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News Bureau of Labor Statistics United States Department of Labor Washington, D.C. 20212 Historical, technical information: (202) 523-0261 Current data : (20?) 523-1221 or 120R Nedia contact: (202) 523-1913 IJSDL 86-^90 For Release 10 : no AH Tuesday, December?., n COSTS Third Quarter 1986 Rev is ed Data for Bus ines s , Nonf arm Bus iness , and Manuf actnr ing and Preliminary Measures for Nonf inancial Corporations The Rureai of Labor Statistics of the '^.S.. Department 6f Lahor today 'reported revised productivity data— as V^easured by output per hour 5f all persons— for the third quarter of 1986. Based on information now available, the seasonally- adjusted annual rates of productivity increase in the third quarter were: 0.2 0.2 3.7 3.1 4.8 percent percent percent percent percent in in in in in the business sectbr, the nonf arm business sector, manufacturing, durable Eoods manufacturing, and nondurable poods manufacturing. Revised th ird-quart er ineasures are summarized in table "A. ': and appear in detail in tables 1 through 5. Preliiftihary measures for nbnf inancial corporations also announced today indicate that productivity in that sector increased 0.3 percent in the third quarter (tables B and 6). Business Productivity increased at a 0.2 percent annual rate during the third quarter of 1986 in the business sector* The increase was virtually the same as the preliminary tij percent increase published last Ttionth. Output rose 2.5 percent and hours of all persons engaged in the sector increased 2.3 percent (seasonally adjusted annual rates). Duririp the second quarter Of 1986, productivity rose 0.5 percent as output increased 0.3 percent and hours of all persons declined 0.2 percent (table 1). Hourly compensation increased at a 2.9 percent annual rate during the third quarter of 1 986 i compared with a 2*8 percent .pain during, the second quarter. This measure includes wages and salaries, supplements, employer contributions to employee- benefit plans, and taxes. Unit labor costs, which reflect changes in hourly compensation and productivity, increased at a 2.7 percent annual rate during the third quarter , compared with a 2*3 percent increase during the second quarter. Real hourly compensation, which takes into account the increase ir the Consumer Price Index for All Urban Consumers (CP1-H) , increased 0.3 percent in the third quarter. Real hourly compensation had increased 4.5 percent in the second quarter of 1986, partly reflecting falling 'consumer prices. Table A, Productivity and costs; Pevised third quarter (Seasonal.lv adjusted annual rates) Rector Productivity Output Hours Hourlv compen* sation Real hourlv compensation Hnit labor cost's Percent change frnm preceding quarter Business Nonfarm business Manufac.turinp Durable Nondurable n.2 0.2 3.7 3.1 4.S ?.s 3.0 3.o 1.3 S.Q -n.? -0.? -1 .3 -0.1 n.1 -1 .7 r.n. Percent change fron sane quarter a vear a&o Business: •;.,_, ; Nonfarrn business HanufacturinR Durable Nondurable 0.2 0.3 P*3 ?;1 ?.A 9.0 ?.1 3.0 1 .7 0.4 4.7 -0.3 -1'.31 .? 2.^ 9.7 3.4 ?.o ?.q 2*4 1 .3 1 .2 o.« 7.R 2*S 0.2 1 .0 0.7 1 .0 -1.0 Tbfii iiriplicit price deflator^ for the business sector (vtbich reflects changes in unit labor costs and unit nonlabor pavments) increased 3.4 percent in the third quarter, the largest increase in 2 vears. Nonf anp Productivity also increased 0.2 percent in the nonf arm business sector during the^ third quarter of lOSft^ the same as the preliminary measure. Output tose 3.0 percent and hours of all persons— employees, proprietors, and unpaid family workers-- increased 2*8 percent. As in the more comprehensive business sector > output and hours prevT more strongly in the third than in the second quarter (table 2). Hourly compensation increased a modest 2.3 percent in the third quarter, but fell 0.2 percent when the increase in the CP1-H is taken into account. Although hourlv compensation increased at the same. rate in the second and third quarters, real hourly compensation moved quite differently, reflect inp the chanp.es in the rPT.-n. Unit labor costs increased 7.2 percent in the third quarter. "The implicit price deflator for the nonfarm business sector rose 3.3 percent in the third qxiarter, compared with a 1.0 percent increase one quarter earlier. -3- Maruf acturiry. Productivity increased at a 3,7 percent seasonally adjusted annual, rate in manufacturing in the third quarter . of 1986,- ccnpared with the 4.2-percent previously published figure. Output rose 3.0 percent .and hours of, all persons decreased 0.6 percent, During the second quarter, output and. hours both declined (table 3)..... Productivity grew in. both durables- and tnondu rabies,, hut hot.irp of all persons , decl ined in durables while increasing slightly in the nondurable subsector., (Nearly SO percent more people are employed in durable goods production as in nondurable Roods.) Output grew more slowly anonp. durable goods industries (tables 4 and 5). Hourly compensation of all manufacturing sector workers increased °2.^ percent during the third quarter, but declined 0.2 percent when the increase in consimer prices is taken into account, - Unit M labor'costs .fell at a 1 .3 percentannual rate, compared with a 0.5 percent decrease during the second,quarter of 1986. This was the third consecutive quarter during which labor costs ; have fallen in manufacturing. Nonfinancial corporations Preliminary third-quarter 1986 measures of productivity and .costs were also announced today for the nonfinancial corporate sector (tables R and 6), Output per all-employee hour increased 0,3 percent froni the. second to the third quarter of 1986, as output increased 1.4 percent and hours of all employees increased 1.1 percent (table 6). This was the first ' quarter in which productivity rose since the third quarter of 1Q85. The sector includes all corporations doing, business in the United States, except banks, stock and commodity brokers, and finance and insurance agencies. Output and hours grew less rapidly than in the more comprehensive nonfarm business sector reported above. Table B. Nonfinancial corporations; Preliminary third-quarter productivity and cost measures Quarterly percent change at seasonally adjusted annual rates Period Hoi ir|y Produccomperv tivity Output Hours sation Real , hourly conpensation Unit labor Unit costs profits Implicit price deflator 1986 11 to 19R6 III , 0.3 1.4 1.1 1.8 -0.7 1 .5 6.4 3.2 1985 III to 1986 III -0.8 0.8 1 .7 2.2 0.5 3.0 -5.2 2.0 Monrlv onpensation increased 1 .« percent, Nit- decl iped 0.7 percent when the rise ip the CPI-ll is takep into account. Unir labor costs rt>se 1 ,S percent, unit nonlahor costs increased ft .ft percent, apd unit profits rose, ft .A percept (table ft). The implicit deflator for ponf inancial corporate cm.tp.it increased 3.2 percent in the third quarter. Revised measured All prelininary and revised prodiictivitv and cost measures for the third qxiarter are compared in tahle C for the hisiness and manufacturing sectors. the revised prodi.ictivity movements in business and nonfarm business are nearly the same as those reported on October ?P, based on preliminarv information then available. ' In manufacturing, Ofiposite revisions in 'output end hours resi.ilted in smaller productivitv p.ains than had previously been reported. Table C. Preliminary and revised productivity and related measures, third quarter 198ft • Quarterly percent change at seasonally adlusted annual rates •- i . Productivity Sector Hourly compensation Peal hourlv compensation Unit labor costs Output Hours 0.1 0.2* 2.5 2.5 2.4 2.3 2.9 2.9 0.3 0.3 2.8 2.7 Preliminary ! 0.2 0.2 3.? 3.0 3,0 2.8 9.3 2,3 -0.2 -0.2 2.1 2,2 Manuf aeturinp.: Preliminary Revised 4.2 3.7 3.6 3.0 -O.ft -O.ft 2.7 2. A 0.1 ^0.2 -1,5 -1.3 Business: , ,,' Preliminary Pevised Nonf arm business: Revised " Next release date The next issue of Productivitv and Costs is scheduled for release at 10:00 AM EST, Monday, February 2, 1987. and will contain preliminarv fourth*quarter measures for business, nonfarm business, and manufacturing. Tentative release dates for 1987 are:. Reference period Preliminary measures Fourth Qtr. February 2 1987: First Qtr. Second Qtr. Third Qtr. April 27 July 30 October 29 Revised measures March 2 • ' ' June 1 August 27 November 30 -6- 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 nondura&les 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 chemipal 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. Nonfinancial 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, paid employees of- private households and nonprofit institutions, rental value of owner-occupied dwelling, the output of corporations engaged in leaking, finance, stock and commodity tracing, and credit and insurance agencies , and the statistical discrepancy in computing tfie 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 shew the changes fron 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 v 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 Year and quarter Output per hour of all persons Output Hours of all persons Real compensation per hour(2) Compensation per hour(l) Unit labor cost adjusted Unit nonlabor payments (3) Implicit price deflator(4) Indexes 1977= 100 19H5 1986 I II III IV 105. 7 106. 4 107. 3 106. 4 121.3 122.3 123.5 123.8 114.8 115.0 115.2 116.4 172. 3 174. 5 176. 4 178. 0 ANNUAL 106. 4 122.7 115.3 175. 3 I II III 107. 3 107. 4 107, 4 125.3 125.4 126.2 116.8 116.7 rl!7.4 98.4 '•: : i . : - .;< - .:; 179. 180. 4 181. 7 158.3 160.0 161.4 159.6 161.4 99.1 99.0 163.1 164.0 164.4 167.3 98.8 164.8 159.7 163.0 99.2 100.3 100.4 167.0 168.0 169.1 162.2 161.9 r!63.7 165.3 165.8 r!67.2 1.6 4.2 3.7 -4.3 2.7 3.0 1.9 3.0 2.2 2.9 98.7 162.6 163.4 164.6 Percent change from previous quarter at annual rate( 5) 1985 19B6 4.2 5. 1 4.1 1.0 2.6 0.6 0.7 4.3 4. 4 3. 8 -0.5 3.3 2.4 1.0 7.2 1. 0 3.3 2,2 4.3 0.7 3.2 3. 3 0. 5 rO. 2 4.7 0.3 2.5 1.4 2. 5 2.8 2. 9 1.0 4.5 0,3 r-0.7 6.6 -0.2 r2.3 2.3 -0.7 r4.6 1.8 1.2 r3,4 I II III IV 0. 9 2. 7 3. 4 -3. 2 3.6 3.3 ANNUAL I II III 1.0 1.0 1.8 r2.7 Percent change from corresponding quarter of previous year 1985 1986 I II III IV 0. 8 0. 8 1. 7 0. 9 3.8 2.8 3.4 3.0 3.0 2.0 1.7 2.1 3. 9 4. 5 4. 4 4.4 ANNUAL 1. 0 3.3 2.2 I II III 1. 5 3.3 2.5 2.1 1.8 1.6 2.0 i!0 rO. 2 See footnotes following table 6, r=revised p-preliminary 0.3 0.7 1.0 0.8 3.6 2.6 3.4 2.7 2.0 2.8 1.2 3.0 3.1 2.7 2.7 4. 3 0.7 3.2 2.2 2.9 3. 9 3. 4 3. 0 0.8 1.7 1.3 2.4 2.4 2.8 2.5 1.2 2.4 2.0 2.3 , 3,1 rl.4 December 2, 1986 Source: Bureau of Labor Statistics business sector : Productivity, hourly compensation, unit labor cost, and prices, seasonally adjusted Table 2. Year and quarter Output per hour of all persons Output Hours of all persons Cotnpensation per hour(l) Real compensation per hour(2) Unit labor cost Unit nonlabor payments (3) Implicit price deflator^ 4) Indexes 1977*100 1985 1986 104.4 104.9 105.4 104.5 121.1 122.1 123.3 123.6 116.0 116.4 1X6.9 118.2 172.1 174.0 175.4 177.0 98.2 98.4 98.5 98.4 164.8 165.9 166.3 169.3 158.9 160.8 163.0 160.3 162.7 164.1 165.2 166.2 ANNUAL 104.8 122.5 116.9 174.6 98.4 166.7 160.6 164.6 I II III 105.6 105.7 105.8 125.1 125.3 r!26.2 118.5 118.5 rl!9.3 178.3 179.3 180.4 98.8 99.8 99.7 168.8 169.6 170.5 163.9 163.7 r!65.9 167.1 167.5 r!68.9 I II III IV Percent change from previous quarter at annual rate( 5) 1985 1986 I II III IV 0.3 1.8 2.2 -3.5 3.2 3.0 4.0 1.0 2.9 1.2 1.8 4,6 3.9 4.6 3.2 3,7 0.7 0.5 0.7 -0.6 3.6 2.7 1.0 7.4 2.5 4.7 5.7 ~o . 6 3.2 3.4 2.6 2.4 ANNUAL 0.5 3.0 2.6 4.0 0.4 3.5 2.9 3.3 I II III 4.3 0.5 0.2 5.1 0.6 r3.0 0.8 0.1 r2.8 3.1 2.3 2.3 1.6 4.0 -0.2 -1.2 1.8 r2.2 9.3 -0.6 r5.6 2.3 1.0 r3.3 Percent change from corresponding quarter of previous year 1985 1986 I II III IV 0.5 0.2 1.0 0.2 3.6 2.5 3.1 2.8 3.1 2.3 2.1 2.6 3.9 4.2 4.0 3.9 0.3 0.5 0.6 0.3 3.4 4.0 3.0 3.7 3.7 2.8 3.7 1.5 3.5 3.6 3.2 2.9 ANNUAL 0.5 3.0 2.6 4.0 0.4 3.5 2.9 3.3 I II III 1.2 0.8 0.3 3.3 2.7 r2.4 2.1 1.8 2.1 3.6 3.1 r2.9 0.5 1.4 1.2 2.5 2.2 2.5 3.1 1.8 rl.8 2.7 2.1 r2.3 See footnotes following table 6, r=revised p=preliminary December 2, 1986 Source: Bureau of Labor Statistics 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 compensation per hour(2) Unit labor cost Indexes 1977=100 1985 1986 I II III IV 119.3 121.7 123.0 122.9 118.8 119.9 121.2 121.9 99.6 98.5 98.5 99.1 173.8 175.6 178.1 179.3 99.2 99.3 100.0 99.7 145.7 144.3 144.8 145.8 ANNUAL 121.7 120.4 98.9 176.7 99.5 145.1 I II III 123.7 124.7 r!25.8 122.8 122.7 r!23.6 99.3 98.4 98.2 180.2 181.4 r!82.5 99.8 100.9 rlOO.9 145.7 145.5 r!45.0 Percent change from previous quarter at annual rate( 5) 1985 1986 I II III IV 3.9 8.2 4.4 -0.3 3.2 3.7 4.3 2 -4 -0.6 -4.2 -0.1 2.7 5.5 4.3 5.6 2.8 2.2 0.3 3.0 -1.4 1.5 -3.6 1.2 3.0 ANNUAL 4.4 3.8 -0.5 5.0 1.4 0.6 I II III 2.6 3.2 r3.7 3.0 -0.4 r3.0 0.4 -3.5 r-0.6 2.1 2.7 r2.4 0.6 4.4 r-0.2 -0.5 -0.5 r-1.3 Percent change from corresponding quarter of previous year 1985 1986 I II III IV 4.0 5.2 4.4 4.0 4.8 4.0 3.2 3.4 0.8 -1.2 -1.2 -0.6 5.1 5.3 5.3 4.5 1.4 1.6 1.9 1.0 1.1 0.1 0.9 0.5 ANNUAL 4.4 3.8 -0.5 5.0 1.4 0.6 I II III 3.7 2.5 r2.3 3.4 2.3 r2.0 -0.3 -0.2 -0.3 3.7 3.3 r2.5 0.6 1.6 rO.8 0.0 0.8 rO.2 See footnotes following table 6. p-prelit\inary December 2, 1986 Source: Bureau of Labor Statistics 10 Table 4. Durable 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) Heal compensation per hour(2) Unit labor cost Indexes 1 977«100 1985 1986 121,4 124.4 126.3 126.4 122.6 124.1 125.6 126.4 100.9 99.8 99.5 100.0 172.0 173.2 176.5 178.0 98.2 97.9 99.2 98.9 141.6 139.2 139.8 140.8 ANNUAL 124.6 124.7 100.1 174.9 98.5 140.3 I II III 127.1 127.4 r!28.4 126.9 125.7 r!26.1 99.9 98.7 98.2 178.9 180.2 r!81.2 99.1 100.2 100.2 140.8 141.4 r!41.2 I II III IV Percent change from previous quarter at annual rate( 5) 1985 1986 I II III IV 8.2 10.2 6.1 0.5 7.2 5.1 4.9 2.7 -0.9 -4.6 -1.1 2.2 6.1 3.0 7.8 3.3 2.8 -1.0 5.1 -0.9 -1.9 -6.6 1.6 2.8 ANNUAL 6.8 6.6 -0.2 5.0 1.4 -1.7 I II III 2.1 1.0 r3.1 1.5 -3.8 rl.3 -0.6 -4.8 r-1.7 2.2 2.8 r2.4 0.7 4.5 r-O.I 0.1 1.7 r-0.6 Percent change from corresponding quarter of previous year 1985 1986 I II III IV 6,5 7.9 6.8 6.2 8.7 7.4 5.4 5.0 2.0 -0.4 -1.2 -1.1 4.8 4.8 5.6 5.0 1.1 1.1 2.1 1.5 -1.7 -2.8 -1.1 -1.1 ANNUAL 6.8 6.6 -0.2 5.0 1.4 -1.7 I II III 4.7 2.4 rl.7 3.5 1.3 rO.4 -1.1 -1.1 -1.3 4.1 4.0 2.7 0.9 2.3 rl.O -0.6 1.6 rl.O See footnotes following table 6. r=revised p=preliminary December 2, 1986 Source: Bureau of Labor Statistics 11 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 persons Compensa^ tion per hour(l) Real corapensation per hour(2) Unit labor cost Indexes 1977=100 1985 1986 I II III IV 116 .0 117 .5 118 .0 117 ,6 113. 2 113. 6 114. 5 115. 1 97,6 96.7 97.0 97,9 176.5 179.4 180.4 181.3 lOOi 8 101. 5 101. 3 100. 8 152 .1 152 .7 152 .8 154 .1 ANNUAL 117 .3 114. 1 97.3 179.4 101. 0 152 .9 I II III 118 .6 120 ,7 122 .1 116. 7 118. 2 119. 9 98.3 97.9 98.2 182.2 183.5 r!84.7 100. 9 102. 1 r!02.1 153 .6 152 .1 r!51 .3 1. 2 2.8 -0.4 -2.3 7.2 1 .7 0.3 3.4 Percent change from previous quarter at annual rate(5) 1985 1986 I II III IV -2 .6 5.2 1.8 -1 .4 -2.8 1. 5 3. 3 1. 9 -0.2 -3.5 3.4 4.4 6.9 2.1 1.9 ANNUAL 0.7 -0.3 -1.0 5.0 1.4 4,3 I II III 3 .5 7.0 r4 .8 5.6 5. 3 5.9 2.0 -1.6 rl.O 2.2 2.9 r2.6 0.7 4. 6 rO. 1 -1 .3 -3 .9 r-2 .1 1.7 2.3 1. 5 0. 3 5.2 4.8 4.0 3.1 1.5 Percent change from corresponding quarter of previous year 1985 1986 I II III IV 0.1 1.2 0,9 0.1 -0.9 -1.1 -o.3 1.0 -1.0 -2.3 -1.1 0.3 4.9 3.8 ANNUAL 0.1 -o.3 -1.0 5.0 1. 4 4.3 I II III 2.2 3. 1 4.0 4.7 0.8 1.3 3.3 0. 2 0.6 rO.7 1.0 -0 .4 r-1 .0 2.7 r3 .4 See footnotes following table 6. r=revised p=preliminary rl.2 5.3 . 6.1 2.3 r2.4 December 2, 1986 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 per allemployee hour Output Employee Hourly Real hours compensa- hourly tion compen(1) sation(2) Unit labor cost Unit nonlabor cost (7) Total unit cost (8) Unit Implicit proprice fits deflator (9) (4) Indexes 1977«100 1985 1986 I II III IV 106.0 106.5 107.8 107.0 123.1 124.2 126.0 126.1 116.1 116.6 116.8 117.8 169.9 171.6 173.1 174.5 97.0 97.0 97.2 97.0 160.3 161.1 160.5 163.0 178.5 179.8 178.3 179.8 164. 9 165.8 165.0 167.2 129.3 130.2 141.7 131.2 160.6 161.6 162.2 162.9 ANNUAL 106.8 124.8 116.9 172.3 97.0 161.2 179.1 165.8 133.1 161.8 I II III 106.9 106.8 p!06.9 126.9 126.6 p!27.0 118.7 118.5 pi 18. 8 175.4 176.1 p!76.8 97.1 97.9 p97.7 164.0 164.8 p!65.4 181.1 179.9 p!82.8 168.3 168.6 p!69.8 131.7 132.3 p!34.4 164.0 164-.3 p!65.6 Percent change from previous quarter at annual rate(5) 1985 1986 I II III IV 0.8 2.2 4.9 -2.8 3.2 3.7 5.9 0.5 2.4 1.4 1.0 3.4 3.8 4.2 3.4 3,3 0/6 0.2 0.9 -0.9 3.0 2.0 -1.4 6.3 2.2 3.0 -3.3 3.3 2.8 2.3 -1.9 5.5 -3.6 3.0 40.1 -26.4 2.2 2.3 1.7 1.7 ANNUAL 1.2 3.7 2.5 3.9 0.3 2.7 2.6 2.7 -0.2 2.4 I II III -0.5 -0.3 pO.3 3.1 -2.7 p6.6 2.7 0.6 p2.9 1.3 2.0 p6.4 2.5 0.7 p3.2 2.6 -1.1 pi, 4 3.1 -0.8 pl.l 2.0 1.6 pi. 8 0.5 3.3 p-0.7 2.5 1.9 pi. 5 Percent change from corresponding quarter of previous year 1985 1986 0.6 0.6 2.2 1.2 4.1 3.1 4.2 3.3 3.5 2.5 2.0 2.1 3.8 4.1 3.9 3.7 0.2 0.4 0.5 0.2 3.2 3.5 1.6 2.4 4.3 3.9 1.1 1.3 3.5 3.6 1.5 2.1 -3.8 -5.9 8.7 0.6 2.7 2.6 2.2 2.0 ANNUAL 1.2 3.7 2.5 3.9 0.3 2.7 2.6 2.7 -0.2 2.4 I II III 0.9 0.3 p-0.8 3.2 2.0 pO.8 2.2 1.7 pi. 7 3.2 2.6 p2.2 0.2 0.9 pO.5 2.3 2.3 p3.0 1.5 0.0 p2.5 2.1 1.7 p2.9 1.8 1.6 p-5.2 2.1 1.7 p2.0 I II III IV See footnotes following table 6, rsrevised pspreliminary December 2, 1986 Source: Bureau of Labor Statistics -13- SOURCE: Output data from 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. Preliminary results are published 30 days after the close of the reference period; revisions appear 30 days later, and second revisions after an additional 60 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 index 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, vhere there are no self-employed, data also include an estimate of wages, salaries, and supplemental payments for the self-esmployed. (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 /^counts prepared by the Bureau of Economic Analysis of the U.S. Department of Commerce. (7) Unit nonlabor cost includes capi tal consumption allowances, interest, rental income of persons, and indirect taxes. (8) Total unit cost is the sun of labor and nonlabor costs. (9) Unit profits include corporate profits with inventory valuation and capital consumption adjustments.
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