Table 2. Average annual percent change in hourly compensation
         costs in manufacturing and exchange rates

                              1997-2011                   2010-2011
                   National   Exchange    U.S.   National  Exchange    U.S.
                   currency     rate     dollar  currency    rate     dollar
                    change     change    change   change    change    change
                                 (1)      (2)                (1)       (2)

Argentina            16.7       -9.6      5.5      31.4     -5.2      24.5
Singapore             3.3        1.2      4.5       9.1      8.5      18.3
Switzerland           1.4        3.6      5.0       0.4     17.7      18.2
Australia             4.1        2.4      6.6       3.9     12.3      16.7
Brazil                6.9       -3.1      3.6       9.8      5.2      15.6
New Zealand           3.5        1.3      4.8       4.3      9.8      14.5
Czech Republic        6.0        4.3      10.5      4.9      7.9      13.2
Sweden                3.7        1.2      4.9       1.7     11.1      13.0
Japan                 0.5        3.0      3.5       2.1     10.1      12.5
Norway                4.9        1.7      6.7       4.1      7.9      12.3
Taiwan                2.2       -0.1      2.0       4.1      7.2      11.6
Estonia                NA         NA       NA       5.0      5.1      10.4
Slovakia              7.3        3.2     10.7       4.5      5.1       9.8
Israel                4.3       -0.3      4.1       4.6      4.5       9.3
Hungary               8.7       -0.5      8.2       5.6      3.4       9.2
Portugal              3.6        1.4      5.1       3.4      5.1       8.6
Germany               2.0        1.5      3.5       2.9      5.1       8.1
Belgium               3.1        1.5      4.7       2.8      5.1       8.0
Austria               2.4        1.5      4.0       2.7      5.1       7.9
Denmark               4.1        1.5      5.7       2.6      5.1       7.8
Italy                 2.9        1.5      4.4       2.5      5.1       7.7
France                2.3        1.5      3.8       2.5      5.1       7.6
Finland               3.5        1.4      5.0       2.2      5.1       7.4
Philippines           6.1       -2.7      3.3       2.9      4.1       7.2
Netherlands           3.1        1.5      4.6       1.7      5.1       6.9
Spain                 3.7        1.5      5.2       1.5      5.1       6.7
Korea, Republic of    6.4       -1.1      5.3       2.2      4.4       6.7
Poland                6.9        0.7      7.6       4.5      1.8       6.4
United Kingdom        3.5       -0.1      3.4       1.8      3.8       5.7
Canada                2.5        2.4      5.0       1.5      4.2       5.7
Mexico                8.0       -3.2      4.6       3.9      1.6       5.6
Ireland               5.3        1.1      6.4      -1.0      5.1       4.0
United States         3.1        0.0      3.1       2.1      0.0       2.1
Greece                3.8        0.8      4.6      -7.3      5.1      -2.6

NA=data not available.

(1) Exchange rates are value of foreign currency relative to the U.S. dollar.
(2) U.S. dollar changes are approximately equal to national currency changes 
    plus exchange rate changes for each country.