TEXT Table 1. Private business sector: Productivity and related measures, 1948-94 [1] Table 2. Private nonfarm business sector: Productivity and related measures, 1948-94 [1] Table 3. Manufacturing sector: Productivity and related measures, 1949-93 Table 4. Private business sector: Productivity and related measures, 1949-94 [1] Table 5 Private nonfarm business sector: Productivity and related measures, 1949-94 [1] Table 6. Manufacturing sector: Productivity and related measures, 1950-93 18 Table 7. Real capital input by asset type, 1948-94 Table 8. Manufacturing industries: multifactor productivity trends, 1949-93 Historical, technical USDL 95-518 information: (202) 606-5606 For Release: 10:00 AM EST Media contact: (202) 606-5902 Wednesday, January 17,1996 MULTIFACTOR PRODUCTIVITY TRENDS, 1994 Private Business, Private Nonfarm Business, and Manufacturing The Bureau of Labor Statistics of the U.S. Department of Labor today reported multifactor productivity data--output per unit of combined labor and capital inputs--for 1994. Multifactor productivity differs from the labor productivity (output per hour) measures that are published quarterly by BLS. The only input that can be computed on a quarterly basis is aggregate hours (calculated from data on employment and average weekly hours). This permits preparation of quarterly data on labor productivity, but not multifactor productivity, which requires information on capital services and other data not available on a quarterly basis. In the most recent year available, multifactor productivity in the private business and private nonfarm business sectors changed at the following percentage rates: 1993-94 Private business 0.7 Private nonfarm business 0.5 Multifactor productivity increased for the third consecutive year in both sectors and at about the same rates as in 1993. The 1994 annual changes are summarized in table A; further detail and historical measures are shown in tables 1 through 8. In July 1995, BLS announced that it would introduce new measures of multifactor productivity for manufacturing in this release. Multifactor productivity in manufacturing is measured as sectoral output per unit of combined capital, labor, energy, materials, and purchased business services inputs. Because both output and inputs in manufacturing differ conceptually from the multifactor measures for the major sectors, manufacturing measures are not directly comparable with the private business and private nonfarm business measures. (See pages 6-8 for multifactor productivity in manufacturing.) 2 Private business and private nonfarm business For private business and private nonfarm business, the change in multifactor productivity reflects the difference between the change in real value-added output (production of goods and services) and the change in labor and capital inputs engaged in the production of the output. Multifactor productivity does not measure the specific contributions of labor, capital, or any other factor of production. Instead, it reflects the joint effects of many factors, including new technology, economies of scale, managerial skill, and changes in the organization of production. A change in multifactor productivity reflects the change in output that cannot be accounted for by the change in combined inputs of labor and capital. In contrast, a change in labor productivity reflects the change in output that cannot be accounted for by the change in hours of all persons engaged in production. Table A. Productivity and related data, percentage changes, 1993-94 Private Private nonfarm Item business 1/ busines s 1/ Productivity: Multifactor productivity 2/ 0.7 0.5 Output per hour of all persons 0.8 0.7 Output per unit of capital services 1.6 1.3 Output 4.4 4.2 Inputs: Labor input 4.0 4.0 Capital services 2.7 2.9 Combined units of labor and capital inputs 3/ 3.6 3.7 Analytic ratio: Capital services per hour of all persons -0.8 -0.6 1/ Excludes government enterprises. 2/ Output per unit of combined labor and capital inputs. 3/ Labor input index combined with capital service input index, weighted by labor's and capital's shares of nominal output. 3 Changes in 1993-94 Private business sector Multifactor productivity in private business rose 0.7 percent in 1994. The 1994 gain was slightly faster than the 1993 gain (tables 1 and 4). Economic activity accelerated in 1994. Output advanced 4.4 percent and combined inputs of capital and labor increased 3.6 percent. The increase in output was the largest since 1984. In 1993 output rose 2.9 percent and combined inputs grew 2.4 percent. Since July 1994, output has been based on new "chain-type annually-weighted indexes" developed by the Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce. The output measures in this release are based on data published in the April 1995 Survey of Current Business and do not reflect the comprehensive revisions to the National Income and Product Accounts expected to be published this month by BEA. Both capital services and labor input grew more rapidly in 1994 than in 1993. Labor input advanced 4.0 percent, the fastest growth since 1988. Rising employment (2.9 percent) accounted for most of the gain in labor input, while a slightly longer work week (0.6 percent) and changes in the distribution of workers by educational attainment and work experience (0.5 percent) accounted for the remainder. Capital services advanced 2.7 percent in 1994. This second consecutive year of faster growth may be reversing a trend of the late 1980s of slower growth in capital services. Although capital services increased more rapidly than in any year since 1988, this rate was still slow when viewed in historical terms. Among the types of capital investment (equipment, structures, inventories, residential rental housing, and land), the capital services of equipment posted the largest gain, and only equipment and inventories grew at a faster rate than in the previous year (table 7). Labor productivity or output per hour worked advanced 0.8 percent in 1994. This growth was more rapid than in 1993, but otherwise slower than in any year after 1989. Capital productivity (the ratio of output to capital services) jumped 1.6 percent. Capital services per hour posted its second straight decline, falling 0.8 percent in 1994. This was the steepest decline since 1984. Private nonfarm business In 1994, multifactor productivity in private nonfarm business grew at 0.5 percent, its third consecutive advance (tables 2 and 5). Output increased 4.2 percent, and combined units of capital and labor inputs jumped 3.7 percent. The growth rate of labor input rose from 3.0 percent in 1993 to 4.0 percent in 1994. Employment growth in 1994 accounted for most of the gain in labor input. Capital services grew 2.9 percent in 1994, the largest gain in 5 years. Nevertheless, capital services continued to grow slowly by historical standards. The services of equipment accounted for most of the faster growth in capital services (table 7). Labor productivity grew at 0.7 percent in 1994, a small advance over the 0.5 percent increase of 1993. The 1.3 percent rise in capital productivity essentially matched the 1.2 gain in 1993. Capital services per hour fell 0.6 percent. 4 Long-term trends in private business and private nonfarm business Labor productivity growth (output per hour) differs from multifactor productivity (output per unit of combined capital and labor inputs) in the treatment of capital and hours. Labor productivity measures do not explicitly account for the effects of capital or shifts in the composition of labor on output growth. As a result, changes in capital intensity (the capital-hours ratio) and labor composition can influence labor productivity growth. However, multifactor productivity (MFP) treats capital as an explicit factor of production; in addition, BLS measures labor input as the combined effect of changes in hours at work and shifts in the educational attainment and work experience of the work force. Therefore, changes in capital intensity and labor composition do not affect measures of MFP. Long-term labor productivity growth can be viewed as the sum of three components: Multifactor productivity growth, the contribution of increased capital intensity, and the contribution of shifts in the composition of the work force. From 1948 to 1994, output per hour grew at an annual rate of 2.4 percent in private business and 2.1 percent in private nonfarm business (table B). Of the 2.4 percent growth rate in labor productivity in private business, 1.3 percent can be attributed to increases in multifactor productivity, 0.9 percent to the contribution of capital intensity, and 0.2 percent to changes in labor composition. The contribution of capital intensity equals the change in the capital-hours ratio multiplied by capital's share of total costs. The contribution of labor composition equals the difference between the growth rate of labor input and the growth rate of hours multiplied by labor's share of total costs. Historically, capital's share has been less than one-third of total costs. The widely discussed post-1973 productivity slowdown is apparent from the data in table B. From 1948 to 1973, multifactor productivity grew at an annual rate of 2.2 percent in private business and 1.9 percent in private nonfarm business. These rates, combined with the growth rates in the contributions of capital intensity and labor composition, resulted in labor productivity growth rates of 3.4 percent and 2.9 percent, respectively, in private business and private nonfarm business. During the period 1973 to 1979, gains in multifactor productivity slowed to only 0.5 percent per year in private business. At the same time, the average annual contribution of capital intensity decreased to 0.7 percent and the contribution of labor composition change was zero. Labor productivity, therefore, increased only 1.2 percent per year from 1973 to 1979. A similar slowdown occurred in private nonfarm business during the 1973-79 period. Between 1979 and 1990, multifactor productivity was almost unchanged in private business and private nonfarm business. Output per hour nevertheless continued to advance at the same rates as in the 1973-79 period. The contribution of labor composition increased to 0.3 percent per year in both sectors, essentially offsetting the decline in multifactor productivity growth. 5 Table B. Compound average annual rates of growth in output per hour of all persons, the contributions of capital intensity, labor composition, and multifactor productivity, by major sector, 1948 to 1994 1948- 1948- 1973- 1979- 1990- Item 1994 1973 1979 1990 1994 1/ Private business 2/ Output per hour of all persons 2.4 3.4 1.2 1.2 1.3 Contribution of capital intensity 3/ 0.9 1.0 0.7 0.7 0.3 Contribution of labor composition 4/ 0.2 0.2 0.0 0.3 0.5 Multifactor productivity 5/ 1.3 2.2 0.5 0.2 0.4 Private nonfarm business 2/ Output per hour of all persons 2.1 2.9 1.0 1.0 1.2 Contribution of capital intensity 3/ 0.8 0.9 0.7 0.7 0.4 Contribution of labor composition 4/ 0.2 0.2 0.0 0.3 0.5 Multifactor productivity 5/ 1.1 1.9 0.3 0.0 0.3 Contribution of R&D to multifactor productivity 0.2 0.1 0.1 0.2 0.2 1/ Because 1990-94 is not a completed business cycle, comparison of trends with earlier periods may be misleading. 2/ Excludes government enterprises. 3/ Growth rate in capital services per hour times capital's share of current dollar costs. 4/ Growth rate of labor composition (the growth rate of labor input less the growth rate of hours of all persons) times labor's share of current dollar costs. 5/ Output per unit of combined labor and capital inputs. Note: The sum of multifactor productivity and the contributions may not equal labor productivity due to independent rounding. Source: Tables 1 and 2. 6 During the 1990-94 period, labor productivity in both sectors continued to make gains at about the same rate witnessed after 1973. However, the sources of labor productivity shifted after 1990. The contribution of capital services slowed to only 0.4 percent per year in private business. As the baby boom generation completed its entrance into prime working age, the contribution of labor composition accelerated to 0.5 percent per year. Multifactor productivity growth of 0.3 percent per year also was somewhat more rapid than in the 1979-90 period. However, productivity measures are strongly cyclical, and the 1990-94 period was dominated by the recovery from the 1990- 91 recession. As a result, the data for this short period may not be indicative of new underlying trends and are not strictly comparable with trends in earlier periods. Trends in private nonfarm business were virtually identical. While MFP reflects many influences, it is generally believed that technological change is one of the primary contributors. For private nonfarm business, BLS also reports estimates of the direct effects of firms' spending for research and development (R&D) on MFP growth within their own industries. Because many people associate R&D spending and the resulting technological improvements with productivity, BLS has not adjusted MFP to exclude the effects of R&D. Instead, the estimated effects are shown separately (table B). The contribution of R&D averaged 0.2 percent per year for the entire 1948-94 period. While not apparent from these data (which have been rounded to the nearest tenth of one percent), the contribution of R&D slowed during the 1973-79 period and has since increased slightly. Manufacturing The BLS multifactor productivity measures for manufacturing differ from those underlying the private business and private nonfarm business measures in their treatment of labor input, output, and classes of factor inputs. The manufacturing measure of labor input is a direct aggregate of hours. This is in contrast to the major sector measures for which estimates of the effects of changing labor composition have been developed. In addition, multifactor productivity in manufacturing compares "sectoral output" to three classes of inputs: 1) Hours at work of labor employed within manufacturing, 2) capital services employed by manufacturing establishments, and 3) purchases of energy, materials, and business services from outside of manufacturing (intermediates). Sectoral output is similar to gross output, but excludes shipments from one manufacturing establishment to another. The resulting multifactor productivity measure compares what is produced in the manufacturing sector with the inputs used in the manufacturing process. The comparison excludes flows between manufacturing establishments from measures of both output and inputs. In manufacturing, intermediates are the predominate input in terms of costs. Furthermore, research has shown that substitution among inputs, including intermediates, affects measured productivity change. It is therefore important to include intermediates in productivity measures at the level of manufacturing. In contrast, the more aggregate productivity measures in this release compare "value-added" output to two classes of inputs, capital and labor. Because of all these differences in methods, productivity change in manufacturing cannot be directly compared to changes in private business or private nonfarm business. 7 Manufacturing productivity in 1993 and historical trends Multifactor productivity in manufacturing rose 1.1 percent in 1993 (table C). Although less than half the size of the 1992 increase, this is comparable to its 1949-93 average of 1.3 percent (tables 3 and 6). (Output and some input data for 1994 are not yet available from the Annual Survey of Manufactures.) Sectoral output posted a 3.5 percent increase in 1993. Combined inputs rose 2.4 percent following 3 years of small gains or modest declines. Hours of all workers increased 1.4 percent. This was the first increase in hours since 1989 and the largest gain since 1988. Capital services advanced 2.5 percent, the same increase as in both 1992 and 1991. Non-energy materials, the largest intermediate input in terms of cost, posted an increase of 5.5 percent, the largest gain since 1988. This gain followed 4 years of small advances or declines. Purchased business services dropped 1.5 percent, the first decrease since 1984. The 5.3 percent increase in energy input was the most rapid since 1987. Table C. Productivity and related data in manufacturing; percent changes, 1949-93 1949- 1949- 1973- 1979- 1990- 1992- Item 1993 1973 1979 1990 1993 1/ 1993 1/ Productivity: Multifactor productivity 1/ 1.3 1.7 -0.1 1.2 1.2 1.1 Output per hour of all persons 2.6 2.6 2.1 2.6 2.7 2.1 Sectoral output 3.1 4.1 2.4 2.0 1.6 3.5 Inputs: Hours 0.6 1.4 0.3 -0.7 -1.1 1.4 Capital services 3.9 4.1 4.6 3.3 2.5 2.5 Energy 3.1 5.1 0.2 0.5 2.5 5.3 Materials 1.8 1.8 4.4 0.6 1.3 5.5 Purchased business services 4.2 5.1 4.1 3.6 -0.3 -1.5 Combined inputs 2/ 1.8 2.3 2.5 0.8 0.3 2.4 1/ Output per unit of combined labor, capital, energy, materials, and purchased business services inputs. 2/ Combined units are a weighted average of the growth rate of each of the five inputs using each input's share of nominal output as its weight. 8 Multifactor productivity grew 1.3 percent annually between 1949 and 1993. Sectoral output increased at a 3.1 percent annual rate, and combined inputs rose 1.8 percent per year. Productivity growth was most rapid in the electrical machinery and textiles industries and declined slightly in the printing and publishing and leather goods industries (table 8). The productivity slowdown also can be seen in the manufacturing sector. Unlike the private business and private nonfarm business sectors, the slowdown in manufacturing was confined to the 1973-79 period. Multifactor productivity, which had been growing 1.7 percent annually prior to 1973, fell 0.1 percent per year between 1973 and 1979. Since combined inputs grew at about the same rate in each period, the decline in the growth rate of productivity is associated with slower output growth. Between 1979 and 1990, productivity growth in manufacturing rebounded sharply to about 1.2 percent per year. Sectoral output growth continued to slow, and, in this period, input growth rates also fell. Hours declined, and the growth rates for both capital services and purchased business services fell sharply. Between 1990 and 1993, multifactor productivity growth continued at the same rate as in the 1979-90 period despite a further slowdown in the growth of both outputs and inputs. Multifactor productivity advanced 1.2 percent per year while output growth slowed to 1.6 percent per year and combined inputs rose only 0.3 percent annually. The decline in hours accelerated, and purchased business services also declined. Only energy and materials inputs grew more rapidly in this period. Summary of Methods The following note describes the major data sources and the procedures used in deriving BLS multifactor productivity indexes. More detailed information on methods, limitations, and data sources is provided in BLS Bulletin 2178 (September 1983), "Trends in Multifactor Productivity, 1948-81." Methods for measuring manufacturing multifactor productivity are discussed in William Gullickson, "Measurement of productivity growth in U.S. manufacturing," in the July 1995 issue of the Monthly Labor Review. The multifactor productivity data for private business and private nonfarm business indexes are derived by dividing an output index by an index of labor input and capital services. The output indexes are computed as chained superlative indexes (Fisher Ideal indexes) of components of real output. For the years 1959-94, the output indexes are supplied by the Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce. BLS adjusts these to eliminate the output of government enterprises. For the years 1948- 58, BLS calculated output indexes by applying the Fisher index formula to data on categories of final expenditures in published tables from the National Income and Product Accounts (NIPA) produced by BEA. BLS linked these two indexes at 1959. Since 1983, BLS has used chained superlative indexes (Tornqvist indexes) to aggregate inputs. BLS has used several data sets to verify that Tornqvist and Fisher indexes yield results that are empirically quite similar. 9 Capital input measures the services derived from the stock of physical assets. The assets included are fixed business equipment, structures, inventories, and land. Structures include nonresidential structures and residential capital which is rented out by profit-making firms or persons. Financial assets are excluded as are owner-occupied residential structures. The aggregate capital measures are obtained by (Tornqvist) weighting the capital stocks for each asset type within each of 53 industries using estimated rental prices for each asset type. Each rental price reflects the nominal rate of return to all assets within the industry and rates of economic depreciation and revaluation for the specific asset; rental prices are adjusted for the effects of taxes. Data on investments in physical assets and gross product originating by industry, used in measuring the rental prices, are obtained from BEA. Labor input in private business and private nonfarm business is obtained by (Tornqvist) weighting the hours worked by all persons, classified by education, work experience, and gender, by their shares of labor compensation. Hours paid of employees are obtained from the Current Employment Statistics program. The hours at work of proprietors, unpaid family workers, and farm employees are derived from the Current Population Survey. The hours of employees are converted to an at-work basis by using the Hours At Work survey. The growth rate of labor composition is defined as the difference between the growth rate of weighted labor input and the growth rate of the hours of all persons. Additional information concerning data sources and methods of measuring labor composition can be found in BLS Bulletin 2426 December 1993), "Labor Composition and U.S. Productivity Growth, 1948-90". The labor and capital components of the input indexes are combined with (Tornqvist) weights which represent each component's share of total costs. Total costs are defined as the value of output (gross product originating) less a portion of indirect business taxes. Most indirect taxes such as excise taxes are excluded from costs; however, property and motor vehicle taxes remain in total costs. The index uses changing weights: the share in each year is averaged with the preceding year's share. The manufacturing multifactor productivity index is derived by dividing an output index by an index of combined hours, capital services, energy, materials, and purchased business services. The output index for total manufacturing is computed using a chained superlative index (Tornqvist index) of 4-digit SIC industry outputs. Industry outputs are developed by BLS from data obtained from the Annual Survey of Manufacturers (ASM) and the Census of Manufacturers (CM) from the Census Bureau together with Producer Price Indexes from BLS and price data from BEA. Output data between 1983 and 1991 have been adjusted to reflect data on shipments from manufacturing establishments recently compiled by the Bureau of the Census and specially made available to BLS. These data, which adjust for previously uncaptured growth of new establishments for the years 1988-91, are not yet published but are available on request from the Census Bureau (telephone John Gates 301-457-4589). Using these data, BLS has prepared sectoral output measures by excluding transactions between manufacturing establishments in the same sector. 10 Labor input in manufacturing is measured as the sum of hours at work of all persons. The construction of hours at work follows the methods used in the private business sector described above except that hours in manufacturing are directly additive and do not include the effect of changing labor composition. Energy input is constructed using price and quantity data from the ASM and CM, together with BLS Producer Price Indexes. The non-energy materials input also relies on ASM and CM data. Indexes of purchased business services are developed by BLS using input-output tables to estimate the proportion of costs attributed to nine types of services. Tornqvist indexes of each of the three input classes are developed at the 2-digit SIC level and then aggregated to total manufacturing. As with the sectoral output measures, input measures are adjusted to exclude transactions between establishments within the same sector. The five input indexes (capital services, hours, energy, materials, and purchased business services) are combined using (Tornqvist) weights which represent each component's share of total costs. Total costs are defined as the value of manufacturing sectoral output. The index uses changing weights: The share in each year is averaged with the preceding year's share. The stock of research and development (R&D) in private nonfarm business is derived by cumulating constant dollar measures of R&D expenditures and allowing for depreciation. Current dollar expenditures for privately financed R&D for the years 1953-93 are obtained from annual issues of Research and Development in Industry published by the National Science Foundation. Price deflators and estimates of the rate of depreciation are developed by BLS. Further description of these data and methods can be found in BLS Bulletin 2331 (September 1989), "The Impact of Research and Development on Productivity Growth". This release presents data for the private business, private nonfarm business, and manufacturing sectors. The private business sector, which accounts for about 80 percent of gross domestic product, includes all of gross domestic product except the output of general government, government enterprises, non-profit institutions, the rental value of owner-occupied real estate, and the output of paid employees of private households. The private nonfarm business sector also excludes farms, but includes agricultural services. Manufacturing sector output is measured as the value of all production delivered to non-manufacturing industries or final demand. These private business, private nonfarm business, and manufacturing multifactor productivity measures describe the relationship between output in real terms and the inputs involved in its production. They do not measure the specific contributions of labor, capital, or any other factor of production. Rather, they reflect the joint effects of many factors, including new technology, economies of scale, managerial skill, and change in the organization of production. 11 Notes: BLS uses current dollar Gross Product Originating (GPO) data to estimate capital rental prices. Revised (April 1995) current dollar GPO data by industry and its components are now available from BEA for the period 1959-93. For years prior to 1959, unrevised current dollar GPO data were used. GPO data for 1994 are not yet available. In the absence of 1994 GPO data, the BLS extrapolated capital asset cost shares so that relative rental prices were unchanged between 1993 and 1994. 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. 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: Access Anonymous FTP Internet address stats.bls.gov Cost Incurred by service provider Help labstat.helpdesk@bls.gov Non-Internet users: Access Direct dial-in through Bulletin Board Service (BBS) BBS phone number (202) 606-7060 Cost Price of phone call Help by fax (202) 606-7069 Table 1. Private business sector: Productivity and related measures, 1948-94 [1] Indexes 1987=100 Productivity Inputs ________________________________________ __________________________________ Year Output per Output per Multifactor Output Labor Capital Combined units Capital per hour of all unit of productivity input services of labor and hour of persons capital [2] [3] [4] [5] capital inputs [6] all persons 1948 35.9 116.5 55.6 25.6 64.1 22.0 46.0 30.8 1949 37.2 113.8 56.4 25.5 61.9 22.4 45.3 32.7 1950 40.5 119.8 60.5 28.1 63.0 23.5 46.5 33.9 1951 42.0 120.7 61.9 29.9 64.9 24.8 48.3 34.8 1952 43.0 118.5 62.4 30.6 64.9 25.8 48.9 36.3 1953 44.6 119.7 63.9 32.0 66.0 26.7 50.0 37.2 1954 45.6 115.8 63.9 31.6 64.2 27.3 49.4 39.4 1955 47.7 121.1 66.8 34.3 66.7 28.3 51.3 39.4 1956 47.9 118.5 66.4 34.9 67.8 29.4 52.5 40.4 1957 49.5 116.8 67.5 35.4 66.9 30.3 52.5 42.3 1958 51.0 112.2 67.9 34.7 63.9 31.0 51.2 45.5 1959 52.6 117.4 70.2 37.2 66.4 31.7 53.0 44.8 1960 53.5 115.9 70.5 37.8 66.7 32.6 53.6 46.2 1961 55.6 115.7 72.1 38.6 65.9 33.4 53.5 48.1 1962 58.3 119.4 74.8 41.1 67.5 34.4 55.0 48.9 1963 60.7 120.6 77.0 43.0 68.0 35.6 55.8 50.3 1964 63.7 123.7 80.2 45.8 69.1 37.0 57.1 51.5 1965 66.0 125.9 82.6 48.9 71.2 38.8 59.2 52.4 1966 68.7 126.7 85.1 52.2 72.8 41.2 61.3 54.3 1967 70.4 122.1 85.4 53.2 72.6 43.6 62.3 57.6 1968 72.9 122.5 87.7 55.8 73.5 45.6 63.7 59.5 1969 73.4 120.4 87.4 57.5 75.4 47.8 65.8 61.0 1970 74.8 115.1 87.2 57.4 74.2 49.9 65.8 65.0 1971 78.0 115.1 90.0 59.6 73.6 51.8 66.2 67.8 1972 80.4 117.9 92.6 63.5 76.1 53.8 68.6 68.2 1973 83.0 120.1 95.3 67.9 78.7 56.6 71.3 69.2 1974 81.8 112.4 92.1 66.9 79.2 59.5 72.6 72.8 1975 84.4 107.1 92.8 66.0 75.7 61.6 71.1 78.8 1976 87.4 111.0 96.2 70.3 77.7 63.4 73.1 78.8 1977 89.1 113.9 98.3 74.5 80.8 65.5 75.8 78.3 1978 89.8 115.0 99.0 78.8 84.9 68.5 79.5 78.1 1979 89.3 112.9 98.3 80.9 87.4 71.6 82.3 79.0 1980 89.1 105.8 96.0 79.9 86.8 75.5 83.2 84.2 1981 90.9 103.3 96.3 82.1 88.0 79.5 85.3 88.0 1982 90.5 96.3 93.3 79.6 86.6 82.7 85.3 94.0 1983 93.1 97.9 95.3 83.3 88.5 85.0 87.4 95.0 1984 95.6 102.2 98.3 90.4 93.7 88.5 92.0 93.5 1985 97.0 101.2 98.8 93.7 95.8 92.6 94.8 95.9 1986 99.6 99.7 99.8 96.7 96.8 96.9 96.8 99.9 1987 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1988 100.9 101.3 100.5 104.3 104.2 102.9 103.8 99.6 1989 101.0 101.3 100.3 107.0 107.2 105.7 106.7 99.7 1990 101.9 99.8 100.1 107.9 107.8 108.1 107.9 102.1 1991 102.9 97.0 99.1 106.5 106.5 109.8 107.5 106.1 1992 105.9 98.1 100.5 109.3 107.5 111.4 108.7 108.0 1993 106.4 99.1 101.0 112.5 110.4 113.5 111.3 107.4 1994 107.3 100.7 101.8 117.4 114.8 116.6 115.4 106.6 ________________________________________________________________________________________________________ See footnotes following table 6. Source: Bureau of Labor Statistics Table 2. Private nonfarm business sector: Productivity and related measures, 1948-94 [1] Indexes 1987=100 Productivity Inputs ________________________________________ __________________________________ Year Output per Output per Multifactor Output Labor Capital Combined units Capital per hour of all unit of productivity input services of labor and hour of persons capital [2] [3] [4] [5] capital inputs [6] all persons 1948 41.6 122.9 61.5 24.7 54.2 20.1 40.2 33.8 1949 43.4 120.4 62.9 24.7 51.9 20.5 39.3 36.0 1950 46.3 126.5 66.5 27.2 53.8 21.5 40.9 36.6 1951 47.7 128.8 68.3 29.3 56.3 22.8 43.0 37.1 1952 48.5 126.3 68.3 30.0 57.1 23.8 43.9 38.4 1953 49.4 127.3 68.9 31.3 59.0 24.6 45.5 38.8 1954 50.5 122.8 68.9 30.9 57.2 25.2 44.8 41.2 1955 52.9 128.5 72.1 33.7 59.7 26.2 46.7 41.2 1956 52.7 125.8 71.3 34.4 61.3 27.3 48.2 41.9 1957 54.0 124.0 72.0 35.0 61.2 28.2 48.6 43.5 1958 55.4 118.9 72.2 34.3 58.5 28.8 47.4 46.6 1959 57.1 124.8 74.8 36.9 61.1 29.5 49.3 45.8 1960 57.7 122.5 74.9 37.4 61.4 30.5 49.9 47.0 1961 59.7 122.2 76.2 38.2 61.1 31.2 50.1 48.9 1962 62.5 126.4 78.9 40.8 63.1 32.3 51.7 49.5 1963 64.7 127.5 81.0 42.7 63.8 33.5 52.7 50.8 1964 67.6 131.0 84.1 45.6 65.3 34.8 54.2 51.6 1965 69.7 133.1 86.4 48.8 67.6 36.7 56.5 52.4 1966 72.0 133.9 88.6 52.2 69.9 39.0 58.9 53.8 1967 73.4 128.5 88.7 53.1 69.7 41.4 59.9 57.1 1968 76.0 129.0 91.1 55.9 70.7 43.4 61.4 58.9 1969 76.1 126.4 90.4 57.6 73.1 45.6 63.8 60.2 1970 77.3 120.5 89.9 57.4 72.0 47.7 63.9 64.1 1971 80.4 120.2 92.6 59.6 71.6 49.6 64.3 66.9 1972 82.9 123.1 95.3 63.6 74.1 51.7 66.7 67.3 1973 85.6 125.2 98.1 68.3 76.9 54.5 69.6 68.3 1974 84.3 116.9 94.7 67.2 77.4 57.5 71.0 72.1 1975 86.4 110.3 94.9 65.8 73.9 59.7 69.4 78.4 1976 89.4 114.4 98.4 70.4 76.1 61.6 71.5 78.2 1977 90.9 117.0 100.2 74.6 79.4 63.8 74.5 77.7 1978 91.7 118.4 101.1 79.1 83.5 66.8 78.2 77.5 1979 90.8 115.4 99.9 81.2 86.2 70.3 81.2 78.7 1980 90.6 108.2 97.7 80.2 85.7 74.2 82.1 83.8 1981 91.9 104.8 97.3 82.0 87.0 78.2 84.3 87.7 1982 91.4 97.3 94.1 79.4 85.6 81.6 84.4 93.9 1983 94.5 99.5 96.7 83.6 87.6 84.1 86.5 95.0 1984 96.4 103.3 99.2 90.6 93.0 87.7 91.3 93.4 1985 97.2 101.7 99.1 93.5 95.5 92.0 94.4 95.6 1986 99.8 100.0 100.0 96.7 96.6 96.7 96.7 99.9 1987 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1988 100.9 101.3 100.5 104.5 104.4 103.2 104.0 99.6 1989 100.7 100.8 99.9 107.1 107.6 106.2 107.2 99.9 1990 101.3 99.1 99.4 107.8 108.3 108.8 108.5 102.2 1991 102.5 96.2 98.5 106.4 106.8 110.6 107.9 106.6 1992 105.1 96.9 99.6 108.9 108.0 112.4 109.3 108.5 1993 105.6 98.1 100.2 112.4 111.2 114.7 112.2 107.7 1994 106.4 99.3 100.7 117.1 115.6 118.0 116.3 107.1 ________________________________________________________________________________________________________ See footnotes following table 6. Source: Bureau of Labor Statistics Table 3. Manufacturing sector: Productivity and related measures, 1949-93 Indexes 1987=100 Productivity Inputs ________________________________________ __________________________________________________ Year Output per Output per Multifactor Sectoral Hours Capital Intermediate Combined units hour of all unit of productivity output services inputs of all factor persons capital [7] [8] [9] [5] [10] inputs [11] 1949 37.3 128.9 58.1 28.5 76.4 22.1 40.2 49.1 1950 37.9 136.6 61.0 31.3 82.6 22.9 40.8 51.3 1951 37.6 131.7 61.1 33.4 88.8 25.4 42.4 54.7 1952 39.0 131.7 61.9 35.1 90.1 26.7 44.7 56.7 1953 40.2 137.7 63.0 38.1 94.6 27.6 48.9 60.4 1954 41.2 128.4 63.0 35.6 86.5 27.7 45.8 56.6 1955 43.0 135.8 64.8 39.3 91.3 28.9 50.5 60.6 1956 42.8 129.9 64.0 39.6 92.6 30.5 51.2 61.9 1957 43.7 126.4 64.5 39.8 91.1 31.5 51.2 61.7 1958 44.3 116.2 63.4 37.0 83.7 31.9 48.9 58.4 1959 45.1 124.4 67.1 40.3 89.2 32.4 48.0 60.0 1960 45.9 122.7 67.6 40.8 88.9 33.2 48.5 60.3 1961 47.4 121.5 68.5 41.0 86.6 33.7 48.8 59.9 1962 48.6 125.6 71.4 43.8 90.1 34.9 48.7 61.3 1963 50.6 128.0 73.7 46.1 91.0 36.0 49.9 62.5 1964 52.8 131.8 75.9 49.0 92.9 37.2 52.5 64.6 1965 53.8 134.8 77.9 53.0 98.4 39.3 54.6 67.9 1966 54.5 134.6 78.4 57.1 104.7 42.4 58.8 72.8 1967 56.7 128.6 78.1 59.1 104.2 45.9 63.3 75.6 1968 58.6 127.9 80.3 61.9 105.7 48.4 64.2 77.2 1969 59.4 125.0 81.2 63.6 106.9 50.9 64.2 78.3 1970 61.3 116.6 80.1 61.6 100.6 52.8 65.5 77.0 1971 65.2 116.5 82.4 63.2 97.0 54.3 67.3 76.7 1972 67.5 122.8 85.6 68.5 101.5 55.8 70.4 80.0 1973 69.4 126.9 87.8 74.0 106.6 58.3 74.7 84.3 1974 70.4 119.1 83.7 73.3 104.2 61.5 82.5 87.5 1975 72.3 105.4 81.7 67.9 94.0 64.4 79.8 83.1 1976 75.2 110.8 84.8 74.1 98.5 66.8 84.4 87.3 1977 78.1 114.8 86.5 79.9 102.4 69.6 91.3 92.4 1978 79.1 115.9 87.9 84.3 106.7 72.8 94.5 96.0 1979 78.6 111.9 87.6 85.5 108.8 76.4 94.9 97.6 1980 79.1 102.5 86.4 82.1 103.8 80.1 92.1 95.0 1981 80.3 98.7 87.6 82.8 103.0 83.8 90.5 94.4 1982 84.2 91.0 88.8 79.3 94.2 87.1 85.9 89.3 1983 87.2 94.1 91.1 83.2 95.5 88.4 88.8 91.3 1984 89.7 100.0 94.0 91.2 101.7 91.2 94.9 97.0 1985 93.0 99.0 95.3 93.9 100.9 94.8 97.6 98.5 1986 97.2 99.0 97.1 96.7 99.5 97.6 100.3 99.5 1987 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1988 101.1 101.6 100.6 104.2 103.1 102.6 104.5 103.6 1989 102.8 100.6 100.3 106.4 103.5 105.8 108.8 106.1 1990 104.7 97.0 99.8 105.9 101.2 109.2 109.6 106.1 1991 107.2 93.0 99.7 104.1 97.1 111.9 108.8 104.4 1992 111.1 93.5 102.4 107.2 96.5 114.6 109.0 104.7 1993 113.4 94.5 103.5 111.0 97.8 117.4 112.7 107.2 ________________________________________________________________________________________________________ See footnotes following table 6. Source: Bureau of Labor Statistics Table 4. Private business sector: Productivity and related measures, 1949-94 [1] Percent Change Productivity Inputs ________________________________________ __________________________________ Year Output per Output per Multifactor Output Labor Capital Combined units Capital per hour of all unit of productivity input services of labor and hour of persons capital [2] [3] [4] [5] capital inputs [6] all persons 1949 3.5 -2.4 1.4 -0.2 -3.4 2.2 -1.5 6.1 1950 9.0 5.2 7.2 10.1 1.7 4.6 2.7 3.6 1951 3.5 0.8 2.4 6.4 3.0 5.6 3.9 2.7 1952 2.4 -1.8 0.8 2.2 0.0 4.1 1.3 4.3 1953 3.6 1.0 2.3 4.6 1.7 3.5 2.2 2.6 1954 2.4 -3.2 0.1 -1.2 -2.8 2.1 -1.3 5.8 1955 4.7 4.5 4.5 8.5 3.9 3.8 3.8 0.1 1956 0.3 -2.1 -0.6 1.8 1.7 4.0 2.4 2.5 1957 3.3 -1.4 1.5 1.6 -1.2 3.0 0.0 4.8 1958 3.1 -4.0 0.6 -2.0 -4.6 2.1 -2.6 7.3 1959 3.1 4.6 3.5 7.1 4.0 2.4 3.5 -1.4 1960 1.8 -1.2 0.5 1.7 0.5 3.0 1.2 3.0 1961 3.9 -0.2 2.2 2.0 -1.3 2.3 -0.2 4.2 1962 4.9 3.2 3.7 6.5 2.5 3.2 2.7 1.6 1963 4.1 1.1 3.0 4.6 0.7 3.5 1.5 3.0 1964 4.9 2.5 4.1 6.5 1.6 3.9 2.3 2.3 1965 3.6 1.8 3.1 6.9 3.0 5.0 3.7 1.8 1966 4.2 0.6 3.0 6.6 2.4 6.0 3.5 3.6 1967 2.4 -3.6 0.4 2.0 -0.3 5.7 1.6 6.2 1968 3.5 0.3 2.6 4.9 1.2 4.7 2.2 3.2 1969 0.7 -1.7 -0.3 3.1 2.7 4.9 3.4 2.5 1970 1.9 -4.4 -0.3 -0.2 -1.7 4.3 0.1 6.6 1971 4.3 0.0 3.2 3.8 -0.8 3.8 0.5 4.3 1972 3.1 2.5 2.9 6.6 3.5 4.0 3.6 0.6 1973 3.3 1.8 3.0 7.0 3.4 5.1 3.9 1.4 1974 -1.5 -6.4 -3.4 -1.6 0.6 5.1 1.9 5.2 1975 3.2 -4.7 0.7 -1.3 -4.4 3.6 -2.0 8.4 1976 3.6 3.6 3.8 6.6 2.6 2.8 2.7 0.0 1977 1.9 2.6 2.1 6.0 4.0 3.3 3.8 -0.6 1978 0.7 1.0 0.7 5.7 5.0 4.6 4.9 -0.3 1979 -0.6 -1.8 -0.7 2.7 2.9 4.5 3.4 1.2 1980 -0.2 -6.3 -2.3 -1.2 -0.7 5.5 1.1 6.5 1981 2.1 -2.3 0.2 2.8 1.4 5.2 2.5 4.5 1982 -0.4 -6.8 -3.1 -3.1 -1.6 4.0 0.0 6.9 1983 2.8 1.7 2.2 4.7 2.2 2.9 2.4 1.1 1984 2.7 4.4 3.1 8.6 5.9 4.0 5.3 -1.6 1985 1.5 -1.0 0.5 3.6 2.3 4.6 3.0 2.6 1986 2.7 -1.4 1.0 3.2 1.0 4.7 2.2 4.2 1987 0.4 0.3 0.2 3.4 3.3 3.1 3.3 0.1 1988 0.9 1.3 0.5 4.3 4.2 2.9 3.8 -0.4 1989 0.1 -0.1 -0.3 2.6 3.0 2.7 2.9 0.1 1990 0.9 -1.4 -0.2 0.9 0.5 2.3 1.1 2.3 1991 1.0 -2.9 -1.0 -1.4 -1.2 1.6 -0.4 4.0 1992 2.9 1.2 1.5 2.7 1.0 1.5 1.1 1.7 1993 0.5 1.0 0.5 2.9 2.6 1.9 2.4 -0.5 1994 0.8 1.6 0.7 4.4 4.0 2.7 3.6 -0.8 ________________________________________________________________________________________________________ See footnotes following table 6. Source: Bureau of Labor Statistics Table 5 Private nonfarm business sector: Productivity and related measures, 1949-94 [1] Percent Change Productivity Inputs ________________________________________ __________________________________ Year Output per Output per Multifactor Output Labor Capital Combined units Capital per hour of all unit of productivity input services of labor and hour of persons capital [2] [3] [4] [5] capital inputs [6] all persons 1949 4.4 -2.1 2.2 0.0 -4.1 2.1 -2.2 6.6 1950 6.8 5.1 5.9 10.0 3.6 4.7 3.9 1.6 1951 3.1 1.8 2.7 7.8 4.6 5.9 5.0 1.2 1952 1.6 -1.9 -0.1 2.2 1.4 4.3 2.3 3.6 1953 1.9 0.8 1.0 4.5 3.3 3.7 3.5 1.2 1954 2.3 -3.5 0.0 -1.4 -2.9 2.2 -1.4 6.0 1955 4.7 4.6 4.5 8.9 4.3 4.1 4.2 0.0 1956 -0.4 -2.1 -1.1 2.1 2.7 4.3 3.2 1.7 1957 2.5 -1.4 1.0 1.8 -0.2 3.3 0.9 4.0 1958 2.6 -4.2 0.4 -2.1 -4.4 2.2 -2.5 7.0 1959 3.1 5.0 3.6 7.6 4.5 2.5 3.9 -1.8 1960 1.0 -1.7 0.1 1.4 0.4 3.2 1.3 2.8 1961 3.5 -0.3 1.6 2.1 -0.4 2.4 0.4 3.9 1962 4.7 3.4 3.6 7.0 3.2 3.4 3.3 1.2 1963 3.6 0.9 2.6 4.6 1.1 3.6 1.9 2.6 1964 4.4 2.7 3.9 6.9 2.3 4.1 2.9 1.7 1965 3.0 1.6 2.7 6.9 3.6 5.3 4.2 1.4 1966 3.4 0.6 2.6 7.0 3.3 6.4 4.3 2.7 1967 2.0 -4.0 0.1 1.8 -0.2 6.0 1.7 6.2 1968 3.5 0.4 2.7 5.3 1.4 4.9 2.4 3.1 1969 0.1 -2.0 -0.8 3.0 3.3 5.1 3.9 2.1 1970 1.5 -4.7 -0.6 -0.4 -1.4 4.6 0.2 6.5 1971 4.0 -0.3 3.0 3.7 -0.6 4.0 0.7 4.3 1972 3.1 2.5 2.9 6.8 3.5 4.2 3.7 0.6 1973 3.2 1.7 2.9 7.4 3.8 5.5 4.3 1.5 1974 -1.5 -6.7 -3.4 -1.6 0.6 5.5 1.9 5.6 1975 2.6 -5.6 0.1 -2.0 -4.5 3.8 -2.2 8.7 1976 3.4 3.7 3.8 6.9 3.0 3.1 3.1 -0.3 1977 1.6 2.3 1.8 6.0 4.3 3.6 4.1 -0.6 1978 0.9 1.2 1.0 6.0 5.1 4.8 5.0 -0.3 1979 -0.9 -2.5 -1.2 2.6 3.3 5.2 3.8 1.6 1980 -0.2 -6.3 -2.2 -1.1 -0.6 5.5 1.1 6.5 1981 1.4 -3.1 -0.4 2.2 1.5 5.5 2.6 4.7 1982 -0.6 -7.2 -3.3 -3.2 -1.6 4.3 0.1 7.1 1983 3.4 2.3 2.8 5.4 2.3 3.1 2.5 1.1 1984 2.1 3.9 2.6 8.3 6.2 4.3 5.6 -1.7 1985 0.8 -1.6 -0.1 3.3 2.7 4.9 3.4 2.4 1986 2.7 -1.7 0.9 3.3 1.2 5.1 2.4 4.4 1987 0.2 0.0 0.0 3.4 3.5 3.4 3.5 0.1 1988 0.9 1.3 0.5 4.5 4.4 3.2 4.0 -0.4 1989 -0.2 -0.4 -0.6 2.5 3.1 2.9 3.0 0.3 1990 0.6 -1.7 -0.5 0.7 0.7 2.5 1.2 2.3 1991 1.1 -3.0 -0.9 -1.4 -1.4 1.7 -0.5 4.3 1992 2.6 0.8 1.1 2.4 1.1 1.6 1.3 1.8 1993 0.5 1.2 0.6 3.3 3.0 2.0 2.7 -0.7 1994 0.7 1.3 0.5 4.2 4.0 2.9 3.7 -0.6 ________________________________________________________________________________________________________ See footnotes following table 6. Source: Bureau of Labor Statistics Table 6. Manufacturing sector: Productivity and related measures, 1950-93 Percent Change Productivity Inputs ________________________________________ ________________________________________________ Year Output per Output per Multifactor Sectoral Hours Capital Intermediate Combined units hour of all unit of productivity output services inputs of all factor persons capital [7] [8] [9] [5] [10] inputs [11] 1950 1.7 5.9 5.1 9.8 8.0 3.7 1.6 4.5 1951 -0.9 -3.5 0.2 6.7 7.6 10.6 3.8 6.5 1952 3.6 0.0 1.4 5.1 1.4 5.1 5.5 3.7 1953 3.2 4.5 1.7 8.4 5.0 3.7 9.3 6.5 1954 2.3 -6.7 0.0 -6.4 -8.5 0.4 -6.4 -6.3 1955 4.5 5.7 2.9 10.2 5.5 4.3 10.2 7.1 1956 -0.6 -4.3 -1.2 0.9 1.5 5.4 1.5 2.1 1957 2.1 -2.7 0.7 0.4 -1.6 3.2 -0.1 -0.3 1958 1.3 -8.1 -1.7 -6.9 -8.2 1.2 -4.5 -5.3 1959 2.0 7.0 5.9 8.7 6.6 1.6 -1.8 2.6 1960 1.7 -1.3 0.7 1.3 -0.4 2.7 0.9 0.6 1961 3.2 -1.0 1.4 0.6 -2.6 1.6 0.6 -0.8 1962 2.6 3.4 4.3 6.8 4.1 3.4 -0.1 2.5 1963 4.1 1.9 3.2 5.1 1.0 3.1 2.4 1.9 1964 4.3 2.9 3.0 6.4 2.1 3.4 5.2 3.4 1965 2.0 2.3 2.7 8.0 5.9 5.6 4.1 5.2 1966 1.3 -0.2 0.6 7.8 6.5 8.0 7.7 7.2 1967 4.0 -4.5 -0.3 3.4 -0.5 8.3 7.5 3.8 1968 3.4 -0.5 2.7 4.9 1.5 5.4 1.4 2.1 1969 1.4 -2.3 1.1 2.6 1.1 5.0 0.1 1.4 1970 3.1 -6.7 -1.3 -3.0 -5.9 3.9 2.0 -1.7 1971 6.3 -0.1 2.9 2.6 -3.5 2.7 2.7 -0.4 1972 3.6 5.4 3.9 8.4 4.6 2.8 4.6 4.3 1973 2.9 3.3 2.6 8.1 5.0 4.6 6.1 5.4 1974 1.3 -6.2 -4.7 -1.0 -2.3 5.5 10.5 3.9 1975 2.8 -11.5 -2.4 -7.3 -9.8 4.7 -3.2 -5.1 1976 4.1 5.1 3.8 9.0 4.8 3.7 5.7 5.0 1977 3.8 3.6 2.0 7.9 4.0 4.2 8.2 5.8 1978 1.3 1.0 1.6 5.5 4.2 4.5 3.5 3.9 1979 -0.6 -3.5 -0.3 1.3 2.0 5.0 0.4 1.7 1980 0.7 -8.4 -1.3 -3.9 -4.6 4.9 -3.0 -2.7 1981 1.5 -3.7 1.4 0.8 -0.7 4.6 -1.7 -0.6 1982 4.8 -7.8 1.4 -4.2 -8.6 3.9 -5.0 -5.5 1983 3.5 3.4 2.5 4.9 1.3 1.5 3.4 2.3 1984 2.9 6.2 3.2 9.6 6.5 3.1 6.8 6.2 1985 3.7 -0.9 1.4 3.0 -0.7 4.0 2.9 1.6 1986 4.5 0.0 1.9 3.0 -1.4 3.0 2.7 1.0 1987 2.9 1.0 3.0 3.4 0.5 2.4 -0.3 0.5 1988 1.1 1.6 0.6 4.2 3.1 2.6 4.5 3.6 1989 1.7 -0.9 -0.3 2.1 0.4 3.1 4.1 2.4 1990 1.8 -3.5 -0.4 -0.4 -2.2 3.2 0.8 0.0 1991 2.4 -4.2 -0.2 -1.7 -4.1 2.5 -0.8 -1.6 1992 3.6 0.6 2.7 3.0 -0.6 2.4 0.2 0.2 1993 2.1 1.0 1.1 3.5 1.4 2.5 3.4 2.4 ________________________________________________________________________________________________________ See footnotes following table 6. Source: Bureau of Labor Statistics 18 Footnotes, Tables 1-6 Source: Output data are from the Bureau of Economic Analysis (BEA), U.S. Department of Commerce, and modified by the Bureau of Labor Statistics (BLS), U.S. Department of Labor. Compensation and hours data are from the BLS. Capital measures are based on data supplied by BEA and the U.S. Department of Agriculture. (1) The private business sector includes all of gross domestic product except the output ofgeneral government, government enterprises, non-profit institutions, the rental value of owner-occupied real estate and the output of paid employees of private households. The private nonfarm business sector also excludes farms but includes agricultural services. (2) Output per unit of combined labor and capital inputs. (3) Gross domestic product originating in the sector, superlative chained index. (4) Index of the hours at work of all persons including employees, proprietors, and unpaid family workers classified by education, work experience and gender. This superlative chain index is computed by combining changes in the hours of each education, experience and gender group by its share of labor compensation. (5) A measure of the flow of capital services used in the sector. (6) Labor input combined with capital input, using labor's and capital's shares of costs as weights to form a superlative chain index. (7) Sectoral output per combined units of capital, hours and intermediate inputs. (8) Manufacturing gross output excluding transactions between manufacturing establishments, superlative chained index. (9) Hours at work of all persons. (10) Combined units of energy, non-energy materials and purchased business services, superlative chained index. (11) Combined units of capital services, hours, energy, non-energy materials and purchased business services, superlative chained index. Table 7. Real capital input by asset type, 1948-94 Average annual growth rates (percent) Private business Rental All Equip- Residential Period Assets ment Structures Capital Inventories Land 1948-94 3.7 5.2 3.2 2.5 3.2 2.4 1948-73 3.9 5.5 3.5 2.4 4.0 2.3 1973-79 4.0 6.2 3.0 2.7 3.6 1.9 1979-90 3.8 4.6 3.5 3.0 2.1 3.5 1990-4 1.9 3.2 1.1 1.3 1.1 0.7 1993 1.9 3.3 0.8 1.6 1.5 1.0 1994 2.7 5.4 0.7 1.6 2.1 0.3 Private nonfarm business Rental All Equip- Residential Period Assets ment Structures Capital Inventories Land 1948-94 3.9 5.4 3.2 2.5 3.4 3.2 1948-73 4.1 5.6 3.5 2.5 4.2 3.2 1973-79 4.3 6.3 3.0 2.7 3.9 3.7 1979-90 4.0 5.0 3.6 3.0 2.2 3.9 1990-94 2.0 3.4 1.2 1.3 1.0 1.0 1993 2.0 3.5 0.8 1.6 1.6 1.1 1994 2.9 5.6 0.7 1.6 2.1 1.0 Source: Bureau of Labor Statistics Table 8. Manufacturing industries: multifactor productivity trends, 1949-93 Average annual growth rates Industry 1949-93 1949-73 1973-79 1979-90 1990-93 1/ Total Manufacturing 1.3 1.7 -0.1 1.1 1.2 Food and kindred products 0.8 1.0 0.2 0.7 1.0 Tobacco manufactures N.A. N.A. N.A. N.A. N.A. Textile mill products 1.9 2.1 2.1 1.3 2.0 Apparel & related products 1.1 1.0 1.9 1.2 0.6 Paper and allied products 1.0 1.5 -0.9 0.5 2.0 Printing and publishing -0.1 0.5 -0.3 -1.0 -1.3 Chemicals & allied products 1.4 2.8 -1.6 0.9 -1.3 Petroleum refining 0.4 0.8 -0.5 0.0 0.9 Rubber & 0.9 1.3 -1.5 1.3 1.2 misc. plastic products Leather & leather products -0.1 0.0 -0.8 -0.4 0.8 Lumber and wood products 1.1 1.4 -0.1 2.1 -1.8 Furniture and fixtures 0.6 0.7 0.2 0.3 1.4 Stone, clay, glass 0.6 1.1 -1.1 0.7 0.6 and concrete products Primary metals industries 0.1 0.4 -1.9 -0.2 2.7 Fabricated metals products 0.6 0.9 -0.6 0.6 1.0 Industrial 1.8 1.0 1.2 3.2 3.4 & commercial machinery Electrical 2.4 2.2 1.9 3.0 3.2 & electronic machinery Transportation equipment 0.9 1.5 0.0 0.3 0.3 Instruments 1.8 1.8 2.0 1.9 0.9 Miscellaneous manufacturing 1.0 1.5 -0.7 1.2 -0.1 N.A. - Multifactor productivity measures are not published because of the size of the industry and data limitations. This industry is included in the aggregate for total manufacturing. 1/ Because 1990-93 is not a completed business cycle, comparison of trends with earlier periods may be misleading. Note: Multifactor productivity measures by industry are not directly comparable to measures for aggregate manufacturing because industry measures exclude transactions only within the specific industry while the aggregate manufacturing measures also exclude transactions between all manufacturing industries.