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v
NEWS
~
U. S. DEPARTMENT OF LABOR
BURUU OF UBOR STATISTICS
.,.... hin~.on, D.C.
USDL-13-555
Fer Rei . . . . : .1..11 . EdHI"".
Tuesday, Nova=ber 27,
197~
20212
L.J. ruleo {20ll 961- 4597
K. D. 1I0yl. (202) 961-2913
Homo: 333-138 4
Productivity and Colt. In ~onflnancl.l Corpor.tlon>
(and Revls . d Figure. for tho Prlvat . ~conoay)
Third Qu a n n 1973
Buna u of Labor Stuh.! • • . U.S. Depart_n. of Lobor.
in !U.n-hours.
,h o
nont . ~
Th.
l~roved
raU of pro-
(S. . t a ble 4 .)
•• • tor, and
~nufactur!ng ~.r.
al s o r . l •• sed today.
Tho productivity 80ln In tho nonflnanclol corpor • ••• • ctor
A. a <• • ult of •
fro~
.he third qua rt e,
of 1972 to tho third qua rt.r of 197) va. 4.1 perc ont, <csparod with 2 . 5 percent for
tho tot a l prlvat. o,enemy, 2.6 porcont for .h.
nonf.~
"ctor , and 4 . 7 po reen' for
,
•
Table 10. .
Perun, Chan,. In Produc.lvl.y and Colt . a . Annual Rat . .
(5 . . .onaUy I.dju. . .d)
II
Qua, •• , 197)
,.
III Quu,u
Cor gor •• ion.
(pr.lil.1nor1)
~onfln a ncl.l
Output por man-hour
CompenSatiOn por man-hour
ilnlt bbor co...
R• • I compon. a '!on por man-hour
Output por man-hour
Co~ o n . otlon po r man- hour
L'nit hOOr <os ,"
Ro.l eo=pon ••• loo por man-hout
Privato Nonfarm (revi •• d)
Ou'put po, man-hour
Co~p . ns.tlon per man-hour
Unit l obor COSt.
Real compo"' . 'ion po r ~ . n-hour
Ou'pu' po, Ban-hou r
ComponSatlon por man-hour
ilni t 101><>, eo...
Raal compon • • tlon po, Ban-hour
u
..,
..,
-1.0
,.,
,. ,
' .0
-0 . 1
191)
III Quort . r 1972
,.
II I
Quarter
19]J
-,pr.~.dinl
perlo';.
hal cOSponsation per _n-hour doclinod oHghtly durin, tho third
quarter, rofloctlns the foet thot tho rlso in tho consumer prlee indox more thon
offu, tn. riae in compensation.
for <hoi third quartor, tho dedlu In rod
~.n •• tlon
porcont, <o=po.od vith • doclino of 2. 1 porcont
po, man-hour wao
O. ~
durin. tho •• cond quorter .
Unit lobor CO", ,
~lch
rofloct both chon, •• in productivity ond hourly
<o-ven •• tico. rO'. ot an annual rot. of 3. / porcon' durlni the third quart or, compored
.. ith. 5.5 PH,en' ,I .. -in tho $eeon" q.u.ner.
ntia olowd"""
renocud. Iru ....
Increa •• In tho ro • • of growth of out put po , aan-hour during <h& third quort o' than
in the . .,,,,,d, ""leh oHut .11. rho In c~nutlon.
huotn ••• tax •• -- ro •• ot an annual rot O of 0.2 percent In
compa<ed with a .1 .. of 1.7 puoe~t in the ucond quanu .
and
no~-labc.
coots ca.bined) inc,.ase d at
.~ .~~~al
the 4.6 po<cent .at e of Inc<.a •• In th ••• cond
th~
third quarte r of 1973,
Total unit coOts (labor
tat . of 2 . 8
perce~t .
d~
f<oa
~u.rt.r.
Profit. p.r unit of output in nonflnan<lal corporation. Inc.ea.ed by 13 . 3
petc.nt at ••••• on.lly .dju.ted annual r at. du.in, thi . quarter . up fro. a 5.5 pe.cent
rat . of Incre au In the pr.vio". q"uUr .
Since the third quarter of 1972.
pr~fite
per unit of output have ,laeQ by \2 . 6 p.rcent.
Tho
I~llclt
p.ice d.flator for the nonfinancial corporate . e cto r, .. hlch r e flect.
ehan,es in UDlt labor coats,
u~it
non-labor colt., and unit profi t s , Increa •• d at aD
annual rate of 4.0 porcent in the third quarter,
<ate of Increaoe iD the o.tond quarter.
d~
fro= the
~ . 7
percent annual
continuing incr •••• in
-=ploym~nt
Table B.
in nonf in ancial corporationo, oince av• • .,.
of Pr i co . , eosto , .nd Profits In t he
Nonfinancia l Corporate Soetor
(l967 • 100)
Ind~e.
,
-•
m
1972
..
,
'"
u
m
1968
1969
1970
1971
1972
l-.pllclt pric.
d&fhtor . .. . .. .
102 . 5
105 . 3
1l0 . 0
Ill . ~
Il6 . 0
116. Z 117.1
118.2
119 . 6
120.7
.
103 . 0
10S. 5
116 . 8
119 . 3
121.6
121.8
122.1
123 . 0
1l~.4
125 . 2
cOOt.
102 . 8
108.1
114.9
116 . 7
119 . 9
120 . 2
120.7
122.0
121. 7
121, . 8
...... . ...
103 . 9
109. 8
122.9
127 . 2
126.7
126,5
126 . 6
125.9
126.5
126 . 5
.. ..
99 . 1
86. 9
71.3
80 . 2
84 . 8
84 . 9
89 . 0
91. I,
n.7
95 . 6
Toul
coo<
~U
~U
bbor
~U
non - hoor
cOOt
Unit profit •
of growth in output por Ban-hour -- 1.4 porcont - - thon
~ ••
p • • viously r oport od
r&floeted • O1II.all upvord revi.ion In ,"an - hourS ... ociot.d "Ith a .,.all
r~vl . lcn
In output .
(So, ,obi . I . )
SI~i1.r
do",,~ard
r avlslon. r oduced tho mo •• urod rata of
,rawth of productivity In tho nonf a .... octor to 1. 7 porclnt (fro= 1.9 plTeont) .
down" ord, to 5.5 porclnt from 6 . 8 porcont.
Tabl.
[(:onOOO)' : Ou'pu, P'"
• Total PTivate
r.le ... Suoonally
~, .
ha.
.~
Ou'l"" ~,
.... -I>ou.
Qoo;>rt .. r
,
Out"".
Kan-hour.
<1"" p••
... n-~ .... r
.--,
'""
\913
,
'""
AVI·
Ill.'
IU.9
II~.I
116.1.
..
'""
..... "u~ 1 ~·I ·
,
'""
1971
I ...
'"
, - ,,,vI'ad
~.
1 . 6r
footno ...
.
end or ubi •
10~.9
•••
•••
...,.,
..,
.. ,
5.9 .
••
~n . .-
154./r
"
~.,
Puvlouo
......,,
Y.. r
1I1.~
"
prle.
deflato"-
"
121. S
IlO.9
Ill.1r
111.9
121. I
121. J
114.8
111. I
129. l r
l'
•••
,
•••
••
I.Zr
114.1
Il~.'
b,.
....,, " ,.,..
, .0
1.1<
_nto
1~l1cH
LIS.'
IU.]
115. I .
,.,. ,,
,. ,
..,
..
p.y-
111.0
114 ••
- I •7
-0 . 5.
' .6.
2 . 2.
con
,-,_.-
~"
Ill .•
1l4. I
Il l. 1
,,.'"..,
,. ,
..•••,
' .0
I.IH>.
nO.1
121 . 2
122.0
12l . I
121.'
~nnu.1
•••
'"
•••
'"
•••
'"
l . 4.
.,
Unl'
la.9
la.7
la.l
126.9
126.2
ill.'
149.0
'.0
..
Ill. 1
HI.'
'"
••..
,,.,
,.,
,,. ,
NP-bpU' -
1J9.4
141.4
14l. I
IH.I
142.4
,.,
,..
Gha"s"
tlon per 1I
"
Ch."u Over ' •• vlouo !)u~rtor
Puent
..,.,,
•••
.. ,
'"
, '"
101.1
108 . 0
108 . •
'"
-0 . 1
.
124.2
123.0
126 . 1<
...
..
'.0
"
'"
1971
,
"
104.1
,'"
•••,
,
... ,
1972
10-.4
10~. I
10. ,
,
"
101.~
Peuent
..,.,'",. ,,
1911
IU.~
111.4
119. I
121. ,
lil.1
19~1·IOO)
~.,
eo.p..... -
1912
110.1
112. ,
Ill.l
114.'
!1an-Hour. flourl, C.,..,n... IOD. Unl,
Mj ....... . (Ind. ...
-.I
... ,...'"..
M
-0.5
' .0
'"
..,
••
•••
,
,..
•••
•••
..'",
..•,.••,,
..,
,..,..
1 . 2r
'.0
5. 5.
..
/ ."
6.9<
•••
.,
,,.'".,,
,..,,
/ .J.
,.,
..'"..,,
,.
•••
6.0 .
Table
Vu.
,.'
~nd
Out!>".
"n-hour
()u~'U'
,
,.
hlnn M""h . . Sactor: Ouq"'t par ~n-h""r . Hou.!} eo.puutlon .
""d r.lce<I. S....oDaUy Ad]uaUd (lowIu. .
IInlt
• HO)
Output
".,
"""t.
~n-hou._
Cooopanutlon per
. . n-!>ou. l'
1912
lot.'
H
»)
"
-~,
,
4vI.
b.,
eo.p.n ••tlon ....
...... ~"" r
'!I
_.
Unit
1_....,.
~H
co..
_n"l'
I • ...."
pay-
I""Ucit
price
...fh t o.
111.1
112.9
114.2
IU.!
114.9
111.9
119 . 9
122.J
118.1
104.6
IOS . 9
106 . 2
101. I
106.0
1)1.8
1)9.S
141.8
IU.2
140.9
111.4
III • 9
112.7
111.6
112.'
12S. ,
12S.1
1l}.6
126.2
IB.1
112.S
Ill. S
U4.)
IIS.S
114.0
120.6
120.8
121.4
122. }
12l.}
11'.6
11'.4
"'.8,
Il}. I
t26.J
127.6.
108.2
109.S
110.2
141.9
149.8
IS2. 1
11'.9
111.9
111.1'
121.9
129.8
11J.9.
116 .•
118 . 0
118. ,
In . •
1911
"
m
PerSOno Cbaolc 0.... . Pt ulou. !N .....
,
19l1
,...,
,'"
H
H'
"
,
AO)nuai AVI ·
1913
H
"
m
.. ,
.,
'.0
-0.8
1 . 1.
1912
..•••,
•••
,.,..,
",
H
m
",
191)
H
»)
foot nOt ••
, . ,ul
. .d
..
1.6r
".
•••
..,
"0
'.0
'"
,..,>.,
' .0
10 . 1
",
I, •• r
U
2.7.
.. ,
,...,
11 . 0
' .0
,.,
, .0
..
•••
,.,
6.h
U
,..
••••••
8.1.
..... 0 ... 1 b ..
'.0
•••
-J.2
-1.0r
Percent Chanu Ove t r.ulou. VUt
,,.,
'"..
,. ,
,,
'.0
",
....,
...,
,.,.,
....
'"
•••
•••
'"
..,
..
,
,.,
II
,. ,
,.,
,,....
..,
,..
0.'
l'
'"
-0. ,
,..
,....,
6.4.
..0
, .0
,'"..
-0.4
...,..
•••
,..
'"
.........
,..
,..
,,.... ,,.,...,,
,,.,..
'.0
'.Or
.04 of Ubi. 4 .
,., •
123.6
126.8.
......
...
'"
..,
,.
".
,,.,..
>.0
).
...,.,
,. ,
•••
U
"
Tobl.
,.
Ou.PU·
"
'"
An"",,1
"
,
"
'"
,
IVI·
111.6
120.1
IZ1.2
114.9
121.8
See.o,: Ou.pu. PO' """-bou'. Rourly eo.p ...... lon.
Co.... So. ."...lly AoIJ ...... , (Ir>d.,.. . 1961-100)
~Quf~.u'[nl
u~,
Unh
!I
!'LIla-hour.
9~.)
U6.~
91.0
118.6
'19. 6
91.4
Ill. I
1)9 .•
141.9
1)9.0
121 . )
129.9
11I.l.
101 . i
102 . 0
102. I
141. ~
1)1. h
111.0
111. 1
.ZO.l
91.6
114.4
110.1
110.1
110.9
111.8
110.9
11). I
114 . 4
111. 1
Ill. I
i12.9
112.9
II). ,
113 .6
IU.I
(91)
126. I
121.1
129.0.
..
1912
'"""
""nu.1
1973
,
"
A'I. 6-,
'"
1912
'"""
191)
,
'-'
•••
,,...,
12.Z
n.)
11. ~
14. J
•••
..
,'"'
10.1
'-'
,. Sr
} .7 r
.... ,,
,..
...,
~
P.lvl" ... Quar •• •
.
1 J. 1
'-'
10.4
•••
12. a
10.9
"
Il. )
9.S.
.o~l.
4.
"
Ann",,1 b "
••
••••
,..'-',
,..
,o...,..,
•••
..,
..,
..,....,, "
10.8
9. Or
Perclno Chanse
,..
"
4.1 .
'"'
'"
s.e foo.not ••• t .. d of
• _ . evl_d
Perelno Change
l4~.6
~.,
..••,..,•
.... ,,
0.'
Prnioul Vur
....,..,,
•••
•••
~,
"
......
0.'
'-'
'-'
..,
-0.1
-0. I.
..
,..
'-'
,,.,
,. ,
'.0
I.h
Deta ha.. been rlvlo.d bl.lnnln, In ,be 10'
116.6
111.6.
,. ,
- 2. 1
-3.8
'-'
0.'
..•••,
3. 3.
'.0
'.0
o. ,
-O.S
...
o. ,
J.B.
~u.". r
of
1912 .0 rlfllc. ,"vlll"". In .be rHI.a! _Irv. _rd
1_ of Indulttld Produc,lon.
••
hbl.
J"". :
IIoBf lnanch i Corpora<
Output pc< /ta"-h",, •• ~uu.11 C.... n •• tlon. ~" lobo •
eo....
ProrH. an<! rrlc . . . SaasOOIally Ad.lu.u" (lndu. . 1961 •
~"
~
Ou'put
Y... ~
\/WIrt. .
~,
OutPU'
""n-h ......
. . n-hQur
,
"
1912
.
"
'"
Ad"",,1
Ava·
116.6
111. 1
III.)
119.)
111.9
11'.5
120.9
122. ,
III • 4
11I.lr
121.1p
129.0
1l0.6.
1)2.1p
In.s
121.9
.....-
.1"" per
_n_b"" .
lJt .•
140.2
142.)
144.0
14 I . )
101.6
10l. I
10).'
105.2
10).4
'00'
k.,
~"
l.bo.
~ou-
t I .... p'"
_,,-hour
III .2
Ill.S
Ill. I
IIl.5
Ill.'
JJ
coot
To,.1
C'1) •
CYM
126.1
121.1
ll6.5
126.6
126.1
1l0.'
12 j. ,
121 .•
IU. I
121 . 6
....
IU.l
115 .•
lJ6.2
ILl. I
116.0
12).0
124.4
1l5.2p
9 I .•
92.1
95.6p
lI'.2
I 19.6
120.1p
119.1
119.6
!lO.l
120.1
U9.9
~"
1911
"
'"
1972
,
"
.
'"
Adnu.' Ava·
1971
..,..,
,.,
,..
"
'"
1972
,
"
'"
191)
,
"
.
,..'"
'"
footnote.
.ul •• d
•• •
.. ,
.... ,,
iI
l.Or
'.8p
,..
,
10.4
..
II. 6
6.6p
,..
,. ,
J. II'
•••
..,
4.\p
'.4p
_nd of toU •
prell.ln. .,
,,
•••
•
•
...
. ,,
,.. ,..,
•••
,.
II.5
~. I r
o.
12. I
,
4.0r
. 1~
,
.
~.6r
-2. if
ZE
-O."~
~.
(ban,_
.. , .. ,
•. 0
'.Or
, .Ip
1. )r
8.0p
....,...,
,.,...
"
, .0
LSr
l. lp
,. ,
..,
..,
-4. I
",,.,..
... ,,
U"lt
profHo
'"
83.0
82.6
89.0
••••
,'.6
-1.0
12.0
20.4
...
•••
..,
,. ,
,.,
,..
..,
...,.. ,..
•,. ,
,.,
,...., ,,.,..
...
,.,
,
..
•••
,.,
,..
,..,.. ••• ,.....
..,..
,.,
...
,
,.. .... ...
-2.4
-0.4
, .0
11.6
-2.0
••
l·lp
~"' Prnlo"," Vul'
...•••... ..•••,.., ,,.,,.,..
•••
P.. c~nt
•••
,.,
,.,
.,
.. ,
.., .
..•• ,• .... ,,
,. , .. ,
•••
I.plleh
price
dofl.tor
~"
"",,-Iobor
0.2p
'.0
2.tV
l).)p
4.0p
II
-0.6
-0.9
I I. 2
-0 .•
).Ip
-0.1
10.2
-0.6
II . )
12.6p
2.lp
).9p
FOOTNOTES, TAB LE S I TO 4
Source' Output d a ca form .he Bureau of E~onomi c Analysis,
U. S. Dep5I"tment of COIm!leI"C" 4r.d the t"edeu: Reserve Board. Compens a tion
and Man-hours data from the B~reBU of laboI" StBclstlcs, U. S. Deparement
of Labor and the Bureau of Economic Analysis.
II Wages and salaI"ies of employees plus employer" contributions for
social insurance and private ben"fit plans. Exc"pt for nonfinancial
corporations, ·.. heI·e there are no self-employed, data also Inciud"s an estimate of wages, ~alaries and supplemental payments for the self - employed.
21 Compensa t,on pet man-hour adjusted fOI" changes in the Consumer
Pr,ce 1nde><.
11 Nonlabot payments Include profits, depreciation, interest, rental
income and Indir"ct taxes .
41
produc t
Current dollar gross product divided by constant dollar gross
2.1 Percent change compound"d at annud ute from original data rather
than Index numbers.
61
Percentage change of annual Average .
II Current
q~arter
d;'vtded by comparable qua r ter a >""ar ago.
81 Quarterly measures adjusted to annual e.timates of output (gross
product originating) fI"om the Bureau of Economic Ana l YSiS, U.S . D"p~rtment
of Co ..... rce.
~I
Un't
nonl~boI"
costs include
dep,eci~tion,
inte,est and indirect
t~xes.
101
Tota l unit costs is the Sum of labo, and non_labor costs.
111 Unit profits include
adjustment.
corpor~te
profits and inventory
valu~tion
CHART
CHur
HOouCllVl!Y. HOURlY
UNIt COSTS RNO ~~ICES
TOTAL PRI~Alf ((ONOM
tP(RC(Nl C"ANGt nr.n PR[CEOING
O"A~tfR At AN~"Al ~~ff'
AI'
.....- ' '''7A
_.....,-..
•
<.... , ... ', ••
..
/'
-."
"''';...''"'
•
'Vi
..
/
.,
-
"--',
."
••
.....
.
v
~
<0011
+ . .... A
CO"PENSAIIO~.
"I"-
...
A y-:"
,,..•
... ...~'./"
. . .1\ .
.+.
..
-----+-
."
.
.
-+ ' "
.
,..
~.
''''l "".,"
-+-
....:::/' .....
-- -TT!
'
..
,
.. ,.. ,•. ". ." . ...-. ...
..
,
,
. ."
2.
P.OOUC11~llT.
HOUMll
UtllT COStS AN~ ~RIC[S
~.lVqT( tlONfAR" S(ClOR
IPUCEtlt CHqNGl fRO" P~EC[OJt'G
OUA~T[R RI R~ff\JAl RAT[ I
1.
CO"~t"SAIION.
,
"> "
\0
."I
+.
PROOUC! IV! n. ~OUR~ T
UNrT COS!S RNO P~ICfS
NON r l NRNC I Rt C O R P O R RI IO~ S
!P(RC( N! C ~R NG( FROM SAM E
C"R~!
3,
CHRRT • .
PRor I IS. RNO PR ICES
N O Nf I N~ H C IR l CORPO RRTI ONS
(P[ RC£HI CHRNGE fRO" SA " f
OURR IE R A YEAft RGOI
CO " Pl ~ SRI!O N .
QUAftiU
~
T(RR RGO
. ',., .,-_
,---".....-----
-----.
,
•'"•
..
,
----.-_.-
........
,._-
.. -
,.
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