Internet address: http://www.bls.gov/lpc/ USDL 09-0116
Historical, technical TRANSMISSION OF THIS
information: (202) 691-5606 MATERIAL IS EMBARGOED
Current data: (202) 691-5200 UNTIL 8:30 A.M. EST,
Media contact: (202) 691-5902 THURSDAY, FEBRUARY 5, 2009
PRODUCTIVITY AND COSTS
Preliminary Fourth Quarter and
Annual Averages for 2008
The Bureau of Labor Statistics of the U.S. Department of Labor today
reported preliminary productivity data--as measured by output per hour of all
persons--for the fourth quarter and for the full year 2008. The seasonally
adjusted annual rates of productivity change in the fourth quarter and the
annual average changes were:
Fourth Annual averages
quarter 2007-2008
Business sector 3.1 2.7
Nonfarm business sector 3.2 2.8
In the fourth quarter of 2008, productivity increased 3.1 percent in the
business sector, with output and hours decreasing 5.2 percent and 8.1
percent, respectively. Output per hour for the nonfarm business sector rose
3.2 percent as output declined 5.5 percent and hours fell 8.4 percent. For
the full year 2008 productivity rose 2.7 percent in the business sector and
2.8 percent in the nonfarm business sector.
In the manufacturing sector, productivity changes were:
Fourth Annual averages
quarter 2007-2008
Manufacturing sector -3.0 1.3
Durable goods manufacturing -13.4 1.4
Nondurable goods manufacturing 7.6 1.0
Manufacturing productivity decreased for the third consecutive quarter;
output per hour fell at a 3.0 percent annual rate in the fourth quarter. The
fourth-quarter decline was concentrated in the durable goods sector. Output
per hour in total manufacturing posted a 1.3 percent increase in 2008 on an
annual average basis. Output and hours in manufacturing, which includes
about 12 percent of U.S. business-sector employment, tend to vary more from
quarter to quarter than data for the aggregate business and nonfarm business
sectors. Fourth quarter productivity and related measures are summarized in
table A, and annual average data in table B. Detailed information is
presented in tables 1 through 5.
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The data in this release do not reflect the annual benchmark revision of the
BLS Current Employment Statistics program data to be released on February 6,
2009. This benchmark will be incorporated in our next release on March 5,
2009.
==============================================================================
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 indexes of industrial production independently prepared by the Board
of Governors of the Federal Reserve System. See Technical Notes for further
information on data sources.
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Table A. Productivity and costs: Preliminary fourth-quarter 2008 measures
(Seasonally adjusted annual rates)
------------------------------------------------------------------------------
Real
Hourly hourly Unit
Produc- compen- compen- labor
Sector tivity Output Hours sation sation costs
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Percent change from preceding quarter
Business 3.1 -5.2 -8.1 4.7 15.3 1.5
Nonfarm business 3.2 -5.5 -8.4 5.0 15.6 1.8
Manufacturing -3.0 -16.7 -14.1 9.8 20.9 13.3
Durable -13.4 -26.1 -14.7 10.1 21.2 27.1
Nondurable 7.6 -6.5 -13.1 9.6 20.6 1.8
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Percent change from same quarter a year ago
Business 2.7 -1.0 -3.6 3.4 1.9 0.7
Nonfarm business 2.7 -1.0 -3.6 3.5 1.9 0.7
Manufacturing -1.4 -7.7 -6.5 5.1 3.6 6.6
Durable -3.6 -10.4 -7.0 5.5 4.0 9.5
Nondurable 0.4 -5.1 -5.5 4.5 3.0 4.1
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THIRD-TO-FOURTH QUARTER CHANGES, 2008
Business
Productivity in the business sector increased by 3.1 percent in the
fourth quarter of 2008, reflecting a decrease of 5.2 percent in output and an
even greater decline of 8.1 percent in hours of all persons (seasonally
adjusted annual rates). The decline in output was the largest since the
first quarter of 1982 (-8.6 percent) and the drop in hours was the largest
since first quarter 1975 (-12.1 percent). When the fourth quarter of 2008 is
compared to the fourth quarter of 2007, business sector productivity grew 2.7
percent, as output and hours fell 1.0 percent and 3.6 percent, respectively
(table A). Business sector productivity had grown at a 2.5 percent average
annual rate for the 2000-2007 period.
Hourly compensation grew 4.7 percent in the fourth quarter of 2008, up
from a 4.2 percent increase one quarter earlier. This measure includes wages
and salaries, supplements, employer contributions to employee-benefit plans,
and taxes. Real hourly compensation takes into account changes in consumer
prices, which fell at a 9.2 percent annual rate in the fourth quarter. The
15.3 percent fourth-quarter increase in real hourly compensation was the
largest since the first quarter of 1950 when it increased 16.1 percent. When
the fourth quarter of 2008 is compared to the fourth quarter of 2007, real
hourly compensation increased 1.9 percent.
Unit labor costs, which relate hourly compensation to output per hour,
increased 1.5 percent in the fourth quarter of 2008, as most of the 4.7
percent increase in hourly compensation was offset by the 3.1 percent
productivity gain.
Nonfarm Business
In the nonfarm business sector, productivity rose 3.2 percent in the
fourth quarter of 2008, as output decreased 5.5 percent and hours of all
persons--employees, proprietors, and unpaid family workers--fell more, 8.4
percent (seasonally adjusted annual rates). As in the business sector, the
declines in output and hours were the largest since the first quarter of 1982
for output (-8.7 percent) and the first quarter of 1975 for hours (-12.0
percent). During the four-quarter period ending with the fourth quarter of
2008, nonfarm business sector productivity grew 2.7 percent--similar to the
2.5 percent average rate of growth from 2000 to 2007 (table 2).
Hourly compensation in the nonfarm business sector rose 5.0 percent in
the fourth quarter of 2008 following a 4.2 percent increase in the third
quarter. When the 9.2 percent decrease in consumer prices was factored in,
real hourly compensation jumped 15.6 percent during the fourth quarter
(seasonally adjusted annual rates). This was the largest increase in real
hourly compensation since the beginning of the series in the second quarter
of 1947. However, real hourly compensation had declined in each of the first
three quarters of 2008, and as in the business sector, the change from the
same quarter a year ago was 1.9 percent.
Unit labor costs rose 1.8 percent in the fourth quarter of 2008, and 0.7
percent over the last four quarters. As in the business sector, unit labor
costs increased at a 1.4 percent average annual rate from 2000 to 2007. The
implicit price deflator for nonfarm business output declined 0.5 percent in
the fourth quarter after increasing 4.7 percent in the previous quarter.
Manufacturing
Manufacturing productivity, output, and hours all declined in the fourth
quarter of 2008; output per hour fell 3.0 percent, output dropped 16.7
percent, and hours fell 14.1 percent (seasonally adjusted annual rates). The
decreases in hours and output were the largest for these series, which begin
with data for the second quarter of 1987. From the fourth quarter of 2007 to
the fourth quarter of 2008 manufacturing productivity decreased 1.4 percent,
output fell 7.7 percent and hours declined 6.5 percent (table A).
Manufacturing productivity had grown at a 3.7 percent average annual rate
from 2000 to 2007.
In the durable goods manufacturing sector, productivity dropped 13.4
percent in the fourth quarter of 2008, as output fell 26.1 percent and hours
declined 14.7 percent (table 4). These were the largest decreases in output
per hour, hours and output for the entire series dating back to second-
quarter 1987. In the nondurable goods sector, productivity rose 7.6 percent
in the fourth quarter as hours fell faster than output; output declined 6.5
percent and hours dropped 13.1 percent (table 5).
Hourly compensation of all manufacturing workers increased 9.8 percent
during the fourth quarter of 2008, reflecting increases of 10.1 percent in
durable goods industries and 9.6 percent in nondurable goods industries.
When the decrease in consumer prices was taken into account, real hourly
compensation in total manufacturing increased 20.9 percent in the fourth
quarter, which was the largest increase in the series.
Unit labor costs for the manufacturing sector rose 13.3 percent in
fourth-quarter 2008. These cost increases were concentrated in durable goods
manufacturing where unit labor costs rose 27.1 percent; unit labor costs rose
1.8 percent in nondurable goods industries. Over the last four quarters
manufacturing unit labor costs increased 6.6 percent.
ANNUAL AVERAGE CHANGES, 2007-2008
Business and Nonfarm Business
When annual averages for 2008 were compared with annual averages for
2007, labor productivity increased 2.7 percent in the business sector and 2.8
percent in the nonfarm business sector. In both sectors, the productivity
increases were the largest since similar gains in 2004, due more to the
declines in hours than the small gains in output (table B).
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Table B. Annual average changes in productivity and related measures,1999-2008
------------------------------------------------------------------------------
Measure 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
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Business:
Produc-
tivity 3.1 2.9 2.5 4.1 3.8 2.9 1.8 0.9 1.5 2.7
Output 5.1 3.9 0.3 1.5 3.1 4.2 3.5 3.0 2.0 1.0
Hours 2.0 1.0 -2.2 -2.5 -0.7 1.3 1.6 2.1 0.5 -1.7
Hourly
compensation 4.9 7.1 4.2 3.5 4.1 3.8 4.0 3.8 4.2 3.3
Real hourly
compensation 2.8 3.6 1.4 1.9 1.8 1.0 0.6 0.5 1.3 -0.5
Unit labor
costs 1.8 4.1 1.6 -0.5 0.2 0.9 2.1 2.9 2.6 0.6
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Nonfarm Business:
Produc-
tivity 2.9 2.8 2.5 4.1 3.7 2.8 1.8 1.0 1.4 2.8
Output 5.2 3.8 0.4 1.5 3.1 4.1 3.4 3.2 2.0 1.0
Hours 2.2 1.0 -2.0 -2.6 -0.6 1.3 1.6 2.2 0.5 -1.8
Hourly
compensation 4.7 7.2 4.0 3.6 4.0 3.6 4.0 3.8 4.1 3.4
Real hourly
compensation 2.6 3.7 1.1 2.0 1.8 0.9 0.7 0.5 1.2 -0.4
Unit labor
costs 1.8 4.2 1.4 -0.5 0.3 0.9 2.2 2.8 2.7 0.5
------------------------------------------------------------------------------
Manufacturing:
Produc-
tivity 4.5 4.1 1.6 6.9 6.2 2.2 4.9 1.1 3.4 1.3
Output 3.8 2.7 -5.1 -0.7 1.0 1.7 3.7 1.8 1.6 -2.4
Hours -0.7 -1.3 -6.5 -7.1 -4.9 -0.5 -1.2 0.8 -1.7 -3.7
Hourly
compensation 4.0 9.1 2.3 7.2 7.0 2.1 1.9 4.1 3.5 3.9
Real hourly
compensation 1.8 5.6 -0.5 5.5 4.7 -0.6 -1.4 0.8 0.7 0.1
Unit labor
costs -0.5 4.9 0.7 0.3 0.8 -0.2 -2.8 3.0 0.1 2.5
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In 2008, hourly compensation increased 3.3 percent and 3.4 percent in
business and nonfarm business, respectively. Because consumer prices
increased more, 3.8 percent, real hourly compensation fell slightly. The
annual decline in this measure of purchasing power was the first since small
declines occurred in three consecutive years--1993, 1994, and 1995.
Unit labor costs rose just 0.6 percent and 0.5 percent in the business
and nonfarm business sectors in 2008, as hourly compensation growth was
largely offset by productivity growth. Unit labor costs had increased 2.7
percent per year on average from 2005 to 2007.
Manufacturing
In the manufacturing sector, labor productivity rose 1.3 percent in
2008 as output fell 2.4 percent but hours fell faster, 3.7 percent (table B).
Over the year there was little difference between the durable and nondurable
manufacturing subsectors. Durable manufacturing output per hour increased
1.4 percent as output fell 2.5 percent and hours fell 3.9 percent, while in
nondurable goods industries productivity increased 1.0 percent, output fell
2.4 percent, and hours fell 3.4 percent.
Hourly compensation of manufacturing workers increased 3.9 percent in
2008, consistent with the trend rate of 4.0 percent per year from 2000 to
2007. The gain in hourly compensation was offset by the 3.8 percent increase
in consumer prices, and real hourly compensation edged up 0.1 percent. Unit
labor costs in manufacturing increased 2.5 percent in 2008, as hourly
compensation increased more than productivity. These costs had increased at
a 0.3 percent average annual rate from 2000 to 2007.
Revised Measures
Current and previous measures for the third quarter of 2008 for the
business, nonfarm business, and manufacturing sectors are compared in table
C. In both the business and nonfarm business sectors, productivity growth
was revised up slightly in the third quarter because hours worked fell faster
than reported Dec. 3. The upward revisions to productivity led to small
downward revisions to unit labor costs.
In the manufacturing sector, productivity fell 0.6 percentage points
faster in the third quarter than previously reported, as a downward revision
to output was partially offset by a downward revision to hours. As revised,
manufacturing productivity decreased 3.3 percent, reflecting an 8.8 percent
decrease in output and a 5.7 percent decrease in hours. Unit labor costs
increased more in the third quarter than reported Dec. 3, reflecting both the
downward revision to productivity and a small upward revision to hourly
compensation.
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Table C. Previous and revised productivity and related measures
Quarterly percent change at seasonally adjusted annual rates
------------------------------------------------------------------------------
Real
Hourly hourly Unit
Produc- compen- compen- labor
Sector tivity Output Hours sation sation costs
------------------------------------------------------------------------------
Third quarter 2008
Business:
Previous 1.5 -1.7 -3.2 4.2 -2.4 2.6
Revised 1.7 -1.8 -3.5 4.2 -2.3 2.5
Nonfarm business:
Previous 1.3 -1.9 -3.1 4.1 -2.4 2.8
Revised 1.5 -1.9 -3.4 4.2 -2.4 2.6
Manufacturing:
Previous -2.7 -7.8 -5.3 4.7 -1.9 7.6
Revised -3.3 -8.8 -5.7 4.9 -1.7 8.4
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Revised Measures: Nonfinancial Corporations
Revised third-quarter productivity and costs measures for nonfinancial
corporations also were announced today, and reflect updated information on
output, compensation and employee hours. In the third quarter of 2008,
productivity grew faster than reported on Dec. 3, as a result of both an
upward revision to output and a downward revision to hours worked. Unit
labor costs were revised down as the upward revision to productivity was
larger than the upward revision to hourly compensation (table D).
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Table D. Nonfinancial corporations: Previous and revised productivity and
cost measures
Quarterly percent change at seasonally adjusted annual rates
------------------------------------------------------------------------------
Real
Hourly hourly Unit Implicit
Produc- compen- compen- labor Unit price
tivity Output Hours sation sation costs profits deflator
------------------------------------------------------------------------------
Third quarter 2008
Previous 4.9 1.8 -3.0 5.0 -1.6 0.1 24.6 4.0
Revised 5.5 2.1 -3.2 5.1 -1.5 -0.4 26.8 3.8
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Real output for nonfinancial corporations was revised beginning with
data for the first quarter of 2005 in the national income and product
accounts (NIPA) data released by the Bureau of Economic Analysis, U.S.
Department of Commerce on December 23, 2008. As a result of the
incorporation of these revisions, output and all measures relying on output
for this sector, such as productivity and unit labor costs, were subject to
revision back to the first quarter of 2005. Revised data for 2006 forward
appear in table 6. The full historical measures can be found via the
productivity and costs home page of the BLS website,
http://www.bls.gov/lpc/#data.
Next release date
The next release of Productivity and Costs is scheduled for 8:30 A.M.
EST, Thursday, March 5, 2009. Revised fourth-quarter and annual average
measures for business, nonfarm business, and manufacturing will be released
at that time. This release will incorporate the annual benchmark revision to
the employment levels in the BLS establishment survey data that will be
released February 6. All employment and hours series will incorporate new
information on seasonal patterns.
TECHNICAL NOTES
Labor Hours: Hours data for the labor productivity and cost measures include
hours for all persons working in the sector—wage and salary workers, the
self-employed and unpaid family workers. The primary source of hours and
employment data is the BLS Current Employment Statistics (CES) program, which
provides monthly survey data on the number of jobs held by wage and salary
workers in nonfarm establishments. The CES also provides average weekly paid
hours of production and nonsupervisory workers in these establishments.
Weekly paid hours are adjusted to hours at work using data from the National
Compensation Survey (NCS). The BLS Hours at Work survey, conducted for this
purpose, was used for earlier years. The Office of Productivity and
Technology estimates average weekly hours at work for nonproduction and
supervisory workers using information from the Current Population Survey
(CPS), the CES, and the NCS.
Data from the CPS are used for farm labor, nonfarm proprietors, and
nonfarm unpaid family workers. Estimates of labor input for government
enterprises are derived from the CPS, the CES, and the National Income and
Product Accounts (NIPA) prepared by the Bureau of Economic Analysis (BEA) of
the Department of Commerce.
The CES measures jobs, counting a person who is employed by two or more
establishments at each place of employment. In contrast, the CPS features
measures of employment that count each person only once and classify each
person according to his or her primary job; hours worked at all jobs by that
person accrue to his or her primary job. However, the CPS also collects more
detailed information on employment and hours worked at primary jobs and all
other jobs, separately. The BLS productivity measures use the more detailed
information on employment and hours to assign all hours worked to the correct
industrial sector and avoid duplicating hours data from the CES.
Output: Business sector output is a chain-type, current-weighted index
constructed after excluding from gross domestic product (GDP) the following
outputs: general government, nonprofit institutions, and private households
(including owner-occupied housing). Corresponding exclusions also are made in
labor inputs. Business output accounted for about 78 percent of the value of
GDP in 2000. Nonfarm business, which excludes farming, accounted for about 77
percent of GDP in 2000.
Annual indexes for manufacturing and its durable and nondurable goods
components are constructed by deflating current-dollar industry value of
production data from the U.S. Bureau of the Census with deflators from the
BLS. 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 3-digit NAICS industries: wood product
manufacturing; nonmetallic mineral product manufacturing; primary metal
manufacturing; fabricated metal product manufacturing; machinery
manufacturing; computer and electronic product manufacturing; electrical
equipment and appliance manufacturing; transportation equipment
manufacturing; furniture and related product manufacturing; and miscellaneous
manufacturing. Nondurables include: food manufacturing; beverage and tobacco
product manufacturing; textile mills; textile product mills; apparel
manufacturing; leather and allied product manufacturing; paper manufacturing;
printing and related support activities; petroleum and coal products
manufacturing; chemical manufacturing; and plastics and rubber products
manufacturing.
Nonfinancial corporate output is a chain-type, current-weighted index
calculated on the basis of the costs incurred and the incomes earned from
production. The output measure excludes the following outputs from GDP:
general government; nonprofit institutions; private households;
unincorporated business; and those corporations classified as offices of bank
holding companies, offices of other holding companies, or offices in the
finance and insurance sector. Nonfinancial corporations accounted for about
54 percent of the value of GDP in 2000.
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.
Labor Compensation: Estimates of labor compensation by major sector, required
for measures of hourly compensation and unit labor costs, are based primarily
on employee compensation data from the NIPA, prepared by the BEA. The
compensation of employees in general government, nonprofit institutions and
private households are subtracted from compensation of domestic employees to
derive employee compensation for the business sector. The labor compensation
of proprietors cannot be explicitly identified and must be estimated. This
is done by assuming that proprietors have the same hourly compensation as
employees in the same sector. The quarterly labor productivity and cost
measures do not contain estimates of compensation for unpaid family workers.
Unit Labor Costs: The measures of unit labor costs in this release describe
the relationship between compensation per hour and productivity, or real
output per hour, and can be used as an indicator of inflationary pressure on
producers. Increases in hourly compensation increase unit labor costs; labor
productivity increases offset compensation increases and lower unit labor
costs.
Presentation of the data: The quarterly data in this release are presented
in three ways; as index number series where 1992=100, as percent changes from
the corresponding quarter of the previous year, and as percent changes from
the previous quarter presented at a compound annual rate. Annual data are
presented both as index number series and percent changes from the previous
year.
The index numbers and rates of change reported in the productivity and
costs news release are rounded to one decimal place. All percent changes in
this release and on the BLS web site are calculated using index numbers to
three decimal places. These index numbers are available at the BLS web site,
http://www.bls.gov/data/home.htm, or by contacting the BLS Division of Major
Sector Productivity. (Telephone 202-691-5606 or email DPRWEB@BLS.GOV)
Information in this release will be made available to sensory-impaired
individuals upon request. Voice phone: 202-691-5606; Federal Relay Service
number: 1-800-877-8339.
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
2006 I 136.1 162.8 119.6 168.0 120.7 123.5 133.4 127.2
II 136.6 164.0 120.1 168.1 119.7 123.1 136.2 128.0
III 135.9 164.1 120.8 169.0 119.1 124.3 136.2 128.8
IV 135.9 164.8 121.2 172.6 122.1 127.0 133.4 129.4
ANNUAL 136.1 163.9 120.4 169.5 120.4 124.5 134.8 128.3
2007 I 135.9 164.5 121.0 174.7 122.4 128.5 134.3 130.7
II 137.6 166.8 121.2 175.5 121.6 127.5 137.4 131.2
III 139.7 169.0 121.0 177.0 121.9 126.7 139.7 131.6
IV 139.7 168.8 120.8 178.9 121.7 128.1 139.2 132.2
ANNUAL 138.2 167.3 121.0 176.5 r121.9 127.7 137.7 131.4
2008 I 140.5 169.1 120.3 180.6 121.5 128.5 140.2 132.9
II 141.8 170.2 120.0 181.1 120.4 127.7 142.3 133.2
III r142.4 r169.4 r119.0 r183.0 r119.7 r128.5 r144.7 r134.6
IV 143.5 167.2 116.5 185.1 124.0 129.0 142.9 134.2
ANNUAL 142.0 169.0 119.0 182.4 121.3 128.4 142.5 133.7
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Percent change from previous quarter at annual rate(5)
2006 I 2.6 5.6 3.0 5.5 3.6 2.8 3.1 3.0
II 1.4 2.9 1.5 0.2 -3.3 -1.2 8.6 2.6
III -2.0 0.3 2.4 2.0 -1.9 4.1 -0.1 2.4
IV 0.2 1.7 1.5 9.0 10.6 8.8 -8.0 1.9
ANNUAL 0.9 3.0 2.1 3.8 0.5 2.9 3.3 3.0
2007 I -0.1 -0.7 -0.6 4.8 1.1 4.8 2.8 4.0
II 5.0 5.6 0.6 1.9 -2.6 -2.9 9.6 1.7
III 6.2 5.5 -0.7 3.6 0.8 -2.5 6.9 1.1
IV 0.1 -0.6 -0.7 4.4 -0.6 4.3 -1.6 2.0
ANNUAL 1.5 2.0 0.5 4.2 1.3 2.6 2.1 2.4
2008 I 2.3 0.7 -1.6 3.6 -0.6 1.3 3.1 2.0
II 3.7 2.6 -1.0 1.2 -3.7 -2.4 6.1 0.9
III r1.7 r-1.8 r-3.5 4.2 r-2.3 r2.5 r7.0 r4.2
IV 3.1 -5.2 -8.1 4.7 15.3 1.5 -5.0 -1.1
ANNUAL 2.7 1.0 -1.7 3.3 -0.5 0.6 3.5 1.7
---------------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2006 I 1.3 3.6 2.3 4.3 0.5 2.9 3.9 3.3
II 1.7 3.5 1.8 4.0 0.1 2.3 5.2 3.4
III 0.2 2.4 2.2 2.9 -0.4 2.7 3.5 3.0
IV 0.5 2.6 2.1 4.1 2.1 3.6 0.7 2.5
ANNUAL 0.9 3.0 2.1 3.8 0.5 2.9 3.3 3.0
2007 I -0.1 1.0 1.2 3.9 1.5 4.1 0.7 2.7
II 0.7 1.7 1.0 4.4 1.7 3.6 0.9 2.5
III 2.8 3.0 0.2 4.8 2.4 1.9 2.6 2.2
IV 2.8 2.4 -0.3 3.7 -0.3 0.9 4.3 2.2
ANNUAL 1.5 2.0 0.5 4.2 1.3 2.6 2.1 2.4
2008 I 3.4 2.8 -0.6 3.4 -0.7 0.0 4.4 1.7
II 3.0 2.0 -1.0 3.2 -1.0 0.2 3.6 1.5
III 1.9 0.2 r-1.7 r3.4 -1.8 1.4 r3.6 2.3
IV 2.7 -1.0 -3.6 3.4 1.9 0.7 2.7 1.5
ANNUAL 2.7 1.0 -1.7 3.3 -0.5 0.6 3.5 1.7
---------------------------------------------------------------------------------------------------------
See footnotes following Table 6. February 5, 2009
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
2006 I 135.1 163.2 120.8 166.8 119.8 123.5 135.5 127.9
II 135.7 164.3 121.1 167.1 118.9 123.2 138.6 128.8
III 135.0 164.4 121.8 167.9 118.3 124.4 138.3 129.5
IV 135.0 165.0 122.2 171.7 121.4 127.1 134.8 130.0
ANNUAL 135.2 164.2 121.5 168.4 119.6 124.6 136.8 129.1
2007 I 135.0 164.7 122.0 173.7 121.8 128.7 135.2 131.1
II 136.4 167.0 122.4 174.1 120.7 127.7 138.2 131.5
III 138.3 169.2 122.3 175.5 120.8 126.9 140.3 131.8
IV 138.6 168.9 121.9 177.8 120.9 128.3 139.8 132.5
ANNUAL 137.1 167.5 122.2 175.3 r121.1 127.9 138.4 131.7
2008 I 139.5 169.3 121.4 179.5 120.8 128.7 141.0 133.2
II 140.8 170.5 121.1 179.9 119.6 127.8 143.3 133.5
III r141.3 r169.7 r120.1 r181.8 r118.9 r128.6 r146.0 r135.0
IV 142.4 167.3 117.5 184.0 123.3 129.2 144.6 134.9
ANNUAL 141.0 169.2 120.0 181.3 120.6 128.6 143.7 134.2
---------------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
2006 I 2.5 6.0 3.3 5.2 3.3 2.6 3.9 3.1
II 1.8 2.9 1.1 0.7 -2.8 -1.1 9.4 2.9
III -2.1 0.3 2.4 1.9 -2.0 4.1 -0.9 2.1
IV 0.2 1.4 1.2 9.3 11.0 9.1 -9.5 1.5
ANNUAL 1.0 3.2 2.2 3.8 0.5 2.8 3.6 3.1
2007 I 0.0 -0.9 -0.8 4.9 1.2 4.9 0.9 3.4
II 4.1 5.8 1.6 0.8 -3.6 -3.2 9.4 1.5
III 5.8 5.5 -0.3 3.3 0.5 -2.4 6.3 0.9
IV 0.8 -0.7 -1.6 5.3 0.3 4.5 -1.5 2.1
ANNUAL 1.4 2.0 0.5 4.1 r1.2 2.7 1.2 2.1
2008 I 2.6 0.9 -1.7 3.8 -0.4 1.2 3.6 2.1
II 3.6 2.8 -0.8 0.9 -3.9 -2.6 6.6 0.9
III r1.5 -1.9 r-3.4 r4.2 -2.4 r2.6 r7.8 r4.7
IV 3.2 -5.5 -8.4 5.0 15.6 1.8 -3.8 -0.5
ANNUAL 2.8 1.0 -1.8 3.4 -0.4 0.5 3.9 1.8
---------------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2006 I 1.3 3.7 2.4 4.2 0.5 2.9 4.3 3.4
II 1.7 3.7 2.0 3.9 0.0 2.2 5.9 3.6
III 0.3 2.6 2.3 2.9 -0.5 2.6 3.8 3.1
IV 0.6 2.6 2.0 4.3 2.2 3.6 0.5 2.4
ANNUAL 1.0 3.2 2.2 3.8 0.5 2.8 3.6 3.1
2007 I 0.0 0.9 1.0 4.2 1.7 4.2 -0.2 2.5
II 0.5 1.6 1.1 4.2 1.5 3.7 -0.2 2.1
III 2.5 2.9 0.4 4.5 2.1 2.0 1.5 1.8
IV 2.7 2.4 -0.3 3.6 -0.4 0.9 3.7 2.0
ANNUAL 1.4 2.0 0.5 4.1 r1.2 2.7 1.2 2.1
2008 I 3.3 2.8 -0.5 3.3 -0.8 0.0 4.3 1.6
II 3.2 2.1 -1.1 3.3 -0.9 0.1 3.7 1.5
III r2.2 0.3 -1.8 r3.6 -1.6 1.4 r4.0 r2.4
IV 2.7 -1.0 -3.6 3.5 1.9 0.7 3.4 1.8
ANNUAL 2.8 1.0 -1.8 3.4 -0.4 0.5 3.9 1.8
---------------------------------------------------------------------------------------------------------
See footnotes following Table 6. February 5, 2009
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
2006 I 172.6 147.2 85.3 170.9 122.7 99.0
II 172.7 147.4 85.4 169.5 120.7 98.2
III 174.5 148.0 84.8 170.3 120.0 97.6
IV 175.4 147.4 84.0 174.6 123.5 99.5
ANNUAL 173.8 147.5 84.9 171.3 121.7 98.6
2007 I 177.0 147.8 83.5 176.9 124.0 100.0
II 178.7 149.6 83.7 176.4 122.3 98.7
III 180.6 151.2 83.7 176.4 121.4 97.6
IV 182.5 151.0 82.8 179.7 122.2 98.5
ANNUAL 179.7 149.9 83.4 177.3 r122.5 98.7
2008 I 184.0 150.7 81.9 181.4 122.1 98.6
II r182.9 r149.3 81.6 182.4 121.3 r99.7
III r181.4 r145.9 r80.4 r184.6 r120.7 r101.7
IV 180.0 139.4 77.4 189.0 126.6 105.0
ANNUAL 182.1 146.3 80.3 184.2 122.6 101.2
--------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
2006 I -0.6 1.8 2.4 14.3 12.3 15.0
II 0.2 0.6 0.4 -3.1 -6.5 -3.3
III 4.3 1.6 -2.5 1.8 -2.1 -2.3
IV 2.2 -1.7 -3.8 10.4 12.1 8.0
ANNUAL 1.1 1.8 0.8 4.1 0.8 3.0
2007 I 3.6 1.2 -2.3 5.5 1.8 1.8
II 3.8 4.9 1.0 -1.1 -5.5 -4.8
III 4.5 4.3 -0.2 -0.1 -2.8 -4.4
IV 4.2 -0.4 -4.4 7.8 2.7 3.4
ANNUAL 3.4 1.6 -1.7 3.5 0.7 0.1
2008 I 3.3 -0.8 -4.0 3.8 -0.5 0.5
II r-2.3 r-3.8 -1.5 2.2 -2.7 r4.6
III r-3.3 r-8.8 r-5.7 r4.9 r-1.7 r8.4
IV -3.0 -16.7 -14.1 9.8 20.9 13.3
ANNUAL 1.3 -2.4 -3.7 3.9 0.1 2.5
--------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2006 I 1.5 2.4 0.9 5.4 1.6 3.8
II 0.4 2.1 1.7 3.3 -0.6 2.9
III 0.9 2.3 1.4 2.3 -1.0 1.4
IV 1.5 0.6 -0.9 5.6 3.6 4.1
ANNUAL 1.1 1.8 0.8 4.1 0.8 3.0
2007 I 2.6 0.4 -2.1 3.5 1.1 0.9
II 3.5 1.5 -1.9 4.1 1.4 0.6
III 3.5 2.1 -1.3 3.6 1.2 0.0
IV 4.0 2.5 -1.5 2.9 -1.0 -1.1
ANNUAL 3.4 1.6 -1.7 3.5 0.7 0.1
2008 I 4.0 2.0 -1.9 2.5 -1.6 -1.4
II 2.4 -0.2 -2.5 3.4 -0.8 r1.0
III r0.4 r-3.5 r-3.9 r4.7 -0.6 r4.2
IV -1.4 -7.7 -6.5 5.1 3.6 6.6
ANNUAL 1.3 -2.4 -3.7 3.9 0.1 2.5
--------------------------------------------------------------------------------------------------
See footnotes following Table 6. February 5, 2009
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
2006 I 198.8 179.6 90.3 166.0 119.2 83.5
II 198.9 180.5 90.7 164.6 117.1 82.7
III 201.7 181.1 89.8 165.3 116.5 81.9
IV 202.4 180.1 89.0 170.2 120.4 84.1
ANNUAL 200.4 180.3 90.0 166.5 118.3 83.1
2007 I 204.4 180.3 88.2 173.0 121.3 84.7
II 207.9 183.9 88.4 172.5 119.6 83.0
III 210.9 186.9 88.6 172.2 118.6 81.7
IV 214.3 187.0 87.3 175.5 119.4 81.9
ANNUAL 209.4 184.5 88.1 173.3 r119.7 82.8
2008 I 215.5 186.9 86.7 176.6 118.9 82.0
II r213.1 r184.1 86.4 178.1 118.4 r83.6
III r214.1 r180.9 r84.5 r180.9 r118.3 r84.5
IV 206.6 167.7 81.2 185.3 124.1 89.7
ANNUAL 212.4 179.9 84.7 180.1 119.8 84.8
--------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
2006 I -1.8 0.4 2.3 13.7 11.7 15.9
II 0.3 2.1 1.8 -3.3 -6.6 -3.6
III 5.7 1.2 -4.3 1.6 -2.3 -3.9
IV 1.4 -2.1 -3.4 12.6 14.4 11.1
ANNUAL 2.2 3.3 1.1 3.9 0.6 1.7
2007 I 3.9 0.4 -3.4 6.7 3.0 2.7
II 7.1 8.2 1.0 -1.2 -5.5 -7.7
III 6.0 6.8 0.8 -0.7 -3.3 -6.2
IV 6.6 0.3 -6.0 7.9 2.8 1.2
ANNUAL 4.5 2.3 -2.0 4.1 r1.2 -0.3
2008 I 2.1 -0.4 -2.5 2.5 -1.7 0.4
II r-4.4 r-5.7 -1.4 3.5 -1.5 r8.2
III r2.0 r-6.9 r-8.8 r6.3 r-0.4 r4.1
IV -13.4 -26.1 -14.7 10.1 21.2 27.1
ANNUAL 1.4 -2.5 -3.9 3.9 0.1 2.5
--------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2006 I 3.2 4.8 1.6 4.9 1.1 1.6
II 2.0 4.6 2.5 3.1 -0.8 1.1
III 2.2 3.6 1.4 1.9 -1.5 -0.4
IV 1.4 0.4 -1.0 5.9 3.9 4.5
ANNUAL 2.2 3.3 1.1 3.9 0.6 1.7
2007 I 2.8 0.4 -2.4 4.3 1.8 1.4
II 4.5 1.8 -2.5 4.8 2.1 0.3
III 4.6 3.2 -1.3 4.2 1.8 -0.3
IV 5.9 3.9 -1.9 3.1 -0.8 -2.6
ANNUAL 4.5 2.3 -2.0 4.1 r1.2 -0.3
2008 I 5.4 3.7 -1.7 2.1 -2.0 -3.2
II 2.5 r0.1 -2.3 3.3 -1.0 r0.8
III r1.5 r-3.2 r-4.7 5.0 r-0.2 r3.4
IV -3.6 -10.4 -7.0 5.5 4.0 9.5
ANNUAL 1.4 -2.5 -3.9 3.9 0.1 2.5
--------------------------------------------------------------------------------------------------
See footnotes following Table 6. February 5, 2009
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
2006 I 148.0 115.0 77.7 178.0 127.8 120.2
II 148.4 114.8 77.3 176.6 125.7 119.0
III 149.0 115.4 77.4 177.8 125.3 119.3
IV 150.3 115.1 76.6 180.4 127.6 120.0
ANNUAL 148.9 115.1 77.2 178.2 126.6 119.6
2007 I 151.2 115.6 76.5 181.9 127.5 120.3
II 151.4 116.0 76.6 181.4 125.8 119.9
III 152.7 116.4 76.3 181.8 125.2 119.1
IV 152.9 116.1 75.9 185.3 126.0 121.2
ANNUAL 152.0 116.0 76.3 182.6 r126.1 120.1
2008 I 155.0 115.7 74.6 188.0 126.5 121.3
II r155.0 r115.2 74.3 187.9 124.9 r121.2
III r150.8 r112.1 r74.3 r189.3 r123.8 r125.5
IV 153.6 110.2 71.8 193.7 129.8 126.1
ANNUAL 153.6 113.3 73.8 189.7 126.2 123.5
--------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
2006 I 1.0 3.6 2.6 15.5 13.4 14.4
II 1.1 -0.9 -1.9 -3.1 -6.5 -4.1
III 1.5 2.2 0.6 2.6 -1.4 1.1
IV 3.5 -1.1 -4.4 6.1 7.7 2.5
ANNUAL 0.2 0.3 0.1 4.5 1.1 4.3
2007 I 2.5 2.0 -0.5 3.3 -0.3 0.8
II 0.4 1.3 0.9 -1.0 -5.3 -1.4
III 3.5 1.6 -1.9 0.7 -2.0 -2.7
IV 0.6 -1.1 -1.7 7.9 2.8 7.3
ANNUAL 2.1 0.9 -1.2 2.5 r-0.4 0.4
2008 I 5.8 -1.3 -6.7 6.0 1.7 0.3
II 0.0 -1.7 -1.7 -0.3 -5.0 -0.3
III r-10.5 r-10.6 r0.0 r3.0 r-3.5 r15.1
IV 7.6 -6.5 -13.1 9.6 20.6 1.8
ANNUAL 1.0 -2.4 -3.4 3.9 0.1 2.8
--------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2006 I 0.2 -0.1 -0.3 6.2 2.4 6.0
II -0.7 -0.6 0.1 3.5 -0.4 4.2
III -0.4 1.0 1.4 3.1 -0.2 3.6
IV 1.8 0.9 -0.8 5.1 3.0 3.2
ANNUAL 0.2 0.3 0.1 4.5 1.1 4.3
2007 I 2.1 0.5 -1.6 2.2 -0.2 0.0
II 2.0 1.1 -0.9 2.7 0.1 0.7
III 2.5 0.9 -1.5 2.3 -0.1 -0.2
IV 1.7 0.9 -0.8 2.7 -1.2 1.0
ANNUAL 2.1 0.9 -1.2 2.5 r-0.4 0.4
2008 I 2.5 0.1 -2.4 3.4 -0.8 0.8
II 2.4 -0.7 -3.0 3.6 -0.7 1.1
III -1.2 r-3.8 r-2.6 r4.1 r-1.1 r5.4
IV 0.4 -5.1 -5.5 4.5 3.0 4.1
ANNUAL 1.0 -2.4 -3.4 3.9 0.1 2.8
--------------------------------------------------------------------------------------------------
See footnotes following Table 6. February 5, 2009
r=revised Source: Bureau of Labor Statistics
Table 6. Nonfinancial corporate sector: 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 costs fits deflator
quarter hour Output hours (1) sation(2) costs costs(6) (7) (8) (4)
----------------------------------------------------------------------------------------------------------
Indexes 1992=100
2006 I r146.3 r176.1 120.4 164.5 118.1 r112.5 r113.0 r112.6 r182.6 r118.8
II r145.8 r176.2 120.9 164.5 117.0 r112.8 r114.6 r113.3 r183.4 r119.5
III r146.7 r178.1 121.5 165.1 116.3 r112.5 r114.5 r113.1 r193.4 r120.3
IV r145.6 r177.3 121.8 167.8 118.7 r115.3 r116.5 r115.6 r174.4 r120.8
ANNUAL r146.1 r176.9 121.1 165.5 117.5 r113.3 r114.6 r113.6 r183.5 r119.9
2007 I r145.7 r177.2 121.7 170.3 119.4 r116.9 r117.6 r117.1 r172.4 r122.1
II r146.9 r179.1 121.9 171.3 118.7 r116.6 r117.9 r116.9 r173.1 r122.0
III r147.6 r180.2 122.1 172.5 118.7 r116.9 r118.2 r117.2 r167.4 r121.7
IV r148.4 r181.2 122.1 175.0 119.0 r117.9 r119.3 r118.3 r156.4 r121.7
ANNUAL r147.1 r179.4 122.0 172.3 r119.0 r117.1 r118.3 r117.4 r167.3 r121.9
2008 I r148.3 r180.6 121.8 176.2 118.6 r118.9 r119.4 r119.0 r150.8 r121.8
II r151.1 r183.2 121.3 177.2 117.8 r117.3 r119.8 r118.0 r147.8 r120.6
III r153.1 r184.2 r120.3 r179.5 r117.4 r117.2 r121.4 r118.3 r156.8 r121.8
----------------------------------------------------------------------------------------------------------
Percent change from previous quarter at annual rate(5)
2006 I r3.8 r6.3 2.4 8.3 6.3 r4.3 r0.1 r3.1 r12.8 r4.4
II r-1.2 r0.4 1.7 0.0 -3.5 r1.2 r5.7 r2.4 r1.8 r2.3
III r2.4 r4.4 1.9 1.5 -2.5 r-0.9 r-0.2 r-0.7 r23.7 r2.4
IV r-2.9 r-1.9 1.0 6.9 8.5 r10.0 r7.2 r9.2 r-34.0 r2.0
ANNUAL r1.8 r4.1 2.2 3.6 0.3 r1.8 r1.7 r1.8 r12.6 r3.1
2007 I r0.2 r-0.2 -0.3 6.1 2.4 r5.9 r3.8 r5.4 r-4.5 r4.0
II 3.4 r4.2 0.8 2.2 -2.3 r-1.1 r0.9 r-0.6 1.7 r-0.3
III r1.9 r2.7 0.7 2.8 0.1 r0.9 r1.2 1.0 r-12.6 -0.8
IV r2.2 r2.1 0.0 5.9 0.9 r3.7 r3.7 r3.7 r-23.8 r0.0
ANNUAL r0.7 r1.4 0.7 4.1 r1.2 r3.4 r3.2 r3.3 r-8.8 r1.7
2008 I -0.2 -1.4 -1.1 2.9 -1.3 3.2 0.3 2.4 -13.6 0.5
II 7.7 6.0 -1.6 2.3 -2.6 -5.0 1.2 -3.4 -7.7 -3.8
III r5.5 r2.1 r-3.2 r5.1 r-1.5 r-0.4 r5.5 r1.2 r26.8 r3.8
----------------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2006 I r3.0 r5.7 2.6 4.1 0.4 r1.1 r1.6 r1.2 r17.3 r3.2
II r1.3 r3.6 2.3 3.7 -0.2 r2.4 r3.0 r2.6 r10.1 r3.5
III r2.5 r4.8 2.2 2.6 -0.7 r0.1 r-0.9 r-0.2 r27.3 r3.0
IV r0.5 r2.2 1.8 4.1 2.1 r3.6 r3.1 r3.5 r-1.6 r2.8
ANNUAL r1.8 r4.1 2.2 3.6 0.3 r1.8 r1.7 r1.8 r12.6 r3.1
2007 I r-0.4 r0.7 1.1 3.6 1.1 r4.0 r4.1 r4.0 r-5.6 r2.7
II r0.7 r1.6 0.8 4.1 1.4 r3.4 r2.9 r3.2 r-5.6 r2.0
III r0.6 r1.2 0.6 4.5 2.1 r3.8 r3.2 r3.7 r-13.5 r1.2
IV 1.9 2.2 0.3 4.3 0.3 2.3 2.4 2.3 -10.3 0.7
ANNUAL r0.7 r1.4 0.7 4.1 r1.2 r3.4 r3.2 r3.3 r-8.8 r1.7
2008 I r1.8 r1.9 0.1 3.5 -0.7 r1.6 r1.5 r1.6 -12.5 r-0.2
II 2.8 2.3 -0.5 3.5 -0.7 r0.6 r1.6 r0.9 -14.6 r-1.1
III r3.7 r2.2 r-1.5 r4.1 r-1.1 r0.3 r2.7 r0.9 r-6.3 r0.1
----------------------------------------------------------------------------------------------------------
See footnotes following Table 6. February 5, 2009
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
within 40 days of the close of the reference period; revisions appear 30 days
later, and second revisions after an additional 60 days. In the business
sector, the third publication (second revision) of a quarterly index of
output per hour of all persons has differed from the initial value by between
-1.5 and +1.3 index points approximately 95 percent of the time. This
interval is based on the performance of this measure between the fourth
quarter of 1995 and the third quarter of 2008.
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) The change for recent quarters is based on the Consumer Price Index for
all urban consumers (CPI-U). The trend from 1978-2007 is based on the
Consumer Price Index research series (CPI-U-RS).
(3) Unit nonlabor payments include profits, consumption of fixed capital,
taxes on production and imports less subsidies, net interest and
miscellaneous payments, business current transfer payments, rental
income of persons, and the current surplus of government enterprises.
(4) Current dollar output divided by the output index.
(5) Quarterly changes: Percent change compounded at annual rate is
calculated using index numbers to three decimal places. Indexes
published in the news release are rounded to one decimal place for
convenience. Annual changes: Percent change is calculated using annual
average indexes to three decimal places.
(6) Unit nonlabor costs include consumption of fixed capital, taxes on
production and imports less subsidies, net interest and miscellaneous
payments, and business current transfer payments.
(7) Total unit costs are the sum of unit labor and nonlabor costs.
(8) Unit profits include corporate profits before tax with inventory
valuation and capital consumption adjustments.
United States Department of Labor
