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News
Bureau of Labor Statistics
United States
Department
of Labor
Washington, D.C. 20212
Historical, technical
information: (202) 523-9261
Current data : (202) 523-1221 or 1208
Media contact: (202) 523-1913
USDL 87-375
For Release: 10:00 AM EOT
Monday, August 31, 1987
PRODUCTIVITY AND COSTS
Revised Second-Quarter Measures for
Business, Nonfarm Business, and Manufacturing and
Preliminary Measures for Nonfinancial Corporations
The Bureau of Labor Statistics of the U.S. Department of labor today
reported rej*is£d productivity data—as measured by output per hour of all
persons--for the second quarter of 1987. Based on information now available,
the seasonally-adjusted annual rates of productivity change in the second
quarter were:
1.3
1.3
4.9
4.1
6.8
percent
percent
percent
percent
percent
in
in
in
in
in
the business sector,
the nonfarm business sector,
manufacturing,
durable goods manufacturing, and
nondurable goods manufacturing.
Revised second-quarter measures are summarized in table A and appear in
detail in tables 1 through 5. In nonfinancial corporations, productivity rose
1.2 percent in the second quarter, as output and hours rose 2*8 percent and 1.6
percent, respectively (tables B and 6).
For business and nonfarm business, the revised productivity measures
showed virtually the same increases reported on August 3, based on preliminary
information then available. Manufacturing productivity and output, however,
increased more than was earlier reported (table D).
Business
Productivity increased at a 1.3 percent annual rate during the second
quarter of 1987 in the business sector, as output rose 3.0 percent and hours of
all persons engaged in the sector increased 1.6 percent (seasonally adjusted
annual rates). During the first quarter of 1987, productivity increased 0.5
percent, as output grew more slowly than hours. The second-quarter increase
was the largest in over a year (table 1).
Hourly condensation increased at a 3.3 percent annual rate during the
second quarter of 1987, compared with a 1.4 percent rise during the first
quarter. This measure includes wages and salaries, supplements, employer
contributions to employee-benefit plans, and taxes. Unit labor costs, whiclt
reflect changes in hourly compensation and productivity, increased at a 1.9
percent annual rate during the second quarter, compared with a 0.9 percent gain
in the January-March period.
- 2-
Table A. Productivity and costs: Revised second-quarter 1987 measures
(Seasonally adjusted annual rates)
Sector
_____
Business
Nonfarm business
Manufacturing
Durable
Nondurable
Hourly
hourly
Produccompen- compentlvity
Output
Hours
sat ion
sat ion
Percent change from preceding quarter
1.3
1.3
4.9
4.1
6.8
3.0
3.0
3.4
1.7
6.5
1.6
1.7
-1.5
-2.3
-0.2
3.3
3.0
2.0
1.5
2.9
-1.5
-1.3
-2.8
-3.2
-2.0
Unit
labor
costs
1.9
1.7
-2.9
-2.4
-3.7
Percent change from same quarter a year ago
Business
Nonfarm business
Manufacturing
Durable
Nondurable
0.4
U.3
2.8
2.8
2.5
2.6
2.8
2.7
3.4
4.0
3.6
3.2
U.2
-0.7
1.4
1.2
2.5
4.2
1.6
2.1
-1.0
-1.0
-2.3
-2.5
-1.6
2.4
2.5
-1.9
=2.7
-0.4
Real hourly compensation, which takes into account changes 1n the Consumer
Price Index for All Urban Consumers (CPI-U), declined at a 1.5 percent annual
rate in the second quarter, compared with a 3.7 percent decline 1n the first
quarter of 1987. This marked the first 6-month period during which real hourly
compensation declined since 1963 (when declines occurred in the second and
third quarters).
The implicit price deflator for business output, which reflects changes in
unit labor costs and unit nonlabor payments, increased 4.0 percent in the
second quarter, the largest quarterly gain since 1983.
Nonfarn business
Productivity increased 1.3 percent in the nonfarm business sector during
the second quarter of 1987, as output rose 3.0 percent and hours of all
persons--employees, proprietors, and unpaid family workers—increased 1.7
percent. During the first quarter of 19H7, nonfarn productivity edged up 0.4
percent. As in the more comprenensive business sector, the second-quarter
increase in nonfarm business productivity was the largest in more than a year
{table 2).
Hourly compensation rose 3.0 percent in the second quarter, but fell 1.8
percent when the change in the CPI-U was taken into account. The decline 1n
real hourly compensation was the second decline in succession. Unit labor
costs increased 1.7 percent, compared with a U,8 percent rise during the first
quarter of 1987.
- 3-
The implicit price deflator for nonfarm business output rose 2.8 percent
in the second quarter, compared with a 3.4 percent increase one quarter
earlier.
Manufacturing
Productivity increased at a 4.9 percent seasonally adjusted annual rate in
manufacturing in the second quarter of 1987, as output rose 3.4 percent and
hours of all persons declined 1.5 percent. During the first quarter of 1987,
productivity rose 3,5 percent, as output and hours rose 4.3 percent and U.8
percent, respectively (table 3).
Hourly compensation of manufacturing workers rose 2.0 percent during the
second quarter, but fell 2.8 percent when the increase in consumer prices was
taken into account. Real hourly compensation has declined for 2 quarters; the
drop in the first quarter was 6.0 percent. Unit labor costs fell at a 2.9
percent annual rate, compared with a 4.4 percent decrease during the first
quarter of 1987. Manufacturing unit labor costs have declined in 4 of the past
6 quarters.
Both durable and nondurable goods industries experienced productivity
increases in the second quarter (tables 4 and 5). Output increased and hours
declined in both subsectors.
Productivity and output grew more rapidly in
nondurable-goods manufacturing firms where the 6.8 percent productivity gain
was the largest since a 7.6 percent increase which occurred during the third
quarter of 1982.
Nonfinancial corporations
Preliminary second-quarter 1987 measures of product!vity and costs also
were announced today for nonfinancial corporations (tables B and 6). Output
per all-employee hour increased 1.2 percent from the first to the second
quarters of 1987, as output and hours increased 2.8 percent and 1.6 percent,
respectively (table 6). During the first quarter, productivity declined 2.9
percent. The sector includes all corporations doing business in the
Table B. Nonfinancial corporations: Preliminary second-quarter productivity
and cost measures
Quarterly percent change at seasonally adjusted annual rates
Period
1987 I to
1987 II
1986
Productivity Output
Hourly
compenHours sation
Real
Implicit
hourly Unit
compen- labor Unit.
price
sation costs profits deflator
U2
2.8
1.6
2.7
-2.1
1.4
-1.2
2.0
U.3
2.4
2.0
2.0
-1.7
1.7
1.8
2.1
II to
1987 II
- 4-
United States, except banks, stock and commodity brokers, and finance and
insurance agencies.
Hourly compensation increased 2.7 percent, but dropped 2.1 percent when the
rise in the CPI-U was taken into account. Real hourly compensation has
declined in the past 2 quarters. Unit labor costs rose 1.4 percent, unit nonlabor costs increased 4.9 percent, and unit profits fell 1.2 percent (table
6). The implicit deflator for nonfinancial corporate output increased 2.0
percent in the second quarter.
Revised measures
Preliminary and revised productivity and cost measures for the second
quarter are compared in table 0 for business, nonfarm business, and manufacturing. There was little change in reported productivity measures for business and
nonfarm business, but the upward revision in manufacturing productivity reflected the availablity of more complete information on manufacturing output movements.
Table D. Preliminary and revised productivity and related measures,
second-quarter 1937
Percent change from previous quarter
(Seasonally adjusted annual rates)
Hourly
compensation
Real
hourly Unit
compen- labor
sation costs
Productivity
Output
Hours
1.3
1.3
3.0
3.0
1.7
1.6
3.2
3.3
-1.7
-1.5
1.9
1.9
Preliminary
Revised
1.4
1.3
3.2
3.0
1.8
1.7
2.9
3.0
-1.9
-1.8
1.5
1.7
Manufacturing:
Preliminary
Revised
3.3
1.7
3.4
-1.5
-1.5
1.8
2.0
-2.9
-2.8
-1.4
-2.9
Sector
Business:
Preliminary
Revised
Nonfarm business:
4.9
Next release date
The next issue of Productivity and Costs is scheduled for release at 10:00
AM EST, Monday, November 2, 1987, and will contain preliminary third-quarter
measures for business, nonfarm business, and manufacturing.
- 5TECHNICAL NOTES
Business sector output is equal to gross national product in constant 1982
dollars, less the rest<-of-the-world sector, general government, output of
nonprofit institutions, output of paid employees of private households, rental
value of owner-occupied dwellings, and the statistical discrepancy in computing
the national income accounts. Corresponding exclusions are also made in labor
inputs. Business output has accounted for about 77 percent of gross national
product in recent years.
Total manufacturing measures are computed by summing series prepared for the
durable and nondurables goods sectors.
The durable sector includes the following 2-digit SIC industries: Primary
metals; fabricated metal products; nonelectrical machinery; electrical
machinery; transportation equipment; instruments; lumber and lumber products;
furniture and fixtures; stone, clay, and glass products; and miscellaneous
manufactures. The nondurable sector includes these 2-digit SIC industries:
Textile mill products, apparel products, leather and leather products, printing
and publishing, chemical and chemical products, petroleum products, rubber and
plastic products, food, and tobacco products.
Manufacturing output has accounted for about 24 percent of gross national
product in recent years.
Nonfinancia! corporate output is equal to gross national product in constant
1982 dollars, less the rest-of-the-world sector, general government,
unincorporated business, output of nonprofit institutions, output of paid
employees of private households, rental value of owner-occupied dwellings, the
output of corporations engaged in banking, finance, stock and commodity
trading, and credit and insurance agencies, and the statistical discrepancy in
computing the national income accounts. Nonfinancial corporate output has
accounted for about 59 percent of gross national product in recent years.
The productivity and associated cost measures in this news release describe the
relationship between output in real terms and the labor time involved in its
production. They show the changes from period to period in the amount of goods
and services produced per hour. Although these measures relate output to hours
of all persons engaged in a sector, they do not measure the specific contribution of labor, capital, or any other factor of production. Rather, they
reflect the joint effects of many influences, including changes in technology;
capital investment; level of output; utilization of capacity, energy, and
materials; the organization of production; mangerial skill; and the
characteristics and effort of the work force.
Table 1. Business sector: Productivity, hourly compensation, unit labor cost, and prices, seasonally adjusted
Year and
quarter
Output per
hour
of all persons
Output
Hours
of all
persons
Coropensation per
hour(l)
Real
compensation per
hour(2)
Unit
labor
cost
Unit nonlabor payments (3)
Implicit
price
deflator (4)
Indexes 1977=100
1986
I
II
III
IV
109.5
109.7
109.6
1Q9.6
127.3
127.5
128.1
129.0
116.3
116.3
116.9
117.8
180.7
182.2
183.6
185.2
100.1
101.3
101.4
101.6
165.0
166.2
167.5
169.0
163.1
163.9
165.7
162.4
164.3
165.4
166.9
166.7
ANNUAL
109.5
128.0
116.9
182.8
101.0
166.9
163.8
165.8
I
II
109.7
110.0
130.2
131.1
118.7
rll.9.1
185.8
187.3
100.7
100.3
169.4
170.2
166.0
r!69.1
168.2
r!69.8
1987
Percent change from previous quarter at annual rate(5)
1986
I
II
III
IV
5.8
0.6
-0.3
-0,1
6.4
0.7
1.8
3.0
0.5
0.1
2.1
3.1
3.2
3.5
3.0
3.6
1.6
4.8
0.5
0.9
-2.5
2.8
3.3
3.7
7.5
2.1
4.5
-7.7
0.9
2.6
3.7
-0.5
ANNUAL
1.9
3.3
1.4
3.9
2.0
2.0
2.2
2.1
I
II
0.5
1.3
3.5
3.0
3.0
rl.6
1.4
r3.3
-3.7
r-1.5
0.9
1.9
9.0
r7.8
3.7
r4.0
1987
Percent change from corresponding quarter of previous year
1986
I
II
III
IV
2.8
2.3
1.3
1.5
4.2
3.4
2.7
2.9
1.3
1.1
1.5
1.4
4.8
4.4
3.7
3.3
1.7
2.7
2.0
1.9
1.9
2.1
2.4
1.8
2.8
2.2
2.4
1.4
2.2
2.1
2.4
1.7
ANNUAL
1.9
3.3
1.4
3.9
2.0
2.0
2.2
2.1
I
II
0.2
rO.4
2.3
2.8
2.1
2.5
2.8
2.8
0.6
-1.0
2.7
2.4
1.8
r3.2
2.3
r2.7
19«7
See footnotes following table 6.
r=revised
August 31, 1987
Source: Bureau of Labor Statistics
-7Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor cost, and prices, seasonally adjusted
Year and
quarter
Output per
hour
of all persons
Output
Hours
of all
persons
Compensation per
hour(l)
Real
compensation per
hour(2)
Unit
labor
cost
Unit nonlabor payments(3)
Implicit
price
deflator(4)
Indexes 1977=100
1986
I
II
III
IV
ANNUAL
1987
I
II
107.7
107.7
107.5
107.5
126.9
127.1
127.6
128.5
117.9
118.0
118.7
119.6
180. 0
181. 3
182. 6
184. 4
99.7
100.8
100.9
101.2
167. 2
168. 4
169. 8
171. 5
164.7
165.2
167,0
163.9
166.4
167.3
168.8
168.8
107.5
127.5
118.6
182. 0
100.6
169. 3
165.2
167.8
107.6
r!07.9
129.7
120.6
121.1
184. 9
r!86.3
100.2
99.7
171.8
r!72.6
167.4
r!30.7
r!69.3
170.3
r!71.4
Percent change from previous quarter at annual rate(5)
1986
1987
0.0
6.4
0.6
1.7
2,9
-0.2
0.6
2.3
2.9
3.9
2.9
2.8
4.0
2,3
4.2
0.4
1.3
-2.6
2.8
3.5
4.0
10.0
1.3
4.2
-7.2
1.6
2,3
3.7
0.0
ANNUAL
1.6
3.2
1.6
3.9
1.9
2.2
2,4
2.3
I
II
0.4
rl.3
3.8
3.4
rl.7
1.1
r3.0
-3.9
r-1.8
0,8
rl.7
8.8
>3.0
r4.7
3.4
r2.8
I
II
III
IV
6.6
0.1
-0.6
Percent change from corresponding quarter of previous year
1986
1987
4.0
3.3
2.6
2.9
1.7
1.4
1.6
1.4
4.5
4.1
3.6
3.4
1.4
2.5
1.9
2.0
2.2
2.2
2.5
1.9
3.2
2.3
2.2
IV
2.3
1.9
1.1
1.5
1.9
2.6
2.3
2.4
1.9
ANNUAL
1.6
3.2
1.6
3.9
1.9
2.2
2.4
2.3
I
11
-0.1
0.3
2.2
r2.8
2.3
2.6
2.7
2.7
0.5
r-1.0
2.8
1.6
r2.5
r2.5
2.4
r2.5
I
II
III
See footnotes following table 6.
r=revised
August 31, 1987
Source: Bureau of Labor Statistics
-5-
Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor cost,
seasonally adjusted
Year and
quarter
Output per
hour
of all persons
Output
(6)
Hours
of all
persons
Compensation per
hour(l)
Real
compensatlon per
hour(2)
Unit
labor
cost
Indexes 1977=100
1986
1987
IV
127.6
128.3
129.4
129.9
125.2
125.1
126.1
127.2
98.1
97.5
97.5
97.9
181.0
182.1
183.1
184.3
100.3
101.2
101.2
101.2
141.9
142.0
141.5
141.9
ANNUAL
128.8
125.9
97.8
182.7
100.9
141.8
I
II
r!31.0
r!32.6
r!28.5
rl29.6
98.1
r97.8
183.9
184.7
99.6
98.9
r!40.4
r!39.3
I
II
III
Percent change from previous quarter at annual rate(5)
1986
1987
I
II
III
IV
4.9
2.3
3.6
1.4
3.6
-0.1
3.2
3.4
-1.3
-2.3
-0.4
2.0
1.8
2.5
2.2
2.7
0.2
3.8
-0.2
0.0
-3.0
0.2
-1.3
1.3
ANNUAL
3.7
2.8
-0.9
3.3
1.3
-0.4
I
II
r3.5
r4.9
r4.3
r3.4
0.8
-1.5
-1.0
r2.0
-6.0
r-2.8
r-4.4
r-2.9
Percent change from corresponding quarter of previous year
1986
1987
I
II
III
IV
5.0
3.4
3.3
3.0
3.7
2.5
2.4
2.5
-1.3
-0.9
-0.9
-0.5
4.4
3.4
2.9
2.3
1.3
1.8 .
1.2
0.9
-0.5
0.0
-0.4
-0.7
ANNUAL
3.7
2.8
-0.9
3.3
1.3
-0.4
I
II
r2.7
r3.4
r2.7
r3.6
0.0
0.2
1.6
1.4
-0.7
-2.3
r-1.1
r-1.9
See footnotes following table 6.
r=revised
August 31, 1987
Source: Bureau* of Labor Statistics
-9Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor cost,
seasonally adjusted
1
Year and
quarter
Output per
hour
of all persons
Output
(6)
Hours
of all
persons
Compensation per
hour(l)
Real
compensation per
hour(2)
Unit
1 abor
cost
Indexes 1977=100
1986
1987
IV
135.3
135.9
137.5
138.4
133.7
133.1
134.1
135.4
98.8
98.0
97.5
97.8
179.9
180.8
181.6
183.1
99.7
100.5
100.3
100.5
132.9
133.1
132.0
132.3
ANNUAL
136.8
134.1
98.0
181.4
100.2
132.6
I
II
r!39.8
r!41.2
r!36.8
r!37.4
97.8
r97.3
182.2
r!82.9
98.7
97.9
r!30.3
r!29.5
I
II
III
Percent change from previous quarter at annual rate(5)
1986
1987
IV
7.0
1.5
5.0
2.6
4.4
-1.7
3.2
3.8
-2.4
-3.2
-1.7
1.1
1.2
1.9
1.7
3.4
-0.4
3.3
-0.7
0.7
-5.4
0.4
-3.1
0.8
ANNUAL
5.2
3.2
-1.8
3,4
1.4
-1.7
I
II
r4.2
r4.1
r4.2
rl.7
0.0
r-2.3
-1.9
rl.5
-6.8
r-3.2
r-5.9
r-2.4
I
II
III
Percent change from corresponding quarter of previous year
1986
1987
5.0
3.0
2.6
2.4
-2.0
-1.8
-1.9
-1.5
4.9
3.6
2.8
2.1
1.8
2.0
1.1
0.7
-2.0
-1.2
-1.7
-1.9
5.2
3.2
-1.8
3.4
1.4
-1.7
r3.3
r4.0
r2.3
r3.2
-0.9
-0.7
1.3
rl.2
-0.9
r-2.5
r-2.0
r-2.7
I
II
III
IV
7.1
4.9
4.6
4.0
ANNUAL
I
II
See footnotes following table 6.
r=revised
.
August 31, 1987
Source: Bureau of Labor Statistics
-iU-
Table 5. nondurable manufacturing sector: Productivity, hourly compensation, and unit labor cost,
seasonally adjusted
Year and
quarter
Output per
hour
of all persons
Output
(6)
Hours
of all
pe r sons
Compensation per
hou r ( 1 )
Real
compensation per
hou r (2 )
Unit
labor
cost
Indexes 1977-100
1986
1987
I
II
III
IV
115.8
116.9
117.3
117.1
112.5
113.3
114.2
114.9
97.2
96.9
97.3
98.1
182.7
184.3
185.8
186.5
101.2
102.4
102.7
102.4
1&7.8
157.7
158.4
159.3
ANNUAL
116.8
113.7
97.4
184.8
102.1
158.3
I
II
rl!7.9
rl!9.8
rl!6.2
rlis.l
98.6
98.5
186.9
r!88.2
101.2
100.7
r!58.5
r 157,0
Percent change from previous quarter at annual rate (5)
1986
1987
I
11
III
IV
1.7
3.9
1.5
-0.6
2.3
2.8
3.1
2.7
0.5
-1.0
1.6
3.3
3.2
3.6
3.4
1.5
1.6
5.0
0.9
-1.1
1.4
-0.2
1.9
2.1
ANNUAL
1.5
1.9
0.5
3.3
1.3
1.8
I
II
r2.6
r6.8
r4.6
r6.5
1.9
r-0.2
0.7
r2.9
-4.4
-2.0
r-1.9
r-3.7
Percent change from corresponding quarter of previous year
1986
1987
I
II
III
IV
1.5
1.2
1.4
1.6
1.3
1.6
2.0
2.7
-0.2
0.4
0.6
1.1
3.7
3.2
3.3
2.9
0.6
1.6
1.6
1.6
2.2
1.9
1.8
1.3
ANNUAL
1.5
1.9
0.5
3.3
1.3
1.8
I
11
rl.8
r2.5
r3.3
r4.2
1.4
1.6
2.3
2.1
0.1
-1.6
rO.4
r-0.4
See footnotes following table 6.
r*rev1sed
August 31, 1987
Source: Bureau of Labor Statistics
-11Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor cost, unit profits,
and prices, seasonally adjusted
Output
Year
per alland
quarter employee
hour
Output
Employee Hourly
Real
hours cotnpensa- hourly
tion
compen(1)
sat1on(2)
Unit
labor
cost
Unit
nonlabor
cost(7)
Total
unit
cost
(8)
Unit
profits
(9)
Implicit
price
deflator
(4)
Indexes 1977=100
1986
1987
I
II
III
IV
109.8
109.7
109.9
110.5
129.1
128.8
129.3
130.4
117.6
117.4
117.6
118.0
177.2
178.4
179.5
181.0
98.2
99.1
99.2
99.3
161.5
162.6
163.2
163.8
180.7
180.6
184.2
183.2
166.3
167.2
168.5
168.7
129.7
129.5
130.6
127.7
161.9
162.7
164.0
163.8
ANNUAL
109.9
129.4
117.7
178.9
98.9
162.8
182.2
167.7
129.3
163.1
I
II
109.7
pllO.O
130.9
p!31.8
119.3
pl!9.8
180.8
p 182.0
98.0
p97.4
164.8
p!65.4
184.1
p!86.4
169.7
p!70.7
132.2
pl31.8
165.2
p!66.0
Percent change from previous quarter at annual rate(5)
1986
1987
I
II
III
IV
3.3
-0.2
0.9
2.1
4.4
-0.9
1.6
3.4
1.0
-0.6
0.7
1.3
3.5
2.6
2.5
3.5
1.8
4.0
0.0
0.8
0.1
2.9
1.5
1.3
3.0
-0.2
8.2
-2.3
0.9
2.0
3.3
0.3
3.0
-0.5
3.3
-8.5
1.1
1.8
3.3
-0.5
ANNUAL
1.6
2.6
1.0
3.5
1.6
1.9
2.2
2.0
-3.4
1.5
I
II
-2.9
pi. 2
1.5
p2.8
4.6
pi. 6
-0.5
p2.7
-5.5
p-2.1
2.5
pi. 4
2.2
p4.9
2.4
p2.4
14.7
p-1.2
3.5
p2.0
Percent change from corresponding quarter of previ ous year
1986
1987
I
II
III
IV
2.6
1.8
0.7
1.5
4.1
2.7
1.5
2.1
1.4
0.8
0.8
0.6
4.3
3.9
3.3
3.0
1.2
2.2
1.6
1.6
1.6
2.0
2.6
1.5
1.8
1.0
3.8
2.1
1.7
1.7
2.9
1.6
-1.7
-2.1
-8.4
-0.8
1.3
1.4
1.7
1.4
ANNUAL
1.6
2.6
1.0
3.5
1.6
1.9
2.2
2.0
-3.4
1.5
I
II
0.0
pO.3
1.4
p2.4
1.5
p2.0
2.0
p2.0
-0.2
p-1.7
2.1
pl.7
1.9
p3.2
2.0
p2.1
1.9
pi. 8
2.0
p2.1
See footnotes following table 6.
r=revised
August 31, 1987
Source: Bureau of Labor Statistics
SOURCE: Output data from Bureau of Economic Analysis, IJ.S. Departnent of
Commerce, and the Federal ^es^rve Board. Hours and compensation data from the
Bureau of Labor Statistics, U.S. Department of Labor, and the Bureau of
Economic Analysis,
RELIABILITY: Productivity and cost measures are regularly revised as more
complete information becomes available. Preliminary results are published 3U
days after the close of the reference period; revisions appear 30 days later,
and second revisions after an additional 5tt days. In the business sector, the
probability is 0.95 that the third publication (second revision) of a quarterly
index of output per hour of all persons will differ from the preliminary value
by between -1,9 and +2.0 inclex points.
This interval is based on the
performance of this measure between the first quarter of 1976 and the second
quarter of 1986.
Footnotes, Tables 1-6
(1) Wages and salaries of the employees plus employers' contributions for
social insurance and private benefit plans.
Except for nonfinancial
corporations, where there are no self-employed, data also include an
estimate of wages, salaries, and supplemental payments for the
self-employed,
(2) Compensation per hour adjusted for changes in the Consumer Price Index for
All Urban Consumers.
(3) Unit nonlabor payments include profits, capital consumption
interest, rental income of persons, and indirect taxes.
allowances,
(4) Current dollar gross product divided by constant dollar gross product.
(5) Quarterly changes: percent change compounded at annual rate from the
original data ratner than index numbers. Annual changes: percent change
between annual average levels.
(6) Quarterly manufacturing output measures are based on the index of
industrial production prepared monthly by the Board of Governors of the
Federal Reserve adjusted by BLS to annual manufacturing output levels
(gross product originating) from the National Income and Product Accounts
prepared by the Bureau of Economic Analysis of the U.S. Department of
Commerce.
(7) Unit nonlabor cost includes capital consumption allowances,
rental income of persons, and indirect taxes.
interest,
(b) Total unit cost is the sum of labor and nonlabor costs.
(9) Unit profits i.i-:lMe corporate profits with inventory valuation and capital
'consumption adj*is: .-tents.
@FedFRASER