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!ur . . ~ of La~or Stathtlc.
II. H. Uoenbull (202) 961-1595
K. D. lIoyl. (20l) 961-2911
ho ... , 1])-1184
U5DL-H- 100
FOR llBUJ.H: U:OO A,H., l .S.T.
!'TId." April 27, 19J1
tho to,d prlvate .cono.y In tho flu,
of L.bOl" S'Otl0tleo.
'ho lost
'''0
I:l tho!
~ocad . .
u~"h ...
~~'HU
of 19J}, accordln, ' 0 su.onally
~uortcr
Th • • .". , o (n occurred In tho fourth
tho 1""5-'"=
.v.u,.
of 1972.
Ovu
onnuol ,ot O ho bun 1 percent.
nao r, productivity ro . . ot ,on on"n\ Ute
ot
4.1 porco .. , in
,h. fin , quart . . , up fro .. a 3.6 porcent loin 1" th o fourth quar . ... of I .. , yo . . .
with 0 2.2
porco~,
goln In tho provlou. quarter .
• Ov. . th. four-quart.,. porlod 'hot '''dod In th O f hot
ond tho nO!"lh."
~nnuol
"e,o., ..
~d
~uortor
of U13. ,ho
4.5 porc,""t in .anuhcturlng.
cot. . on s.-orhed bol"" In 'oH. A.
AdrllUond dor . Us ..... i1 .... " In
tabla. 1-1.
Th. 4.7 puc."t p r oductivity ,.In for .h . privata .. aOt r . . "lud fr o," conti"""d
.tr"~g
,o!n. In
O~tp '"
(8.2 porcont thh Guorter,
follo"ln~
8.4 pucent in .he 4th
Guartor of lH2) aad .. udy ...n-hour ,olno .
h' tho
~~~h ...
oec tor, tho produCtivity Jain 01." rofhctod 0 '0'"
Inc ....... in
output (ovo< 8 porcont), ooeoaponhd by ....,,-hour lain of about 4 porcoM.
,
In
~anufacturlng.
the .1510 in productivity wa' attributable
to a 9.3 percent gain in output and a 5.1 percent increase in
man-hours.
this
~uarter
The acceleration in manufacturing output per man-hour
resulted from a sh arper decline 1n the increase for
man-houts than for output.
Table A. Percent Change in Productivity and Costs at Annual Rate
O'reliDdnary and Seuonally Adjusted)
4th Quarter 1972
Compensation pet man-hour
Unit labor costs
Real compensation per man- hour
Quarter 1972
to
1st Quarter 1973
1st quar tet 1973
'.7
..,
'"'
5.'
2. 3
3.7
10.6
'.2
•••
'.2
'.5
2.2
3. 2
..
'.5
'.8
7.2
Total Private
Output per man-hour
lat
to
11.7
7.'
Private Nonfaruo
Output per man-hour
'Compensation per man-hour
Unit labor cosU
Real tOllpensation per ,:..,r.-hour
Manufactut~n8
Output per man-hour
Compensation per man-hour
Unit labor costs
Real compensation per man-hour
,
11.0
•••
U
'.8
2.'
J
Chan... in Co!Pensatlon
Durios the first
q~rt.t.
hourly co-pens at ion incre •• ed
11.1 partent in chs privat e etono=y, up from the
rl •• in the fourth quarter.
1ntra••• this quarter
.~.t
8 percent
A a1 snificant po r tion of the gteltlt
1, &810c1It.d " leh changes in employer"
cont r ibution. to soctal wdfan ptocum (supplem=u to WII!U and
sslart•• )
at •
nsult of 10ct••••• in the locial security rEX tat.
and. the l,.vel of tax.u.h. 11>t01lle ... nidl bacuoe df"ctive in January.
In the nonfarm IUId ...... uf.crurln.
"cton , sldl&r gains in
hourly COBIpensation we", nataUtad, 10.6 percent in nonflnll and
11.0 percent in :canuf4uurlnS'
~.l
compensation pet
=an~hour
(hourly compensation adjulted
fo r changu in the ConSUlDet Priel Index) in the private econOlll)'
~••
5.6 parclnt during the quarter.
Though the rite of increase
in the CPt accelerated in the firlt quarter. the large gaina in
hourly coo:pelUluior: were IIIl>.tllllthUy greater than the rile in
prices, 10 thar real hourly cowpen.arion rOle mor e than it did duriOi
the previous quarter.
OIIn,e. in unit cosu and un-hOUri
Since hourly compen.ation gainl were llrger than the productivity
inere.. e. , unit labor COSts rose .durinl th e quarter in all thru
.ect ors.
In the private economy, the increase WIS 6.7 percent.
51Ja11arly. unit lahor costs rose 6.2 percent tn the nonfano. .. cto r
,
and 6.8 percent in manufanuring.
In all three SIO<'tO rs, unit labor
, eo~t increases during this qua rtet exceeded those of the previous
qtarter.
The increase of unit non labor payments
consumption
el1~ances,
(_~ich
include capital
net interest, indirect business taxes, and
profits) in the private economy also accelerated
som~hat
-- 3.4
percent in the first quarter compared with 2.4 percent in the fourth
quarter.
In the nonfarm sector, unit nonlabot payments loS"- 1.6
percent after declining 0.4 percent in the fourth quarter.
Th e rise in prices as
~easured
by the
i~llclt
price deflator
("hid, reflects changes in unit labor cost, nonl .. bor coHS, and
!'rofits) was 5.5 percent in the private econOl:lY and 4.6 percent 1n
the nonfarm sector.
in the
fou~th
These increases were higher than those posted
quarte r.
The continuing strong demand for labor, as expressed by the
.~st 4 percent increase in man - hours in the non fsrm sector,
Was felt in '!!lOst 1ndWltriu with the exception of mining.
Slower
gsins in ~ufacruring, transport.ti~n, and finance, insurance
and real eatate were offset by increased gains 1n services,
construction, and the "other" c.tegoty.
(See tabl e B.)
5
Table B. Percent Change in HanAhoura
(Preliminary; percent change over previous quart,,! at annual rate)
4th Quarter
1st Quarter
1972
1973
..,
3.9
'-'
- 3.2
Construction
-4.1
0.'
Manufacturing
9.9
5.'
'.5
Finance, Insurance
and Real Escate
'"
3. ,
2.5
Service
2.0
5.9
- 1.9
L2
Industry
Private nonfarm
Mining
Other
11
Private nonfarm includes all persons engaged 1n production.
Other industry " ategori n
are patd
e:/IIPlo)'e~
only, II!lI:cept for
the "other" "ategory which includes goverrmlO'-nt ente rprllu,
private households, proprietors, and -unpaid fa,m11y vorkeu.
Nonfinancial
corporation~
Figures on productivity and cosu in the nonfinandd
corporate Sector for the fourth quarter of 1972 were not avai lable
when the 1972 annual figure. for this sector were
February 27.
On
These figure.s are sUIIIIlarlnd bdo>.' 1n table C and
presented in full in table 4.
rele~ed
6
Table C. Percent Change in Productivity and Costs at Annual Rates
in Nonfin'mcial Corporations
(Seasonally Adjusted)
3td Quartet 1972
4th Quarter 1971
4th Quarter 1972
4th Quarter 1972
Output per man-hour
'.6
5.3
Compensation per man- hour
6.'
6.5
'0
Unit lahor costs
R.e.al cOIllpenaat1on per man-hour
3.0
Tota] Private Eeon . .y : Qutput per Han-hou r, Hourl~ c.o.pcn.atlon
eo.t , ""d Pricu, Sellsonally Adjuated, (Indellu 1967 .. 100)
Table 1.
"'"
R<iaI
Yea r lind
q ua r t e r
Output per
•• n-bour
1972
lat ...
2nd •. .
3r d •. .
4 t h •• .
110.5
112.2
Output
HIon-houri
eo.penutton per
.....,-hour
"
c . .peneat Ion per
aan-hour 1/
Unit labor
cOlt
Unit nonlabo r pey·
... nta II
r..plldt
price
deflator 4/
114.6
114.3
11 7.1
118.9
12 1 .4
]03.4
Hlli.4
105.0
105.9
1)8.8
UO.7
142.2
145.0
112.2
112.9
113.1
IU.2
125.7
125.5
125.5
126.5
112.6
114 • 3
115.8
Jl6.5
120 . 6
121.1
121.8
122.6
Ann ua l Ave.
112.7
II 7 • 9
104.7
UI.7
II 3. I
1 2 5.
e
] ] 4 •8
121.5
19 7)
la t . • .
115.9
123.8
106.1
149. I
115.8
128.6
117.5
124.3
Ill.l
....,
..,
1'112
ht .. .
2nd .. .
l r d .. .
4th • ..
Annua l Ave.
..,..,
7.0
)
10.2
4.7
,.,
..,
§!
19 73
:u. t
!'e r cent Chftnge Over Previous Quarte r at Annu.l
• ••
,..
).
'.7
1973
See lootnotu
,.,
,
..,
..,
1912
1st •. •
2nd •.•
l r d •. •
4t h • ••
lJo e .•
•••
..
•••
end or table
••
'"
, .)
) .,
..
).,
,
).)
.....
.. ,
,
'.7
7 .•
11. 7
,. ,
,..
)
l .'
•••
,..
7. '
).,
)
,.)
).
,
0.)
). 0
,..
..,
....
-0.6
'"
..,
L'
L.
'.7
7.7
'.0
" ,..
0.'
Pareent Chang" Ove r Previo"," Year
..)
~,.
'.0
'.7
li
..
).0
7.7
L'
..,
7.9
)
L'
7.)
,•
,•
..
,..
'"
..
).,
U
)
,.,
,
,.,
.. ,
,
'"
•••
).
)
U
'.0
L7
).
•••
revlaed
prell.lnary
.11'
,.,
2.8
).
7.)
7.7
,
Priv."" .Noohrll
Table 2.
Yea r an d
q uart er
Output per
...,n-hour
19 72
ist .. .
2nd . . .
3rd. . .
4t h . . .
Jlstn ua 1 Ave.
109.9
Collpen8a~
Output
11) . 1
114 . 1
112.1
11 4 . 9
111 . 8
120 . 0
122.3
118 . 7
115 . 2
124 . 7
111.)
19 73
1s t. ..
Oulpu,t per Han~ho"r, Hourly Co,.peoSlition, Unit
~ector;
Con, and I'rlces, Sooasonally Adjusted, (Indexes 1967 .. 100)
~ercent
,.,
H8n-h ou rs
104.~
137 . 4
IOS . 9
106 . 1
107 . 2
105 . 9
139.0
115 . 3
12) .1
,.,
,.,
..,
..,
19 72
is t .
2n d .
lr d .
4t h .
..
..
..
.•
,.,
,,. ,
.....
,..,.
a.,
a.,
197)
1s t .. .
..,
...,..
a.,
u
..
end of t able 4 .
r .. pHdt
price
deflator
108.2
14 7 . 3
114.5
121 . 9
l':Iillnge Over !'rev!o"," ~uaner at Moua l lat e 51
,..
0.'
...,.,
>.8
141. 1
14) . 7
140 ••
,. ,
.....,
U
..,
111.1
Ill . 5
H2 . 1
11) . 2
112.0
Unl t non~
labor psy.. ents ]-'
120.2
120.6
121. 1
121. 1
120 . 9
..,
Se e footnotes
1/
Un it 18bor
cost
IIZ . 2
113.7
115.0
114.8
113 . 9
..,.
•••
,
a. ,
10 .6
U
U
U
C01llpe n sa ~
tion per
,.an-hou r
125 . 0
124.9
124. 8
125 . 9
125 . 2
19 72
1s t. ..
2nd . . •
Jr d .. .
4t h . . •
Annual Avo!/
1973
11< t • ..
U
tion per
./In-hour 11
Rid
,.,
L'.
,,.,
,.,
'.0
10.6
4,~
Porcent (han ge Over Prevlou. Year
U
' .0
..,
,.,
.....,
'"
'"
'"
' .0
,.,
,.,
, .a
-0 . 5
-0 . 4
3.8
..,
U
L'
""
"
,.,
,. ,
La
U
L'
•' .0••
La
2.~
...
,.'",
'"
u
u
'"
La
L'
o.a
, - revised
"
..,
-0 . 4
.. prell,. l nary
U
"
Tabl" 3.
Year and
qUfl ner
1972
18 t • . .
2nd ...
lrd . • .
Output per
man-hour
Man ufacturing Sector : Output per MRn-hour, Hourly Co-r"n'OlUon, and
Unit LOlbor Cost", S"".onsily Adj""ted, (lndexe. 1967·100)
Output
~/
Man-hou rs
Compensation per
man-hour !/
Real Co.penSRtion
per man-hour
JJ
Unit labor
eMU
116.6
lllL5
120. 1
120 .7 r
111. 1
115.0
117.0
120 .4 r
95 . 3
97 . 0
97 . ~
99.7
135 . 9
137.5
139 . 1
141 . 4
nO . J
110.6
1 \1 . 4
116.5
116.0
liS . 9
IlLlr
Annu al Ave.
119.1
115 . 9
97.4
138 . S
110.5
116 • ~
19 7J
1.. t . . .
121.9
12 J. 1
101.0
145.1
Percent O>ange Over Previous Quarter at A.nn ual
112 . 7
119.0
4th ...
,.,
,.,
,.,
1972
1st . . .
2nd ...
ltd • ..
4th .• .
An"ual
2 . 2r
AV"!:.'
197 J
1s t. ..
..,
,.,
14 . B
12 . Jr
' .0
,.,
,. ,
,.,
,.,
...,,.,..
'-'
..,
..,
11 . 0
Percent OIsnge
1972
Is t •••
2nd •• .
J r d . ..
4 th ...
1973
1s t • ..
,..
,.,
..,
..,
..,
'-'
..,
10 . ~r
U
U
10.8
' .0
U
Sen footnotes at end of table 4 .
U
......,.,
U.S
0.'
0""
109 . 9
"'" "
,.,
'.0
,. ,
,.,
,
,.,
-1.6
- 0. 6
4 . 3r
U
..
'-'
,..
Previous Year 7/
,..
'.0
' .0
,..
,..
,.,
...
U
U
,..
U
'-'
...,
, --
lo9r
U
revised
preH"lnary
Table
..
,.,
"
q .... r ter
Ye s .
~.
Nonflnunc1al Corporations; Out put per Han-hOuT, Hourly COtIpensal lon ,
lInit Labor Coata , Unit Pr o fi t .. and Pric es , Seasonally Adj \l.Hed
(Indexes 1967 .. 100)
~d
Output
Outp ut
Man-hou rs
man-hou r
"
19 71
1st • ..
:I nd ...
l r d ...
4t h ...
"'" nuol Ave.
19 72
h t ...
lnd ...
l Td • ..
4t h •..
Annual Ave .
19 71
lot ...
2nd .. .
3r d .. •
~ lh ...
Annu ol Ave .
19 72
19 t . .•
2nd . ..
l rd ...
110 . 6
111. 7
113.1
114.0
112.5
110 . 7
111 . 9
112. 5
114 . 6
112.S
100 . 1
100 . 2
99.4
100.6
100 . 0
129 . 2
131. 4
133 . S
134 . 7
132.4
U5 . a
li7 . 3
118 . 7
120.0
117 . 9
117 . 8
120. 9
122 . 7
126 . 2
121. 9
101.7
103 . 1
137 . 9
139 . 6
..,
5.0
..' . 0,
12 . 8
..
O. ,
-2 . 9
•••
5. '
11 . 5
11. 0
•••
5. '
10 .'7
..,
...•••
'th . ..
Annual Ave.
hot .. .
..,
2nd . , .
5.0
1972
•••
5.'
3rd ...
4th ...
".
Co!opensatlon pe r
..... n-h our
footnote~
"
end of t able
..,
,..
,,.,
..,
11. 9
U
•••
' .0
..,
10. 1
co.pens stion per
"",n-hour
108 . 1
108 . 8
108. 4
109 . 8
109 . 1
....,,
- 1. 9
•••
1.4
..
,L'
Percent (j,ange
5.6
' .0
•••
6.5
,-
revised
.0/
121.3
121.4
121.4
121. 5
121. 4
78 . 1
79.8
8 1. 6
84 . 7
81. I
114 . 8
115 . 1
US.4
115.9
115.3
,.,
,.,
82.3
0.'
' .5
,.,
..,
,5. ,
5.<
-4.5
' .5
L'
..
20 . 9
,.,
9.~
0.'
0. '
-0 . 0
U
-3 . 6
0.'
11
..,
0.'
..,
..,
..
,,.,
,
•••
16 . 1
' .9
U
<'0
0. ,
o. ,
U
-1.5
0. '
not avnihble
,
t, . 0
0.,
- 1. 0
'.0
.
,..
- 9.2
-11.8
0. '
0.'
It. 9
L.
,.,
,.,
0.'
-
-2 . 1
-0.5
L<
n.R .
U/
119 . 1
127 . 9
119 .0
128 . 9
128 . 6
119 . 1
127 . 4
119 . 6
119 . 2
128 . 1
Annual lta t a ~/
-2 . 2
-loS
Previous Year
'.0
hplic1t
price
deflator
ll2.I,
113 . 4
113.9
113.9
Ill.4
U
~
,M '
proB 18
76 . 6
78 . 8
16 . 9
74.S
76 . 6
5. ,
L5
cou~
.,,,
118 . 8
119 . 6
120. S
121.0
120 . 0
...,..
•••
... .....,..,
.. , ,,.,..
..,
,... ,, .. ,,.,.
,..
,,..,,
non- I sbor
Tot a l
unit
124 . 7
125. 7
128 . 2
129 . 4
126 . 9
11& . 9
117 . 6
118. 0
118. 2
117 . 7
•••
,., "
6.'
.,,,
91
U
111.5
111. 9
103 . ~
l~l.J
112. 3
105 . 2
143 . 5
113. 1
103 . 4
140 . 5
112.2
Per<;ent Change Over Previous Ouarter
>..
..,
lIn l t
lab or
coot
0.3
13 . 7
• prelh.lnary
L9
0.0
5.6
0.,
L'
U
,.,
..,
L5
..,
FOOTNOTES, TAlILES I TO 4
Source: Output data from the Bureau of Economic Analysia,
U.S. Department of Co""""rce ..nd the Federal' Re.serve Boar" . Compensation
and M3n- hours data from the Bureau of Labor Statistics, U.S. Department
of Labor and the Bureau of Econo~c k~alysis .
!I Wages snd salaries of employees plua u.ploy"n· contribution" for
social insurance and private benefit plans. Except for nonfinancial
corporations, vhere there are no self-employed, data also includes an estimate of vages, sslaries and supplemental psyments for the self-employed.
11 Compensation per man-hour adju3ted for changes in the Consumer
Price Index.
1./ Nonlabor payments indude profits, depreciation. intere.st, rent al
income and indirect taxes.
~I
Ourrent dollar gross p roduct divided by conStant dollar gross
product.
d! Percent change compounded at annual r ate from origtnal data rath e r
than index nuebers.
61 Percentage change of annual average.
J..!
Ourrent
~uarter
divided by comparable quart er a year ago.
!I Quareerly measure s adjusted to annual utimatu of output (groSll
product originating) from the Bureau of Economic An .. lysia, U.S. Department
of Co_erce.
!I Unit non labor costS include depreciation, interest and indir"ct
taxea.
101 Total unit coSts is the sum of labor and non-labor cOSts •
.!!! Unit profits include corporate profiu and inventory valuation
adjustment.
CHART 1. PRODUCTIVITY. HOURLY
COMPENSRTION , UNIT COSTS RNO
PRICES--TOTRL PRIVRTE ECONOMY
( PERCENT CHRNGE FROM PRECEDING
QUARTER RT ANNUAL RATE)
,
:,
,
OUTPUT
PER MANHOUR
,,,
.,
,,
------.-------------.--------------.-----,,
,,
,,,
,
,
-- ----------i------------j,~=~-"--O-'-'~-,
,
,,
,,
--
,,,
,
:,
10
1
, .7
---. - - --- ~ - --
5
,,
,
,
o
,, _______ - _• __-~ - -- --- -- -- - -- -l-- -- - -- --- ---,,
-5
1
10
,
.,,,
,
: '--.j
,,,
,,,
:
-:,~;--- - - - - +-- - +-~-- - - ---~----------, ------------+-----,
,
-";-==, ---
---- --- -';-0--0
-- ~ --
-~
,,
:
:,
t-- - - - - - -+--.
,,
,
:
,
--- - --- - -t -------------
:
.L=~ __ ;
1966
"
------ -- -----
5
o
,
1
1970
"
I
3 .~
5.5
---- -.-
1969
o
j- --- -- -- -----t------------,
'
"
,,
PRICE
DEFLATOR
,
------------ -;--- ._--------'---
5
,,
,,,
,,,
"
:,
6 _7
-- ,, ---------- ---l------------- ------ -------
[-----
,
,,,
,
"
"
,
,,
:
o
1
:
-.-.!---------,-,-,--~;-,-/--/- ----------------- j----. ---"'rr~-""
196?
,,,
,,
,,
UNIT NONLA60R
, PAYMENTS
"
5
,,
,
----------- ---
,,
-"-"- -+,, -- --- -- --- ---
,,
UN! T LA60R COSTS
,,
,,
"
I I .?
COMPENSATION PER MANHOUR
-----------
,,
:
-- T
19?1
1912
-5
j
"
5
o
1913
APRIL 27,\ 973
",
CALIFORN "l COMPUTf.'1 PRODUI;. T$. , \ \; .
CHART 2 . PRODUCTIV I TY . HOURLY
COMPENSA TION. UNIT COS TS AND
PRICES--PRIVATE NONFA RM SECTOR
(PERCENT CHANGE FROM PRECED(NG
QUAR TER AT AN NUAL RATE)
OUTPUT PER MANHOUR
.• :.:.:;;
.. . . ...~" ~... ..
--- •
4. 1
.
•
•
•
- -------------l------------ ~ - -- - -- - -- - -- •
•
----------1------------•
•
••
,
-------------~--
••
•
••
•
"
5
o
·5
>5
10 _6
COMPENSATION PER MANHOUR
10
••
•
••
L.c..c.c.-..-."_; _____________ ~--------------l----------_
•
••
••
-----~-- - --------- - -
•••
•
5
o
>5
UNIT lABOR COSTS
J
6. '
•
----~--------------~---
5
o
I5
UNIT NONlABO R PAY MENTS
"
-- - --- ~ -------- - -----~ -- -
••
5
•
•
•
•
•
-----------f------------
o
••
·5
:•
PRIC E DEflATOR
----.------------- ••---••
'"
---------.------------ .,.-----------•
•
•
•
1967
1968
1969
1970
1971
1973
APRil 27 _1973
1972
CHRRT 3.
PRODUCTIVITY . HOURLY
COMPENSRTION. UNIT COSTS RND
PRICES--NONFINANCIAL CORPORATIONS
(PERCENT CHANGE FROM SAME
QUARTER A YEAR AGO)
1-
10
-. ------------- -7---::----::----1---~---::::----;----t---=----;:---d----t-7--=----=---+--+------------- I _~~
_cc
___ :1__ _____________ ______________
__________________________________ _
5
------------- I -
0
11-
-5
15
I------- -- --- -1-
10
OUTPUT PER
IV
5 _3
N~NHOUR
__=___
PER
CONPENS~TION
N~NHOUR
I,
5.5
I-
5
0
1-
15
I-
10
------------- I -
5
II-
0
15
I------------- ------------- ------- --- --- ------------- ------------ ------------- ------------- I -
10
UNIT
UNIT
--------
l~BOR
COSTS
I
NONl~BOR
-.-
IV
I .I
P~YNfNTS
IV
2 .9
--------/--------
-------------
5
0
_ _ ______j I:
-5
PRICE
------------- ------------- ---.- - ---1967
1968
IV
I •7
OEfl~TOR
1969
---
-- _._-------- ------------- ------------1970
1971
1972
~PRIL
1973
27, 1973
CHART 4.
UNIT C~STS , UNIT PROFITS RNO
PRICES--NONFINHNCIAL CORPORATIONS
(PERCENT CHRNGE FROM SRNE
QUARTER A YEAR AGO )
==~~~i~=====L~AI':O:'==C:OS:l:Sj[P~E:'::U:N:ll::,===:;~i~~~'~'~i==~~~j
10:
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t
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,,
: :
. . - +----- --. . -- , -- ,
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,,
~.. . .
,,,
,,
,,
:
.:
:
:
:
:
: :
.,
NONLA50R
COSTS
PER UNIT
,
,
:
1 .j
-----.--. f-·-·-·
... -... +............ .
,
,
'
,,
'
15
:,
i
IV
.. _.. _.....;........... ~..........1............. [.'..-.-..-..-... j._.____: -_l_:_~~..-.-.--.-..--
~ .:-
,,
,,
5
,,
o
IS
TOTA
, L COST PER UNI T
,,
,,
,,
,
--- -- - -- --- ---1 -- - -
:
------~,, -- ---,,
----:,,l-- ----- -- --i--------~~-~+----·-------·
,,
,,
:
PROFITS PER UNiT
o
!V
13 . 7
-
_
/I!J
,,,
5
,
i,
,,
,,
iO
IV
20
IS
-
r--:
_
,
,
,
,
C=,
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: :
,
5
o
,
,
!,
i,
!,
i,
i:
-.-S
- -10
' -
~--+---~:--~:7L-~~--~----~!--~ ,
-IS
-20
iO
!liPL I CIT
5
,
1967
,
,
1969 .
1969
,
1970
,
1971
,
1972
o
1973
HPRIL 27 . 1973
@FedFRASER