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USDL 84-383 Historical , r #a 10 :00 AM .EDT information : ( 202) 523-9261 For Release : -1221 or 1208 Monday, August 27, 1984 Current data : (202) 523 Media contact : ( 202) 523-1913 PRODUCTIVITY COSTS Second Quarter 1984 Revised Data for Business, Nonfarm Business, and Manufacturing Sectors and Prelminary Measures for Nonfinancial Corporations Productivity, as measured by output per hour of all persons, increased at a 4 .0 percent seasonally adjusted annual rate in the second quarter of 1984 in the business sector, according to revised measures announced today by the Bureau of Labor Statistics of the U .S . Department of Labor (table A) . This increase in productivity reflected a 10 .1 percent gain in output and a 5 .8 percent rise in hours of all persons engaged in the sector . Productivity increased 1 .7 percent in nonfinancial corporations, according to preliminary measures announced today for this sector (table B) . The annual rates sectors were : of productivity 4 .0 4 .7 3 .6 2 .6 5 .1 1 .7 percent percent percent percent percent percent in in in in in in increase in the second quarter in major the business sector, the nonfarm business sector, manufacturing, durable goods manufacturing, nondurables goods manufacturing, and nonfinancial corporations . The second quarter measures are summarized tables 1 through 6 . in table A and appear in detail in Business sector Second-quarter productivity advanced 4 .0 percent in the business sector, as output rose 10 .1 percent and hours increased 5 .8 percent (seasonally adjusted annual rates) . This was the eighth quarter of business productivity growth, the longest period of such gains since 1966-68, when 10 quarters of growth occurred . Although the 1984 productivity advance was the same in the second quarter as in the first, output and hours grew somewhat more slowly (table 1) . However, employment growth was slightly greater in the second quarter as a smaller part of the increase in hours was due to a longer average work week . This was the sixth quarter during which average weekly hours increased, the longest period of continuous growth in this measure recorded in this series, which begins with data for 1947 . The average work week was 36 .8 hours in the business sector during the second quarter . Centennial of Labor Statistics Hourly compensation, which includes wages and salaries, supplements, and all employer outlays for employee benefit plans, increased only 1 .9 percent in the second quarter, the smallest quarterly gain in this series in more than 15 years . (A 1 .7 percent increase occurred in the first quarter of 1969 .) A decline in the hourly compensation of farm workers contributed to the small advance in the business sector as a whole . During the first quarter of 1984, hourly compensation of all persons engaged in the business sector rose 6 .2 percent . Real hourly compensation, which is adjusted for changes in the Consumer Price Index for All Urban Consumers (CPI-U), declined 1 .7 percent in the second quarter, compared with a 1 .2 percent gain during the first quarter . Unit labor costs--which reflect the interaction of changes in productivity and hourly compensation--declined at a 2 .0 percent annual rate during the second quarter, compared with a 2 .1 percent increase during the first quarter . This was the greatest decline in these costs-since the second quarter of last year (when a 3 .5 percent drop occurred) . The implicit price deflator for the business sector--which shows the effects of changes in unit labor costs and unit nonlabor payments--increased at a 2 .7 percent annual rate in the second quarter, compared with a 3 .7 percent rise during the first quarter . Table A . Productivity and costs : (Seasonally adjusted) Productivity Sector Percent change at annual rate utput ours Hourly compensation Real hourly compensation Unit labor costs -1 .7 0 .0 -0 .8 -2 .0 -0 .9 -0 .7 -0 -0 -1 -1 -0 1 .0 1 .3 -0 .6 -1 .6 0 .3 REVISED First quarter Business Nonfarm business Manufacturing 4 .0 4 .7 3 .6 Durable Nondurable 2 .6 5 .1 1984 to second quarter 1984 10 .1 9 .6 8 .5 9 .1 7 .7 5 .8 4 .7 4 .7 6 .3 2 .4 1 .9 3 .7 2 .9 2 .8 2 .7 -0 .9 -0 .9 0 .2 -2 .3 Second quarter 1983 to second quarter 1984 Business Nonfarm business Manufacturing Durable Nondurable 3 .1 2 .7 4 .0 4 .6 3 .0 9 9 12 16 7 .6 .4 .7 .2 .6 6 .4 6 .6 8 .4 11 .1 4 .5 4 .0 4 .0 3 .3 2 .9 3 .3 .3 .3 .0 .3 .9 Nonfarm Business Productivity increased at a 4 .7 percent annual rate in the second quarter in the nonfarm business sector, compared with a 2 .9 percent increase during the first quarter . Although the advance in productivity was more rapid in the second quarter than in the first, hours and output growth decelerated (table 2) . This was the sixth quarter of growth in nonfarm average weekly hours, the longest period of advance recorded in this series . The second quarter of 1984 also marked the eighth quarter of nonfarm business productivity growth, the longest period of gains in this measure since 1971-73, when 9 quarters of growth occurred . Hourly compensation in the nonfarm business sector increased at a 3 .7 percent annual rate during the second quarter, compared with a 6 .-1 percent increase during the first quarter . Real hourly compensation showed no change from first-quarter levels . Unit labor costs declined at a 0 .9 percent annual rate, the first drop in this measure in a year . (A 4 .2 percent decline occurred in the second quarter of 1983 .) In the first quarter, these costs rose 3 .1 percent . Prices of the goods and services which make up the output of the nonfarm business sector rose at a 2 .5 percent annual rate in the second quarter, down from the 2 .8 percent rate of gain in the nonfarm implicit price deflator in the first quarter . Manufacturing In manufacturing, output per hour of all persons increased at a 3 .6 percent annual rate during the second quarter of 1984, compared with a 3 .7 percent gain during the first quarter . Although productivity grew nearly as much in the second quarter as the first, both output and hours showed slower gains (table 3) . Hourly compensation increased at a 2 .9 percent annual rate in manufacturing, compared with a 6 .2 percent rise during the first quarter . After allowing for the increase in the CPI-U, real hourly compensation declined 0 .8 percent in the second quarter . Productivity growth was stronger among producers of nondurable goods than for durable goods manufacturers . The 5 .1 percent increase in nondurable manufacturing productivity reflected gains of 7 .7 percent in output and 2 .4 percent in hours . On the other hand, the smaller durable productivity gain (2 .6 percent) resulted from larger increases in output and hours--9 .1 percent and 6 .3 percent, respectively (tables 4 and 5) . Hourly compensation gains were similar in durables and nondurables, so that the faster rise in productivity among nondurables resulted in lower unit labor costs . Among durable goods producers, these costs rose somewhat in the second quarter . The implicit price deflator for nonfinancial corporate output rose 2 .3 percent in the second quarter , compared with a 2 .7 percent rise during the first 3 months of 1984 . Revised measures The latest productivity measures for the second quarter of 1984 show more rapid gains in productivity in the business, nonfarm business, and manufacturing sectors than had been reported on July 31, based on preliminary information . As can be seen in table C, the higher rates of productivity advance in the latest results primarly reflect upward revisions in the output measures . Table C . Preliminary and revised productivity and related measures, second quarter 1984 Percent change from previous quarter at annual rate (Seasonally adjusted) ector Business : Preliminary Revised Nonfarm business : Preliminary Revised Manufacturing : Preliminary Revised Productivity Hourly compensation Real hourly compensation Unit labor costs utput ours 2 .8 4 .0 8 .7 10 .1 5 .7 5 .8 1 .8 1 .9 -1 .8 -1 .7 -1 .0 -2 .0 3 .3 4 .7 8 .0 9 .6 4 .6 4 .7 3 .6 3 .7 -0 .1 0 .0 0 .3 -0 .9 3 .2 3 .6 8 .2 8 .5 4 .8 4 .7 3 .1 2 .9 -0 .6 -0 .8 -0 .1 -0 .7 I NOTES Business sector output is equal to gross national product, less the rest-of-the-world sector, general government, output of paid employees of private households and nonprofit institutions, rental value of owner-occupied dwellings, and the statistical discrepncy 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 nondurable 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 the following 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, foods, and tobacco products . Manufacturing output has accounted for about 24 percent of gross national product in recent years . Nonfinancial corporate output is equal to gross national product, less the rest-of-the-world sector, general government, unincorporated business, output of paid employees of private households and nonprofit institutions, 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 contributions 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 ; managerial skill ; and the characteristics and effort of the work force . Table 1 . Business sector : Productivity, hourly compensation, unit labor cost, and prices, seasonally adjusted Real Output Hours CompensacompensaUnit Output per TJnit nonImplicit hour of all tion per tion per labor labor payprice persons hour(l) hour(2) of all persons cost ments(3) deflator(4) ----- --------- ---- --------------- ---------------------- -------------------- ----------- ------------- ------------- - -----------Indexes 1977=100 Year and quarter 1 11 111 IV 102 .2 103 .6 104 .3 104 .7 106 .9 110 .1 112 .5 114 .7 104 .7 106 .2 107 .9 109 .5 160 .2 1.61 .0 161 .8 164 .1 99 .0 98,5 98 .0 98 .4 156 155 155 156 .8 .4 .1 .9 139 .8 144 .6 147 .9 149 .1 151 151 152 154 ANNUAL 103 .7 11.1 .0 107 .1 161 .7 98 .4 156 .0 145 .5 152 .4 1983 .0 .7 .7 .2 111 .4 98 .6 105 .7 117 .8 166 .7 157 .7 151 .6 1 .55 .6 98 .2 106 .9r 120 .7r 113 .0 167 .5 156 .9r 156 .3r 156 .7 -------------- ----------------- -- -- - ------- ------------ -------------------- ----------- ------------ - -- ----------- ------------1994 1 11 Percent change from previous quarter at annual rate(5) 1993 1 IT III 2 .1 5 .9 IV 2 .9 1 .4 AN1TAL 2 .7 4 .4 12 .4 9 .3 2 .2 6 .1 6 .4 4 .4 2 .2 2 .n 4 .1 -2 .1 -2 .1 2 .2 -3 .5 -0,R 10 .2 14 .5 9 .5 4 .6 1 .9 2 .5 4 .4 1 .7 4 .3 1 .1 1 .6 6 .3 3 .n 7 .R 6.2 6 .1 1 .6 4 .6 1 .1 4 .1 7 .2 6 .2 1. .2 2 .1 4 .0 11 .4 7 .n 3 .7 1 5 .Rr 1 .9r -1 .7r -2 .Or 4 .Or ln .lr 12 .9r 2 .7 IY ---- ---------- ------------- --- - - ----------- ------------ -------------------- ----------- ------------- --- --- - ------ ------------1494 Percent change from co rresponding quarter of previous year(6) Ii III iv 1 1 .2 1 .3 3 .4 3 .1 -0 .2 3 .4 6 .1 R .4 -1 .4 n .1 2 .6 5 .2 5 .R 4 .6 3 .3 3 .7 2 .1 1 .1 n .7 0 .3 4 .5 1 .3 -0 .1 0 .6 1 .3 5 .5 8 .9 9 .2 1 2 2 3 ANNUAL 2 .7 4 .4 1 .7 4 .3 1 .1 1 .6 6 .3 3 .0 1983 .5 .6 .7 .3 3 .5 10 .2 6 .5 4 .1 -0 .4 0 .6 1 9 .4 3 .0 9 .6r 4 .n 3 .1r 6 .4 -0 .3 l .nr R .lr IT 3 .3r ---- ---------- ------------------ ---- --- -- -------------- -------------------- - - -- --- ---- - ------------ ------------- ------------See footnotes following table 6 . August 27, 1Q84 r=re vised p=pr eliminary Source : Bureau of Labor Statistics 1984 Table 2 . Nonfarm business sector : Productivity, hourly compensation, unit labor cost, and prices, seasonally adjusted Real Output Hours CompensacompensaOutput per Unit Unit nonImplicit hour of all tion per tion per labor labor payprice of all persons persons hour(l) hour(2) cost ments(3) riefl .ator(4) ----- -- ---- - -- ------------------- ---------- ------------ -------------------- ----------- ------------- -- --- -------- ------------Indexes 1977=100 Year and quarter 1993 1 II III Iv ANNUAL 101 103 104 104 .6 .6 .1 .4 106 .7 110 .4 112 .7 115 .? 105 .1 106 .5 108 .2 110 .3 160 .1 161 .5 162 .4 164 .0 99 .0 98 .8 99 .3 99 .2 157 .6 155 .9 155 .9 157 .1 140 .6 146 .4 149 .4 151 .4 151 152 153 155 1 .03 .4 111 .2 107 .5 162 .0 98 .6 156 .6 147 .0 153 .4 .9 .7 .R .2 1994 105 .2 118 .0 1.12 .3 166 .5 98 .5 152 .2 I 159 .3 156 .3 10F, .4r 12n .Rr 113 .6r 168 .Or 99 .5 15R .Or 155 .Rr II 157 .?r ----- --------- -------------- - ---- --- -- ----- ------------------------ - --- ---- --- - -------------------- ------------- ------------Percent change from previous quarter at annual. rate(5) 1983 I II III IV ANNUAL 4 9 2 1 .4 .1 .1 .Q 6 .n 14 .3 A .7 9 .1 1 .5 5 .7 6 .5 R .n 5 .7 1 .5 ? .2 4 .1 5 .4 -0 .8 -1 .9 -0 .1 1 .3 -4 .7 n .1 3 .0 1? .7 1.7 .9 R .4 5 .1 4 .6 2 .? 2 .7 1 .7 3 .5 3 .n 1 .5 4 .9 1 .6 1 .4 7 .4 3 .2 7 .2 6 .1 1. .0 1 .1 I 2 .9 10 .3 2 .3 2 .9 4 .7r 9 .6r 4 .7r 3 .7r n .nr -n .9r IT 9 .7r ? .5r ---- ---- -- -- - - ------------------- ------------------------------------------ ------------ ---------- - - -------------- -----------Percent change from co rresponding quarter of previous year(6) 1994 1993 I II III IV 1 .R 4 .3 3 .9 3 .9 0 .3 4 .1 6 .1 9 .5 -1 .5 -0 .2 2 .3 5 .4 6 .0 5 .4 4 .1 3 .9 2 .4 2 .n 1 .5 n .6 4 .1 1 .I 0 .2 n .n ANNUAL 3 .5 5 .n 1 .5 4 .9 1 .6 1 .4 2 6 9 10 .7 .5 .2 .9 1 .7 ? .8 3.0 1 .3 7 .4 1 .2 I 3 .5 10 .6 6 .9 4 .0 -0 .5 n .4 8 .3 2 .9 9 .4r ? .7r 6 .6 4 .n -n .3 1 .3r IT 6 .4r ? .9 -- - - --------- ------------------- ----------- - ---------- -------------------- ------------ - ---- --- --- - -------------- -----------See footnotes following table 6 . r=re vised August 27, 1984 p=prelimtnary Source : Bureau of Labor Statistics 1994 Table 1 . Manufacturing sector : Productivity, hourly compensation, and unit labor cost, seasonally adjusted Real. Year and Output per Output Hours Compensa- compensaquarter hour (7) of all tion per Lion per of all persons persons hour(l) hour(2) ------------------------------ ----------------------------- ---------- --------------Indexes 1977=100 1983 Unit labor cost 1 11 III 1 04 .1 110 .8 113 .4 9q .4 102 .4 107 .2 90 .2 92 .4 94 .6 162 .7 163 .0 163 .5 lnn .6 99 .7 99,0 9 8 ,6 149 .1 147 .0 144 .1 145 .5 ANNUAL 111 .6 104 .4 93 .5 163 .4 99 .4 146 .4 Iv 113 .1 109 .6 96 .9 164 .6 1994 1 114,2 113 .0 4R .4 98,9r 167 .lr Ii 115 .2r 115 .3r if-)n . 1 16R .1r 9R,7r ----------------- -------------- ----------- ------------------- ---------- --- ----------Percent change from previous quarter at annual rate(s) 19RI I Iv -1 .n Q,7 7 .3 17 .1 20 .5 ANNUAL 4 .3 5 .2 r .9 1 .4 n .2 6 .2r l .ir 5 .5 1.8 2 .3 - 0 .3 3 .4 0 .2 11 III 4 .p 6 .4 q .1 146 .4r 146 .lr ------------ 2 .4 ln .n 9 .R 4 .7 0 .6 1 .3 3,9 -1 .5 -2 .R -n .5 -5 .5 -7 .7 -n,R 10,2 1984 I 3 .7 12 .9 R .8 1993 1 3 .4 -2 .2 -5 .4 4 .1 7 .6 3 .1 ? .9 -1 .5 3 .9 2 .3r A . 5r II 1 .6r 4 .7r 2 .9r -n .Rr -n .7r ---------------------------------- ------------ --------- ----- -------- ------------------ ----------Percent change from corresponding quarter of previous year(s) II 111 Iv ANNUAL 1984 4 .3 7 .4 4 .q 13 .4 4 .9 5 .7 -1 .R 1 .6 8 .1 ? .2 n .4 n .1 -0 .6 -1 .n -2 .6 -1 .9 -0 .R 4 .7 9 .7 1 14 .9 2 .7r -1 .7r -1 .9r 4 .Or II 12 .7r 8 .4 3 .3r -l .nr -() .6r -------------- -------------------- ------------ --------------- ---------- ---- ------------ ----------See footnotes following table 6 . r=revisers August 27, 1QR4 p=preliminary Source : Bureau of Labor Statistics Table 4 . Durable manufacturing sector : Productivity, hourly compensation , and unit labor cost, seasonally adjusted(11) Real Year and Output per Output Hours CompensacompensaUnit quarter hour (7) of all tion per tion per labor of all persons persons hour(l) hour(2) cost ---- ---------- ------------------- --------- ----------------- ----------- -- --------------- ----------Indexes 1977=100 19RI II 1OR .5 110 .8 Q5 .6 1nn .1 R8 .1 90 .4 162 .2 162 .2 100 .3 99 .2 IV 113 .1 109 .n 96 .4 163 .4 1 III ANNUAL 113 .5 111 .5 105 .7 1n2 .6 93 .2 92 .0 162 .5 162 .5 149 .5 146 .5 99 .4 97 .R 143 .2 144 .4 9R .9 145 .R 1984 1 115 .1 113 .9 98 .9 165 .Rr 9R .lr 144 .Or II 115 .9r 116 .4r l0n .4r 166 .9r 97 .9r 144 .ir ---- ---------- -------------------- --------- ----------------- ----------- ------ ----------- ----------Percent change from previous quarter at annual rate(5) 1 9 R3 1 II 7 .2 8 .7 10 .7 20 .5 -1 .2 13 .2 III 1n .2 ANNUAL 5 .6 IV 3 .3 10 .9 3 .9 (1 .1 3 .6 -4 .1 -3 .1 -7 .9 14 .6 2 .1 -2 .3 3 .3 24 .2 12 .8 5 .7 0 .1 0 .R 3 .1 -3 .2 -0 .1. -R .5 -2 .3 1984 I 7 .2 18 .9 10 .9 6 .ir l .lr -l .nr II 2 .6r 9 .lr 6 .3r 7 .8 -0 .9 O .2r ---- ---------- ------------------- --------- ----------------- ----------- ---- ------------- ----------Percent change from cor responding quarter of previo us year(6) 1983 1954 1 IT III Iv 4 .7 -3 .8 - 9 .1 5 .5 I .R 5 .5 6 .1 R .5 17 .n 2 .9 1n .3 ANNUAL 5 .6 5 .7 5 .7 1 .9 -1 .7 0 .1 1 .4 0 .7 1 .R 1 .7 n .1 . -n .R -1 .6 -2 .2 1 .1 -0 .1 -2 .3 -1 .5 -4 .2 I 6 .1 1Q .? 12 .1 2 .2r -2 .2r -3 .7r II 4 .6r 16 .2 ll .lr 2 .9r -1. .3r -1 .6r ---- ---------- ------------------- --------- ----------------- ----------- - ---------------- ----------See footnotes following table 6 . r=re vised August ?7, 1984 p=pr eliminary Source : Bureau of Labor Statistics Table 5 . Nondurable manufacturing sector : Productivity, hourly compensation, and unit labor cost, seasonally adjusted(12) Real . Year and Output per Output Hours CompensacompensaUnit quarter hour (7) of all tion per tion per labor persons hour(2) of all persons hour(l) cost ---- --------------------- --------- -------- --------------------------- - --------- - -- - --- ----------Indexes 1977=100 1983 1 II III IV ANNUAL .0 .9 .3 .2 102 .6 105 .7 109 .5 110 .5 93 .3 95 .3 96 .6 97 .6 164 165 165 167 .5 .1 .7 .1 101 .7 1.01 .0 100 .3 100 .1 149 .6 148 .9 146 .2 147 .6 111 .9 107 .1 95 .7 165 .6 lnn .7 148 .0 110 lln 113 113 99 .0 112 .8 111 .7 169 .5r 100 .3r 150 .2r. 114 .3r 113 .7r 99 .6r 170 .6r 10n .Or 149 .3r ----------------- -- -- - ------------ -------- ----------- - ---- - - ---------- ----------------- ----------1984 1 II Percent change from previous quarter at . annual rate(s) 1983 1984 1 II III IV 1 .5 3 .4 9 .0 -0 .6 2 .9 12 .5 1 .3 9 .R 4 .5 1 .4 4 .1 -2 .R 2 .9 -1 .9 ANNUAL 2 .4 4 .4 2 .0 4 .1 n .9 1 .7 4 .4 7 .7r 5 .R 7 .4 5 .Rr 2 .7r 5 .R 4 .n 1 .4 3 .4 -2 .6 -1 .0 -7 . 0 4 .n n .Rr -n .Qr 7 .2r -? .3r ---- ---------- -------------------- -------- ----------------- ---------------------------- ----------1 IT -1 .3 S .lr 15 .3 3 .4 Percent change from cor responding quarte r of previous year(6) 1993 1 II 1 .4 0 .1 -1 .4 6 .2 2 .5 IV 2 .7 3 .3 6 .2 3 .5 3 .2 0 .6 III ANNUAL 1984 7 .2 2 .4 1 .1 R .4 4 .4 n .9 4 .9 2 .n 4 .5 1 .1 4 .7 2 .2 0 .6 ?_ .7 -n .6 -0 .6 4 .1 n .9 1 .7 1 2 .6 R .8 6 .1. 3 .Or -1 .4r 0 .4r 7 .6r IT 3 .Or 4 .5 3 .3r -n .4r Mr ---- ---------- ------------------- --------- ----------------- ----------- ----------------- - - --------See footnotes following table 6 . August 27, 1984 r=re vised p=pr eliminary Source : Bureau of Labor Statistics Table 6 . Nonfinancial corporations : Productivity, hourly compensation, unit labor cost, unit profits, and prices , seasonally adjusted Year and quarter Output Employee Hourly Real Unit Unit Total Unit Implicit per allOutput hours compensa- hourly labor nonunit proprice employee tion compencost labor cost fits deflator hour (1) sation(2) cost(R) (9) (10) (4) ---- ---------- --------- --------- --------- ---------- ----------- -------- -------- ----------- ------ - ---------Indexes 1977=100 1993 I 107 .5 103 .4 159 .2 98 .4 153 .1 167 .0 156 .7 161 .9 98 .0 150 .9 164 .4 154 .4 105 .8 111 .4 105 .2 160 .6 IV 107 .2 117 .0 109 .2 162 .6 ANNUAL 106 .1 112 .6 106 .2 161 .0 I 108 .1 120 .2 111 .2 164 .8 1 3 .2 1 .2 3 .9 III 1984 104 .n II 107 .2 114 .7 106 .9 99 .2 97 .4 151 .7 165 .1 92 .5 149 .4 155 .2 111 .9 154 .7 135 .9 152 .6 126 .6 150 .2 151 .2 151 .7 163 .3 97 .9 151 .8 164 .Q 155 .2 117 .2 150 .9 97 .5 152 .5 162 .0 155 .0 143 .2 153 .6 0 .7 -4 .1 -0 .7 124 .6 -2 .1 2 .1 -1 .7 -2 .6 -2 .0 0 .R 64 .8 32 .6 II IOR .6p 122 .7p 113 .Op 165 .Rp 97 .2p 152 .7p 162 .Rp 155 .3p 147 .9p 154 .5p ---- ---------- --------- --------- ------------------- ------------ ------- -------- ----------- -------- --- -----Percent change from previous quarter at annual . rate(5) 1983 II 4 .4 III TV 7 .5 5 .3 -0 .2 15 .1 7 .1 ANNUAL 3 .3 4 .5 12 .4 9 .4 3 .5 6 .7 9 .6 3 .5 3 .1 2 .0 -0 . 8 -3 .7 1 .2 4 .2 n .9 0 .R -1 .n -2 .4 -4 .5 0 .1 -3 .9 0 .6 4 .7 112 .8 2 .3 38 .5 3 .1 2 .8 3 .6 1984 I 1 .6 7 .7 11 .6 5 .7 0 .7 2 .0 -3 .2 0 .6 23 .4 2 .7 II 1 .7p R .Sp 6 .7p 2 .3p -1 .3p 0 .6p 2 .1p l .np 13 .6p 2 .3p ---- ---------- --------- --------- --------- ---------- ------------ ---------------- ---------- -------- - -------Percent c hange from corresponding quarter of previous year(6) 1983 1994 I II III Iv 1 .9 3 .7 1 . .9 3 .9 -1 .1 3 .1 6 .3 10 .0 -2 .R -0 .6 2 .4' 5 .9 5 .4 4 .6 3 .6 3 .1 1 .7 1 .3 1 .0 -0 .2 3 .5 0 .9 -0 .2 -0 . 8 3 .1 0 .5 0 .0 -1 .2 3 .5 0 .8 -0 .2 -1 .5 3 .5 29 .7 46 .1 79 .8 3 .5 1 .7 3 .0 3 .3 ANNUAL 1 .1 4 .5 1 .2 4 .2 0 .9 0 .R 0 .1 n .6 38 .5 3 .1 I 4 .0 11 .9 7 .5 1 .6 -0 .9 -0 .4 -3 .0 -1 .1 54 .8 2 .8 II ? .6p lO .2p 7 .4p 3 .2p -l .Op n .7p -1 .4p O .lp 32 .3p 2 .Rp ---- --------- ---------- --------- --------- ----------------------------- --------- ---------- --- ----- --------See footnotes following table 6 . r=re vised August 27, 1994 p=pr elimtnarv Source : Bureau of Labor S tatistics -13Footnotes, Tables 1-6 SOURCE : Output data from Bureau of Economic Analysis, U .S . Dapartment of Commerce, and the Federal Reserve Board . Compensation and hours data from the Bureau of Labor Statistics, U .S . Department of Labor, and the Bureau of Economic Analysis . RELIABILITY : Based on data covering the period from the first quarter of 1976 to the second quarter of 1983, the probability is 0 .95 that the interval between -1 .8 and 2 .1 index points contains the revision of the index of productivity in the business sector from the first to the third quarterly publication of the estimate . (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) Nonlabor payments include profits, depreciation, interest, rental income, and indirect taxes . (4) Current dollar gross product divided by constant dollar gross product . (5) Quarterly changes : percent change compounded at annual rate from the €F original data rather than index numbers . Annual changes : percent change between annual average levels . (6) Quarterly changes : current quarter divided by comparable quarter a year ago . Annual changes : percent change between annual average levels . (7) Quarterly measures adjusted to annual estimates of output (gross product originating) from the Bureau of Economic Analysis, U .S . Department of Commerce . (8) Unit nonlabor cost includes depreciation, interest, and indirect taxes . (9) Total unit cost is the sum of labor and nonlabor costs . (10) Unit profits include corporate profit and inventory valuation adjustment . (11) The durable sector includes the following 2-digit SIC industries : Primary metal ; 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 . (12) The nondurable sector includes the following 2-dig rt SIC industries : Textile mill products ; apparel products ; leather and leather products ; printing and publishing ; chemicals and chemical products ; petroleum products ; rubber and plastic products ; foods ; and tobacco products . * U .S . GOVERNMENT PRINTING OFFICE : 1984-421-816 :586
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