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,
Appendix table 1.
Appendix table 2.
Appendix table 3.
Appendix table 4.
Appendix table 5.
Appendix table 6.
Historical, technical USDL 94-383
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. EDT
Tuesday, August 9,
1994.
PRODUCTIVITY AND COSTS
Second Quarter 1994
The Bureau of Labor Statistics of the U.S. Department of
Labor today reported preliminary productivity datajas measured by
output per hour of all personsjfor the second quarter of 1994.
The preliminary seasonally-adjusted annual rates of productivity
change in the second quarter were:
-1.4 percent in the business sector, and
-1.2 percent in the nonfarm business sector.
In both sectors, the decline in productivity (the first since
first-quarter 1993) reflected the largest gain in hours since
1988; increases in output were smaller in the second quarter than
in the first.
In manufacturing, productivity changes in the second quarter
were:
3.8 percent in manufacturing,
3.0 percent in durable goods manufacturing, and
5.0 percent in nondurable goods manufacturing.
Manufacturing productivity grew more slowly in the second
quarter of 1994 than in the first quarter. Output gains were
smaller than in the first quarter, but hours at work of all
persons engaged in the sector increased more rapidly. Output and
hours in manufacturing, which includes about 20 percent of U.S.
business-sector employment, usually tend to change more from
quarter to quarter than in the more aggregate business and
nonfarm business sector measures.
Second-quarter results are summarized in table A and appear
in detail in tables 1 through 5. Output measures for business
and nonfarm business are based on measures of gross domestic
product prepared by the Bureau of Economic Analysis of the U.S.
Department of Commerce. Quarterly output measures for
manufacturing reflect independent indexes of industrial
production prepared by the Board of Governors of the Federal
Reserve System. See Technical Notes for further information on
data sources (page 9).
2
Business
From the first to the second quarter of 1994, business
sector productivity decreased at a 1.4 percent annual rate, the
first quarterly decline since the first quarter of 1993 (table
1). Output rose 4.3 percent, and hours of all persons engaged in
the sector increased 5.8 percent (seasonally adjusted annual
rates). In the first quarter, output had increased 5.5 percent,
and hours had increased 2.6 percent. The 5.8 percent second-
quarter increase in hours reflected the largest rise in
employment in this sector during the present expansion, and was
the largest hours gain since 1988 (when an equal rise occurred in
the second quarter).
3
Table A. Productivity and costs: Preliminary second-quarter
1994 measures
(Seasonally adjusted annual rates)
Real
Hourly hourly Unit
Produc- compen-compen-labor
Sector tivity Output Hours sation sation costs
Percent change from preceding quarter
Business -1.4 4.3 5.8 0.3 -2.4 1.8
Nonfarm business -1.2 4.1 5.4 0.8 -1.9 2.0
Manufacturing 3.8 5.3 1.5 -1.7 -4.3 -5.2
Durable 3.0 4.7 1.7 -2.7 -5.3 -5.5
Nondurable 5.0 6.2 1.1 -0.1 -2.8 -4.8
Percent change from same quarter a year ago
Business 2.6 5.6 2.9 3.0 0.5 0.4
Nonfarm business 2.6 5.5 2.8 3.0 0.6 0.4
Manufacturing 5.2 6.1 0.8 2.5 0.1 -2.6
Durable 6.5 8.1 1.5 2.4 -0.1 -3.9
Nondurable 3.3 3.2 -0.2 2.7 0.2 -0.6
Hourly compensation increased 0.3 percent during the second
quarter of 1994, compared with a 6.2 percent rise in the first
quarter. This measure includes wages and salaries, supplements,
employer contributions to employee benefit plans, and taxes. The
second quarter increase was the smallest since 1960 (when
declines occurred in the second and third quarters). Unit labor
costs, which reflect changes in hourly compensation and
productivity, increased at a 1.8 percent annual rate during the
second quarter, compared with a 3.3 percent rise during the first
quarter.
Real hourly compensation, which takes into account changes
in the Consumer Price Index for All Urban Consumers (CPI-U),
declined at a 2.4 percent annual rate in the second quarter; it
had risen 4.0 percent in the first quarter of 1994. The second-
quarter decline was the largest since 1989 (when a 3.9 percent
decline was recorded in the second quarter).
The implicit price deflator for the business sector, which
reflects changes in unit labor costs and unit nonlabor payments,
increased 3.5 percent in the second quarter, compared with a 1.5
percent rise in the first quarter.
4
Nonfarm business
Productivity fell 1.2 percent in the nonfarm business sector
during the second quarter of 1994 as output rose 4.1 percent and
hours of all persons increased 5.4 percent. As in the more
comprehensive business sector, this was the first productivity
decline in more than a year (table 2). The gain in hours was the
largest since the second quarter of 1988 (when a 6.1 percent
increase occurred). During the first quarter of 1994,
productivity rose 2.9 percent in the nonfarm business sector,
reflecting gains of 5.2 percent in output and 2.3 percent in
hours.
Hourly compensation increased at a 0.8 percent annual rate
in the second quarter, compared with a 6.1 percent increase one
quarter earlier. This was the smallest increase in hourly
compensation since 1988 (when a 0.6 percent increase occurred in
the first quarter). When the rise in the CPI-U is taken into
account, real hourly compensation fell 1.9 percent in the second
quarter of 1994. Unit labor costs rose 2.0 percent, compared
with a 3.1 percent rise during the first quarter.
The implicit price deflator for nonfarm business output rose
4.3 percent in the second quarter, compared with a 1.2 percent
rise one quarter earlier.
Manufacturing
Productivity increased at a 3.8 percent seasonally adjusted
annual rate in manufacturing in the second quarter of 1994, as
output rose 5.3 percent and hours of all persons rose 1.5 percent
(seasonally adjusted annual rates). The increase in output was
smaller than the first-quarter gain, but hours growth
accelerated. Productivity grew more strongly in nondurable goods
industries in the second quarter, and the output gain in
nondurable goods manufacturing was greater than in durable goods
producing industries (tables 4 and 5).
Hourly compensation of all manufacturing workers decreased
1.7 percent during the second quarter, compared with a 3.8
percent gain in the first quarter. Real hourly compensation fell
4.3 percent when the increase in consumer prices is taken into
account, compared with a 1.7 percent rise in the previous period.
Unit labor costs fell at a 5.2 percent annual rate in the
second quarter of 1994, the third decline in a row. These costs
had decreased 2.8 percent during the first quarter.
5
Revised Measures
Current and previous measures for the first quarter of 1994
for the business, nonfarm business, and manufacturing sectors are
compared in table B. Business and nonfarm business productivity
gains are larger than reported on June 15, owing to upward
revisions to the output measures. These revisions are part of
the regular 3-year revision of the National Income and Product
Accounts prepared by the Bureau of Economic Analysis of the U.S.
Department of Commerce. Appendix tables 1-6 contain information
for 1991, the earliest year affected. Productivity gains in
manufacturing are similar to those reported previously.
In addition, revised seasonal adjustment factors for labor
input measures are introduced at this time. The hours at work of
proprietors engaged in the nonfarm business sector in the first
quarter continue to be based on the movement of nonfarm employee
hours between the fourth quarter of 1993 and the first quarter of
1994. This was done to adjust labor input measures because of
the changeover to the redesigned BLS monthly Current Population
Survey (CPS). For the second quarter of 1994, this series is
based on the redesigned CPS.
6
Table B. Previous and revised productivity and related measures
Quarterly percent change at seasonally adjusted annual rate
Real
Hourly hourly Unit
Produc- compen-compen-labor
Sector tivity Output Hours sation sation costs
First quarter 1994
Business:
Previous.... 1.1 3.8 2.6 5.3 3.1 4.1
Current..... 2.9 5.5 2.6 6.2 4.0 3.3
Nonfarm business:
Previous.... 1.3 3.6 2.3 5.3 3.1 3.9
Current..... 2.9 5.2 2.3 6.1 3.9 3.1
Manufacturing:
Previous.... 6.9 8.1 1.1 5.1 2.9 -1.7
Current..... 6.8 8.0 1.1 3.8 1.7 -2.8
Next release date
The next release of Productivity and Costs is scheduled for
10:00 a.m. EDT, Wednesday, September 7, 1994. Revised second-
quarter measures for business, nonfarm business, and
manufacturing will be released at that time, along with measures
for nonfinancial corporations.
7
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8
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9
TECHNICAL NOTES
Labor Input: The primary source metal industries; fabricated
of hours and employment data is metal products; nonelectrical
the BLS Current Employment machinery; industrial and
Statistics (CES) program, which commercial machinery and computer
provides monthly survey data on equipment; electronic and other
total employment and average electrical equipment;
weekly hours of production and transportation equipment;
nonsupervisory workers in instruments; lumber and lumber
nonagricultural establishments. products; furniture and fixtures;
Jobs rather than persons are stone, clay, and glass and
counted. Weekly hours are concrete products; and miscella-
adjusted to the hours at work neous manufactures. Nondurables
definition using the BLS Hours at include: Food and kindred
Work survey, conducted for this products, tobacco products,
purpose. textile mill products apparel
Data from the BLS Current products, paper and allied
Population Survey (CPS) are used products, printing and
for farm labor; in the nonfarm publishing, chemicals and
sector, the National Income and chemical products, petroleum
Product Accounts (NIPA) prepared refining and related industries,
by the Bureau of Economic rubber and plastic products,
Analysis of the Department of leather and leather products.
Commerce and the CPS are used to Manufacturing accounted for about
measure labor input for 19 percent of GDP in 1992.
government enterprises, Quarterly manufacturing output
proprietors and unpaid family measures are based on the index
workers. of industrial production prepared
monthly by the Board of Governors
Output: Business output is equal of the Federal Reserve System
to gross domestic product (GDP) adjusted by BLS to annual manu-
in constant 1987 dollars, less facturing output levels (gross
general government, output of product originating) from the Na-
nonprofit institutions, output of tional Income and Product
paid employees of private Accounts prepared by the Bureau
households, rental value of of Economic Analysis of the U.S.
owner-occupied dwellings, and the Department of Commerce.
statistical discrepancy in Nonfinancial corporate
computing the NIPA. Corresponding output is equal to GDP in
exclusions are also made in labor constant 1987 dollars, less the
inputs. Business output was about output of nonprofit institutions,
78 percent of GDP in 1992. output of paid employees of
Nonfarm business, which also ex- private households, rental value
cludes farming, was about 77 per- of owner-occupied dwellings,
cent of GDP in 1992. unincorporated business, the
Total manufacturing measures output of corporations engaged in
are computed by summing series banking, finance, stock and
prepared for the durable and commodity trading, and credit and
nondurable goods sectors. insurance agencies, and the
Durables include the following 2- statistical discrepancy in
digit SIC industries: Primary computing the NIPA. Nonfinancial
10
corporations accounted for about the joint effects of many
56 percent of GDP in 1992. influences, including changes in
technology; capital investment;
Productivity: These productivity level of output; utilization of
measures describe the capacity, energy, and materials;
relationship between real output the organization of production;
and the labor time involved in managerial skill; and the
its production. They show the characteristics and effort of the
changes from period to period in work force.
the amount of goods and services
produced per hour. Although these Information in this release
measures relate output to hours will be made available to
at work of all persons engaged in sensory-impaired individuals upon
a sector, they do not measure the request. Voice phone: 202-606-
specific contribution of labor, STAT; TDD phone: 202-606-5897;
capital, or any other factor of TDD message referral phone
production. Rather, they reflect 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 r114.5 r133.7 116.8 152.2 105.9 r133.0 r148.4 r138.0
II 114.8 r134.4 r117.1 r153.7 106.0 133.9 r148.8 r138.8
III r115.9 r136.1 117.4 r156.0 r106.8 r134.7 r145.8 r138.3
IV 116.8 137.9 118.1 r157.8 r107.2 r135.1 r150.2 r140.1
ANNUAL r115.5 r135.5 117.4 r154.9 r106.6 r134.2 r148.3 r138.8
1993 I r116.3 r138.1 118.8 r158.9 r107.1 r136.6 r149.5 r140.8
II r116.5 r139.6 r119.8 r160.1 r107.1 r137.5 r149.6 r141.4
III r117.4 r140.9 120.0 r161.3 r107.5 137.4 r150.3 r141.6
IV r119.1 r143.9 120.8 r162.3 r107.3 r136.3 r153.8 r142.1
ANNUAL r117.3 r140.6 119.9 r160.6 r107.3 r136.9 r150.8 r141.5
1994 I r119.9 r145.8 121.6 r164.8 r108.4 r137.4 r153.1 r142.6
II 119.5 147.4 123.3 164.9 107.7 138.0 155.7 143.8
---------------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
1992 I r5.4 r3.4 r-1.9 r5.8 r3.1 r0.3 r9.1 3.3
II r1.2 r2.2 1.1 r4.0 r0.7 r2.8 r1.0 r2.2
III r3.8 r4.9 r1.1 r6.2 r3.0 r2.4 r-7.7 r-1.3
IV r3.3 5.6 2.2 r4.6 r1.3 r1.2 r12.6 r5.1
ANNUAL r3.0 r2.7 -0.3 r5.1 r2.0 r2.1 r2.3 r2.2
1993 I r-1.8 r0.6 r2.4 2.8 -0.2 r4.6 r-2.0 r2.3
II r0.7 r4.2 r3.5 r3.2 r0.1 r2.5 r0.3 r1.7
III r3.4 r4.0 r0.6 r3.1 r1.2 r-0.3 r2.1 r0.6
IV r5.7 r8.6 r2.8 r2.4 -0.5 r-3.1 r9.4 r1.2
ANNUAL r1.6 r3.8 2.1 r3.7 r0.7 r2.1 r1.7 r1.9
1994 I r2.9 r5.5 2.6 r6.2 r4.0 r3.3 r-1.7 1.5
II -1.4 4.3 5.8 0.3 -2.4 1.8 6.8 3.5
---------------------------------------------------------------------------------------------------------
12
Percent change from corresponding quarter of previous year
1992 I r2.7 r1.7 -1.0 r4.9 r2.0 2.1 r3.2 r2.5
II r2.5 r2.0 -0.5 r4.9 r1.7 r2.3 r2.5 2.4
III r3.1 r3.0 -0.2 r5.3 r2.2 r2.1 r0.3 1.5
IV r3.4 r4.0 0.6 r5.1 r2.0 r1.7 r3.5 r2.3
ANNUAL r3.0 r2.7 -0.3 r5.1 r2.0 r2.1 r2.3 r2.2
1993 I r1.6 r3.3 1.7 r4.4 r1.2 r2.8 r0.7 r2.0
II r1.5 r3.8 2.3 r4.2 r1.0 r2.7 r0.5 r1.9
III r1.4 r3.6 2.2 r3.4 r0.6 r2.0 r3.1 r2.4
IV r2.0 r4.3 2.3 r2.9 0.1 0.9 r2.4 r1.4
ANNUAL r1.6 r3.8 2.1 r3.7 r0.7 r2.1 r1.7 r1.9
1994 I r3.1 r5.6 r2.4 r3.7 r1.2 r0.6 r2.5 r1.2
II 2.6 5.6 2.9 3.0 0.5 0.4 4.1 1.7
---------------------------------------------------------------------------------------------------------
See footnotes following table 6. August 9, 1994
r=revised Source: Bureau of Labor Statistics
Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs,
and prices, seasonally adjusted
Real
Year Output per Hours 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 r112.6 r133.6 118.7 150.9 104.9 r134.0 r149.5 r139.0
II 113.1 134.4 r118.8 r152.6 r105.3 134.9 r150.4 r139.9
III 113.9 135.9 119.3 r154.7 r106.0 r135.9 r147.0 r139.5
IV 115.0 137.9 119.9 r156.5 r106.3 r136.1 r152.1 r141.2
ANNUAL r113.7 r135.5 119.2 r153.7 r105.7 r135.2 r149.7 r139.9
1993 I r114.5 r138.3 120.8 r157.4 r106.1 r137.5 r151.5 r142.0
II r114.6 r139.9 r122.0 r158.3 r105.9 138.1 r151.8 r142.5
III r115.8 r141.5 122.3 r159.4 r106.2 r137.7 r153.4 r142.8
IV r117.2 r144.3 123.1 r160.4 r106.0 r136.9 r156.1 r143.1
ANNUAL r115.5 r141.0 122.1 r158.8 r106.1 137.5 r153.2 r142.6
1994 I r118.0 r146.1 123.8 r162.8 r107.0 r137.9 r155.2 r143.5
II 117.6 147.6 125.5 163.1 106.5 138.6 158.5 145.0
---------------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
1992 I r4.2 r2.4 r-1.7 r5.7 r3.0 r1.4 r6.5 3.2
II r1.9 r2.5 0.6 r4.6 r1.2 r2.6 r2.3 r2.5
III r2.8 4.4 r1.5 r5.8 r2.7 r3.0 r-8.6 r-1.2
IV r3.9 r6.2 2.2 r4.6 r1.3 r0.6 r14.3 r5.1
ANNUAL r2.7 r2.4 r-0.3 r5.1 r2.0 r2.4 r2.2 r2.3
1993 I r-1.8 r1.0 r2.9 r2.2 r-0.8 r4.2 r-1.5 r2.2
II r0.5 r4.7 r4.2 r2.5 r-0.6 r2.0 r0.7 r1.6
III r4.1 r4.9 r0.8 r2.8 r1.0 r-1.2 r4.4 r0.7
IV r4.9 r7.9 r2.9 r2.4 r-0.6 r-2.4 r7.1 r0.8
ANNUAL r1.6 r4.1 2.4 r3.4 r0.4 r1.7 r2.3 r1.9
1994 I r2.9 r5.2 2.3 r6.1 r3.9 r3.1 r-2.1 1.2
II -1.2 4.1 5.4 0.8 -1.9 2.0 8.7 4.3
---------------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
1992 I r2.4 r1.4 r-1.0 r4.8 2.0 r2.4 r2.8 r2.5
II r2.4 r1.8 -0.5 r5.0 r1.8 r2.5 r2.8 r2.6
III r2.7 r2.6 -0.1 r5.3 r2.1 r2.6 r0.0 1.7
IV r3.2 r3.8 0.6 r5.2 r2.0 r1.9 r3.3 r2.4
ANNUAL r2.7 r2.4 r-0.3 r5.1 r2.0 r2.4 r2.2 r2.3
1993 I r1.7 r3.5 1.8 r4.3 r1.1 r2.6 r1.3 r2.1
II r1.3 r4.0 2.7 r3.8 r0.6 2.4 r0.9 r1.9
III r1.6 r4.2 2.5 r3.0 r0.2 r1.4 r4.3 r2.4
IV r1.9 r4.6 r2.7 2.5 r-0.2 r0.6 r2.6 r1.3
ANNUAL r1.6 r4.1 2.4 r3.4 r0.4 r1.7 r2.3 r1.9
1994 I r3.1 r5.7 2.5 r3.4 r0.9 r0.4 r2.5 r1.1
II 2.6 5.5 2.8 3.0 0.6 0.4 4.5 1.8
---------------------------------------------------------------------------------------------------------
See footnotes following table 6. August 9, 1994
r=revised Source: Bureau of Labor Statistics
Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
Real
Year Output per Hours 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 127.2 129.6 101.9 r145.1 r100.9 r114.1
II 128.6 131.5 102.3 146.7 101.2 114.1
III 129.1 131.8 102.1 r148.4 r101.6 r114.9
IV 130.9 133.9 102.4 r150.9 r102.5 r115.3
ANNUAL 129.1 131.7 102.0 r147.9 r101.7 r114.6
1993 I 132.2 136.0 102.9 r150.3 r101.3 r113.7
II 133.8 137.1 102.5 r152.6 r102.1 r114.1
III 134.6 137.9 102.5 r154.2 r102.7 r114.5
IV 137.2 140.9 102.7 r155.7 r102.9 r113.5
ANNUAL 134.5 138.0 102.6 r153.3 r102.4 r114.0
1994 I 139.5 143.6 102.9 r157.2 r103.4 r112.7
II 140.8 145.4 103.3 156.5 102.2 111.2
--------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
1992 I 3.2 1.1 -2.0 r1.3 r-1.3 r-1.8
II 4.4 6.1 1.7 r4.6 r1.2 r0.2
III 1.7 1.0 -0.7 r4.5 r1.4 r2.8
IV 5.5 6.6 1.1 r6.9 r3.5 r1.3
ANNUAL 3.7 3.1 -0.6 r4.2 r1.2 r0.5
1993 I 4.0 6.1 2.0 r-1.5 r-4.4 r-5.3
II 5.0 3.5 -1.4 r6.3 r3.1 r1.3
III 2.6 2.4 -0.2 r4.1 r2.2 r1.5
IV 7.9 8.7 0.8 r4.0 r1.0 r-3.6
ANNUAL 4.2 4.8 0.5 r3.6 r0.6 r-0.6
1994 I r6.8 r8.0 1.1 r3.8 r1.7 r-2.8
II 3.8 5.3 1.5 -1.7 -4.3 -5.2
--------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
1992 I 3.7 2.5 -1.2 r3.9 r1.0 r0.2
II 3.9 3.8 -0.1 4.0 r0.8 r0.0
III 3.0 2.3 -0.6 r4.2 r1.1 r1.2
IV 3.7 3.7 0.0 r4.3 r1.2 r0.6
ANNUAL 3.7 3.1 -0.6 r4.2 r1.2 r0.5
1993 I 3.9 4.9 1.0 r3.6 r0.4 r-0.3
II 4.0 4.3 0.2 r4.0 r0.9 r0.0
III 4.3 4.6 0.4 r3.9 r1.1 r-0.3
IV 4.8 5.2 0.3 r3.2 r0.5 r-1.6
ANNUAL 4.2 4.8 0.5 r3.6 r0.6 r-0.6
1994 I r5.5 5.6 0.1 r4.6 r2.0 r-0.9
II 5.2 6.1 0.8 2.5 0.1 -2.6
--------------------------------------------------------------------------------------------------
See footnotes following table 6. August 9, 1994
r=revised Source: Bureau of Labor Statistics
Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
Real
Year Output per Hours 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 136.9 136.1 99.5 r142.9 r99.4 r104.4
II 139.1 138.5 99.5 r144.8 r99.9 r104.1
III 139.9 138.8 99.3 r146.4 r100.2 r104.6
IV 142.8 142.1 99.5 r149.5 r101.5 r104.7
ANNUAL 139.8 138.9 99.3 r146.1 r100.5 r104.5
1993 I 145.2 145.2 100.0 r148.0 r99.8 r101.9
II 147.7 146.7 99.4 r150.2 r100.5 r101.7
III 148.8 148.0 99.5 r151.6 r101.0 r101.9
IV 153.2 153.1 99.9 r153.3 r101.3 r100.0
ANNUAL 148.8 148.3 99.6 r150.9 r100.8 r101.4
1994 I r156.1 r156.8 100.5 r154.9 r101.8 r99.2
II 157.2 158.6 100.9 153.8 100.5 97.8
--------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
1992 I 1.8 -0.3 -2.0 r0.7 r-1.9 r-1.1
II 6.8 7.2 0.4 r5.2 r1.9 r-1.5
III 2.1 1.0 -1.1 r4.5 r1.4 r2.3
IV 8.5 9.7 1.0 r8.7 r5.3 r0.2
ANNUAL 5.0 3.4 -1.5 r4.5 r1.5 r-0.4
1993 I 7.0 9.0 1.9 r-4.0 r-6.8 r-10.3
II 7.0 4.4 -2.5 r6.3 r3.1 r-0.6
III 3.0 3.5 0.5 r3.7 r1.8 r0.8
IV 12.5 14.4 1.6 r4.4 r1.4 r-7.2
ANNUAL 6.5 6.7 0.3 r3.3 r0.3 r-2.9
1994 I r7.7 r10.2 2.3 r4.2 r2.0 r-3.3
II 3.0 4.7 1.7 -2.7 -5.3 -5.5
--------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
1992 I 5.0 2.9 -2.0 r3.9 r1.0 r-1.1
II 5.6 4.2 -1.3 r4.3 r1.2 r-1.2
III 4.0 2.4 -1.5 r4.6 r1.5 r0.6
IV 4.8 4.3 -0.4 r4.8 r1.6 r0.0
ANNUAL 5.0 3.4 -1.5 r4.5 r1.5 r-0.4
1993 I 6.1 6.7 0.5 r3.5 r0.3 r-2.4
II 6.1 6.0 -0.2 r3.8 r0.6 r-2.2
III 6.4 6.6 0.2 r3.6 r0.7 r-2.6
IV 7.3 7.7 0.4 r2.5 r-0.2 r-4.4
ANNUAL 6.5 6.7 0.3 r3.3 r0.3 r-2.9
1994 I r7.5 r8.0 0.5 r4.7 r2.1 r-2.6
II 6.5 8.1 1.5 2.4 -0.1 -3.9
--------------------------------------------------------------------------------------------------
See footnotes following table 6. August 9, 1994
r=revised Source: Bureau of Labor Statistics
Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
Real
Year Output per Hours 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 r149.5 r104.0 r129.5
II 115.8 122.9 106.2 r151.0 r104.2 r130.4
III 116.1 123.2 106.1 r152.7 104.6 r131.5
IV 116.5 124.0 106.4 r154.3 r104.8 r132.4
ANNUAL 116.1 122.9 105.9 r152.0 r104.5 131.0
1993 I 116.5 124.6 107.0 r155.2 r104.7 r133.3
II 117.2 125.3 107.0 r157.7 r105.5 r134.6
III 117.7 125.6 106.7 r159.6 r106.3 r135.5
IV 118.1 125.9 106.6 r160.8 r106.3 r136.1
ANNUAL 117.4 125.4 106.8 r158.3 r105.7 r134.9
1994 I r119.6 r127.4 106.5 r162.0 r106.5 r135.4
II 121.1 129.3 106.8 162.0 105.8 133.8
--------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
1992 I 5.2 3.1 -2.0 r2.4 r-0.2 r-2.7
II 1.3 4.8 3.5 r3.8 r0.5 r2.6
III 1.1 0.9 -0.2 r4.7 r1.5 r3.6
IV 1.4 2.5 1.1 r4.2 r0.9 r2.7
ANNUAL 2.0 2.6 0.6 r4.0 r0.9 r1.9
1993 I -0.1 2.1 2.2 r2.5 r-0.5 r2.6
II 2.3 2.2 -0.1 r6.6 r3.4 r4.2
III 2.0 0.9 -1.1 r4.7 r2.7 r2.6
IV 1.3 1.0 -0.3 r3.1 r0.1 r1.8
ANNUAL 1.2 2.0 0.8 r4.2 r1.1 r3.0
1994 I r5.2 r4.7 -0.4 r3.1 r0.9 r-2.0
II 5.0 6.2 1.1 -0.1 -2.8 -4.8
--------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
1992 I 2.0 2.0 0.0 r4.1 r1.2 r2.0
II 1.7 3.3 1.6 r3.7 r0.5 r1.9
III 1.5 2.2 0.7 r3.8 r0.7 r2.2
IV 2.2 2.8 0.6 r3.8 r0.7 r1.5
ANNUAL 2.0 2.6 0.6 r4.0 r0.9 r1.9
1993 I 0.9 2.6 1.6 r3.8 r0.6 r2.9
II 1.2 1.9 0.8 r4.5 r1.3 r3.3
III 1.4 1.9 0.5 r4.5 r1.6 r3.0
IV 1.4 1.5 0.2 r4.2 r1.4 r2.8
ANNUAL 1.2 2.0 0.8 r4.2 r1.1 r3.0
1994 I r2.7 r2.2 -0.5 r4.4 r1.8 r1.6
II 3.3 3.2 -0.2 2.7 0.2 -0.6
--------------------------------------------------------------------------------------------------
See footnotes following table 6. August 9, 1994
r=revised Source: Bureau of Labor Statistics
Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits,
and prices, seasonally adjusted
Output Hourly Real Unit Total Unit Implicit
Year per 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 r116.7 r137.3 117.6 r147.7 r102.7 r126.5 r119.3 r124.5 r170.4 r127.3
II r117.6 r138.8 118.1 149.4 103.1 r127.1 r118.0 r124.5 r175.6 r127.6
III r119.1 r140.7 r118.1 r151.5 r103.7 r127.2 r119.0 r124.9 r171.0 r127.7
IV r120.6 r143.4 r118.9 r153.1 r104.0 r127.0 r115.7 r123.8 r191.2 r127.9
ANNUAL r118.5 r140.0 118.2 r150.4 r103.5 r126.9 r118.0 r124.4 r177.2 r127.7
1993 I r120.0 143.3 r119.4 r154.0 r103.8 r128.3 r116.8 r125.0 r183.7 r128.7
II r121.4 r145.9 r120.2 r154.5 r103.4 127.3 r115.8 r124.1 r199.4 r128.7
III r122.7 r148.1 120.7 r155.4 r103.5 r126.7 r115.8 r123.6 r202.5 r128.5
IV r124.1 r150.9 121.6 156.0 r103.1 r125.7 r114.8 r122.6 r220.9 r128.7
ANNUAL r122.0 r147.0 r120.5 r154.9 r103.5 r127.0 r115.8 r123.8 r201.9 r128.6
1994 I r125.1 r153.0 r122.3 r157.9 r103.9 r126.2 r116.6 r123.5 r218.2 r129.4
----------------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
1992 I r1.2 r0.9 r-0.4 3.9 r1.2 r2.6 r-2.6 r1.2 r14.8 r2.2
II r2.9 r4.7 1.7 r4.7 r1.3 r1.7 r-4.4 r0.0 r12.8 r1.0
III 5.2 r5.5 0.2 r5.7 r2.5 r0.4 r3.5 r1.2 r-10.0 r0.2
IV r5.1 r8.0 2.7 r4.3 r1.0 r-0.8 r-10.4 r-3.5 r56.4 r0.7
ANNUAL r3.0 r3.2 r0.1 r4.6 r1.6 r1.6 r-2.1 r0.5 r7.6 r1.1
1993 I r-1.9 r-0.3 1.7 r2.4 r-0.7 r4.4 r3.6 r4.2 r-14.9 r2.3
II r4.5 r7.5 2.8 r1.4 r-1.7 r-3.0 r-3.3 r-3.1 r38.9 r0.2
III r4.5 r6.0 1.4 r2.2 r0.4 r-2.1 r0.0 r-1.6 r6.5 r-0.8
IV r4.7 r7.8 3.0 r1.4 r-1.5 r-3.1 r-3.4 r-3.2 r41.5 r0.6
ANNUAL r3.0 r5.0 2.0 r3.0 r0.0 r0.0 r-1.9 r-0.5 r14.0 r0.8
1994 I r3.3 r5.8 r2.5 r5.1 r2.9 r1.8 r6.6 r3.1 r-4.9 2.2
----------------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
1992 I r2.4 r1.7 -0.7 r4.3 r1.4 r1.8 r-1.2 r1.0 r5.2 r1.3
II r2.6 r2.7 0.2 4.5 1.3 r1.9 r-2.1 r0.8 r5.0 r1.1
III r3.3 r3.5 0.3 r4.9 r1.7 r1.6 r-1.5 r0.7 r3.7 0.9
IV r3.6 r4.7 1.1 r4.7 r1.5 r1.0 r-3.6 r-0.3 r16.2 r1.1
ANNUAL r3.0 r3.2 r0.1 r4.6 r1.6 r1.6 r-2.1 r0.5 r7.6 r1.1
1993 I r2.8 r4.4 1.6 r4.3 r1.1 r1.4 r-2.1 r0.5 r7.8 r1.1
II r3.2 r5.1 1.9 r3.4 r0.3 r0.2 r-1.8 r-0.3 r13.6 r0.8
III r3.0 r5.2 2.2 2.6 -0.2 r-0.4 r-2.7 r-1.0 r18.5 r0.6
IV r2.9 r5.2 2.2 r1.9 r-0.9 r-1.0 r-0.8 r-1.0 r15.5 r0.6
ANNUAL r3.0 r5.0 2.0 r3.0 r0.0 r0.0 r-1.9 r-0.5 r14.0 r0.8
1994 I r4.2 r6.8 r2.4 r2.5 r0.0 r-1.6 r-0.1 r-1.2 r18.8 r0.5
----------------------------------------------------------------------------------------------------------
See footnotes following table 6. August 9, 1994
r=revised Source: Bureau of Labor Statistics
SOURCE: Output data from the Bureau of Economic Analysis, U.S.
Department of Commerce, and the Federal Reserve Board.
Compensation and hours data from the Bureau of Labor Statistics,
U.S. Department of Labor, and the Bureau of Economic Analysis.
RELIABILITY: Productivity and cost measures are regularly
revised as more complete information becomes available. The
measures are second published 30 days after the close of the
reference period; revisions appear about 35 days later, and third
revisions after an additional 60 days. In the business sector,
the probability is 0.95 that the third publication (third
revision) of a quarterly index of output per hour of all persons
will differ from the initial value by between -2.0 and +2.0 index
points. This interval is based on the performance of this
measure between the second quarter of 1976 and the fourth quarter
of 1993.
Footnotes, Tables 1-6
(1) Wages and salaries of employees plus employers'
contributions for social insurance and private benefit
plans. Except for nonfinancial corporations, where there
are no self-employed, data also include an estimate of
wages, salaries, and supplemental payments for the 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) Quarterly manufacturing output measures are based on the
index of industrial production prepared monthly by the Board
of Governors of the Federal Reserve adjusted by BLS to
annual manufacturing output levels (gross product
originating) from the National Income and Product Accounts
prepared by the Bureau of Economic Analysis of the U.S.
Department of Commerce.
(7) Unit nonlabor cost includes capital consumption allowances,
interest, rental income of persons, and indirect taxes. For
nonfinancial corporations, rental income of persons is zero
by definition.
(8) Total unit cost is the sum of labor and nonlabor costs.
(9) Unit profits include corporate profits with inventory
valuation and capital consumption adjustments.
Appendix table 1.
Business sector: Productivity, hourly compensation, unit labor costs, and prices, seasonally
adjusted
Real
Year Output per Hours 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) cost ments (3) deflator (4)
---------------------------------------------------------------------------------------------------------
Indexes 1982=100
1991 I 111.4 131.5 118.1 145.1 103.8 130.3 143.8 134.7
II 112.0 131.9 117.8 146.6 104.2 130.9 145.1 135.6
III 112.4 132.2 117.6 148.1 104.6 131.9 145.4 136.3
IV 113.0 132.6 117.4 150.1 105.1 132.9 145.2 136.9
ANNUAL 112.1 132.0 117.7 147.4 104.4 131.5 144.9 135.9
---------------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
1991 I 3.3 -1.8 -5.0 4.7 1.6 1.3 10.7 4.5
II 2.1 1.1 -1.0 4.0 1.6 1.8 3.8 2.5
III 1.3 0.9 -0.4 4.4 1.2 3.1 0.9 2.3
IV 2.2 1.2 -0.9 5.3 2.0 3.1 -0.7 1.7
ANNUAL 1.3 -1.0 -2.3 4.8 0.6 3.5 3.7 3.5
---------------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
1991 I 1.1 -1.5 -2.6 5.7 0.3 4.5 3.5 4.2
II 0.8 -1.9 -2.6 4.8 -0.1 4.0 3.4 3.8
III 1.4 -0.9 -2.2 4.5 0.6 3.1 4.1 3.4
IV 2.2 0.4 -1.8 4.6 1.6 2.3 3.6 2.8
ANNUAL 1.3 -1.0 -2.3 4.8 0.6 3.5 3.7 3.5
---------------------------------------------------------------------------------------------------------
See footnotes following table 6. August 9, 1994
Source: Bureau of Labor Statistics
Appendix table 2.
Nonfarm business sector: Productivity, hourly compensation, unit labor costs, and prices,
seasonally adjusted
Real
Year Output per Hours 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
1991 I 109.9 131.7 119.8 143.9 102.9 130.9 145.4 135.6
II 110.5 132.0 119.5 145.3 103.4 131.5 146.3 136.3
III 111.0 132.4 119.4 147.0 103.7 132.5 147.0 137.2
IV 111.5 132.8 119.2 148.8 104.2 133.5 147.2 137.9
ANNUAL 110.7 132.2 119.5 146.2 103.6 132.1 146.5 136.7
---------------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
1991 I 3.7 -1.6 -5.1 5.0 1.8 1.2 11.5 4.6
II 2.1 1.1 -1.0 4.1 1.8 1.9 2.4 2.1
III 1.6 1.1 -0.5 4.6 1.4 2.9 2.0 2.6
IV 1.8 1.2 -0.6 5.0 1.7 3.2 0.6 2.3
ANNUAL 1.5 -1.0 -2.4 5.0 0.8 3.5 4.2 3.7
---------------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
1991 I 1.1 -1.6 -2.7 5.8 0.4 4.6 4.3 4.5
II 0.9 -1.9 -2.8 5.0 0.2 4.1 3.7 3.9
III 1.7 -0.8 -2.5 4.8 0.9 3.0 4.6 3.6
IV 2.3 0.5 -1.8 4.7 1.7 2.3 4.0 2.9
ANNUAL 1.5 -1.0 -2.4 5.0 0.8 3.5 4.2 3.7
---------------------------------------------------------------------------------------------------------
See footnotes following table 6. August 9, 1994
Source: Bureau of Labor Statistics
Appendix table 3.
Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
Real
Output per Hours 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
1991 I 122.6 126.4 103.0 139.7 99.9 113.9
II 123.7 126.7 102.4 141.1 100.4 114.1
III 125.4 128.8 102.7 142.4 100.5 113.5
IV 126.2 129.2 102.4 144.6 101.2 114.6
ANNUAL 124.5 127.8 102.6 141.9 100.5 114.0
-----------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
1991 I -1.1 -9.1 -8.1 6.1 2.9 7.3
II 3.6 0.9 -2.6 4.3 1.9 0.6
III 5.5 7.0 1.3 3.5 0.3 -1.9
IV 2.5 1.2 -1.3 6.5 3.1 3.8
ANNUAL 2.0 -2.2 -4.1 5.3 1.1 3.3
-----------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
1991 I 1.3 -3.4 -4.6 5.9 0.6 4.6
II 2.1 -3.3 -5.3 5.5 0.6 3.3
III 2.3 -1.9 -4.1 5.4 1.4 3.0
IV 2.6 -0.2 -2.7 5.1 2.1 2.4
ANNUAL 2.0 -2.2 -4.1 5.3 1.1 3.3
-----------------------------------------------------------------------------------------------
See footnotes following table 6. August 9, 1994
Source: Bureau of Labor Statistics
Appendix table 4.
Durable manufacturing: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
Real
Output per Hours 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
1991 I 130.4 132.3 101.5 137.6 98.5 105.6
II 131.8 133.0 100.9 138.8 98.7 105.3
III 134.5 135.6 100.8 139.9 98.8 104.0
IV 136.3 136.2 100.0 142.7 99.9 104.7
ANNUAL 133.2 134.3 100.8 139.7 99.0 104.9
-----------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
1991 I 0.8 -9.6 -10.2 6.6 3.4 5.8
II 4.4 1.9 -2.4 3.3 1.0 -1.0
III 8.4 8.1 -0.3 3.4 0.2 -4.6
IV 5.4 1.9 -3.3 8.2 4.7 2.6
ANNUAL 3.6 -2.1 -5.6 5.5 1.2 1.8
-----------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
1991 I 3.1 -3.3 -6.2 6.2 0.8 3.0
II 3.5 -3.5 -6.8 5.5 0.7 1.9
III 3.7 -2.1 -5.6 5.4 1.5 1.6
IV 4.7 0.4 -4.1 5.3 2.3 0.6
ANNUAL 3.6 -2.1 -5.6 5.5 1.2 1.8
-----------------------------------------------------------------------------------------------
See footnotes following table 6. August 9, 1994
Source: Bureau of Labor Statistics
Appendix table 5.
Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
Real
Output per Hours 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
1991 I 113.1 119.1 105.3 143.6 102.8 127.0
II 113.8 119.0 104.5 145.6 103.6 127.9
III 114.3 120.5 105.4 147.1 103.8 128.6
IV 114.0 120.6 105.8 148.7 104.1 130.4
ANNUAL 113.8 119.8 105.3 146.2 103.6 128.5
-----------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
1991 I -3.7 -8.5 -5.1 5.9 2.7 10.0
II 2.6 -0.5 -2.9 5.7 3.3 3.0
III 1.7 5.4 3.6 4.1 0.8 2.3
IV -1.2 0.2 1.4 4.3 1.0 5.6
ANNUAL -0.3 -2.3 -2.0 5.5 1.2 5.8
-----------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
1991 I -1.2 -3.5 -2.3 6.0 0.6 7.3
II 0.2 -3.0 -3.2 5.8 0.9 5.6
III 0.4 -1.7 -2.1 5.6 1.7 5.2
IV -0.2 -1.0 -0.8 5.0 2.0 5.2
ANNUAL -0.3 -2.3 -2.0 5.5 1.2 5.8
-----------------------------------------------------------------------------------------------
See footnotes following table 6. August 9, 1994
Source: Bureau of Labor Statistics
Appendix table 6.
Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits, and prices,
seasonally adjusted
Output Hourly Real Unit Total Unit Implicit
Year per 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
1991 I 114.0 135.0 118.4 141.7 101.4 124.3 120.7 123.3 162.0 125.7
II 114.6 135.1 117.9 143.0 101.7 124.8 120.5 123.5 167.2 126.2
III 115.3 135.9 117.8 144.5 102.0 125.3 120.8 124.0 165.0 126.5
IV 116.4 137.0 117.7 146.3 102.4 125.7 120.1 124.1 164.6 126.6
ANNUAL 115.0 135.7 118.0 143.8 101.9 125.0 120.5 123.7 164.7 126.3
----------------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
1991 I 2.9 -3.3 -6.0 4.5 1.3 1.6 5.4 2.6 25.3 4.2
II 2.2 0.3 -1.8 3.8 1.5 1.5 -0.8 0.9 13.5 1.9
III 2.5 2.4 -0.1 4.2 0.9 1.6 1.1 1.5 -5.2 0.9
IV 3.7 3.1 -0.5 5.2 1.9 1.4 -2.3 0.4 -0.9 0.3
ANNUAL 2.0 -1.1 -3.1 4.8 0.6 2.7 3.7 3.0 -1.7 2.6
----------------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
1991 I 2.1 -1.5 -3.5 5.8 0.5 3.7 5.3 4.1 -6.2 3.2
II 1.3 -2.4 -3.7 4.9 0.0 3.5 5.4 4.0 -8.8 2.8
III 2.3 -1.1 -3.3 4.5 0.6 2.2 3.3 2.5 2.5 2.5
IV 2.8 0.6 -2.2 4.4 1.4 1.6 0.8 1.3 7.5 1.8
ANNUAL 2.0 -1.1 -3.1 4.8 0.6 2.7 3.7 3.0 -1.7 2.6
----------------------------------------------------------------------------------------------------------
See footnotes following table 6. August 9, 1994
Source: Bureau of Labor Statistics