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 information: (202) 691-5606 MATERIAL IS EMBARGOED 

Current data: (202) 691-5200 UNTIL 8:30 A.M. EST, 

Media contact: (202) 691-5902 TUESDAY, MARCH 6, 2007 

PRODUCTIVITY AND COSTS 

Fourth Quarter and Annual Averages, 2006 Revised 

 The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised 

fourth-quarter seasonally-adjusted annual rates of productivity change—as measured by output 

per hour of all persons—and revised changes for calendar year 2006. Percent changes in 

business and nonfarm business productivity were: 

 Fourth Annual averages 

 quarter 2005-2006 

Business sector........................................ 1.0 1.7 

Nonfarm business sector......................... 1.6 1.6 

In both the business and nonfarm business sectors, productivity growth for the fourth 

quarter of 2006 was revised down by 1.4 percentage points from the estimates published 

February 7, due solely to downward revisions to output. Productivity growth during calendar 

year 2006 also was less than previously reported in both sectors, but the revisions to annual data 

were almost entirely explained by upward revisions to hours worked. 

 In the manufacturing sector, increases in productivity were: 

 Fourth Annual averages 

 quarter 2005-2006 

Manufacturing......................................... 2.2 4.0 

 Durable goods manufacturing............... 3.4 6.2 

 Nondurable goods manufacturing......... 0.8 1.7 

Data in this release reflect the annual benchmark revision of BLS Current Employment Statistics 

program data on nonfarm employee hours, and revised seasonal adjustment of those data. Also, 

hours of other nonfarm and farm workers based on the BLS Current Population Survey and 

contributing to measures for the business and nonfarm business sectors incorporate new seasonal 

adjustment factors. Due to these hours revisions, measures for all major sectors were subject to 

revision beginning with data for the first quarter of 2002. Revised seasonally-adjusted values of 

the BLS Consumer Price Index for all urban consumers are reflected in measures of real hourly 

compensation beginning with data for the first quarter of 2006. See Revised Measures, page 7. 
2 

Productivity in total manufacturing grew at a 2.2 percent annual rate in the fourth quarter 

of 2006, the same as the preliminary estimate. In total manufacturing and in both subsectors, the 

reported increases in productivity resulted when hours fell faster than output. When revised 

annual averages for 2005 and 2006 were compared, productivity increased slightly more in total 

manufacturing and in nondurable manufacturing than reported Feb. 7 and the increase in durable 

manufacturing was not revised. 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 appear in detail in tables 1 through 5. Preliminary and 

revised fourth-quarter and annual data appear in table C. 

Table A. Productivity and costs: Revised fourth-quarter 2006 measures 

(Seasonally adjusted annual rates) 

Sector 

Productivity Output Hours 

Hourly 

compensation 

Real 

hourly 

compensation 

Unit 

labor 

costs 

 Percent change from preceding quarter 

 Business 1.0 2.5 1.5 7.5 9.8 6.5 

 Nonfarm business 1.6 2.5 0.9 8.2 10.5 6.6 

 Manufacturing 2.2 -2.1 -4.2 7.1 9.3 4.7 

 Durable 3.4 -0.9 -4.2 7.4 9.7 3.9 

 Nondurable 0.8 -3.5 -4.2 6.4 8.7 5.6 

 Percent change from same quarter a year ago 

 Business 1.4 3.4 2.1 4.8 2.8 3.4 

 Nonfarm business 1.4 3.4 2.0 4.9 3.0 3.4 

 Manufacturing 4.0 3.6 -0.4 3.5 1.5 -0.5 

 Durable 5.4 4.8 -0.5 4.3 2.3 -1.0 

 Nondurable 2.4 2.2 -0.2 2.0 0.1 -0.4 

 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 prepared by the Board of Governors of the Federal Reserve System. See 

Technical Notes (page 9) for further information on data sources. 
3 

THIRD-TO-FOURTH QUARTER CHANGES, 2006 

Business 

 Labor productivity in the business sector increased 1.0 percent in the fourth quarter of 

2006, as output increased 2.5 percent and hours of all persons engaged in the sector increased 1.5 

percent (seasonally adjusted annual rates). Revised estimates show that output per hour declined 

0.3 percent in the third quarter when output increased 1.9 percent but hours increased more, 2.2 

percent (table 1). 

 Hourly compensation grew at a 7.5-percent annual rate in the fourth quarter after rising 

0.9 percent in the third quarter of 2006, as revised. This measure includes wages and salaries, 

supplements, employer contributions to employee-benefit plans, and taxes. Real hourly 

compensation, which takes into account changes in consumer prices, increased more than hourly 

compensation in the fourth quarter, 9.8 percent, because consumer prices fell 2.1 percent. 

Unit labor costs, which reflect changes in hourly compensation and productivity, 

increased 6.5 percent during the fourth quarter of 2006, after rising 1.2 percent in the third 

quarter. The implicit price deflator for business output, which reflects changes in unit labor 

costs and unit nonlabor payments, increased 1.0 percent in the fourth quarter and 1.2 percent in 

the third quarter. 

Nonfarm business 

In the nonfarm business sector, productivity increased at an annual rate of 1.6 percent in 

the fourth quarter of 2006, as output increased 2.5 percent and hours of all persons—employees, 

proprietors, and unpaid family workers—rose 0.9 percent. Nonfarm business productivity 

declined 0.5 percent in the third quarter of 2006, as output and hours grew 1.9 percent and 2.4 

percent, respectively (table 2). 

 Hourly compensation grew 8.2 percent in the fourth quarter, and when the decrease in 

consumer prices was taken into account, real hourly compensation grew even faster, 10.5 

percent. Real hourly compensation had fallen in the second and third quarters of 2006, 

following an 11.0-percent gain in the first quarter. 

Unit labor costs increased at a 6.6-percent annual rate in the fourth quarter after rising 1.1 

percent in the third quarter, as revised. The implicit price deflator for nonfarm business 

increased 0.5 percent in the fourth quarter, and 0.8 percent in the third quarter, of 2006. 
4 

Manufacturing 

Manufacturing productivity increased 2.2 percent in the fourth quarter of 2006, as output 

decreased 2.1 percent and hours fell 4.2 percent (seasonally adjusted annual rates). The 

productivity increase was the smallest since the first quarter of 2004, when output per hour 

declined 1.7 percent. In durable goods industries, productivity increased 3.4 percent as both 

output and hours decreased, 0.9 percent and 4.2 percent, respectively. In nondurable goods 

industries, output per hour rose 0.8 percent, reflecting decreases of 3.5 percent in output and 4.2 

percent in hours. In the third quarter of 2006, productivity increased 5.9 percent in total 

manufacturing, 8.1 percent in durable goods industries, and 2.7 percent in nondurable goods 

industries (tables 3, 4, and 5). 

 Manufacturing hourly compensation grew at a 7.1 percent annual rate during the fourth 

quarter of 2006. Durable and nondurable goods manufacturing posted increases in hourly 

compensation of 7.4 percent and 6.4 percent, respectively. Consumer prices decreased slightly 

in the fourth quarter of 2006, contributing to real hourly compensation gains of 9.3 percent in 

total manufacturing, 9.7 percent in durable manufacturing, and 8.7 percent in nondurables. 

Unit labor costs in manufacturing increased 4.7 percent in the fourth quarter of 2006 after 

falling 5.8 percent in the third quarter. These costs increased 3.9 percent in durable goods 

industries and 5.6 percent in nondurable goods industries during the fourth quarter of 2006. 

ANNUAL AVERAGE CHANGES, 2005-2006 

Business and Nonfarm business 

Business sector productivity increased 1.7 percent when the revised annual average for 

2006 was compared with the revised annual average for 2005 (table B). This was the smallest 

annual productivity gain since 1995, when business sector output per hour edged up 0.1 percent. 

Productivity increased 2.1 percent from 2004 to 2005 (as revised), and at an average annual rate 

of 3.4 percent per year from 2000 to 2004. Nonfarm business productivity increased less during 

2006 than in any year since 1997, when it grew at the same 1.6-percent rate. In both sectors, the 

modest productivity improvement reflected output growth of 3.8 percent combined with 

significant increases in hours worked: business sector hours increased 2.1 percent, the most since 

1997 (3.4 percent), and the 2.2-percent increase in nonfarm business hours was the largest since 

a similar increase in 1999. 
5 

Table B. Productivity and costs: Revised 2006 annual averages 

(Seasonally adjusted annual rates) 

Sector 

Productivity Output Hours 

Hourly 

compensation 

Real 

hourly 

compensation 

Unit 

labor 

costs 

Percent change from previous year 

Business 1.7 3.8 2.1 4.8 1.5 3.1 

Nonfarm business 1.6 3.8 2.2 4.8 1.5 3.2 

Manufacturing 4.0 5.0 1.0 3.8 0.5 -0.2 

 Durable 6.2 7.6 1.3 4.3 1.0 -1.8 

 Nondurable 1.7 2.1 0.4 2.8 -0.4 1.0 

 Hourly compensation increased 4.8 percent and real hourly compensation increased 1.5 

percent during 2006 in both the business and nonfarm business sectors. Unit labor costs 

increased 3.1 percent in the business sector and 3.2 percent in the nonfarm business sector in 

2006, faster than in any year since 2000, when unit labor costs grew 4.1 percent and 4.2 percent 

in the business and nonfarm business sectors, respectively. 

Manufacturing 

Manufacturing productivity grew 4.0 percent in 2006, reflecting increases in output and 

hours of 5.0 percent and 1.0 percent, respectively. In 2005, output per hour had increased 4.8 

percent, as output grew 3.6 percent and hours declined 1.1 percent. Labor productivity increased 

6.2 percent in durable goods manufacturing during 2006, as output jumped 7.6 percent and hours 

rose 1.3 percent. Productivity in nondurable goods manufacturing rose 1.7 percent in 2006—the 

smallest annual increase in this sector since 1999 (1.0 percent)—as output increased 2.1 percent 

and hours edged up 0.4 percent (tables B, 3, 4, and 5). 

 Hourly compensation of manufacturing workers increased 3.8 percent in 2006, compared 

to a 4.7-percent increase one year earlier. Hourly compensation increased 4.3 percent in durable 

manufacturing and 2.8 percent in nondurable goods industries. Real hourly compensation in the 

manufacturing sector edged up 0.5 percent in 2006 and increased 1.3 percent in 2005. 

From 2005 to 2006 unit labor costs fell 0.2 percent in manufacturing. During the same 

time period, unit labor costs fell 1.8 percent in durable manufacturing and increased 1.0 percent 

in nondurable manufacturing. 
6 

Table C. Previous and revised productivity and related measures: 

Fourth-quarter 2006, third-quarter 2006, and annual averages 2005 and 2006 

(Seasonally adjusted annual rates) 

Sector 

Productivity Output Hours 

Hourly 

compensation 

Real 

hourly 

compensation 

Unit 

labor 

costs 

Percent change, fourth quarter 2006 

Business: 

 Previous ....................... 2.4 4.1 1.7 4.2 6.6 1.7 

 Revised......................... 1.0 2.5 1.5 7.5 9.8 6.5 

Nonfarm business: 

 Previous ....................... 3.0 4.2 1.2 4.8 7.1 1.7 

 Revised......................... 1.6 2.5 0.9 8.2 10.5 6.6 

Manufacturing: 

 Previous ....................... 2.2 -1.6 -3.7 7.3 9.8 5.0 

 Revised......................... 2.2 -2.1 -4.2 7.1 9.3 4.7 

Percent change, third quarter 2006 

Business: 

 Previous ....................... 0.1 1.9 1.8 3.4 0.4 3.3 

 Revised......................... -0.3 1.9 2.2 0.9 -2.1 1.2 

Nonfarm business: 

 Previous ....................... -0.1 1.9 2.0 3.1 0.1 3.2 

 Revised......................... -0.5 1.9 2.4 0.6 -2.4 1.1 

Manufacturing: 

 Previous ....................... 6.3 4.8 -1.5 3.3 0.3 -2.9 

 Revised......................... 5.9 4.8 -1.1 -0.2 -3.2 -5.8 

Percent change, 2005 – 2006 

Business: 

 Previous ....................... 2.2 3.9 1.6 5.4 2.1 3.1 

 Revised......................... 1.7 3.8 2.1 4.8 1.5 3.1 

Nonfarm business: 

 Previous ....................... 2.1 3.9 1.7 5.3 2.1 3.2 

 Revised......................... 1.6 3.8 2.2 4.8 1.5 3.2 

Manufacturing: 

 Previous ....................... 3.9 5.0 1.1 4.1 0.9 0.2 

 Revised......................... 4.0 5.0 1.0 3.8 0.5 -0.2 

Percent change, 2004 – 2005 

Business: 

 Previous ....................... 2.3 3.7 1.4 4.4 1.0 2.1 

 Revised......................... 2.1 3.7 1.6 4.2 0.8 2.0 

Nonfarm business: 

 Previous ....................... 2.3 3.8 1.5 4.4 1.0 2.0 

 Revised......................... 2.1 3.8 1.6 4.1 0.8 2.0 

Manufacturing: 

 Previous ....................... 4.7 3.6 -1.1 4.6 1.2 -0.1 

 Revised......................... 4.8 3.6 -1.1 4.7 1.3 -0.1 
7 

REVISED MEASURES 

 Productivity and cost data for the third quarter, fourth quarter, and full year 2006 for 

business, nonfarm business, and manufacturing were revised to incorporate the most recent 

information. Quarterly measures of real hourly compensation during 2006 also reflect the 

recalculation of seasonal factors for the Consumer Price Index for All Urban Consumers. 

Quarterly and annual measures for all sectors were revised back to 2002 to incorporate 

the annual benchmark adjustment and updated information on seasonal trends from the BLS 

nonfarm payroll series (appendix tables 1-5). Hours and related measures for the business and 

nonfarm business sectors were revised to incorporate updated information on seasonal trends in 

Current Population Survey data on hours by job. Full quarterly and annual historical series are 

available on the BLS website, http://www.bls.gov/data/home.htm or by contacting the BLS 

Division of Major Sector Productivity at (202) 691-5606. 

In fourth-quarter 2006, productivity growth in the business and nonfarm business sectors 

was revised down to 1.0 percent and 1.6 percent, respectively, due to downward revisions to 

output, as hours increases also were revised down. These downward revisions to productivity 

combined with large upward revisions to hourly compensation to produce rates of growth in unit 

labor costs in excess of six percent in both sectors. In the manufacturing sector, fourth-quarter 

productivity growth was unchanged from the preliminary estimate, as both output and hours 

were revised down by 0.5 percentage point. A small downward revision in hourly compensation 

led to a revision in the change in unit labor costs from 5.0 percent to 4.7 percent. 

 

Productivity growth was revised down in all major sectors for the third quarter, due 

solely to upward revisions to hours changes; output was not revised. Measures of output per 

hour for the business and nonfarm business sectors now show small absolute declines. Hourly 

compensation was revised down substantially in all sectors, resulting in significant downward 

revisions to changes in unit labor costs. In manufacturing, unit labor costs fell at a 5.8-percent 

annual rate in the third quarter, as revised. 

After revisions to annual averages, productivity grew less in 2006 in the business and 

nonfarm business sectors than previously reported. Downward revisions to hourly compensation 

in the business and nonfarm business sectors offset those to productivity, and unit labor costs 

grew at the same rates reported Feb. 7. In manufacturing, the slight upward revision to 

productivity growth during 2006 reflected a corresponding downward revision to hours growth. 

The small upward revision to output per hour combined with a downward revision to hourly 

compensation to bring about a small decline in manufacturing unit labor costs during calendar 

year 2006, rather than the small increase reported previously. 

Productivity growth in both the business and nonfarm business sectors was revised down 

from 2.3 percent to 2.1 percent for the year 2005, reflecting small upward revisions to hours. 

Downward revisions to hourly compensation prevented corresponding upward revisions to unit 

labor costs. 
8 

Revised measures: Nonfinancial corporations 

 Measures for the nonfinancial corporate sector also were revised due to updated 

information on hours worked by employees (table 6 and appendix table 6). New information on 

output and compensation in the third quarter of 2006 also impacted measures for this sector. 

Productivity in nonfinancial corporations in third-quarter 2006 increased less than in the 

preliminary estimates, reflecting both a downward revision to output and an upward revision to 

hours worked. Hourly compensation was revised down by more than productivity, and unit labor 

costs decreased more than published Feb. 7. Unit profits posted a slightly larger increase than 

originally reported. For calendar year 2005, productivity was revised down as hours worked by 

employees were revised up. A downward revision to hourly compensation offset the 

productivity revision and unit labor costs increased at the same rate reported previously. 

Table D. Nonfinancial corporations: Previous and revised productivity and cost measures 

Quarterly percent c anges at easonally adjusted annual rate and annua percent changes h s s l

Productivity Output Hours 

Hourly 

compensation 

Real 

hourly 

compensation 

Unit 

labor 

costs 

Unit 

profits 

Implicit 

price 

deflator

Third quarter 2006 

Previous 5.7 7.3 1.5 3.3 0.4 -2.3 30.2 0.5 

Revised 4.1 6.1 1.9 1.1 -2.0 -2.9 31.8 0.5 

Annual 2005 

Previous 2.5 4.0 1.4 4.4 1.0 1.8 12.6 3.3 

Revised 2.3 4.0 1.6 4.1 0.8 1.8 12.6 3.3 

Next release date 

 The next release of Productivity and Costs is scheduled for 8:30 A.M. EDT, Thursday, 

May 3, 2007, and will present preliminary first-quarter 2007 measures for business, nonfarm 

business, and manufacturing. Fourth-quarter 2006 and annual average data for 2006 for 

nonfinancial corporations will be released at that time. 
9 

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 an annual-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 also 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 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 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 an annual-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 
10 

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. 
11 

 

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 

2004 I r131.4 151.7 r115.5 r154.4 r118.5 r117.5 r122.9 119.5 

 II r132.8 153.5 r115.7 r155.7 r118.3 r117.3 r126.1 120.6 

 III r133.0 154.8 r116.5 r157.5 r119.0 r118.5 r125.6 121.1 

 IV r133.5 155.8 r116.8 r160.0 r119.9 r119.9 r125.9 122.1 

 ANNUAL r132.6 154.0 r116.1 r156.9 r118.9 r118.3 r125.1 120.8 

2005 I r134.6 157.4 r117.0 r161.7 r120.5 r120.1 r127.9 123.0 

 II r134.8 159.0 r118.0 r161.8 r119.4 r120.0 r129.9 123.7 

 III r136.2 160.9 r118.2 r164.7 r119.9 r120.9 r131.2 124.7 

 IV r136.1 161.7 r118.8 r165.7 r119.7 r121.8 r132.4 125.7 

 ANNUAL r135.4 159.8 r118.0 r163.5 r119.9 r120.7 r130.4 124.3 

2006 I r137.4 164.3 r119.6 r170.8 r122.9 r124.4 r130.2 126.6 

 II r137.7 165.4 r120.1 r170.2 r120.9 r123.6 r134.2 127.5 

 III r137.6 166.2 r120.8 r170.5 r120.2 r123.9 r134.6 127.9 

 IV r138.0 r167.2 r121.2 r173.7 r123.1 r125.9 r132.1 r128.2 

 ANNUAL r137.7 r165.8 r120.4 r171.3 r121.7 r124.4 r132.8 r127.5 

--------------------------------------------------------------------------------------------------------- 

 Percent change from previous quarter at annual rate(5) 

2004 I 3.2 4.5 1.2 2.1 -1.5 -1.1 11.8 3.6 

 II r4.3 4.8 r0.5 3.5 -0.5 r-0.8 r10.9 3.6 

 III r0.6 3.4 r2.8 r4.6 r2.4 r4.0 r-1.8 1.7 

 IV 1.6 2.6 1.0 r6.6 3.0 5.0 0.9 3.4 

 ANNUAL 3.1 4.4 1.3 3.8 r1.0 0.7 5.8 2.6 

2005 I r3.4 4.2 r0.8 r4.2 r1.8 r0.8 r6.6 3.0 

 II r0.5 4.1 r3.6 r0.2 r-3.5 r-0.3 r6.5 2.3 

 III r4.3 4.9 r0.6 r7.3 r1.8 r2.9 r4.1 3.3 

 IV r-0.2 1.8 r2.1 r2.7 r-0.6 2.9 r3.5 3.2 

 ANNUAL r2.1 3.7 r1.6 r4.2 r0.8 r2.0 4.2 2.9 

2006 I r3.8 6.7 r2.8 r12.9 r10.9 r8.8 r-6.3 2.7 

 II r1.0 2.7 1.7 r-1.6 r-6.3 r-2.6 r12.6 3.1 

 III r-0.3 1.9 r2.2 r0.9 r-2.1 r1.2 r1.2 1.2 

 IV r1.0 r2.5 r1.5 r7.5 r9.8 r6.5 r-7.2 r1.0 

 ANNUAL r1.7 r3.8 r2.1 r4.8 r1.5 3.1 1.8 2.6 

--------------------------------------------------------------------------------------------------------- 

 Percent change from corresponding quarter of previous year 

2004 I r4.4 5.1 0.6 4.3 2.4 -0.1 5.5 1.9 

 II 3.8 5.2 1.3 3.3 0.5 -0.5 8.1 2.7 

 III 1.7 3.5 1.7 3.3 r0.5 1.6 4.5 2.7 

 IV r2.4 3.8 r1.4 4.2 r0.8 1.7 5.3 3.1 

 ANNUAL 3.1 4.4 1.3 3.8 r1.0 0.7 5.8 2.6 

2005 I r2.5 3.8 1.3 4.7 r1.7 2.2 r4.0 2.9 

 II r1.5 3.6 r2.0 r3.9 r0.9 2.3 3.0 2.6 

 III r2.4 3.9 r1.5 r4.5 r0.7 2.1 r4.5 3.0 

 IV r2.0 3.7 r1.7 r3.6 r-0.2 1.6 r5.2 3.0 

 ANNUAL r2.1 3.7 r1.6 r4.2 r0.8 r2.0 4.2 2.9 

2006 I r2.1 4.4 r2.3 r5.7 r2.0 r3.5 1.8 2.9 

 II r2.2 4.0 r1.8 r5.2 r1.2 r2.9 r3.3 3.1 

 III r1.1 3.3 r2.2 r3.6 r0.3 r2.5 r2.5 2.5 

 IV r1.4 r3.4 r2.1 4.8 2.8 r3.4 r-0.2 r2.0 

 ANNUAL r1.7 r3.8 r2.1 r4.8 r1.5 3.1 1.8 2.6 

--------------------------------------------------------------------------------------------------------- 

See footnotes following Table 6. March 6, 2007 

r=revised Source: Bureau of Labor Statistics 
12 

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 

2004 I r130.6 151.9 r116.4 r153.5 r117.8 r117.5 r123.6 119.8 

 II r132.1 153.9 r116.5 r154.8 r117.6 r117.2 r126.7 120.7 

 III r132.2 155.1 r117.3 r156.5 r118.3 r118.4 r126.6 121.4 

 IV r132.3 156.0 r117.9 r158.6 r118.9 r119.9 r127.0 122.5 

 ANNUAL r131.8 154.2 r117.0 r155.9 r118.1 r118.3 r126.0 121.1 

2005 I r133.6 157.6 r118.0 r160.5 r119.5 r120.1 r129.4 123.5 

 II r134.1 159.4 r118.8 r160.8 r118.7 r119.9 r131.8 124.3 

 III r135.4 161.3 r119.1 r163.5 r119.1 r120.8 r133.2 125.3 

 IV r135.2 162.0 r119.8 r164.5 r118.8 r121.7 r134.4 126.4 

 ANNUAL r134.6 160.0 r118.9 r162.3 r119.0 r120.6 r132.2 124.9 

2006 I r136.3 164.6 r120.7 r169.6 r122.0 r124.4 r132.2 127.3 

 II r136.7 165.7 r121.2 r169.0 r120.0 r123.6 r136.5 128.3 

 III r136.6 166.5 r121.9 r169.2 r119.3 r123.9 r136.7 128.6 

 IV r137.1 r167.5 r122.2 r172.6 r122.3 r125.9 r133.7 r128.8 

 ANNUAL r136.7 r166.1 r121.5 r170.1 r120.8 r124.4 r134.8 r128.2 

--------------------------------------------------------------------------------------------------------- 

 Percent change from previous quarter at annual rate(5) 

2004 I 1.9 3.6 1.7 r1.4 -2.2 -0.5 r10.9 3.6 

 II r4.9 5.2 r0.3 r3.6 -0.4 r-1.2 r10.4 3.1 

 III 0.2 3.2 3.0 r4.4 r2.2 r4.2 r-0.4 2.4 

 IV 0.4 2.4 2.0 5.6 2.0 r5.2 1.3 3.7 

 ANNUAL r2.9 4.3 r1.4 3.6 0.9 0.7 5.4 2.4 

2005 I r4.0 4.2 r0.3 r4.7 r2.3 0.7 7.7 3.3 

 II r1.5 4.4 r2.9 r0.9 r-2.8 r-0.6 r7.7 2.5 

 III r3.7 4.9 r1.1 r6.8 r1.3 r3.0 r4.2 3.5 

 IV r-0.6 1.8 r2.3 r2.4 r-0.9 3.0 3.7 3.3 

 ANNUAL r2.1 3.8 r1.6 r4.1 r0.8 2.0 4.9 3.1 

2006 I r3.5 6.7 r3.0 r12.9 r11.0 r9.1 r-6.3 2.9 

 II 1.2 2.7 1.5 r-1.4 r-6.1 r-2.5 r13.5 3.4 

 III r-0.5 1.9 r2.4 r0.6 r-2.4 r1.1 r0.5 0.8 

 IV r1.6 r2.5 r0.9 r8.2 r10.5 r6.6 r-8.4 r0.5 

 ANNUAL r1.6 r3.8 r2.2 r4.8 r1.5 3.2 1.9 2.7 

--------------------------------------------------------------------------------------------------------- 

 Percent change from corresponding quarter of previous year 

2004 I 4.3 5.1 r0.8 4.2 2.3 -0.1 4.5 1.6 

 II 4.1 5.3 1.2 3.4 0.6 -0.7 7.3 2.3 

 III 1.6 3.4 r1.8 r3.1 0.4 1.5 4.2 2.5 

 IV r1.8 3.6 1.7 r3.7 0.4 1.8 5.4 3.2 

 ANNUAL r2.9 4.3 r1.4 3.6 0.9 0.7 5.4 2.4 

2005 I r2.4 3.8 1.4 r4.6 1.5 2.2 4.7 3.1 

 II r1.5 3.6 r2.0 r3.9 r0.9 2.3 4.0 3.0 

 III r2.4 4.0 r1.6 r4.5 r0.7 r2.0 r5.2 3.3 

 IV r2.1 3.8 r1.6 r3.7 r0.0 r1.5 r5.8 3.2 

 ANNUAL r2.1 3.8 r1.6 r4.1 r0.8 2.0 4.9 3.1 

2006 I r2.0 4.4 r2.3 r5.7 r2.0 3.6 2.2 3.0 

 II r1.9 4.0 r2.0 r5.1 r1.1 3.1 r3.6 3.3 

 III r0.9 3.2 r2.3 r3.5 r0.2 r2.6 r2.6 2.6 

 IV r1.4 r3.4 r2.0 4.9 3.0 r3.4 r-0.5 1.9 

 ANNUAL r1.6 r3.8 r2.2 r4.8 r1.5 3.2 1.9 2.7 

--------------------------------------------------------------------------------------------------------- 

See footnotes following Table 6. March 6, 2007 

r=revised Source: Bureau of Labor Statistics 
13 

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 

2004 I r161.7 138.0 r85.4 r157.4 r120.8 97.4 

 II r163.0 138.6 r85.0 r159.7 r121.4 r98.0 

 III r164.1 139.4 r84.9 r163.0 r123.2 99.3 

 IV r166.3 140.5 r84.5 r165.3 r123.9 r99.4 

 ANNUAL r163.8 139.1 r85.0 r161.4 r122.3 r98.5 

2005 I r168.7 142.2 r84.3 r166.2 r123.8 r98.5 

 II r171.2 143.4 r83.8 r167.8 r123.8 r98.0 

 III r172.6 144.2 r83.5 r170.7 r124.3 r98.9 

 IV r173.9 147.0 r84.5 r170.9 r123.4 98.2 

 ANNUAL r171.6 144.2 r84.0 r168.9 r123.9 r98.4 

2006 I r175.7 149.1 r84.9 r176.4 r126.9 100.4 

 II r177.3 151.2 r85.3 r173.9 r123.6 r98.1 

 III r179.9 153.0 r85.1 r173.9 r122.6 r96.7 

 IV r180.9 r152.2 r84.2 r176.8 r125.4 r97.8 

 ANNUAL r178.4 r151.4 r84.8 r175.3 r124.5 r98.2 

-------------------------------------------------------------------------------------------------- 

 Percent change from previous quarter at annual rate(5) 

2004 I -1.7 0.4 r2.1 r-10.5 -13.7 -9.0 

 II 3.3 1.7 -1.6 5.9 1.8 2.5 

 III 2.7 2.2 r-0.5 r8.4 r6.1 5.5 

 IV r5.4 3.4 r-1.9 r5.9 r2.3 0.5 

 ANNUAL 1.8 1.3 -0.5 2.0 -0.7 0.2 

2005 I r6.0 4.9 r-1.1 r2.0 r-0.3 -3.8 

 II r5.9 3.3 r-2.4 r3.9 r0.2 -1.9 

 III r3.4 2.2 r-1.2 r7.2 r1.7 3.7 

 IV r3.1 7.9 r4.7 r0.4 r-2.9 -2.6 

 ANNUAL r4.8 3.6 -1.1 r4.7 r1.3 -0.1 

2006 I r4.1 6.0 r1.9 r13.5 r11.5 9.0 

 II r3.8 5.7 r1.9 r-5.4 r-9.9 -8.8 

 III r5.9 4.8 r-1.1 r-0.2 r-3.2 r-5.8 

 IV 2.2 r-2.1 r-4.2 r7.1 r9.3 r4.7 

 ANNUAL r4.0 5.0 r1.0 r3.8 r0.5 r-0.2 

-------------------------------------------------------------------------------------------------- 

 Percent change from corresponding quarter of previous year 

2004 I 2.2 0.4 -1.8 1.9 0.0 -0.3 

 II r1.9 1.4 r-0.5 1.6 r-1.2 -0.4 

 III r0.6 1.6 0.9 r2.2 r-0.5 1.6 

 IV r2.4 1.9 r-0.5 r2.1 r-1.2 -0.3 

 ANNUAL 1.8 1.3 -0.5 2.0 -0.7 0.2 

2005 I r4.4 3.0 r-1.3 5.5 r2.5 1.1 

 II 5.0 3.4 -1.5 5.0 2.0 0.0 

 III r5.2 3.5 -1.6 r4.8 r1.0 -0.4 

 IV r4.6 4.6 r0.0 r3.4 r-0.4 -1.2 

 ANNUAL r4.8 3.6 -1.1 r4.7 r1.3 -0.1 

2006 I 4.1 4.9 0.7 6.1 r2.5 2.0 

 II r3.6 5.5 r1.8 r3.7 r-0.2 0.1 

 III 4.2 6.1 1.8 r1.8 r-1.4 r-2.3 

 IV r4.0 r3.6 r-0.4 r3.5 r1.5 r-0.5 

 ANNUAL r4.0 5.0 r1.0 r3.8 r0.5 r-0.2 

-------------------------------------------------------------------------------------------------- 

See footnotes following Table 6. March 6, 2007 

r=revised Source: Bureau of Labor Statistics 
14 

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 

2004 I r184.8 165.1 r89.3 r153.6 r117.8 r83.1 

 II r185.3 165.0 r89.0 r156.4 r118.8 r84.4 

 III r185.9 165.9 r89.3 r159.9 r120.8 r86.0 

 IV r187.9 167.2 r89.0 r161.6 r121.1 r86.0 

 ANNUAL r186.0 165.8 r89.1 r157.8 r119.6 r84.9 

2005 I r190.7 169.5 r88.9 r161.7 r120.5 84.8 

 II r193.6 171.5 r88.6 r162.8 r120.2 r84.1 

 III r196.8 174.4 r88.6 r165.9 r120.8 r84.3 

 IV r200.9 180.4 r89.8 r165.7 r119.7 r82.5 

 ANNUAL r195.5 174.0 r89.0 r164.0 r120.3 r83.9 

2006 I r203.0 182.9 r90.1 r171.9 r123.6 r84.7 

 II r205.9 187.0 r90.9 r169.7 r120.5 82.4 

 III r209.9 189.6 r90.3 r169.7 r119.7 r80.8 

 IV r211.7 r189.1 r89.3 r172.8 r122.5 r81.6 

 ANNUAL r207.6 r187.2 r90.1 r171.0 r121.5 r82.4 

-------------------------------------------------------------------------------------------------- 

 Percent change from previous quarter at annual rate(5) 

2004 I -2.3 1.8 4.2 -16.1 -19.0 -14.1 

 II r1.1 -0.3 r-1.3 7.5 r3.4 6.4 

 III r1.1 2.3 r1.2 r9.2 r6.9 8.0 

 IV r4.5 3.0 r-1.4 r4.4 r0.8 -0.1 

 ANNUAL r1.1 1.8 r0.7 0.7 r-2.0 -0.5 

2005 I r6.0 5.8 r-0.2 r0.3 r-1.9 -5.4 

 II r6.2 4.8 -1.4 r2.7 -1.0 -3.3 

 III r6.8 6.9 r0.1 r7.9 r2.3 1.0 

 IV r8.7 14.6 r5.4 r-0.6 r-3.8 -8.5 

 ANNUAL 5.1 4.9 r-0.2 3.9 r0.6 -1.1 

2006 I 4.1 5.5 1.4 15.9 r13.9 11.3 

 II r5.9 9.4 r3.3 r-5.1 r-9.6 -10.4 

 III r8.1 5.5 r-2.4 r0.1 r-2.8 r-7.4 

 IV r3.4 r-0.9 r-4.2 r7.4 r9.7 r3.9 

 ANNUAL 6.2 7.6 1.3 r4.3 r1.0 r-1.8 

-------------------------------------------------------------------------------------------------- 

 Percent change from corresponding quarter of previous year 

2004 I 2.5 1.5 r-0.9 r0.3 r-1.5 -2.1 

 II r1.7 2.2 r0.5 r0.4 -2.3 -1.3 

 III -0.7 1.8 2.5 1.2 -1.5 1.9 

 IV 1.1 1.7 r0.7 r0.7 -2.5 -0.4 

 ANNUAL r1.1 1.8 r0.7 0.7 r-2.0 -0.5 

2005 I r3.2 2.7 -0.4 5.3 2.2 2.1 

 II 4.4 4.0 -0.4 4.1 1.1 -0.3 

 III 5.9 5.1 -0.7 3.8 0.0 -2.0 

 IV 6.9 8.0 r0.9 2.5 r-1.1 -4.1 

 ANNUAL 5.1 4.9 r-0.2 3.9 r0.6 -1.1 

2006 I r6.4 7.9 r1.4 r6.3 2.6 -0.1 

 II r6.4 9.1 r2.5 4.2 r0.3 -2.0 

 III r6.7 8.7 r1.9 r2.3 r-1.0 r-4.1 

 IV r5.4 r4.8 r-0.5 r4.3 r2.3 r-1.0 

 ANNUAL 6.2 7.6 1.3 r4.3 r1.0 r-1.8 

-------------------------------------------------------------------------------------------------- 

See footnotes following Table 6. March 6, 2007 

r=revised Source: Bureau of Labor Statistics 
15 

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 

2004 I r138.4 110.1 r79.5 r163.0 r125.1 r117.8 

 II r140.6 111.2 r79.1 r164.2 r124.8 r116.8 

 III r142.5 111.8 r78.4 r166.8 r126.1 r117.0 

 IV r144.9 112.8 r77.9 r170.4 r127.7 r117.6 

 ANNUAL r141.6 111.5 r78.7 r166.1 r125.9 r117.3 

2005 I r147.1 113.9 r77.4 r172.5 r128.5 r117.2 

 II r149.3 114.3 r76.6 r175.0 r129.2 r117.2 

 III r149.5 113.5 r75.9 r177.5 r129.3 118.7 

 IV r148.6 113.8 r76.6 r178.4 r128.9 r120.1 

 ANNUAL r148.6 113.9 r76.6 r175.9 r129.0 r118.3 

2006 I r150.0 115.6 r77.1 r182.4 r131.2 r121.6 

 II r150.8 116.1 r77.0 r179.4 r127.5 r119.0 

 III r151.8 117.3 r77.2 r179.2 r126.3 r118.0 

 IV r152.1 r116.2 r76.4 r182.0 r129.0 r119.6 

 ANNUAL r151.2 r116.3 r76.9 r180.7 r128.4 r119.6 

-------------------------------------------------------------------------------------------------- 

 Percent change from previous quarter at annual rate(5) 

2004 I r0.2 -1.2 r-1.3 r0.6 r-2.9 0.4 

 II r6.4 4.1 r-2.1 r2.9 r-1.1 -3.3 

 III r5.6 2.0 r-3.3 r6.5 r4.2 0.9 

 IV r6.8 3.7 r-2.9 r8.9 r5.2 2.0 

 ANNUAL 3.2 0.8 -2.4 4.2 1.5 1.0 

2005 I r6.4 3.8 r-2.5 r5.1 r2.7 -1.2 

 II r6.1 1.6 r-4.2 r6.1 r2.2 -0.1 

 III r0.6 -2.8 r-3.4 r5.8 r0.3 5.1 

 IV r-2.5 0.9 r3.5 r2.1 r-1.2 4.7 

 ANNUAL r5.0 2.1 r-2.7 r5.9 r2.5 0.9 

2006 I r3.8 6.6 r2.7 r9.2 r7.3 5.2 

 II r2.2 1.7 r-0.6 r-6.3 r-10.8 -8.4 

 III r2.7 4.1 r1.4 r-0.5 -3.5 r-3.1 

 IV r0.8 r-3.5 r-4.2 r6.4 r8.7 r5.6 

 ANNUAL r1.7 r2.1 r0.4 r2.8 r-0.4 1.0 

-------------------------------------------------------------------------------------------------- 

 Percent change from corresponding quarter of previous year 

2004 I 2.2 -0.9 -3.1 4.6 2.7 2.3 

 II 2.8 0.5 -2.2 3.6 0.8 0.8 

 III r3.1 1.4 -1.7 r3.9 1.2 0.8 

 IV 4.7 2.1 r-2.4 4.7 1.3 0.0 

 ANNUAL 3.2 0.8 -2.4 4.2 1.5 1.0 

2005 I r6.3 3.4 r-2.7 r5.8 r2.7 r-0.4 

 II r6.2 2.8 -3.2 r6.6 r3.6 0.4 

 III r4.9 1.5 r-3.2 r6.4 r2.6 1.4 

 IV r2.6 0.9 r-1.7 r4.7 r1.0 2.1 

 ANNUAL r5.0 2.1 r-2.7 r5.9 r2.5 0.9 

2006 I r1.9 1.5 r-0.4 r5.7 r2.1 3.7 

 II r1.0 1.5 r0.5 r2.5 r-1.3 1.5 

 III r1.5 3.3 r1.8 r0.9 r-2.3 r-0.6 

 IV r2.4 r2.2 r-0.2 r2.0 r0.1 r-0.4 

 ANNUAL r1.7 r2.1 r0.4 r2.8 r-0.4 1.0 

-------------------------------------------------------------------------------------------------- 

See footnotes following Table 6. March 6, 2007 

r=revised Source: Bureau of Labor Statistics 
16 

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 

2004 I r137.4 159.5 r116.0 r151.8 r116.5 110.5 109.2 110.1 131.3 112.0 

 II 138.2 160.6 116.2 153.2 116.4 110.8 109.7 110.5 139.7 113.1 

 III r139.7 163.2 r116.8 r154.9 r117.1 110.9 109.8 110.6 143.1 113.5 

 IV r139.8 164.0 r117.3 r157.0 r117.6 112.3 110.2 111.7 143.6 114.6 

 ANNUAL r138.8 161.8 r116.6 r154.2 r116.9 111.1 109.7 110.7 139.5 113.3 

2005 I r141.2 165.6 r117.3 r158.7 r118.2 112.4 111.5 112.2 150.2 115.6 

 II r142.1 168.0 r118.2 r159.1 r117.4 111.9 111.9 111.9 161.4 116.4 

 III r142.2 168.9 r118.8 r161.8 r117.9 113.8 114.9 114.1 152.9 117.6 

 IV r142.3 170.4 r119.7 r162.8 r117.6 114.4 113.3 114.1 163.7 118.5 

 ANNUAL r142.0 168.2 r118.5 r160.6 r117.8 113.1 112.9 113.1 157.1 117.0 

2006 I r145.9 175.6 r120.4 r167.4 r120.4 114.7 111.1 113.8 177.3 119.4 

 II r144.3 174.4 r120.9 r167.1 r118.7 115.8 113.7 115.2 172.1 120.3 

 III r145.7 r177.0 r121.5 r167.5 r118.1 r114.9 r112.1 r114.2 r184.4 r120.4 

---------------------------------------------------------------------------------------------------------- 

 Percent change from previous quarter at annual rate(5) 

2004 I 2.3 5.0 r2.6 r-0.4 -3.9 -2.7 -3.0 -2.8 54.5 1.8 

 II 2.3 2.8 r0.6 3.7 -0.3 1.4 1.8 1.5 28.0 4.1 

 III r4.3 6.6 r2.2 r4.5 r2.3 0.2 0.4 0.2 10.2 1.3 

 IV 0.4 2.0 1.5 5.6 2.0 5.2 1.5 4.2 1.3 3.8 

 ANNUAL 3.1 4.5 r1.4 3.2 0.5 0.1 -1.2 -0.3 26.9 2.1 

2005 I r4.0 4.1 r0.1 r4.4 r2.0 0.4 5.0 1.6 19.7 3.5 

 II r2.6 5.7 r3.1 r0.9 r-2.8 -1.6 1.5 -0.8 33.6 2.8 

 III r0.1 2.2 r2.0 r7.1 r1.5 7.0 11.1 8.1 -19.6 4.3 

 IV r0.5 3.6 r3.1 r2.5 r-0.8 2.0 -5.4 0.0 31.2 3.3 

 ANNUAL r2.3 4.0 r1.6 r4.1 r0.8 1.8 3.0 2.1 12.6 3.3 

2006 I r10.4 13.0 r2.3 r11.8 r9.8 1.2 -7.7 -1.2 37.9 3.1 

 II r-4.4 -2.7 r1.7 r-0.8 r-5.6 3.7 9.6 5.3 -11.4 2.9 

 III r4.1 r6.1 r1.9 r1.1 r-2.0 r-2.9 r-5.4 r-3.6 r31.8 0.5 

---------------------------------------------------------------------------------------------------------- 

 Percent change from corresponding quarter of previous year 

2004 I r4.0 4.7 r0.7 3.8 r1.9 -0.2 -3.1 -1.0 27.5 1.4 

 II 3.3 4.5 1.2 2.9 0.1 -0.3 -1.2 -0.6 32.1 2.2 

 III 2.8 4.7 1.8 r2.7 0.0 -0.1 -0.8 -0.3 26.9 2.2 

 IV r2.3 4.1 1.7 r3.3 0.0 1.0 0.2 0.8 21.9 2.8 

 ANNUAL 3.1 4.5 r1.4 3.2 0.5 0.1 -1.2 -0.3 26.9 2.1 

2005 I r2.8 3.9 1.1 4.5 1.5 1.7 2.2 1.9 14.4 3.2 

 II r2.8 4.6 r1.7 r3.8 r0.9 1.0 2.1 1.3 15.6 2.9 

 III r1.8 3.5 r1.7 r4.5 r0.7 2.7 4.7 3.2 6.8 3.6 

 IV r1.8 3.9 r2.1 r3.7 r0.0 1.9 2.9 2.1 14.0 3.5 

 ANNUAL r2.3 4.0 r1.6 r4.1 r0.8 1.8 3.0 2.1 12.6 3.3 

2006 I r3.3 6.0 r2.6 r5.5 r1.8 2.1 -0.4 1.4 18.1 3.4 

 II r1.5 3.8 r2.3 r5.0 r1.1 3.5 1.5 2.9 6.6 3.4 

 III r2.5 r4.8 r2.2 r3.5 r0.2 r1.0 r-2.5 r0.0 r20.6 2.4 

---------------------------------------------------------------------------------------------------------- 

See footnotes following Table 6. March 6, 2007 

r=revised Source: Bureau of Labor Statistics 
17 

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 –1.3 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 2006. 

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 selfemployed, 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 1978-2005 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 from the original data rather 

than index numbers. Annual changes: Percent change between annual average levels. 

(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. 
18 

Appendix table 1. Business sector: Revised 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 

 2002 I r122.8 141.9 r115.5 r143.7 r115.6 r117.0 r113.2 115.6 

 II r123.4 142.6 r115.6 r145.4 r116.0 r117.9 r112.6 115.9 

 III r124.8 143.8 r115.2 r146.1 r116.0 r117.1 r114.7 116.2 

 IV r124.8 144.0 r115.4 r146.1 r115.3 r117.1 r116.0 116.7 

 ANNUAL r123.9 143.1 r115.4 r145.3 r115.7 r117.3 r114.1 116.1 

 2003 I r125.8 144.4 r114.8 r148.1 r115.7 r117.7 r116.5 117.3 

 II r127.9 146.0 r114.1 r150.8 r117.8 r117.9 r116.7 117.4 

 III r130.8 149.7 r114.5 r152.5 r118.4 r116.6 r120.2 118.0 

 IV r130.3 150.1 r115.2 r153.6 r118.9 r117.9 r119.5 118.5 

 ANNUAL r128.7 147.5 r114.6 r151.2 r117.7 r117.5 r118.3 117.8 

 --------------------------------------------------------------------------------------------------------- 

 Percent change from previous quarter at annual rate(5) 

 2002 I r5.6 2.6 -2.9 r5.7 r4.2 0.1 r0.4 0.2 

 II r1.8 2.1 r0.3 4.7 r1.6 r2.8 r-2.1 1.0 

 III r4.8 3.6 r-1.2 r2.0 r-0.2 r-2.7 r7.9 1.0 

 IV r-0.2 0.5 r0.6 r-0.1 r-2.4 0.1 r4.6 1.7 

 ANNUAL 4.1 1.5 -2.5 r3.5 r1.9 -0.5 3.8 1.0 

 2003 I r3.3 1.1 r-2.2 r5.5 r1.5 2.1 1.7 1.9 

 II r7.0 4.6 r-2.2 r7.6 r7.3 r0.6 r0.6 0.6 

 III r9.1 10.4 r1.2 r4.7 2.1 r-4.1 r12.5 1.8 

 IV r-1.3 1.1 2.5 2.9 1.8 4.3 -2.1 1.8 

 ANNUAL 3.8 3.1 -0.7 r4.1 1.7 0.2 3.6 1.5 

 --------------------------------------------------------------------------------------------------------- 

 Percent change from corresponding quarter of previous year 

 2002 I 4.8 0.5 -4.1 3.4 2.2 -1.3 6.3 1.3 

 II 3.9 0.8 r-2.9 3.9 r2.5 0.0 2.4 0.9 

 III 4.7 2.5 -2.1 3.8 2.2 -0.8 3.9 0.9 

 IV 3.0 2.2 -0.8 3.1 0.8 0.1 2.6 1.0 

 ANNUAL 4.1 1.5 -2.5 r3.5 r1.9 -0.5 3.8 1.0 

 2003 I 2.4 1.8 -0.6 3.0 0.1 0.6 r2.9 1.4 

 II 3.7 2.4 r-1.3 3.7 1.5 0.0 r3.6 1.3 

 III 4.7 4.0 -0.7 4.4 2.1 -0.4 4.7 1.5 

 IV 4.4 4.2 -0.2 5.1 r3.2 0.7 3.0 1.5 

 ANNUAL 3.8 3.1 -0.7 r4.1 1.7 0.2 3.6 1.5 

 -------------------------------------------------------------------------------------------------------- 

 See footnotes following Table 6. March 6, 2007 

 r=revised Source: Bureau of Labor Statistics 
19 

Appendix table 2. Nonfarm business sector: Revised 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 

 2002 I r122.7 142.5 r116.1 r143.1 r115.0 r116.6 r115.0 116.0 

 II r122.9 143.0 r116.3 r144.6 r115.4 r117.7 r114.8 116.6 

 III r124.2 144.1 r116.0 r145.3 r115.3 r117.0 r116.6 116.9 

 IV r124.1 144.1 r116.1 r145.4 r114.7 r117.1 r117.7 117.3 

 ANNUAL r123.5 143.4 r116.1 r144.6 r115.1 r117.1 r116.0 116.7 

 2003 I r125.2 144.6 r115.5 r147.3 r115.1 r117.7 r118.3 117.9 

 II r126.9 146.1 r115.1 r149.7 r116.9 r118.0 r118.1 118.0 

 III r130.1 150.0 r115.3 r151.7 r117.8 r116.6 r121.5 118.4 

 IV r129.9 150.6 r115.9 r152.9 r118.4 r117.7 r120.5 118.7 

 ANNUAL r128.0 147.8 r115.4 r150.4 r117.1 r117.5 r119.6 118.3 

 --------------------------------------------------------------------------------------------------------- 

 Percent change from previous quarter at annual rate(5) 

 2002 I r6.9 3.5 -3.2 r6.2 r4.7 r-0.7 r1.2 0.0 

 II r0.7 1.4 r0.6 r4.4 r1.3 r3.6 r-0.9 2.0 

 III r4.2 3.1 r-1.0 r1.9 -0.4 -2.2 r6.6 0.9 

 IV r-0.1 0.1 r0.2 r0.1 r-2.2 r0.2 r3.9 1.6 

 ANNUAL 4.1 1.5 -2.6 r3.6 2.0 -0.5 4.0 1.1 

 2003 I r3.4 1.2 r-2.1 r5.5 r1.5 r2.0 1.8 2.0 

 II r5.7 4.3 r-1.3 r6.7 r6.5 r1.0 r-0.6 0.4 

 III r10.4 11.0 r0.5 5.4 2.9 r-4.5 r11.9 1.3 

 IV r-0.5 1.6 2.2 r3.3 r2.2 3.8 -3.2 1.1 

 ANNUAL 3.7 3.1 -0.6 4.0 1.7 0.3 3.1 1.3 

 --------------------------------------------------------------------------------------------------------- 

 Percent change from corresponding quarter of previous year 

 2002 I 5.1 0.7 -4.2 3.5 2.2 -1.6 6.5 1.2 

 II 3.9 0.8 r-3.0 4.0 2.7 0.1 2.8 1.0 

 III 4.5 2.3 -2.1 3.9 2.3 -0.6 4.1 1.1 

 IV 2.9 2.0 r-0.8 r3.1 0.9 0.2 2.7 1.1 

 ANNUAL 4.1 1.5 -2.6 r3.6 2.0 -0.5 4.0 1.1 

 2003 I 2.0 1.5 r-0.6 r3.0 r0.1 0.9 2.8 1.6 

 II 3.3 2.2 -1.0 3.5 1.3 0.2 2.9 1.2 

 III 4.8 4.1 r-0.7 4.4 2.1 -0.4 4.2 1.3 

 IV r4.7 4.5 r-0.2 5.2 3.2 0.5 2.3 1.2 

 ANNUAL 3.7 3.1 -0.6 4.0 1.7 0.3 3.1 1.3 

 -------------------------------------------------------------------------------------------------------- 

 See footnotes following Table 6. March 6, 2007 

 r=revised Source: Bureau of Labor Statistics 
20 

Appendix table 3. Manufacturing sector: Revised 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 

 2002 I 147.8 134.2 90.8 144.6 116.2 97.9 

 II r150.5 136.1 r90.4 r147.6 r117.8 98.1 

 III r153.1 137.0 r89.5 r149.1 r118.4 r97.4 

 IV r154.7 136.8 r88.4 r150.2 r118.5 r97.1 

 ANNUAL r151.5 136.0 r89.8 r147.9 r117.7 97.6 

 2003 I r158.2 137.5 r86.9 r154.6 r120.8 97.7 

 II r159.9 136.7 r85.5 r157.3 r122.8 r98.4 

 III r163.0 137.2 r84.2 r159.4 r123.7 r97.8 

 IV r162.4 137.9 r84.9 r161.9 r125.3 r99.7 

 ANNUAL r160.9 137.3 r85.4 r158.3 r123.2 98.4 

 -------------------------------------------------------------------------------------------------- 

 Percent change from previous quarter at annual rate(5) 

 2002 I 10.0 2.4 -6.9 17.1 15.4 6.4 

 II r7.8 5.8 r-1.8 r8.7 r5.5 0.9 

 III r6.9 2.7 -3.9 r4.2 r1.9 -2.5 

 IV r4.4 -0.7 r-4.9 r2.8 r0.4 -1.5 

 ANNUAL 7.0 -0.6 -7.1 7.3 5.6 0.2 

 2003 I r9.3 2.2 r-6.5 r12.2 r8.0 2.7 

 II r4.4 -2.4 r-6.5 r7.2 r7.0 2.7 

 III 8.1 1.6 -6.0 r5.5 3.0 -2.4 

 IV r-1.7 2.1 r3.8 r6.4 r5.2 8.2 

 ANNUAL 6.2 1.0 -4.9 7.0 4.6 0.8 

 -------------------------------------------------------------------------------------------------- 

 Percent change from corresponding quarter of previous year 

 2002 I 5.5 -4.4 -9.4 4.7 3.4 -0.8 

 II 6.9 -1.4 r-7.8 7.5 6.1 0.5 

 III 8.3 1.2 -6.6 8.8 r7.2 0.5 

 IV r7.2 2.5 -4.4 r8.0 5.7 0.7 

 ANNUAL 7.0 -0.6 -7.1 7.3 5.6 0.2 

 2003 I 7.1 2.5 -4.3 6.9 3.9 -0.2 

 II 6.2 0.4 -5.4 6.5 4.3 0.3 

 III 6.5 0.2 -6.0 6.9 4.6 0.3 

 IV 4.9 0.8 -3.9 7.8 5.8 2.7 

 ANNUAL 6.2 1.0 -4.9 7.0 4.6 0.8 

 ------------------------------------------------------------------------------------------------- 

 See footnotes following Table 6. March 6, 2007 

 r=revised Source: Bureau of Labor Statistics 
21 

Appendix table 4. Durable manufacturing sector: Revised 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 

 2002 I r165.7 156.9 r94.7 r141.9 r114.1 85.6 

 II r169.6 160.0 r94.3 r145.0 r115.7 r85.5 

 III r173.3 161.8 r93.3 r146.1 r115.9 r84.3 

 IV r176.6 161.9 r91.7 r147.3 r116.2 r83.4 

 ANNUAL r171.2 160.1 r93.5 r145.0 r115.5 84.7 

 2003 I r180.4 162.6 r90.1 r153.0 r119.6 84.8 

 II r182.3 161.4 r88.6 r155.8 r121.7 r85.4 

 III r187.2 163.0 r87.1 r158.0 r122.7 r84.4 

 IV r185.9 164.3 r88.4 r160.5 r124.2 86.3 

 ANNUAL r183.9 162.8 r88.5 r156.8 r122.0 85.3 

 -------------------------------------------------------------------------------------------------- 

 Percent change from previous quarter at annual rate(5) 

 2002 I r11.4 2.7 -7.9 r12.0 r10.4 0.5 

 II r9.6 8.2 r-1.4 r9.2 r6.0 -0.4 

 III 9.1 4.5 -4.2 r3.0 0.7 -5.6 

 IV r7.8 0.4 r-6.8 r3.2 r0.9 -4.2 

 ANNUAL 7.8 -1.1 -8.3 6.4 4.7 -1.3 

 2003 I r8.9 1.6 r-6.7 r16.6 r12.3 7.1 

 II r4.4 -2.8 r-6.9 r7.4 r7.1 2.9 

 III 11.2 4.0 -6.5 5.8 3.3 -4.8 

 IV r-2.7 3.3 r6.1 r6.3 r5.2 9.3 

 ANNUAL 7.4 1.7 -5.3 8.1 5.7 0.7 

 -------------------------------------------------------------------------------------------------- 

 Percent change from corresponding quarter of previous year 

 2002 I 5.1 -6.6 -11.2 4.1 r2.8 -1.0 

 II r7.2 -2.6 r-9.2 r6.8 5.4 -0.4 

 III r9.2 1.2 -7.3 r7.8 6.1 -1.3 

 IV 9.5 3.9 -5.1 6.8 r4.4 -2.5 

 ANNUAL 7.8 -1.1 -8.3 6.4 4.7 -1.3 

 2003 I r8.8 3.6 -4.8 7.9 4.9 -0.9 

 II 7.5 0.9 -6.1 7.4 5.1 -0.1 

 III 8.0 0.8 -6.7 r8.2 5.8 0.1 

 IV 5.3 1.5 -3.6 9.0 6.9 3.5 

 ANNUAL 7.4 1.7 -5.3 8.1 5.7 0.7 

 ------------------------------------------------------------------------------------------------- 

 See footnotes following Table 6. March 6, 2007 

 r=revised Source: Bureau of Labor Statistics 
22 

Appendix table 5. Nondurable manufacturing sector: Revised 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 

 2002 I r129.4 110.0 r85.0 r148.2 r119.1 114.5 

 II r131.2 110.9 r84.5 r150.9 r120.4 115.0 

 III 132.5 111.0 83.8 153.3 121.6 115.6 

 IV r132.4 110.4 r83.4 r154.2 r121.7 r116.5 

 ANNUAL r131.4 110.6 r84.2 r151.6 r120.7 115.4 

 2003 I r135.4 111.1 r82.1 r155.9 r121.8 r115.1 

 II 136.8 110.6 80.9 158.5 123.8 115.9 

 III r138.2 110.3 r79.8 r160.5 r124.6 r116.1 

 IV r138.4 110.4 r79.8 r162.8 r126.0 117.6 

 ANNUAL r137.2 110.6 r80.6 r159.4 r124.1 116.2 

 -------------------------------------------------------------------------------------------------- 

 Percent change from previous quarter at annual rate(5) 

 2002 I r8.3 2.5 r-5.4 r27.8 r26.0 18.0 

 II r5.9 3.2 r-2.6 r7.6 4.5 1.6 

 III r4.0 0.5 -3.4 6.5 r4.1 2.4 

 IV r-0.6 -2.2 r-1.6 r2.4 r0.0 3.0 

 ANNUAL 5.7 0.3 -5.1 9.4 r7.7 3.5 

 2003 I r9.5 2.7 r-6.2 r4.4 r0.5 -4.7 

 II r4.2 -1.9 r-5.9 r7.1 r6.9 2.7 

 III r4.2 -1.3 r-5.2 r5.1 r2.5 0.9 

 IV 0.5 0.6 0.1 5.8 4.7 5.3 

 ANNUAL 4.4 0.0 -4.2 r5.1 2.8 0.7 

 -------------------------------------------------------------------------------------------------- 

 Percent change from corresponding quarter of previous year 

 2002 I 5.2 -1.5 r-6.4 6.4 5.1 1.1 

 II 6.0 0.4 -5.3 9.3 7.9 3.1 

 III 7.2 1.4 -5.4 11.1 9.4 3.7 

 IV 4.4 1.0 -3.3 10.7 8.2 6.0 

 ANNUAL 5.7 0.3 -5.1 9.4 r7.7 3.5 

 2003 I r4.7 1.0 -3.5 5.2 2.3 0.5 

 II 4.2 -0.2 -4.3 5.1 2.8 0.8 

 III 4.3 -0.7 r-4.7 4.7 r2.4 0.4 

 IV r4.5 0.0 -4.3 5.6 3.6 1.0 

 ANNUAL 4.4 0.0 -4.2 r5.1 2.8 0.7 

 ------------------------------------------------------------------------------------------------- 

 See footnotes following Table 6. March 6, 2007 

 r=revised Source: Bureau of Labor Statistics 
23 

Appendix table 6. Nonfinancial corporate sector: Revised 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 

 2002 I r127.3 149.3 r117.3 r141.6 r113.8 111.2 113.0 111.7 85.8 109.4 

 II r129.3 151.3 r117.0 r143.5 r114.5 111.0 110.7 110.9 94.5 109.4 

 III r130.6 152.2 r116.6 r144.4 r114.6 110.6 110.0 110.5 100.3 109.5 

 IV r131.6 153.0 r116.3 r144.9 r114.3 110.1 109.6 110.0 111.2 110.1 

 ANNUAL r129.7 151.5 r116.8 r143.6 r114.3 110.7 110.8 110.7 98.0 109.6 

 2003 I r132.1 152.3 r115.3 r146.2 r114.3 110.7 112.6 111.2 102.9 110.5 

 II r133.8 153.6 r114.8 r148.8 r116.2 111.2 111.0 111.2 105.7 110.7 

 III r135.9 155.9 r114.7 r150.8 r117.1 111.0 110.7 110.9 112.8 111.1 

 IV r136.6 157.5 r115.3 r152.0 r117.7 111.2 110.0 110.9 117.8 111.5 

 ANNUAL r134.6 154.8 r115.0 r149.5 r116.3 111.0 111.1 111.0 109.9 110.9 

 ---------------------------------------------------------------------------------------------------------- 

 Percent change from previous quarter at annual rate(5) 

 2002 I r5.2 2.9 r-2.2 r2.5 r1.1 -2.6 -9.0 -4.4 66.8 -0.8 

 II r6.4 5.6 -0.8 5.4 r2.3 -0.9 -7.9 -2.9 46.9 0.1 

 III r4.0 2.3 -1.5 r2.7 r0.4 -1.2 -2.4 -1.6 27.0 0.5 

 IV r3.1 2.0 r-1.1 r1.2 r-1.1 -1.9 -1.6 -1.8 50.9 1.9 

 ANNUAL 4.0 0.9 r-3.0 3.6 2.0 -0.4 -1.6 -0.7 19.2 0.6 

 2003 I r1.6 -1.8 r-3.3 r3.9 r0.0 2.3 11.4 4.7 -26.5 1.5 

 II r5.3 3.6 r-1.6 r7.3 r7.0 1.9 -5.6 -0.2 11.3 0.7 

 III r6.3 6.1 r-0.2 r5.4 2.9 -0.8 -1.2 -0.9 29.4 1.4 

 IV r2.3 4.3 2.0 r3.2 2.0 0.9 -2.5 -0.1 18.9 1.6 

 ANNUAL r3.8 2.2 -1.5 r4.1 r1.8 0.3 0.2 0.3 12.1 1.2 

 ---------------------------------------------------------------------------------------------------------- 

 Percent change from corresponding quarter of previous year 

 2002 I 3.0 -1.7 r-4.5 3.6 r2.3 0.6 3.5 1.4 -1.9 1.2 

 II 3.8 0.2 -3.5 4.0 2.7 0.2 -0.8 -0.1 8.7 0.5 

 III 4.6 1.9 -2.6 r3.7 r2.1 -0.8 -3.5 -1.5 27.0 0.3 

 IV 4.7 3.2 r-1.4 r2.9 0.7 -1.7 -5.3 -2.7 47.2 0.4 

 ANNUAL 4.0 0.9 r-3.0 3.6 2.0 -0.4 -1.6 -0.7 19.2 0.6 

 2003 I r3.8 2.0 r-1.7 r3.3 r0.4 -0.5 -0.4 -0.4 20.0 1.0 

 II r3.5 1.5 -1.9 3.7 1.5 0.2 0.3 0.2 11.9 1.1 

 III 4.1 2.4 -1.6 4.4 2.1 0.3 0.6 0.4 12.4 1.4 

 IV 3.8 3.0 -0.8 4.9 r3.0 1.0 0.3 0.8 5.9 1.3 

 ANNUAL r3.8 2.2 -1.5 r4.1 r1.8 0.3 0.2 0.3 12.1 1.2 

 --------------------------------------------------------------------------------------------------------- 

 See footnotes following Table 6. March 6, 2007 

 r=revised Source: Bureau of Labor Statistics