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PRODUCTIVITY AND COSTS 

Preliminary Second Quarter 2005 

 The Bureau of Labor Statistics of the U.S. Department of Labor reported preliminary 

productivity data—as measured by output per hour of all persons—for the second quarter of 

2005. The preliminary seasonally adjusted annual rates of productivity change in the second 

quarter were:

 1.2 percent in the business sector and 

 2.2 percent in the nonfarm business sector.

Productivity growth in the business sector reflected increases of 4.2 percent in output and 3.0 

percent in hours. Output per hour increased more in the nonfarm business sector because output 

grew more, 4.4 percent, and hours rose less, 2.1 percent, than in the business sector. 

 In manufacturing, the preliminary productivity changes in the second quarter were:

4.1 percent in manufacturing,

3.8 percent in durable goods manufacturing, and

5.0 percent in nondurable goods manufacturing.

Manufacturing productivity grew 4.1 percent in the second quarter as output increased 1.2 

percent and hours declined 2.8 percent (seasonally adjusted annual rates). Output and hours in 

manufacturing, which includes about 13 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. Second-quarter measures are summarized in table A and appear in detail in tables 1 

through 5. 

The data sources and methods used in the preparation of the manufacturing series differ 

from those used in preparing the business and nonfarm business series, and these measures are 

not directly comparable. Output measures for business and nonfarm business are based on 

measures of gross domestic product prepared by the Bureau of Economic Analysis of the U.S. 

Department of Commerce. Quarterly output measures for manufacturing reflect indexes of 

industrial production independently prepared by the Board of Governors of the Federal Reserve 

System. See Technical Notes for further information on data sources (page 8). 

Data in this release reflect the regular multi-year revisions to the national income and product 

accounts released by the Bureau of Economic Analysis of the U.S. Department of Commerce on 

July 29. See Revised Measures, page 4. 
2 

Table A. Productivity and costs: Preliminary second-quarter 2005 measures 

(Seasonally adjusted annual rates) 

Sector 

Productivity Output Hours 

Hourly 

compensation 

Real 

hourly 

compensation 

Unit 

labor 

costs 

 Percent change from preceding quarter 

Business 1.2 4.2 3.0 2.5 -1.6 1.4 

Nonfarm business 2.2 4.4 2.1 3.5 -0.6 1.3 

Manufacturing 4.1 1.2 -2.8 6.6 2.3 2.3 

 Durable 3.8 1.9 -1.8 6.3 2.0 2.4 

 Nondurable 5.0 0.1 -4.6 6.9 2.6 1.8 

 Percent change from same quarter a year ago 

Business 2.1 4.2 2.0 6.6 3.6 4.3 

Nonfarm business 2.3 4.3 2.0 6.7 3.6 4.3 

Manufacturing 4.7 3.4 -1.3 8.6 5.6 3.7 

 Durable 5.4 4.8 -0.5 8.5 5.4 3.0 

 Nondurable 4.2 1.5 -2.6 8.7 5.6 4.3 

Business 

 From the first quarter to the second quarter of 2005, business sector output per hour 

increased at a 1.2-percent annual rate. Output increased 4.2 percent and hours of all persons 

engaged in the sector increased 3.0 percent (seasonally adjusted annual rates). As revised, labor 

productivity grew 2.9 percent in the first quarter of 2005, as output and hours increased 4.4 

percent and 1.4 percent, respectively (table 1). 

 Hourly compensation increased 2.5 percent in the second quarter, less than the 6.2 

percent gain in the first quarter of 2005 (seasonally adjusted annual rates). This measure of 

compensation includes wages and salaries, supplements, employer contributions to employee 

benefit plans, and taxes. Real hourly compensation, which takes into account changes in 

consumer prices, declined 1.6 percent during the second quarter of 2005, after rising 3.7 percent 

during the first quarter. 

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

increased 1.4 percent during the second quarter of 2005 after rising 3.2 percent in the previous 

quarter. The implicit price deflator for the business sector, which reflects changes in both unit 

labor costs and unit nonlabor payments, increased 2.3 percent in the second quarter and 2.7 

percent in the first quarter of 2005. 
3 

Nonfarm Business 

 Productivity increased 2.2 percent in the nonfarm business sector during the second 

quarter of 2005, as output increased 4.4 percent and hours of all persons rose 2.1 percent 

(seasonally adjusted annual rates). Output per hour grew at a 3.2 percent annual rate in the first 

quarter of 2005, as output increased 4.3 percent and hours increased 1.1 percent (table 2). 

 Hourly compensation in the nonfarm business sector increased 3.5 percent in the second 

quarter of 2005, less than the 6.9-percent rise one quarter earlier. When the rise in consumer 

prices is taken into account, real hourly compensation fell 0.6 percent in the second quarter of 

2005 after increasing 4.5 percent in the first quarter. 

Unit labor costs increased 1.3 percent in the second quarter of 2005, after rising 3.6 

percent during the first quarter. The implicit price deflator for nonfarm business output grew 2.3 

percent in the second quarter, following a 3.0-percent increase in the previous quarter. 

Manufacturing

 Productivity increased 4.1 percent in manufacturing, as output grew 1.2 percent and 

hours of all persons declined 2.8 percent (seasonally adjusted annual rates). Output increased 

less than in any quarter since the second quarter of 2003, when it fell 3.4 percent. In the first 

quarter of 2005, productivity rose 4.2 percent, reflecting a 3.5-percent increase in output and a 

decline of 0.7 percent in hours. In durable goods, productivity rose 3.8 percent in the second 

quarter as output grew 1.9 percent and hours of all persons fell 1.8 percent. In nondurable 

goods, second-quarter productivity increased by 5.0 percent as output edged up 0.1 percent and 

hours fell 4.6 percent (tables 3, 4, and 5). Hours worked in nondurable goods industries have 

fallen in 24 consecutive quarters, beginning with the third quarter of 1999. 

 Hourly compensation of all manufacturing workers rose 6.6 percent during the second 

quarter, reflecting growth of 6.3 percent in durable goods industries and 6.9 percent in the 

nondurable manufacturing sector. When the increase in consumer prices is taken into account, 

the real hourly compensation of all manufacturing workers rose 2.3 percent in the second 

quarter, after increasing 4.7 percent one quarter earlier. 

 Unit labor costs in manufacturing rose 2.3 percent in the second quarter of 2005, 

reflecting increases of 2.4 percent in durable goods industries and 1.8 percent in nondurable 

goods industries. 
4 

Revised Measures 

 Revised and previous measures for the first quarter of 2005 for the business, nonfarm 

business, and manufacturing sectors are compared in table B. In business and nonfarm business, 

output and productivity were revised upward from the numbers reported on June 2, while hours 

movements were unchanged. In the manufacturing sector, productivity was revised downward— 

output was not revised and hours decreased less than previously reported. In all three sectors, 

hourly compensation increases were revised up for the first quarter of 2005. In the nonfarm 

business and manufacturing sectors, unit labor costs grew faster than reported June 2. 

Table B. Previous and revised productivity and related measures 

Quarterly percent changes at seasonally adjusted annual rates 

Sector 

Productivity Output Hours 

Hourly 

compensation 

Real 

hourly 

compensation 

Unit 

labor 

costs 

First quarter 2005 

Business: 

 Previous ....................... 2.6 4.0 1.4 6.0 3.5 3.3 

 Revised......................... 2.9 4.4 1.4 6.2 3.7 3.2 

Nonfarm business: 

 Previous ....................... 2.9 4.0 1.1 6.3 3.9 3.3 

 Revised......................... 3.2 4.3 1.1 6.9 4.5 3.6 

Manufacturing: 

 Previous ....................... 4.4 3.5 -0.9 6.2 3.8 1.7 

 Revised......................... 4.2 3.5 -0.7 7.1 4.7 2.8 

Table C presents previous and revised productivity and related measures for major 

sectors for the years 2002, 2003, and 2004. Output data for the business and nonfarm business 

sectors, and the compensation series for all sectors, incorporate revisions to national income and 

product accounts data released by the Bureau of Economic Analysis, U.S. Department of 

Commerce, on July 29. These revisions affected productivity and costs data beginning with the 

first quarter of 2002, and revised quarterly data appear in tables 1 through 5 and appendix tables 

1 through 5. 

Output and productivity growth in the business and nonfarm business sectors were 

revised downward in each year from 2002 to 2004. For 2002, upward revisions to hourly 

compensation in these sectors combined with productivity revisions to produce smaller decreases 

in unit labor costs than shown in the June 2 release. Unit labor costs do not decline in 2003 after 

revision. For 2004, these costs increased more in the business and nonfarm business sectors than 

reported previously because productivity was revised down by more than hourly compensation. 

 
5 

Table C. Previous and revised productivity and related measures 

Annual percent changes 

Sector 

Productivity Output Hours 

Hourly 

compensation 

Real 

hourly 

compensation 

Unit 

labor 

costs 

Annual average 2004 

Business: 

 Previous ....................... 3.9 5.1 1.2 4.9 2.2 1.0 

 Revised......................... 3.4 4.8 1.3 4.6 1.9 1.2 

Nonfarm business: 

 Previous ....................... 4.0 5.3 1.2 4.8 2.1 0.8 

 Revised......................... 3.4 4.8 1.4 4.5 1.8 1.1 

Manufacturing: 

 Previous ....................... 5.3 4.8 -0.4 4.7 2.0 -0.5 

 Revised......................... 5.3 4.8 -0.4 2.2 -0.5 -2.9 

Annual average 2003 

Business: 

 Previous ....................... 4.4 3.8 -0.5 4.0 1.7 -0.3 

 Revised......................... 3.9 3.4 -0.5 3.9 1.6 0.0 

Nonfarm business: 

 Previous ....................... 4.3 3.8 -0.5 4.0 1.7 -0.3 

 Revised......................... 3.8 3.3 -0.5 4.0 1.6 0.2 

Manufacturing: 

 Previous ....................... 5.2 0.0 -4.9 8.7 6.2 3.3 

 Revised......................... 5.2 0.0 -4.9 8.3 5.9 3.0 

Annual average 2002 

Business: 

 Previous ....................... 4.3 1.8 -2.4 3.1 1.5 -1.1 

 Revised......................... 4.0 1.5 -2.4 3.4 1.8 -0.5 

Nonfarm business: 

 Previous ....................... 4.3 1.8 -2.5 3.2 1.6 -1.1 

 Revised......................... 4.0 1.5 -2.5 3.5 1.9 -0.5 

Manufacturing: 

 Previous ....................... 7.5 -0.1 -7.1 6.6 5.0 -0.8 

 Revised......................... 7.5 -0.1 -7.1 7.3 5.6 -0.3 

In the manufacturing sector, there were revisions only to hourly compensation and, 

therefore, to real hourly compensation and unit labor costs. Hourly compensation growth was 

higher in 2002, and lower in 2003 and 2004, than previously reported. Manufacturing unit labor 

costs declined 0.3 percent in 2002, rose 3.0 percent in 2003, and fell 2.9 percent in 2004. 
6 

Revised Measures: Nonfinancial Corporations 

 Productivity and cost measures for the first quarter of 2005 for nonfinancial corporations 

also were revised to incorporate more recent information than was available in the June 2 release 

(table D). Increases in productivity and output were revised up, to 3.6 percent and 4.1 percent, 

respectively, as the first quarter increase in employee hours remained at 0.5 percent (seasonally 

adjusted annual rates). Hourly compensation was revised up by less than productivity, so the 

increase in unit labor costs was revised down, from 4.1 percent to 3.5 percent. Unit profits rose 

6.2 percent, rather than falling 6.1 percent as reported June 2. For the year 2004, output per hour 

and hourly compensation were both revised down. Hourly compensation was revised down by 

more, resulting in a smaller increase in unit labor costs than previously reported. 

 

 

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

Percent changes at easonally adjusted nnual ra es s a t

Productivity Output Hours 

Hourly 

compensation 

Real 

hourly 

compensation 

Unit 

labor 

costs 

Unit 

profits 

Implicit 

price 

deflator

First quarter 2005 

Previous......... 2.7 3.2 0.5 6.8 4.4 4.1 -6.1 2.4 

Revised.......... 3.6 4.1 0.5 7.3 4.8 3.5 6.2 2.2 

Annual average 2004 

Previous......... 4.2 5.6 1.4 4.8 2.1 0.6 19.8 1.8 

Revised.......... 3.9 5.3 1.4 4.0 1.3 0.2 18.3 1.7 

Annual average 2003 

Previous......... 4.1 2.8 -1.3 4.0 1.7 -0.1 20.1 1.4 

Revised.......... 4.1 2.7 -1.4 3.9 1.6 -0.2 19.0 1.4 

Annual average 2002 

Previous......... 3.9 1.0 -2.8 3.0 1.4 -0.8 16.0 0.6 

Revised.......... 3.8 0.9 -2.8 3.4 1.8 -0.4 19.2 0.6 
7 

Next release date

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

Wednesday, Sept. 7, 2005. Revised second-quarter measures for business, nonfarm business, 

and manufacturing will be released at that time, along with preliminary measures for 

nonfinancial corporations. 

The index numbers and rates of change reported by BLS for productivity and costs in its news 

release and on its Internet site are rounded to one decimal place, based upon unrounded data 

using many decimal places. This rounding protocol has been practiced in order to facilitate ease 

of use and interpretation of the published data. This has meant, however, that if data users 

calculated rates of change using the published rounded index figures, their results could differ 

from the published rates of change, simply due to differences in rounding. 

In order to make the data directly used in the calculations more readily available to the public 

and to ensure greater transparency of its calculating methods, BLS, beginning with the December 

6, 2005 publication of the quarterly “Productivity and Costs” news release, will modify its 

productivity program practices. It will post on its web site productivity index numbers rounded 

to three decimal places, and, in addition, will calculate all published rates of change from those 

indexes. The change in calculation method may cause published productivity growth rates to 

change slightly—likely by no more than a tenth—from the rates that would have been calculated 

using the current method. The convention of publishing in the news release index values 

rounded to one decimal place will continue. 
8 

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 years prior to 2004. 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. 

Output: Business sector output is an annualweighted index constructed after excluding from 

gross domestic product (GDP) the following 

outputs: general government, nonprofit institutions, and private households (including owneroccupied 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 annualweighted index calculated on the basis of the costs 

incurred and the incomes earned from production. 

The output measure excludes the following 

outputs from GDP: general government; nonprofit 

institutions; private households; unincorporated 

business; and those corporations classified as 

offices of bank holding companies, offices of other 

holding companies, or offices in the finance and 

insurance sector. Nonfinancial corporations 

accounted for about 54 percent of the value of 

GDP in 2000. 

Productivity: These productivity measures 

describe the relationship between real output and 

the labor time involved in its production. They 

show the changes from period to period in the 

amount of goods and services produced per hour. 

Although these measures relate output to hours at 

work of all persons engaged in a sector, they do 

not measure the specific contribution of labor, 

capital, or any other factor of production. Rather, 

they reflect the joint effects of many influences, 

including changes in technology; capital investment; level of output; utilization of capacity, 

energy, and materials; the organization of production; managerial skill; and the characteristics 

and effort of the work force. 

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.
9 

 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 

 2003 I r125.6 r144.6 115.2 r147.8 r115.5 r117.7 r116.4 r117.2 

 II r127.9 r146.4 114.5 r150.3 r117.3 r117.5 r117.2 r117.4 

 III r130.5 r149.8 114.8 r152.0 r118.0 r116.4 r120.3 r117.9 

 IV r130.6 r150.8 115.5 r152.8 r118.4 r117.0 r120.5 r118.3 

 ANNUAL r128.6 r147.9 115.0 r150.7 r117.3 r117.2 r118.6 r117.7 

 2004 I r131.7 r152.6 115.9 r154.4 r118.5 r117.3 r123.0 r119.4 

 II r132.8 r154.1 r116.1 r155.7 r118.2 r117.2 r126.1 r120.5 

 III r133.3 r155.8 r116.9 r158.2 r119.6 r118.7 r124.2 r120.7 

 IV r134.3 r157.2 r117.1 162.5 121.8 r121.0 r122.3 r121.5 

 ANNUAL r133.0 r154.9 r116.5 r157.7 r119.5 r118.6 r123.9 r120.6 

 2005 I r135.3 r158.9 r117.5 164.9 122.9 r121.9 r122.9 r122.3 

 II 135.7 160.5 118.3 166.0 122.4 122.3 124.1 123.0 

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

 Percent change from previous quarter at annual rate(5) 

 2003 I r2.8 r1.7 r-1.1 r5.5 1.3 r2.6 r0.5 r1.8 

 II r7.6 r4.9 -2.6 r7.0 r6.5 r-0.6 r2.8 r0.6 

 III r8.4 r9.9 1.3 r4.5 r2.3 r-3.6 r10.7 r1.5 

 IV r0.3 r2.6 r2.3 r2.3 r1.4 r2.1 r0.9 r1.6 

 ANNUAL r3.9 r3.4 -0.5 r3.9 r1.6 r0.0 r3.7 r1.4 

 2004 I r3.4 r4.9 r1.5 r4.2 r0.3 r0.8 r8.6 r3.7 

 II 3.4 r4.0 r0.6 r3.3 r-1.0 r-0.1 r10.3 r3.8 

 III r1.4 r4.4 r3.0 r6.5 r4.8 r5.0 r-5.8 r0.7 

 IV r3.1 r3.6 0.5 r11.3 r7.5 r7.9 r-6.0 2.4 

 ANNUAL r3.4 r4.8 r1.3 r4.6 r1.9 r1.2 r4.4 r2.4 

 2005 I r2.9 r4.4 1.4 r6.2 r3.7 r3.2 r2.0 r2.7 

 II 1.2 4.2 3.0 2.5 -1.6 1.4 3.9 2.3 

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

 Percent change from corresponding quarter of previous year 

 2003 I r2.4 r2.0 -0.4 r3.0 r0.1 r0.6 r2.7 1.4 

 II r3.8 r2.6 -1.1 3.6 1.4 r-0.2 r3.9 1.3 

 III r4.7 r4.2 -0.5 r4.3 r2.0 r-0.4 r4.6 r1.4 

 IV r4.7 r4.7 0.0 r4.8 r2.9 r0.1 r3.7 r1.4 

 ANNUAL r3.9 r3.4 -0.5 r3.9 r1.6 r0.0 r3.7 r1.4 

 2004 I r4.9 r5.5 r0.6 4.5 2.6 r-0.4 r5.7 r1.9 

 II r3.8 r5.3 r1.4 r3.6 r0.8 r-0.2 r7.6 r2.7 

 III r2.1 r4.0 r1.8 r4.1 r1.4 r1.9 r3.3 r2.4 

 IV r2.8 r4.2 r1.4 6.3 2.8 r3.4 r1.5 r2.6 

 ANNUAL r3.4 r4.8 r1.3 r4.6 r1.9 r1.2 r4.4 r2.4 

 2005 I r2.7 r4.1 1.3 r6.8 r3.7 r4.0 r-0.1 2.4 

 II 2.1 4.2 2.0 6.6 3.6 4.3 -1.6 2.0 

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

 See footnotes following Table 6. August 9, 2005 

 r=revised Source: Bureau of Labor Statistics 
10 

 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 

 2003 I r124.9 r144.8 r115.9 r147.0 r114.9 r117.7 r118.2 r117.9 

 II r126.9 r146.5 115.4 r149.3 r116.5 r117.6 r118.7 r118.0 

 III r129.9 r150.2 115.6 r151.2 r117.4 r116.4 r121.6 r118.3 

 IV r130.1 r151.2 116.2 r152.2 r117.9 r116.9 r121.3 r118.6 

 ANNUAL r128.0 r148.2 115.8 r149.9 r116.7 r117.1 r120.0 r118.2 

 2004 I r130.8 r152.8 r116.8 r153.5 r117.8 r117.3 r123.5 r119.6 

 II r132.2 r154.5 r116.8 r154.9 r117.6 r117.1 r126.5 r120.6 

 III r132.7 r156.3 r117.8 r157.2 r118.8 r118.5 r125.3 r121.0 

 IV r133.5 r157.7 r118.2 r161.0 r120.7 r120.7 r123.7 r121.8 

 ANNUAL r132.3 r155.3 r117.4 r156.7 r118.7 r118.4 r124.7 r120.7 

 2005 I r134.5 r159.4 r118.5 r163.8 122.0 r121.7 r124.3 r122.7 

 II 135.3 161.1 119.1 165.2 121.8 122.1 125.5 123.4 

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

 Percent change from previous quarter at annual rate(5) 

 2003 I r3.1 r2.0 r-1.1 r5.8 r1.5 r2.6 r0.8 1.9 

 II r6.6 r4.7 -1.8 r6.2 r5.8 r-0.3 r1.7 r0.4 

 III r9.6 r10.4 r0.8 r5.1 r2.9 r-4.1 r10.2 r1.0 

 IV r0.8 r2.8 r2.0 r2.7 r1.8 r2.0 r-1.1 r0.8 

 ANNUAL r3.8 r3.3 -0.5 4.0 r1.6 r0.2 r3.2 r1.3 

 2004 I r2.1 r4.2 r2.0 r3.5 r-0.5 r1.3 r7.4 r3.6 

 II r4.5 r4.6 0.1 r3.7 r-0.7 r-0.8 r10.0 r3.2 

 III r1.3 r4.6 r3.3 r6.1 r4.4 r4.7 r-3.6 r1.5 

 IV r2.5 r3.9 1.4 10.2 6.4 r7.6 r-5.1 r2.6 

 ANNUAL r3.4 r4.8 r1.4 r4.5 r1.8 r1.1 r3.9 r2.1 

 2005 I r3.2 r4.3 1.1 r6.9 r4.5 r3.6 r2.1 r3.0 

 II 2.2 4.4 2.1 3.5 -0.6 1.3 4.0 2.3 

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

 Percent change from corresponding quarter of previous year 

 2003 I r2.0 r1.7 r-0.4 r3.0 r0.1 r1.0 r2.7 r1.6 

 II r3.5 r2.5 -0.9 r3.5 r1.3 r0.1 r3.2 1.2 

 III r4.8 r4.2 -0.5 r4.4 r2.1 r-0.4 r4.1 r1.2 

 IV r5.0 r4.9 r0.0 r5.0 r3.0 r0.0 r2.8 r1.0 

 ANNUAL r3.8 r3.3 -0.5 4.0 r1.6 r0.2 r3.2 r1.3 

 2004 I r4.7 r5.5 0.7 4.4 2.5 r-0.3 r4.5 r1.5 

 II r4.2 r5.5 r1.2 r3.7 r0.9 r-0.4 r6.5 r2.1 

 III r2.2 r4.0 r1.9 r4.0 r1.2 r1.8 r3.0 r2.3 

 IV r2.6 r4.3 r1.7 r5.8 2.4 r3.2 r1.9 r2.7 

 ANNUAL r3.4 r4.8 r1.4 r4.5 r1.8 r1.1 r3.9 r2.1 

 2005 I r2.9 r4.4 r1.5 r6.7 r3.6 r3.7 r0.7 r2.6 

 II 2.3 4.3 2.0 6.7 3.6 4.3 -0.7 2.3 

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

 See footnotes following Table 6. August 9, 2005 

 r=revised Source: Bureau of Labor Statistics 
11 

 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 

 2003 I 151.6 131.8 86.9 r156.5 r122.3 r103.2 

 II 152.9 130.7 85.5 r159.2 r124.3 r104.1 

 III 156.9 132.1 84.2 r161.5 r125.4 r102.9 

 IV 158.1 134.2 84.9 r163.2 r126.5 r103.2 

 ANNUAL 154.8 132.2 85.4 r160.1 r124.6 r103.4 

 2004 I 159.3 136.0 85.4 r159.1 r122.1 r99.9 

 II 162.2 138.0 85.1 r161.1 r122.3 r99.3 

 III 164.0 139.4 85.0 r164.9 r124.7 r100.6 

 IV 166.5 141.0 84.7 r169.3 r126.9 r101.7 

 ANNUAL 163.0 138.6 85.0 r163.6 r124.0 r100.4 

 2005 I r168.2 142.3 r84.6 r172.3 r128.4 r102.4 

 II 169.9 142.7 84.0 175.0 129.1 103.0 

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

 Percent change from previous quarter at annual rate(5) 

 2003 I 5.7 -0.9 -6.3 r17.9 r13.1 r11.5 

 II 3.3 -3.4 -6.5 r6.9 r6.5 r3.5 

 III 11.0 4.5 -5.9 r5.9 r3.7 r-4.5 

 IV 3.2 6.6 3.3 r4.3 r3.4 r1.1 

 ANNUAL 5.2 0.0 -4.9 r8.3 r5.9 r3.0 

 2004 I 3.0 5.4 2.4 r-9.7 r-13.1 r-12.4 

 II 7.6 5.9 -1.6 r5.1 r0.7 r-2.3 

 III 4.4 4.0 -0.3 r9.8 r8.0 r5.2 

 IV 6.3 4.9 -1.3 r11.2 r7.4 r4.6 

 ANNUAL 5.3 4.8 -0.4 r2.2 r-0.5 r-2.9 

 2005 I r4.2 3.5 r-0.7 r7.1 r4.7 r2.8 

 II 4.1 1.2 -2.8 6.6 2.3 2.3 

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

 Percent change from corresponding quarter of previous year 

 2003 I 5.0 0.6 -4.2 r8.2 r5.2 r3.1 

 II 4.4 -1.3 -5.4 r7.8 r5.5 r3.3 

 III 5.5 -0.8 -6.0 r8.4 r6.0 r2.7 

 IV 5.8 1.6 -3.9 r8.7 r6.6 r2.7 

 ANNUAL 5.2 0.0 -4.9 r8.3 r5.9 r3.0 

 2004 I 5.1 3.2 -1.8 r1.6 r-0.2 r-3.3 

 II 6.1 5.6 -0.5 r1.2 r-1.6 r-4.7 

 III 4.5 5.5 0.9 r2.1 r-0.6 r-2.3 

 IV 5.3 5.1 -0.2 r3.7 r0.3 r-1.5 

 ANNUAL 5.3 4.8 -0.4 r2.2 r-0.5 r-2.9 

 2005 I r5.6 4.6 -1.0 r8.3 r5.1 r2.5 

 II 4.7 3.4 -1.3 8.6 5.6 3.7 

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

 See footnotes following Table 6. August 9, 2005 

 r=revised Source: Bureau of Labor Statistics 
12 

 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 

 2003 I 172.7 155.7 90.1 r154.9 r121.1 r89.7 

 II 174.3 154.3 88.6 r157.7 r123.1 r90.5 

 III 180.9 157.6 87.1 r160.1 r124.3 r88.5 

 IV 182.8 161.5 88.3 r161.9 r125.5 r88.6 

 ANNUAL 177.6 157.3 88.5 r158.6 r123.5 r89.3 

 2004 I 184.4 164.6 89.3 r155.5 r119.4 r84.3 

 II 187.8 167.1 88.9 r158.2 r120.1 r84.2 

 III 190.0 169.5 89.2 r162.1 r122.6 r85.3 

 IV 193.4 172.1 89.0 r166.0 r124.4 r85.8 

 ANNUAL 188.9 168.3 89.1 r160.4 r121.6 r84.9 

 2005 I r196.1 r174.3 r88.9 r169.1 r126.0 r86.2 

 II 198.0 175.2 88.5 171.6 126.6 86.7 

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

 Percent change from previous quarter at annual rate(5) 

 2003 I 5.1 -1.6 -6.4 r22.2 r17.2 r16.3 

 II 3.7 -3.4 -6.9 r7.3 r6.9 r3.4 

 III 16.0 8.7 -6.3 r6.2 r3.9 r-8.5 

 IV 4.2 10.1 5.7 r4.7 r3.8 r0.5 

 ANNUAL 6.9 1.3 -5.3 r9.3 r6.9 r2.3 

 2004 I 3.6 8.1 4.3 r-14.9 r-18.1 r-17.9 

 II 7.7 6.0 -1.5 r6.9 r2.5 r-0.7 

 III 4.6 6.0 1.3 r10.3 r8.5 r5.5 

 IV r7.5 6.3 r-1.1 r9.9 r6.1 r2.2 

 ANNUAL 6.4 7.0 0.6 r1.1 r-1.5 r-4.9 

 2005 I r5.7 r5.2 r-0.5 r7.7 r5.2 r1.9 

 II 3.8 1.9 -1.8 6.3 2.0 2.4 

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

 Percent change from corresponding quarter of previous year 

 2003 I 6.7 1.7 -4.7 r9.1 r6.0 2.2 

 II 5.9 -0.6 -6.1 r8.7 r6.4 r2.7 

 III 7.9 0.7 -6.7 r9.6 r7.3 r1.6 

 IV 7.2 3.3 -3.6 r9.9 r7.8 r2.5 

 ANNUAL 6.9 1.3 -5.3 r9.3 r6.9 r2.3 

 2004 I 6.8 5.8 -1.0 r0.4 r-1.4 r-6.0 

 II 7.8 8.3 0.4 r0.3 r-2.5 r-6.9 

 III 5.0 7.6 2.4 r1.3 r-1.4 r-3.6 

 IV 5.8 6.6 r0.7 r2.5 r-0.9 r-3.2 

 ANNUAL 6.4 7.0 0.6 r1.1 r-1.5 r-4.9 

 2005 I r6.4 r5.9 -0.5 r8.7 r5.6 r2.2 

 II 5.4 4.8 -0.5 8.5 5.4 3.0 

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

 See footnotes following Table 6. August 9, 2005 

 r=revised Source: Bureau of Labor Statistics 
13 

 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 

 2003 I 130.2 106.9 82.1 r158.0 r123.5 r121.4 

 II 131.1 106.0 80.9 r160.5 r125.3 r122.4 

 III 132.6 105.9 79.8 r162.7 r126.3 r122.6 

 IV 133.6 106.5 79.7 r163.9 r127.0 r122.7 

 ANNUAL 131.8 106.3 80.6 r161.2 r125.5 r122.3 

 2004 I 134.5 107.1 79.6 r164.1 r125.9 r122.0 

 II 137.0 108.6 79.3 r164.7 r125.1 r120.3 

 III 138.6 109.0 78.7 r168.1 r127.1 r121.2 

 IV r140.2 109.8 78.3 r173.5 r130.1 r123.8 

 ANNUAL 137.6 108.6 r79.0 r167.6 r127.0 r121.8 

 2005 I 141.1 110.2 78.1 r176.1 r131.2 r124.8 

 II 142.8 110.3 77.2 179.1 132.1 125.4 

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

 Percent change from previous quarter at annual rate(5) 

 2003 I 6.5 0.1 -6.0 r10.3 r5.9 r3.6 

 II 2.6 -3.5 -5.9 r6.3 r5.9 r3.6 

 III 4.9 -0.6 -5.2 r5.6 r3.4 r0.7 

 IV 2.8 2.4 -0.4 r3.0 r2.1 r0.2 

 ANNUAL 2.8 -1.5 -4.2 r6.4 r4.0 r3.5 

 2004 I 2.9 2.1 -0.8 r0.5 r-3.3 r-2.4 

 II 7.5 5.7 -1.7 r1.7 r-2.6 r-5.5 

 III 4.8 1.7 -3.0 r8.4 r6.6 r3.4 

 IV r4.6 2.9 r-1.7 r13.7 r9.7 r8.6 

 ANNUAL r4.3 2.2 -2.1 r3.9 r1.2 r-0.4 

 2005 I r2.5 r1.5 -1.1 r6.0 r3.6 r3.4 

 II 5.0 0.1 -4.6 6.9 2.6 1.8 

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

 Percent change from corresponding quarter of previous year 

 2003 I 2.6 -0.9 -3.4 r6.7 r3.7 r4.0 

 II 2.2 -2.2 -4.3 r6.4 r4.1 r4.1 

 III 2.3 -2.6 -4.8 r6.2 r3.9 r3.9 

 IV 4.2 -0.4 -4.4 r6.3 r4.3 r2.0 

 ANNUAL 2.8 -1.5 -4.2 r6.4 r4.0 r3.5 

 2004 I 3.3 0.1 -3.1 r3.8 r2.0 r0.5 

 II 4.5 2.4 -2.0 r2.7 r-0.2 r-1.8 

 III 4.5 3.0 -1.5 r3.3 r0.6 r-1.1 

 IV 5.0 3.1 -1.8 r5.9 r2.4 r0.9 

 ANNUAL r4.3 2.2 -2.1 r3.9 r1.2 r-0.4 

 2005 I 4.9 2.9 r-1.8 r7.3 r4.2 r2.4 

 II 4.2 1.5 -2.6 8.7 5.6 4.3 

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

 See footnotes following Table 6. August 9, 2005 

 r=revised Source: Bureau of Labor Statistics 
14 

 Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits, 

 and prices, seasonally adjusted 

 

 Output Hourly Real Unit Total Unit Implicit 

 Year per all- compen- hourly Unit non- unit pro- price 

 and employee Employee sation compen- labor labor costs fits deflator 

 quarter hour Output hours (1) sation(2) costs costs(6) (7) (8) (4) 

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

 Indexes 1992=100 

 2003 I r130.4 r152.3 116.8 r144.6 r113.0 r110.9 r111.4 r111.0 r107.8 r110.7 

 II 132.7 r154.3 116.3 r147.0 r114.8 r110.8 r110.5 r110.7 r113.7 111.0 

 III r135.1 r156.9 r116.2 r148.9 r115.6 r110.2 r110.9 r110.4 r119.9 r111.3 

 IV r135.9 r158.7 r116.8 149.8 r116.0 r110.2 r110.8 110.4 r124.8 111.7 

 ANNUAL r133.5 r155.6 r116.5 r147.6 r114.8 r110.5 r110.9 r110.6 r116.7 111.2 

 2004 I r136.1 r160.0 r117.5 r150.3 r115.4 r110.4 r111.4 r110.7 r130.2 r112.4 

 II r136.9 r161.3 r117.8 r151.7 r115.2 r110.8 r111.5 r111.0 r138.6 r113.4 

 III r139.4 r165.0 118.4 r154.0 r116.5 r110.5 r110.3 r110.5 r139.7 r113.1 

 IV r142.3 r169.0 118.8 r158.0 r118.4 r111.0 r108.8 r110.5 r143.1 r113.4 

 ANNUAL r138.7 r163.8 r118.1 r153.5 r116.4 r110.7 r110.5 r110.6 r138.0 113.1 

 2005 I r143.5 r170.7 118.9 r160.8 r119.8 r112.0 r107.9 r110.9 r145.3 r114.0 

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

 Percent change from previous quarter at annual rate(5) 

 2003 I r1.1 r-1.8 r-2.8 r3.9 r-0.3 r2.9 r6.7 r3.9 r-11.6 r2.4 

 II r7.3 r5.5 r-1.7 r6.9 r6.4 r-0.4 r-3.1 r-1.1 r23.8 r0.9 

 III r7.3 r6.9 -0.3 r5.2 r2.9 -1.9 r1.3 r-1.1 r23.9 r1.0 

 IV r2.4 r4.5 r2.1 r2.4 r1.5 r0.0 r-0.3 r-0.1 r17.2 r1.5 

 ANNUAL 4.1 r2.7 r-1.4 r3.9 r1.6 r-0.2 r0.1 -0.1 r19.0 1.4 

 2004 I r0.8 3.4 r2.6 r1.5 r-2.3 r0.7 r2.1 r1.1 r18.6 r2.7 

 II r2.3 r3.3 r1.0 r3.7 r-0.7 r1.3 r0.3 r1.1 r28.2 r3.7 

 III r7.4 r9.4 1.9 r6.3 r4.6 r-1.0 r-4.2 r-1.9 r3.4 r-1.3 

 IV r8.5 r9.9 1.3 r10.6 r6.8 r1.9 r-5.2 r0.0 r10.0 r1.1 

 ANNUAL r3.9 r5.3 1.4 r4.0 r1.3 r0.2 r-0.4 r0.0 r18.3 r1.7 

 2005 I r3.6 r4.1 0.5 r7.3 r4.8 r3.5 r-3.3 r1.7 r6.2 r2.2 

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

 Percent change from corresponding quarter of previous year 

 2003 I r3.5 r2.0 r-1.5 r3.2 r0.3 r-0.3 r-1.4 r-0.6 r25.6 1.2 

 II r3.8 r2.0 r-1.8 r3.6 r1.4 r-0.1 -0.1 r-0.1 r20.4 1.4 

 III r4.6 r3.1 r-1.5 r4.3 r2.1 r-0.3 r0.8 r0.0 r19.6 r1.6 

 IV r4.5 r3.7 -0.7 r4.6 r2.6 r0.1 r1.1 r0.4 r12.3 r1.5 

 ANNUAL 4.1 r2.7 r-1.4 r3.9 r1.6 r-0.2 r0.1 -0.1 r19.0 1.4 

 2004 I r4.4 r5.1 r0.7 r4.0 r2.1 r-0.4 r0.0 r-0.3 r20.8 1.5 

 II r3.2 r4.6 1.3 r3.2 r0.3 r0.0 r0.8 r0.2 r21.9 r2.2 

 III 3.2 r5.2 r1.9 r3.5 r0.7 r0.3 r-0.6 r0.0 r16.5 r1.6 

 IV r4.7 r6.5 1.7 r5.5 r2.0 r0.7 r-1.8 r0.1 r14.7 r1.5 

 ANNUAL r3.9 r5.3 1.4 r4.0 r1.3 r0.2 r-0.4 r0.0 r18.3 r1.7 

 2005 I r5.4 r6.7 1.2 r6.9 r3.8 r1.4 r-3.1 r0.2 r11.6 r1.4 

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

 See footnotes following Table 6. August 9, 2005 

 r=revised Source: Bureau of Labor Statistics 

 
15 

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 –1.4 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 first quarter of 2005. 

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 1978-2004 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.
16 

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 

 2000 I 114.2 138.6 121.4 132.5 111.5 116.0 105.4 112.1 

 II 116.4 141.1 121.2 133.1 111.1 114.4 109.6 112.6 

 III 116.1 140.8 121.3 135.6 112.2 116.8 106.4 112.9 

 IV 117.3 141.5 120.6 136.5 112.2 116.4 108.2 113.3 

 ANNUAL 116.1 140.5 121.0 134.5 111.9 115.9 107.4 112.7 

 2001 I 117.2 141.1 120.4 138.8 113.0 118.5 106.7 114.1 

 II 118.8 141.4 119.1 139.9 113.0 117.8 110.1 114.9 

 III 119.2 140.3 117.7 140.5 113.3 117.9 110.6 115.2 

 IV 121.1 141.0 116.4 141.5 114.2 116.9 113.4 115.6 

 ANNUAL 119.0 141.0 118.4 140.2 113.4 r117.7 110.2 114.9 

 2002 I r122.7 r141.9 115.7 r143.5 r115.4 r116.9 r113.3 r115.6 

 II r123.2 r142.6 115.7 r145.0 r115.7 r117.7 r112.9 115.9 

 III r124.6 r143.8 115.4 r145.7 r115.7 r116.9 r115.0 r116.2 

 IV r124.7 r144.0 115.5 r145.8 r115.1 r116.9 r116.3 r116.7 

 ANNUAL r123.8 r143.1 115.6 r145.0 r115.4 r117.1 r114.4 r116.1 

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

 Percent change from previous quarter at annual rate(5) 

 2000 I -1.8 0.3 2.2 14.1 9.9 16.2 -16.0 3.4 

 II 7.9 7.5 -0.4 1.8 -1.3 -5.6 16.6 1.8 

 III -1.0 -0.8 0.2 7.8 4.0 8.9 -11.0 1.3 

 IV 4.4 2.0 r-2.2 2.8 -0.1 -1.5 6.8 1.4 

 ANNUAL 2.8 3.9 1.1 7.0 3.5 4.0 -1.9 1.8 

 2001 I -0.5 -1.1 -0.6 6.9 3.0 7.4 -5.6 2.7 

 II 5.5 0.8 -4.4 3.0 -0.2 -2.4 13.5 3.0 

 III 1.4 -3.1 -4.4 2.0 1.1 0.6 1.8 1.0 

 IV 6.6 1.8 -4.5 2.8 3.4 -3.6 10.4 1.3 

 ANNUAL 2.5 0.3 -2.2 4.2 1.4 1.6 2.6 2.0 

 2002 I r5.3 r2.6 -2.5 r5.6 r4.1 r0.3 r-0.1 r0.2 

 II 1.8 2.1 0.3 r4.4 r1.1 r2.6 r-1.7 r1.0 

 III r4.8 r3.6 -1.1 r2.0 r-0.1 r-2.6 r7.7 r1.0 

 IV r0.1 r0.5 r0.3 r0.1 r-1.9 r0.0 r4.7 r1.7 

 ANNUAL r4.0 r1.5 -2.4 r3.4 r1.8 r-0.5 r3.8 r1.0 

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

 Percent change from corresponding quarter of previous year 

 2000 I 2.0 4.5 2.4 6.5 3.2 4.4 -3.2 1.6 

 II 3.8 5.4 1.5 6.7 3.3 2.8 0.3 1.9 

 III 2.9 3.8 0.9 7.8 4.2 4.8 -3.1 1.9 

 IV 2.3 2.2 -0.1 6.5 3.0 4.1 -1.7 2.0 

 ANNUAL 2.8 3.9 1.1 7.0 3.5 4.0 -1.9 1.8 

 2001 I 2.6 1.8 -0.8 4.8 1.3 2.1 1.2 1.8 

 II 2.1 0.2 -1.8 5.1 1.6 3.0 0.5 2.1 

 III 2.7 -0.4 -2.9 3.6 0.9 0.9 3.9 2.0 

 IV 3.2 -0.4 -3.5 3.6 1.8 0.4 4.8 2.0 

 ANNUAL 2.5 0.3 -2.2 4.2 1.4 1.6 2.6 2.0 

 2002 I r4.7 r0.5 -4.0 r3.3 r2.1 r-1.3 r6.3 r1.3 

 II r3.7 r0.8 -2.8 r3.7 r2.4 r0.0 r2.5 0.9 

 III r4.6 r2.5 -2.0 r3.7 r2.1 r-0.8 r4.0 r0.9 

 IV r3.0 r2.2 -0.8 r3.0 r0.8 r0.1 r2.6 r1.0 

 ANNUAL r4.0 r1.5 -2.4 r3.4 r1.8 r-0.5 r3.8 r1.0 

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

 See footnotes following Table 6. August 9, 2005 

 r=revised Source: Bureau of Labor Statistics 
17 

 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 

 2000 I 113.9 138.8 121.9 132.1 111.2 116.0 106.8 112.6 

 II 115.9 141.4 122.0 132.5 110.6 114.3 111.1 113.1 

 III 115.6 141.1 122.0 135.0 111.7 116.8 108.0 113.5 

 IV r116.7 141.8 121.5 135.8 111.6 116.3 109.8 113.9 

 ANNUAL 115.6 140.8 121.8 134.0 111.4 115.9 108.9 113.3 

 2001 I 116.6 141.4 121.3 138.0 112.3 118.4 108.2 114.6 

 II 118.2 141.9 120.0 138.9 112.2 117.5 111.9 115.4 

 III 118.7 140.8 118.7 139.5 112.5 117.6 112.2 115.6 

 IV 120.5 141.2 117.2 140.6 113.5 116.7 115.0 116.0 

 ANNUAL 118.5 141.3 119.3 139.3 112.6 117.5 111.8 115.4 

 2002 I r122.5 r142.5 116.3 r142.7 r114.8 r116.5 r115.2 116.0 

 II r122.7 r143.0 116.5 r144.2 r115.0 r117.5 r115.0 r116.6 

 III r123.9 r144.1 116.3 r144.8 r114.9 r116.9 r116.9 r116.9 

 IV r124.0 r144.1 r116.2 r145.0 r114.5 r116.9 r118.0 r117.3 

 ANNUAL r123.3 r143.4 116.3 r144.2 r114.8 r117.0 r116.3 r116.7 

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

 Percent change from previous quarter at annual rate(5) 

 2000 I -2.0 -0.1 1.9 14.5 10.3 16.9 -17.2 3.3 

 II r7.2 7.5 0.2 1.1 -2.0 -5.8 17.0 1.8 

 III -0.9 -0.8 0.0 8.0 4.1 8.9 -10.9 1.4 

 IV 4.0 2.2 -1.7 2.3 -0.6 -1.6 6.9 1.3 

 ANNUAL 2.7 3.8 1.1 7.0 3.6 4.2 -2.0 1.9 

 2001 I -0.4 -1.1 -0.7 r6.8 2.8 7.2 -5.5 2.6 

 II r5.6 1.2 -4.2 2.5 -0.6 -3.0 14.1 2.7 

 III r1.5 -2.9 -4.3 1.8 1.0 0.4 1.3 0.7 

 IV 6.5 1.2 -5.0 3.2 3.8 -3.1 10.2 1.5 

 ANNUAL 2.5 0.4 -2.0 4.0 1.1 1.4 2.7 1.9 

 2002 I r6.5 r3.5 -2.8 r6.1 r4.5 r-0.4 r0.7 r0.0 

 II r0.8 r1.4 0.6 r4.2 r0.9 r3.4 r-0.5 r2.0 

 III r4.1 r3.1 -0.9 r1.8 r-0.3 r-2.2 r6.5 r0.9 

 IV r0.2 r0.1 0.0 r0.4 r-1.6 r0.2 r3.9 r1.6 

 ANNUAL r4.0 r1.5 -2.5 r3.5 r1.9 r-0.5 r4.0 r1.1 

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

 Percent change from corresponding quarter of previous year 

 2000 I 2.0 4.4 2.3 6.8 3.5 4.7 -2.9 1.9 

 II 3.7 5.3 1.5 6.8 3.4 2.9 0.3 2.0 

 III 2.8 3.6 0.8 7.9 4.3 5.0 -3.2 2.0 

 IV 2.0 2.1 0.1 6.3 2.8 4.2 -2.0 2.0 

 ANNUAL 2.7 3.8 1.1 7.0 3.6 4.2 -2.0 1.9 

 2001 I 2.4 1.9 -0.5 4.5 1.0 2.0 1.3 1.8 

 II 2.0 0.4 -1.7 4.9 1.4 2.8 0.7 2.0 

 III 2.6 -0.2 -2.7 3.3 0.6 0.7 3.9 1.8 

 IV 3.2 -0.4 -3.6 3.6 1.7 0.3 4.7 1.9 

 ANNUAL 2.5 0.4 -2.0 4.0 1.1 1.4 2.7 1.9 

 2002 I r5.0 r0.7 -4.1 r3.4 r2.2 r-1.5 r6.4 1.2 

 II r3.8 r0.8 -2.9 r3.8 r2.5 r0.0 r2.8 r1.0 

 III r4.4 r2.3 -2.0 r3.8 r2.2 r-0.6 r4.1 r1.1 

 IV r2.9 r2.0 -0.8 r3.1 r0.9 r0.2 r2.6 r1.1 

 ANNUAL r4.0 r1.5 -2.5 r3.5 r1.9 r-0.5 r4.0 r1.1 

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

 See footnotes following Table 6. August 9, 2005 

 r=revised Source: Bureau of Labor Statistics 
18 

 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 

 2000 I 132.6 138.1 104.1 133.2 112.1 100.5 

 II 134.4 140.0 104.1 132.5 110.7 98.6 

 III 134.0 139.0 103.8 135.9 112.4 101.4 

 IV 134.9 137.5 102.0 136.7 112.3 101.4 

 ANNUAL 134.1 138.6 103.4 134.7 112.0 100.5 

 2001 I 134.6 134.9 100.2 138.1 112.4 102.7 

 II 135.8 133.1 98.0 137.3 110.9 101.1 

 III 137.0 131.3 95.8 137.0 110.4 100.0 

 IV 140.6 130.0 92.5 139.0 112.2 98.8 

 ANNUAL 136.9 132.3 96.6 137.8 111.5 100.7 

 2002 I 144.4 131.1 90.8 r144.7 r116.3 r100.2 

 II 146.5 132.4 90.4 r147.6 r117.7 r100.8 

 III 148.7 133.2 89.6 r149.0 r118.3 r100.2 

 IV 149.5 132.1 88.4 r150.2 r118.6 r100.5 

 ANNUAL 147.3 132.2 89.8 r147.9 r117.7 r100.4 

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

 Percent change from previous quarter at annual rate(5) 

 2000 I 5.6 3.7 -1.9 21.8 17.3 15.3 

 II 5.6 5.6 0.0 -2.1 -5.1 -7.3 

 III -1.4 -2.8 -1.4 10.6 6.6 12.1 

 IV 2.8 -4.1 -6.7 2.4 -0.4 -0.3 

 ANNUAL 4.7 3.0 -1.6 9.2 5.6 4.2 

 2001 I -0.9 -7.6 -6.7 4.3 0.4 5.2 

 II 3.8 -5.0 -8.5 -2.4 -5.4 -5.9 

 III 3.5 -5.5 -8.6 -0.9 -1.7 -4.2 

 IV 11.1 -3.7 -13.3 5.9 6.5 -4.6 

 ANNUAL 2.1 -4.6 -6.5 2.3 -0.5 0.2 

 2002 I 11.2 3.2 -7.2 r17.4 r15.7 r5.5 

 II 5.8 4.1 -1.6 r8.4 5.0 r2.5 

 III 6.3 2.4 -3.7 r4.0 r1.8 r-2.2 

 IV 2.2 -3.2 -5.3 r3.2 r1.1 r1.0 

 ANNUAL 7.5 -0.1 -7.1 r7.3 r5.6 r-0.3 

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

 Percent change from corresponding quarter of previous year 

 2000 I 4.7 3.8 -0.8 9.8 6.4 4.9 

 II 5.6 4.6 -0.9 8.5 5.1 2.8 

 III 5.1 3.3 -1.7 10.0 6.4 4.7 

 IV 3.1 0.5 -2.5 7.8 4.2 4.6 

 ANNUAL 4.7 3.0 -1.6 9.2 5.6 4.2 

 2001 I 1.5 -2.3 -3.7 3.7 0.3 2.2 

 II 1.0 -4.9 -5.9 3.6 0.2 2.5 

 III 2.3 -5.5 -7.6 0.8 -1.8 -1.4 

 IV 4.3 -5.5 -9.3 1.7 -0.1 -2.5 

 ANNUAL 2.1 -4.6 -6.5 2.3 -0.5 0.2 

 2002 I 7.3 -2.8 -9.4 r4.7 r3.5 r-2.4 

 II 7.8 -0.5 -7.8 r7.5 r6.2 r-0.3 

 III 8.6 1.5 -6.6 r8.8 r7.1 r0.2 

 IV 6.3 1.6 -4.5 r8.1 r5.7 r1.7 

 ANNUAL 7.5 -0.1 -7.1 r7.3 r5.6 r-0.3 

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

 See footnotes following Table 6. August 9, 2005 

 r=revised Source: Bureau of Labor Statistics 
19 

 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 

 2000 I 149.6 164.9 110.2 133.4 112.3 89.2 

 II 151.4 167.5 110.7 131.9 110.1 87.1 

 III 151.0 166.4 110.2 135.7 112.3 89.9 

 IV 151.0 164.1 108.6 135.4 111.3 89.7 

 ANNUAL 150.9 165.7 109.8 134.2 111.6 89.0 

 2001 I 150.3 160.1 106.5 136.4 111.0 90.7 

 II 151.7 157.6 103.9 135.8 109.6 89.5 

 III 153.4 154.4 100.7 135.6 109.3 88.4 

 IV 156.8 151.5 96.6 137.9 111.3 87.9 

 ANNUAL 153.0 155.9 101.9 136.4 110.3 89.2 

 2002 I 161.8 153.1 94.6 r142.0 r114.2 r87.8 

 II 164.6 155.3 94.3 r145.0 r115.7 r88.1 

 III 167.7 156.6 93.4 r146.0 r115.9 r87.1 

 IV 170.6 156.3 91.6 r147.4 r116.4 r86.4 

 ANNUAL 166.1 155.3 93.5 r145.1 r115.5 r87.3 

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

 Percent change from previous quarter at annual rate(5) 

 2000 I 9.8 7.9 -1.7 25.0 20.3 13.9 

 II 4.9 6.6 1.6 -4.5 -7.5 -9.0 

 III -1.1 -2.6 -1.6 12.1 8.1 13.3 

 IV 0.2 -5.4 -5.6 -0.7 -3.5 -0.9 

 ANNUAL 5.3 4.6 -0.7 9.7 6.1 4.2 

 2001 I -2.0 -9.5 -7.6 2.7 -1.1 4.8 

 II 3.7 -6.1 -9.4 -1.7 -4.7 -5.2 

 III 4.6 -7.7 -11.8 -0.6 -1.4 -5.0 

 IV 9.2 -7.3 -15.2 7.1 7.7 -2.0 

 ANNUAL 1.4 -5.9 -7.2 1.6 -1.2 0.2 

 2002 I 13.3 4.1 -8.1 r12.4 r10.7 r-0.9 

 II 7.1 6.0 -1.0 r8.9 r5.4 r1.7 

 III 7.7 3.3 -4.0 r2.8 r0.7 r-4.6 

 IV 7.1 -0.7 -7.2 r3.7 r1.6 r-3.1 

 ANNUAL 8.6 -0.4 -8.3 r6.4 r4.7 r-2.1 

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

 Percent change from corresponding quarter of previous year 

 2000 I 5.9 6.0 0.2 11.2 7.7 5.0 

 II 5.9 6.5 0.6 8.9 5.5 2.8 

 III 5.6 4.4 -1.2 10.9 7.2 4.9 

 IV 3.4 1.5 -1.8 7.4 3.8 3.9 

 ANNUAL 5.3 4.6 -0.7 9.7 6.1 4.2 

 2001 I 0.5 -2.9 -3.4 2.2 -1.1 1.7 

 II 0.2 -5.9 -6.1 3.0 -0.4 2.8 

 III 1.6 -7.2 -8.7 -0.1 -2.7 -1.7 

 IV 3.8 -7.7 -11.1 1.8 0.0 -1.9 

 ANNUAL 1.4 -5.9 -7.2 1.6 -1.2 0.2 

 2002 I 7.7 -4.4 -11.2 r4.1 r2.9 r-3.3 

 II 8.5 -1.5 -9.2 r6.8 r5.5 r-1.6 

 III 9.3 1.4 -7.2 r7.7 r6.1 r-1.5 

 IV 8.8 3.2 -5.1 r6.9 r4.5 r-1.7 

 ANNUAL 8.6 -0.4 -8.3 r6.4 r4.7 r-2.1 

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

 See footnotes following Table 6. August 9, 2005 

 r=revised Source: Bureau of Labor Statistics 
20 

 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 

 2000 I 116.7 110.9 95.0 130.5 109.8 111.8 

 II 118.7 112.0 94.4 131.4 109.7 110.7 

 III 118.0 111.1 94.1 133.7 110.7 113.3 

 IV 119.9 110.4 92.0 136.6 112.2 113.9 

 ANNUAL 118.5 111.1 93.7 133.2 110.8 112.4 

 2001 I 119.9 108.9 90.8 139.2 113.3 116.1 

 II 120.8 107.8 89.2 138.0 111.5 114.3 

 III 120.9 107.1 88.6 137.8 111.1 114.0 

 IV 124.4 107.3 86.3 139.3 112.4 111.9 

 ANNUAL 121.5 107.8 88.7 138.6 112.1 114.1 

 2002 I 126.9 107.9 85.0 r148.1 r119.1 r116.7 

 II 128.3 108.4 84.5 r150.8 r120.3 r117.6 

 III 129.7 108.7 83.8 r153.1 r121.5 r118.1 

 IV 128.2 106.9 83.4 r154.2 r121.7 r120.3 

 ANNUAL 128.2 108.0 84.2 r151.5 r120.6 r118.2 

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

 Percent change from previous quarter at annual rate(5) 

 2000 I -0.1 -2.3 -2.2 15.4 11.1 15.5 

 II 6.8 3.9 -2.8 2.7 -0.4 -3.8 

 III -2.3 -3.2 -1.0 7.4 3.5 9.8 

 IV 6.6 -2.5 -8.5 8.9 5.9 2.2 

 ANNUAL 4.0 0.7 -3.2 7.8 4.3 3.6 

 2001 I -0.2 -5.3 -5.1 7.8 3.8 8.0 

 II 3.2 -3.8 -6.8 -3.4 -6.3 -6.3 

 III 0.3 -2.6 -2.9 -0.6 -1.4 -0.9 

 IV 12.2 0.8 -10.1 4.3 4.9 -7.1 

 ANNUAL 2.5 -3.0 -5.3 4.0 1.2 1.5 

 2002 I 8.2 2.2 -5.5 r28.0 r26.2 r18.3 

 II 4.4 1.8 -2.4 7.4 4.0 2.9 

 III 4.5 1.1 -3.2 r6.3 r4.1 r1.8 

 IV -4.5 -6.4 -2.0 r2.8 r0.7 r7.6 

 ANNUAL 5.6 0.2 -5.1 r9.4 r7.6 r3.6 

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

 Percent change from corresponding quarter of previous year 

 2000 I 3.4 0.8 -2.5 6.7 3.4 3.2 

 II 5.3 1.7 -3.5 7.3 3.9 1.8 

 III 4.2 1.5 -2.6 8.2 4.6 3.8 

 IV 2.7 -1.1 -3.7 8.5 4.9 5.7 

 ANNUAL 4.0 0.7 -3.2 7.8 4.3 3.6 

 2001 I 2.7 -1.9 -4.4 6.7 3.2 3.9 

 II 1.8 -3.7 -5.4 5.1 1.6 3.2 

 III 2.4 -3.6 -5.9 3.1 0.4 0.6 

 IV 3.8 -2.7 -6.3 1.9 0.1 -1.8 

 ANNUAL 2.5 -3.0 -5.3 4.0 1.2 1.5 

 2002 I 5.9 -0.9 -6.4 r6.4 r5.1 r0.5 

 II 6.2 0.6 -5.3 r9.3 r7.9 r2.9 

 III 7.3 1.5 -5.4 r11.1 r9.4 r3.6 

 IV 3.0 -0.4 -3.3 r10.7 r8.3 7.4 

 ANNUAL 5.6 0.2 -5.1 r9.4 r7.6 r3.6 

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

 See footnotes following Table 6. August 9, 2005 

 r=revised Source: Bureau of Labor Statistics 
21 

 Appendix table 6. Nonfinancial corporations: Revised productivity, hourly compensation, unit labor costs, 

 r=revised Source: Bureau of Labor Statistics 

 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 

 2000 I 120.5 150.3 124.7 129.7 109.2 107.7 101.9 106.1 114.6 106.9 

 II r121.1 151.1 r124.8 130.5 r108.9 107.7 103.5 106.6 115.9 107.4 

 III r121.9 152.4 r125.0 132.9 110.0 109.0 104.8 107.9 107.4 107.8 

 IV 122.2 152.3 124.7 134.4 110.4 110.0 106.5 109.1 97.0 108.0 

 ANNUAL 121.5 151.5 124.7 132.0 109.7 108.6 104.2 107.4 108.7 107.5 

 2001 I 122.6 151.9 123.9 135.5 110.3 110.5 109.2 110.2 87.4 108.1 

 II 123.5 151.1 r122.4 136.8 110.5 110.8 111.6 111.0 86.9 108.9 

 III 123.7 149.4 120.8 137.9 r111.1 111.5 114.1 112.2 79.0 109.2 

 IV r124.4 148.2 119.1 139.3 r112.4 111.9 115.7 113.0 75.5 109.6 

 ANNUAL r123.5 150.2 r121.6 r137.3 111.1 111.2 112.6 111.6 82.2 108.9 

 2002 I r126.0 r149.3 118.5 r140.1 r112.7 r111.2 r113.0 r111.7 r85.8 r109.4 

 II r127.9 r151.4 118.4 r141.8 r113.1 r110.9 r110.7 r110.9 94.5 r109.4 

 III r129.1 152.2 117.9 r142.7 r113.3 r110.6 r110.0 r110.4 r100.3 109.5 

 IV r130.1 r153.0 117.6 r143.2 r113.1 r110.1 r109.6 r110.0 r111.2 110.1 

 ANNUAL r128.2 r151.5 118.1 r142.0 r113.0 r110.7 r110.8 r110.7 r98.0 109.6 

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

 Percent change from previous quarter at annual rate(5) 

 2000 I 7.1 9.5 2.2 15.2 10.9 7.6 1.4 5.9 -25.5 2.3 

 II r2.1 2.3 0.1 2.3 -0.8 0.1 6.6 1.8 4.7 2.1 

 III 2.7 3.4 0.7 7.7 3.8 4.9 5.0 4.9 -26.2 1.5 

 IV 0.7 -0.2 -0.9 4.5 r1.5 3.7 6.7 4.5 -33.4 0.6 

 ANNUAL 3.6 5.2 1.6 6.8 r3.3 3.1 3.8 3.3 -15.8 1.2 

 2001 I 1.4 -1.1 -2.4 3.4 r-0.5 1.9 10.5 4.1 -34.1 0.6 

 II 3.0 -2.2 -5.0 3.9 0.7 0.9 9.2 3.1 -2.5 2.7 

 III 0.6 -4.4 -5.0 3.2 2.4 2.6 8.9 4.3 -31.8 1.3 

 IV 2.5 -3.0 -5.4 4.2 4.8 1.6 5.9 2.8 -16.3 1.4 

 ANNUAL 1.7 -0.9 -2.5 4.1 r1.2 2.4 8.1 3.9 -24.3 1.3 

 2002 I r5.1 r2.9 -2.0 r2.3 r0.8 r-2.6 r-9.0 r-4.4 r66.7 r-0.8 

 II r6.1 r5.6 -0.5 r5.1 r1.7 r-1.0 r-7.9 r-2.9 r46.9 r0.1 

 III r3.9 r2.3 r-1.5 r2.6 r0.5 r-1.2 r-2.4 r-1.5 r27.0 r0.5 

 IV r3.2 r2.0 r-1.2 r1.3 r-0.7 r-1.8 r-1.5 r-1.7 r51.0 r2.0 

 ANNUAL r3.8 r0.9 -2.8 r3.4 r1.8 r-0.4 r-1.6 r-0.7 r19.2 0.6 

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

 Percent change from corresponding quarter of previous year 

 2000 I 3.4 6.1 2.7 5.8 2.5 2.3 2.8 2.4 -14.1 0.6 

 II r3.4 5.5 2.0 6.2 r2.8 2.7 3.8 3.0 -13.2 1.1 

 III 4.1 5.6 1.4 7.6 4.0 3.3 3.8 3.5 -14.9 1.5 

 IV 3.1 3.7 0.5 7.3 3.8 4.0 4.9 4.3 -21.3 1.6 

 ANNUAL 3.6 5.2 1.6 6.8 r3.3 3.1 3.8 3.3 -15.8 1.2 

 2001 I r1.7 1.1 -0.6 4.4 1.0 2.6 7.2 3.8 -23.7 1.2 

 II r1.9 0.0 -1.9 r4.8 1.4 2.8 7.8 4.1 -25.0 1.3 

 III 1.4 -2.0 -3.3 3.7 1.0 2.3 8.8 4.0 -26.5 1.3 

 IV 1.9 -2.7 -4.5 3.7 1.8 1.8 8.6 3.6 -22.2 1.5 

 ANNUAL 1.7 -0.9 -2.5 4.1 r1.2 2.4 8.1 3.9 -24.3 1.3 

 2002 I r2.8 r-1.7 -4.4 r3.4 r2.2 r0.6 r3.5 r1.4 r-1.9 r1.1 

 II r3.5 r0.2 -3.2 r3.7 r2.4 r0.1 r-0.9 r-0.1 r8.7 r0.5 

 III r4.4 1.9 r-2.4 r3.5 r1.9 r-0.8 r-3.5 r-1.6 r27.0 0.3 

 IV r4.5 r3.2 r-1.3 r2.8 r0.6 r-1.7 r-5.2 r-2.6 r47.2 r0.4 

 ANNUAL r3.8 r0.9 -2.8 r3.4 r1.8 r-0.4 r-1.6 r-0.7 r19.2 0.6 

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

 See footnotes following Table 6. August 9, 2005