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 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 name MP. For each news release published by the BLS, the two most current issues are stored in the */news.release directory. 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For more information call (202) 219-8831, or FAX (202) 219-8699, Monday through Friday, 9 a.m. to 4 p.m. ET. 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