TEXT Table 1. Business sector: Productivity, hourly compensation, unit labor costs, Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs, Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs, Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs, Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs, Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits, Footnotes, Tables 1-6 Appendix table 1. -24- -25- -26- -27- -28- Historical, technical USDL 94-585 information: (202) 606-5606 Transmission of this Current data: (202) 606-7828 material is embargoed Media contact: (202) 606-5902 until 10:00 A.M. EST Wednesday, December 7, 1994. PRODUCTIVITY AND COSTS Third Quarter 1994 The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised productivity data-as measured by output per hour of all persons-for the third quarter of 1994. The seasonally-adjusted annual rates of productivity growth in the third quarter were: 3.5 percent in the business sector, and 2.9 percent in the nonfarm business sector. In both the business and the nonfarm business sectors, productivity increases in the third quarter followed second-quarter declines. Although output in both sectors increased faster in the third quarter than in the second, the increase in hours of all persons slowed substantially. In manufacturing, revised productivity increases in the third quarter were: 3.6 percent in manufacturing, 5.0 percent in durable goods manufacturing, and 1.4 percent in nondurable goods manufacturing. The third-quarter increase in productivity in the manufacturing sector was lower than that recorded in the second quarter. In the nondurable goods sector, third-quarter productivity and output increases were significantly slower than they had been in the previous quarter. In the larger durable goods sector, however, productivity growth in the third quarter was only slightly less than in the second quarter. Manufacturing includes nearly 20 percent of U.S. business sector employment. Third-quarter measures 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 8). -2- Table A. Productivity and costs: Revised third-quarter 1994 measures (Seasonally adjusted annual rates) Real Hourly hourly Unit Produc- compen- compen- labor Sector tivity Output Hours sation sation costs Percent change from preceding quarter Business 3.5 4.4 0.9 3.4 -0.1 0.0 Nonfarm business 2.9 4.2 1.2 3.0 -0.6 0.0 Manufacturing 3.6 5.7 2.0 3.0 -0.5 -0.6 Durable 5.0 8.1 2.9 2.8 -0.8 -2.2 Nondurable 1.4 2.3 0.8 3.3 -0.3 1.8 Percent change from same quarter a year ago Business 2.5 5.5 3.0 3.1 0.2 0.6 Nonfarm business 2.1 5.1 2.9 3.0 0.2 0.9 Manufacturing 5.4 6.8 1.3 2.3 -0.5 -2.9 Durable 6.7 9.0 2.1 2.3 -0.6 -4.2 Nondurable 3.4 3.8 0.4 2.3 -0.5 -1.1 Business From the second quarter to the third quarter of 1994, business sector productivity increased at a 3.5 percent annual rate. As revised, output rose 4.4 percent, and hours of all persons engaged in the sector increased 0.9 percent (seasonally adjusted annual rates). During the second quarter of 1994, productivity had declined 2.0 percent, as output and hours rose by 3.7 and 5.9 percent, respectively (table 1). Hourly compensation increased 3.4 percent during the third quarter of 1994, compared with a 0.2 percent rise in the second quarter. This measure includes wages and salaries, supplements, employer contributions to employee benefit plans, and taxes. Unit labor costs, reflecting similar movements in hourly compensation and productivity, were unchanged in the third quarter. During the previous quarter, these costs had increased 2.3 percent. Real hourly compensation, which takes into account changes in the Consumer Price Index for All Urban Consumers (CPI-U), decreased 0.1 percent in the third quarter after falling 2.5 percent in the second quarter of 1994. The implicit price deflator for the business sector, which reflects changes in unit labor costs and unit nonlabor payments, increased at a 1.8 percent annual rate in the third quarter, compared with a 3.5 percent increase during the second quarter of 1994. -3- Nonfarm business Productivity rose 2.9 percent in the nonfarm business sector during the third quarter of 1994 as output rose 4.2 percent and hours of all persons increased 1.2 percent. During the second quarter of 1994, productivity had fallen 2.1 percent in the nonfarm business sector, reflecting gains of 3.2 percent in output and 5.5 percent in hours (table 2). Hourly compensation increased at a 3.0 percent annual rate in the third quarter, compared with a 0.7 percent increase one quarter earlier. When the rise in the CPI-U is taken into account, real hourly compensation fell at a 0.6 percent annual rate in the third quarter. Real hourly compensation has declined in 5 of the last 7 quarters and is now about the same as it was in the fourth quarter of 1992. Unit labor costs were unchanged in the third quarter after rising 2.9 percent during the second quarter of 1994. The implicit price deflator for nonfarm business output rose 2.2 percent in the third quarter, compared with a 4.5 percent rise 1 quarter earlier. Manufacturing Productivity increased 3.6 percent in manufacturing in the third quarter of 1994, as output rose 5.7 percent and hours of all persons rose 2.0 percent (seasonally adjusted annual rates). Manufacturing productivity has now increased in every quarter since the first quarter of 1991 (when it declined 0.1 percent). Productivity grew more in the durable goods industries than among nondurable goods producers. Output and hours rose in both the durable and the nondurable goods sectors, but the increases in the durable goods sector were higher (tables 3, 4, and 5). Hourly compensation of all manufacturing workers increased 3.0 percent during the third quarter, compared with a 1.4 percent decline during the second quarter (seasonally adjusted annual rates). Real hourly compensation fell 0.5 percent in the third quarter when the increase in the CPI-U is taken into account. During the second quarter, real hourly compensation had declined 4.1 percent. Unit labor costs fell at a 0.6 percent annual rate in the third quarter of 1994. These costs had decreased 6.7 percent during the second quarter of 1994 and have now declined for 4 consecutive quarters. -4- Nonfinancial Corporations Third-quarter 1994 measures of productivity and costs also were announced today for nonfinancial corporations (tables B and 6). Output per all-employee hour rose at a 1.9 percent annual rate, compared with a 1.4 percent decrease during the second quarter. Output increased 4.2 percent in the third quarter of 1994, while hours of all employees increased 2.3 percent, at annual rates. The sector includes all corporations doing business in the United States, except banks, stock and commodity brokers, and finance and insurance agencies. Hourly compensation increased 3.1 percent in the third quarter; it had decreased 0.1 percent in the second quarter. When the rise in the CPI-U is taken into account, real hourly compensation declined 0.4 percent in the third quarter and 2.7 percent in the second. Unit labor costs for nonfinancial corporations increased 1.2 percent in the third quarter, about the same as the 1.4 percent increase in the previous quarter. Unit nonlabor costs rose 3.0 percent, and unit profits 1.3 percent. Unit profits had increased strongly during the second quarter, 20.7 percent. The implicit price deflator for the output of nonfinancial corporations rose 1.6 percent in the third quarter, about the same as the 1.8 percent increase one quarter earlier. -5- Table B. Nonfinancial corporations: Third quarter 1994 productivity and cost measures (Seasonally adjusted annual rates) Real Hourly hourly Unit Implicit Produc- compen- compen- labor Unit price Period tivity Output Hours sation sation costs profits deflator Percent change from preceding quarter 1994 III 1.9 4.2 2.3 3.1 -0.4 1.2 1.3 1.6 Percent change from same quarter a year ago 1994 III 2.1 5.7 3.5 2.4 -0.5 0.3 13.2 1.5 Revised Measures Current and previous measures for the third quarter of 1994 for the business, nonfarm business, and manufacturing sectors are compared in table C. The quarterly movements differ from those reported on November 9 based on information then available. Table C. Previous and revised productivity and related measures Quarterly percent changes at seasonally adjusted annual rates Real Hourly hourly Unit Produc- compen- compen- labor Sector tivity Output Hours sation sation costs Third quarter 1994 Business: Previous . . . . . . . . . 3.1 4.0 0.8 3.3 -0.3 0.2 Current . . . . . . . . . . 3.5 4.4 0.9 3.4 -0.1 0.0 Nonfarm business: Previous . . . . . . . . . 2.7 3.9 1.2 2.9 -0.7 0.1 Current . . . . . . . . . . 2.9 4.2 1.2 3.0 -0.6 0.0 Manufacturing: Previous. . . . . . . . . 5.3 7.1 1.7 3.1 -0.5 -2.1 Current . . . . . . . . . . 3.6 5.7 2.0 3.0 -0.5 -0.6 Productivity and related measures for manufacturing industries include new output estimates from the Bureau of Economic Analysis for 1992 and revised estimates for 1991. This new information places these manufacturing productivity measures on the same basis as the business and nonfarm business sectors which were revised in the August 9 issue of Productivity and Costs. The manufacturing output measures also reflect Indexes of Production from the Board of Governors of the Federal Reserve System which were revised back to January 1991 to incorporate 1992 value-added proportions, revisions to monthly source data, and new seasonal factors. The 1989-91 productivity and cost data for the manufacturing sectors can be found in appendix tables 1-3. -6- Next release date The next release of Productivity and Costs is scheduled for 10:00 AM EST, Tuesday, February 7, 1995. Preliminary fourth-quarter and annual 1994 measures will be released at that time. Tentative release dates for productivity and costs measures for major sectors of the U.S. economy in 1995 are: Reference period 1995 release date 1994: Fourth Qtr., Annual February 7 Fourth Qtr., Annual (revised) March 8* 1995: First Qtr. May 9 First Qtr. (revised) June 14 Second Qtr. August 8 Second Qtr. (revised) September 7 Third Qtr. November 7 Third Qtr. (revised) December 14 * For nonfinancial corporations, 1994 annual measures only: fourth quarter results will be included in the May 9 release. These tentative dates are based on presently available schedules for the release of underlying source data in 1995. Each issue of Productivity and Costs contains a "Next release date" paragraph which readers should use to confirm the tentative dates above. -7- LABSTAT now on INTERNET! BLS Data Now Available on the INTERNET LABSTAT, the Bureau of Labor Statistics public database, provides current and historical data for many surveys as well as numerous press releases. LABSTAT on the Internet is composed of individual databases (in flat file format) corresponding to each of the surveys. Internet users should use Anonymous FTP to access BLS data: stats.bls.gov. Non-Internet users should use the limited dial-in service through a Bulletin Board Service to access BLS data; phone number (202) 606-7060. The major sector labor and multifactor productivity database containing productivity and costs measures is identified by the two-character survey names PR and MP. For each news release published by the BLS, the two most current issues are stored in the */news.release directory. If you have questions or comments regarding the LABSTAT system on the In-ternet, address e-mail to labstat.helpdesk@bls.gov. 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: (202) 219-4784 BAUD speed: 300, 1200, 2400, 9600, 14,400 PARITY: none DATA bits: 8 STOP bit: 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) 219-8831, or FAX (202) 219-8699, Monday through Friday, 9 a.m. to 4 p.m. ET. -8- TECHNICAL NOTES Labor Input: The primary source of hours ufactures. Nondurables include: Food and and employment data is the BLS Current kindred products, tobacco products, Employment Statistics (CES) program, textile mill products, apparel products, which provides monthly survey data on paper and allied products, printing and total employment and average weekly publishing, chemicals and chemical hours of production and nonsupervisory products, petroleum refining and related workers in nonagricultural estab- industries, rubber and plastic products, lishments. Jobs rather than persons are leather and leather products. counted. Weekly hours are adjusted to Manufacturing accounted for about 19 the hours at work definition using the percent of GDP in 1992. Quarterly BLS Hours at Work survey, conducted for manufacturing output measures are based this purpose. on the index of industrial production Data from the BLS Current prepared monthly by the Board of Population Survey (CPS) are used for Governors of the Federal Reserve System farm labor; in the nonfarm sector, the adjusted by BLS to annual manufacturing National Income and Product Accounts output levels (gross product (NIPA) prepared by the Bureau of Eco- originating) from the National Income nomic Analysis of the Department of Com- and Product Accounts prepared by the merce and the CPS are used to measure Bureau of Economic Analysis of the U.S. labor input for government enterprises, Department of Commerce. proprietors and unpaid family workers. Nonfinancial corporate output is equal to GDP in constant 1987 dollars, Output: Business sector output is equal less the output of nonprofit to gross domestic product (GDP) in institutions, output of paid employees constant 1987 dollars, less general of private households, rental value of government, output of nonprofit owner-occupied dwellings, unincorporated institutions, output of paid employees business, the output of corporations of private households, rental value of engaged in banking, finance, stock and owner-occupied dwellings, and the sta- commodity trading, and credit and tistical discrepancy in computing the insurance agencies, and the statistical NIPA. Corresponding exclusions are also discrepancy in computing the NIPA. made in labor inputs. Business output Nonfinancial corporations accounted for was about 78 percent of GDP in 1992. about 56 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 2-digit SIC industries: Primary 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 man- -9- TECHNICAL NOTES Productivity: These productivity mea- sures 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: 202-606-STAT; 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 Compensa- compensa- Unit Unit non- Implicit 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 I 114.5 133.7 116.8 152.2 105.9 133.0 148.4 138.0 II 114.8 134.4 117.1 153.7 106.1 133.9 148.8 138.8 III 115.9 136.1 117.4 156.0 106.8 134.7 145.8 138.3 IV 116.8 137.9 118.1 157.7 107.1 135.1 150.2 140.1 ANNUAL 115.5 135.5 117.4 154.9 106.6 134.2 148.3 138.8 1993 I 116.2 138.1 118.9 158.8 107.0 136.6 149.5 140.8 II 116.4 139.6 119.9 160.0 107.0 137.5 149.6 141.4 III 117.3 140.9 120.1 161.2 107.3 137.4 150.4 141.6 IV 119.0 143.9 121.0 162.1 107.2 136.3 153.8 142.1 ANNUAL 117.2 140.6 120.0 160.5 107.2 136.9 150.9 141.5 1994 I 119.8 145.8 121.7 164.6 108.3 137.4 153.2 142.6 II 119.2 147.2 123.5 164.7 107.6 138.2 155.3 143.8 III r120.2 r148.7 123.7 r166.1 107.5 138.2 r157.3 r144.5 --------------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1992 I 5.5 3.4 -1.9 5.8 3.1 0.3 9.1 3.3 II 1.1 2.2 1.1 4.0 0.7 2.8 1.0 2.2 III 3.7 4.9 1.2 6.1 3.0 2.4 -7.7 -1.3 IV 3.2 5.6 2.3 4.4 1.2 1.2 12.7 5.1 ANNUAL 3.0 2.7 -0.3 5.1 2.0 2.1 2.3 2.2 1993 I -1.9 0.6 2.5 2.6 -0.4 4.6 -2.0 2.3 II 0.6 4.2 3.6 3.1 0.0 2.5 0.3 1.7 III 3.3 4.0 0.7 3.0 1.1 -0.3 2.1 0.6 IV 5.7 8.6 2.8 2.4 -0.6 -3.1 9.4 1.2 ANNUAL 1.5 3.8 2.2 3.6 0.6 2.0 1.7 1.9 1994 I 2.9 5.5 2.5 6.3 4.1 3.3 -1.7 1.5 II -2.0 3.7 5.9 0.2 -2.5 2.3 5.8 3.5 III r3.5 r4.4 r0.9 r3.4 r-0.1 r0.0 r5.3 r1.8 --------------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1992 I 2.8 1.7 -1.1 4.9 2.0 2.1 3.2 2.5 II 2.5 2.0 -0.6 4.9 1.7 2.3 2.5 2.4 III 3.1 3.0 -0.2 5.3 2.2 2.1 0.3 1.5 IV 3.4 4.0 0.6 5.1 2.0 1.7 3.5 2.3 ANNUAL 3.0 2.7 -0.3 5.1 2.0 2.1 2.3 2.2 1993 I 1.5 3.3 1.8 4.3 1.1 2.8 0.7 2.0 II 1.4 3.8 2.4 4.1 0.9 2.7 0.6 1.9 III 1.3 3.6 2.3 3.3 0.5 2.0 3.1 2.4 IV 1.9 4.3 2.4 2.8 0.0 0.9 2.4 1.4 ANNUAL 1.5 3.8 2.2 3.6 0.6 2.0 1.7 1.9 1994 I 3.1 5.6 2.4 3.7 1.1 0.6 2.5 1.2 II 2.4 5.4 3.0 3.0 0.5 0.5 3.8 1.7 III r2.5 r5.5 3.0 r3.1 0.2 0.6 r4.6 r2.0 --------------------------------------------------------------------------------------------------------- See footnotes following table 6. December 7, 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 Compensa- compensa- Unit Unit non- Implicit 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 I 112.6 133.6 118.6 150.9 105.0 134.0 149.5 139.0 II 113.1 134.4 118.8 152.6 105.3 134.9 150.4 139.9 III 113.9 135.9 119.3 154.7 106.0 135.9 147.0 139.5 IV 115.0 137.9 120.0 156.4 106.3 136.1 152.1 141.2 ANNUAL 113.7 135.5 119.2 153.7 105.7 135.2 149.7 139.9 1993 I 114.4 138.3 120.9 157.2 106.0 137.5 151.5 142.0 II 114.5 139.9 122.1 158.2 105.8 138.1 151.8 142.5 III 115.6 141.5 122.4 159.3 106.1 137.7 153.5 142.8 IV 117.0 144.3 123.3 160.2 105.9 136.9 156.1 143.1 ANNUAL 115.4 141.0 122.2 158.7 106.0 137.5 153.3 142.6 1994 I 117.9 146.1 124.0 162.6 106.9 137.9 155.3 143.5 II 117.2 147.3 125.6 162.9 106.4 138.9 158.1 145.1 III r118.1 r148.8 126.0 r164.1 106.2 r138.9 r160.5 r145.9 --------------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1992 I 4.2 2.4 -1.8 5.7 3.0 1.4 6.5 3.2 II 1.9 2.5 0.6 4.6 1.2 2.6 2.3 2.5 III 2.8 4.4 1.6 5.8 2.6 2.9 -8.6 -1.2 IV 3.8 6.2 2.3 4.5 1.2 0.6 14.4 5.1 ANNUAL 2.7 2.4 -0.3 5.1 2.0 2.4 2.2 2.3 1993 I -2.0 1.0 3.0 2.1 -0.9 4.1 -1.4 2.2 II 0.4 4.7 4.3 2.4 -0.7 2.0 0.8 1.6 III 4.0 4.9 0.9 2.8 0.9 -1.2 4.4 0.7 IV 4.9 7.9 2.9 2.4 -0.6 -2.4 7.1 0.8 ANNUAL 1.5 4.1 2.5 3.3 0.2 1.7 2.4 1.9 1994 I 2.9 5.2 2.3 6.1 3.9 3.1 -2.1 1.2 II -2.1 3.2 5.5 0.7 -2.0 2.9 7.5 4.5 III r2.9 r4.2 1.2 r3.0 r-0.6 r0.0 r6.2 r2.2 --------------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1992 I 2.4 1.4 -1.0 4.9 2.0 2.4 2.8 2.5 II 2.4 1.8 -0.6 5.0 1.8 2.5 2.8 2.6 III 2.7 2.6 -0.1 5.3 2.1 2.6 0.0 1.7 IV 3.2 3.8 0.7 5.1 2.0 1.9 3.3 2.4 ANNUAL 2.7 2.4 -0.3 5.1 2.0 2.4 2.2 2.3 1993 I 1.6 3.5 1.9 4.2 1.0 2.6 1.3 2.1 II 1.2 4.0 2.8 3.7 0.5 2.4 0.9 1.9 III 1.5 4.2 2.6 2.9 0.1 1.4 4.4 2.4 IV 1.8 4.6 2.7 2.4 -0.3 0.6 2.7 1.3 ANNUAL 1.5 4.1 2.5 3.3 0.2 1.7 2.4 1.9 1994 I 3.0 5.7 2.6 3.4 0.9 0.3 2.5 1.1 II 2.4 5.3 2.8 3.0 0.5 0.6 4.2 1.8 III 2.1 5.1 2.9 3.0 r0.2 0.9 r4.6 r2.2 --------------------------------------------------------------------------------------------------------- See footnotes following table 6. December 7, 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 Compensa- compensa- Unit and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs -------------------------------------------------------------------------------------------------- Indexes 1982=100 1992 I r126.4 r128.6 101.8 145.2 101.0 r114.9 II r126.8 r129.6 102.2 146.8 101.3 r115.8 III r127.6 r130.3 102.1 148.4 101.6 r116.3 IV r128.8 r132.0 102.5 150.7 102.4 r117.0 ANNUAL r127.5 r130.1 102.0 147.9 101.7 r116.0 1993 I r130.0 r134.0 103.1 150.0 101.1 r115.4 II r130.7 r134.4 102.8 152.1 101.8 r116.4 III r131.7 r135.4 102.8 153.6 102.3 r116.6 IV r133.6 r137.7 103.0 155.1 102.5 r116.1 ANNUAL r131.6 r135.4 102.9 152.8 102.0 r116.1 1994 I r135.7 r140.2 103.3 156.6 103.0 r115.4 II r137.6 r142.7 103.7 156.1 101.9 r113.4 III r138.8 r144.7 r104.2 157.2 101.8 r113.3 -------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1992 I r0.6 r-1.6 -2.1 1.5 -1.1 r0.9 II r1.3 r3.0 1.7 4.5 1.2 r3.2 III r2.6 r2.1 -0.5 4.3 1.2 r1.6 IV r3.8 r5.3 1.4 6.5 3.2 r2.6 ANNUAL r2.1 r1.5 -0.6 4.2 1.2 r2.1 1993 I r3.7 r6.3 2.6 -2.0 -4.9 r-5.5 II r2.4 r1.3 -1.1 6.0 2.8 r3.5 III r3.0 r3.0 0.0 3.9 2.0 r0.9 IV r6.0 r6.9 0.9 3.9 0.9 r-2.0 ANNUAL r3.2 r4.1 0.8 3.3 0.3 r0.1 1994 I r6.4 r7.4 1.0 4.0 1.8 r-2.3 II r5.6 r7.2 1.5 -1.4 -4.1 r-6.7 III r3.6 r5.7 r2.0 r3.0 -0.5 r-0.6 -------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1992 I r2.6 r1.3 -1.2 4.0 1.1 r1.4 II r1.9 r1.7 -0.1 4.0 0.9 r2.1 III r1.4 r0.8 -0.6 4.2 1.1 r2.8 IV r2.1 r2.2 0.1 4.2 1.1 r2.1 ANNUAL r2.1 r1.5 -0.6 4.2 1.2 r2.1 1993 I r2.9 r4.2 1.3 3.3 0.1 r0.4 II r3.1 r3.7 0.6 3.6 0.5 r0.5 III r3.2 r4.0 0.7 3.5 0.7 r0.3 IV r3.8 r4.4 0.6 2.9 0.2 r-0.8 ANNUAL r3.2 r4.1 0.8 3.3 0.3 r0.1 1994 I r4.4 r4.6 0.2 4.4 1.9 r0.0 II r5.3 r6.1 0.8 2.6 0.1 r-2.5 III r5.4 r6.8 1.3 r2.3 -0.5 r-2.9 -------------------------------------------------------------------------------------------------- See footnotes following table 6. December 7, 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 Compensa- compensa- Unit and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs -------------------------------------------------------------------------------------------------- Indexes 1982=100 1992 I r135.3 r134.5 99.4 143.1 99.5 r105.7 II r136.4 r135.7 99.5 144.9 100.0 r106.2 III r137.5 r136.5 99.3 146.4 100.2 r106.5 IV r139.2 r138.7 99.7 149.2 101.4 r107.2 ANNUAL r137.3 r136.3 99.3 146.1 100.5 r106.4 1993 I r141.0 r141.6 100.4 147.4 99.4 r104.5 II r142.3 r142.2 99.9 149.4 100.0 r105.0 III r143.4 r143.5 100.1 150.7 100.3 r105.1 IV r146.6 r147.4 100.5 152.3 100.7 r103.9 ANNUAL r143.5 r143.7 100.1 150.1 100.2 r104.6 1994 I r149.3 r150.8 101.0 154.0 101.2 r103.1 II r151.2 r153.4 101.4 153.1 100.0 r101.2 III r153.1 r156.4 r102.2 r154.1 99.8 r100.7 -------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1992 I r-1.0 r-3.2 -2.2 0.9 -1.7 r1.9 II r3.3 r3.7 0.4 5.2 1.8 r1.8 III r3.1 r2.2 -0.8 4.1 1.0 r1.1 IV r5.1 r6.8 1.6 8.1 4.7 r2.8 ANNUAL r3.0 r1.5 -1.5 4.5 1.5 r1.4 1993 I r5.5 r8.5 2.8 -4.8 -7.6 r-9.8 II r3.7 r1.8 -1.9 5.6 2.5 r1.9 III r3.0 r3.9 0.8 3.4 1.5 r0.3 IV r9.4 r11.2 1.7 4.4 1.3 r-4.6 ANNUAL r4.5 r5.4 0.8 2.8 -0.2 r-1.7 1994 I r7.3 r9.5 2.0 4.4 2.3 r-2.7 II r5.3 r7.1 1.7 -2.3 -4.9 r-7.2 III r5.0 r8.1 r2.9 r2.8 r-0.8 r-2.2 -------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1992 I r3.5 r1.3 -2.1 4.0 1.1 r0.5 II r3.3 r1.8 -1.4 4.4 1.3 r1.1 III r2.2 r0.7 -1.5 4.6 1.5 r2.3 IV r2.6 r2.3 -0.2 4.5 1.4 r1.9 ANNUAL r3.0 r1.5 -1.5 4.5 1.5 r1.4 1993 I r4.2 r5.3 1.0 3.0 -0.1 r-1.2 II r4.3 r4.8 0.4 3.1 0.0 r-1.1 III r4.3 r5.2 0.8 2.9 0.1 r-1.3 IV r5.4 r6.3 0.8 2.1 -0.7 r-3.2 ANNUAL r4.5 r5.4 0.8 2.8 -0.2 r-1.7 1994 I r5.8 r6.5 0.7 4.4 1.9 r-1.3 II r6.2 r7.9 1.6 2.4 0.0 r-3.6 III r6.7 r9.0 r2.1 2.3 r-0.6 r-4.2 -------------------------------------------------------------------------------------------------- See footnotes following table 6. December 7, 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 Compensa- compensa- Unit and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs -------------------------------------------------------------------------------------------------- Indexes 1982=100 1992 I 115.4 121.5 105.3 149.5 104.0 r129.6 II r115.0 r122.1 106.2 151.0 104.2 r131.3 III r115.6 r122.7 106.1 152.7 104.6 r132.1 IV r116.2 r123.7 106.4 154.2 104.8 r132.7 ANNUAL r115.6 r122.5 105.9 152.0 104.5 r131.4 1993 I 116.5 r124.7 107.0 155.2 104.6 r133.1 II r116.7 r124.9 107.0 157.7 105.5 r135.1 III r117.6 r125.5 106.7 159.5 106.2 r135.6 IV r118.0 r125.8 106.6 160.7 106.2 r136.2 ANNUAL r117.2 r125.2 106.8 158.3 105.7 r135.0 1994 I r119.4 r127.2 106.5 161.9 106.5 r135.6 II r121.2 r129.5 106.9 161.9 105.7 r133.5 III r121.6 r130.3 107.1 163.2 r105.7 r134.1 -------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1992 I r2.7 r0.6 -2.0 2.4 -0.3 r-0.3 II r-1.4 r2.0 3.4 3.9 0.5 r5.3 III r2.1 r1.9 -0.2 4.6 1.5 r2.5 IV r2.2 r3.3 1.1 4.1 0.8 r1.9 ANNUAL r0.9 r1.5 0.6 4.0 0.9 r3.1 1993 I r1.2 r3.5 2.3 2.4 -0.6 r1.2 II r0.7 r0.6 -0.1 6.6 3.4 r5.9 III r3.0 r1.8 -1.1 4.6 2.7 r1.6 IV r1.4 r1.1 -0.3 3.1 0.1 r1.7 ANNUAL r1.4 r2.3 0.9 4.1 1.1 r2.7 1994 I r5.0 r4.6 -0.4 3.1 0.9 r-1.9 II r6.1 r7.4 1.3 -0.1 -2.8 r-5.8 III r1.4 r2.3 r0.8 r3.3 -0.3 r1.8 -------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1992 I r1.3 r1.3 0.0 4.1 1.2 r2.8 II r0.0 r1.6 1.6 3.7 0.6 r3.7 III r0.3 r1.0 0.7 3.8 0.7 r3.5 IV r1.4 r2.0 0.6 3.8 0.7 r2.3 ANNUAL r0.9 r1.5 0.6 4.0 0.9 r3.1 1993 I r1.0 r2.7 1.7 3.8 0.6 r2.7 II r1.5 r2.3 0.8 4.4 1.3 r2.9 III r1.7 r2.3 0.6 4.4 1.6 r2.7 IV r1.5 r1.8 0.2 4.2 1.4 r2.6 ANNUAL r1.4 r2.3 0.9 4.1 1.1 r2.7 1994 I r2.5 r2.0 -0.4 4.3 1.8 r1.8 II 3.8 3.7 -0.1 2.7 0.2 -1.1 III r3.4 r3.8 r0.4 2.3 -0.5 r-1.1 -------------------------------------------------------------------------------------------------- See footnotes following table 6. December 7, 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 all- compen- hourly Unit non- unit pro- price and employee Employee sation compen- labor labor cost fits deflator quarter hour Output hours (1) sation(2) costs cost(6) (7) (8) (4) ---------------------------------------------------------------------------------------------------------- Indexes 1982=100 1992 I 116.8 137.3 117.6 147.7 102.7 126.5 119.3 124.5 170.4 127.3 II 117.6 138.8 118.1 149.4 103.1 127.1 118.0 124.5 175.6 127.6 III 119.1 140.7 118.1 151.5 103.7 127.2 119.0 124.9 171.0 127.7 IV 120.6 143.4 118.9 153.1 104.0 127.0 115.7 123.8 191.2 127.9 ANNUAL 118.5 140.0 118.2 150.4 103.5 126.9 118.0 124.4 177.2 127.7 1993 I 120.0 143.3 119.4 154.0 103.8 128.3 116.8 125.0 183.7 128.7 II 121.3 145.9 120.3 154.5 103.4 127.3 115.8 124.1 199.4 128.7 III 122.7 148.1 120.7 155.4 103.5 126.7 115.8 123.6 202.5 128.5 IV 124.1 150.9 121.6 155.9 103.1 125.7 114.8 122.6 220.9 128.7 ANNUAL 122.0 147.0 120.5 154.9 103.5 127.0 115.8 123.8 201.9 128.6 1994 I 125.1 153.0 122.3 157.9 103.8 126.2 116.6 123.5 218.2 129.4 II 124.6 154.8 124.2 157.9 103.1 126.7 115.2 123.4 228.7 129.9 III 125.2 156.5 124.9 159.1 103.0 127.0 116.1 123.9 229.4 130.4 ---------------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1992 I 1.3 0.9 -0.4 3.9 1.2 2.6 -2.6 1.2 14.8 2.2 II 2.9 4.7 1.7 4.7 1.3 1.7 -4.4 0.0 12.8 1.0 III 5.2 5.5 0.3 5.7 2.5 0.4 3.5 1.2 -10.0 0.2 IV 5.1 8.0 2.7 4.3 1.0 -0.8 -10.4 -3.5 56.4 0.7 ANNUAL 3.0 3.2 0.1 4.6 1.6 1.6 -2.1 0.5 7.6 1.1 1993 I -1.9 -0.3 1.7 2.3 -0.7 4.4 3.6 4.2 -14.9 2.3 II 4.5 7.5 2.8 1.4 -1.7 -3.0 -3.3 -3.1 38.9 0.2 III 4.5 6.0 1.5 2.2 0.4 -2.1 0.0 -1.6 6.5 -0.8 IV 4.7 7.8 3.0 1.4 -1.5 -3.1 -3.4 -3.2 41.5 0.6 ANNUAL 3.0 5.0 2.0 3.0 0.0 0.0 -1.9 -0.5 14.0 0.8 1994 I 3.3 5.8 2.5 5.1 3.0 1.8 6.6 3.1 -4.9 2.2 II -1.4 4.8 6.4 -0.1 -2.7 1.4 -4.8 -0.3 20.7 1.8 III 1.9 4.2 2.3 3.1 -0.4 1.2 3.0 1.7 1.3 1.6 ---------------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1992 I 2.4 1.7 -0.7 4.3 1.4 1.8 -1.2 1.0 5.2 1.3 II 2.6 2.7 0.2 4.5 1.3 1.9 -2.1 0.8 5.0 1.1 III 3.3 3.5 0.3 4.9 1.7 1.6 -1.5 0.7 3.7 0.9 IV 3.6 4.7 1.1 4.6 1.5 1.0 -3.6 -0.3 16.2 1.1 ANNUAL 3.0 3.2 0.1 4.6 1.6 1.6 -2.1 0.5 7.6 1.1 1993 I 2.8 4.4 1.6 4.2 1.0 1.4 -2.1 0.5 7.8 1.1 II 3.2 5.1 1.9 3.4 0.3 0.2 -1.8 -0.3 13.6 0.8 III 3.0 5.2 2.2 2.6 -0.3 -0.4 -2.7 -1.0 18.5 0.6 IV 2.9 5.2 2.2 1.8 -0.9 -1.0 -0.8 -1.0 15.5 0.6 ANNUAL 3.0 5.0 2.0 3.0 0.0 0.0 -1.9 -0.5 14.0 0.8 1994 I 4.2 6.8 2.4 2.5 0.0 -1.6 -0.1 -1.2 18.8 0.5 II 2.7 6.1 3.3 2.2 -0.3 -0.5 -0.5 -0.5 14.7 0.9 III 2.1 5.7 3.5 2.4 -0.5 0.3 0.3 0.3 13.2 1.5 ---------------------------------------------------------------------------------------------------------- See footnotes following table 6. December 7, 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 first published 30 days after the close of the reference period; revisions appear about 35 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 initial value by between -2.0 and +2.0 index points. This interval is based on the performance of this measure between the third quarter of 1976 and the fourth quarter of 1992. 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 self-employed. (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) 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. (7) Total unit cost is the sum of labor and nonlabor costs. (8) Unit profits include corporate profits with inventory valuation and capital consumption adjustments. Appendix table 1. Manufacturing sector: Productivity, hourly compensation, and unit labor costs, seasonally adjusted Real Output per Hours Compensa- compensa- Unit Year and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs ----------------------------------------------------------------------------------------------- Indexes 1982=100 1989 I 120.4 132.6 110.2 126.6 100.4 105.2 II 120.5 132.2 109.7 126.7 98.8 105.1 III 119.0 130.2 109.4 128.1 99.1 107.6 IV 119.7 129.6 108.3 130.2 99.8 108.8 ANNUAL 119.9 131.2 109.4 127.9 99.5 106.7 1990 I 121.0 130.7 108.0 131.8 99.3 109.0 II 121.0 130.9 108.1 133.8 99.8 110.5 III 122.6 131.3 107.1 135.1 99.1 110.2 IV 123.2 129.7 105.3 137.6 99.2 111.7 ANNUAL 122.1 130.6 107.0 134.7 99.5 110.4 1991 I 123.2 127.0 103.1 139.7 99.9 113.4 II 124.4 127.4 102.4 141.1 100.4 113.4 III 125.8 129.2 102.7 142.4 100.5 113.1 IV 126.2 129.1 102.3 144.6 101.3 114.6 ANNUAL 124.9 128.2 102.6 141.9 100.5 113.7 ----------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1989 I 1.7 3.3 1.6 3.7 -0.8 2.0 II 0.6 -1.2 -1.7 0.1 -6.0 -0.5 III -4.9 -5.9 -1.1 4.5 1.2 9.9 IV 2.4 -1.9 -4.2 6.9 2.8 4.4 ANNUAL 0.6 0.9 0.4 3.9 -0.9 3.3 1990 I 4.2 3.4 -0.8 5.0 -1.8 0.8 II 0.3 0.5 0.2 6.1 1.8 5.8 III 5.2 1.4 -3.6 4.0 -2.9 -1.2 IV 2.1 -4.8 -6.8 7.6 0.6 5.4 ANNUAL 1.8 -0.4 -2.2 5.3 -0.1 3.5 1991 I -0.1 -8.2 -8.1 6.1 2.9 6.3 II 4.0 1.3 -2.6 4.3 1.9 0.3 III 4.7 6.0 1.3 3.6 0.4 -1.1 IV 1.1 -0.3 -1.4 6.6 3.2 5.4 ANNUAL 2.3 -1.9 -4.1 5.3 1.1 3.0 ----------------------------------------------------------------------------------------------- -24- Percent change from corresponding quarter of previous year 1989 I 1.5 3.3 1.8 4.7 0.0 3.1 II 1.3 2.1 0.8 3.7 -1.3 2.4 III -0.4 -0.1 0.3 3.5 -1.2 4.0 IV -0.1 -1.5 -1.4 3.8 -0.8 3.9 ANNUAL 0.6 0.9 0.4 3.9 -0.9 3.3 1990 I 0.5 -1.5 -2.0 4.1 -1.0 3.6 II 0.4 -1.0 -1.5 5.6 1.0 5.2 III 3.0 0.8 -2.1 5.5 -0.1 2.4 IV 2.9 0.1 -2.8 5.6 -0.6 2.7 ANNUAL 1.8 -0.4 -2.2 5.3 -0.1 3.5 1991 I 1.8 -2.9 -4.6 5.9 0.6 4.0 II 2.8 -2.7 -5.3 5.5 0.6 2.6 III 2.6 -1.6 -4.1 5.4 1.4 2.7 IV 2.4 -0.4 -2.8 5.1 2.1 2.7 ANNUAL 2.3 -1.9 -4.1 5.3 1.1 3.0 ----------------------------------------------------------------------------------------------- See footnotes following table 6. December 7, 1994 Source: Bureau of Labor Statistics -25- Appendix table 2. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs, seasonally adjusted Real Output per Hours Compensa- compensa- Unit Year and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs ----------------------------------------------------------------------------------------------- Indexes 1982=100 1989 I 125.6 140.8 112.1 124.3 98.5 98.9 II 126.4 140.2 110.9 124.2 96.9 98.2 III 125.5 138.0 110.0 125.8 97.3 100.3 IV 125.3 136.1 108.6 128.5 98.4 102.5 ANNUAL 125.7 138.8 110.4 125.6 97.8 100.0 1990 I 126.4 136.8 108.2 129.7 97.7 102.6 II 127.2 137.7 108.2 131.5 98.1 103.4 III 129.7 138.5 106.8 132.8 97.3 102.4 IV 130.3 135.9 104.3 135.4 97.6 103.9 ANNUAL 128.6 137.2 106.7 132.5 97.8 103.1 1991 I 130.7 132.7 101.5 137.6 98.4 105.3 II 132.1 133.2 100.9 138.7 98.7 105.1 III 134.5 135.6 100.8 139.9 98.8 104.1 IV 135.6 135.5 99.9 142.7 99.9 105.2 ANNUAL 133.2 134.3 100.8 139.7 99.0 104.9 ----------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1989 I 2.3 4.0 1.6 4.5 -0.2 2.1 II 2.5 -1.8 -4.3 -0.5 -6.5 -2.9 III -3.0 -6.1 -3.2 5.4 2.0 8.6 IV -0.5 -5.5 -5.0 8.7 4.5 9.2 ANNUAL 1.3 1.3 0.0 4.2 -0.6 2.8 1990 I 3.4 2.0 -1.4 3.8 -3.0 0.4 II 2.7 2.7 0.0 5.8 1.5 3.0 III 8.0 2.2 -5.4 3.9 -3.0 -3.8 IV 1.9 -7.2 -9.0 8.3 1.3 6.3 ANNUAL 2.3 -1.1 -3.3 5.5 0.1 3.1 1991 I 1.3 -9.0 -10.2 6.5 3.3 5.2 II 4.1 1.6 -2.4 3.3 1.0 -0.7 III 7.5 7.1 -0.4 3.5 0.3 -3.8 IV 3.5 0.0 -3.4 8.3 4.9 4.6 ANNUAL 3.6 -2.1 -5.6 5.5 1.2 1.8 ----------------------------------------------------------------------------------------------- -26- Percent change from corresponding quarter of previous year 1989 I 1.9 4.8 2.8 4.3 -0.3 2.4 II 2.1 2.7 0.6 3.9 -1.2 1.7 III 0.8 0.2 -0.7 4.0 -0.7 3.1 IV 0.3 -2.4 -2.7 4.5 -0.1 4.1 ANNUAL 1.3 1.3 0.0 4.2 -0.6 2.8 1990 I 0.6 -2.9 -3.5 4.3 -0.8 3.7 II 0.6 -1.8 -2.4 5.9 1.2 5.2 III 3.4 0.3 -3.0 5.5 0.0 2.1 IV 4.0 -0.2 -4.0 5.4 -0.8 1.4 ANNUAL 2.3 -1.1 -3.3 5.5 0.1 3.1 1991 I 3.5 -3.0 -6.2 6.1 0.8 2.6 II 3.8 -3.2 -6.8 5.5 0.6 1.6 III 3.7 -2.1 -5.6 5.4 1.5 1.7 IV 4.1 -0.3 -4.2 5.4 2.4 1.2 ANNUAL 3.6 -2.1 -5.6 5.5 1.2 1.8 ----------------------------------------------------------------------------------------------- See footnotes following table 6. December 7, 1994 Source: Bureau of Labor Statistics -27- Appendix table 3. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs, seasonally adjusted Real Output per Hours Compensa- compensa- Unit Year and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs ----------------------------------------------------------------------------------------------- Indexes 1982=100 1989 I 114.0 122.6 107.5 130.1 103.1 114.1 II 113.4 122.5 108.0 130.7 101.9 115.3 III 111.2 120.7 108.6 131.8 102.0 118.6 IV 112.9 121.7 107.8 133.2 102.1 118.0 ANNUAL 112.8 121.9 108.0 131.5 102.3 116.5 1990 I 114.4 123.3 107.8 135.5 102.1 118.5 II 113.5 122.5 107.9 137.7 102.7 121.3 III 113.9 122.6 107.7 139.2 102.1 122.3 IV 114.5 122.1 106.6 141.6 102.1 123.6 ANNUAL 114.1 122.6 107.5 138.6 102.3 121.4 1991 I 113.9 119.9 105.3 143.6 102.7 126.1 II 115.0 120.1 104.5 145.6 103.6 126.7 III 115.2 121.5 105.4 147.1 103.8 127.6 IV 114.6 121.3 105.8 148.7 104.1 129.7 ANNUAL 114.6 120.7 105.3 146.2 103.6 127.5 ----------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1989 I 0.7 2.3 1.6 2.5 -2.0 1.8 II -2.3 -0.3 2.1 1.6 -4.6 4.1 III -7.5 -5.6 2.1 3.6 0.3 12.0 IV 6.5 3.3 -3.0 4.2 0.2 -2.1 ANNUAL -0.4 0.5 0.9 3.6 -1.2 4.1 1990 I 5.2 5.2 0.1 7.1 0.1 1.9 II -3.0 -2.5 0.5 6.6 2.3 9.9 III 1.3 0.4 -0.9 4.5 -2.4 3.1 IV 2.3 -1.5 -3.7 7.0 0.0 4.5 ANNUAL 1.1 0.6 -0.5 5.4 0.0 4.2 1991 I -2.2 -7.1 -5.0 5.9 2.7 8.2 II 3.9 0.8 -3.0 5.7 3.3 1.8 III 0.9 4.6 3.6 4.1 0.8 3.1 IV -2.1 -0.7 1.4 4.4 1.1 6.6 ANNUAL 0.5 -1.6 -2.0 5.5 1.2 5.0 ----------------------------------------------------------------------------------------------- -28- Percent change from corresponding quarter of previous year 1989 I 1.0 1.2 0.2 5.0 0.3 4.0 II 0.3 1.4 1.1 3.6 -1.5 3.3 III -2.2 -0.5 1.8 3.0 -1.7 5.3 IV -0.8 -0.1 0.7 3.0 -1.5 3.8 ANNUAL -0.4 0.5 0.9 3.6 -1.2 4.1 1990 I 0.3 0.6 0.3 4.1 -1.0 3.8 II 0.1 0.0 -0.1 5.4 0.7 5.3 III 2.4 1.5 -0.9 5.6 0.0 3.1 IV 1.4 0.4 -1.0 6.3 0.0 4.8 ANNUAL 1.1 0.6 -0.5 5.4 0.0 4.2 1991 I -0.4 -2.7 -2.3 6.0 0.6 6.4 II 1.3 -1.9 -3.2 5.8 0.9 4.4 III 1.2 -0.9 -2.1 5.6 1.7 4.4 IV 0.1 -0.7 -0.8 5.0 2.0 4.9 ANNUAL 0.5 -1.6 -2.0 5.5 1.2 5.0 ----------------------------------------------------------------------------------------------- See footnotes following table 6. December 7, 1994 Source: Bureau of Labor Statistics