Full text of Productivity and Costs : Revised Third Quarter 1971

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NEWS
FOR RELEASE:

v~ u. S. ;DEPARTMENT

OF LABOR

OFFICE Of INfORMATION, WASHINGTON, D. C. 20210

IMMEDIATELY
Monday, November 22 , 1971

Bureau of Labor Statistics
961-2431 or 961-3349

Revised Productivity and Costs
Third Quarter 1971
The U. S. Department of Labor's Bureau of Labor Statistics announced
today revisions in the third quarter measures of productivity (output per
man-hour) and costs for the private economy and the private nonfarm sector.
These revisions reflect the new estimates of output for the third quarter,
announced last week by the Department of Commerce.

The effect of these

revisions is to raise the growth in output per man-hour for the private
economy to an annual rate of 5.1 percent during the third quarter, compared
to the earlier estimate of 4.3 percent.

A summary of the new figures i s shown below.

Amended

produc~ivity

tables are attached.

PERCENT CHANGE AT ANNUAL RATE
2nd Quarter 1971
to
3rd Quarter 1971

3rd Quarter 1970
to
3rd Quarter 1971

Total Private
Output per man-hour
Compensation per man~hour
Uni t Lab or Cos ts
Real Compensation per man-hour

5.1
6.2
1.0
1.8

3.7
7.2
3.3
2.7

Private Nonfarm
Output per man-hour
Compensation per man-hour
Unit Labor Costs
Real Compensation per man-hour



3.4
5.4
2.0
1.0

3.2
6.9
3.7
2.5

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Table 1.

Output per Man-Hour, HOu4~y Compensation, Unit Costs, and Prices in the
Private Economy, Seasonally Adjusted, (Indexes 1967=100)

Output per
man-hour

Compensation per
man-hour 1./

Real
compensation per
man-hour ];..1

Unit non- '
labor payments ]./

',.,
..

Implicit
price
deflator

ear and
quarter

Output

.Man-hours

.970
1st ..•
2nd ••.
3rd •..
4th •.•

106.7
106.9
107.3
106.1

103.7
103.1
102'.0
100.8

103.0
103.7
105.3
105.3

121.1
122.5
125.3
127.2

106.3
105.9
107.1
107.2

117.7
118.1
119.0
120.7

102.1
104.4
106.4
108.1

111.6
112.8
114.1
115.9

nnua1 Ave. 106.8

102.4

104.3

124.0

106.6

118.9

105.3

113.6

971
. 1st ...
2nd .•.
3rd •.. r

10B.3
109.7
110.8

101.3
101. 7
101.5

106.9
107.B
109.2

. 129.9
132.2
134.3

108.7
109.5
110.0

121.5
122.6
123.0

110.3
111.5
113.4

117.1
118.3

970
1st ••.
2nd ••.
3rd .•.
4th •••

- 3.0
0.8
1.5
- 4.4

1.4
- 4.3
4.5

1.9
9.0
8.2
6.6

5.4
4.2
4.9
6.2

6/
nnua1 Ave. ' - 0.7

1.6

0.9

7.2

1.2

6.3

2.6

4.9

2.1
1.7
- 1.1

6.3
3.4
5.1

9.0
7.3
6.2

5.6
2.8
1.8

2.6
3.8
1.0

8.0
4.6
6.9

4.5
4.1
3.1

- 2.3
- 1.3
- 0.5

Percent Chanae Over . Previous Year
3.9
2.3
7.3
7.9
3.4
4.0
3'. 7
7.2
2.7

3.3
3.8
3.3

8.0
6.9
6.5

4.9
4.9
4.5

971
1st ...
2nd ...
3rd ••. r
971
1st •..
2nd •••
3rd .•. r

- 2.2

8.6
5.2
4.0
1.5
2.6
3.2

See footnotes at
r = revised



~nd

Unit labor
cost

Percent Change Over Previous Quarter at Annual Rate !j./
1.6
7.9
1.5
9.7
3.1
4.7
- 1.7
1.6
6.1
9.4
4.6
3.1
0.2
6.1
0.7
6.0

of table 2.

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119.2

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Table 2.
Year and
quarter
1970
1st. ..
2nd •..
3rd .. .
4th .. .

Output

Man-hours

107.1
107.2
107.7
106.2

Annual Ave. 107.1
1971
1st. "
2nd ••.

3rd ... r
1970
1st. ..
2nd •.•
3rd .•.
4th ...

108.5
109.9
110.7

- 2.7 .
0.6
2.0
- 5.6

6/
Annual Ave.- 0.7

1971
1st. ..
2nd ...
3rd .•. r
1971
1st ...
2nd •••
3rd •.. r

8.9
5.3
3.0
1.3
2.5
2.8

Output per Man-Ilour,.
ly Compensation, Unit Costs, and Prices in the
Private Nonfarm Sector, Seasonally Adj us ted, (Indexes 1967"100)

. - .. - .• - . - • ..,~~ . -' ..... : - .- •.•-

... "l'-~ .. _~ _

Real
compensation per
man-hour ] j

102.1
103.1
104.6
104.1

119.7
121.5
124.1
125.7

103.5

105.0
105.0
106.0
106.0

103.5

122.7

105.5

1.2
3.6
3.5
4.0

- 1. 4
2.1
1.0
- 0.4
- 2.3
- 1.2
- 0.4

105.8
107.0
107.9

128.5
131.0
132.7

Unit nonlabor pay- .
ments 3/

Implicit
price
deflator

117.2
117.8
118.7
120.7

101.3
104.0
106.6
108.8

111.2
112.6
1,14.1
116.2

118.6

105.2

113.5

121. 4
122.4
123.0

110.7
112.0
113.7

117.4
118.5
119.5

- 3.4
11.2
10.4
8.2

4.5
5.1
5.5
7.6

2.8

5.0

7.4
4.8
6.3

4.1
3.9
3.5

Unit labor
cost

107.5
108.4
108.7

Percent Change "Over Previous Quarter at Annual
Rate if
- 1.5
7.5
1.1
9.1
4.3
6.3
_ 0.2
1.9
5.6
8.7
4.0
2.9
- 1.6
5.5
0.1
7.2
0.7
7.0
1.0
6.3
6.7
4.3
3.4

9.1
7.'8
5.4

5.7
3.3
1.0

Percent Change Over Previous Year
3.7
7.4
2.4
3.7
7.8
3.3
3.2
6.9
2.5

See footnotes at end of table 2.
r = revised
.,,;.:.:..:~:.\; .



Compensation per
man-hour 1/

104.9
104.0
103.1
102.0

102.5
102.8
102.7

-

Output per
man-hour

'':-

2.3
3.4
2.0

I? _
3.6
3.9
3.7

9.3
7.7
6.7

5.5
5.2
4.7

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FOOTNOTES. TABLES 1 AND 2
Source: Output data from the Office of Business Economics.
U. S. Department of Commerce and the Federal Resei'Ve Board. Compensation and man-hours data from the Bureau of Labor Statistics.
U. S. Department of Labor and the Office of Business Economics.
1/ Wages and salaries of emp}oyees plus employers' contributions tor social insurance and private benefits plans. Aho includes
an estimate of wages. salaries. and supplemental paytfifHit. for the
self-employed.
2/ Compensation per man-hour adjusted for changes in the
Conswner Price Index.
3/ Nonlabor payments include profits. depreciation, interest.
rental income and indirect taxes.
4/ Current dollar gross product divided by constant dollar
gross product.
'
.
5/ Percent change compounded at annual rate from original
data.

.6/ Percentage change of annual average.
7/ Current quarter divided by comparable quarter a year ago.