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NEWS
WI.hin,toa, D.C.
L.J. ruleo
After
(201)
Dote. 8.
,-
1:.11. IIorlo
(202)
~
U. S. DEPARTMENT OF LABOR
IIIEIY OF lIlII STlIISTICS
20211
UI-4}91.27lS
IlSDL 73-67)
S2)-9261
Wednl.dlY.
1'0& u:uAS£,
11:00 .... 1'1.
26, 191}
~..oe.
'Z)-1911
131-1)84
16.9 puon. ino ..... In outpu<- - , h larlnt .inci the . . oond quar . .. of
a.vl . .d
duothl"
fl." •••
for .be thi r d quarUc of 19n Indie ... tlut ,TO-
In oboo totd prlu,. IcOn""" inuuoed 11.0 poruM and . tn
10 "nuhSlllrlnl, pr_ethhy h.Tund 1 .6 porUDt tn til. thhd qua.-
,...
aD
Thl. Inc ..... had previously b •• n ,opor,ed It '.9 peTelnt, b••• d
p •• ll.tnl., da •••
,. .... ,boo third qUI ..... of 1974 '0 <be third quarter of 1915.
productivity lne ••••• d 6.1 p•• ,,"nt In nonfinancial £orporlt!ono,
2. 2 p• • • lnt In thl prlvat. I.OOOSY. Ind 2.5 percent In tho nontl na
.Ictor .od dl.,l1nld 0 . 1 patoln, In .... nu fo ctu.tns .
Detanl u ..
livon In tabl •• 1-"
•
,
Tabl. A.
Plr«m< OI.~&~ at Moual Ilauo 1" Produ<c'ivUy and eo. . .
(s.. .."".lIy AdJuot~d)
Output pe< all-employee hour
c..p*n •• tlon p . . hour
~nl< labor
,0",
Rill compensation
Oou'pu'
~,res.'.
on
bour
2nd QY.oc<er 1915
,.
)rd Qu.orur 1974
)rd q:u.. .. e r 1915
lrd Q\:uter 1975
,.
....,....,
,... ,
- ,. ,
12.4
;
0.;
0.0
-
..,
1~.9
hour.
<.0
Toul Private EOOM,",V
(Il<Ivioed)
Ito,,,
Output per
eo"p.n ..,l,,"
of ,u ponon.
per hour
Vnn labor costs
~.,
n .. t I"" , " ' hou,
t"'"".
Ou';>tl'
A1:, .. U"
..,...,,
11.0
•••
- o.,
;
0. ;
2.2
- 4 .1
..
,
,.,
14 . 2
h"","
Nonh"" Secto<
(~nhed)
.
.n
Output per I>our
1'u.O".
",",panu,!on po< hour
Un!, labor COlto
~.,
''''''Pen... 10n on hour
o...tput
Anug.'. houTO
,.
..,.,
..
11. I
;
•••
;
-,
8.2
o. ,
.. ,
- 0.2
13.3
'.0
>I.onuf ,,'arlnK
(Ila-vlud)
h"",.
.,
.n penon.
Co.pan •• tlon per hour
labor coou
~"
~., , __ e"utioo
,"' hour
Output poe
Output
AlII"""."
hOUTO
...
'-'
0.0
-
o. ,
10 .6
10.9
0.'
0.,
15.0
-10.2
-\0.0
•••
,
eo.pen •• tton and labor
~o.t
per .11 - ... ploy. . hour In nonfinandal co r pOratlOM
Co ,, ~en . . tion
lnc ..... d a t • 7 . 3 puent a nn""l raU In tho third
q~ar' . . ,
01""0" roto of loon... olneo tho flu, quo ..... of 19 74 .
quo • •• , chon,o In
c~p.n •• 'ion
per hou r
( ~~Ich
tho
Tho third
Inc Iud •• both " ••••
and oupploacn. o) r.fl.et. an 11 . 6 porcont rl •• In compen •• tlon and a
~.O
cent
puce", Inc.-au In ,u,e",," houe> .
(thO
£ooployaont v"
up 2.4 PH-
flro, Incr •••• In 3 quortor.), and ove.a," .. eakly hour.
Iconned 1.6 poreen< (th. Unt quarterly Inc . . . . . olnc. ~972) .
R•• I co.pon •• ,lon pe •• ll-.~ploy •• hour (hourly ca.pen •• tIOn
odJuo , od for cha n&,. In tho ConaUDe. Price Index) declined 1.1
In ,ho thi r d qua rt'r,
~rc.n'
"lth • 2.7 pe.,ent 1ncr•••• In .h.
c~?r .d
precodlna quarte •.
Unl' labor CO",, "hlch
,cepe".otl,," p. r
ol l - . ~ployo ,
ohaniu In p r oductivity nd
r~fl~ct
hour,
deell~ed
4. 5 poreen, In the third
quuu r, ,he lar \lut ouch do cline In :lion thon 10 yun.
coding quarter, 'he .. co..' dec lined
3.~
In the pn-
puC,Pt .
lint, "onlabor coo<" (" hleh Include dopreclotlon, net Intoreo<, and
Indirect busine"
,.~ •• )
foil
3.2 po r eont In tho third quort o r, ccap. r ed
with a 5. 5 percen' Intr •••• In ,h. prec.dlng quorter.
w"
the Hu, oln« 1973 and con1"""
""IOh oocurred ,hrou\lhou,
191~
Thi. decline
with the dcublo-dl\lit Incr.....
and the flut quo ... r of 1915 .
Totol
unit eo.t. (Iobor and nonlobor oo.t . comblnod) declined 4 . 2 percent
('he l o,go.t doc llne olnco 1965) .
c~po r. d
v lth. 1.1 percent d rop In
•
P r ofit, and. prle..
Unit proflto In the nonfinand,l corporate Outor Incr .... d at
• uuo"ally adJu.ted .1'1' .... 1 uU of 95.9 porcont in tho third
c""I'OTod with. 58,] percent Incro ... on. quortor urUOT.
~uu, . . .
TM. "U
th. IUJu, q". . .o r ly In<run In unit proflto sinco 1958, "hon th.
u.h. bOlln.. end . . . Teoul., profits on at thd. hiaho .. loyd .
Unit profito oro 27.8 pucent above yur-olo I n d •.
Th. h'plldt prlcO deflator (II'tI) fo.- the <'IOMlnondd corpora"
U«Or, ""Ieh toflocu chang.. In unit labor cooto, unit nonbboT
coo". and proUts, innu. . d at on annual rat. of 3.9 peron' In tho
third quarto"
codin,
''''"Porod >11th. ).7 pOTCon, !n<rea •• durin, tho P'o-
~WlrtU.
Although tho IPD Incnosed
.~'ha<
h .. ~r In th.
Third quO'U' th, .. In tb ueond, 'ho !n<run ~.•• o<U1 lovu than
thO bette< ,lull' lQ percent ute of Ineru. . ""Ieh p r evallod In .. 11
of 1914 And the flnt q.... "*r of 1975.
Tobl.
1970.
!
.~.r«
•• prlee. eQ>t •• nd profit
develQ~nt
• • Iooe
,
Table~ .
In4.xe. of Pr Ice • • CO"' , and Profl,.
In the
Nonfln.ncl ~ l
CorpO<.,. Sector
(1961 - 100)
" " . lOU.
""
""
~
:3t
111;>11<1 . Price
llO.O
Ill . 9
116. 1
120 . 0
Ill . S
Ul . J
131 . 0
1'0.)
1' 1.8
14). I
lo'd .... h
co. t. . • .•..•.. 116.8
120.1
12\.4
12S . 2
09 . 0
140 . 9
14",
iSO.O
U 9.6
148. 0
117.4
119 . 6
124.4
138.4
1&4.8
H7.S
146. )
144. 6
128 . 6
126 . 9
127 . 7
140 . 9
147.9
IS 9. 5
1 S8 . 2
19 . 1
86.1
90 . 8
89 . 2
....
151 . •
87.l
97 .9
llS . 8
d.tluor .....
Unit bbor
co.t .. . ..•• _•• 11.\ . 9
Vnn nonhoor coot ..
Unlt
.
71. l
90. 6
•
Revised third guorter
~.vl.ed
~ ••• ure.
p r oductivity
~nd
for the private ocono:v
co.,.
for tho p r ivate
~"u r "
.cono~v,
tho non!ar= "ctOr and tho manufoeturlns aeeto r vere .100 rel •••• d
.oday.
Thou 01>"", hi", . . u t u o f productivity Irow,h ,hon had bun
reporUd puv!ou.ly, re!Jeet l n8 ,ho "p"ard 'evlolon In tho
o,,'~u,
",uuru pubUshed by tho Bureau of E.onOlO.ic Andyoto of tho U. S . 1>< -
po«".", o f
Co_~rc..
Tho I n oru.. in outPut In tb prh.u $ector
In 'he third quann of 1975 (14 . 2 percent , ot annual u u ) vas the
19~O.
lUlU' since
.Inc_ 1955 .
and 'he nonfa,.. ... In (lJ.l percent) ,,&3 tho lorgut
The lor&< productivity IOi.ns In the private and "onf.,.,.
s.c,o •• (ll . ()
."d
11.\ puc,,,, rupo<t1voly) "ere tho brau,
nd "uo reflect.d In unit labo r <"ot.,
~ttl<h
tho prlva ••
since
'.c'~r
(,~~
l.rsest
decl(~.
.I~ce
1961
declined 4 . 1 pucen. in
19~5) ,
.nd 2 . 6 percenc In
'ho nonfarm sector (the I.rge., .lnce 1965).
In ... nu!acturlns . the productivity In«u .. 10 lower in the revised
sorln . slnc. t h hdcul Reserv. ·.-oard.'.
production " •• uviud d"""
(f r ~"
"""'t~ly
Index of
l~du.tTlal
on Incruu of IS . 8 percen' to 15 . 0
pcrcent) and ogllrelot. hours revl.ed upward (incr.asing 6 . 9 percon'
ra,hor than
6.~
perc.~t) .
The revised productivity And output incr . . . . .
"ere the Io r ge .. si nce tho ftn' quorter of 1913.
unchanged frOll
t~.
Unit labor coo . . "'He
pr.vlous quarter . the fir .. quarter In "hieh thu.
,
Table. C.
PreU",inary and RIOviud Measures, Third Quart" r 1915
Percent Change fro", Previous Quarter a t Annual Rate
(Seuona l1y Adjusted)
rotal Pdvn e E<:on0:o)'
Frelito1nar y
,n ,n" .n peuons
hour
Output
hour
COlOpe-o •• tion
lJn~ t
"'.,
labor coni
c""'pIOnS at t'm
,H hour
,.,
,.,
11.0
'-'
- '"'
L9
- '-'
'-'
2.'
'-'
,.,
11.1
2.'
12.1
Output
Aggregate hours
Revisf!d
14 . 2
N, ,farm Sector
Output
,n hour "
,n
.n
per'''n"
eo"'penntion
hour
Unit labor costs
Red C"tepensBtton
,.,
hour
Output
Aggregate hours
lIanu t ac tur ing
Output pIOr hour of a ll persons
C01IIpensaUon per hour
Unit labor ,"cus
Real """'pIOnsation per hour
Output
AggregatIO hour s
0.'
O. ,
..,
- 2.'
- 0.2
ILl
13.3
'-'
2.0
,.,
' .0
0.9
'-'
15.8
'"'
'-'
'-'
0.0
0.'
'.9
15 . 0
,.',-,U
..... ,.
"I<'
,
\/:,
'II"
~r
,
1 1/'
..
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SOUIICE, BURUU OF lAIO' STATISTICS
,,',I'll::
I.
;11I;Il!F~CTl:lilll<, S(CTO~, (H'TI'IIT !'H :,(11111 OF UL pr:~snr '., 'I01'1'I.Y
LI)I!I'I.,;SATIU'I, (J!l1T l-";OR ~OSTS, ~r."SO'IAllY M.JU~;LlJ
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IUIIN !.of
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COST
P(R~O"S(2J
PERSotIS(l)
HHlEX[S
,
prR '10(;11 OF ,\tl
IIOUR OF ALL
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5. ,
'.5
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o.
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OR
HRCE';T WAIIGE FRml PAEV'OUS YeAR Ld
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FOLlOl'IU"
TABLE
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SOURCE: IlIJR(AU OF tABOR STUIST I CS
NOVEj.JB(R
1915
".
rAIIU ~. r40NFrIlAMCIAI. CURPOIIATI~S: PRUOUCT I VITY, HOURLY CO~P(NSAT10 N
UI.IT LAflOIi. CO~T~ , LUll PROFITS ANI! P RI CES, SEASONAllY ADJUSrED
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III. 2
Ii'l. ~p
FooTNOIES,
TABLES I TO 4
Source: Output data from the Bureau of Economic Analysis, U.S.
Department of Commerce and the Federal Re se rve Board . Compensation
and Man-hours data from the Bureau of Labor Statistics, U.S . Department
of Labor and the Bureau of Econ~ic Analysis.
(1) Wages and salaries of employees plus employers' contributions for
sodsl insurance and private benefit plans. Except for nonfinancial
corporations, ~here there a re no self-~ployed, data also includes an
estimate of wages, salaries and supplemental payments for the s e lf-employed.
(2) Compensation per man-hour adjusted for changes in the Consumer
Price Index .
(3) Nonlabor payments include profits, depreciation, interest, rental
and indirect ta$es .
in~ote
(4) Current dollar gross product divided by constant dollar gross
product.
(5) Percent change compounded at annual rate from original data rather
than index numbers.
(6) Current quarter divided by comparable quarter a year ago.
(7) Quarterly measureS adjust ed to annual estimates of output (gross
product originating) from the Bureau of Econot:lic Analysis, U.S. Department
of Co=erce.
(S) Unit nonlabor costs include depreciation, interest and indirect
ta:.es.
(9) Iotal unit costs 1$ the Sum of labor and non-Iablr coSts.
(IO) Unit profits include corporate profits and inventory valuation
adjustment .
CHART 1 . PRODUCTIVIT Y. HOURLY
CO MPENS ATION UNI T COSTS AND PRICES
TOTAL PRIVATE ECONOMY
(PERCENT CHANGE FROM PRECEDING
QUARTER AT ANNUAL RRTE]
,,
PE R rtOUR
Of ALL
i,
OUTPUT
,
,
, P[~SONS , ... --._----_.--.11.0
_.--_._--.--_.-,
,
-------------.-------------"-,
,
:"
:
:
:,
:,
:,
,
"
," ---;----.
,
,
'--,-
-------------.------- --.
"
.
... ----.----_.-----
-- - --- - - --.~-----
>0
,
--
0
,,
,,
',.-----....,!,........ ---..:- -... -....... -r---.. ----.--- .... -- ... ----.,,,
,
'
:
i
COrlPENSATION PER rtOUR, Of RLL PE
,
,
,
,
_........
, ,,------ .....
'
·5
,
i/'---
"'"
. ~ ",
\ _",',',',','.t,,',',1. ____ ••• • _1_.... ______ __
UNIT LABO R COS TS
i,,
,,
'"
- • .I
-- -.J._-•••••••••••••••••••••••
'".
,
,
,
,,
]
0
"
>0
,,
,
.• -- -- - -- . --t- --- - ·--- -- .. .,..,,·
5
,,
0
i,
...
"
UNIT NONL ASOR PAYrI[NTS
I
.
:
..... --- -- - .........
-- .................
-- . --------------.• .........................
,
.
,
:,
:
:,
._ ........ _--:... --........
. ......... ~ ............. ; .....
:
:,
,
... _--+.
--·--1---+.--..
---.--,
,
,,
m
"""..."
,
23 . 3
,,
,
>0
0
,
I
: - ..............: -............•.............•
.
:-... _..............
,
.. _---_ ......•....
... _-- .....
- -:
:
: :
'
:,
:,
:
:
IrlPLIClT
,
,i
,
,
.. --.. -----.. r·---..
·
....
--·
..
--------..
r· ..·..·· ..·..·..............,
,
,
P ~l CE OEfUITO~
,
"
5
,,
,
>0
·5
'"
5 .'
"
>0
,
..~ -
5
0
1959
1970
19/\
1972
19/3
19'14
19'15
NOV 25 . 1975
CHART 2 . PRODUCTIVITY. HOURLY
COMPENSRTION . UNIT COSTS RND PRICES
PRIVRTE NONFARM SECTOR
(PERCENT CHANGE FROM PRECEDING
QUARTER AT ANNUAL RATE]
OUTPUT PER HOUR Of IlLL PERSONS
P=~'I:' -. ---- --
,
,
----.;-------------+----------,
,,
,
,
,,
,,
,
"
-----...... --1·...... --.. --·1---·--··--··--~------------1 -------------I
.:
.I
.i
I
•
- ---------~------------,
;,
COMPENSATION PER HOUR Of ALL PERSONS
: ----· --· --1··:
--. -
-------------------
II<
II .I
,,
- ~--
..,
.... -.-- .. 1<1
,
-5
15
,
UNIT
. LABO R COSTS
,
·
1<1
,
,
-------- ... --.------------ --.
--.---- .. -----.------------------------_.
. -- .--.---------------··,
- 2.6
,
'
.
· -- ........... -- .. .... .
.
.
------.--. -- .......
.. .. ---------.--..........
. __ ....__ . ---..,.- .. --------
.
.. .
.
.
..
.
.
.
.
..
.
.
~
. ---~
, ---
---------
•
~-
,,
I
~--
• •
•
.
5
,
"
r-',,--: --------.. --:-. --------.---: -------------
--------- . . .. , ..
"
,
,
,
,
,
,
.
,
.
,
,
-- ........ ;.... -- -- -- - -~- ------- -----~.------------- .~ ____ .. --... --i- .-----------~-------------
.
.:
,
•
... InPLICI T PRICE OEfLATO R
,,
,
,,
,
,
----------_._._._-----------.--------------.
---_._-- ,
,
,
,
,
- - ..... ---- ,
,
.--- -- -,
:
•
1970
--~-
----------- + ------
1 &71
- - - -- -1- ---
1972
II J
•
4 2
-----.--+------------+----------.
--.,
,
,,
,
,
--.
:
----,-----------,
19B
..., ----
1974
1975
NOV 26. \915
5
CHRRT 3.
PRODUCTIVITY , HOURLY
CoMPE NSRTION , UN I T COSTS RNo PRICES
NoNFINRNCIRL CORPORRTloNS
(PERCENT CHRNGE FROM SRME
QURRTER R YERR RGo)
!
!•
OU TPU T PER FILL-EMPLOYEE HOUR
.
.
,
I'
,
III
··· · · : ......·:· .. · ......[ " . . . . · · ( · · (
....../6··;·
............ ·1" .... ··· .... ·1· .... : ............ :...................····..·t..····· .....
,
..(
,
•
•
•
,,,
"""
i
">0
5
0
•
·············i·············~·········· ···~·· ··· ·· · ···· ·t···· ······ ···,·············.).·············
I,
!,
I
·5
·
.
.
"
··
,
.
.
.
_
_
,,,
.,
·
..,
..,
"
.. ···········i·
............
..........
·
..
,
..
·
..
··
......
;·
....
·····
..
·i·····
....
····..j.··
..
·
..
······
5
· ,,,
..
.
.
·.
,,
.
.
.
.
,
!
i,
:
!
!,
:
CO rl PENSFlTlON PER ALL-ErlPLOYEE HOUR
.............•... .......... ............ ..... .......•.............•...........
III
9·3
~
0
3·0
'"
UNIT LABOR COSTS
·
.
.
.
.....-....... !....---...... :---...........: ............ ·t·············:··· ........ -:- ........... .
·
..
..
.
................ -......
···
...
"
"
5
0
.
.
.
.
.
:
:
:
:
:
UNIT NONLFlBOR PFlYrlENTS
........
]"
"
........... .
, ............. ............. - ..••• •••.•..• : . ........... : ............. ....... 1Tf •.•
----.~
~
:
............. ~ ...... ;
....../
: ..........."" ............. ~ .......... ~.... ...... +
16 . 3
..
.
,
.
,
,
.. ............
...........................
_. .......................................................
,
.
.
,
,
.
.
.
·,
.
f',
"
,
,
.
5
"
-
·5
.......... ...;...........!.±.~ !'~!'~'~~'~~':"~~'~~'~!i~~" ........·1......· .... ~... ...~.:.~. ~ ::
.......;.....
1969
\970
............ J.............:............
19 7 1
197"2
19?3
:·············+·····....····1~
,
'
197 4
, ."
..
1975
NO V 25 . 19 75
5
CHRRT 4.
UNIT COSTS. UNIT PROFI TS RNO PRICES
NONFINANCIRL CORPORATIONS
[PERCENT CHA NGE FROM SAME
QUARTER A YEAR AGO!
UNIT UIBO R COSTS
;
:
!
,,
,,
,
:
'"
' ·0
,
............. j ............. i ............. t ............. t... ········--1--
,,
,
:0
,
,
,
'
· · ······· ····+······
· · ·····1········
,
,
:
I
UNn NONLAB~R COSTS
...... --.+-- ...- .....+-... --...+- .. .....
"
,t
:
.
.
.
.
.
............. , ........... . ........... , ............. ,,.............•......
II .I
~
~
:
I
:
I
..................................
:,
.
.
... . ..... ....... .. .
,,
,
. ........... ,., ........... . .
I
,
TOTAL UNIT COST
'"
,,
,,
,.0
.
,,
,,
,,
,,
,,
,,
,,
,,
,
,
,
........
.....
..
..
...
..
..
....................
.
...................
,.,' ..
,
,,
,,
,,
,
,,
,,
Hi
27 . 8
,
.......... ....... ..... .
,,
,,
,,
,,
,,
,,
,,
,,
,
,
... .............................. __ ...... _..•. ............ .. ...... ... .
••
••
••
••
••
•
•
•
•
,
"
,,
,,
""
,•
•
•
•"
•
............. ,,...... .........................
__ ..............................
. ................
..
· ········i
~
..
..
..
_.
..
-
_.
1965
1970
1971
1972
is
\973
1974
~OV
"
"
,
:0
,
UN T PROFITS
..
,
,
_
·
,
5
... "" .... --··l··
, .......... . ~ . . . . . .... .
_·
:0
:0
,,
.....................................
. ~ . · ···•· ...... 7 .. ·····
,
,
........ .. --....
,
"
"
:
............. : ..............;............. + ............. ~ ....... ·· .. ··l.. ..
,
,"
,
,
,,
,,
..•. • j •••••••••••••
"
1975
26. \975
-,
-:0
-is
-"
-20
@FedFRASER