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News Bureau of Labor Statistics Historical, technical information: (202) 606-5606 Current data : (202) 606-7828 Media contact: (202) 606-5902 United States Department of Labor Washington, D.C, 20212 USDL 92-759 TRANSMISSION OF THIS MATERIAL IS EMBARGOED UNTIL 10:00 A.M. EST THURSDAY, DECEMBER 3, 1992 PRODUCTIVITY AND COSTS Third Quarter 1992 Business, Nonfarm Business, Manufacturing, and Nonfinancial Corporations The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised labor productivity data—as measured by output per hour of all persons—for the third quarter of 1992. The revised seasonally adjusted annual rates of change in business and nonfarm business productivity in the third quarter were: 3.4 percent in the business sector, 3.0 percent in the nonfarm business sector. Output grew strongly in both sectors and hours increased slightly. Revised manufacturing productivity gains in the third quarter were: 4.6 percent in manufacturing, 5.0 percent in durable goods manufacturing, and 4.0 percent in nondurable goods manufacturing. Output grew slightly and hours fell sharply in manufacturing and each of its sub-sectors. Third-quarter measures are summarized in table A and appear in detail in tables 1-5. 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 7). In nonfinancial corporations, productivity rose 5,2 percent in the third quarter, as output rose 4.0 percent and hours fell 1.1 percent (tables B and 6) . Table A. Productivity and costs: Third-quarter 1992 measures (Seasonally adjusted annual rates) Sector Productivity Output Hours Hourly compensat ion Real hourly compensation Unit labor costs Percent change from preceding quarter Business Nonfarm business Manufacturing Durable Nondurable 3.4 3.0 4.6 5.0 4.0 3.6 3.5 1.4 1.1 1.7 0.2 0.6 -3.1 -3.7 -2.2 3.9 3.5 3.2 3,0 3.6 1.3 0.9 0.6 0.4 1.0 0,5 0-6 -1,4 -1,9 -0.4 Percent change from same quarter a year ago Business Nonfarm business Manufacturing Durable Nondurable 2.9 2.7 2.4 2.7 2.0 2.4 2.3 1.2 0.6 2.1 -0.5 -0.4 -1.2 -2.1 0.1 3.3 3.2 2.1 1.8 2.8 0.2 0.1 0.4 0.5 -1.0 -1.3 -0.3 -0.3 -0.9 0.8 Business Business productivity grew at a 3.4 percent annual rate during the third quarter of 1992, as output rose 3.6 percent and hours of all persons engaged in the sector increased 0.2 percent (seasonally adjusted annual rates). This was the largest gain in output in nearly 4 years. (Output grew 4.0 percent in the fourth quarter of 1988.) During the second quarter of 1992, productivity had increased 1.0 percent (table 1)» Hourly compensation increased at a 3.9 percent annual rate during the third quarter of 1992, compared with a 1.9 percent gain during the previous 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 0.5 percent annual rate during the third quarter, compared with a 0.9 percent increase during the second quarter. Real hourly compensation, which takes into account changes in the Consumer Price Index for All Urban Consumers (CPI-U), increased at a 1.3 percent annual rate during the third quarter, compared with a 1.4 percent decline in the second quarter. The implicit price deflator for business output, which reflects changes in unit labor costs and unit nonlabor payments, declined 0.4 percent in the third quarter, compared with a 2.4 percent increase in the second quarter. This decline in prices partly reflects the impact on the National Income and Product Accounts of unusually large payments to insured property owners affected by hurricanes Andrew and Iniki. Nonfarm business Productivity increased at a 3.0 percent annual rate in the nonfarm business sector during the third quarter of 1992, as output rose 3.5 percent and hours of all persons—employees, proprietors, and unpaid family workers— increased 0.6 percent. During the second quarter of 1992, productivity had increased 1.7 percent in this sector. The third-quarter increase in output was the largest in nearly 4 years. (Output rose 4.9 percent in the fourth quarter of 1988.) Hourly compensation increased 3.5 percent in the third quarter, or 0.9 percent when the increase in the CPI-U was taken into account. During the second quarter, the comparable changes were 2.4 percent and -0.9 percent, respectively. Unit labor costs increased 0.6 percent, compared with a 0.8 percent rise during the second quarter of 1992. The implicit price deflator for nonfarm business output fell 0.5 percent in the third quarter, compared with a 2.5 percent increase one quarter earlier. As in the more comprehensive business sector, this unusual decline partly reflects the influence of compensation payments to insured property owners affected by hurricanes Andrew and Iniki. Manufacturing Output per hour of all persons increased 4.6 percent in the third quarter of 1992 in manufacturing, compared with a 5.3 percent gain during the second quarter. Output increased 1.4 percent and hours of all persons decreased 3.1 percent in the third quarter, while output had risen 5.6 percent and hours had gained 0.3 percent during the previous period. Manufacturing hours have increased in only 2 of the past 14 quarters. Productivity gains were larger among durable goods producers than for nondurables producers, reflecting in part a larger drop in hours in durables (tables 4 and 5) . Hourly compensation of all manufacturing workers increased 3.2 percent during the third quarter, matching the rise during the second quarter. Real hourly compensation rose for the first time in 1992, showing a 0.6 percent increase. Unit labor costs declined at a 1.4 percent annual rate in the third quarter, compared with a 2.0 percent drop during the second quarter of 1992. Manufacturing unit labor costs have declined in 4 of the past 5 quarters. Nonfinancial corporations Preliminary third-quarter 1992 measures of productivity and costs were announced today for nonfinancial corporations (tables B and 6). Output per all-employee hour increased 5.2 percent from the second to the third quarter of 1992, as output increased 4.0 percent and hours fell 1.1 percent, at annual rates. This was the largest quarterly gain in nonfinancial corporate productivity in more than 6 years (a 5.3 percent increase was recorded in the first quarter of 1986). The sector includes all corporations doing business in the United States, except banks, stock and commodity brokers, and finance and insurance agencies. During the second quarter, productivity had risen 2.5 percent in this sector. Table B. Nonfinancial corporations: Preliminary third-quarter productivity and cost measures (Seasonally adjusted annual rates) Period Productivity Output Hours Hourly compensation Real hourly compensation Unit labor costs Unit profits Implicit price deflator Percent change from preceding quarter 1992 III 5.2 4.0 -1.1 3.2 0.6 -1.9 2.3 0.2 19.9 0.8 Percent change from preceding year 1992 III 3.5 3.3 -0.2 2.6 -0.5 -0.9 Hourly compensation increased 3.2 percent, and real hourly compensation increased 0.6 percent when the rise in consumer prices was taken into account. The increase in real hourly compensation followed 3 consecutive quarters of declines (table 6). Unit labor costs fell 1.9 percent in the third quarter, after posting smaller declines in the previous 3 quarters. Unit nonlabor costs rose 5.2 percent in the third quarter, and unit profits rose 2.3 percent. Unit profits had increased strongly in the 3 previous quarters. The implicit deflator for nonfinancial corporate output rose 0.2 percent in the third quarter. Table C. Previous and revised productivity and related measures, third-quarter 1992 Quarterly percent change at seasonally adjusted annual rate Hourly compensation Real hourly Unit compen- labor sation costs Productivity Output Hours 3.0 3.4 3.0 3.6 0.0 0.2 4.0 3.9 1.4 1.3 1.0 0.5 Nonfarm business: Previous 2.6 Current 3.0 3.0 3.5 0.4 0.6 3.7 3.5 1.1 0.9 1.0 0.6 Manufacturing : Previous Current 1.1 1.4 -3.2 -3.1 3.7 3.2 1.0 0.6 -0.7 -1.4 Sector Business: Previous Current 4.4 4.6 Revised measures Previous and revised productivity and cost measures for the third quarter are compared in table C for business, nonfarm business, and manufacturing. The revised movements are based on more complete underlying information than was available on November 5 when the previous results were announced. Next release date The next issue of Productivity and Costs is scheduled for release at 10:00 AM EST, Thursday, February 4, 1993, and will contain fourth-quarter and 1992 annual measures for business, nonfarm business, and manufacturing. Tentative release dates for productivity and costs measures for major sectors of the U.S. economy in 1993 are: 1993 release date Reference period 1992: Fourth Qtr., Annual Fourth Qtr., Annual (revised) March 9* 1993: First Qtr. First Qtr. (revised) Second Qtr, Second Qtr. (revised) Third Qtr. Third Qtr. (revised) May 6 June 8 August 10 September 9 November 4 December 8 February 4 * For nonfinancial corporations, 1992 annual measures only;. fourth quarter results will be included in the May 6 release• These tentative dates are based on presently available schedules for the release of underlying source data in 1993. Each issue of Productivity and Costs contains a "Next release date19 paragraph which readers should use to confirm the tentative dates above. LABOR NEWS at your fingertips You can now get this and other U.S. Department of Labor news releases quickly and easily through LABOR NEWS- a free electronic bulletin board providing a variety of labor-related information and available to anyone with a computer, a modem, and communications software. To register directly, load the following parameters into your computer: PHONE number: BAUD speed: PARITY: DATA bits: STOP bit: (202) 219*4784 300,1200, or 2400 none 8 1 After you have made a connection to LABOR NEWS, follow the registration prompts. Users must pay any toll for long-distance calls. For more information call (202) 219-7243, Monday through Friday, 9 a.m. to 4 p.m. EST. TECHNICAL NOTES Information in this release will be made available to sensory-impaired individuals upon request. Voice phone: 202-606-7828; TDD phone: 202-606-5897; TDD message referral phone number: 1-800-326-2577. 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 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, unpaid family workers, and paid employees of private households. OUTPUT: Business sector 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 1991. Nonfarm business, which also excludes farming, was about 77 percent of GDP in 1991. Total manufacturing measures are computed by summing series prepared for the durable and nondurable goods sectors. Durables include the following 2digit SIC industries: Primary metals; fabricated metal products; industrial machinery and equipment; electronic and other electric equipment; transportation equipment; instruments; lumber and lumber products; furniture and fixtures; stone, clay, and glass products; and miscellaneous manufactures. Nondurables include: Textile mill products, apparel products, paper and allied products, leather and leather products, printing and publishing, chemicals and chemical products, petroleum products, rubber and plastic products, food, and tobacco products. Manufacturing accounted for about 19 percent of GDP in 1991. Nonfinancial corporate output is equal to 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, 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 corporations accounted for about 55 percent of GDP in 1991. 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. Table 1. Business sector: Productivity, hourly compensation, unit labor cost, and prices, seasonally adjusted Real compensaUnit Year Output per Hours Compensation per labor and hour of of all tion per hour (2) costs quarter all persons Output persons hour (1) Unit nonlabor payments (3) Implicit price deflator (4) Indexes 1982=100 1991 1992 I II III IV 109.3 109.8 110.3 111.2 129.2 129.5 130.0 130.6 118.1 117.9 117.8 117.5 144.1 146.1 147.5 148.8 103.1 103.9 104.2 104.2 131 .8 133 .1 133 .7 133 .8 141.2 141.8 142.8 144.3 134 .9 136 .0 136 .7 137 .3 ANNUAL 110.1 129.8 117.9 146.6 103.9 133 .1 142.5 136 .2 112.3 112.5 rl!3.5 131.4 131.9 r!33.1 117.0 117.2 117.2 150.2 151.0 rX52.4 104.5 104.1 104.4 133 .8 134 .1 rl34 .3 147.0 148.9 148.1 138 .2 139 .0 r!38 .8 I II III Percent change from previous quarter at annual rate (5) 1991 1992 I II III IV -1.1 1.6 1.9 3.3 -6.4 0.9 1.6 2.0 -5.3 -0.7 -0.3 -1.3 3.6 5.6 3.9 3.5 0.4 3.0 1.1 0.0 4 .8 3 .9 1.9 0.2 4.9 1.7 3.0 4.1 4 .8 3 .2 2 .3 1 .6 ANNUAL 0.3 -2.2 -2.5 4.9 0.7 4 .6 2.3 3 .8 I II III 3.9 1.0 r3.4 2.3 1.6 r3.6 -1.5 0.6 rO.2 4.0 1.9 r3.9 1.1 -1.4 rl.3 0.1 0.9 rO .5 7.7 5.3 r-2.1 2 .6 2 .4 r-0 .4 Percent change from corresponding quarter of previous year 1991 1992 I II III IV 0.0 -0.4 0.5 1.4 -3.0 -3.2 -1.9 -0.5 ANNUAL 0.3 I II III 2.7 2.5 r2.9 -2.9 -2.8 -2.4 -1.9 5.8 5.2 4.6 4.1 0.5 0.3 0.8 1.1 5 .9 5 .6 4 .1 2.7 1.9 1.3 2.7 3.4 4 .5 4 .1 3.6 3 .0 -2.2 -2.5 4.9 0.7 4 .6 2.3 3 .8 1.7 1.9 r2.4 -1.0 -0.6 r-0.5 4.2 3.3 r3.3 1.3 0.2 rO.2 1 .5 0.8 rO .4 4.1 5.0 3.7 2 .4 2 .2 rl .5 See footnotes following table 6. r=revised December 3, 1992 Source: Bureau of Labor Statistics Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor cost, and prices, seasonally adjusted Real compensaUnit Unit nonHours CompensaYear Output per and hour of tion per labor labor paytion per of all persons quarter all persons Output hour (2) costs ments (3) hour U) Implicit price deflator (4) Indexes 1982^100 1991 1992 I II III IV 107.9 108.4 108.9 109.6 129.4 129.7 130.2 130.7 119.9 119.7 119.6 119.3 143.0 145.0 146.4 147.5 102.3 103.1 103.4 103.3 132.5 133.8 134.4 134.6 142.5 142.6 144.0 145.9 135.7 136.6 137.5 138.3 ANNUAL 108,7 130.0 119.6 145.4 103.0 133.8 143.7 137.0 110.6 111.1 rill. 9 131.5 132.0 r!33.2 118.9 118.9 rl!9.1 148.9 149.8 103.5 103.3 r!03.5 134.6 134.9 r!35.1 148.4 150.6 149.6 139.1 139.9 r!39.8 I II III rlSl.l Percent change from previous quarter at annual rate(5) 1991 1992 I II III IV -0.7 1.7 1.9 2.5 -6.1 0.9 1.5 1.6 -5.5 -0.8 -0.3 -0.9 3.8 5.8 3.9 3.1 0.6 3.2 1.2 -0.4 4.6 4.0 2.0 0.6 5.5 0.1 4.1 5.4 4.9 2.7 2.7 2.2 ANNUAL 0.5 -2.2 -2.6 5.1 0.8 4.6 2.8 4.0 I II III 3.7 1.7 r3.0 2.3 1.7 r3.5 -1.3 0.1 rO.6 3.8 2.4 r3.5 0.9 -0.9 rO.9 0.1 0.8 rO.6 7.1 5.8 -2.5 2.4 2.5 r-0.5 Percent change from corresponding quarter of previous year 1991 1992 I II III IV 0.0 -0.2 0.7 1.3 -3.0 -3.2 -1.9 -0.6 -3.1 -3.0 -2.6 -1,9 6.0 5.5 4.9 4.2 0.6 0.6 1.0 1.1 5.9 5.6 4.1 2.8 2.5 1.6 3.2 3.7 4.7 4.2 3.8 3.1 ANNUAL 0.5 -2.2 -2.6 5.1 0.8 4.6 2.8 4.0 I II III 2.5 2.4 r2.7 1.6 1.8 r2.3 -0.9 -0.6 r-0.4 4.1 3.3 r3.2 1.2 0.2 rO.l 1.7 0.8 rO.5 4.2 5.6 3.9 2.5 2.5 rl.6 See footnotes following table 6. r=revised December 3, 1992 Source: Bureau of Labor Statistics 10 Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor cost, seasonally adjusted Real Hours CompensacompensaOutput per Year of all tion per tion per and hour of Output persons hour (1) hour (2) (6) all persons quarter Unit labor costs Indexes 1982-100 1991 1992 I II III IV 126.1 127.5 129.4 129.7 130.3 131.0 133.2 133.3 103.3 102.8 103.0 102.8 138.5 140.2 141.3 142.8 99.1 99.7 99.8 100.0 109.9 110.0 109.2 110.1 ANNUAL 128.1 131.9 103.0 140.6 99.6 109.8 I II III 129.4 131.0 132.5 132.6 134.4 r!34.8 102.5 102.6 rlOl.8 142.0 143.1 r!44.2 98.7 98.7 r98.8 109.8 109.2 r!08.8 Percent change from preyJrous quarter at annual rate (5) 1991 I II III IV -2.9 4.5 6.2 1.0 -10.5 2.2 7.1 0.2 /.8 -2.2 0.8 -0.8 5.2 4.8 3.1 4.5 1.9 2.3 0.4 0.9 8.4 0.3 -3.0 3.5 ANNUAL 1.9 -2.3 -4.1 5.1 0.8 3.2 -5.0 -0.2 rO.6 -1.3 -2.0 r-1.4 -2.3 -2.2 -1.0 -1.1 0.3 3.2 5.6 5.3 r3.2 r4,6 r-3.1 rl.4 v^ Percent change from corresponding quarter of previous ye^ar 1992 I II III 1991 I II III IV 2.0 2.1 1.7 2.1 -2.9 -3.3 -2,5 -0.5 -4.8 -5.3 -4.1 -2.5 6.1 5.4 5.0 4.4 0.7 0.5 1.1 1.4 4.0 3.2 3.2 2.2 ANNUAL 1.9 -2.3 -4.1 5.1 0.8 3.2 I II III 2.6 2.8 2.4 1.8 2.6 rl.2 -0.8 -0.2 -1.2 2.5 2.1 r2.1 -0.4 -1.0 r-1.0 -0.1 -0.7 r-0.3 1992 See footnotes following table 6. r-revised December 3, 1992 Source: Bureau of Labor Statistics 11 Table 4, Durable manufacturing sector: Productivity, hourly compensation, and unit labor cost, seasonally adjusted Real CompensacompensaUnit Hours Output per Year labor tion per tion per of all hour of Output and costs hour(l) hour (2) all persons (6) persons quarter Indexes 1982=100 1991 1992 I II III IV 135.4 136.8 138.8 139.2 137.6 138.3 140.2 139.7 101 .6 101 .1 101 .0 100 .3 136.5 137.9 139.0 140.9 97 .6 98 .1 98 .2 98 .7 100.8 100.9 100.1 101.3 ANNUAL 137 .5 138.9 101 .1 138.5 98 .1 100 .8 I II III 138 .0 140 .9 r!42 .6 138.2 140.6 141.0 100 .2 99 .8 98 .8 139.3 140.4 r!41.5 96 .8 96 .8 r96 .9 100.9 99.7 r99.2 Percent change from previous quarter at annual rate (5) 1991 1992 I II III IV -4 .2 4 .2 6.3 1 .0 -13.3 2.2 5.5 -1.5 -9 .6 -2 .0 -0 .7 -2 .4 4.7 4.5 3.1 5.7 1.5 1.9 0.4 2 .1 9 .3 0.2 -3 .0 4 .7 ANNUAL 1 .5 -4.0 -5 .4 5.0 0 .8 3 .4 I II III -3 .4 8 .7 r5 .0 -4.0 6.9 rl.l -0 .7 -1 .6 -3 .7 -4.6 3.3 r3.0 -7 .2 -0 .1 rO .4 -1 .2 -4 .9 r-1 .9 Percent change from corresponding quarter of previous year 1991 1992 I II III IV 2 .6 1.6 0 .7 1.7 -3.9 -5.1 -4.8 -2.1 -6 ,3 -6 .6 -5 .5 -3 .7 6.1 5.3 4.8 4.5 0.7 0.4 1 .0 1 .5 3 .4 3 .6 4 .1 2 .7 ANNUAL 1 .5 -4.0 -5 .4 5.0 0 .8 3 .4 I II III 1.9 3 .0 2 .7 0.5 1.6 0.6 -1 .4 -1 .4 -2 .1 2.1 1.8 rl.8 -1 .3 -0 .8 0 .1 -1 .2 r-0 .9 See footnotes following table 6. r=revised r-1 .3 December 3, 1992 Source: Bureau of Labor Statistics 12 Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor cost, seasonally adjusted Real Year Output per Hours CompensacompensaUnit and hour of Output of all tion per tion per labor quarter all persons (6) persons hour(l) hour(2) costs Indexes 1982-100 1991 1992 I II III IV 114.8 116.2 118,0 118.2 121.4 122.1 124.9 125.6 105.7 105.1 105.9 106.3 142.6 144.5 145.7 146.8 102.0 102.7 102.9 102.8 124.2 124.3 123.5 124.2 ANNUAL 116.8 123.5 105.8 144.9 102.6 124.1 I II III 118.9 119.2 r!20.3 125.7 126.9 r!27.5 105.8 106.5 rl05.9 147.2 148.5 r!49.8 102.4 102.4 r!02.6 123.9 124.6 r!24.5 Percent change from previous quarter at annual rate (5) 1991 1992 I II III IV -1.2 5.0 6.1 0.9 -6.4 2.3 9.3 2.5 -5.2 -2.6 3.0 1.5 6.4 5.4 3.4 3.0 3.1 2.9 0.7 -0.6 7.7 0.4 -2.6 2.1 ANNUAL 2.3 0.1 -2.1 5.5 1.2 3.1 I II III 2.2 0.9 r4.0 0.4 3.8 rl-7 -1.8 2.8 r-2.2 1.2 3.4 r3.6 -1.6 0.0 rl.O -1.0 2.5 r-0.4 5.3 3.1 2.3 1.8 Percent change from corresponding quarter of previous year 1991 1992 I II III IV 1.1 2.7 3.1 2.6 -1.5 -0.8 0.9 1.8 -2.5 -3.4 -2.1 -0.9 6.4 5.9 5.5 4.5 1.0 1.0 1.6 1.5 ANNUAL 2,3 0.1 -2.1 5.5 1.2 3.1 I II III 3.5 2.5 r2.0 3.6 3.9 r2.1 0.0 1.4 rO.l 3.2 2.7 r2.8 0.3 -0.4 r-0.3 -0.3 0.2 rO.8 See footnotes following table 6. r=revised December 3, 1992 Source: Bureau of Labor Statistics 13 Table 6. Nonflnancial corporations: Productivity, hourly compensation, unit labor cost, unit profits, and prices, seasonally adjusted Year and quarter Output per allemployee hour Output Employee hours Hourly compensat ion (1) Real hourly compensation (2) Unit labor costs Unit nonlabor cost (7) Total unit cost (8) Unit profits (9) Implicit price deflator (4) Indexes 1982-100 1991 1992 I II III IV 113.0 113.6 114.2 115.3 134.1 134.3 134.9 136.0 118.7 118.2 118.1 117.9 140.8 142.7 144.0 145.2 100.7 101.5 101.7 101.7 124.6 125.7 126.2 125.9 122.2 122.1 123.1 122.8 123.9 124.7 125.3 125.0 151.3 154.5 150.7 155.2 125.6 126.5 126.9 126.9 ANNUAL 113.9 134.8 118.3 143.1 101.4 125.6 122.6 124.7 152.9 126.5 I II III 116.0 116.7 118.2 136.8 137.9 139.3 117.9 118.2 117.8 145.9 146.6 147.8 101.4 101.1 101.2 125.7 125.6 125.0 121.7 121.4 123.0 124.6 124.4 124.4 167.7 179.6 180.6 127.3 127.8 127.9 4.5 8.7 Percent change from previous quarter at annual rate (5) 1991 1992 I II III IV 1.5 2.1 2.1 4.2 -4.9 0.6 1.8 3.4 -6.3 -1.5 -0.3 -0.7 3.5 5.6 3.7 3.3 0.3 3.0 1.0 2.0 3.4 1.5 -0.3 3.3 4.0 2.4 2.0 -0.2 -0.8 -1.0 -0.9 -9.7 12.6 4.1 2.8 1.1 0.1 ANNUAL 1.8 -1.5 -3.3 4.9 0.7 3.0 5.0 3.6 -6.0 2.8 I II III 2.3 2.5 5.2 2.3 3.4 4.0 0.0 1.8 2.0 3.2 -1.0 -1.3 -0.5 -0.4 -1.9 -3.5 -0.9 -1.4 -0.6 36.3 31.5 5.2 0.0 2.3 1.2 1.8 0.2 0.9 . -1.3 0.6 9.4 Percent change from corresponding quarter of previous year 1991 1992 I II III IV 1.7 1.2 2.0 2.5 -2.1 -2.7 -1.4 ANNUAL I II III 5.9 5.3 4.7 4.0 0.5 0.4 0.8 1.0 4.1 4.1 2.6 1.5 6,1 6.3 4.9 2.8 4.6 4.7 3.2 1.9 -9.3 -12.6 -4.2 0.2 -3.8 -3.9 -3.4 -2.2 3.7 3.5 3.1 2.6 2.0 1.8 -1.5 -3.3 4.9 0.7 3.0 5.0 3.6 -6.0 2.8 2.7 2.8 3.5 2.0 2.7 3.3 -0.6 3.6 2.7 2.6 0.7 0.9 -0.1 -0.9 -0.4 -0.6 -0.1 0.5 -0.4 -0.5 -0.2 -0.7 10.8 16.2 19.9 1.3 1.0 0.8 See footnotes following table 6. r=revised 0.0 -0.2 December 3, 1992 Source: Bureau of Labor Statistics 14 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 first published 30 days after the close of the reference period; revisions appear 30 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 -1.8 and +2.1 index points. This interval is based on the performance of this measure between the third quarter of 1976 and the third quarter of 1991. Footnotes, Tables 1-6 (1) Wages and salaries of employees plus employers1 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 ceipital 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.
@FedFRASER