . Jp
91.4
9,.Op
\1 ';.(,
I I 6. 2
I 17 • 1
116.0
1973
1st .. .
2nd •..
1972
ht ...
2nd •. .
3rd •• .
4th . ..
Annu.1 Ave.
1973
1. t •..
2nd . ..
1972
hl. ..
2nd • . .
lrd •••
4th .. •
..,
,,....
'-'
.... .. ,
.. ,
,,
..,
,. I
10.4
'-,
11.6
2. 1I'
'-'
,."
..,
..,,...,,
1.l
,.,
..,
). II'
,..u..,
•••
197)
1st...
4.2
8.9
4.~
..,
,
•••,
..
..
12.1
7.~p
.. ,
'-,
...
1 ••
5.9
-1.21'
·4.2
,.,
-2. 4
'-,
I 1 .6
,.,
4.4
-2.0
1.81'
'-'
4.41'
6.9p
,..
1 .,
,. ,
-0.6
•••
,.,
-0 .9
-0 . 8
'-,
11. 2
2.~
-0.1
1.8
10.2
'-'
'-'
'-,
I.'
'1'
I ••
-;'";".".".",";;,"C;'".,I'~","",,,'C·CI:'______C'C·:':'_______'C·C':'______-":·:':'______:'C··:''-___":':··:''-____:':·:'''-_ 12.6
See footnotu .t end o f table 4.
~ preliminary
t..
...
'-'
2.6
I.'
,.,
'-'
6.7
2.2
'-'
!"C<O'".;"~,:1"'.""".".Ll"''''.~,J'',"."."'~o,"!.:'".".i!r 11
•••
..,
U
·0.4
~.)p
119 .6p
•••
15 . 6
·2 . 0
12.0
20.4
' .1
1I1L2
'-'
p
1.4p
POOlIlOIIS, TUllS 1 TO 4
S<!1J<C.' Ou.put data ftOlO .h. Bu ..... of ECODcai ......dy.h. U.S. Dep ... _no
of Comme ••• and the 1.d••• 1 .....v. Bo.rd. temp.n •• tlon and Men-hou •• d ••• frOD the
! .. r .... of L.bo< Statl.,I ••• U.S. Depart.ent of L.bor .nd the lu ••• u of !conouic
Andy.h.
11
~ai ••
and •• llrl •• of employe •• pi ... employe •• ' eo~t.lbutlon. for ooelal
he.pc for nonHnanchl corpo .. tlon., wheu
the.e I .e nO . eJf-esploy ld , dlt •• 110 Inc Iud •• an •• tl •• te of wa, •••• a l l .le. and
.upple="n.ll payment. for the .Ilf-I.ployld.
lnauune" and prlvau bandit pion •.
11
Nonlabor par-*n •• In.lude profltl, dep.e.l.tlon. Inter •• t. <Intal
t~e •.
Ir.e~
and Indlrlct
~/ Pe.cent .hln,_ cocpO ..... d.d at Innud ute fr.,. od,lnll dati rather
Indu numbHI .
~I
Pa.eant.gl chanl" of Innual ....... .
!J
Current quart er divided by comparabl. quan . . . ylH alO.
c,'~"
11 Qua .terly m. ....... Idju •• ad to annual •• tinate. of output (,<0" prod~et
orl.ln.,ina) frOB ,h. aur •• u of lcono.lc AnIIYllo. U.S. Pap ..... r.. of COmmQrc • .
101 Total unit coo •• I. the .u. of labo r and non-labor co •••.
111
L'~it
profitl :ncluda eo.po .... profit. and Invontory val .. atlon adJus"""nt.
CHART 1. PRODUCTIVITY , HOURLY
COMPENSRTION . UN IT COSTS AND PRICES
TOTRL PRIVRTE ECONOMY
( PERCENT CHRNGE FROM PRECEDING
QURRTER AT RNNURL RRTE]
,
:
OUTPUT PER MAN HOUR ,,
:
...•,
10
5
0
,,
,,
,
,,
,
,
,
•............ ;.·.-.--.---.{-.--...
-..
----l----.-------.-t--.---.------;-------....
--l--..
,,
,,
,
, -....-.-..
,,,
,
,,
11
COMPENSATION PER
..
-... -
,
,
,,,
.. -~.---
.
MANHO UR
..:
,
... -... -.., .....-..... .
-5
15
6,9
to
"'-"---+, -------- ._---
5
:,
0
15
UNIT LA60R COSTS
.......
11
'_6
,
-;->-,-,--~~~",.
,
,,
0
15
,,.
11
,,
,
,
..... -- ......•,-..... -.... -. ~,. - .. -... -- ...., ..
,
,,
,,
,
,
".-
10
-,.. __ ......... -
,,
5
,
0
,
,
,"
.
,
,
,"
,
------: ...... -. - -~.--- .. --..-:-...... -.-... :-.... -... -.. ·:·············,··--····IT··
,
.
,
,
,
:
'
•
:
:
:
7.5
:,
PRICE DEFunOR
r
i
,
......... _ .......... .. .
• •• _ .•• j.
--,,
_
,
--.. i··
--........ ··r···
,
,
UN!T NONLA80R PAYMENT
,%,
10
L968
1969
1970
1971
1972
1973
AUGUST 24,1973
-5
j
10
5
0
CHART 2 . PRODUCTIVITY . HOURLY
COMPENSATION . UNIT COSTS AND PRICES
PRIVATE NONFARM SECTOR
(PERCEN T CHA NGE FROM PRECEDING
QUARTER AT ANNUAL RATE)
OUTP UT PE R
.
JJ
,,
,
,,
,
----------.--------------.----,
,
,
---.,,
,
,
,,
,
·
,
.
,
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5
0
.
,
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15
UNIT LABO R COSTS
JJ
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5
,,
:
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UNIT
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15
NO ~ LFlBOR
,,
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1967
,
.,
PRICE
DEFLFlTOR
,
_J _ ______ • ___ . - - . __________
! 968
-1 ... _
!
JJ
5.9
:'",,·,-,,·:----i--, ---------1969
10
5
,,
---- - -------- . -- -- --------- . ----- - --------~-- - ---------------------------------
"
10
1970
1971
1972
1973
24.1
913
'VGOOT
-5
10
j,
5
CHRRT 3 .
PRODUCTIVITY . HOURLY
COMPENSRTION . UNIT COSTS RNO PRICES
NONFIN RNCIRL CORPORRTIONS
(PERCENT CHRNGE FROM SRME
QURRTER R YERR RGO )
OU TPU T PER
.. ,
II 1-
10
. ---.. --.. -···-·······-1 -
5
1-
0
~R N HOUR
-------------1 CO~P [N 5RTIO N
-5
i- "
PER MRNHOUR
"
7.sl- 10
••••. ••..••••••. -- •• -•••• -. -. -... . ...... ••••.•••.•••. ••.•••.••••.• .••••••.•••.•
S
o
"
,_.
" "
UNI T LRBOR COSTS
5
o
UN I T NONLReOR PRY M[N T5
------------------------- -------------- 7 r----:--::,,-----I------------
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"
"
5
o
" .• --.'.-. -' .. --- . --- --. - .. . -._.-- .. -. .. -.... -... --. --- ----- -- -- - - --- - ---. --. . -.... -.......
1957
1 S58
1 SS9
1S70
1 S71
Isn
1973
RUGU5T 24 . 1973
-5
CHRRT 4.
UNIT COS TS . UNI T PROFITS . AND PRICES
NON~INRNCIAL CORPORA TIONS
(P ERCE'!T CHRNGE FROM SRME
QURRTER R YERH RGO]
l=:~~~::=jj":
.
LR BOR COSTS PE R UN Ji
•
. . ........ I ........ ·· .. ·;.. · ·
. .... ~ .. ... .... . -
-'K-.. --.. --...
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i
NONLRBOR COSTS PER UN] T
:
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5
o
>5
TOTRl COST PER UN I T
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•
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PROFITS PER UNIT
,
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-- ~ - .
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5
o
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,
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' /"
.......... \
.........
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./.
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5
o
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IMP LICIT PR ICE DEFLR TOR
. -...... ..... ; . ............ .; ..............;..........
'.
,
r
i
~-- 1
,•
'" I
1967
1966
",I,
J 96':1
,I
..
1970
.. .-----~·--
,•
,
1
1".,1
19 7 1
l S72
,.,
19 73
RU GUS T '2 4. 1973
, n o·" .
U.S. DEPARTMENT OF LABOR
FIRST ClASS MAIL
BUREAU OF LABOR STATISTICS
WASHINGTON. O.c. 20210
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'O$TAGI ..... D HU P"ID
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