Internet address: http://www.bls.gov/lpc USDL 08-0293 

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 WEDNESDAY, MARCH 5, 2008 

PRODUCTIVITY AND COSTS 

Fourth Quarter and Annual Averages, 2007 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 2007. Percent changes in 

business and nonfarm business productivity were: 

 Fourth Annual averages 

 quarter 2006-2007 

Business sector........................................ 1.0 1.9 

Nonfarm business sector......................... 1.9 1.8 

Productivity growth for the fourth quarter of 2007 was revised up by 0.4 percentage 

points in the business sector from the estimates published February 6, due primarily to a 

downward revision to hours. Nonfarm business productivity was revised up by 0.1 percentage 

points, with small downward revisions to both output and hours. Unit labor costs also were 

revised up, to 2.7 percent in the business sector and 2.6 percent in nonfarm businesses, reflecting 

upward revisions in hourly compensation that more than offset the productivity increases. 

Productivity growth during calendar year 2007 also was higher than previously reported in both 

sectors. 

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 

incorporate new seasonal adjustment factors. Due to these revisions, hours measures for all 

major sectors were revised back to the first quarter of 2003. A conversion of nonfarm employee 

hours series to NAICS 2007 classification further revised all major sector series back to 1990. 

Revised seasonally-adjusted values of the BLS Consumer Price Index for all urban consumers 

are reflected in measures of consumer prices and real hourly compensation beginning with data 

for the first quarter of 2007. See Revised Measures, page 7. 
2 

Table A. Productivity and costs: Revised fourth-quarter 2007 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 0.2 -0.7 3.6 -1.3 2.7 

 Nonfarm business 1.9 0.3 -1.6 4.6 -0.5 2.6 

 Manufacturing 2.3 -1.7 -3.9 4.4 -0.6 2.1 

 Durable 4.2 -0.7 -4.7 5.2 0.1 0.9 

 Nondurable -0.5 -2.9 -2.4 3.0 -1.9 3.5 

 Percent change from same quarter a year ago 

 Business 3.0 2.6 -0.4 4.0 0.1 1.0 

 Nonfarm business 2.9 2.6 -0.3 3.9 0.0 0.9 

 Manufacturing 3.2 1.9 -1.3 3.7 -0.2 0.5 

 Durable 4.6 3.0 -1.5 3.5 -0.4 -1.0 

 Nondurable 1.5 0.5 -0.9 4.0 0.1 2.5 

 In the manufacturing sector, increases in productivity were: 

 Fourth Annual averages 

 quarter 2006-2007 

Manufacturing......................................... 2.3 3.7 

 Durable goods manufacturing............... 4.2 4.9 

 Nondurable goods manufacturing......... -0.5 2.2 

Productivity in total manufacturing grew at a 2.3 percent annual rate in the fourth quarter 

of 2007, slightly less than the preliminary estimate of 2.5 percent. The fourth-quarter increase in 

productivity resulted when hours fell faster than output. When revised annual averages for 2006 

and 2007 were compared, productivity increased more in each of the manufacturing sectors than 

reported Feb. 6. 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. 
3 

 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. 

THIRD-TO-FOURTH QUARTER CHANGES, 2007 

Business 

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

2007, as output increased 0.2 percent and hours of all persons engaged in the sector decreased 

0.7 percent (seasonally adjusted annual rates). When the fourth quarter of 2007 is compared to 

the fourth quarter of 2006 output per hour increased 3.0 percent (table 1). 

 Hourly compensation grew at a 3.6-percent annual rate in the fourth quarter after rising 

3.7 percent in the third quarter of 2007, 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, decreased 1.3 percent in the 

fourth quarter because consumer prices rose 5.0 percent (seasonally adjusted annual rates). 

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

increased 2.7 percent during the fourth quarter of 2007, after falling 2.8 percent in the third 

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

costs and unit nonlabor payments, increased 2.3 percent in the fourth quarter and 0.3 percent in 

the third quarter. 

Nonfarm business 

In the nonfarm business sector, productivity increased at an annual rate of 1.9 percent in 

the fourth quarter of 2007, as output increased 0.3 percent and hours of all persons—employees, 

proprietors, and unpaid family workers—decreased 1.6 percent. The decline in hours was the 

largest since the first quarter of 2003, when they fell 2.1 percent. From the fourth quarter of 

2006 to the fourth quarter of 2007 productivity increased 2.9 percent (table 2). 

 Hourly compensation grew 4.6 percent in the fourth quarter. When the increase in 

consumer prices was taken into account, real hourly compensation decreased 0.5 percent. Real 

hourly compensation had grown 0.6 percent during the third quarter of 2007. 

Unit labor costs increased at a 2.6 percent annual rate in the fourth quarter after falling 

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

increased 2.0 percent in the fourth quarter and 0.1 percent in the third quarter of 2007. 
4 

Manufacturing 

Manufacturing productivity increased 2.3 percent in the fourth quarter of 2007, as output 

decreased 1.7 percent and hours fell 3.9 percent (seasonally adjusted annual rates). In durable 

goods industries, productivity increased 4.2 percent as both output and hours decreased, 0.7 

percent and 4.7 percent, respectively. The decline in durable goods hours was the largest since 

the third quarter of 2003, when hours fell 6.9 percent. In nondurable goods industries, output per 

hour fell 0.5 percent, reflecting decreases of 2.9 percent in output and 2.4 percent in hours. In 

the third quarter of 2007, productivity increased 4.1 percent in total manufacturing, 5.4 percent 

in durable goods industries, and 3.2 percent in nondurable goods industries, as revised (tables 3, 

4, and 5). 

 Manufacturing hourly compensation grew at a 4.4 percent annual rate during the fourth 

quarter of 2007. Durable goods manufacturing and nondurable goods manufacturing posted 

increases in hourly compensation of 5.2 percent and 3.0 percent, respectively. When the 5.0 

percent fourth-quarter increase in consumer prices was taken into account, real hourly 

compensation declined 0.6 percent in total manufacturing, edged up 0.1 percent in durable 

manufacturing, and fell 1.9 percent in nondurable manufacturing (seasonally adjusted annual 

rates). 

Unit labor costs in manufacturing increased 2.1 percent in the fourth quarter of 2007 after 

falling 3.3 percent in the third quarter, as revised. These costs increased 0.9 percent in durable 

goods industries and 3.5 percent in nondurable goods industries during the fourth quarter of 

2007. 

ANNUAL AVERAGE CHANGES, 2006-2007 

Business and Nonfarm business 

Business sector productivity increased 1.9 percent when the revised annual average for 

2007 was compared with the revised annual average for 2006—the same as the average rate of 

productivity growth over the past four years, from 2003 to 2007. Nonfarm business sector 

productivity grew 1.8 percent in 2007 (table B). In both sectors, the modest productivity 

improvement reflected output growth of 2.3 percent combined with small increases in hours 

worked: business sector hours increased 0.4 percent, and hours increased 0.5 percent in the 

nonfarm business sector. 
5 

Table B. Productivity and costs: Revised 2007 annual averages 

(Seasonally adjusted annual rates) 

Sector 

Productivity Output Hours 

Hourly 

compensation 

Real 

hourly 

compensation 

Unit 

labor 

costs 

Percent change from previous year 

Business 1.9 2.3 0.4 5.0 2.3 3.1 

Nonfarm business 1.8 2.3 0.5 4.9 2.3 3.1 

Manufacturing 3.7 2.0 -1.7 5.4 2.7 1.6 

 Durable 4.9 2.9 -1.9 5.5 2.9 0.6 

 Nondurable 2.2 0.9 -1.2 5.1 2.5 2.9 

 Hourly compensation increased 5.0 percent in the business sector and 4.9 percent in the 

nonfarm business sector. Real hourly compensation increased 2.3 percent during 2007 in both 

the business and nonfarm business sectors. Unit labor costs increased 3.1 percent in the business 

and nonfarm business sectors in 2007, faster than in any year since 2000, when unit labor costs 

grew 4.1 percent in the business sector and 4.2 percent in the nonfarm business sector. 

Manufacturing 

Manufacturing productivity grew 3.7 percent in 2007, reflecting an increase in output of 

2.0 percent and a decrease in hours of 1.7 percent. In 2006, output per hour had increased 4.3 

percent, as output grew 4.9 percent and hours rose 0.6 percent. Productivity also grew at a 4.3 

percent average annual rate from 2000 to 2005. Labor productivity increased 4.9 percent in 

durable goods manufacturing during 2007, as output rose 2.9 percent and hours fell 1.9 percent. 

Productivity in nondurable goods manufacturing increased 2.2 percent in 2007, reflecting a 0.9 

percent increase in output and a 1.2 percent drop in hours (tables B, 3, 4, and 5). 

 Hourly compensation of manufacturing workers increased 5.4 percent in 2007, compared 

to a 2.8 percent increase one year earlier. Hourly compensation increased 5.5 percent in durable 

manufacturing and 5.1 percent in nondurable goods industries. Real hourly compensation in the 

manufacturing sector increased 2.7 percent in 2007 after decreasing 0.5 percent in 2006. 

From 2006 to 2007, unit labor costs rose 1.6 percent in manufacturing—the largest 

increase in this measure since 2000, when unit labor costs increased 4.9 percent. During 2007, 

unit labor costs increased 0.6 percent in durable manufacturing and 2.9 percent in nondurable 

manufacturing. 
6 

Table C. Previous and revised productivity and related measures: 

Fourth-quarter 2007, third-quarter 2007, and annual averages 2007 

(Seasonally adjusted annual rates) 

Sector 

Productivity Output Hours 

Hourly 

compensation 

Real 

hourly 

compensation 

Unit 

labor 

costs 

Percent change, fourth quarter 2007 

Business: 

 Previous ....................... 0.6 0.2 -0.5 2.8 -1.4 2.2 

 Revised......................... 1.0 0.2 -0.7 3.6 -1.3 2.7 

Nonfarm business: 

 Previous ....................... 1.8 0.4 -1.5 3.9 -0.3 2.1 

 Revised......................... 1.9 0.3 -1.6 4.6 -0.5 2.6 

Manufacturing: 

 Previous ....................... 2.5 -1.9 -4.3 4.2 -0.1 1.7 

 Revised......................... 2.3 -1.7 -3.9 4.4 -0.6 2.1 

Percent change, third quarter 2007 

Business: 

 Previous ....................... 6.5 5.7 -0.7 4.4 2.4 -2.0 

 Revised......................... 6.6 5.7 -0.9 3.7 0.8 -2.8 

Nonfarm business: 

 Previous ....................... 6.0 5.6 -0.3 4.0 2.0 -1.9 

 Revised......................... 6.3 5.6 -0.6 3.4 0.6 -2.7 

Manufacturing: 

 Previous ....................... 4.0 3.9 -0.1 1.0 -0.8 -2.9 

 Revised......................... 4.1 3.9 -0.2 0.7 -2.0 -3.3 

Percent change, 2006 – 2007 

Business: 

 Previous ....................... 1.6 2.3 0.7 4.8 1.9 3.1 

 Revised......................... 1.9 2.3 0.4 5.0 2.3 3.1 

Nonfarm business: 

 Previous ....................... 1.6 2.3 0.7 4.8 1.8 3.1 

 Revised......................... 1.8 2.3 0.5 4.9 2.3 3.1 

Manufacturing: 

 Previous ....................... 2.9 2.0 -1.0 4.6 1.7 1.6 

 Revised......................... 3.7 2.0 -1.7 5.4 2.7 1.6 
7 

REVISED MEASURES 

Quarterly and annual measures for all sectors were revised back to 2003 to incorporate 

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

nonfarm payroll series, and were also revised back to 1990 to convert all employee-hours series 

to NAICS 2007 classification (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 worked. Quarterly measures of consumer prices and 

real hourly compensation during 2007 also reflect the recalculation of seasonal factors for the 

Consumer Price Index for All Urban Consumers (CPI-U). 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. 

Previous and revised productivity and related data for the third quarter, fourth quarter, 

and full year 2007 for business, nonfarm business, and manufacturing are displayed in Table C. 

In the fourth quarter of 2007, productivity growth was revised up from 0.6 percent to 1.0 percent 

in the business sector, and from 1.8 percent to 1.9 percent in the nonfarm business sector. In 

both sectors the upward revisions resulted from downward revisions to hours, with output little 

changed. The upward revisions to productivity were less than the upward revisions to hourly 

compensation, so unit labor costs were revised up in both sectors, by 0.5 percentage points. In 

the manufacturing sector, fourth-quarter productivity growth was revised down from 2.5 percent 

to 2.3 percent; both output and hours were revised up slightly. The combination of the 

downward revision to productivity and a small upward revision to hourly compensation led to an 

upward revision in unit labor costs from 1.7 percent to 2.1 percent. 

 

Productivity growth was revised up in all major sectors for the third quarter, due solely to 

downward revisions to hours; output was not revised. Hourly compensation growth was revised 

down in all sectors, contributing to downward revisions in unit labor costs. 

After revisions to annual averages, productivity grew more in 2007 in all major sectors 

than previously reported. These upward revisions to productivity were offset by upward 

revisions to hourly compensation, and as a result unit labor costs grew at the same rates reported 

Feb. 6. 
8 

Revised measures: Nonfinancial corporations 

 Measures for the nonfinancial corporate sector also were revised today to incorporate 

new information regarding output and compensation in the third quarter of 2007. Productivity in 

nonfinancial corporations in third-quarter 2007 was revised down from the preliminary estimate 

as output was revised down more than hours worked. Hourly compensation was revised down 

by more than productivity, and so unit labor costs edged down, rather than increasing as reported 

Feb. 6. Unit profits posted a slightly smaller decrease than originally reported. 

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

Quarterly percent c anges at easonally adjusted annual rate h s s

Productivity Output Hours 

Hourly 

compensation 

Real 

hourly 

compensation 

Unit 

labor 

costs 

Unit 

profits 

Implicit 

price 

deflator

Third quarter 2007 

Previous 3.7 4.6 0.8 4.1 2.2 0.4 -11.0 -1.6 

Revised 2.9 3.7 0.7 2.8 0.1 -0.1 -10.2 -1.6 

Next release date 

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

Wednesday, May 7, 2008, and will present preliminary first-quarter 2008 measures for 

business, nonfarm business, and manufacturing. Fourth-quarter 2007 and annual average data 

for 2007 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 

2005 I r134.3 157.2 r117.0 r161.5 r120.4 r120.2 r128.1 123.1 

 II r134.3 158.5 r118.0 r161.7 r119.4 r120.4 r129.9 123.9 

 III r135.9 160.6 r118.2 r164.1 r119.5 r120.8 r132.0 125.0 

 IV r135.6 161.0 r118.8 r165.4 r119.5 r122.0 r133.0 126.1 

 ANNUAL r135.0 159.3 r118.0 r163.2 r119.7 r120.9 r130.8 124.5 

2006 I r136.3 163.2 r119.7 r168.3 r121.0 r123.4 r132.9 127.0 

 II r136.7 164.2 r120.1 r168.1 r119.4 r123.0 r136.5 128.0 

 III r136.1 164.4 r120.8 r168.7 r118.9 r123.9 r136.7 128.7 

 IV r136.6 165.5 r121.1 r173.5 r122.9 r127.0 r132.1 128.9 

 ANNUAL r136.4 164.3 r120.4 r169.7 r120.5 r124.3 r134.6 128.2 

2007 I r136.8 165.6 r121.0 r176.1 r123.7 r128.7 r132.7 130.2 

 II r138.1 167.3 r121.2 r177.2 r123.1 r128.3 r135.3 130.9 

 III r140.3 169.7 r120.9 r178.8 r123.4 r127.4 r137.2 131.0 

 IV r140.7 r169.8 r120.7 r180.4 r122.9 r128.2 r137.8 r131.8 

 ANNUAL r139.0 r168.1 r121.0 r178.1 r123.3 r128.2 r135.8 r131.0 

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

 Percent change from previous quarter at annual rate(5) 

2005 I r2.8 3.7 r0.9 3.0 r1.0 r0.2 r8.9 3.4 

 II r0.0 3.3 r3.3 r0.6 r-3.2 r0.6 r5.7 2.6 

 III r4.6 5.5 r0.9 r6.1 r0.5 r1.4 r6.8 3.5 

 IV r-0.9 1.0 r1.9 r3.2 r-0.2 r4.1 r2.9 3.7 

 ANNUAL 2.0 3.6 1.6 4.0 0.6 2.0 4.9 3.1 

2006 I r2.3 5.5 r3.1 r7.1 5.1 r4.7 r-0.2 2.8 

 II r1.1 2.5 r1.5 r-0.5 r-5.2 r-1.5 r11.3 3.3 

 III r-1.6 0.6 r2.3 r1.5 r-1.7 3.1 0.5 2.1 

 IV r1.4 2.6 r1.2 r11.8 r14.2 r10.4 r-12.7 0.8 

 ANNUAL 1.0 3.1 2.1 r4.0 r0.7 2.9 2.9 2.9 

2007 I r0.6 0.2 r-0.4 r6.1 r2.8 r5.5 r1.8 4.1 

 II r3.8 4.4 r0.5 r2.5 r-2.0 r-1.3 r8.1 2.2 

 III r6.6 5.7 r-0.9 r3.7 r0.8 r-2.8 r5.5 0.3 

 IV r1.0 0.2 r-0.7 r3.6 r-1.3 r2.7 r1.9 r2.3 

 ANNUAL r1.9 2.3 r0.4 r5.0 r2.3 3.1 r0.9 2.2 

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

 Percent change from corresponding quarter of previous year 

2005 I 2.5 3.8 r1.3 r4.9 1.9 2.4 4.1 3.1 

 II 1.5 3.5 2.0 3.8 0.9 2.3 3.6 2.8 

 III 2.4 3.9 1.5 4.0 r0.2 1.6 r5.9 3.2 

 IV 1.6 3.4 1.7 3.2 -0.5 1.6 6.1 3.3 

 ANNUAL 2.0 3.6 1.6 4.0 0.6 2.0 4.9 3.1 

2006 I 1.5 3.8 2.3 4.2 0.5 2.7 3.8 3.1 

 II r1.8 3.6 1.8 r4.0 0.0 2.2 5.1 3.3 

 III 0.2 2.4 2.2 2.8 -0.6 2.6 3.5 3.0 

 IV r0.8 2.8 r2.0 r4.9 r2.9 4.1 -0.6 2.2 

 ANNUAL 1.0 3.1 2.1 r4.0 r0.7 2.9 2.9 2.9 

2007 I r0.3 1.5 r1.1 r4.6 r2.3 4.3 -0.1 2.6 

 II r1.0 1.9 r0.9 r5.4 r3.1 4.3 r-0.9 2.3 

 III r3.1 3.2 r0.1 r6.0 r3.8 r2.8 r0.4 1.8 

 IV r3.0 2.6 r-0.4 r4.0 r0.1 r1.0 r4.3 2.2 

 ANNUAL r1.9 2.3 r0.4 r5.0 r2.3 3.1 r0.9 2.2 

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

See footnotes following Table 6. March 5, 2008 

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 

2005 I r133.3 157.4 r118.0 r160.3 r119.5 r120.2 r129.6 123.6 

 II r133.6 158.6 r118.7 r160.9 r118.8 r120.4 r131.3 124.5 

 III r135.0 160.8 r119.1 r163.2 r118.9 r120.9 r133.8 125.6 

 IV r134.5 161.2 r119.8 r164.3 r118.6 r122.1 r134.8 126.8 

 ANNUAL r134.1 159.5 r118.9 r162.2 r118.9 r120.9 r132.4 125.1 

2006 I r135.2 163.4 r120.8 r167.0 r120.0 r123.5 r134.9 127.7 

 II r135.7 164.4 r121.2 r167.0 r118.6 r123.1 r138.8 128.9 

 III r135.2 164.7 r121.8 r167.6 r118.1 r124.0 r138.6 129.4 

 IV r135.7 165.7 r122.1 r172.5 r122.2 r127.2 r133.5 129.5 

 ANNUAL r135.4 164.5 r121.5 r168.6 r119.7 r124.5 r136.4 128.9 

2007 I r136.0 165.9 r121.9 r175.2 r123.1 r128.8 r133.8 130.6 

 II r136.9 167.6 r122.4 r175.8 r122.1 r128.4 r136.3 131.3 

 III r139.0 169.9 r122.2 r177.3 r122.3 r127.5 r137.9 131.3 

 IV r139.7 r170.0 r121.8 r179.2 r122.2 r128.3 r138.3 r132.0 

 ANNUAL r137.9 r168.4 r122.1 r176.9 r122.4 r128.3 r136.6 r131.3 

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

 Percent change from previous quarter at annual rate(5) 

2005 I r3.4 3.9 r0.5 r3.4 r1.4 r0.0 r10.2 3.8 

 II r0.7 3.2 r2.5 r1.6 r-2.3 r0.8 r5.7 2.7 

 III r4.3 5.6 r1.2 r5.8 r0.3 r1.4 r7.5 3.8 

 IV -1.4 0.9 2.4 r2.7 r-0.7 r4.2 r3.0 3.7 

 ANNUAL 1.9 3.6 r1.7 4.0 r0.6 2.0 5.5 3.4 

2006 I r2.1 5.7 r3.5 r6.9 r4.8 r4.7 r0.3 3.0 

 II r1.3 2.4 r1.1 r0.0 r-4.8 r-1.3 r12.1 3.7 

 III r-1.5 0.8 r2.3 r1.5 r-1.7 r3.0 -0.4 1.6 

 IV r1.6 2.6 r1.0 r12.3 r14.7 r10.5 r-13.9 0.3 

 ANNUAL 1.0 3.2 2.2 3.9 0.6 2.9 3.1 3.0 

2007 I r1.0 0.3 r-0.6 r6.4 r3.1 r5.4 r0.7 3.6 

 II r2.6 4.2 r1.6 r1.3 r-3.1 r-1.3 r7.8 2.1 

 III r6.3 5.6 r-0.6 r3.4 r0.6 r-2.7 r4.8 0.1 

 IV r1.9 r0.3 r-1.6 r4.6 r-0.5 r2.6 1.0 r2.0 

 ANNUAL r1.8 2.3 r0.5 r4.9 r2.3 3.1 r0.1 1.9 

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

 Percent change from corresponding quarter of previous year 

2005 I r2.4 3.8 1.4 r4.8 1.8 r2.4 r4.7 3.3 

 II 1.4 3.4 2.0 3.9 r1.0 2.5 4.3 3.2 

 III 2.2 3.8 r1.6 4.0 r0.2 1.7 6.4 3.5 

 IV 1.7 3.4 r1.6 r3.4 r-0.3 1.6 6.6 3.5 

 ANNUAL 1.9 3.6 r1.7 4.0 r0.6 2.0 5.5 3.4 

2006 I 1.4 3.8 2.4 4.2 0.5 2.8 4.1 3.3 

 II r1.6 3.6 2.0 3.8 -0.2 2.2 5.7 3.5 

 III 0.1 2.4 r2.3 2.7 r-0.6 2.6 3.6 3.0 

 IV 0.9 2.8 r1.9 5.0 3.0 4.1 -0.9 2.2 

 ANNUAL 1.0 3.2 2.2 3.9 0.6 2.9 3.1 3.0 

2007 I r0.6 1.5 r0.9 r4.9 r2.6 4.3 -0.8 2.3 

 II r0.9 2.0 r1.0 r5.3 r3.0 r4.3 r-1.8 1.9 

 III r2.9 3.2 r0.3 r5.8 r3.6 r2.8 r-0.5 1.5 

 IV r2.9 2.6 r-0.3 r3.9 r0.0 r0.9 r3.5 r1.9 

 ANNUAL r1.8 2.3 r0.5 r4.9 r2.3 3.1 r0.1 1.9 

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

See footnotes following Table 6. March 5, 2008 

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 

2005 I r168.3 142.7 r84.8 r166.2 r123.9 98.7 

 II r171.1 143.8 r84.0 r168.0 r124.1 r98.2 

 III r172.7 144.5 r83.7 r170.4 r124.1 r98.7 

 IV r173.6 147.3 r84.8 r168.7 r121.9 r97.2 

 ANNUAL r171.4 144.6 r84.3 r168.3 r123.5 r98.2 

2006 I r175.2 149.5 r85.3 r172.4 r123.9 r98.4 

 II r177.4 151.6 r85.4 r170.5 r121.1 r96.1 

 III r180.8 153.4 r84.8 r171.6 r120.9 r94.9 

 IV r181.7 152.6 r84.0 r177.4 r125.6 r97.6 

 ANNUAL r178.7 151.7 r84.9 r173.0 r122.8 r96.8 

2007 I r183.0 152.9 r83.6 r181.8 r127.7 r99.3 

 II r184.5 154.6 r83.8 r181.6 r126.2 r98.4 

 III r186.4 156.1 r83.7 r181.9 r125.5 r97.6 

 IV r187.5 r155.4 r82.9 r183.9 r125.3 r98.1 

 ANNUAL r185.3 r154.7 r83.5 r182.3 r126.2 r98.3 

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

 Percent change from previous quarter at annual rate(5) 

2005 I r4.7 4.6 r-0.1 r1.1 -0.9 r-3.5 

 II r6.8 3.1 r-3.5 r4.5 r0.5 -2.2 

 III r3.6 2.1 r-1.5 r5.8 r0.3 2.1 

 IV r2.3 7.9 r5.5 r-3.9 r-7.1 -6.0 

 ANNUAL r4.7 3.5 r-1.1 4.2 r0.9 r-0.4 

2006 I r3.7 6.0 r2.2 r9.1 r6.9 5.1 

 II r5.1 5.7 r0.6 r-4.4 r-8.9 -9.1 

 III r7.9 4.8 r-2.8 r2.7 r-0.5 -4.8 

 IV r1.9 -2.1 r-3.9 r14.1 r16.5 12.0 

 ANNUAL r4.3 4.9 r0.6 r2.8 r-0.5 -1.5 

2007 I r3.0 0.9 r-2.0 r10.3 r6.8 r7.1 

 II r3.4 4.4 r1.0 r-0.4 r-4.7 r-3.6 

 III r4.1 3.9 r-0.2 r0.7 r-2.0 r-3.3 

 IV r2.3 r-1.7 r-3.9 r4.4 r-0.6 r2.1 

 ANNUAL r3.7 2.0 r-1.7 r5.4 r2.7 1.6 

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

 Percent change from corresponding quarter of previous year 

2005 I r4.2 3.1 r-1.0 6.0 2.9 r1.7 

 II r4.9 3.4 r-1.5 r5.1 r2.2 r0.2 

 III 5.2 3.3 r-1.8 r4.2 r0.4 r-1.0 

 IV 4.4 4.4 0.0 1.8 -1.8 r-2.4 

 ANNUAL r4.7 3.5 r-1.1 4.2 r0.9 r-0.4 

2006 I r4.1 4.7 r0.6 r3.8 r0.0 -0.3 

 II r3.7 5.4 r1.6 r1.5 r-2.4 -2.1 

 III r4.7 6.1 r1.3 r0.7 r-2.6 -3.8 

 IV r4.6 3.6 r-1.0 r5.1 r3.1 0.5 

 ANNUAL r4.3 4.9 r0.6 r2.8 r-0.5 -1.5 

2007 I r4.4 2.3 r-2.1 r5.4 r3.0 0.9 

 II r4.0 2.0 r-1.9 r6.5 r4.2 2.4 

 III r3.1 1.8 r-1.3 r6.0 r3.8 r2.8 

 IV r3.2 r1.9 r-1.3 r3.7 r-0.2 0.5 

 ANNUAL r3.7 2.0 r-1.7 r5.4 r2.7 1.6 

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

See footnotes following Table 6. March 5, 2008 

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 

2005 I r189.7 169.7 r89.4 r161.3 r120.3 r85.0 

 II r193.6 171.6 r88.6 r162.7 r120.1 r84.0 

 III r196.8 174.5 r88.7 r165.5 r120.6 r84.1 

 IV r200.6 180.5 r90.0 r163.5 r118.1 r81.5 

 ANNUAL r195.2 174.1 r89.2 r163.3 r119.7 r83.6 

2006 I r202.3 182.9 r90.4 r168.1 r120.8 r83.1 

 II r205.9 187.1 r90.9 r166.1 r117.9 r80.7 

 III r211.1 189.6 r89.8 r167.3 r117.8 r79.2 

 IV r212.3 188.9 r89.0 r173.6 r123.0 r81.8 

 ANNUAL r207.9 187.2 r90.0 r168.7 r119.8 r81.2 

2007 I r213.6 188.7 r88.3 r177.6 r124.8 r83.2 

 II r216.9 192.1 r88.6 r177.5 r123.3 r81.8 

 III r219.8 195.0 r88.7 r177.5 r122.5 r80.8 

 IV r222.1 r194.7 r87.7 r179.8 r122.5 r80.9 

 ANNUAL r218.1 r192.6 r88.3 r178.1 r123.3 r81.7 

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

 Percent change from previous quarter at annual rate(5) 

2005 I r3.8 5.5 r1.7 r0.3 r-1.6 r-3.3 

 II r8.5 4.7 r-3.5 r3.4 r-0.5 -4.7 

 III r6.8 6.8 r0.1 r7.2 r1.5 0.4 

 IV r8.0 14.5 r6.1 r-4.7 r-7.9 -11.7 

 ANNUAL r5.1 5.0 r-0.1 3.8 0.5 r-1.1 

2006 I r3.5 5.5 r2.0 r11.6 r9.4 7.9 

 II r7.2 9.4 r2.1 r-4.7 r-9.2 r-11.1 

 III r10.5 5.5 r-4.6 r2.9 r-0.3 -6.9 

 IV r2.3 -1.4 r-3.6 r16.1 r18.5 13.5 

 ANNUAL r6.5 7.5 r1.0 r3.4 r0.1 -2.9 

2007 I r2.5 -0.5 r-2.9 r9.6 r6.1 6.9 

 II r6.2 7.3 r1.0 r-0.4 r-4.7 -6.2 

 III r5.4 6.3 r0.8 r0.1 r-2.6 r-5.1 

 IV r4.2 r-0.7 r-4.7 5.2 r0.1 r0.9 

 ANNUAL r4.9 2.9 r-1.9 r5.5 r2.9 0.6 

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

 Percent change from corresponding quarter of previous year 

2005 I r2.8 3.0 r0.1 r5.9 r2.8 r3.0 

 II r4.6 4.0 r-0.5 r4.5 r1.6 r-0.1 

 III r6.0 5.1 r-0.9 r3.6 r-0.1 r-2.2 

 IV r6.7 7.8 r1.0 1.5 r-2.2 r-4.9 

 ANNUAL r5.1 5.0 r-0.1 3.8 0.5 r-1.1 

2006 I r6.6 7.8 r1.1 r4.2 r0.5 -2.3 

 II 6.3 9.0 r2.5 r2.1 r-1.8 -4.0 

 III r7.3 8.7 r1.3 r1.1 r-2.3 -5.8 

 IV r5.8 4.7 r-1.1 r6.2 r4.1 0.3 

 ANNUAL r6.5 7.5 r1.0 r3.4 r0.1 -2.9 

2007 I r5.6 3.2 r-2.3 r5.7 r3.3 0.1 

 II r5.3 2.6 r-2.6 r6.9 r4.6 1.4 

 III r4.1 2.8 r-1.2 r6.1 r3.9 r1.9 

 IV r4.6 r3.0 r-1.5 r3.5 r-0.4 -1.0 

 ANNUAL r4.9 2.9 r-1.9 r5.5 r2.9 0.6 

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

See footnotes following Table 6. March 5, 2008 

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 

2005 I r147.4 114.7 r77.8 r173.4 r129.3 r117.6 

 II r149.2 115.1 r77.1 r176.2 r130.1 r118.1 

 III r149.7 114.2 r76.3 r177.6 r129.3 r118.6 

 IV r148.4 114.4 r77.1 r176.4 r127.4 r118.9 

 ANNUAL r148.7 114.6 r77.1 r175.9 r129.0 r118.3 

2006 I r149.8 116.3 r77.6 r178.3 r128.2 119.0 

 II r151.2 116.8 r77.2 r176.4 r125.3 r116.7 

 III r152.6 117.9 r77.3 r177.6 r125.1 r116.4 

 IV r153.1 117.1 r76.4 r181.9 r128.9 r118.8 

 ANNUAL r151.6 117.0 r77.2 r178.6 r126.8 r117.8 

2007 I r154.3 117.8 r76.4 r187.1 r131.5 r121.3 

 II r154.4 118.2 r76.6 r187.0 r129.9 r121.1 

 III r155.6 118.6 r76.2 r187.7 r129.5 r120.7 

 IV r155.4 r117.7 r75.7 r189.1 r128.9 r121.7 

 ANNUAL r154.9 r118.1 r76.2 r187.7 r130.0 r121.2 

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

 Percent change from previous quarter at annual rate(5) 

2005 I r6.8 3.3 r-3.3 r2.2 r0.2 -4.3 

 II 4.9 1.3 r-3.5 r6.6 2.5 1.6 

 III r1.3 -3.0 r-4.3 r3.1 r-2.3 1.7 

 IV r-3.5 0.8 r4.5 r-2.5 r-5.8 1.0 

 ANNUAL 4.8 1.9 r-2.8 4.8 1.4 0.0 

2006 I 3.9 6.6 r2.6 r4.4 2.3 0.4 

 II r3.7 1.7 r-1.9 r-4.2 r-8.7 -7.6 

 III r3.8 4.1 r0.3 r2.7 r-0.5 r-1.1 

 IV r1.4 -2.9 r-4.3 r10.2 r12.5 8.6 

 ANNUAL r2.0 2.1 r0.1 r1.5 r-1.7 -0.5 

2007 I r3.1 2.6 r-0.5 r11.9 r8.4 r8.6 

 II r0.2 1.2 r1.1 r-0.4 r-4.8 -0.6 

 III r3.2 1.3 -1.9 r1.7 r-1.0 r-1.4 

 IV r-0.5 r-2.9 r-2.4 r3.0 r-1.9 3.5 

 ANNUAL r2.2 0.9 r-1.2 r5.1 r2.5 r2.9 

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

 Percent change from corresponding quarter of previous year 

2005 I r6.4 3.3 r-2.9 r6.0 r2.9 -0.4 

 II r5.9 2.5 r-3.2 6.1 r3.1 0.2 

 III r4.8 1.2 r-3.4 r5.0 r1.2 0.1 

 IV 2.3 0.6 -1.7 2.3 -1.4 0.0 

 ANNUAL 4.8 1.9 r-2.8 4.8 1.4 0.0 

2006 I r1.6 1.4 r-0.2 r2.8 r-0.9 1.2 

 II r1.3 1.5 r0.1 r0.1 r-3.7 -1.2 

 III r1.9 3.3 r1.3 r0.0 r-3.3 -1.9 

 IV r3.2 2.3 r-0.9 r3.1 r1.1 -0.1 

 ANNUAL r2.0 2.1 r0.1 r1.5 r-1.7 -0.5 

2007 I r3.0 1.3 r-1.6 r5.0 r2.6 1.9 

 II r2.1 1.2 r-0.9 r6.0 r3.7 r3.8 

 III r2.0 0.5 r-1.4 r5.7 r3.5 r3.7 

 IV r1.5 r0.5 r-0.9 r4.0 r0.1 r2.5 

 ANNUAL r2.2 0.9 r-1.2 r5.1 r2.5 r2.9 

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

See footnotes following Table 6. March 5, 2008 

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 

2005 I 140.3 164.6 117.3 158.0 117.8 112.6 111.5 112.3 151.9 115.9 

 II r141.1 166.8 r118.2 r158.5 r117.0 112.3 111.7 112.1 161.7 116.6 

 III r140.5 166.9 r118.8 r160.8 r117.2 114.4 115.1 114.6 147.5 117.6 

 IV r141.4 169.2 r119.7 r161.8 r116.9 114.5 112.8 114.0 159.5 118.1 

 ANNUAL r140.8 166.9 r118.5 r159.8 r117.2 113.5 112.8 113.3 155.2 117.0 

2006 I r142.4 171.5 r120.4 r163.8 r117.8 115.0 112.5 114.4 164.4 118.8 

 II r141.8 171.5 r120.9 r163.9 r116.4 115.6 114.3 115.2 164.8 119.7 

 III r142.9 173.6 r121.5 r164.6 r115.9 115.2 113.8 114.8 172.6 120.0 

 IV r143.4 174.6 r121.8 r169.3 r119.9 118.1 114.5 117.1 150.0 120.1 

 ANNUAL r142.6 172.8 r121.1 r165.4 r117.5 116.0 113.8 115.4 162.9 119.6 

2007 I r143.8 175.0 r121.7 r171.4 r120.4 119.2 114.6 118.0 154.3 121.2 

 II r144.6 176.3 r121.9 r172.4 r119.8 119.3 114.8 118.0 158.2 121.6 

 III r145.6 r177.9 r122.2 r173.6 r119.8 r119.2 r114.4 r117.9 r153.9 121.2 

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

 Percent change from previous quarter at annual rate(5) 

2005 I r0.2 0.3 r0.2 r2.6 r0.6 2.4 6.8 3.6 9.8 4.3 

 II r2.3 5.4 r3.0 1.2 -2.6 -1.0 0.5 -0.6 28.4 2.5 

 III -1.6 0.4 r2.1 r6.0 0.5 7.8 12.7 9.1 -30.8 3.4 

 IV r2.5 5.6 r3.0 r2.6 r-0.9 0.0 -7.6 -2.1 36.9 1.8 

 ANNUAL 1.1 2.7 r1.7 3.8 r0.4 2.7 3.0 2.8 7.0 3.3 

2006 I r2.9 5.5 r2.5 r5.0 r3.0 2.0 -1.0 1.2 12.7 2.6 

 II r-1.7 -0.1 1.7 0.2 r-4.5 2.0 6.4 3.1 1.2 2.9 

 III 3.1 5.0 1.9 1.6 r-1.6 -1.4 -1.5 -1.5 20.1 1.0 

 IV r1.4 2.4 r1.0 r12.1 r14.4 10.5 2.2 8.3 -42.9 0.3 

 ANNUAL 1.3 3.5 2.2 3.5 0.2 2.2 0.9 1.9 5.0 2.2 

2007 I r1.2 0.9 r-0.3 r5.1 r1.7 3.8 0.5 2.9 11.8 3.9 

 II 2.1 2.9 0.8 2.3 r-2.2 0.2 0.5 0.3 10.4 1.4 

 III r2.9 r3.7 r0.7 r2.8 r0.1 r-0.1 r-1.2 r-0.4 r-10.2 -1.6 

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

 Percent change from corresponding quarter of previous year 

2005 I r2.1 3.3 1.1 r4.7 1.7 2.5 1.8 2.3 12.4 3.4 

 II 1.6 3.3 1.7 3.7 0.7 2.1 2.1 2.1 10.9 3.1 

 III r-0.2 1.5 1.7 3.8 r0.0 4.0 5.4 4.3 -2.1 3.6 

 IV 0.8 2.9 2.1 3.1 -0.6 2.3 2.8 2.4 7.5 3.0 

 ANNUAL 1.1 2.7 r1.7 3.8 r0.4 2.7 3.0 2.8 7.0 3.3 

2006 I 1.5 4.2 2.6 3.7 0.0 2.2 0.9 1.8 8.2 2.6 

 II 0.5 2.8 2.3 3.4 -0.5 2.9 2.3 2.8 1.9 2.7 

 III 1.7 4.0 2.3 2.3 -1.0 0.6 -1.1 0.2 17.0 2.1 

 IV 1.4 3.2 1.8 4.6 2.6 3.2 1.5 2.7 -5.9 1.7 

 ANNUAL 1.3 3.5 2.2 3.5 0.2 2.2 0.9 1.9 5.0 2.2 

2007 I r1.0 2.1 r1.1 r4.6 r2.3 3.6 1.8 3.2 -6.1 2.0 

 II r1.9 2.8 r0.9 r5.2 r2.9 3.2 0.4 2.4 -4.1 1.6 

 III 1.9 r2.5 r0.6 r5.5 r3.3 r3.5 r0.5 2.7 r-10.8 1.0 

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

See footnotes following Table 6. March 5, 2008 

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 –1.5 and +1.4 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 2007. 

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 1978-2006 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. 
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 

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

 II r128.0 146.0 r114.1 r150.8 r117.8 r117.8 r116.8 117.4 

 III r130.7 149.7 r114.5 r152.4 r118.4 r116.6 r120.2 118.0 

 IV r130.3 150.1 r115.1 r153.7 r119.0 r117.9 r119.5 118.5 

 ANNUAL r128.7 147.5 r114.6 r151.2 r117.7 r117.5 118.3 117.8 

 2004 I r131.1 151.4 r115.5 r153.9 r118.2 r117.4 r123.0 119.5 

 II r132.4 153.1 r115.6 r155.7 r118.4 r117.6 r125.4 120.5 

 III r132.7 154.6 r116.5 r157.8 r119.3 r118.9 r124.7 121.1 

 IV r133.4 155.7 r116.7 r160.3 r120.1 r120.1 r125.4 122.1 

 ANNUAL r132.4 153.7 r116.1 r156.9 r119.0 r118.5 r124.6 120.8 

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

 Percent change from previous quarter at annual rate(5) 

 2003 I r3.4 1.1 -2.2 r5.6 r1.9 r2.2 r1.5 1.9 

 II r7.2 4.6 r-2.4 7.5 7.2 r0.3 r1.0 0.6 

 III r8.8 10.4 r1.5 r4.5 r2.0 r-3.9 r12.1 1.8 

 IV r-1.1 1.1 r2.2 r3.2 r2.2 r4.4 r-2.2 1.8 

 ANNUAL 3.8 3.1 -0.7 4.1 1.7 0.2 3.6 1.5 

 2004 I 2.4 3.7 1.2 0.6 r-2.8 r-1.7 r12.3 3.4 

 II 3.9 4.4 r0.4 r4.9 r0.7 r0.9 r8.1 3.6 

 III r1.1 4.0 r2.9 r5.4 r3.1 r4.3 r-2.2 1.8 

 IV 2.0 3.0 1.0 r6.4 r2.7 r4.3 r2.1 3.5 

 ANNUAL 2.9 4.2 1.3 r3.8 1.1 0.9 5.4 2.6 

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

 Percent change from corresponding quarter of previous year 

 2003 I 2.4 1.8 -0.6 3.0 0.1 0.6 2.9 1.4 

 II 3.7 2.4 -1.3 3.7 1.5 0.0 r3.7 1.3 

 III 4.7 4.0 r-0.6 r4.3 r2.0 -0.4 4.7 1.5 

 IV r4.5 4.2 r-0.3 r5.2 r3.3 0.7 3.0 1.5 

 ANNUAL 3.8 3.1 -0.7 4.1 1.7 0.2 3.6 1.5 

 2004 I 4.2 4.9 r0.6 3.9 r2.1 -0.3 5.6 1.9 

 II 3.4 4.8 r1.3 3.3 0.5 -0.1 7.4 2.6 

 III r1.6 3.3 1.7 3.5 r0.8 1.9 3.8 2.6 

 IV 2.4 3.8 1.4 4.3 0.9 1.9 4.9 3.0 

 ANNUAL 2.9 4.2 1.3 r3.8 1.1 0.9 5.4 2.6 

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

 See footnotes following Table 6. March 5, 2008 

 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 

 2003 I r125.1 144.6 r115.5 147.3 115.2 r117.7 r118.2 117.9 

 II r127.0 146.1 r115.1 r149.7 r116.9 r117.9 r118.2 118.0 

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

 IV r130.0 150.6 r115.9 r153.0 r118.5 r117.7 r120.4 118.7 

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

 2004 I r130.2 151.5 r116.4 r152.9 r117.4 r117.4 r123.7 119.7 

 II r131.8 153.4 r116.4 r154.8 r117.7 r117.5 r126.0 120.6 

 III r132.1 154.9 r117.3 r156.9 r118.6 r118.8 r125.7 121.4 

 IV r132.2 155.9 r117.9 r158.9 r119.1 r120.2 r126.5 122.5 

 ANNUAL r131.6 153.9 r117.0 r155.9 r118.2 r118.5 r125.5 121.1 

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

 Percent change from previous quarter at annual rate(5) 

 2003 I 3.4 1.2 -2.1 r5.6 r1.8 r2.1 r1.6 2.0 

 II r5.9 4.3 r-1.5 6.7 r6.3 r0.7 r-0.1 0.4 

 III r10.2 11.0 r0.8 5.4 r2.8 r-4.4 r11.6 1.3 

 IV r-0.4 1.6 r2.0 r3.5 r2.5 r3.9 r-3.3 1.1 

 ANNUAL 3.7 3.1 -0.6 4.0 1.7 0.3 3.1 1.3 

 2004 I r0.8 2.6 r1.8 -0.2 -3.6 -1.0 r11.2 3.4 

 II r4.8 5.0 r0.2 r5.1 r0.9 r0.2 r7.7 3.0 

 III 0.9 3.8 r2.9 r5.5 r3.1 r4.5 r-0.8 2.4 

 IV r0.5 2.6 r2.1 r5.3 r1.6 4.7 r2.3 3.8 

 ANNUAL r2.8 4.1 r1.3 3.6 0.9 0.9 4.9 2.4 

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

 Percent change from corresponding quarter of previous year 

 2003 I 2.0 1.5 r-0.5 3.0 0.1 0.9 2.8 1.6 

 II 3.3 2.2 r-1.1 3.5 1.3 0.2 r3.0 1.2 

 III r4.7 4.1 -0.6 4.4 2.1 -0.4 4.2 1.3 

 IV 4.7 4.5 -0.2 r5.3 r3.4 0.5 2.3 1.2 

 ANNUAL 3.7 3.1 -0.6 4.0 1.7 0.3 3.1 1.3 

 2004 I r4.1 4.8 0.8 3.8 1.9 r-0.2 4.6 1.6 

 II 3.8 5.0 1.2 3.4 0.6 r-0.4 6.6 2.2 

 III 1.5 3.3 r1.7 3.4 r0.7 1.9 3.5 2.5 

 IV r1.7 3.5 1.7 3.9 0.5 2.1 5.0 3.2 

 ANNUAL r2.8 4.1 r1.3 3.6 0.9 0.9 4.9 2.4 

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

 See footnotes following Table 6. March 5, 2008 

 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 

 2003 I r157.4 137.3 r87.3 r154.6 r120.8 r98.2 

 II r159.2 136.5 r85.8 r157.3 r122.8 r98.8 

 III r162.5 137.2 r84.4 r159.5 r123.8 r98.1 

 IV r161.7 138.0 r85.4 r161.7 r125.2 r100.0 

 ANNUAL r160.2 137.3 r85.7 r158.2 r123.2 98.8 

 2004 I r161.6 138.4 r85.7 r156.8 r120.4 r97.0 

 II r163.1 139.1 r85.3 r159.8 r121.4 r98.0 

 III r164.1 140.0 r85.3 r163.6 r123.7 r99.7 

 IV r166.4 141.1 r84.8 r165.7 r124.2 r99.6 

 ANNUAL r163.8 139.7 r85.3 r161.5 r122.4 r98.6 

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

 Percent change from previous quarter at annual rate(5) 

 2003 I r8.8 2.1 r-6.2 r12.4 r8.4 3.3 

 II 4.7 -2.3 r-6.6 7.2 6.9 2.4 

 III r8.7 1.9 r-6.3 r5.8 r3.2 -2.7 

 IV r-2.1 2.6 r4.7 r5.7 r4.7 8.0 

 ANNUAL 6.2 1.0 -4.9 7.0 4.7 0.8 

 2004 I r-0.2 1.1 r1.3 r-11.6 r-14.6 r-11.4 

 II r3.7 2.1 r-1.5 r7.9 r3.6 r4.0 

 III r2.7 2.4 r-0.3 r9.9 r7.5 r7.0 

 IV r5.6 3.3 r-2.1 r5.3 r1.6 r-0.3 

 ANNUAL r2.3 1.8 r-0.5 2.0 -0.6 r-0.2 

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

 Percent change from corresponding quarter of previous year 

 2003 I r7.1 2.4 r-4.4 r7.0 r4.0 -0.1 

 II 6.1 0.4 -5.4 6.5 4.3 0.4 

 III 6.6 0.2 -6.0 r6.8 r4.5 0.3 

 IV r4.9 1.0 r-3.7 r7.7 5.8 2.7 

 ANNUAL 6.2 1.0 -4.9 7.0 4.7 0.8 

 2004 I r2.7 0.8 r-1.8 1.5 -0.4 r-1.2 

 II r2.4 1.9 r-0.5 1.6 -1.1 r-0.8 

 III r1.0 2.0 r1.0 2.6 -0.1 r1.6 

 IV r2.9 2.2 r-0.7 r2.5 -0.9 -0.4 

 ANNUAL r2.3 1.8 r-0.5 2.0 -0.6 r-0.2 

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

 See footnotes following Table 6. March 5, 2008 

 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 

 2003 I r179.1 161.7 r90.3 r153.1 r119.7 r85.5 

 II r180.9 160.5 r88.7 r155.7 r121.7 86.1 

 III r186.1 162.2 r87.1 r158.2 r122.8 r85.0 

 IV r184.8 163.7 r88.6 r160.3 r124.2 r86.8 

 ANNUAL r182.7 162.0 r88.7 r156.8 r122.1 85.8 

 2004 I r184.5 164.8 r89.3 r152.4 r117.0 r82.6 

 II r185.1 165.0 r89.1 r155.6 r118.2 r84.1 

 III r185.7 166.1 r89.5 r159.7 r120.7 r86.0 

 IV r188.0 167.4 r89.1 r161.2 r120.7 r85.7 

 ANNUAL r185.8 165.8 r89.2 r157.2 r119.2 r84.6 

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

 Percent change from previous quarter at annual rate(5) 

 2003 I r7.7 1.0 r-6.1 r17.0 r12.8 8.7 

 II r4.2 -3.0 r-6.9 r7.1 r6.7 2.7 

 III r11.9 4.2 r-6.9 r6.4 r3.9 -4.9 

 IV r-2.8 3.9 r6.8 r5.6 r4.5 8.6 

 ANNUAL 7.1 1.4 -5.3 8.1 5.7 0.9 

 2004 I r-0.6 2.7 r3.4 r-18.5 r-21.3 r-18.0 

 II r1.4 0.4 r-1.0 8.8 4.5 r7.3 

 III r1.2 2.7 r1.5 r10.9 r8.5 r9.6 

 IV r5.1 3.2 r-1.8 r3.8 r0.2 r-1.2 

 ANNUAL r1.7 2.3 r0.6 0.2 -2.4 r-1.4 

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

 Percent change from corresponding quarter of previous year 

 2003 I r8.6 3.2 r-4.9 r8.0 r5.0 -0.5 

 II r7.0 0.5 -6.1 7.4 r5.1 0.3 

 III 7.8 0.5 -6.7 r8.2 5.8 0.4 

 IV r5.1 1.5 -3.5 r8.9 r6.9 3.6 

 ANNUAL 7.1 1.4 -5.3 8.1 5.7 0.9 

 2004 I r3.0 1.9 r-1.1 -0.5 -2.3 r-3.4 

 II r2.3 2.8 r0.5 -0.1 -2.8 r-2.4 

 III r-0.2 2.4 r2.7 1.0 -1.7 r1.2 

 IV r1.7 2.3 r0.5 0.5 -2.8 r-1.2 

 ANNUAL r1.7 2.3 r0.6 0.2 -2.4 r-1.4 

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

 See footnotes following Table 6. March 5, 2008 

 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 

 2003 I r134.9 111.5 r82.7 r155.8 r121.8 115.5 

 II r136.6 111.1 r81.3 r158.6 r123.9 r116.2 

 III r138.1 110.9 r80.3 r160.5 r124.6 116.2 

 IV r138.0 111.2 r80.5 r162.6 r126.0 r117.8 

 ANNUAL r136.9 111.1 r81.2 r159.4 r124.0 116.4 

 2004 I r138.5 111.0 r80.1 r163.7 r125.6 r118.1 

 II r140.9 112.2 r79.6 r166.1 r126.2 117.9 

 III r142.8 112.8 r79.0 r169.2 r127.8 118.4 

 IV r145.0 113.8 r78.5 r172.5 r129.2 r119.0 

 ANNUAL r141.8 112.4 r79.3 r167.8 r127.2 118.3 

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

 Percent change from previous quarter at annual rate(5) 

 2003 I r9.9 3.1 r-6.2 r4.2 r0.4 -5.2 

 II r5.1 -1.5 r-6.2 r7.5 r7.2 2.3 

 III r4.6 -0.8 r-5.2 r4.8 r2.3 0.1 

 IV r-0.2 1.2 r1.3 r5.5 r4.4 r5.6 

 ANNUAL 4.8 0.4 -4.2 5.1 2.8 0.3 

 2004 I r1.4 -0.6 r-2.0 r2.5 r-1.0 1.0 

 II r7.0 4.4 r-2.4 r6.0 r1.8 -0.9 

 III r5.5 2.1 -3.2 r7.7 r5.3 2.0 

 IV r6.3 3.5 r-2.6 r8.1 r4.4 1.7 

 ANNUAL 3.6 1.2 r-2.4 5.3 r2.6 1.6 

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

 Percent change from corresponding quarter of previous year 

 2003 I 5.0 1.3 r-3.6 5.2 2.3 0.2 

 II r4.6 0.1 r-4.4 r5.2 2.9 0.5 

 III r4.6 -0.3 r-4.7 r4.6 r2.3 0.0 

 IV r4.8 0.5 r-4.1 r5.5 r3.5 0.6 

 ANNUAL 4.8 0.4 -4.2 5.1 2.8 0.3 

 2004 I 2.7 -0.4 r-3.1 r5.1 r3.2 2.3 

 II 3.2 1.0 -2.1 4.7 r1.8 1.4 

 III 3.4 1.8 -1.6 5.4 2.6 1.9 

 IV 5.0 2.3 r-2.6 r6.1 r2.6 1.0 

 ANNUAL 3.6 1.2 r-2.4 5.3 r2.6 1.6 

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

 See footnotes following Table 6. March 5, 2008 

 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 

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

 II r133.8 153.6 r114.8 r148.8 r116.3 111.2 111.0 111.2 105.7 110.7 

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

 IV r136.7 157.5 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 

 2004 I r137.5 159.4 r116.0 r150.9 r115.9 109.8 109.6 109.7 135.2 112.0 

 II r138.9 161.5 r116.2 r152.8 r116.1 110.0 109.4 109.8 145.8 113.1 

 III r140.8 164.4 r116.8 r155.0 r117.1 110.1 109.2 109.8 150.6 113.5 

 IV r140.3 164.5 r117.3 r157.0 r117.6 111.9 109.7 111.3 148.4 114.6 

 ANNUAL r139.4 162.4 r116.6 r153.9 r116.7 110.5 109.5 110.2 145.1 113.3 

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

 Percent change from previous quarter at annual rate(5) 

 2003 I r1.7 -1.8 r-3.5 r4.1 r0.3 2.3 11.4 4.7 -26.5 1.5 

 II r5.2 3.6 -1.6 r7.2 6.9 1.9 -5.6 -0.2 11.3 0.7 

 III r6.2 6.1 r-0.1 r5.3 r2.8 -0.8 -1.2 -0.9 29.4 1.4 

 IV r2.5 4.3 r1.8 r3.4 r2.3 0.9 -2.5 -0.1 18.9 1.6 

 ANNUAL 3.8 2.2 -1.5 4.1 1.8 0.3 0.2 0.3 12.1 1.2 

 2004 I r2.3 4.8 r2.5 r-2.9 r-6.2 -5.0 -1.5 -4.1 73.6 1.8 

 II r4.4 5.3 r0.8 r5.2 r1.0 0.8 -0.6 0.4 35.4 3.8 

 III r5.5 7.5 r2.0 r5.7 r3.4 0.3 -0.8 0.0 13.8 1.5 

 IV r-1.5 0.1 r1.6 5.3 r1.6 6.9 2.0 5.5 -5.7 4.1 

 ANNUAL 3.5 4.9 r1.3 3.0 0.3 -0.5 -1.4 -0.8 32.0 2.1 

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

 Percent change from corresponding quarter of previous year 

 2003 I 3.8 2.0 -1.7 3.3 0.4 -0.5 -0.4 -0.4 20.0 1.0 

 II 3.5 1.5 -1.9 3.7 1.5 0.2 0.3 0.2 11.9 1.1 

 III r4.0 2.4 r-1.5 4.4 2.1 0.3 0.6 0.4 12.4 1.4 

 IV r3.9 3.0 r-0.9 r5.0 r3.1 1.0 0.3 0.8 5.9 1.3 

 ANNUAL 3.8 2.2 -1.5 4.1 1.8 0.3 0.2 0.3 12.1 1.2 

 2004 I 4.0 4.7 r0.6 r3.2 1.3 -0.8 -2.7 -1.3 31.3 1.4 

 II 3.8 5.1 1.2 2.7 -0.1 -1.1 -1.4 -1.2 37.9 2.2 

 III 3.6 5.5 1.8 r2.8 r0.1 -0.8 -1.4 -1.0 33.5 2.2 

 IV 2.6 4.4 1.7 3.3 -0.1 0.6 -0.2 0.4 26.0 2.8 

 ANNUAL 3.5 4.9 r1.3 3.0 0.3 -0.5 -1.4 -0.8 32.0 2.1 

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

 See footnotes following Table 6. March 5, 2008 

 r=revised Source: Bureau of Labor Statistics.