Full text of Productivity and Costs : Second Quarter 1994 [Preliminary]

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USDL 94-383
Transmission of this
material is embargoed
until 10:00 A.M. EDT
Tuesday, August 9, 1994.

PRODUCTIVITY AND COSTS
Second Quarter 1994

The Bureau of Labor Statistics of the U.S. Department of
Labor today reported preliminary productivity data-as measured by
output per hour of all persons-for the second quarter of 1994.
The preliminary seasonally-adjusted annual rates of productivity
change in the second quarter were:
-1.4 percent in the business sector, and
-1.2 percent in the nonfarm business sector.
In both sectors, the decline in productivity (the first since
first-quarter 1993) reflected the largest gain in hours since
1988; increases in output were smaller in the second quarter than
in the first.
In manufacturing, productivity changes in the second quarter
were:
3.8 percent in manufacturing,
3.0 percent in durable goods manufacturing, and
5.0 percent in nondurable goods manufacturing.
Manufacturing productivity grew more slowly in the second
quarter of 1994 than in the first quarter. Output gains were
smaller than in the first quarter, but hours at work of all
persons engaged in the sector increased more rapidly. Output and
hours in manufacturing, which includes about 20 percent of U.S.
business-sector employment, usually tend to change more from
quarter to quarter than in the more aggregate business and
nonfarm business sector measures.
Second-quarter results are summarized in table A and appear
in detail in tables 1 through 5. Output measures for business
and nonfarm business are based on measures of gross domestic
product prepared by the Bureau of Economic Analysis of the U.S.
Department of Commerce. Quarterly output measures for
manufacturing reflect independent indexes of industrial
production prepared by the Board of Governors of the Federal
Reserve System. See Technical Notes for further information on
data sources (page 9).

2
Business
From the first to the second quarter of 1994, business
sector productivity decreased at a 1.4 percent annual rate, the
first quarterly decline since the first quarter of 1993 (table
1). Output rose 4.3 percent, and hours of all persons engaged in
the sector increased 5.8 percent (seasonally adjusted annual
rates). In the first quarter, output had increased 5.5 percent,
and hours had increased 2.6 percent. The 5.8 percent secondquarter increase in hours reflected the largest rise in
employment in this sector during the present expansion, and was
the largest hours gain since 1988 (when an equal rise occurred in
the second quarter).

3
Table A. Productivity and costs: Preliminary second-quarter
1994 measures
(Seasonally adjusted annual rates)

Sector

Productivity Output Hours

Real
Hourly hourly Unit
compen-compen-labor
sation sation costs

Percent change from preceding quarter
Business
-1.4
Nonfarm business -1.2

4.3
4.1

5.8
5.4

0.3
0.8

-2.4
-1.9

1.8
2.0

Manufacturing
Durable
Nondurable

5.3
4.7
6.2

1.5
1.7
1.1

-1.7
-2.7
-0.1

-4.3
-5.3
-2.8

-5.2
-5.5
-4.8

0.5
0.6
0.1
-0.1
0.2

0.4
0.4
-2.6
-3.9
-0.6

3.8
3.0
5.0

Percent change from same quarter a year ago
Business
Nonfarm business
Manufacturing
Durable
Nondurable

2.6
2.6
5.2
6.5
3.3

5.6
5.5
6.1
8.1
3.2

2.9
2.8
0.8
1.5
-0.2

3.0
3.0
2.5
2.4
2.7

Hourly compensation increased 0.3 percent during the second
quarter of 1994, compared with a 6.2 percent rise in the first
quarter. This measure includes wages and salaries, supplements,
employer contributions to employee benefit plans, and taxes. The
second quarter increase was the smallest since 1960 (when
declines occurred in the second and third quarters). Unit labor
costs, which reflect changes in hourly compensation and
productivity, increased at a 1.8 percent annual rate during the
second quarter, compared with a 3.3 percent rise during the first
quarter.
Real hourly compensation, which takes into account changes
in the Consumer Price Index for All Urban Consumers (CPI-U),
declined at a 2.4 percent annual rate in the second quarter; it
had risen 4.0 percent in the first quarter of 1994. The secondquarter decline was the largest since 1989 (when a 3.9 percent
decline was recorded in the second quarter).
The implicit price deflator for the business sector, which
reflects changes in unit labor costs and unit nonlabor payments,
increased 3.5 percent in the second quarter, compared with a 1.5
percent rise in the first quarter.

4

Nonfarm business
Productivity fell 1.2 percent in the nonfarm business sector
during the second quarter of 1994 as output rose 4.1 percent and
hours of all persons increased 5.4 percent. As in the more
comprehensive business sector, this was the first productivity
decline in more than a year (table 2). The gain in hours was the
largest since the second quarter of 1988 (when a 6.1 percent
increase occurred). During the first quarter of 1994,
productivity rose 2.9 percent in the nonfarm business sector,
reflecting gains of 5.2 percent in output and 2.3 percent in
hours.
Hourly compensation increased at a 0.8 percent annual rate
in the second quarter, compared with a 6.1 percent increase one
quarter earlier. This was the smallest increase in hourly
compensation since 1988 (when a 0.6 percent increase occurred in
the first quarter). When the rise in the CPI-U is taken into
account, real hourly compensation fell 1.9 percent in the second
quarter of 1994. Unit labor costs rose 2.0 percent, compared
with a 3.1 percent rise during the first quarter.
The implicit price deflator for nonfarm business output rose
4.3 percent in the second quarter, compared with a 1.2 percent
rise one quarter earlier.

Manufacturing
Productivity increased at a 3.8 percent seasonally adjusted
annual rate in manufacturing in the second quarter of 1994, as
output rose 5.3 percent and hours of all persons rose 1.5 percent
(seasonally adjusted annual rates). The increase in output was
smaller than the first-quarter gain, but hours growth
accelerated. Productivity grew more strongly in nondurable goods
industries in the second quarter, and the output gain in
nondurable goods manufacturing was greater than in durable goods
producing industries (tables 4 and 5).
Hourly compensation of all manufacturing workers decreased
1.7 percent during the second quarter, compared with a 3.8
percent gain in the first quarter. Real hourly compensation fell
4.3 percent when the increase in consumer prices is taken into
account, compared with a 1.7 percent rise in the previous period.
Unit labor costs fell at a 5.2 percent annual rate in the
second quarter of 1994, the third decline in a row. These costs
had decreased 2.8 percent during the first quarter.

5

Revised Measures
Current and previous measures for the first quarter of 1994
for the business, nonfarm business, and manufacturing sectors are
compared in table B. Business and nonfarm business productivity
gains are larger than reported on June 15, owing to upward
revisions to the output measures. These revisions are part of
the regular 3-year revision of the National Income and Product
Accounts prepared by the Bureau of Economic Analysis of the U.S.
Department of Commerce. Appendix tables 1-6 contain information
for 1991, the earliest year affected. Productivity gains in
manufacturing are similar to those reported previously.
In addition, revised seasonal adjustment factors for labor
input measures are introduced at this time. The hours at work of
proprietors engaged in the nonfarm business sector in the first
quarter continue to be based on the movement of nonfarm employee
hours between the fourth quarter of 1993 and the first quarter of
1994. This was done to adjust labor input measures because of
the changeover to the redesigned BLS monthly Current Population
Survey (CPS). For the second quarter of 1994, this series is
based on the redesigned CPS.

6

Table B. Previous and revised productivity and related measures
Quarterly percent change at seasonally adjusted annual rate

Sector

Productivity Output Hours

Real
Hourly hourly Unit
compen-compen-labor
sation sation costs

First quarter 1994
Business:
Previous....
Current.....

1.1
2.9

3.8
5.5

2.6
2.6

5.3
6.2

3.1
4.0

4.1
3.3

Nonfarm business:
Previous....
Current.....

1.3
2.9

3.6
5.2

2.3
2.3

5.3
6.1

3.1
3.9

3.9
3.1

Manufacturing:
Previous....
Current.....

6.9
6.8

8.1
8.0

1.1
1.1

5.1
3.8

2.9 -1.7
1.7 -2.8

Next release date
The next release of Productivity and Costs is scheduled for
10:00 a.m. EDT, Wednesday, September 7, 1994. Revised secondquarter measures for business, nonfarm business, and
manufacturing will be released at that time, along with measures
for nonfinancial corporations.

7

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8

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9
TECHNICAL NOTES
Labor Input: The primary source
of hours and employment data is
the
BLS
Current
Employment
Statistics (CES) program, which
provides monthly survey data on
total employment
and
average
weekly hours of production and
nonsupervisory
workers
in
nonagricultural
establishments.
Jobs rather
than persons are
counted.
Weekly
hours
are
adjusted to the hours at work
definition using the BLS Hours at
Work survey, conducted for this

metal
industries;
fabricated
metal
products;
nonelectrical
machinery;
industrial
and
commercial machinery and computer
equipment; electronic and other
electrical
equipment;
transportation
equipment;
instruments; lumber and lumber
products; furniture and fixtures;
stone, clay,
and
glass
and
concrete products; and miscellaneous manufactures. Nondurables
include:
Food
and
kindred
products,
tobacco
products,

purpose.
Data from the BLS Current
Population Survey (CPS) are used
for farm labor; in the nonfarm
sector, the National Income and
Product Accounts (NIPA) prepared
by
the
Bureau
of
Economic
Analysis of the Department of
Commerce and the CPS are used to
measure
labor
input
for
government
enterprises,
proprietors and
unpaid family
workers.

textile mill
products apparel
products,
paper
and
allied
products,
printing
and
publishing,
chemicals
and
chemical
products,
petroleum
refining and related industries,
rubber and
plastic
products,
leather and
leather products.
Manufacturing accounted for about
19 percent
of GDP
in 1992.
Quarterly manufacturing
output
measures are based on the index
of industrial production prepared
monthly by the Board of Governors
of the Federal Reserve System
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.
Nonfinancial
corporate
output is
equal to
GDP
in
constant 1987 dollars, less the
output of nonprofit institutions,
output of
paid employees
of
private households, rental value
of
owner-occupied
dwellings,
unincorporated
business,
the
output of corporations engaged in
banking,
finance,
stock
and
commodity trading, and credit and
insurance
agencies,
and
the
statistical
discrepancy
in
computing the NIPA. Nonfinancial

Output: Business output is equal
to gross domestic product (GDP)
in constant 1987 dollars, less
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 NIPA. Corresponding
exclusions are also made in labor
inputs. Business output was about
78 percent
of GDP
in 1992.
Nonfarm business, which also excludes farming, was about 77 percent of GDP in 1992.
Total manufacturing measures
are computed by summing series
prepared for
the durable and
nondurable
goods
sectors.
Durables include the following 2digit SIC
industries: Primary

10

corporations accounted for about
56 percent of GDP in 1992.
Productivity: These productivity
measures
describe
the
relationship between real output
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
at work 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;
managerial
skill;
and
the
characteristics and effort of the
work force.
Information in this release
will
be
made
available
to
sensory-impaired individuals upon
request. Voice phone: 202-606STAT; TDD phone: 202-606-5897;
TDD
message
referral
phone
number: 1-800-326-2577.

Table 1. Business sector: Productivity, hourly compensation, unit labor costs,
and prices, seasonally adjusted
Real
Year
Output per
Hours
CompensacompensaUnit
Unit nonImplicit
and
hour of
of all
tion per
tion per
labor
labor pay- price
quarter
all persons Output
persons
hour (1)
hour (2)
costs
ments (3)
deflator (4)
--------------------------------------------------------------------------------------------------------Indexes 1982=100
1992

1993

I
II
III
IV

r114.5
114.8
r115.9
116.8

r133.7
r134.4
r136.1
137.9

116.8
r117.1
117.4
118.1

152.2
r153.7
r156.0
r157.8

105.9
106.0
r106.8
r107.2

r133.0
133.9
r134.7
r135.1

r148.4
r148.8
r145.8
r150.2

r138.0
r138.8
r138.3
r140.1

ANNUAL

r115.5

r135.5

117.4

r154.9

r106.6

r134.2

r148.3

r138.8

I
II
III
IV

r116.3
r116.5
r117.4
r119.1

r138.1
r139.6
r140.9
r143.9

118.8
r119.8
120.0
120.8

r158.9
r160.1
r161.3
r162.3

r107.1
r107.1
r107.5
r107.3

r136.6
r137.5
137.4
r136.3

r149.5
r149.6
r150.3
r153.8

r140.8
r141.4
r141.6
r142.1

ANNUAL

r117.3

r140.6

119.9

r160.6

r107.3

r136.9

r150.8

r141.5

1994

I
r119.9
r145.8
121.6
r164.8
r108.4
r137.4
r153.1
r142.6
II
119.5
147.4
123.3
164.9
107.7
138.0
155.7
143.8
--------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1992

1993

I
II
III
IV

r5.4
r1.2
r3.8
r3.3

r3.4
r2.2
r4.9
5.6

r-1.9
1.1
r1.1
2.2

r5.8
r4.0
r6.2
r4.6

r3.1
r0.7
r3.0
r1.3

r0.3
r2.8
r2.4
r1.2

r9.1
r1.0
r-7.7
r12.6

3.3
r2.2
r-1.3
r5.1

ANNUAL

r3.0

r2.7

-0.3

r5.1

r2.0

r2.1

r2.3

r2.2

I
II
III
IV

r-1.8
r0.7
r3.4
r5.7

r0.6
r4.2
r4.0
r8.6

r2.4
r3.5
r0.6
r2.8

2.8
r3.2
r3.1
r2.4

-0.2
r0.1
r1.2
-0.5

r4.6
r2.5
r-0.3
r-3.1

r-2.0
r0.3
r2.1
r9.4

r2.3
r1.7
r0.6
r1.2

ANNUAL

r1.6

r3.8

2.1

r3.7

r0.7

r2.1

r1.7

r1.9

1994

I
r2.9
r5.5
2.6
r6.2
r4.0
r3.3
r-1.7
1.5
II
-1.4
4.3
5.8
0.3
-2.4
1.8
6.8
3.5
---------------------------------------------------------------------------------------------------------

Percent change from corresponding quarter of previous year
1992

1993

1994

I
II
III
IV

r2.7
r2.5
r3.1
r3.4

r1.7
r2.0
r3.0
r4.0

-1.0
-0.5
-0.2
0.6

r4.9
r4.9
r5.3
r5.1

r2.0
r1.7
r2.2
r2.0

2.1
r2.3
r2.1
r1.7

r3.2
r2.5
r0.3
r3.5

r2.5
2.4
1.5
r2.3

ANNUAL

r3.0

r2.7

-0.3

r5.1

r2.0

r2.1

r2.3

r2.2

I
II
III
IV

r1.6
r1.5
r1.4
r2.0

r3.3
r3.8
r3.6
r4.3

1.7
2.3
2.2
2.3

r4.4
r4.2
r3.4
r2.9

r1.2
r1.0
r0.6
0.1

r2.8
r2.7
r2.0
0.9

r0.7
r0.5
r3.1
r2.4

r2.0
r1.9
r2.4
r1.4

ANNUAL

r1.6

r3.8

2.1

r3.7

r0.7

r2.1

r1.7

r1.9

I
r3.1
r5.6
r2.4
r3.7
r1.2
r0.6
r2.5
r1.2
II
2.6
5.6
2.9
3.0
0.5
0.4
4.1
1.7
--------------------------------------------------------------------------------------------------------See footnotes following table 6.
August 9, 1994
r=revised
Source: Bureau of Labor Statistics

Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs,
and prices, seasonally adjusted
Real
Year
Output per
Hours
CompensacompensaUnit
Unit nonImplicit
and
hour of
of all
tion per
tion per
labor
labor pay- price
quarter
all persons Output
persons
hour (1)
hour (2)
costs
ments (3)
deflator(4)
--------------------------------------------------------------------------------------------------------Indexes 1982=100
1992

1993

I
II
III
IV

r112.6
113.1
113.9
115.0

r133.6
134.4
135.9
137.9

118.7
r118.8
119.3
119.9

150.9
r152.6
r154.7
r156.5

104.9
r105.3
r106.0
r106.3

r134.0
134.9
r135.9
r136.1

r149.5
r150.4
r147.0
r152.1

r139.0
r139.9
r139.5
r141.2

ANNUAL

r113.7

r135.5

119.2

r153.7

r105.7

r135.2

r149.7

r139.9

I
II
III
IV

r114.5
r114.6
r115.8
r117.2

r138.3
r139.9
r141.5
r144.3

120.8
r122.0
122.3
123.1

r157.4
r158.3
r159.4
r160.4

r106.1
r105.9
r106.2
r106.0

r137.5
138.1
r137.7
r136.9

r151.5
r151.8
r153.4
r156.1

r142.0
r142.5
r142.8
r143.1

ANNUAL

r115.5

r141.0

122.1

r158.8

r106.1

137.5

r153.2

r142.6

1994

I
r118.0
r146.1
123.8
r162.8
r107.0
r137.9
r155.2
r143.5
II
117.6
147.6
125.5
163.1
106.5
138.6
158.5
145.0
--------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1992

1993

I
II
III
IV

r4.2
r1.9
r2.8
r3.9

r2.4
r2.5
4.4
r6.2

r-1.7
0.6
r1.5
2.2

r5.7
r4.6
r5.8
r4.6

r3.0
r1.2
r2.7
r1.3

r1.4
r2.6
r3.0
r0.6

r6.5
r2.3
r-8.6
r14.3

3.2
r2.5
r-1.2
r5.1

ANNUAL

r2.7

r2.4

r-0.3

r5.1

r2.0

r2.4

r2.2

r2.3

I
II
III
IV

r-1.8
r0.5
r4.1
r4.9

r1.0
r4.7
r4.9
r7.9

r2.9
r4.2
r0.8
r2.9

r2.2
r2.5
r2.8
r2.4

r-0.8
r-0.6
r1.0
r-0.6

r4.2
r2.0
r-1.2
r-2.4

r-1.5
r0.7
r4.4
r7.1

r2.2
r1.6
r0.7
r0.8

ANNUAL

r1.6

r4.1

2.4

r3.4

r0.4

r1.7

r2.3

r1.9

1994

I
r2.9
r5.2
2.3
r6.1
r3.9
r3.1
r-2.1
1.2
II
-1.2
4.1
5.4
0.8
-1.9
2.0
8.7
4.3
---------------------------------------------------------------------------------------------------------

Percent change from corresponding quarter of previous year
1992

1993

1994

I
II
III
IV

r2.4
r2.4
r2.7
r3.2

r1.4
r1.8
r2.6
r3.8

r-1.0
-0.5
-0.1
0.6

r4.8
r5.0
r5.3
r5.2

2.0
r1.8
r2.1
r2.0

r2.4
r2.5
r2.6
r1.9

r2.8
r2.8
r0.0
r3.3

r2.5
r2.6
1.7
r2.4

ANNUAL

r2.7

r2.4

r-0.3

r5.1

r2.0

r2.4

r2.2

r2.3

I
II
III
IV

r1.7
r1.3
r1.6
r1.9

r3.5
r4.0
r4.2
r4.6

1.8
2.7
2.5
r2.7

r4.3
r3.8
r3.0
2.5

r1.1
r0.6
r0.2
r-0.2

r2.6
2.4
r1.4
r0.6

r1.3
r0.9
r4.3
r2.6

r2.1
r1.9
r2.4
r1.3

ANNUAL

r1.6

r4.1

2.4

r3.4

r0.4

r1.7

r2.3

r1.9

I
r3.1
r5.7
2.5
r3.4
r0.9
r0.4
r2.5
r1.1
II
2.6
5.5
2.8
3.0
0.6
0.4
4.5
1.8
--------------------------------------------------------------------------------------------------------See footnotes following table 6.
August 9, 1994
r=revised
Source: Bureau of Labor Statistics

Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
Real
Year
Output per
Hours
CompensacompensaUnit
and
hour of
of all
tion per
tion per
labor
quarter
all persons
Output
persons
hour(1)
hour(2)
costs
-------------------------------------------------------------------------------------------------Indexes 1982=100
1992

1993

I
II
III
IV

127.2
128.6
129.1
130.9

129.6
131.5
131.8
133.9

101.9
102.3
102.1
102.4

r145.1
146.7
r148.4
r150.9

r100.9
101.2
r101.6
r102.5

r114.1
114.1
r114.9
r115.3

ANNUAL

129.1

131.7

102.0

r147.9

r101.7

r114.6

I
II
III
IV

132.2
133.8
134.6
137.2

136.0
137.1
137.9
140.9

102.9
102.5
102.5
102.7

r150.3
r152.6
r154.2
r155.7

r101.3
r102.1
r102.7
r102.9

r113.7
r114.1
r114.5
r113.5

ANNUAL

134.5

138.0

102.6

r153.3

r102.4

r114.0

1994

I
139.5
143.6
102.9
r157.2
r103.4
r112.7
II
140.8
145.4
103.3
156.5
102.2
111.2
-------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1992

1993

I
II
III
IV

3.2
4.4
1.7
5.5

1.1
6.1
1.0
6.6

-2.0
1.7
-0.7
1.1

r1.3
r4.6
r4.5
r6.9

r-1.3
r1.2
r1.4
r3.5

r-1.8
r0.2
r2.8
r1.3

ANNUAL

3.7

3.1

-0.6

r4.2

r1.2

r0.5

I
II
III
IV

4.0
5.0
2.6
7.9

6.1
3.5
2.4
8.7

2.0
-1.4
-0.2
0.8

r-1.5
r6.3
r4.1
r4.0

r-4.4
r3.1
r2.2
r1.0

r-5.3
r1.3
r1.5
r-3.6

ANNUAL

4.2

4.8

0.5

r3.6

r0.6

r-0.6

1994

I
r6.8
r8.0
1.1
r3.8
r1.7
r-2.8
II
3.8
5.3
1.5
-1.7
-4.3
-5.2
--------------------------------------------------------------------------------------------------

Percent change from corresponding quarter of previous year
1992

1993

1994

I
II
III
IV

3.7
3.9
3.0
3.7

2.5
3.8
2.3
3.7

-1.2
-0.1
-0.6
0.0

r3.9
4.0
r4.2
r4.3

r1.0
r0.8
r1.1
r1.2

r0.2
r0.0
r1.2
r0.6

ANNUAL

3.7

3.1

-0.6

r4.2

r1.2

r0.5

I
II
III
IV

3.9
4.0
4.3
4.8

4.9
4.3
4.6
5.2

1.0
0.2
0.4
0.3

r3.6
r4.0
r3.9
r3.2

r0.4
r0.9
r1.1
r0.5

r-0.3
r0.0
r-0.3
r-1.6

ANNUAL

4.2

4.8

0.5

r3.6

r0.6

r-0.6

I
r5.5
5.6
0.1
r4.6
r2.0
r-0.9
II
5.2
6.1
0.8
2.5
0.1
-2.6
-------------------------------------------------------------------------------------------------See footnotes following table 6.
August 9, 1994
r=revised
Source: Bureau of Labor Statistics

Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
Real
Year
Output per
Hours
CompensacompensaUnit
and
hour of
of all
tion per
tion per
labor
quarter
all persons
Output
persons
hour(1)
hour(2)
costs
-------------------------------------------------------------------------------------------------Indexes 1982=100
1992

1993

I
II
III
IV

136.9
139.1
139.9
142.8

136.1
138.5
138.8
142.1

99.5
99.5
99.3
99.5

r142.9
r144.8
r146.4
r149.5

r99.4
r99.9
r100.2
r101.5

r104.4
r104.1
r104.6
r104.7

ANNUAL

139.8

138.9

99.3

r146.1

r100.5

r104.5

I
II
III
IV

145.2
147.7
148.8
153.2

145.2
146.7
148.0
153.1

100.0
99.4
99.5
99.9

r148.0
r150.2
r151.6
r153.3

r99.8
r100.5
r101.0
r101.3

r101.9
r101.7
r101.9
r100.0

ANNUAL

148.8

148.3

99.6

r150.9

r100.8

r101.4

1994

I
r156.1
r156.8
100.5
r154.9
r101.8
r99.2
II
157.2
158.6
100.9
153.8
100.5
97.8
-------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1992

1993

I
II

1.8
6.8

-0.3
7.2

-2.0
0.4

r0.7
r5.2

r-1.9
r1.9

r-1.1
r-1.5

III
IV

2.1
8.5

1.0
9.7

-1.1
1.0

r4.5
r8.7

r1.4
r5.3

r2.3
r0.2

ANNUAL

5.0

3.4

-1.5

r4.5

r1.5

r-0.4

I
II
III
IV

7.0
7.0
3.0
12.5

9.0
4.4
3.5
14.4

1.9
-2.5
0.5
1.6

r-4.0
r6.3
r3.7
r4.4

r-6.8
r3.1
r1.8
r1.4

r-10.3
r-0.6
r0.8
r-7.2

ANNUAL

6.5

6.7

0.3

r3.3

r0.3

r-2.9

1994

I
r7.7
r10.2
2.3
r4.2
r2.0
r-3.3
II
3.0
4.7
1.7
-2.7
-5.3
-5.5
--------------------------------------------------------------------------------------------------

Percent change from corresponding quarter of previous year
1992

1993

1994

I
II
III
IV

5.0
5.6
4.0
4.8

2.9
4.2
2.4
4.3

-2.0
-1.3
-1.5
-0.4

r3.9
r4.3
r4.6
r4.8

r1.0
r1.2
r1.5
r1.6

r-1.1
r-1.2
r0.6
r0.0

ANNUAL

5.0

3.4

-1.5

r4.5

r1.5

r-0.4

I
II
III
IV

6.1
6.1
6.4
7.3

6.7
6.0
6.6
7.7

0.5
-0.2
0.2
0.4

r3.5
r3.8
r3.6
r2.5

r0.3
r0.6
r0.7
r-0.2

r-2.4
r-2.2
r-2.6
r-4.4

ANNUAL

6.5

6.7

0.3

r3.3

r0.3

r-2.9

I
r7.5
r8.0
0.5
r4.7
r2.1
r-2.6
II
6.5
8.1
1.5
2.4
-0.1
-3.9
-------------------------------------------------------------------------------------------------See footnotes following table 6.
August 9, 1994
r=revised
Source: Bureau of Labor Statistics

Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
Real
Year
Output per
Hours
CompensacompensaUnit
and
hour of
of all
tion per
tion per
labor
quarter
all persons
Output
persons
hour(1)
hour(2)
costs
-------------------------------------------------------------------------------------------------Indexes 1982=100
1992

1993

I
II
III
IV

115.4
115.8
116.1
116.5

121.5
122.9
123.2
124.0

105.3
106.2
106.1
106.4

r149.5
r151.0
r152.7
r154.3

r104.0
r104.2
104.6
r104.8

r129.5
r130.4
r131.5
r132.4

ANNUAL

116.1

122.9

105.9

r152.0

r104.5

131.0

I
II
III
IV

116.5
117.2
117.7
118.1

124.6
125.3
125.6
125.9

107.0
107.0
106.7
106.6

r155.2
r157.7
r159.6
r160.8

r104.7
r105.5
r106.3
r106.3

r133.3
r134.6
r135.5
r136.1

ANNUAL

117.4

125.4

106.8

r158.3

r105.7

r134.9

1994

I
r119.6
r127.4
106.5
r162.0
r106.5
r135.4
II
121.1
129.3
106.8
162.0
105.8
133.8
-------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1992

1993

I
II
III
IV

5.2
1.3
1.1
1.4

3.1
4.8
0.9
2.5

-2.0
3.5
-0.2
1.1

r2.4
r3.8
r4.7
r4.2

r-0.2
r0.5
r1.5
r0.9

r-2.7
r2.6
r3.6
r2.7

ANNUAL

2.0

2.6

0.6

r4.0

r0.9

r1.9

I
II
III
IV

-0.1
2.3
2.0
1.3

2.1
2.2
0.9
1.0

2.2
-0.1
-1.1
-0.3

r2.5
r6.6
r4.7
r3.1

r-0.5
r3.4
r2.7
r0.1

r2.6
r4.2
r2.6
r1.8

ANNUAL

1.2

2.0

0.8

r4.2

r1.1

r3.0

1994

I
r5.2
r4.7
-0.4
r3.1
r0.9
r-2.0
II
5.0
6.2
1.1
-0.1
-2.8
-4.8
--------------------------------------------------------------------------------------------------

Percent change from corresponding quarter of previous year
1992

1993

1994

I
II
III
IV

2.0
1.7
1.5
2.2

2.0
3.3
2.2
2.8

0.0
1.6
0.7
0.6

r4.1
r3.7
r3.8
r3.8

r1.2
r0.5
r0.7
r0.7

r2.0
r1.9
r2.2
r1.5

ANNUAL

2.0

2.6

0.6

r4.0

r0.9

r1.9

I
II
III
IV

0.9
1.2
1.4
1.4

2.6
1.9
1.9
1.5

1.6
0.8
0.5
0.2

r3.8
r4.5
r4.5
r4.2

r0.6
r1.3
r1.6
r1.4

r2.9
r3.3
r3.0
r2.8

ANNUAL

1.2

2.0

0.8

r4.2

r1.1

r3.0

I
r2.7
r2.2
-0.5
r4.4
r1.8
r1.6
II
3.3
3.2
-0.2
2.7
0.2
-0.6
-------------------------------------------------------------------------------------------------See footnotes following table 6.
August 9, 1994
r=revised
Source: Bureau of Labor Statistics

Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits,
and prices, seasonally adjusted
Output
Hourly
Real
Unit
Total
Unit
Implicit
Year
per allcompenhourly
Unit
nonunit
proprice
and
employee
Employee sation
compenlabor
labor
cost
fits
deflator
quarter
hour
Output hours
(1)
sation(2) costs
cost(6) (7)
(8)
(4)
---------------------------------------------------------------------------------------------------------Indexes 1982=100
1992

1993

I
II
III
IV

r116.7
r117.6
r119.1
r120.6

r137.3
r138.8
r140.7
r143.4

117.6
118.1
r118.1
r118.9

r147.7
149.4
r151.5
r153.1

r102.7
103.1
r103.7
r104.0

r126.5
r127.1
r127.2
r127.0

r119.3
r118.0
r119.0
r115.7

r124.5
r124.5
r124.9
r123.8

r170.4
r175.6
r171.0
r191.2

r127.3
r127.6
r127.7
r127.9

ANNUAL

r118.5

r140.0

118.2

r150.4

r103.5

r126.9

r118.0

r124.4

r177.2

r127.7

I
II
III
IV

r120.0
r121.4
r122.7
r124.1

143.3
r145.9
r148.1
r150.9

r119.4
r120.2
120.7
121.6

r154.0
r154.5
r155.4
156.0

r103.8
r103.4
r103.5
r103.1

r128.3
127.3
r126.7
r125.7

r116.8
r115.8
r115.8
r114.8

r125.0
r124.1
r123.6
r122.6

r183.7
r199.4
r202.5
r220.9

r128.7
r128.7
r128.5
r128.7

ANNUAL

r122.0

r147.0

r120.5

r154.9

r103.5

r127.0

r115.8

r123.8

r201.9

r128.6

1994
I
r125.1
r153.0
r122.3
r157.9
r103.9
r126.2
r116.6
r123.5
r218.2
r129.4
---------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1992

1993

I
II
III
IV

r1.2
r2.9
5.2
r5.1

r0.9
r4.7
r5.5
r8.0

r-0.4
1.7
0.2
2.7

3.9
r4.7
r5.7
r4.3

r1.2
r1.3
r2.5
r1.0

r2.6
r1.7
r0.4
r-0.8

r-2.6
r-4.4
r3.5
r-10.4

r1.2
r0.0
r1.2
r-3.5

r14.8
r12.8
r-10.0
r56.4

r2.2
r1.0
r0.2
r0.7

ANNUAL

r3.0

r3.2

r0.1

r4.6

r1.6

r1.6

r-2.1

r0.5

r7.6

r1.1

I
II
III
IV

r-1.9
r4.5
r4.5
r4.7

r-0.3
r7.5
r6.0
r7.8

1.7
2.8
1.4
3.0

r2.4
r1.4
r2.2
r1.4

r-0.7
r-1.7
r0.4
r-1.5

r4.4
r-3.0
r-2.1
r-3.1

r3.6
r-3.3
r0.0
r-3.4

r4.2
r-3.1
r-1.6
r-3.2

r-14.9
r38.9
r6.5
r41.5

r2.3
r0.2
r-0.8
r0.6

ANNUAL

r3.0

r5.0

2.0

r3.0

r0.0

r0.0

r-1.9

r-0.5

r14.0

r0.8

1994
I
r3.3
r5.8
r2.5
r5.1
r2.9
r1.8
r6.6
r3.1
r-4.9
2.2
----------------------------------------------------------------------------------------------------------

Percent change from corresponding quarter of previous year
1992

1993

I
II
III
IV

r2.4
r2.6
r3.3
r3.6

r1.7
r2.7
r3.5
r4.7

-0.7
0.2
0.3
1.1

r4.3
4.5
r4.9
r4.7

r1.4
1.3
r1.7
r1.5

r1.8
r1.9
r1.6
r1.0

r-1.2
r-2.1
r-1.5
r-3.6

r1.0
r0.8
r0.7
r-0.3

r5.2
r5.0
r3.7
r16.2

r1.3
r1.1
0.9
r1.1

ANNUAL

r3.0

r3.2

r0.1

r4.6

r1.6

r1.6

r-2.1

r0.5

r7.6

r1.1

I
II
III
IV

r2.8
r3.2
r3.0
r2.9

r4.4
r5.1
r5.2
r5.2

1.6
1.9
2.2
2.2

r4.3
r3.4
2.6
r1.9

r1.1
r0.3
-0.2
r-0.9

r1.4
r0.2
r-0.4
r-1.0

r-2.1
r-1.8
r-2.7
r-0.8

r0.5
r-0.3
r-1.0
r-1.0

r7.8
r13.6
r18.5
r15.5

r1.1
r0.8
r0.6
r0.6

ANNUAL

r3.0

r5.0

2.0

r3.0

r0.0

r0.0

r-1.9

r-0.5

r14.0

r0.8

1994
I
r4.2
r6.8
r2.4
r2.5
r0.0
r-1.6
r-0.1
r-1.2
r18.8
r0.5
---------------------------------------------------------------------------------------------------------See footnotes following table 6.
August 9, 1994
r=revised
Source: Bureau of Labor Statistics

SOURCE: Output data from the Bureau of Economic Analysis, U.S.
Department 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: Productivity and cost measures are regularly
revised as more complete information becomes available. The
measures are second published 30 days after the close of the
reference period; revisions appear about 35 days later, and third
revisions after an additional 60 days. In the business sector,
the probability is 0.95 that the third publication (third
revision) of a quarterly index of output per hour of all persons
will differ from the initial value by between -2.0 and +2.0 index
points. This interval is based on the performance of this
measure between the second quarter of 1976 and the fourth quarter
of 1993.
Footnotes, Tables 1-6
(1)

Wages and salaries of 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 selfemployed.

(2)

Compensation per hour adjusted for changes in the Consumer
Price Index for All Urban Consumers.

(3)

Unit nonlabor payments include profits, capital consumption
allowances, interest, rental income of persons, 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 original data rather 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,
interest, rental income of persons, and indirect taxes. For
nonfinancial corporations, rental income of persons is zero
by definition.

(8)

Total unit cost is the sum of labor and nonlabor costs.

(9)

Unit profits include corporate profits with inventory
valuation and capital consumption adjustments.

Appendix table 1.
Business sector: Productivity, hourly compensation, unit labor costs, and prices, seasonally
adjusted
Real
Year
Output per
Hours
CompensacompensaUnit
Unit nonImplicit
and
hour of
of all
tion per
tion per
labor
labor pay- price
quarter
all persons
Output
persons
hour (1)
hour (2)
cost
ments (3)
deflator (4)
--------------------------------------------------------------------------------------------------------Indexes 1982=100
1991

I
II
III
IV

111.4
112.0
112.4
113.0

131.5
131.9
132.2
132.6

118.1
117.8
117.6
117.4

145.1
146.6
148.1
150.1

103.8
104.2
104.6
105.1

130.3
130.9
131.9
132.9

143.8
145.1
145.4
145.2

134.7
135.6
136.3
136.9

ANNUAL
112.1
132.0
117.7
147.4
104.4
131.5
144.9
135.9
--------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1991

I
II
III
IV

3.3
2.1
1.3
2.2

-1.8
1.1
0.9
1.2

-5.0
-1.0
-0.4
-0.9

4.7
4.0
4.4
5.3

1.6
1.6
1.2
2.0

1.3
1.8
3.1
3.1

10.7
3.8
0.9
-0.7

4.5
2.5
2.3
1.7

ANNUAL
1.3
-1.0
-2.3
4.8
0.6
3.5
3.7
3.5
--------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1991

I
II
III
IV

1.1
0.8
1.4
2.2

-1.5
-1.9
-0.9
0.4

-2.6
-2.6
-2.2
-1.8

5.7
4.8
4.5
4.6

0.3
-0.1
0.6
1.6

4.5
4.0
3.1
2.3

3.5
3.4
4.1
3.6

4.2
3.8
3.4
2.8

ANNUAL
1.3
-1.0
-2.3
4.8
0.6
3.5
3.7
3.5
--------------------------------------------------------------------------------------------------------See footnotes following table 6.
August 9, 1994
Source: Bureau of Labor Statistics

Appendix table 2.
Nonfarm business sector: Productivity, hourly compensation, unit labor costs, and prices,
seasonally adjusted
Real
Year
Output per
Hours
CompensacompensaUnit
Unit nonImplicit
and
hour of
of all
tion per
tion per
labor
labor pay- price
quarter
all persons
Output
persons
hour (1)
hour (2)
costs
ments (3)
deflator(4)
--------------------------------------------------------------------------------------------------------Indexes 1982=100
1991

I
II
III
IV

109.9
110.5
111.0
111.5

131.7
132.0
132.4
132.8

119.8
119.5
119.4
119.2

143.9
145.3
147.0
148.8

102.9
103.4
103.7
104.2

130.9
131.5
132.5
133.5

145.4
146.3
147.0
147.2

135.6
136.3
137.2
137.9

ANNUAL
110.7
132.2
119.5
146.2
103.6
132.1
146.5
136.7
--------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1991

I
II
III
IV

3.7
2.1
1.6
1.8

-1.6
1.1
1.1
1.2

-5.1
-1.0
-0.5
-0.6

5.0
4.1
4.6
5.0

1.8
1.8
1.4
1.7

1.2
1.9
2.9
3.2

11.5
2.4
2.0
0.6

4.6
2.1
2.6
2.3

ANNUAL
1.5
-1.0
-2.4
5.0
0.8
3.5
4.2
3.7
--------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1991

I
II
III
IV

1.1
0.9
1.7
2.3

-1.6
-1.9
-0.8
0.5

-2.7
-2.8
-2.5
-1.8

5.8
5.0
4.8
4.7

0.4
0.2
0.9
1.7

4.6
4.1
3.0
2.3

4.3
3.7
4.6
4.0

4.5
3.9
3.6
2.9

ANNUAL
1.5
-1.0
-2.4
5.0
0.8
3.5
4.2
3.7
--------------------------------------------------------------------------------------------------------See footnotes following table 6.
August 9, 1994
Source: Bureau of Labor Statistics

Appendix table 3.
Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
Real
Output per
Hours
CompensacompensaUnit
Year and
hour of
of all
tion per
tion per
labor
quarter
all persons
Output
persons
hour(1)
hour(2)
costs
----------------------------------------------------------------------------------------------Indexes 1982=100
1991

I
II
III
IV

122.6
123.7
125.4
126.2

126.4
126.7
128.8
129.2

103.0
102.4
102.7
102.4

139.7
141.1
142.4
144.6

99.9
100.4
100.5
101.2

113.9
114.1
113.5
114.6

ANNUAL
124.5
127.8
102.6
141.9
100.5
114.0
----------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1991

I
II
III
IV

-1.1
3.6
5.5
2.5

-9.1
0.9
7.0
1.2

-8.1
-2.6
1.3
-1.3

6.1
4.3
3.5
6.5

2.9
1.9
0.3
3.1

7.3
0.6
-1.9
3.8

ANNUAL
2.0
-2.2
-4.1
5.3
1.1
3.3
----------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1991

I
II
III
IV

1.3
2.1
2.3
2.6

-3.4
-3.3
-1.9
-0.2

-4.6
-5.3
-4.1
-2.7

5.9
5.5
5.4
5.1

0.6
0.6
1.4
2.1

4.6
3.3
3.0
2.4

ANNUAL
2.0
-2.2
-4.1
5.3
1.1
3.3
----------------------------------------------------------------------------------------------See footnotes following table 6.
August 9, 1994
Source: Bureau of Labor Statistics

Appendix table 4.
Durable manufacturing: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
Real
Output per
Hours
CompensacompensaUnit
Year and
hour of
of all
tion per
tion per
labor
quarter
all persons
Output
persons
hour(1)
hour(2)
costs
----------------------------------------------------------------------------------------------Indexes 1982=100
1991

I
II
III
IV

130.4
131.8
134.5
136.3

132.3
133.0
135.6
136.2

101.5
100.9
100.8
100.0

137.6
138.8
139.9
142.7

98.5
98.7
98.8
99.9

105.6
105.3
104.0
104.7

ANNUAL
133.2
134.3
100.8
139.7
99.0
104.9
----------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1991

I
II
III
IV

0.8
4.4
8.4
5.4

-9.6
1.9
8.1
1.9

-10.2
-2.4
-0.3
-3.3

6.6
3.3
3.4
8.2

3.4
1.0
0.2
4.7

5.8
-1.0
-4.6
2.6

ANNUAL
3.6
-2.1
-5.6
5.5
1.2
1.8
----------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1991

I
II
III
IV

3.1
3.5
3.7
4.7

-3.3
-3.5
-2.1
0.4

-6.2
-6.8
-5.6
-4.1

6.2
5.5
5.4
5.3

0.8
0.7
1.5
2.3

3.0
1.9
1.6
0.6

ANNUAL
3.6
-2.1
-5.6
5.5
1.2
1.8
----------------------------------------------------------------------------------------------See footnotes following table 6.
August 9, 1994
Source: Bureau of Labor Statistics

Appendix table 5.
Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
Real
Output per
Hours
CompensacompensaUnit
Year and
hour of
of all
tion per
tion per
labor
quarter
all persons
Output
persons
hour(1)
hour(2)
costs
----------------------------------------------------------------------------------------------Indexes 1982=100
1991

I
II
III
IV

113.1
113.8
114.3
114.0

119.1
119.0
120.5
120.6

105.3
104.5
105.4
105.8

143.6
145.6
147.1
148.7

102.8
103.6
103.8
104.1

127.0
127.9
128.6
130.4

ANNUAL
113.8
119.8
105.3
146.2
103.6
128.5
----------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1991

I
II
III
IV

-3.7
2.6
1.7
-1.2

-8.5
-0.5
5.4
0.2

-5.1
-2.9
3.6
1.4

5.9
5.7
4.1
4.3

2.7
3.3
0.8
1.0

10.0
3.0
2.3
5.6

ANNUAL
-0.3
-2.3
-2.0
5.5
1.2
5.8
----------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1991

I
II
III
IV

-1.2
0.2
0.4
-0.2

-3.5
-3.0
-1.7
-1.0

-2.3
-3.2
-2.1
-0.8

6.0
5.8
5.6
5.0

0.6
0.9
1.7
2.0

7.3
5.6
5.2
5.2

ANNUAL
-0.3
-2.3
-2.0
5.5
1.2
5.8
----------------------------------------------------------------------------------------------See footnotes following table 6.
August 9, 1994
Source: Bureau of Labor Statistics

Appendix table 6.
Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits, and prices,
seasonally adjusted
Output
Hourly
Real
Unit
Total
Unit
Implicit
Year
per allcompenhourly
Unit
nonunit
proprice
and
employee
Employee sation
compenlabor
labor
cost
fits
deflator
quarter hour
Output hours
(1)
sation(2) costs
cost(6) (7)
(8)
(4)
---------------------------------------------------------------------------------------------------------Indexes 1982=100
1991

I
II
III
IV

114.0
114.6
115.3
116.4

135.0
135.1
135.9
137.0

118.4
117.9
117.8
117.7

141.7
143.0
144.5
146.3

101.4
101.7
102.0
102.4

124.3
124.8
125.3
125.7

120.7
120.5
120.8
120.1

123.3
123.5
124.0
124.1

162.0
167.2
165.0
164.6

125.7
126.2
126.5
126.6

ANNUAL
115.0
135.7
118.0
143.8
101.9
125.0
120.5
123.7
164.7
126.3
---------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate(5)
1991

I
II
III
IV

2.9
2.2
2.5
3.7

-3.3
0.3
2.4
3.1

-6.0
-1.8
-0.1
-0.5

4.5
3.8
4.2
5.2

1.3
1.5
0.9
1.9

1.6
1.5
1.6
1.4

5.4
-0.8
1.1
-2.3

2.6
0.9
1.5
0.4

25.3
13.5
-5.2
-0.9

4.2
1.9
0.9
0.3

ANNUAL
2.0
-1.1
-3.1
4.8
0.6
2.7
3.7
3.0
-1.7
2.6
---------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
1991

I
II
III
IV

2.1
1.3
2.3
2.8

-1.5
-2.4
-1.1
0.6

-3.5
-3.7
-3.3
-2.2

5.8
4.9
4.5
4.4

0.5
0.0
0.6
1.4

3.7
3.5
2.2
1.6

5.3
5.4
3.3
0.8

4.1
4.0
2.5
1.3

-6.2
-8.8
2.5
7.5

3.2
2.8
2.5
1.8

ANNUAL
2.0
-1.1
-3.1
4.8
0.6
2.7
3.7
3.0
-1.7
2.6
---------------------------------------------------------------------------------------------------------See footnotes following table 6.
August 9, 1994
Source: Bureau of Labor Statistics