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NEWS
L.J .
y U S. DEPARTMENT OF LABOR
.
~
74- 463
1EllA5£ ' 1l ,OO A.II.
Th~rod.y, Au,,"," 29, 1.9"
F~l<o
unOll
96l- 19lJ
,~
J,
BUiEAU 01 lIIO SlITlSTICS
.
Hb-5l3Q
Labo r S:atl. u co of th<l U.S.
n,. Increase In
R~vlud
sec,oo. 1 . 1
Q~'?~t
o! Labor .
lb. l noru u in prO<!u ctlv1ty
I QIl<>... od • ., 8.1 parcon' d.diu in the fint
..... u r . . ! ,or th.
pUC.~'
~p"'t_nt
u<o~d
q~utor.
Th .
q".o.<tor o f 1914 f o r tho total priva'e oconc :oy &nd
in 'he no,-.!a= .. etor, and ro . . 1.1 percent In lUllufacturln.,
......... ry of •• con~ quacter dat_ >fPur. In t a bla A.
A
!l<ttaih ar. Jivu in taol . . 1-4.
,
tobie A.
.t
Pueont OI.,.,e
Annual li.au in Productivity and Co.u
(S . . ."ndly Adju.ted)
.,
2nd quartu 1971
lot Quutu 19i4
'"
2nd Quan..
2nd QourUr 1974
1974
!<onUnaneial Corporations
(Prell.lna. y)
per ~n ~ hou.
Coaptn •• ti"" POt .an-hour
-1.6
llo.H l al>or cool.
Roal 'OIIIpenuUoo. per .an-hour
10. 3
-1.9
-1. 2
O. ,
~tput
Output
lI.o.n-ho"u
Output p.o.
•••
- 1. 9
_~-h"ut
COIIIpo"oatlcn per _n-hour
l.bor coo
~" <_"oat .. per . .n-hou r
R&d
Ion
Outpu,
Man-hour.
•••
10.7
-1. 9
-1. 3
L'
11..3
10.0
- 1.0
"-'
_0.9
l.~
14 . 2
12.6
L'
- I .1
0.'
- 2.4
Output pe' ... ,,-hour
-2.1
Compenoation , " ' ,un-hour
labor
~" <OIIpe nutlet>
~.,
VU :an-h"".
Output
- 2.5
10.6
11.0
-1. 9
- ( .6
Non!."'" SoerN (Rovlsed)
c"" ..
I\&o.-houro
It.muf .cturiol! (il<Ivl . .d)
Outp~t
,0<
..
,
IUn-hour
Cooop.". . Uaa
b., o,,",ponu,lon
lOan-hour
tlnit labor OOH.
Output
i'\u-houu
pe~
,..,,-hour
•••
n.1i
0.'
-1. 7
-2 . 0
M
..
..,,
L'
..
-1. 3
0.'
~
'.0
•••
,..
,.,
14.2
- 2. 1
,
roMl'ENSAnOli A.'!tl !..\&OR COSTS
Compenoatian po. ~&p -hour (~10h ine l ud •• both ~"3e. and auppl . . .""l pay.ont.)
In thO nonfinancial oorpora •••• cto. re •• at • 0,,'0,,0111
adJ,,"'"
annual roto of 11.3
potcent In tho •• cond quort.r, up from an 8.5 poteent inc .... o durin. tho firo.
quarto..
In
Tho lnc •••• o in
c~p.n •• tlon
coe~n •• 'lon
pot
aa~-hour
,.floctod • 10.3 portont incr ••••
conpl_" with . 0.9 poreent decline In "o-hou".
Real <OIIIpenu.l"" p. . ,..,, - hou. (hourly c","ponuUon adj""'" for chanl" in the
eonou=e, Price
Ind.~)
the fin. quartor .
d.'r •••• d 1.0 portant, compo.od with. 2.6 pertont decline durlnl
Thh " as th. fifth conl.ecutlve quartuly d.dln. In ohio . . . . ur.,
and . . . . . .ult of th . . . dooli"n re&1 hourly co=.p.".. t1on h
""'" I ...... thon it has
h. . n ,Inc. the u eond quUUt of 1972.
Corpor.t. unl. l abor
pcr
~n-hour,
<00'0,
vhich ref'.ot
o~nieo
in produotivity and ooap_"oation
ro ••• t an anoual rate ef 10.0 p.re.nt durin. the
sec~d
quarter,
«''''pared vitI> a 14 . 9 poroont incru" during the previou. quarter.
Unit nQnlal>or COOto - - vhlch include d.puciation, net intuest , and indlaet
budn... cu. . -- ro . . at AD annual rata of 9.3 pcreent in tho ucond q"aner, ccaparod
~ith
a 13.9 p.roont iner •••• 11'1 the provlou. qu.rter.
Total unit eo.t. (labor and
nonl.bot coo t . combined) intre ••• d at an annual tat . of 9.8 pOTcent, cODpared vith a
14.6 potoent 1"0..... durin. the flut quartoT.
I'itOFITS ....
,1) PRICES
Profit. p.t unit of output iD nonfinanctal corpor.tlona incr •••• d by 39.0 pareont
11'1 tho . . tond quarter • • ftar d.eUni". 12.3 parent dudn& tho Urst quarter , th o
hrlUt quauerly inc..... in \IOU profiu sint. tho Hut quartoT of 1971.
".
teou,t of tho 11'1" .... , •• <>ond q",.,rtor unU profito otood 3.2 pore.nt abovo utond
qUOTtOt
1~73
level ••
,
The tapllclt prio. d.flator for tho nonfinancial corporate •• etor.
cban,. . 10 unit labor
durin,
tn.
tOOU,
""it oonhbor
"".to,
roflocts
."d prof teo, 1ncr-aud a t an a nnual
tirot qua«or.
Tabla~ .
lnduu of Prie", CoHI and ProUn 1n tho
Nonfinanci al Corpor a •• Soc tar
(1961 • 100)
" .. I"" I"" 1,,,, I",
llIIpUdt Prie.
Den..or ....•• .
105.3
Toul IInit eoato .
10S.5
~"
Unit
~lch
labor colt.
nont-bor
108.1
cOat . •• .. . . ••• .
86.9
.1,
109. 8
Wit profiu •.••
•1.
"., ".
·
= PIT'=!
.
·
86. ]
.
.'"
120.5
128.S
125.1
128 . l
128.3
129.9
90.2
89.1
.
H2 . 6
125.9
·
·
:jl2:::
....
94 . 2
1,e.[
I.
T01O,
"Qu.e> COM"ENSATlUN,
.''''''OvO
P~1 \1"'- f.eONO." OU'PUT .~"
11~1T (O~T, ,ND "HICES , S['~O N'Ll'
OU'PUT pro
OE " .
cONPfNSA_
flON PER
COMPENS"
.A,,- ..oU"
ADJUSTED
flO" "~"
.'"'"OUR'll
UNIT
UNJT HON_
LOB O~
U80" PH_
KA"_MOU"'l>
COS TS
MEHIS'lI
,.Pl.lel'
"MIC"
OEflOTa~
.. )
----------------·-----------liiDfi[si%!;i..-
,
"
,,'
"
""H''',
,
1~71
'n . •
11". "
"""
"'. I
II • • S
I.".,
I"' •
,.". ,
12' ,9
1>5 ••
IZ.""
] 20 .
12~
,.0 ••
">. I
'''.;
] 51 ..1
••
U' . O
"'
I~~.~
~
" •• 2
116. 5
I 15 .]
..
II~.
,
"' • I
112.8
II q. S
121 • •
I?oS • •
lJ~,S
IZ1. W
12> "
I ~o . ~
] 1? 5
Ill. &
123. 5
12~,
12~.
I
1.1 • • S
I~"~
•
,".l
"9.'
.. -----------------------------------------------"
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.. , ,'.', •••,
'.,
'.'
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... ,..
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e.'
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,
10"
IH • •
I I'. 'M
l2 •• >
,~,
~
lOa .'"
Pl"""' C,,'NGl
JO. '
-) • 6
;.'
;
-I • 5
1 30. ~
L l' . 0
"0 . 0
'b~
O\lE~
• .1~
PQnlouS
n.
'
I
1l 3 . ~ "
u u ,.T[ ~
AI .""U'"
to •• ' .
13•• 6
1l>.3~
139.9"
NHE'~I
->.f
II • ,
,J,)
-1 • >
"
19H
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I •••
"
191]
..,,
,..
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' .'
,
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•••
~ .~
..,
•••
'N~"'~
191.
-,.• "
- 1 I"
_2 • •
-J . ".
-0. ~
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";> • , .
'. ,
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l ...
.I.>
l.~
....,
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..
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6.0R
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..
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12 .~
10. !~
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-------- --- -- ---- ----------------- --------~------ ----------
~H
~aOl~O T ES
"
E~D
UF "nlt ' .
•.... vs'
l ~. 19H
SouRCE' 6 ... £0" O~ U"~P SUTl5T!CS
hB .. l 2. PR[.on HOHI',RM ~'ONr,"" OO'Pu' .,~ . 'H-"OO.
MOII" LY '~""~"S"[O", U"" ~OS1 _ '''0 •• ,nS. 5"50H . ...... DJU 5 ' r.O
"'''PU' P'.
.'H_MO,",
OU,p",
<OMP,_SOlJOH
~'N-,.O'""I'
-----------------101l
0
n
on
n
'''NUOl
'2~
••
11".1
L I ~. I
II ~. I
II •••
I ~~ ••
In·1
11 S.2
IZ~ .
II ). J
112.""
12'.0"
,,~.~
,\
0
'Z'"
..,..IT NON_
" '"O~
.'N _ _ O,,- ,
,OU
_ _
..
MrN ' S<l,
[~oOE~
..
,.,
I M_ 2
I 00 .',
"'
I" •1
.~
1 '0 ••
"9 . 1"
19~ 1 . 1
'_ •• 0
1 -, •• '
"'. j" ."
"". ,
1"".qR
,,~.
7
11 ~."
n.'
I J2.'
5
..
1
130.]
" l ••
I J I .6
"2. _
,,,.oR
, . . . 6"
lL •• I
" l ••
\
"
')~.
'.0.2
,,~
..
116 ••
" 1.'
",. "
" ' .l
12J.~
179.l"
----~-- - ---------;;:;;C(N""Tu:;;;;G(-oY;_iIio_;;i~iOui___;;liij;T'".~:;;:O;"E7!)--------
,9'f]
0
n
on
n
'NHO'"
\014
..,
n
....
,
'
-2.~
_ •• 7
,.,
-,."
-'.~"
,.,
0 ••
..,
M
0"
_'I. ,
-2 •••
[ ...... Jell
PHI Cf
DEn.'OO,.,
-----_._------------------------------••
1974
n
P~~
.[-"
COMP[NS'_
TlON _["
..
-'.'
...
'.'
'.'
'o••
M
~
11. 1
'. ,
"'~
'. <.
,.'
..
,
,
G.~"
'.'
-'."
-3.2
-2.'
o.'
-2.7
- , • lR
.." .
,
•••
0 ••
'.'
h._
D.oR
_0.9
o••
,.'
•••
,.'
1_ ••
19. JR
12J._
12s . 0
\ 26.1
I n.5
12 •••
I l l ••
lJ8 . 8"
.
..
..
' ..
,
,
,
, .0
".2
!5.OP
------------------~--------.~------------~-------------~,ep CORRESPOMDING QUORlf R O~ PRfV IOU5 Y('~'6'
\
.,oc," , c.'NGf
,. 0
n
on
n
'.'
..,
'NNUOl
'.'
,qr.
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-...
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o. ,
]
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11.0_
II • G.
n
Il • •
SEEI'iiOiNOITS"ENO-oTiOiiiT·-- - - - - - - - - - - - - - - - - - - · - - - - - - - - - - - - - - - - - - - - - - - - - - - - - •.
h~[V rS[D
•••
-,
'.'
,OOUSI 29 . IqH
SOURcE, BURElU OF lA"OR 5T"'STleS
Table 3 . """u"Clurl"~ Spaur, OuLput plOY Han- hOll', lIourlY
C<r.IpenutJ,,,,, ~nlt Labo. con~, Seuoodly Mjuu ... d
Yea.r and
Output (7)
Red C"",pensation
K;".-),,)urs
U it labor
n
"
,
1973
133 . 9
j
129. ~
131.1.
,
"
'""
,\" "ual "vg.
112.1
130 . 0
"
129.9
\1l. 2
1)0. \
'""
"
128.~
129.7
132 . 7r
'-'
15.9
191)
,
,.,
'"
,.,
~1.4
IU . 7
141.4
150.1
Hl.2
112.5
112.1
112.6
lll.7
llV~
LJ4 . 3
101.1
102.0
102.0
to) . 2
11 1. 4
114.5
1l7.8
32 . 6
102 . I
148 . 9
U l. 9
!l4. b
I n. )
J 01. 9
101.2r
155.8
16\.1.
1l0 . 2
110.6
120 . 0
122.8r
...
..
,
U
11.0
1974
~O.7
4.0.
"
-5.8
l. 2.
l~.
"
'"
"
2
12 • 2
10. ;,
'"
11. 0
~n" u a1 AVI( .
,
\ 974
U
L>
1. It
Se" footnotes roll_lnl tftble 4.
r _
revised
L.
O.lr
..,
...
,..
"
...
U
'"
~.,
~l.
~0 . 9
J.O
~ 1.
7
11. 9
~4.
1
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'"
'"
"",
,.
~5.1
~2.
1<
4
,.,
l.h
.. ,
,..
'"
,.,
.~.2
/.. 5
J. 7
~O.
..
•••
,
,.,
•••
'"
~0.8r
9.1.
S~U1c!'
3
'"
~2.0
~1.
3
Sureau of ~bor Sta tlstlca
AUBuBt 29. 1'174
9 .8r
.. ,
,.,
..,
.."' ,
~l.
2
8. 1r
FOOTNOTES ,
TABLES 1 TO 4
SouHe: Output data from the Bu~ eau o f Econom ic Analysis, U.S .
Depa,tn:ent of C<>=.e~c o ;!;nd the Fede,al Reserve !loan!. Compens;!;tion
and Han- hou rs dot" fro", the Bur"au of Labor Statistics, U.S. Deparcrr,ent
of Labor and the Bur~~u of f.conomic Analysis.
(1) lIages a,,,1 salaries of employees plus employers' contributions for:
social insu r ance and pri"ate benefit plans. Except for nonfinancial
corporations, "'here there ne no seH-er:q>loyed, data also includ"s an
esti~te of Yages, salar;"s and supple~ental payments for the ~elf - c",ployed.
(2) Co",?ensation per ".an-hour adjusted for changes in the Consu".cr
Pd re lnde)l.
(3) Nonlabor payments include profits, depreciation, interest,
inco~e and indir"c! taxes.
rent~l
(4) Current dollar gross produce divided by constant dOllar gross
product.
(5) Perc"nt chang" cun:pound"d at annual rate
than index nu~bers.
fro~
original data rather
(6) Current quarter divided by cot:lparable quarter a year ago.
(7) Quarterly meaSures adjusted to annu.l esti~ates of output (gross
product originating) fro~ the Bureau ot Econo~ic Analysis, U.S. D part .. ent
e
of COmnlerce.
(8) Unit non labor costs include depr ecia tion, in teres! and indirect
tax"s .
(9) TOtal unit costs Is the
su~
of labor and non-labor coSts.
(IO) Unit p rofits Includ e corporate profits and inventory valuation
adjustment.
CHART
1.
PRO OliCI i VPY.
t~ O UR !_
y
COMPENSA TiON . UNiT COST S AN D PRi CES
TOTA L PRIVFlTE ECONOMY
(PER CENT CHRNGE FRGM
PRECEO I~IG
CU RRIER RT RN NURL RA TE)
--I
i _~~~_~~~':u
_
OU TPUT PER MPNHOUR
---- -_.-----.!-.-_ ..--.,- - - ~- -_ .. --_. ---.-;. 7i.--- _-- ---:-_. ------- _. i' _ ---_. _ ~ ---- -_ ... -.. -I
.
..
.,
\0
f-~'-------- i---- ---.-- +--/\If--\7+''~'/1:\--- --~--;~ _i~A'1
:
.
:
,
,
,
,
-+----.',>!
'-~ \;
,
,
,
:
,
- --- --- --- -_.:- --- --- --_. -' '', -- -..
. I'
'
,
~-~- -+--
-,,
'
I~ 2 \
~
,
,
~ t~~_~~_~ ~_~~.;L_ ~~_~ __~~_~~~: ____ _ _ .._i.
_ ___l!.\ _______
i
,
-,
: -- _. - -_ ... - - : - -- - . -_. -- ......,~'f _. -1" 1- - " I,'
t..
:
;--,
,
, .
-- -'7 -- --, --.-
,_.,., .,,.- -u_ _ ._
.. , ..-,l. ______ _
:
o
1
._ :
,J
50
... _________ .:.____________ 1... ________ ~ 1__ ~~/L. __~ __ :~<1~_. ___ 1 ~
_ -------- ,
,
,
,
,
,
,
,
,
:
:
,
,
I------+-----+------i.- ~ ~~ ~ -~~--!---- -- -_ . ,~ __ J _J
,___
..........
'
'
.~-
_,.\
'
I
-~
;
•
.
UNIT lP80R CJSTS
: ; .s
1
r:
-I
''''
--------.----i- --.-. --.- ----f- --------.---- j-- --.:;-- --- .. --, /' -.....- I '\.
!
:
:
.,----- :
~ - -. ---. -- - -~- ---" -----.6~ _____ _____ ___ i-~-- - -- -- -- : ,t~~-- -- -~ -- --,
:---.--.--
--- -- --------j -- ---;.:,.- --A
:
:
,
,
•
,
,
,
,
v·
: -. . . ./ i\r' ! \
I
:
:\
,'-.-----':
~
: v
S
:
:
~
: - - - - - - - -- - -.-- :
•
:
•
------------ j' -- -------~-i:~--~~-~~-~~·r~-:-~~-~~:~ :[~
- --. ----+------------ t-----~--l"\ ~
:
c
.. zo
-i
15
---'"'\:::::~::i:~:::::::::::i:-A~
~ ~ : ::-: ...-j......../ :
: -:~~~~~~:\\:::~::::(:::;::~t~2~t.s:c- 1 ~Ii 1
:
:
,
,
,
,
,
,
1
, \{ , -:- :- -------- :------~-i ; 0
I
_ ______ -_~ -.J _;,
_.
. --- -- --- -- --;----- --- ---. -~- - - -- --- ---- -or __ -___ -___ _ _ ___ _ __ _ _
_ ;_ _ __ _:__ _
:
•
: :
i
' I
I
;:)' :1-1"
::
,
' -- -._
________ l- _ ___ ._.:.. _____ _ _PRICE ____ __LfHOR . __ . __ ~ __________ . )!.'_ ~ _ , -l
_ _ ____iMPLlC!T ____ ~ _ OEf _ ~ . _____
__
___
__
____
.
:
:
'
1 ---': . .'
i"
.", ,1, ,,.!
1956
·· ····
"!",,, i!.! " I, .. ..
1969
! 970
:
,
:
,
:
...-'
--:
I'
10
1
i~Y: -----t --- ····· -1- j
i, d, ", -, ,j........ u.l. u.i~i=.:l.u.~tu.L.u.L.~ , o
. 971
: 97:2
CHART 2. PRODUCTIVITY . HOuRLY
COMP ENSATION uNIT COSTS RNO PRiCES
PRIVR TE NO:4FARM SECTOR
( PERCENT CHANGE FROM PRECEDiNG
QURRTER RT AN~ U RL RRTE]
•
OUTPUT PER MANHOUP,
• .
11
1
. , '
r__-_-_-_- _-,:- -:-:-,t~-,-:-:-:-,-,-"-"-"-,-:-:-;i:--:-7-,------'\Jf------'------'----------~-~r\
-------~t- - -
I!
. ~- ----. ---~-,-~-i
----------1
----------- --~--- --------- --~ -------------t,--- -- - --~.-J-= --~1v
-! -:
,
.
,
•
"
---,
CO I! PEN"' FHlON rER f1AN~O;J-~ -----.---.h--" •• -.,-J... .......- '_~:_~.I ~
11
?:
~
-.---~J
:~L\~! ~
___ ' ----- l'-i __ _ J ..___-/ ---___
___ ____ ___ __ -___ ____ ,,: ____
:
-1-----+----
I I
! ! '
!- - - - -r-,
-- - - , -'
-,,
,
,
uN IT L .. BO"
J.
!
-'
,
-----_._-_ -.----------.. ,
·_·-1---------_·_-+--,
(
UNIT N~NLPBOI/ i'A'!'!1:;:I'ITS
:
__ ••••• _. ____ : __ _________ __ __________ • ___
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::
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--- --- --- ---- i --- --------- -~-- -- --- -
,
•••.. ___ __ i _. ___________ l
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--.- --- ---; -- - + - •• - •• -- - t,
1
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----. -.- ..'1. -- -- --- ----- -i .,
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f
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~-
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,
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,
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: :
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196B
I ,
\9 69
'11
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-I
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.+'....--. ---...;:-.---..--.---~:..-.... --'/'(-._- ------. -i
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IMPLICIT PFI.;CE OC:fUHO~ .•. .. _- •. -; ••. ----- ·- .. ~r··----·--I...j
-- - --- - -- - --.: . -- .--. -- -- - - .!. - -.-., •••• -
t
1
'
,
,
,
,
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, , !
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\9 70
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1372
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j
~ l.'-'-,_.~L.~,..l ......:~_'.,'" ..
S7~j
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\374
29,
S7~
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(
PRODUCTIVITY , HOURLY
CHAR T 3
COMPENSATION UN IT COSTS RND PR ICE S
NONFINANCIRL CORPORRTIONS
(PERCENT CHANGE FROM SRME
QUARTER A YERR RGO)
10
5
o
-5
IS
5
o
IS
II
,
,
UNI T LR60R COSTS
10.3
,
,
,
•••••• . •••••• ,••••••••••••• •• •••••••••••• l- •• ...•.. . . L . . . . • • • • • • • • , • • • • • • • • • • • • • 7 ..
,
,
,
,
,
,
,
,
,
,
,
,
,
,.. . ......
, ........ .
. •....•
.... .. ... ....•. ...
....•............. .............•.
,
,
,
,
,
,
10
~
.. ~
o
,
,
I-
i
i
U~IT NONLRB?R PRYMENT,S
i
.................•.............., ................................. ------.-~ __ .____ __ ·I
.U
:
-----.-.....-i-----.. -- -·-1 _ -· ---. 7
_
10
----I -
5
,
i ,
,
" --- --- ---._ .. ;_ ....... _.-.. +.-----... _ -I ··f "
..
:
-5
:
:
:
'6.4
-------- :.-_.......... i.. --.-
-- ~
....
_. _. ___;.. _. _ +
.. .. .. ,, ........ , ............+_ _ _.
.... ...
,
,
,
,
,
,
,
,
II
i
!"
---. ---------;----.. -._. _~PLlC __-+ .. _-_.-.-----;-------.-... _j_ ......... __ . +------..~:··~-I ..+ JT ..PRicE OEfLRTOR
..... ..
,
,
"
,
' "
' "
-- --- ---j -----,,-- t
-------- -------------: :
I: : : : : : : : : l: : ;:-:-:-:-: : -:J'-:-:-:-:-;: -:;-:-:j": :;:-:-;:-:=: : :i': :;-:-:i:-: ;-:-:l'~.-:-:-~: :-;:-:J':;,;: :;: "' ' ;
---- ------ ---;-------,-- -- ---- 1968
1969
IS
1970
1971
19/2
197 3
'UG
1974
29 . 1974
IS
10
5
o
CHA RT 4 .
UNIT COSTS . UNIT PROFITS AND PRICES
NONFINRNCIAL CORPORRTIONS
(P ERCENT CHRNGE FR OM SRME
CURRTER R YEAR RGO]
,
,
,
,
:
UNIT LABOR COSTS,
:
,
,
_._- -_ .......•............. ......... - ....•........... - - •.............•............. , ..
,
"
,
"
,
,
.. ....
,
,
..........
,
,
.
-
.
.
t~:~:~:~:~:~:~:~:~: ~:~:~:~jl~ ~ :~: : ::::~:~:~: ~ji~ ~ :~:~:~:~:~:~:~:~:~:~: : :~:~: ~:~:~:~:~:~:~ ~;~,~,- f-.-
j.-.....-
- --_. -- -- -----
:
TOTAL UNIT COST
i
,
-------------,----------_._---------_. __ ._._--_._---_.--.-- .. -,
,
,
.
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
-- ---._- --- --, - - - -- ----.--- --- . _, --- ---._---- ',-'- -- - ,
,
- .< - - . --- --_. --
,
,
,
,
,
,
5
,
,
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,
,
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--- -
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,
,
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,
,
-- --_. -.. __ . -- --_. --,
,
,
,
,
- .~
,
,
,
-·-· ---· -----1-· - ,
1969
,
,
,
,
,
,
,
,
,
II
3.2
:
- -- . '-1 - '- .--.-. ---.,, .• - -- - - - ... ~ ... -- --. ---- ,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
-----------_. - - - j . -- . --. ---. --7' -- --- --. ,
,
,
,
,
,
II
,
,
9,'
,
- ______ • _____ 0 . __ • • ___ • ____ 0 _________ • ___ __
,
,
iMPLlCIT PR I CE OEFLIHOR
,
--- ,. ----_. -_ ..
,
,
· --1--
,.~.-.
\910
20
,
,
,
,
,
,
-- - -- --. ---. -'-- --_. -- ---- .,,.. _. -_ .. _. -- ..• ---- ---_.
,
,
.
,
,
\91\
1912
I'
5
,
,
,
--- ------.+-.--.---- UN! 1 PROf I 1S
,
,
"
,
,
,
,
,
5
,
,
,
,
,
- --- ---- -_ , _- --- -------.---- --- --- --- ,
..•.
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
-., --- . _- --- ._ - ,- --- ---.-- -- - ,
- ,,
--- --- -.- -_. -_. --_. -- ."_._,
,
,
,
.
--------- .. _-
I'
-_.- ._--- ----- "
UNIT NONLABOR COSTS
,
,
... ---_.--. __ ,
,
,
,
,
,
196B
"
~
1973
>5
"
5
,
-s
-"
->5
-20
"
5
,
1974
'lUG. 29. 1914
@FedFRASER