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 96-236 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, JUNE 18, 1996 PRODUCTIVITY AND COSTS First Quarter 1996 The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised productivity data--as measured by output per hour of all persons--for the first quarter of 1996. The revised seasonally-adjusted annual rates of productivity change in the first quarter were: 2.3 percent in the business sector, and 2.1 percent in the nonfarm business sector. In both sectors, the first-quarter productivity gains were the largest since the fourth quarter of 1993. In manufacturing, productivity changes in the first quarter were: 5.5 percent in manufacturing, 8.1 percent in durable goods manufacturing, and 2.4 percent in nondurable goods manufacturing. Manufacturing productivity growth in the first quarter was higher than in the fourth quarter of 1995, reflecting both a larger increase in output and a bigger drop in the hours of all persons in the sector. Output and hours in manufacturing, which includes about 18 percent of U.S. business-sector employment, tend to vary more from quarter to quarter than data for the more aggregate business and nonfarm business sectors. First-quarter measures are summarized in table A and appear in detail in tables 1 through 5. The data sources and methods used in the preparation of the manufacturing series differ from those used in preparing the business and nonfarm business series and these measures are not directly comparable. 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. ---------------------------------------------------------------------- Table A. Productivity and costs: Revised first-quarter 1996 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 2.3 3.3 1.0 3.1 -0.1 0.8 Nonfarm business 2.1 3.1 1.0 3.3 0.1 1.2 Manufacturing 5.5 2.3 -3.0 -0.7 -3.9 -5.9 Durable 8.1 5.8 -2.1 -3.2 -6.3 -10.5 Nondurable 2.4 -2.0 -4.3 3.3 0.0 0.8 ---------------------------------------------------------------------- Percent change from same quarter a year ago Business 1.2 2.2 1.0 3.6 0.8 2.4 Nonfarm business 1.1 2.2 1.1 3.6 0.8 2.4 Manufacturing 4.3 1.0 -3.1 2.0 -0.8 -2.2 Durable 5.0 3.1 -1.8 0.7 -2.0 -4.0 Nondurable 3.6 -1.6 -5.0 3.7 0.9 0.1 ---------------------------------------------------------------------- Business From the fourth quarter of 1995 to the first quarter of 1996, business productivity increased at a 2.3 percent annual rate. Output rose 3.3 percent, and hours of all persons engaged in the sector increased 1.0 percent (seasonally adjusted annual rates). During the fourth quarter of 1995, productivity had dropped 0.3 percent (as revised), and output and hours rose 0.7 and 1.1 percent, respectively (table 1). Hourly compensation increased 3.1 percent during the first quarter of 1996, similar to the 3.2 percent rise in the fourth quarter of 1995. This measure includes wages and salaries, supplements, employer contributions to employee benefit plans, and taxes. Unit labor costs, which reflect changes in hourly compensation and productivity, increased at a 0.8 percent annual rate during the first quarter. These costs had risen 3.5 percent in the fourth quarter of 1995. Real hourly compensation, which takes into account changes in the Consumer Price Index for All Urban Consumers (CPI-U), fell at a 0.1 percent annual rate in the first quarter; it had risen 0.8 percent in the fourth quarter of 1995. The implicit price deflator for business output, which reflects changes in unit labor costs and unit nonlabor payments, increased 1.6 percent in the first quarter, compared with a 0.8 percent increase during the fourth quarter of 1995. Nonfarm business Productivity rose 2.1 percent in nonfarm businesses during the first quarter of 1996 as output rose 3.1 percent and hours of all persons increased 1.0 percent. During the fourth quarter of 1995, productivity dropped 0.8 percent in nonfarm businesses, reflecting gains of 0.6 percent in output and 1.5 percent in hours (table 2). Hourly compensation increased at a 3.3 percent annual rate in the first quarter, compared with a 2.9 percent increase one quarter earlier. When the rise in the CPI-U is taken into account, real hourly compensation rose 0.1 percent, less than the 0.5 percent gain recorded in the fourth quarter of 1995. Unit labor costs rose 1.2 percent, after having increased 3.7 percent the previous quarter. The implicit price deflator for nonfarm business output rose 1.4 percent in the first quarter, compared with a 0.7 percent rise one quarter earlier. Manufacturing Productivity increased 5.5 percent in manufacturing in the first quarter of 1996, as output rose 2.3 percent and hours of all persons dropped 3.0 percent (seasonally adjusted annual rates). Productivity and output showed larger increases in durable goods industries than in nondurables. In the fourth quarter of 1995, productivity in the manufacturing sector rose 3.7 percent as output increased 1.4 percent and hours of all persons fell 2.2 percent. Hours of all persons in the manufacturing sector have now fallen for four straight quarters--this occurred in both the durable and the nondurable subsectors (tables 4 and 5). Hourly compensation of all manufacturing workers dropped 0.7 percent during the first quarter, compared with an increase of 2.8 percent in the previous quarter. In the first quarter of 1996, real hourly compensation fell 3.9 percent when the increase in consumer prices is taken into account, compared with a 0.4 percent increase in the fourth quarter. The first-quarter movement in hourly compensation was affected by a pension contribution made in 1995 by a large durable goods manufacturer. As a result of this, the first- quarter movements in hourly compensation were very different in the durable and nondurable subsectors. In durable goods manufacturing, hourly compensation fell at a 3.2 percent annual rate, and real hourly compensation fell 6.3 percent. However, in nondurable goods manufacturing, hourly compensation rose 3.3 percent and real hourly compensation was unchanged. Unit labor costs dropped at a 5.9 percent annual rate in the first quarter of 1996, compared with a decrease of 0.8 percent during the fourth quarter of 1995. ------------------------------------------------------------------- Table B. Nonfinancial corporations: Preliminary first-quarter productivity and cost measures (Seasonally adjusted annual rates ------------------------------------------------------------------- Real Hourly hourly Unit Implicit Produc- compen- compen- labor Unit price Period tivity Output Hours sation sation costs profits deflator ------------------------------------------------------------------- Percent change from preceding quarter 1996 I 1.3 2.3 1.0 2.6 -0.7 1.3 13.5 1.8 ------------------------------------------------------------------- Percent change from same quarter a year ago 1996 I 2.7 3.9 1.1 3.4 0.6 0.6 10.9 1.4 ------------------------------------------------------------------- Nonfinancial corporations Preliminary first-quarter 1996 measures of productivity and costs also were announced today for nonfinancial corporations (tables B and 6). Productivity rose 1.3 percent in the first quarter, output 2.3 percent, and hours 1.0 percent (seasonally adjusted annual rates). In the fourth quarter of 1995, productivity had increased 2.0 percent. Nonfinancial corporations include all corporations doing business in the United States, except banks, stock and commodity brokers, and finance and insurance agencies. Hourly compensation increased 2.6 percent, but fell 0.7 percent when the rise in the CPI-U is taken into account (table 6). Unit labor costs for nonfinancial corporations increased 1.3 percent in the first quarter, slightly more than the 0.9 percent increase recorded in the fourth quarter of 1995. Unit nonlabor costs fell 1.5 percent in the first quarter of 1996, and unit profits increased 13.5 percent. During the fourth quarter of 1995, unit nonlabor costs rose 1.5 percent, and unit profits dropped 4.4 percent (annual rates). The implicit price deflator for nonfinancial corporate output rose 1.8 percent in the first quarter and 0.5 percent in the fourth quarter. REVISED MEASURES Current and previous measures for the first quarter of 1996 for business, nonfarm business, and manufacturing are compared in table C. Productivity and output increased less rapidly than originally reported on May 16, based on information then available. With this release of Productivity and Costs, labor input measures have been revised to reflect the regular annual benchmarking of employment levels derived from the monthly Current Employment Statistics survey to more comprehensive counts from unemployment insurance records. In addition, labor input series that are computed from household survey data have been revised. These series now reflect 1990 census-based population controls, adjusted for the estimated undercount, and they also include new average weekly hours data that include information on those persons not at work. Finally, they incorporate new seasonal adjustment factors that have been computed for measures that depend on these revised series. See tables 1-6 and appendix tables 1-6 for the revised data. --------------------------------------------------------------------- Table C. 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 1996 Business: Previous 2.8 4.0 1.1 3.0 -0.2 0.2 Current 2.3 3.3 1.0 3.1 -0.1 0.8 Nonfarm business: Previous 2.6 3.7 1.0 3.3 0.0 0.6 Current 2.1 3.1 1.0 3.3 0.1 1.2 Manufacturing: Previous 6.3 2.8 -3.2 -0.8 -3.9 -6.6 Current 5.5 2.3 -3.0 -0.7 -3.9 -5.9 ---------------------------------------------------------------------- Next release date The next release of Productivity and Costs is scheduled for 10:00 AM EDT, Wednesday, August 14, 1996. Preliminary second-quarter measures for business, nonfarm business, and manufacturing will be released at that time. TECHNICAL NOTES Labor Hours: The primary source of hours and employment data is the BLS Current Employment Statistics (CES) program, which provides monthly survey data on total employment and average weekly paid hours of production and nonsupervisory workers in nonagricultural establishments. Jobs rather than persons are counted. Weekly paid hours are adjusted to hours at work using the BLS Hours at Work survey, conducted for this purpose. Data from the BLS Current Population Survey (CPS) are used for farm labor; in the nonfarm sector, the National Income and Product Accounts (NIPA) prepared by the Bureau of Economic Analysis (BEA) of the Department of Commerce and the CPS are used to measure labor input for government enterprises, proprietors, and unpaid family workers. Output: Business sector output is an annual-weighted index constructed after excluding from gross domestic product (GDP) the following outputs: General government, nonprofit institutions, paid employees of private households, and the rental value of owner-occupied dwellings. Corresponding exclusions also are made in labor inputs. Business output accounted for about 76 percent of the value of GDP in 1992. Nonfarm business, which also excludes farming, accounted for about 75 percent of GDP in 1992. Annual manufacturing indexes are constructed by deflating current- dollar industry value of production data from the U.S. Bureau of the Census with deflators from the BEA. These deflators are based on data from the BLS producer price program and other sources. The industry shipments are aggregated using annual weights, and intrasector transactions are removed. Quarterly manufacturing output measures are based on the index of industrial production prepared monthly by the Board of Governors of the Federal Reserve System adjusted to be consistent with annual indexes of manufacturing sector output prepared by BLS. Durables include the following 2-digit SIC industries: Primary metal industries; fabricated metal products; nonelectrical machinery; industrial and commercial machinery and computer equipment; electronic and other electrical equipment; transportation equipment; instruments; lumber and lumber products; furniture and fixtures; stone, clay, and glass and concrete products; and miscellaneous manufactures. Nondurables include: Food and kindred products, tobacco products, textile mill products, apparel products, paper and allied products, printing and publishing, chemicals and chemical products, petroleum refining and related industries, rubber and plastic products, and leather and leather products. Nonfinancial corporate output is an annual-weighted index constructed by excluding from GDP the following outputs: General government; nonprofit institutions; employees of private households; the rental value of owner- occupied dwellings; unincorporated business; and those corporations which are depository institutions, nondepository institutions, security and commodity brokers, insurance carriers, regulated investment offices, small business investment offices, and real estate investment trusts. Nonfinancial corporations accounted for about 52 percent of the value of GDP in 1992. Productivity: These productivity measures describe the relationship between real output and the labor time involved in its production. They show the changes from period to period in the amount of goods and services produced per hour. Although these measures relate output to hours at work of all persons engaged in a sector, they do not measure the specific contribution of labor, capital, or any other factor of production. Rather, they reflect the joint effects of many influences, including changes in technology; capital investment; level of output; utilization of capacity, energy, and materials; the organization of production; managerial skill; and the characteristics and effort of the work force. Information in this release will be made available to sensory-impaired individuals upon request. Voice phone: 202-606-STAT; TDD phone: 202-606-5897; TDD message referral phone number: 1-800-326-2577. Table 1. Business sector: Productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted Real Year Output per Hours Compensa- compensa- Unit Unit non- Implicit and hour of of all tion per tion per labor labor pay- price quarter all persons Output persons hour (1) hour (2) costs ments (3) deflator (4) --------------------------------------------------------------------------------------------------------- Indexes 1992=100 1994 I 100.3 104.8 104.5 r104.0 r99.4 r103.7 r104.4 103.9 II r100.4 106.5 r106.1 r104.3 r99.1 103.9 r105.2 104.4 III r101.0 107.6 r106.6 r104.6 r98.5 r103.6 r107.7 105.1 IV r101.2 108.7 r107.4 r105.4 r98.7 r104.2 r108.1 105.6 ANNUAL r100.6 106.9 r106.2 r104.5 r98.9 103.8 r106.4 104.8 1995 I r100.7 108.8 r108.1 r106.3 r98.8 r105.5 r107.8 106.3 II r101.1 108.9 r107.7 r107.4 r99.0 r106.2 r108.1 106.9 III r101.5 110.1 r108.5 r108.4 r99.4 r106.9 r108.4 107.4 IV r101.4 110.3 r108.8 r109.3 r99.7 r107.8 r107.4 107.7 ANNUAL r101.1 109.6 r108.3 r107.8 r99.2 r106.6 r107.9 107.1 1996 I r102.0 r111.2 r109.1 r110.1 r99.6 r108.0 r108.2 108.1 --------------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1994 I r-1.8 1.8 r3.6 r2.8 r0.7 r4.6 r-1.3 2.4 II r0.4 6.7 r6.3 r1.3 r-1.2 r0.9 r3.3 1.8 III r2.2 4.1 r1.9 r0.9 r-2.7 r-1.2 r9.8 2.6 IV r0.8 4.0 r3.2 r3.1 r0.9 2.3 1.5 2.0 ANNUAL r0.5 4.2 r3.7 r1.9 r-0.6 1.4 3.5 2.2 1995 I r-1.7 0.6 r2.3 3.4 0.5 r5.2 r-1.1 2.8 II r1.5 0.3 r-1.1 r4.1 r0.7 r2.6 r1.1 2.1 III r1.4 4.4 r3.0 r4.1 r2.0 r2.6 r1.3 2.1 IV r-0.3 0.7 r1.1 r3.2 r0.8 r3.5 r-3.8 0.8 ANNUAL r0.5 2.5 r2.0 r3.2 r0.3 r2.7 r1.5 2.2 1996 I r2.3 r3.3 r1.0 r3.1 r-0.1 r0.8 r3.1 1.6 --------------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1994 I r0.1 3.3 r3.2 r2.3 r-0.2 r2.2 r2.2 2.2 II r0.7 4.4 r3.7 2.0 -0.4 r1.3 r3.3 2.0 III r1.1 4.7 r3.6 r1.7 r-1.1 0.6 r5.3 2.3 IV r0.4 4.2 r3.7 r2.0 r-0.6 1.6 r3.2 2.2 ANNUAL r0.5 4.2 r3.7 r1.9 r-0.6 1.4 3.5 2.2 1995 I r0.4 3.8 r3.4 r2.2 r-0.7 r1.8 r3.3 2.3 II r0.7 2.3 r1.5 r2.9 r-0.2 r2.2 r2.7 2.4 III r0.5 2.3 r1.8 r3.7 r1.0 r3.2 0.7 2.3 IV r0.2 1.5 r1.3 r3.7 r1.0 3.5 r-0.6 2.0 ANNUAL r0.5 2.5 r2.0 r3.2 r0.3 r2.7 r1.5 2.2 1996 I r1.2 r2.2 r1.0 r3.6 r0.8 r2.4 r0.4 1.7 --------------------------------------------------------------------------------------------------------- See footnotes following table 6. June 18, 1996 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 1992=100 1994 I r100.2 104.8 r104.6 103.7 99.2 r103.5 r104.7 103.9 II 100.4 106.6 106.1 r104.2 r99.0 103.8 105.8 104.5 III r100.9 107.7 r106.7 r104.4 r98.3 r103.5 r108.5 105.3 IV r101.2 108.8 r107.5 r105.3 r98.6 104.1 r108.7 105.7 ANNUAL r100.6 106.9 r106.3 r104.3 r98.7 r103.7 r107.0 104.9 1995 I r100.8 109.0 r108.1 r106.2 r98.7 105.3 r108.6 106.5 II r101.2 109.1 r107.8 r107.3 r98.9 r106.0 r108.8 107.0 III r101.7 110.4 r108.6 r108.4 r99.4 106.6 r109.1 107.5 IV r101.4 110.6 r109.0 r109.1 r99.5 107.6 r107.8 107.7 ANNUAL r101.2 109.8 r108.4 r107.7 r99.1 r106.4 r108.6 107.2 1996 I r102.0 r111.4 r109.3 r110.0 r99.5 r107.9 r108.3 r108.0 --------------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1994 I r-1.9 0.9 r2.9 r2.9 r0.9 r4.9 r-1.6 2.5 II r0.9 6.8 r5.9 r1.9 r-0.6 r1.0 r4.3 2.2 III r2.0 4.2 r2.1 r0.7 r-3.0 r-1.3 r10.7 2.9 IV r1.1 4.2 r3.1 r3.5 r1.3 2.4 r0.8 1.8 ANNUAL 0.5 4.0 r3.5 r2.0 r-0.5 r1.5 r3.6 2.3 1995 I r-1.4 0.8 r2.2 r3.5 r0.6 4.9 r-0.6 2.9 II r1.6 0.5 r-1.0 r4.1 r0.6 r2.5 r0.9 1.9 III 1.7 4.7 2.9 r4.1 r2.1 r2.4 r0.9 1.8 IV r-0.8 0.6 r1.5 r2.9 r0.5 r3.7 r-4.5 0.7 ANNUAL r0.7 2.7 r2.0 r3.3 r0.4 r2.6 r1.5 2.2 1996 I r2.1 r3.1 1.0 3.3 r0.1 r1.2 r1.8 1.4 --------------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1994 I r0.0 3.2 r3.2 r2.2 r-0.3 r2.2 r1.9 2.1 II 0.8 4.3 3.5 2.1 -0.3 1.3 r3.5 2.1 III 0.9 4.3 3.4 1.9 r-1.0 1.0 r5.3 2.5 IV r0.5 4.0 r3.5 r2.3 r-0.4 r1.7 3.4 2.3 ANNUAL 0.5 4.0 r3.5 r2.0 r-0.5 r1.5 r3.6 2.3 1995 I r0.7 4.0 r3.3 r2.4 r-0.4 r1.7 r3.7 2.4 II r0.8 2.4 r1.6 r2.9 r-0.1 r2.1 r2.9 2.4 III r0.7 2.6 r1.8 r3.8 r1.1 3.0 0.5 2.1 IV r0.3 1.7 r1.4 r3.6 r1.0 3.4 -0.9 1.8 ANNUAL r0.7 2.7 r2.0 r3.3 r0.4 r2.6 r1.5 2.2 1996 I r1.1 r2.2 r1.1 r3.6 r0.8 r2.4 r-0.3 1.5 --------------------------------------------------------------------------------------------------------- See footnotes following table 6. June 18, 1996 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 1992=100 1994 I r104.8 107.3 r102.4 r104.5 r99.9 r99.8 II r106.2 109.5 103.2 r104.8 99.5 98.7 III r106.6 110.9 r104.0 r105.4 r99.3 r98.9 IV r107.7 113.0 r105.0 r106.3 r99.5 98.7 ANNUAL r106.1 110.2 r103.8 r105.1 r99.5 99.0 1995 I r108.3 114.1 105.3 107.0 r99.4 98.7 II r109.0 113.5 r104.1 r107.5 r99.1 98.6 III r110.4 114.2 r103.4 r108.5 r99.5 98.2 IV r111.5 114.6 r102.8 r109.3 r99.6 r98.0 ANNUAL r109.8 114.1 r103.9 r108.0 r99.5 98.4 1996 I r112.9 r115.3 r102.1 r109.1 r98.7 r96.6 -------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1994 I r6.7 8.8 r2.0 r3.6 r1.6 r-2.9 II r5.5 8.5 r2.9 r1.0 r-1.5 r-4.2 III r1.7 5.1 r3.4 r2.6 r-1.1 r0.9 IV r4.1 7.9 r3.6 r3.2 r0.9 r-0.8 ANNUAL r4.0 6.5 r2.4 r2.7 r0.1 -1.3 1995 I r2.4 3.9 r1.4 r2.6 r-0.3 r0.2 II r2.7 -2.1 r-4.7 r1.9 r-1.4 r-0.7 III r5.3 2.6 r-2.5 r3.9 r1.8 r-1.3 IV r3.7 1.4 r-2.2 r2.8 r0.4 r-0.8 ANNUAL r3.4 3.5 r0.1 r2.8 r0.0 -0.6 1996 I r5.5 r2.3 r-3.0 r-0.7 -3.9 r-5.9 -------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1994 I 3.1 4.7 1.5 3.2 0.7 0.1 II r4.5 6.5 r1.9 r2.9 r0.4 r-1.6 III r4.5 7.1 r2.4 r2.8 r-0.1 -1.7 IV r4.5 7.6 r3.0 r2.6 r-0.1 -1.8 ANNUAL r4.0 6.5 r2.4 r2.7 r0.1 -1.3 1995 I r3.4 6.3 r2.8 r2.3 r-0.5 -1.0 II r2.7 3.6 r0.9 r2.6 r-0.5 -0.1 III r3.6 3.0 r-0.6 r2.9 r0.3 -0.7 IV r3.5 1.4 r-2.0 r2.8 r0.1 -0.7 ANNUAL r3.4 3.5 r0.1 r2.8 r0.0 -0.6 1996 I r4.3 r1.0 r-3.1 r2.0 r-0.8 r-2.2 -------------------------------------------------------------------------------------------------- See footnotes following table 6. June 18, 1996 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 1992=100 1994 I r107.0 110.4 r103.2 r104.4 r99.8 r97.6 II 108.2 112.6 104.1 r104.6 99.3 96.6 III r109.0 114.8 r105.3 r105.1 r98.9 r96.4 IV r110.3 117.5 r106.6 r105.7 r99.0 95.9 ANNUAL r108.4 113.8 r105.0 r104.7 r99.1 96.6 1995 I r111.5 119.5 r107.2 r106.1 r98.7 95.2 II r111.8 119.0 r106.4 r106.4 r98.1 95.1 III r113.6 120.4 r106.0 r107.4 r98.5 94.5 IV r114.8 121.5 r105.9 r107.8 r98.3 93.9 ANNUAL r112.9 120.1 r106.4 r106.9 r98.4 94.7 1996 I r117.0 123.2 r105.3 r106.9 r96.7 r91.4 -------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1994 I r7.4 11.0 r3.3 3.4 r1.4 r-3.7 II r4.8 8.6 r3.6 r0.7 r-1.8 r-4.0 III r3.0 7.8 r4.7 r2.0 r-1.7 -1.0 IV r4.7 9.9 r5.0 r2.6 r0.3 r-2.0 ANNUAL r4.9 8.5 r3.5 r2.4 r-0.1 -2.3 1995 I r4.4 7.0 r2.4 r1.5 r-1.3 r-2.8 II r1.2 -1.9 r-3.1 r0.9 r-2.5 r-0.3 III r6.4 5.1 r-1.2 r3.8 r1.7 r-2.4 IV r4.3 3.6 r-0.7 r1.6 r-0.8 r-2.6 ANNUAL r4.1 5.5 r1.3 r2.1 r-0.7 -2.0 1996 I r8.1 r5.8 r-2.1 -3.2 -6.3 r-10.5 -------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1994 I 4.4 6.8 2.3 3.2 0.7 r-1.1 II r5.3 8.4 r2.9 r2.8 r0.4 -2.4 III r5.8 9.5 r3.5 r2.6 r-0.2 r-3.0 IV r5.0 9.3 r4.1 r2.2 r-0.5 -2.7 ANNUAL r4.9 8.5 r3.5 r2.4 r-0.1 -2.3 1995 I r4.2 8.3 r3.9 r1.7 r-1.1 r-2.5 II r3.3 5.6 r2.2 r1.7 r-1.3 -1.5 III r4.2 4.9 r0.7 r2.2 r-0.4 -1.9 IV r4.1 3.4 r-0.7 r1.9 r-0.7 -2.0 ANNUAL r4.1 5.5 r1.3 r2.1 r-0.7 -2.0 1996 I r5.0 3.1 r-1.8 r0.7 r-2.0 -4.0 -------------------------------------------------------------------------------------------------- See footnotes following table 6. June 18, 1996 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 1992=100 1994 I r102.8 104.3 r101.4 r104.6 r100.0 r101.7 II 104.3 106.3 r101.9 104.9 r99.7 r100.5 III r104.4 106.9 r102.4 105.8 99.6 r101.3 IV 105.3 108.3 102.8 106.8 r99.9 r101.4 ANNUAL 104.2 106.5 102.2 r105.4 99.8 101.2 1995 I r105.4 108.4 r102.8 r107.9 r100.3 102.3 II r106.7 107.8 r101.0 r108.7 r100.2 r101.9 III r107.8 107.7 r99.9 r109.7 r100.7 r101.8 IV r108.6 107.3 98.8 111.0 101.2 r102.2 ANNUAL r107.1 107.8 r100.6 109.4 r100.7 102.1 1996 I r109.2 r106.8 97.7 111.9 101.2 r102.4 -------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1994 I r6.2 6.4 0.1 r3.7 r1.6 r-2.4 II 6.0 8.1 1.9 r1.3 r-1.2 r-4.4 III r0.3 2.0 r1.7 r3.3 r-0.5 r3.0 IV r3.5 5.4 r1.8 3.9 1.6 r0.4 ANNUAL r3.1 4.1 r1.0 2.8 0.2 -0.4 1995 I r0.5 0.6 r0.1 r4.1 r1.2 r3.7 II r4.8 -2.5 r-7.0 r3.4 r0.0 r-1.4 III r4.1 -0.3 r-4.3 3.7 r1.7 r-0.4 IV r3.0 -1.4 r-4.3 r4.5 r2.1 r1.5 ANNUAL 2.9 1.3 -1.6 r3.7 0.9 0.8 1996 I r2.4 r-2.0 r-4.3 r3.3 r0.0 r0.8 -------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1994 I 1.9 2.4 0.5 3.0 0.5 1.1 II r3.9 4.4 r0.5 r2.7 r0.3 -1.2 III 3.2 4.3 1.0 2.7 -0.2 -0.5 IV r4.0 5.4 r1.4 r3.0 0.4 -0.9 ANNUAL r3.1 4.1 r1.0 2.8 0.2 -0.4 1995 I 2.5 4.0 r1.4 3.1 r0.3 0.6 II r2.2 1.3 r-0.9 r3.7 r0.6 1.4 III r3.2 0.7 r-2.4 r3.8 r1.1 0.6 IV 3.1 -0.9 -3.9 3.9 1.2 0.8 ANNUAL 2.9 1.3 -1.6 r3.7 0.9 0.8 1996 I r3.6 r-1.6 r-5.0 r3.7 r0.9 r0.1 -------------------------------------------------------------------------------------------------- See footnotes following table 6. June 18, 1996 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 1992=100 1994 I 102.4 107.2 r104.6 r103.4 r98.9 100.9 102.3 101.3 120.8 102.8 II 102.6 108.9 106.2 103.8 98.6 101.2 98.7 100.5 134.5 103.1 III r102.4 109.6 r107.0 r104.0 r97.9 101.6 99.3 100.9 136.5 103.7 IV r103.0 111.6 r108.3 r105.0 r98.3 101.9 98.2 100.9 141.3 104.0 ANNUAL r102.6 109.3 r106.6 r104.0 r98.5 101.4 99.6 100.9 133.4 103.4 1995 I r102.1 111.3 r109.0 r105.4 r97.9 103.2 100.0 102.3 131.0 104.5 II r102.6 111.8 r108.9 r106.4 r98.1 103.7 101.2 103.0 130.5 105.1 III r104.1 113.9 r109.4 r107.5 r98.6 103.3 99.9 102.3 142.3 105.4 IV r104.6 114.9 r109.9 r108.2 r98.7 103.5 100.2 102.6 140.7 105.5 ANNUAL r103.4 113.0 r109.3 r106.9 r98.4 103.4 100.3 102.6 136.2 105.2 1996 I 104.9 115.6 110.2 108.9 98.5 103.8 99.8 102.8 145.2 106.0 ---------------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1994 I r0.0 4.2 r4.2 2.2 0.2 2.2 13.2 5.0 -21.8 2.2 II r0.6 6.8 r6.2 r1.5 r-1.1 0.9 -13.4 -3.2 53.6 1.2 III r-0.7 2.5 r3.2 r0.9 r-2.8 1.5 2.3 1.7 6.3 2.2 IV r2.4 7.5 r5.0 r3.9 r1.6 1.4 -4.4 -0.2 14.8 1.3 ANNUAL r1.2 5.5 r4.2 r1.8 r-0.8 0.5 -0.3 0.3 16.2 1.7 1995 I -3.5 -1.1 2.5 1.4 -1.4 5.1 7.9 5.9 -26.1 2.1 II r2.0 1.6 r-0.3 r3.9 r0.4 1.9 4.7 2.6 -1.6 2.2 III r5.8 7.8 r1.9 r4.2 r2.1 -1.5 -5.2 -2.5 41.4 1.1 IV r2.0 3.8 r1.8 r2.9 r0.5 0.9 1.5 1.1 -4.4 0.5 ANNUAL r0.8 3.3 r2.5 r2.8 r-0.1 2.0 0.7 1.7 2.1 1.7 1996 I 1.3 2.3 1.0 2.6 -0.7 1.3 -1.5 0.5 13.5 1.8 ---------------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1994 I 2.2 5.8 3.5 1.9 -0.6 -0.3 1.6 0.2 17.4 1.5 II 1.6 5.9 4.2 r1.9 r-0.5 0.3 -1.3 -0.2 20.6 1.6 III 1.0 5.2 4.2 1.6 r-1.3 0.6 -0.5 0.3 18.1 1.9 IV r0.6 5.2 r4.6 r2.1 r-0.5 1.5 -1.0 0.8 10.0 1.7 ANNUAL r1.2 5.5 r4.2 r1.8 r-0.8 0.5 -0.3 0.3 16.2 1.7 1995 I r-0.3 3.9 r4.2 r1.9 r-0.9 2.2 -2.2 1.0 8.4 1.7 II r0.0 2.6 r2.6 r2.5 r-0.6 2.5 2.5 2.5 -3.0 1.9 III r1.6 3.9 r2.2 r3.3 r0.7 1.7 0.6 1.4 4.2 1.7 IV r1.5 3.0 r1.4 r3.1 r0.4 1.6 2.1 1.7 -0.4 1.5 ANNUAL r0.8 3.3 r2.5 r2.8 r-0.1 2.0 0.7 1.7 2.1 1.7 1996 I 2.7 3.9 1.1 3.4 0.6 0.6 -0.2 0.4 10.9 1.4 ---------------------------------------------------------------------------------------------------------- See footnotes following table 6. June 18, 1996 r=revised Source: Bureau of Labor Statistics SOURCES: Output data are from the Bureau of Economic Analysis and the Census Bureau of the U.S. Department of Commerce; the Bureau of Labor Statistics, U.S. Department of Labor; and the Federal Reserve Board. Compensation and hours data are from the Bureau of Labor Statistics and the Bureau of Economic Analysis. RELIABILITY: Productivity and cost measures are regularly revised as more complete information becomes available. The measures are first published 30 days after the close of the reference period; revisions appear 30 days later, and second revisions after an additional 60 days. 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 output divided by the output index. (5) Quarterly changes: Percent change compounded at annual rate from the original data rather than index numbers. Annual changes: Percent change between annual average levels. (6) Unit nonlabor cost includes capital consumption allowances, interest, rental income of persons, and indirect taxes. For nonfinancial corporations, rental income of persons is zero by definition. (7) Total unit cost is the sum of unit labor and nonlabor costs. (8) 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) costs ments (3) deflator (4) --------------------------------------------------------------------------------------------------------- Indexes 1992=100 1991 I 95.9 96.3 100.4 93.4 97.1 97.4 95.6 96.7 II 96.6 96.9 100.2 94.7 97.9 97.9 96.5 97.4 III 97.1 97.2 100.1 95.7 98.2 98.6 97.1 98.1 IV 97.4 97.3 99.9 96.8 98.5 99.3 97.3 98.6 ANNUAL 96.7 96.9 100.2 95.1 97.9 98.3 96.6 97.7 1992 I 99.3 98.8 99.5 98.6 99.7 99.3 99.2 99.3 II 99.9 99.6 99.8 99.5 99.8 99.6 100.0 99.7 III 99.7 99.8 100.1 100.7 100.3 101.0 98.6 100.1 IV 101.1 101.7 100.7 101.2 99.9 100.1 102.2 100.9 ANNUAL 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1993 I 100.2 101.4 101.3 101.7 99.6 101.5 102.1 101.7 II 99.7 102.0 102.3 102.3 99.6 102.6 101.8 102.3 III 99.9 102.8 102.9 102.8 99.6 102.9 102.3 102.7 IV 100.8 104.3 103.6 103.3 99.3 102.5 104.7 103.3 ANNUAL 100.1 102.6 102.5 102.5 99.5 102.4 102.8 102.5 --------------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1991 I 2.0 -3.4 -5.3 4.2 1.1 2.2 11.0 5.2 II 3.1 2.3 -0.8 5.5 3.1 2.3 3.7 2.8 III 1.8 1.3 -0.5 4.6 1.5 2.8 2.8 2.8 IV 1.5 0.7 -0.8 4.4 1.0 2.9 0.8 2.1 ANNUAL 0.6 -1.8 -2.3 4.8 0.6 4.2 3.4 3.9 1992 I 8.1 6.2 -1.7 8.0 5.2 -0.1 8.1 2.8 II 2.1 3.2 1.1 3.4 0.1 1.3 3.0 1.9 III -0.5 0.8 1.3 4.9 1.9 5.5 -5.2 1.5 IV 5.5 7.9 2.3 2.1 -1.4 -3.2 15.1 3.0 ANNUAL 3.4 3.2 -0.2 5.2 2.1 1.7 3.5 2.4 1993 I -3.4 -1.1 2.4 1.9 -1.0 5.6 -0.2 3.4 II -1.9 2.2 4.2 2.6 -0.3 4.6 -1.0 2.5 III 0.7 3.0 2.3 1.9 0.1 1.2 1.7 1.4 IV 3.5 6.3 2.7 1.8 -1.3 -1.6 10.0 2.4 ANNUAL 0.1 2.6 2.5 2.5 -0.5 2.4 2.8 2.5 --------------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1991 I -0.3 -3.0 -2.7 5.3 0.1 5.6 2.7 4.6 II 0.0 -2.7 -2.7 4.7 -0.1 4.7 2.7 4.0 III 0.7 -1.5 -2.2 4.5 0.6 3.8 3.7 3.8 IV 2.1 0.2 -1.9 4.7 1.7 2.5 4.5 3.2 ANNUAL 0.6 -1.8 -2.3 4.8 0.6 4.2 3.4 3.9 1992 I 3.6 2.6 -0.9 5.6 2.7 2.0 3.8 2.6 II 3.3 2.8 -0.5 5.1 1.9 1.7 3.6 2.4 III 2.7 2.7 0.0 5.2 2.0 2.4 1.6 2.1 IV 3.7 4.5 0.8 4.6 1.4 0.8 5.0 2.3 ANNUAL 3.4 3.2 -0.2 5.2 2.1 1.7 3.5 2.4 1993 I 0.8 2.6 1.8 3.1 -0.1 2.2 2.9 2.5 II -0.1 2.4 2.5 2.9 -0.2 3.0 1.9 2.6 III 0.2 3.0 2.8 2.1 -0.7 2.0 3.7 2.6 IV -0.3 2.6 2.9 2.1 -0.6 2.4 2.5 2.4 ANNUAL 0.1 2.6 2.5 2.5 -0.5 2.4 2.8 2.5 --------------------------------------------------------------------------------------------------------- See footnotes following table 6. June 18, 1996 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 1992=100 1991 I 96.1 96.5 100.4 93.4 97.1 97.1 95.8 96.7 II 96.8 97.0 100.1 94.7 97.9 97.8 96.4 97.3 III 97.4 97.4 100.0 95.8 98.3 98.4 97.3 98.0 IV 97.6 97.5 99.9 96.7 98.5 99.1 97.4 98.5 ANNUAL 96.9 97.1 100.2 95.1 97.9 98.1 96.8 97.6 1992 I 99.3 98.8 99.5 98.6 99.7 99.3 99.2 99.2 II 99.9 99.6 99.7 99.6 99.9 99.6 100.0 99.8 III 99.7 99.8 100.1 100.7 100.3 101.0 98.4 100.1 IV 101.1 101.8 100.7 101.2 99.9 100.1 102.3 100.9 ANNUAL 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1993 I 100.2 101.6 101.4 101.5 99.5 101.4 102.7 101.8 II 99.6 102.2 102.6 102.0 99.3 102.4 102.2 102.4 III 100.0 103.2 103.2 102.5 99.3 102.5 103.0 102.7 IV 100.7 104.6 103.9 103.0 98.9 102.3 105.1 103.3 ANNUAL 100.1 102.9 102.8 102.3 99.3 102.1 103.3 102.5 --------------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1991 I 2.6 -3.0 -5.5 4.5 1.4 1.9 12.6 5.5 II 3.0 2.1 -0.9 5.7 3.2 2.6 2.2 2.5 III 2.2 1.7 -0.5 4.7 1.6 2.5 4.1 3.0 IV 1.0 0.5 -0.5 4.2 0.8 3.1 0.3 2.1 ANNUAL 0.7 -1.8 -2.5 4.9 0.7 4.2 3.9 4.1 1992 I 7.2 5.6 -1.4 7.7 5.0 0.5 7.7 3.0 II 2.5 3.1 0.6 4.1 0.8 1.6 3.0 2.1 III -1.0 0.7 1.7 4.6 1.6 5.6 -6.1 1.4 IV 5.9 8.4 2.4 2.0 -1.5 -3.7 16.9 3.2 ANNUAL 3.2 3.0 -0.2 5.2 2.1 1.9 3.3 2.4 1993 I -3.7 -0.9 2.9 1.3 -1.6 5.2 1.4 3.8 II -2.1 2.4 4.6 2.1 -0.8 4.3 -1.8 2.1 III 1.6 4.1 2.5 1.7 -0.1 0.1 3.1 1.2 IV 2.5 5.3 2.7 1.9 -1.2 -0.6 8.5 2.6 ANNUAL 0.1 2.9 2.8 2.3 -0.7 2.1 3.3 2.5 --------------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1991 I -0.3 -3.1 -2.8 5.4 0.1 5.7 3.4 4.9 II 0.1 -2.7 -2.8 4.9 0.1 4.8 3.0 4.2 III 1.0 -1.5 -2.4 4.7 0.9 3.7 4.4 4.0 IV 2.2 0.3 -1.9 4.7 1.7 2.5 4.7 3.3 ANNUAL 0.7 -1.8 -2.5 4.9 0.7 4.2 3.9 4.1 1992 I 3.3 2.5 -0.8 5.6 2.6 2.2 3.5 2.7 II 3.2 2.7 -0.5 5.2 2.0 1.9 3.7 2.6 III 2.4 2.5 0.1 5.1 2.0 2.7 1.1 2.1 IV 3.6 4.4 0.8 4.6 1.4 1.0 5.1 2.4 ANNUAL 3.2 3.0 -0.2 5.2 2.1 1.9 3.3 2.4 1993 I 0.9 2.8 1.9 3.0 -0.2 2.1 3.5 2.6 II -0.3 2.6 2.9 2.5 -0.6 2.8 2.3 2.6 III 0.4 3.5 3.1 1.8 -1.0 1.4 4.7 2.6 IV -0.4 2.7 3.2 1.8 -0.9 2.2 2.7 2.4 ANNUAL 0.1 2.9 2.8 2.3 -0.7 2.1 3.3 2.5 --------------------------------------------------------------------------------------------------------- See footnotes following table 6. June 18, 1996 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 1992=100 1991 I 95.1 95.9 100.8 94.0 97.8 98.9 II 95.8 96.2 100.4 95.2 98.4 99.4 III 97.5 98.0 100.5 96.5 99.0 99.0 IV 98.2 98.3 100.2 97.5 99.2 99.3 ANNUAL 96.5 97.1 100.6 95.7 98.6 99.1 1992 I 98.7 98.3 99.6 98.6 99.7 99.9 II 99.6 99.8 100.2 99.7 100.0 100.0 III 100.4 100.5 100.0 100.6 100.1 100.1 IV 101.1 101.4 100.3 101.0 99.7 99.9 ANNUAL 100.0 100.0 100.0 100.0 100.0 100.0 1993 I 101.6 102.5 100.9 101.3 99.3 99.7 II 101.6 102.8 101.2 101.9 99.1 100.3 III 102.0 103.6 101.6 102.6 99.4 100.6 IV 103.1 105.1 101.9 103.6 99.5 100.5 ANNUAL 102.1 103.5 101.4 102.4 99.4 100.3 ----------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1991 I -0.5 -8.7 -8.3 5.5 2.4 6.0 II 2.9 1.4 -1.4 5.0 2.5 2.1 III 7.4 7.9 0.4 5.7 2.5 -1.7 IV 2.8 1.3 -1.5 4.3 0.9 1.4 ANNUAL 2.5 -1.7 -4.1 5.2 1.0 2.7 1992 I 2.2 0.0 -2.2 4.6 1.9 2.4 II 3.8 6.1 2.2 4.4 1.1 0.6 III 3.3 2.7 -0.6 3.6 0.6 0.3 IV 2.5 3.7 1.3 1.6 -1.8 -0.8 ANNUAL 3.6 3.0 -0.6 4.5 1.5 0.9 1993 I 2.3 4.6 2.3 1.2 -1.7 -1.1 II -0.3 1.1 1.4 2.4 -0.5 2.6 III 1.7 3.0 1.3 2.9 1.0 1.2 IV 4.4 5.9 1.4 3.9 0.7 -0.5 ANNUAL 2.1 3.5 1.4 2.4 -0.6 0.3 ----------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1991 I 1.6 -3.2 -4.6 5.6 0.3 4.0 II 2.4 -2.8 -5.1 5.1 0.2 2.6 III 3.0 -1.3 -4.1 5.4 1.5 2.3 IV 3.1 0.3 -2.8 5.1 2.1 1.9 ANNUAL 2.5 -1.7 -4.1 5.2 1.0 2.7 1992 I 3.8 2.6 -1.2 4.9 2.0 1.0 II 4.0 3.8 -0.3 4.7 1.6 0.7 III 3.0 2.5 -0.5 4.2 1.1 1.2 IV 2.9 3.1 0.2 3.6 0.4 0.6 ANNUAL 3.6 3.0 -0.6 4.5 1.5 0.9 1993 I 3.0 4.3 1.3 2.7 -0.5 -0.2 II 1.9 3.0 1.1 2.2 -0.9 0.3 III 1.5 3.1 1.5 2.0 -0.8 0.5 IV 2.0 3.6 1.6 2.6 -0.1 0.6 ANNUAL 2.1 3.5 1.4 2.4 -0.6 0.3 ----------------------------------------------------------------------------------------------- See footnotes following table 6. June 18, 1996 Source: Bureau of Labor Statistics Appendix table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs, seasonally adjusted Real Output per Hours Compensa- compensa- Unit Year and hour of of all tion per tion per labor quarter all persons Output persons hour(1) hour(2) costs ----------------------------------------------------------------------------------------------- Indexes 1992=100 1991 I 93.0 94.8 101.9 93.7 97.5 100.8 II 93.5 95.2 101.7 94.7 98.0 101.3 III 95.8 97.1 101.4 96.3 98.8 100.5 IV 97.1 97.6 100.5 97.4 99.2 100.3 ANNUAL 94.8 96.2 101.5 95.4 98.3 100.7 1992 I 97.9 97.8 99.9 98.6 99.7 100.7 II 99.7 99.9 100.2 99.7 100.0 100.0 III 100.6 100.5 99.9 100.6 100.2 100.0 IV 101.5 101.8 100.3 100.9 99.6 99.4 ANNUAL 100.0 100.0 100.0 100.0 100.0 100.0 1993 I 102.4 103.3 100.9 101.1 99.1 98.7 II 102.8 104.0 101.1 101.7 99.0 98.9 III 103.0 104.8 101.8 102.4 99.1 99.4 IV 105.1 107.5 102.3 103.5 99.5 98.5 ANNUAL 103.4 104.9 101.5 102.2 99.2 98.9 ----------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1991 I -1.5 -12.3 -11.0 6.4 3.2 8.0 II 2.3 1.7 -0.6 4.5 2.1 2.2 III 10.1 8.6 -1.4 6.6 3.4 -3.2 IV 5.6 1.8 -3.6 4.9 1.5 -0.6 ANNUAL 2.5 -3.2 -5.6 5.4 1.2 2.9 1992 I 3.3 0.8 -2.4 4.9 2.2 1.5 II 7.5 9.0 1.4 4.5 1.1 -2.8 III 3.7 2.6 -1.1 3.7 0.7 0.0 IV 3.6 5.1 1.4 1.1 -2.4 -2.5 ANNUAL 5.5 4.0 -1.5 4.8 1.7 -0.7 1993 I 3.7 6.3 2.5 1.1 -1.8 -2.6 II 1.3 2.4 1.0 2.2 -0.7 0.9 III 0.9 3.4 2.5 2.6 0.7 1.7 IV 8.2 10.7 2.3 4.5 1.3 -3.4 ANNUAL 3.4 4.9 1.5 2.2 -0.8 -1.1 ----------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1991 I 1.6 -4.7 -6.2 5.7 0.4 4.0 II 1.8 -4.8 -6.5 5.0 0.2 3.2 III 2.7 -3.1 -5.6 5.7 1.8 2.9 IV 4.0 -0.3 -4.2 5.6 2.6 1.5 ANNUAL 2.5 -3.2 -5.6 5.4 1.2 2.9 1992 I 5.3 3.2 -2.0 5.2 2.3 -0.1 II 6.6 5.0 -1.5 5.2 2.1 -1.3 III 5.0 3.5 -1.5 4.5 1.4 -0.5 IV 4.5 4.3 -0.2 3.5 0.4 -1.0 ANNUAL 5.5 4.0 -1.5 4.8 1.7 -0.7 1993 I 4.6 5.7 1.0 2.6 -0.6 -2.0 II 3.1 4.1 0.9 2.0 -1.0 -1.0 III 2.4 4.3 1.8 1.7 -1.0 -0.6 IV 3.5 5.6 2.1 2.6 -0.1 -0.9 ANNUAL 3.4 4.9 1.5 2.2 -0.8 -1.1 ----------------------------------------------------------------------------------------------- See footnotes following table 6. June 18, 1996 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 1992=100 1991 I 97.4 96.7 99.4 94.3 98.1 96.8 II 98.2 97.0 98.7 95.5 98.8 97.3 III 99.2 98.6 99.4 96.6 99.2 97.4 IV 99.0 98.7 99.8 97.5 99.3 98.6 ANNUAL 98.3 97.8 99.4 95.9 98.8 97.5 1992 I 99.5 98.8 99.3 98.6 99.7 99.0 II 99.5 99.6 100.2 99.6 100.0 100.2 III 100.3 100.4 100.2 100.5 100.1 100.3 IV 100.7 101.1 100.4 101.2 99.9 100.5 ANNUAL 100.0 100.0 100.0 100.0 100.0 100.0 1993 I 100.9 101.8 100.9 101.5 99.5 100.6 II 100.4 101.8 101.4 102.2 99.4 101.7 III 101.2 102.5 101.3 103.0 99.7 101.8 IV 101.3 102.7 101.4 103.6 99.6 102.3 ANNUAL 101.0 102.2 101.2 102.6 99.6 101.6 ----------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1991 I -0.3 -4.8 -4.5 4.8 1.7 5.2 II 3.6 0.9 -2.6 5.6 3.1 1.9 III 3.9 6.9 2.9 4.5 1.4 0.6 IV -0.9 0.6 1.5 3.9 0.5 4.8 ANNUAL 1.9 -0.2 -2.0 5.2 1.0 3.3 1992 I 2.3 0.5 -1.8 4.3 1.6 2.0 II -0.3 3.1 3.4 4.5 1.1 4.8 III 3.3 3.3 0.0 3.6 0.6 0.3 IV 1.7 2.8 1.1 2.5 -1.0 0.8 ANNUAL 1.7 2.3 0.6 4.3 1.2 2.5 1993 I 0.9 2.9 2.0 1.3 -1.6 0.4 II -1.9 -0.1 1.9 2.6 -0.3 4.7 III 3.0 2.8 -0.3 3.2 1.3 0.1 IV 0.4 0.7 0.3 2.6 -0.5 2.2 ANNUAL 1.0 2.2 1.2 2.6 -0.4 1.6 ----------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1991 I 0.8 -1.6 -2.4 5.9 0.6 5.0 II 2.5 -0.7 -3.2 5.5 0.6 2.9 III 2.8 0.7 -2.0 5.2 1.3 2.4 IV 1.6 0.8 -0.7 4.7 1.7 3.1 ANNUAL 1.9 -0.2 -2.0 5.2 1.0 3.3 1992 I 2.2 2.2 0.0 4.6 1.7 2.3 II 1.3 2.7 1.5 4.3 1.2 3.0 III 1.1 1.9 0.8 4.1 1.0 2.9 IV 1.8 2.4 0.6 3.7 0.6 1.9 ANNUAL 1.7 2.3 0.6 4.3 1.2 2.5 1993 I 1.4 3.0 1.6 3.0 -0.2 1.5 II 1.0 2.2 1.2 2.5 -0.6 1.5 III 0.9 2.1 1.2 2.4 -0.4 1.5 IV 0.6 1.6 1.0 2.4 -0.3 1.8 ANNUAL 1.0 2.2 1.2 2.6 -0.4 1.6 ----------------------------------------------------------------------------------------------- See footnotes following table 6. June 18, 1996 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 1992=100 1991 I 97.0 97.0 99.9 93.9 97.7 96.8 102.8 98.4 95.9 98.2 II 97.3 96.8 99.5 95.1 98.4 97.8 103.3 99.3 92.1 98.8 III 97.6 97.2 99.5 96.2 98.7 98.5 103.4 99.8 90.3 99.1 IV 98.0 97.5 99.5 97.2 98.9 99.1 102.8 100.1 89.2 99.3 ANNUAL 97.4 97.1 99.7 95.5 98.4 98.0 103.1 99.4 91.9 98.8 1992 I 99.1 98.6 99.4 98.6 99.7 99.5 100.4 99.7 97.5 99.6 II 99.4 99.2 99.9 99.6 99.9 100.2 99.8 100.1 98.0 99.9 III 100.2 100.1 100.0 100.7 100.2 100.5 101.0 100.6 93.8 100.1 IV 101.4 102.0 100.7 101.2 99.9 99.8 98.8 99.6 110.4 100.4 ANNUAL 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1993 I 100.2 101.3 101.1 101.5 99.4 101.3 100.7 101.1 102.9 101.2 II 101.0 102.9 101.9 101.9 99.1 100.9 100.0 100.7 111.5 101.5 III 101.4 104.2 102.7 102.4 99.2 100.9 99.8 100.6 115.6 101.8 IV 102.4 106.1 103.5 102.8 98.8 100.4 99.2 100.1 128.5 102.3 ANNUAL 101.3 103.6 102.2 102.2 99.2 100.9 99.9 100.6 114.8 101.7 ---------------------------------------------------------------------------------------------------------- Percent change from previous quarter at annual rate(5) 1991 I 2.8 -3.2 -5.9 3.9 0.9 1.1 6.8 2.6 34.7 4.7 II 0.9 -0.7 -1.7 5.5 3.0 4.5 2.0 3.8 -15.2 2.3 III 1.5 1.5 0.0 4.4 1.3 2.9 0.3 2.1 -7.3 1.4 IV 1.7 1.6 -0.1 4.2 0.8 2.4 -2.3 1.1 -5.0 0.7 ANNUAL 1.6 -1.4 -2.9 4.7 0.5 3.1 4.1 3.4 -2.1 3.0 1992 I 4.6 4.4 -0.2 6.1 3.4 1.5 -9.0 -1.5 42.5 1.1 II 1.0 2.7 1.7 4.0 0.7 3.0 -2.4 1.5 2.4 1.6 III 3.3 3.7 0.4 4.5 1.4 1.2 4.7 2.1 -16.2 0.6 IV 4.8 7.7 2.8 2.1 -1.4 -2.6 -8.2 -4.1 92.0 1.2 ANNUAL 2.7 3.0 0.3 4.7 1.7 2.0 -3.0 0.6 8.8 1.2 1993 I -4.5 -2.9 1.6 1.1 -1.8 5.8 7.8 6.4 -24.5 3.4 II 3.1 6.6 3.4 1.6 -1.2 -1.4 -2.7 -1.7 38.0 1.0 III 1.9 5.0 3.1 2.0 0.1 0.1 -1.0 -0.2 15.4 1.1 IV 4.0 7.5 3.4 1.7 -1.4 -2.1 -2.2 -2.2 52.4 1.9 ANNUAL 1.3 3.6 2.2 2.2 -0.8 0.9 -0.1 0.6 14.8 1.7 ---------------------------------------------------------------------------------------------------------- Percent change from corresponding quarter of previous year 1991 I 1.9 -1.4 -3.2 5.3 0.0 3.3 5.5 3.9 -0.7 3.6 II 0.9 -2.6 -3.5 4.8 -0.1 3.8 5.9 4.4 -10.0 3.2 III 1.9 -1.2 -3.0 4.4 0.5 2.5 3.5 2.8 3.4 2.8 IV 1.7 -0.2 -2.0 4.5 1.5 2.7 1.6 2.4 0.2 2.2 ANNUAL 1.6 -1.4 -2.9 4.7 0.5 3.1 4.1 3.4 -2.1 3.0 1992 I 2.2 1.7 -0.5 5.0 2.1 2.8 -2.3 1.3 1.6 1.4 II 2.2 2.5 0.3 4.7 1.5 2.4 -3.4 0.8 6.5 1.2 III 2.6 3.1 0.4 4.7 1.6 2.0 -2.4 0.8 3.8 1.0 IV 3.4 4.6 1.2 4.1 1.0 0.7 -3.9 -0.5 23.8 1.1 ANNUAL 2.7 3.0 0.3 4.7 1.7 2.0 -3.0 0.6 8.8 1.2 1993 I 1.1 2.7 1.6 2.9 -0.3 1.8 0.3 1.4 5.6 1.7 II 1.6 3.7 2.1 2.3 -0.8 0.7 0.2 0.6 13.8 1.6 III 1.2 4.0 2.7 1.7 -1.1 0.5 -1.2 0.0 23.2 1.7 IV 1.1 4.0 2.9 1.6 -1.1 0.6 0.4 0.5 16.3 1.8 ANNUAL 1.3 3.6 2.2 2.2 -0.8 0.9 -0.1 0.6 14.8 1.7 ---------------------------------------------------------------------------------------------------------- See footnotes following table 6. June 18, 1996 Source: Bureau of Labor Statistics