Internet address:     http://stats.bls.gov/lprhome.htm  USDL 97-272
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                                                        1997.


                           PRODUCTIVITY AND COSTS
                             Second Quarter 1997


     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 1997.  The preliminary seasonally adjusted
annual rates of productivity change in the second quarter were:

               0.7 percent in the business sector, and
               0.6 percent in the nonfarm business sector.

In both the business and nonfarm business sectors, productivity growth in the
second quarter was slower than in the first quarter, as the increases in both
output and hours slowed.  In the first quarter of 1997, output per hour of
all persons (as revised) rose 1.8 percent in the business sector and 1.4
percent in the nonfarm business sector.

     In manufacturing, productivity changes in the second quarter were:

               3.2 percent in manufacturing,
               5.1 percent in durable goods manufacturing, and
               0.9 percent in nondurable goods manufacturing.

     The second-quarter increase in manufacturing productivity was the result
of a 4.4 percent increase in output and a 1.2 percent rise in hours of all
persons.  Output and hours in manufacturing, which includes about 18 percent
of U.S. business-sector employment, tend to vary more from quarter to quarter
than data for the more aggregate business and nonfarm business sectors.
Second-quarter measures are summarized in table A and appear in detail in
tables 1 through 5.


-----------------------------------------------------------------------------
| These measures reflect the regular multi-year GDP revisions released by   |
| the Bureau of Economic Analysis of the U.S. Department of Commerce on     |
| July 31. Measures for the manufacturing sectors also incorporate revised  |
| historical data.  See Revised Measures.  The revised measures are shown   |
| in appendix tables 1-9.                                                   |
-----------------------------------------------------------------------------


---------------------------------------------------------------------
Table A. Productivity and costs: Preliminary second-quarter 1997
measures
(Seasonally adjusted annual rates)
---------------------------------------------------------------------                                                                
                                                      Real      
                                             Hourly   hourly    Unit
                    Produc-                  compen-  compen-   labor
Sector              tivity   Output   Hours  sation   sation    costs
---------------------------------------------------------------------                   
                      Percent change from preceding quarter
Business             0.7       2.4     1.7    3.0      1.9       2.3
Nonfarm business     0.6       2.3     1.7    3.1      2.0       2.4
Manufacturing        3.2       4.4     1.2    2.7      1.6      -0.4
  Durable            5.1       7.1     1.9    2.3      1.2      -2.7
  Nondurable         0.9       1.1     0.2    3.4      2.3       2.5
---------------------------------------------------------------------
                      Percent change from same quarter a year ago
Business             0.8       3.6     2.8    3.5      1.1       2.6
Nonfarm business     0.7       3.6     2.9    3.4      1.0       2.7
Manufacturing        3.7       4.8     1.0    3.1      0.7      -0.6
  Durable            4.1       6.0     1.9    2.5      0.2      -1.5
  Nondurable         3.4       3.2    -0.2    3.8      1.4       0.3
---------------------------------------------------------------------


     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 independently prepared by the Board
of Governors of the Federal Reserve System.  See Technical Notes for further
information.


Business

     From the first to the second quarter of 1997, business sector
productivity increased at a 0.7 percent annual rate, as output rose 2.4
percent and hours of all persons engaged in the sector rose 1.7 percent.  The
second-quarter increase in labor productivity was smaller than those recorded
in the previous two quarters.  In the first quarter, productivity had
increased 1.8 percent as output increased 5.9 percent and hours rose 4.0
percent (table 1).

     Hourly compensation increased 3.0 percent in the second quarter and 4.4
percent in the first quarter of 1997.  This measure includes wages and
salaries, supplements, employer contributions to employee benefit plans, and
taxes.  Unit labor costs, which reflect changes in both hourly compensation
and productivity, increased at a 2.3 percent annual rate during the second
quarter, similar to the 2.5 percent increase posted during the first quarter.

     Real hourly compensation, which takes into account changes in the
Consumer Price Index for All Urban Consumers (CPI-U), increased at a 1.9
percent annual rate in both the first and second quarters of 1997, after
falling 0.1 percent in the fourth quarter of 1996.  The first- and second-
quarter increases in real hourly compensation were the largest since a 5.0
percent rise in the first quarter of 1992.

     The implicit price deflator for the business sector, which reflects
changes in unit labor costs and unit nonlabor payments, increased 1.1 percent
in the second quarter.  This increase was smaller than the 2.0 percent rise
in the first quarter.


Nonfarm business

     Productivity increased 0.6 percent in the nonfarm business sector during
the second quarter of 1997, compared with a 1.4 percent increase in the first
quarter (table 2).  Output grew more slowly in the second quarter, 2.3
percent, than during the first quarter of the year, when it grew 5.6 percent.
Hours of all persons in the nonfarm business sector increased 1.7 percent in
the second quarter, much less than the 4.2 percent increase registered during
the previous quarter.

     Hourly compensation increased at a 3.1 percent annual rate in the second
quarter, down from the 4.5 percent rise posted one quarter earlier.  However,
when the rise in the CPI-U is taken into account, increases in real hourly
compensation for the first and second quarters of the year were about the
same--2.0 percent in the second quarter and 2.1 percent in the first quarter.
As in the larger business sector, the increases in real hourly compensation
during the first two quarters of 1997 are the largest since the first quarter
of 1992, when real hourly compensation rose 4.8 percent.
     
     Unit labor costs grew 2.4 percent in the second quarter, down from the
3.1 percent increase posted in the previous quarter.  The implicit price
deflator for nonfarm business output rose 0.9 percent in the second quarter
and 2.4 percent in the first quarter of 1997.


Manufacturing

     Productivity increased 3.2 percent in manufacturing, as output rose 4.4
percent and hours of all persons rose 1.2 percent (seasonally adjusted annual
rates).  In the first quarter, productivity increased 2.5 percent, as output
rose 5.4 percent and hours increased 2.8 percent (table 3).  Labor
productivity in manufacturing has risen in every quarter since the third
quarter of 1993, when it fell 0.2 percent.  In durable goods, productivity
increased 5.1 in the second quarter of 1997, up from the 3.0 percent increase
posted in the first quarter.  In nondurable goods manufacturing, productivity
rose 0.9 percent in the second quarter and 2.7 percent in the first quarter.
The second-quarter increase in nondurables was the smallest since a 0.9
percent drop in the third quarter of 1994 (tables 4 and 5).

     Hourly compensation of all manufacturing workers increased 2.7 percent
during the second quarter, less than the 4.4 percent increase in the first
quarter.  When the increase in consumer prices is taken into account, real
hourly compensation rose 1.6 percent in the second quarter, somewhat less
than the 2.0 percent increase in the previous period.

     Unit labor costs fell at a 0.4 percent annual rate in the second quarter
after rising 1.8 percent one quarter earlier.  In durable goods
manufacturing, unit labor costs fell 2.7 percent in the second quarter after
rising 1.7 percent during the first quarter of 1997.  In nondurable goods
manufacturing, unit labor costs rose 2.5 percent during the second quarter,
up from the 0.7 percent increase of the first quarter.


--------------------------------------------------------------------
Table B. Previous and revised productivity and related measures
Quarterly percent change at seasonally adjusted annual rate
--------------------------------------------------------------------
                                                     Real      
                                            Hourly   hourly    Unit
                   Produc-                  compen-  compen-   labor
Sector             tivity   Output  Hours   sation   sation    costs
--------------------------------------------------------------------                                                              
                             First quarter 1997
Business:                                                     
  Previous.......   2.9      7.0     4.0     5.0      2.6       2.1
  Current........   1.8      5.9     4.0     4.4      1.9       2.5
Nonfarm business:                                              
  Previous.......   2.6      7.0     4.2     5.2      2.8       2.5
  Current........   1.4      5.6     4.2     4.5      2.1       3.1
Manufacturing:                                               
  Previous.......   2.8      5.6     2.8     4.4      2.0       1.6
  Current........   2.5      5.4     2.8     4.4      2.0       1.8
--------------------------------------------------------------------


Revised Measures

     Current and previous measures for the first quarter of 1997 for the
business, nonfarm business, and manufacturing sectors are compared in
table B.  In the business and nonfarm business sectors, increases in
productivity, output, and hourly compensation are smaller--and increases in
unit labor costs are higher--than reported on June 18, based on information
then available.  In manufacturing, productivity and output increased slightly
less than originally reported.

     Output measures for the business, nonfarm business, and nonfinancial
corporate sectors and compensation measures for all sectors incorporate the
revisions of the national income and product accounts produced by the Bureau
of Economic Analysis (BEA), U.S. Department of Commerce  (BEA 97-23).  These
revisions extend back to the first quarter of 1993.  Appendix tables 1-6
present quarterly and annual measures for 1992-94.  Output measures for the
manufacturing, durable manufacturing, and nondurable manufacturing sectors
were revised back to 1949 to incorporate the following: revised 1994 and
newly available 1995 shipments data from the Annual Survey of Manufactures
published by the Census Bureau; revised inventory data from BEA for 1949-95;
and the incorporation of new annual-weighted deflators, for detailed industry
outputs, for 1987-95 from BEA.  Appendix tables 7-9 contain revised annual
indexes for these three sectors.


----------------------------------------------------------------------------
Table C.  Nonfinancial corporations: Previous and revised productivity and
cost measures
Quarterly percent changes at seasonally adjusted annual rates
----------------------------------------------------------------------------
                                            Real                    
                                   Hourly   hourly   Unit           Implicit
            Produc-                compen-  compen-  labor  Unit    price
            tivity   Output Hours  sation   sation   costs  profits deflator
----------------------------------------------------------------------------
                            First quarter 1997
Previous     4.6      8.8    4.0    4.8      2.4      0.2    10.8     1.1
Current      1.9      6.1    4.1    4.3      1.9      2.3     3.8     1.6
----------------------------------------------------------------------------


Revised measures: Nonfinancial Corporations

     Productivity and cost measures for the first quarter for nonfinancial
corporations also were revised to incorporate the most recent information
from the Bureau of Economic Analysis.  The revised data for the first quarter
show that productivity, output, hourly compensation, and unit profits grew
more slowly than reported on June 18.  Growth in unit labor costs and the
implicit price deflator were higher than reported in June, based on
information then available (table C).
                                      
                                      
                              Next release date

     The next release of Productivity and Costs is scheduled for 10:00 a.m.
EDT, Tuesday, September 9, 1997.  Revised second-quarter measures for
business, nonfarm business, and manufacturing will be released at that time,
along with measures for nonfinancial corporations.
                                      
                                TECHNICAL NOTES
                                      
                                      
                                      
 Labor  Hours:  The primary source of hours and employment  data  is  the  BLS
 Current  Employment Statistics (CES) program, which provides  monthly  survey
 data on total employment and average weekly paid hours of production and non-
 supervisory  workers  in  nonagricultural establishments.  Jobs  rather  than
 persons  are counted. Weekly paid hours are adjusted to hours at  work  using
 the BLS Hours at Work survey, conducted for this purpose.
       Data  from  the BLS Current Population Survey (CPS) are used  for  farm
 labor; in the nonfarm sector, the National Income and Product Accounts (NIPA)
 prepared  by the Bureau of Economic Analysis (BEA) of the Department  of Com-
 merce and the CPS are used to measure labor input for government enterprises,
 proprietors, and unpaid family workers.
 
 Output: Business sector output is an annual-weighted index constructed  after
 excluding  from  gross domestic product (GDP) the following outputs:  General
 government, nonprofit institutions, paid employees of private households, and
 the  rental value of owner-occupied dwellings. Corresponding exclusions  also
 are  made in labor inputs. Business output accounted for about 76 percent  of
 the  value  of  GDP  in 1992. Nonfarm business, which also excludes  farming,
 accounted for about 75 percent of GDP in 1992.
      Annual manufacturing indexes 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  2-digit   SIC
 industries:   Primary  metal  industries;  fabricated  metal  products;  non-
 electrical  machinery;  industrial  and  commercial  machinery  and  computer
 equipment;   electronic   and  other  electrical  equipment;   transportation
 equipment;  instruments; lumber and lumber products; furniture and  fixtures;
 stone, clay, and glass and concrete products; and miscellaneous manufactures.
 Nondurables  include:  Food and kindred products, tobacco  products,  textile
 mill  products,  apparel  products, paper and allied products,  printing  and
 publishing,  chemicals and chemical products, petroleum refining and  related
 industries, rubber and plastic products, and leather and leather products.
      Nonfinancial corporate output is an annual-weighted index constructed by
 excluding  from  GDP  the  following outputs: General  government;  nonprofit
 institutions; employees of private households; the rental value  of owner-oc-
 cupied  dwellings; unincorporated business; and those corporations which  are
 depository  institutions, nondepository institutions, security and  commodity
 brokers,  insurance  carriers, regulated investment offices,  small  business
 investment   offices,   and  real  estate  investment  trusts.   Nonfinancial
 corporations accounted for about 52 percent of the value of GDP in 1992.
 
 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: 202-606-STAT; TDD phone: 202-606-5897;
 TDD message referral phone number: 1-800-326-2577.
 
 
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

  1995       I    r100.2     r108.7    r108.5    r105.8       r98.3     r105.6      r108.3     r106.5
            II    r100.4     r108.7    r108.3    r106.6       r98.3     r106.1      r108.4      107.0
           III    r100.6     r109.8     109.2    r107.3       r98.4     r106.7      r108.8     r107.4
            IV    r101.1     r110.7    r109.5    r108.1       r98.6     r107.0      r109.2      107.8

        ANNUAL    r100.5     r109.5    r108.9    r106.9       r98.4     r106.3      r108.7      107.2

  1996       I    r101.6     r111.4     109.6    r108.9       r98.4     r107.1      r110.6     r108.4
            II    r102.3     r113.2     110.7    r110.1       r98.8     r107.7      r111.1     r108.9
           III    r102.0     r113.5     111.3    r111.0       r98.9     r108.8      r110.8     r109.6
            IV    r102.5     r115.0     112.2    r111.9       r98.9     r109.2      r111.4     r110.0

        ANNUAL    r102.0     r113.3     111.0    r110.4       r98.7     r108.2      r111.0     r109.2

  1997       I    r102.9     r116.6     113.3    r113.1       r99.4     r109.9      r111.8     r110.6
            II     103.1      117.3     113.8     114.0        99.8      110.5       111.4      110.8
  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  1995       I     r-2.1       r0.8       2.9      r2.6       r-0.2       r4.8       r-0.2       r2.9
            II      r0.9       r0.2      -0.7      r3.2        r0.1       r2.3        r0.4       r1.6
           III      r0.7       r4.2      r3.5      r2.6        r0.5       r1.9        r1.4       r1.7
            IV      r2.0       r3.0      r1.0      r3.2        r0.7       r1.2        r1.5       r1.3

        ANNUAL      r0.0       r2.3       2.4      r2.5       r-0.3       r2.6        r1.7        2.3

  1996       I      r2.2       r2.8       0.6      r2.7       r-0.6       r0.5        r5.3       r2.3
            II      r2.5       r6.6       4.0      r4.7        r1.3       r2.2        r1.9       r2.1
           III     r-1.1       r0.9       2.0      r3.3        r0.6       r4.4       r-1.0       r2.4
            IV      r1.9       r5.4       3.4      r3.3       r-0.1       r1.4        r2.2       r1.7

        ANNUAL      r1.5       r3.5       2.0      r3.3        r0.3       r1.8        r2.2       r1.9

  1997       I      r1.8       r5.9       4.0      r4.4        r1.9       r2.5         1.1       r2.0
            II       0.7        2.4       1.7       3.0         1.9        2.3        -1.1        1.1
  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  1995       I     r-0.5       r3.3       3.8      r1.7       r-1.2       r2.2        r3.2       r2.6
            II     r-0.3       r1.7      r2.1      r2.5       r-0.5        2.8        r1.7       r2.4
           III       0.0        2.4       2.3      r2.7        r0.1       r2.7        r1.3       r2.2
            IV      r0.4       r2.0       1.7      r2.9        r0.3       r2.5        r0.8       r1.9

        ANNUAL      r0.0       r2.3       2.4      r2.5       r-0.3       r2.6        r1.7        2.3

  1996       I      r1.4       r2.5       1.1      r2.9        r0.2       r1.5        r2.1        1.7
            II      r1.8       r4.2       2.3      r3.3        r0.5       r1.5        r2.5       r1.8
           III      r1.4       r3.3       1.9      r3.5        r0.5       r2.1        r1.9       r2.0
            IV      r1.4       r3.9       2.5      r3.5        r0.3       r2.1        r2.1       r2.1

        ANNUAL      r1.5       r3.5       2.0      r3.3        r0.3       r1.8        r2.2       r1.9

  1997       I       1.3        4.7       3.4      r3.9        r0.9       r2.6        r1.1       r2.0
            II       0.8        3.6       2.8       3.5         1.1        2.6         0.3        1.8
  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       August 12, 1997 
  r=revised                                                              Source: Bureau of Labor Statistics

Table 2. Nonfarm business sector:   Productivity, hourly compensation, unit labor costs,
  and prices, seasonally adjusted
                                                             Real
     Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
     and        hour of                of all    tion per    tion per    labor    labor pay-  price
     quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
  ---------------------------------------------------------------------------------------------------------
                                           Indexes 1992=100

  1995       I    r100.3     r108.9     108.5    r105.6       r98.2     r105.3      r109.5     r106.8
            II    r100.5     r108.9    r108.4    r106.4       r98.1     r105.8      r109.6     r107.2
           III    r100.8     r110.2     109.3    r107.1       r98.3     r106.3      r109.7      107.5
            IV    r101.2     r111.0    r109.7    r107.9       r98.4     r106.6      r109.8      107.8

        ANNUAL    r100.7     r109.8     109.0    r106.7       r98.3     r106.0      r109.7     r107.3

  1996       I    r101.7     r111.7     109.8    r108.7       r98.3     r106.9      r111.1     r108.4
            II    r102.2     r113.5     111.0    r109.8       r98.5     r107.4      r111.4     r108.8
           III    r102.0     r113.8     111.6    r110.6       r98.6     r108.5      r111.0     r109.4
            IV    r102.4     r115.3     112.6    r111.5       r98.5     r108.9      r111.6     r109.8

        ANNUAL    r102.0     r113.6     111.3    r110.1       r98.4     r107.9      r111.3     r109.1

  1997       I    r102.8     r116.9    r113.8    r112.8       r99.1     r109.7      r111.9     r110.5
            II     102.9      117.6     114.2     113.6        99.5      110.4       111.4      110.7
  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  1995       I     r-1.6       r1.2      r2.9      r2.6       r-0.2       r4.2        r1.3       r3.1
            II      r0.8       r0.2      -0.6      r3.1       r-0.1       r2.3        r0.2       r1.5
           III      r1.1       r4.6       3.5      r2.7        r0.6       r1.6        r0.5       r1.2
            IV      r1.6       r3.0       1.4      r2.9        r0.5       r1.3        r0.3       r1.0

        ANNUAL       0.2       r2.6       2.4      r2.5       r-0.3       r2.4        r2.1       r2.3

  1996       I      r1.9       r2.6      r0.6      r2.8       r-0.5       r0.9        r4.8       r2.3
            II      r2.2       r6.8       4.4      r4.4        r1.0       r2.1        r1.1       r1.7
           III     r-1.0       r1.0       2.1      r2.9        r0.2       r3.9       r-1.3       r2.0
            IV      r1.8       r5.4       3.6      r3.3       r-0.1       r1.5        r2.0       r1.7

        ANNUAL      r1.3       r3.5       2.2      r3.1        r0.2       r1.8        r1.5       r1.7

  1997       I      r1.4       r5.6       4.2      r4.5        r2.1       r3.1        r1.0       r2.4
            II       0.6        2.3       1.7       3.1         2.0        2.4        -1.7        0.9
  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  1995       I     r-0.2       r3.5       3.7      r1.8       r-1.1       r2.0        r4.3       r2.8
            II     r-0.2       r1.9       2.1      r2.4       r-0.6       r2.6        r2.4       r2.6
           III      r0.4       r2.7       2.3      r2.8        r0.1       r2.4        r1.5       r2.1
            IV      r0.4       r2.2       1.8      r2.8        r0.2       r2.4        r0.6       r1.7

        ANNUAL       0.2       r2.6       2.4      r2.5       r-0.3       r2.4        r2.1       r2.3

  1996       I      r1.3       r2.6       1.2      r2.9        r0.1       r1.5        r1.4        1.5
            II      r1.7       r4.2       2.5      r3.2        r0.4       r1.5        r1.7       r1.6
           III      r1.2       r3.3       2.1      r3.3        r0.3       r2.1        r1.2       r1.7
            IV      r1.2       r3.9       2.7      r3.3        r0.2       r2.1        r1.6       r1.9

        ANNUAL      r1.3       r3.5       2.2      r3.1        r0.2       r1.8        r1.5       r1.7

  1997       I      r1.1       r4.7       3.6      r3.8        r0.8       r2.7        r0.7       r1.9
            II       0.7        3.6       2.9       3.4         1.0        2.7         0.0        1.7
  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       August 12, 1997
  r=revised                                                              Source: Bureau of Labor Statistics
Table 3. Manufacturing sector:   Productivity, hourly compensation, and unit labor costs,
  seasonally adjusted
                                                                              Real
       Year           Output per                  Hours       Compensa-       compensa-      Unit 
       and            hour of                     of all      tion per        tion per       labor
       quarter        all persons     Output      persons     hour (1)        hour (2)       costs
  --------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  1995       I           r106.7       r112.3        105.2       r107.2          r99.6        r100.5
            II           r107.6       r111.9        104.0       r108.2          r99.8        r100.5
           III           r108.8       r112.7        103.6       r109.2         r100.2        r100.4
            IV           r109.2       r113.0        103.4       r110.1         r100.4        r100.8

        ANNUAL           r108.1       r112.5        104.1       r108.7         r100.1        r100.6

  1996       I           r110.3       r113.3        102.7       r110.8         r100.2        r100.4
            II           r111.0       r115.0        103.7       r112.1         r100.5        r101.0
           III           r112.4       r116.4        103.6       r112.9          100.6        r100.4
            IV           r113.5       r117.7        103.7       r113.5         r100.3        r100.0

        ANNUAL           r111.7       r115.6        103.5       r112.2         r100.3        r100.5

  1997       I           r114.2       r119.2        104.4       r114.7         r100.8        r100.4
            II            115.1        120.5        104.7        115.5          101.2         100.3
  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  1995       I             r3.8         r4.4          0.6         r2.1          r-0.6         r-1.6
            II             r3.5        r-1.2         -4.5         r3.8           r0.7          r0.3
           III             r4.3         r2.7         -1.5         r3.9           r1.7         r-0.4
            IV              1.7          1.0         -0.7         r3.2           r0.7           1.4

        ANNUAL              3.2          3.5          0.3         r2.9           r0.1         r-0.3

  1996       I              4.0          1.1         -2.7         r2.5          r-0.8         r-1.4
            II              2.4          6.3          3.8         r4.7           r1.3          r2.2
           III              5.5          5.0         -0.5         r3.2           r0.5         r-2.2
            IV              3.7          4.3          0.6         r1.9          r-1.4         r-1.7

        ANNUAL              3.3         r2.8         -0.5         r3.2           r0.2         r-0.1

  1997       I             r2.5         r5.4          2.8          4.4            2.0          r1.8
            II              3.2          4.4          1.2          2.7            1.6          -0.4
  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  1995       I             r2.9         r5.7          2.8         r2.0          r-0.9         r-0.9
            II              2.7         r3.5          0.9         r2.8          r-0.2          r0.1
           III             r3.4         r3.1         -0.3         r3.1           r0.5         r-0.3
            IV             r3.3         r1.7         -1.6         r3.3           r0.6         r-0.1

        ANNUAL              3.2          3.5          0.3         r2.9           r0.1         r-0.3

  1996       I             r3.4         r0.9         -2.4         r3.3           r0.6          r0.0
            II              3.1         r2.8         -0.3         r3.6           r0.7          r0.5
           III              3.4          3.3         -0.1         r3.4           r0.4          r0.0
            IV              3.9          4.1          0.3          3.1           -0.1          -0.8

        ANNUAL              3.3         r2.8         -0.5         r3.2           r0.2         r-0.1

  1997       I             r3.5         r5.2          1.7         r3.5           r0.6          r0.0
            II              3.7          4.8          1.0          3.1            0.7          -0.6
  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                August 12, 1997
  r=revised                                                       Source: Bureau of Labor Statistics
Table 4. Durable manufacturing sector:   Productivity, hourly compensation, and unit labor costs,
  seasonally adjusted
                                                                              Real
       Year           Output per                  Hours       Compensa-       compensa-      Unit 
       and            hour of                     of all      tion per        tion per       labor
       quarter        all persons     Output      persons     hour (1)        hour (2)       costs
  --------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  1995       I           r110.8       r118.4        106.9       r107.1          r99.5         r96.7
            II           r111.3       r118.0        106.0       r107.9          r99.5         r96.9
           III           r112.8       r119.5        106.0       r108.8          r99.8         r96.4
            IV           r113.5       r120.5        106.2       r109.3          r99.7         r96.4

        ANNUAL           r112.1       r119.1        106.3       r108.2          r99.7         r96.6

  1996       I           r115.1       r121.6        105.6       r109.8          r99.3         r95.3
            II           r116.3       r124.7        107.2       r111.1           99.6         r95.5
           III           r118.0       r126.5        107.2       r111.8          r99.6         r94.7
            IV           r118.7       r127.4        107.4       r111.9          r98.9         r94.3

        ANNUAL           r116.9       r125.0        107.0        111.0          r99.2         r95.0

  1997       I            119.5        129.9        108.7       r113.2          r99.5         r94.7
            II            121.0        132.2        109.2        113.9           99.8          94.1
  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  1995       I             r5.7         r6.7          0.9         r2.3          r-0.4         r-3.2
            II             r2.1        r-1.4         -3.4         r3.0          r-0.1          r1.0
           III             r5.4         r5.3         -0.1         r3.4           r1.2         r-1.9
            IV             r2.4         r3.4          0.9         r2.1          r-0.3         r-0.3

        ANNUAL             r4.0         r5.3          1.3         r2.6          r-0.2         r-1.3

  1996       I              6.0          3.7         -2.2         r1.6          r-1.7         r-4.2
            II              4.0         10.3          6.1         r4.8           r1.4          r0.8
           III              6.2          6.0         -0.2         r2.7           r0.0         r-3.4
            IV              2.1          2.8          0.7         r0.5          r-2.7         r-1.6

        ANNUAL              4.3          5.0          0.7         r2.5          r-0.4         r-1.7

  1997       I             r3.0         r8.3          5.2         r4.7           r2.3          r1.7
            II              5.1          7.1          1.9          2.3            1.2          -2.7
  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  1995       I             r4.1          8.0          3.7         r1.7          r-1.1         r-2.3
            II             r3.4         r5.4          1.9         r2.5          r-0.6         r-0.9
           III             r3.9         r4.7          0.7         r2.8           r0.2         r-1.1
            IV             r3.9         r3.4         -0.4         r2.7           r0.1         r-1.1

        ANNUAL             r4.0         r5.3          1.3         r2.6          r-0.2         r-1.3

  1996       I             r4.0         r2.7         -1.2         r2.5          r-0.2         r-1.4
            II             r4.4         r5.6          1.2         r3.0           r0.1         r-1.4
           III             r4.6          5.8          1.1         r2.8          r-0.2         r-1.8
            IV              4.6          5.7          1.1         r2.4          r-0.8         r-2.1

        ANNUAL              4.3          5.0          0.7         r2.5          r-0.4         r-1.7

  1997       I             r3.8         r6.8          2.9         r3.2           r0.2         r-0.6
            II              4.1          6.0          1.9          2.5            0.2          -1.5
  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                August 12, 1997
  r=revised                                                       Source: Bureau of Labor Statistics
Table 5. Nondurable manufacturing sector:   Productivity, hourly compensation, and unit labor costs,
  seasonally adjusted
                                                                              Real
       Year           Output per                  Hours       Compensa-       compensa-      Unit 
       and            hour of                     of all      tion per        tion per       labor
       quarter        all persons     Output      persons     hour (1)        hour (2)       costs
  --------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  1995       I           r102.9       r105.9        103.0       r107.0          r99.5        r104.1
            II           r104.1       r105.6        101.4       r108.3          r99.9        r104.0
           III           r105.0       r105.5        100.5       r109.5         r100.4        r104.3
            IV           r105.3       r105.0         99.7       r110.7         r100.9        r105.1

        ANNUAL           r104.4       r105.5        101.1        108.9          100.3        r104.4

  1996       I           r105.8       r104.5         98.8       r111.7         r101.1        r105.7
            II           r106.0       r104.9         99.0       r112.8         r101.2        r106.4
           III           r107.2       r105.9         98.7       r113.9         r101.5        r106.3
            IV           r108.7       r107.4         98.8       r115.1         r101.8        r106.0

        ANNUAL           r106.8       r105.7         99.0       r113.3         r101.3        r106.1

  1997       I           r109.4       r108.0         98.7       r116.1         r102.0        r106.1
            II            109.6        108.3         98.7        117.1          102.6         106.8
  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  1995       I             r1.3         r1.4          0.1         r1.7          r-1.0          r0.5
            II             r5.1        r-1.3         -6.0         r4.7           r1.6         r-0.3
           III             r3.3        r-0.4         -3.5         r4.4           r2.3          r1.1
            IV             r1.2        r-1.8         -3.0         r4.6           r2.1          r3.3

        ANNUAL              2.3          1.2         -1.1         r3.2           r0.4          r0.9

  1996       I              1.7         -1.9         -3.5         r3.8           r0.5          r2.1
            II              1.0          1.6          0.5         r4.0           r0.6          r2.9
           III              4.6          3.7         -0.9         r3.9           r1.2         r-0.6
            IV              5.5          5.9          0.4         r4.3           r0.9         r-1.1

        ANNUAL             r2.3         r0.2         -2.1         r4.0           r1.0          r1.7

  1997       I             r2.7         r2.1         -0.6         r3.4           r1.0          r0.7
            II              0.9          1.1          0.2          3.4            2.3           2.5
  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  1995       I             r1.6         r3.2          1.6         r2.1          r-0.7          r0.5
            II              1.8         r1.3         -0.5         r3.0           r0.0          r1.2
           III             r2.8         r1.0         -1.8         r3.4           r0.7          r0.5
            IV             r2.7        r-0.5         -3.1         r3.9           r1.2          r1.1

        ANNUAL              2.3          1.2         -1.1         r3.2           r0.4          r0.9

  1996       I             r2.8        r-1.3         -4.0         r4.4           r1.6          r1.5
            II             r1.8        r-0.6         -2.4         r4.2           r1.3          r2.4
           III              2.1         r0.4         -1.7         r4.1           r1.1          r1.9
            IV              3.2          2.3         -0.9          4.0            0.8           0.8

        ANNUAL             r2.3         r0.2         -2.1         r4.0           r1.0          r1.7

  1997       I             r3.4         r3.3         -0.1          3.9            0.9          r0.5
            II              3.4          3.2         -0.2          3.8            1.4           0.3
  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                August 12, 1997
  r=revised                                                       Source: Bureau of Labor Statistics
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

  1995       I   r103.0   r112.3    r109.1    105.2      97.8    r102.2    r99.8   r101.6   r135.2   r104.6
            II   r103.5   r112.9    r109.1   r106.0     r97.7    r102.4   r100.1   r101.8   r134.9   r104.8
           III   r104.7   r114.9    r109.7   r106.6     r97.8    r101.9    r99.0   r101.1   r145.5   r105.1
            IV   r105.2   r115.9    r110.2   r107.3     r97.8    r102.0    r99.1   r101.2   r147.3   r105.4

        ANNUAL   r104.1   r114.0    r109.5   r106.3     r97.9    r102.1    r99.5   r101.4   r140.8   r105.0

  1996       I   r105.6   r116.5    r110.4   r107.8     r97.5    r102.1    r99.2   r101.4   r152.5   r106.0
            II   r106.4   r118.7    r111.5   r109.0     r97.8    r102.4    r98.4   r101.4   r154.7   r106.2
           III   r107.0   r120.0    r112.1   r109.9     r97.9    r102.7    r98.1   r101.5   r156.0   r106.4
            IV   r107.6   r121.5    r113.0   r110.7     r97.8    r102.9    r97.4   r101.5   r156.4   r106.5

        ANNUAL   r106.6   r119.2    r111.8   r109.4     r97.8    r102.6    r98.3   r101.4   r154.9   r106.3

  1997       I   r108.1   r123.3    r114.1   r111.9     r98.3    r103.5    r97.0   r101.8   r157.9    106.9
  ----------------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)

  1995       I    r-3.1     r0.0       3.2      2.4     r-0.4      r5.6     r2.8     r4.9   r-18.1     r1.8
            II     r1.9     r2.0      r0.1     r3.0     r-0.1      r1.0     r1.0     r1.0    r-0.8     r0.8
           III     r4.8      7.2      r2.3     r2.5      r0.4     r-2.2    r-4.2    r-2.7    r35.4     r1.3
            IV     r2.1     r3.8      r1.7     r2.5      r0.1      r0.4     r0.4     r0.4     r4.9     r1.0

        ANNUAL     r0.8     r3.7      r2.9     r2.3     r-0.5      r1.5    r-0.2     r1.1     r4.7     r1.5

  1996       I     r1.3     r2.0      r0.7     r2.0     r-1.2      r0.7     r0.6     r0.7    r15.0     r2.4
            II     r3.3     r7.6      r4.2     r4.4      r1.0      r1.1    r-3.1     r0.0     r5.8     r0.7
           III     r2.3     r4.3      r2.0     r3.4      r0.7      r1.1    r-1.4     r0.5     r3.5     r0.9
            IV     r2.0     r5.2       3.2     r2.9     r-0.4      r0.9    r-2.8     r0.0     r1.0      0.1

        ANNUAL     r2.4      4.5      r2.1     r2.9     r-0.1      r0.4    r-1.2     r0.0    r10.0     r1.2

  1997       I     r1.9     r6.1      r4.1     r4.3      r1.9      r2.3    r-1.8     r1.3     r3.8     r1.6
  ----------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year

  1995       I    r-0.6     r3.9      r4.6     r1.6     r-1.3      r2.2    r-1.7     r1.2     r6.6      1.8
            II     r0.4     r3.5      r3.0     r2.2     r-0.8      r1.8     r1.3     r1.7     r1.9     r1.7
           III     r1.5     r4.3      r2.7     r2.5     r-0.1      r1.0    r-0.5     r0.6     r6.7     r1.3
            IV     r1.4     r3.2      r1.8     r2.6      r0.0      r1.2     r0.0     r0.9     r3.6     r1.2

        ANNUAL     r0.8     r3.7      r2.9     r2.3     r-0.5      r1.5    r-0.2     r1.1     r4.7     r1.5

  1996       I     r2.5     r3.7      r1.2     r2.5     r-0.2      r0.0    r-0.6    r-0.2    r12.8      1.4
            II     r2.9     r5.1      r2.2     r2.9      r0.0      r0.0    r-1.6    r-0.4    r14.6      1.3
           III      2.3     r4.4      r2.1     r3.1      r0.1      r0.8    r-0.9     r0.4     r7.2     r1.2
            IV     r2.2     r4.8      r2.5     r3.2      r0.0      r1.0     -1.7     r0.3     r6.2     r1.0

        ANNUAL     r2.4      4.5      r2.1     r2.9     r-0.1      r0.4    r-1.2     r0.0    r10.0     r1.2

  1997       I     r2.4     r5.8      r3.3     r3.8      r0.8      r1.3    r-2.3      0.4     r3.5     r0.8
  ----------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                        August 12, 1997
  r=revised                                                               Source: Bureau of Labor Statistics

SOURCES:  Output data are from the Bureau of Economic Analysis and the Census
Bureau of the U.S. Department of Commerce; the Bureau of Labor Statistics,
U.S. Department of Labor; and the Federal Reserve Board.  Compensation and
hours data are from the Bureau of Labor Statistics  and the Bureau of
Economic Analysis.

RELIABILITY:  Productivity and cost measures are regularly revised as more
complete information becomes available.  The measures are first published 30
days after the close of the reference period; revisions appear 30 days later,
and second revisions after an additional 60 days.



                            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)  Compensation per hour adjusted for changes in the Consumer Price Index
     for All Urban Consumers.

(3)  Unit nonlabor payments include profits, capital consumption allowances,
     interest, rental income of persons, and indirect taxes.

(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 capital consumption allowances, interest,
     rental income of persons, and indirect taxes.  For nonfinancial
     corporations, rental income of persons is zero by definition.

(7)  Total unit costs are the sum of unit labor and nonlabor costs.

(8)  Unit profits include corporate profits with inventory valuation and
     capital consumption adjustments.

Appendix 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

  1992       I     99.4       98.8      99.5      98.6        99.7       99.3        99.2       99.3
            II     99.9       99.6      99.7      99.5        99.8       99.6        99.9       99.7
           III     99.7       99.8     100.1     100.7       100.2      101.0        98.6      100.1
            IV    101.0      101.7     100.7     101.2        99.9      100.1       102.2      100.9

        ANNUAL    100.0      100.0     100.0     100.0       100.0      100.0       100.0      100.0

  1993       I    100.1      101.4     101.4     101.8        99.8      101.7       101.7      101.7
            II     99.7      102.1     102.4     102.4        99.7      102.7       101.5      102.3
           III     99.9      102.8     102.9     102.9        99.6      103.0       102.2      102.7
            IV    101.0      104.6     103.6     103.3        99.2      102.3       105.3      103.4

        ANNUAL    100.2      102.7     102.6     102.6        99.6      102.4       102.7      102.5

  1994       I    100.7      105.2     104.5     104.0        99.5      103.3       104.9      103.9
            II    100.7      106.9     106.1     104.0        98.8      103.2       106.5      104.4
           III    100.5      107.3     106.7     104.4        98.3      103.9       107.4      105.1
            IV    100.7      108.5     107.7     105.1        98.3      104.3       108.3      105.8

        ANNUAL    100.6      107.0     106.3     104.3        98.7      103.7       106.8      104.8

  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  1992       I      8.0        6.2      -1.6       7.9         5.0        0.0         8.2        2.8
            II      2.2        3.2       0.9       3.6         0.5        1.4         3.0        2.0
           III     -0.7        0.8       1.5       4.7         1.6        5.5        -5.2        1.5
            IV      5.4        7.9       2.3       2.0        -1.5       -3.2        15.1        3.0

        ANNUAL      3.4        3.2      -0.2       5.2         2.1        1.7         3.5        2.4

  1993       I     -3.8       -1.2       2.7       2.5        -0.4        6.6        -1.7        3.5
            II     -1.3        2.7       4.0       2.5        -0.4        3.9        -1.0        2.1
           III      0.7        2.8       2.0       1.8        -0.1        1.0         2.8        1.6
            IV      4.3        7.1       2.7       1.6        -1.6       -2.6        12.7        2.7

        ANNUAL      0.2        2.7       2.6       2.6        -0.4        2.4         2.7        2.5

  1994       I     -0.9        2.6       3.5       3.0         0.9        3.9        -1.3        2.0
            II      0.0        6.4       6.3      -0.2        -2.5       -0.2         6.3        2.1
           III     -0.7        1.5       2.3       1.7        -2.0        2.4         3.2        2.7
            IV      0.7        4.5       3.8       2.5         0.0        1.8         3.6        2.5

        ANNUAL      0.4        4.1       3.7       1.6        -0.9        1.2         4.0        2.2

  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  1992       I      3.6        2.6      -1.0       5.6         2.7        2.0         3.8        2.6
            II      3.3        2.8      -0.5       5.1         2.0        1.7         3.6        2.4
           III      2.7        2.7       0.0       5.2         2.1        2.4         1.5        2.1
            IV      3.7        4.5       0.8       4.5         1.4        0.9         5.0        2.3

        ANNUAL      3.4        3.2      -0.2       5.2         2.1        1.7         3.5        2.4

  1993       I      0.7        2.6       1.9       3.2         0.0        2.5         2.5        2.5
            II     -0.2        2.5       2.7       2.9        -0.2        3.1         1.5        2.5
           III      0.2        3.0       2.8       2.2        -0.6        2.0         3.6        2.6
            IV     -0.1        2.8       2.9       2.1        -0.7        2.2         3.0        2.5

        ANNUAL      0.2        2.7       2.6       2.6        -0.4        2.4         2.7        2.5

  1994       I      0.7        3.8       3.1       2.2        -0.3        1.5         3.1        2.1
            II      1.0        4.7       3.6       1.5        -0.8        0.5         5.0        2.1
           III      0.6        4.4       3.7       1.5        -1.3        0.9         5.1        2.4
            IV     -0.2        3.7       4.0       1.7        -0.9        2.0         2.9        2.3

        ANNUAL      0.4        4.1       3.7       1.6        -0.9        1.2         4.0        2.2

  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       August 12, 1997 
                                                                         Source: Bureau of Labor Statistics

Appendix 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

  1992       I     99.3       98.8      99.5      98.6        99.7       99.2        99.2       99.2
            II    100.0       99.6      99.6      99.6        99.9       99.6       100.0       99.8
           III     99.7       99.8     100.1     100.7       100.2      101.0        98.4      100.1
            IV    101.1      101.8     100.7     101.2        99.9      100.1       102.3      100.9

        ANNUAL    100.0      100.0     100.0     100.0       100.0      100.0       100.0      100.0

  1993       I    100.1      101.6     101.5     101.6        99.6      101.6       102.3      101.8
            II     99.6      102.3     102.6     102.1        99.4      102.5       101.8      102.3
           III    100.0      103.2     103.2     102.5        99.3      102.5       102.9      102.6
            IV    100.8      104.8     103.9     103.0        98.9      102.1       105.5      103.3

        ANNUAL    100.1      103.0     102.8     102.3        99.3      102.2       103.1      102.5

  1994       I    100.6      105.2     104.6     103.8        99.2      103.2       105.0      103.8
            II    100.7      106.9     106.1     103.9        98.7      103.1       107.0      104.5
           III    100.4      107.3     106.8     104.2        98.1      103.8       108.1      105.3
            IV    100.8      108.6     107.8     105.0        98.2      104.2       109.2      106.0

        ANNUAL    100.5      107.0     106.4     104.1        98.5      103.6       107.4      104.9

  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  1992       I      7.1        5.6      -1.4       7.7         4.8        0.5         7.7        3.0
            II      2.6        3.0       0.4       4.3         1.1        1.6         2.9        2.1
           III     -1.2        0.7       1.9       4.4         1.2        5.6        -6.0        1.4
            IV      5.9        8.4       2.4       2.0        -1.5       -3.7        16.9        3.2

        ANNUAL      3.2        3.0      -0.2       5.2         2.1        1.9         3.3        2.4

  1993       I     -4.0       -0.8       3.3       1.9        -1.0        6.1        -0.1        3.8
            II     -1.8        2.6       4.5       2.0        -0.9        3.9        -2.0        1.7
           III      1.7        3.9       2.2       1.6        -0.3       -0.1         4.5        1.5
            IV      3.3        6.1       2.7       1.7        -1.6       -1.5        10.5        2.6

        ANNUAL      0.1        3.0       2.8       2.3        -0.7        2.2         3.1        2.5

  1994       I     -1.1        1.6       2.8       3.2         1.2        4.4        -1.8        2.1
            II      0.6        6.6       5.9       0.3        -2.0       -0.2         7.7        2.5
           III     -1.1        1.5       2.6       1.3        -2.3        2.4         4.4        3.2
            IV      1.3        5.0       3.7       2.8         0.3        1.6         4.0        2.4

        ANNUAL      0.4        3.9       3.5       1.7        -0.8        1.4         4.1        2.3

  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  1992       I      3.3        2.5      -0.8       5.6         2.6        2.2         3.5        2.7
            II      3.2        2.7      -0.5       5.2         2.1        1.9         3.7        2.6
           III      2.4        2.5       0.1       5.2         2.0        2.7         1.1        2.1
            IV      3.5        4.4       0.8       4.5         1.4        1.0         5.0        2.4

        ANNUAL      3.2        3.0      -0.2       5.2         2.1        1.9         3.3        2.4

  1993       I      0.8        2.8       2.0       3.1        -0.1        2.3         3.1        2.6
            II     -0.3        2.7       3.0       2.6        -0.5        2.9         1.8        2.5
           III      0.4        3.5       3.1       1.9        -0.9        1.5         4.6        2.5
            IV     -0.2        2.9       3.2       1.8        -0.9        2.0         3.1        2.4

        ANNUAL      0.1        3.0       2.8       2.3        -0.7        2.2         3.1        2.5

  1994       I      0.5        3.6       3.0       2.1        -0.4        1.6         2.7        2.0
            II      1.1        4.5       3.4       1.7        -0.7        0.6         5.1        2.2
           III      0.4        3.9       3.5       1.6        -1.2        1.2         5.1        2.6
            IV     -0.1        3.6       3.7       1.9        -0.7        2.0         3.5        2.6

        ANNUAL      0.4        3.9       3.5       1.7        -0.8        1.4         4.1        2.3

  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       August 12, 1997
                                                                         Source: Bureau of Labor Statistics
Appendix 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

  1992       I           98.7          98.3         99.5         98.6           99.7          99.9
            II           99.6          99.8        100.2         99.7          100.0         100.0
           III          100.4         100.4        100.0        100.6          100.2         100.2
            IV          101.1         101.6        100.4        101.0           99.7          99.9

        ANNUAL          100.0         100.0        100.0        100.0          100.0         100.0

  1993       I          102.0         102.8        100.8        101.4           99.4          99.5
            II          102.0         103.2        101.2        102.5           99.7         100.5
           III          101.9         103.4        101.5        103.3          100.1         101.4
            IV          102.7         104.9        102.1        104.3          100.2         101.5

        ANNUAL          102.2         103.6        101.4        102.9           99.9         100.7

  1994       I          103.7         106.2        102.4        105.1          100.5         101.3
            II          104.8         108.1        103.1        105.3          100.0         100.4
           III          105.2         109.3        104.0        105.9           99.8         100.7
            IV          105.7         111.1        105.1        106.6           99.8         100.9

        ANNUAL          104.7         108.7        103.8        105.6          100.0         100.8

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  1992       I            3.4           0.9         -2.5          4.5            1.8           1.1
            II            3.7           6.3          2.5          4.5            1.3           0.7
           III            2.9           2.3         -0.7          3.6            0.5           0.7
            IV            3.1           5.0          1.8          1.7           -1.8          -1.4

        ANNUAL            3.8           3.2         -0.6          4.5            1.4           0.7

  1993       I            3.3           5.0          1.6          1.8           -1.2          -1.5
            II            0.0           1.5          1.5          4.1            1.1           4.1
           III           -0.2           1.0          1.2          3.5            1.6           3.7
            IV            3.3           5.5          2.1          3.6            0.4           0.3

        ANNUAL            2.2           3.6          1.4          2.9           -0.1           0.7

  1994       I            4.0           5.2          1.2          3.4            1.3          -0.6
            II            4.3           7.4          3.0          0.5           -1.9          -3.7
           III            1.2           4.6          3.3          2.6           -1.1           1.3
            IV            2.1           6.6          4.4          2.7            0.1           0.5

        ANNUAL            2.5           4.9          2.4          2.6            0.0           0.1

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  1992       I            4.0           2.7         -1.2          4.9            1.9           0.9
            II            4.1           3.9         -0.2          4.7            1.5           0.6
           III            3.1           2.6         -0.5          4.2            1.1           1.1
            IV            3.3           3.6          0.3          3.6            0.4           0.3

        ANNUAL            3.8           3.2         -0.6          4.5            1.4           0.7

  1993       I            3.3           4.6          1.3          2.9           -0.3          -0.4
            II            2.3           3.4          1.1          2.8           -0.3           0.4
           III            1.5           3.1          1.5          2.7           -0.1           1.2
            IV            1.6           3.2          1.6          3.2            0.5           1.6

        ANNUAL            2.2           3.6          1.4          2.9           -0.1           0.7

  1994       I            1.7           3.3          1.5          3.6            1.1           1.9
            II            2.8           4.8          1.9          2.7            0.3          -0.1
           III            3.2           5.7          2.4          2.5           -0.3          -0.7
            IV            2.9           5.9          3.0          2.3           -0.4          -0.6

        ANNUAL            2.5           4.9          2.4          2.6            0.0           0.1

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                August 12, 1997
                                                                  Source: Bureau of Labor Statistics
Appendix 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

  1992       I           98.1          97.8         99.7         98.6           99.7         100.6
            II           99.9         100.0        100.1         99.7          100.0          99.8
           III          100.4         100.3         99.9        100.6          100.2         100.2
            IV          101.5         101.9        100.4        100.9           99.6          99.4

        ANNUAL          100.0         100.0        100.0        100.0          100.0         100.0

  1993       I          102.8         103.6        100.8        101.5           99.5          98.8
            II          103.3         104.3        101.0        102.7           99.9          99.4
           III          102.7         104.5        101.7        103.5          100.3         100.8
            IV          104.9         107.5        102.5        104.6          100.5          99.7

        ANNUAL          103.5         105.0        101.5        103.1          100.1          99.7

  1994       I          106.4         109.7        103.1        105.2          100.6          98.9
            II          107.6         112.0        104.0        105.3          100.0          97.8
           III          108.6         114.2        105.2        105.8           99.6          97.5
            IV          109.2         116.5        106.7        106.4           99.6          97.4

        ANNUAL          107.8         113.1        105.0        105.5           99.9          97.9

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  1992       I            5.1           2.1         -2.9          4.9            2.1          -0.2
            II            7.6           9.2          1.5          4.5            1.4          -2.8
           III            2.2           1.4         -0.8          3.7            0.6           1.5
            IV            4.3           6.3          1.9          1.2           -2.3          -3.0

        ANNUAL            5.9           4.3         -1.4          4.8            1.7          -1.0

  1993       I            5.1           6.9          1.7          2.5           -0.4          -2.5
            II            2.1           2.9          0.8          4.8            1.8           2.6
           III           -2.2           0.6          2.9          3.3            1.4           5.6
            IV            8.8          12.2          3.1          4.1            0.8          -4.3

        ANNUAL            3.5           5.0          1.5          3.1            0.1          -0.3

  1994       I            5.8           8.3          2.4          2.5            0.5          -3.1
            II            4.8           8.5          3.5          0.0           -2.3          -4.6
           III            3.4           8.2          4.7          2.1           -1.6          -1.3
            IV            2.5           8.4          5.8          2.5           -0.1           0.0

        ANNUAL            4.2           7.7          3.4          2.3           -0.3          -1.8

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  1992       I            5.9           3.7         -2.1          5.2            2.3          -0.6
            II            7.0           5.4         -1.5          5.1            2.0          -1.8
           III            5.0           3.6         -1.4          4.4            1.3          -0.6
            IV            4.8           4.7         -0.1          3.6            0.4          -1.2

        ANNUAL            5.9           4.3         -1.4          4.8            1.7          -1.0

  1993       I            4.8           5.9          1.1          3.0           -0.2          -1.7
            II            3.4           4.4          0.9          3.0           -0.1          -0.4
           III            2.3           4.2          1.8          2.9            0.1           0.6
            IV            3.4           5.6          2.1          3.7            0.9           0.3

        ANNUAL            3.5           5.0          1.5          3.1            0.1          -0.3

  1994       I            3.5           5.9          2.3          3.7            1.1           0.1
            II            4.2           7.3          3.0          2.5            0.1          -1.7
           III            5.7           9.3          3.4          2.2           -0.7          -3.3
            IV            4.1           8.4          4.1          1.8           -0.9          -2.3

        ANNUAL            4.2           7.7          3.4          2.3           -0.3          -1.8

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                August 12, 1997
                                                                  Source: Bureau of Labor Statistics
Appendix 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

  1992       I           99.4          98.6         99.3         98.5           99.6          99.2
            II           99.4          99.6        100.2         99.7          100.0         100.3
           III          100.4         100.4        100.1        100.6          100.1         100.2
            IV          100.8         101.3        100.5        101.2           99.9         100.3

        ANNUAL          100.0         100.0        100.0        100.0          100.0         100.0

  1993       I          101.1         102.0        100.9        101.3           99.3         100.2
            II          100.4         101.9        101.5        102.1           99.4         101.7
           III          101.1         102.3        101.2        103.0           99.7         101.9
            IV          100.5         102.0        101.5        103.6           99.6         103.1

        ANNUAL          100.8         102.1        101.2        102.6           99.6         101.7

  1994       I          101.3         102.6        101.4        104.8          100.2         103.5
            II          102.3         104.3        101.9        105.1           99.9         102.7
           III          102.1         104.5        102.3        105.9           99.7         103.7
            IV          102.5         105.6        102.9        106.6           99.7         103.9

        ANNUAL          102.0         104.2        102.2        105.5           99.9         103.5

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  1992       I            2.4           0.4         -1.9          4.1            1.3           1.7
            II           -0.1           3.8          3.8          4.6            1.5           4.7
           III            4.1           3.6         -0.5          3.6            0.5          -0.5
            IV            1.8           3.6          1.7          2.4           -1.1           0.6

        ANNUAL            1.7           2.3          0.6          4.3            1.2           2.5

  1993       I            1.1           2.6          1.5          0.6           -2.3          -0.5
            II           -2.6          -0.2          2.4          3.2            0.3           6.0
           III            2.5           1.6         -0.9          3.4            1.5           0.8
            IV           -2.1          -1.2          0.9          2.6           -0.6           4.8

        ANNUAL            0.8           2.1          1.2          2.6           -0.4           1.7

  1994       I            2.9           2.5         -0.5          4.6            2.5           1.6
            II            4.2           6.5          2.2          1.1           -1.3          -3.0
           III           -0.9           0.7          1.6          3.1           -0.6           4.0
            IV            1.8           4.3          2.5          2.6            0.1           0.8

        ANNUAL            1.2           2.1          1.0          2.9            0.3           1.7

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  1992       I            2.0           1.9         -0.1          4.5            1.6           2.5
            II            1.1           2.7          1.6          4.3            1.2           3.2
           III            1.3           2.0          0.7          4.1            1.0           2.8
            IV            2.1           2.8          0.8          3.7            0.6           1.6

        ANNUAL            1.7           2.3          0.6          4.3            1.2           2.5

  1993       I            1.7           3.4          1.6          2.8           -0.3           1.1
            II            1.1           2.4          1.3          2.5           -0.6           1.4
           III            0.7           1.9          1.2          2.4           -0.4           1.7
            IV           -0.3           0.7          1.0          2.5           -0.3           2.7

        ANNUAL            0.8           2.1          1.2          2.6           -0.4           1.7

  1994       I            0.2           0.6          0.5          3.4            0.9           3.3
            II            1.9           2.3          0.4          2.9            0.5           1.0
           III            1.0           2.1          1.1          2.8            0.0           1.8
            IV            2.0           3.5          1.5          2.8            0.2           0.8

        ANNUAL            1.2           2.1          1.0          2.9            0.3           1.7

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                August 12, 1997
                                                                  Source: Bureau of Labor Statistics

Appendix 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

  1992      I     99.2     98.6      99.4     98.6      99.7      99.5    100.4     99.7     97.9     99.5
           II     99.4     99.3      99.8     99.6     100.0     100.2     99.6    100.0     98.8     99.9
          III    100.1    100.1     100.0    100.6     100.2     100.5    101.3    100.7     94.2    100.1
           IV    101.3    102.0     100.7    101.2      99.9      99.9     98.8     99.6    108.8    100.4

       ANNUAL    100.0    100.0     100.0    100.0     100.0     100.0    100.0    100.0    100.0    100.0

  1993      I    100.3    101.5     101.1    101.5      99.5     101.2     99.9    100.8    105.4    101.3
           II    100.8    102.8     101.9    101.9      99.1     101.1     99.1    100.6    110.1    101.4
          III    101.2    103.8     102.6    102.2      99.0     101.0     99.5    100.6    112.6    101.7
           IV    102.2    105.7     103.4    102.6      98.5     100.3     99.0    100.0    124.8    102.2

       ANNUAL    101.2    103.4     102.2    102.1      99.1     100.9     99.4    100.5    113.3    101.7

  1994      I    103.6    108.1     104.3    103.6      99.0     100.0    101.5    100.4    126.9    102.8
           II    103.0    109.1     105.9    103.7      98.5     100.6     98.8    100.1    132.4    103.1
          III    103.1    110.2     106.8    104.0      97.9     100.9     99.5    100.5    136.3    103.7
           IV    103.8    112.3     108.3    104.6      97.9     100.8     99.1    100.3    142.1    104.1

       ANNUAL    103.3    109.9     106.4    103.9      98.4     100.6     99.7    100.3    134.5    103.4

  ----------------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)

  1992      I      4.2      4.3       0.1      5.8       3.0       1.5     -8.5     -1.2     30.6      1.2
           II      1.0      2.7       1.6      4.1       0.9       3.0     -3.1      1.4      3.6      1.6
          III      2.9      3.6       0.7      4.2       1.1       1.2      6.8      2.7    -17.4      0.7
           IV      4.8      7.7       2.8      2.1      -1.4      -2.6     -9.5     -4.4     78.1      1.2

       ANNUAL      2.6      3.0       0.4      4.6       1.5       2.0     -2.9      0.7      6.5      1.2

  1993      I     -4.0     -2.1       1.9      1.2      -1.7       5.4      4.7      5.2    -12.2      3.4
           II      2.1      5.2       3.1      1.6      -1.3      -0.4     -3.1     -1.1     19.1      0.7
          III      1.6      4.2       2.6      1.2      -0.6      -0.3      1.6      0.1      9.5      1.0
           IV      4.0      7.3       3.2      1.4      -1.8      -2.5     -2.0     -2.4     51.0      2.2

       ANNUAL      1.2      3.4       2.2      2.1      -0.9       0.9     -0.6      0.5     13.3      1.7

  1994      I      5.5      9.4       3.7      4.0       1.9      -1.4     10.4      1.6      6.8      2.1
           II     -2.1      3.9       6.1      0.3      -2.0       2.5    -10.2     -1.0     18.5      1.1
          III      0.4      4.0       3.6      1.3      -2.3       1.0      2.7      1.4     12.6      2.7
           IV      2.5      8.1       5.4      2.2      -0.3      -0.3     -1.4     -0.6     18.1      1.5

       ANNUAL      2.1      6.3       4.1      1.8      -0.8      -0.3      0.3     -0.2     18.7      1.8

  ----------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year

  1992      I      2.1      1.7      -0.4      4.9       1.9       2.8     -2.5      1.4      1.2      1.3
           II      2.1      2.5       0.5      4.5       1.4       2.4     -3.5      0.8      5.0      1.2
          III      2.5      3.1       0.6      4.6       1.4       2.0     -1.8      1.0      1.1      1.0
           IV      3.2      4.5       1.3      4.0       0.9       0.8     -3.8     -0.4     18.8      1.2

       ANNUAL      2.6      3.0       0.4      4.6       1.5       2.0     -2.9      0.7      6.5      1.2

  1993      I      1.1      2.9       1.7      2.9      -0.3       1.7     -0.5      1.2      7.6      1.7
           II      1.4      3.5       2.1      2.3      -0.8       0.9     -0.5      0.5     11.4      1.5
          III      1.1      3.7       2.6      1.6      -1.2       0.5     -1.7     -0.1     19.5      1.6
           IV      0.9      3.6       2.7      1.4      -1.3       0.5      0.3      0.4     14.7      1.8

       ANNUAL      1.2      3.4       2.2      2.1      -0.9       0.9     -0.6      0.5     13.3      1.7

  1994      I      3.3      6.5       3.2      2.1      -0.4      -1.2      1.6     -0.5     20.4      1.5
           II      2.2      6.2       3.9      1.7      -0.6      -0.5     -0.3     -0.4     20.3      1.6
          III      1.9      6.1       4.2      1.8      -1.1      -0.1      0.0     -0.1     21.1      2.0
           IV      1.5      6.3       4.7      2.0      -0.7       0.4      0.1      0.3     13.9      1.8

       ANNUAL      2.1      6.3       4.1      1.8      -0.8      -0.3      0.3     -0.2     18.7      1.8

  ----------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                        August 12, 1997
                                                                          Source: Bureau of Labor Statistics
Appendix table 7. Manufacturing sector:  Productivity, hourly compensation, and unit labor costs, Indexes 1992=100
                                                                             Real
                     Output per                  Hours       Compensa-       compensa-      Unit 
                     hour of                     of all      tion per        tion per       labor
       Year          all persons    Output       persons     hour (1)        hour (2)       costs
  -----------------------------------------------------------------------------------------------
       1949              33.5         26.5         79.2          8.3            48.8         24.7

       1950              34.0         29.1         85.6          8.7            50.6         25.6
       1951              33.7         31.0         92.2          9.6            51.7         28.4
       1952              35.0         32.7         93.4         10.2            54.0         29.2
       1953              36.0         35.4         98.2         10.8            56.6         29.9
       1954              36.9         33.2         89.7         11.3            58.7         30.5

       1955              38.7         36.6         94.7         11.7            61.2         30.2
       1956              38.6         37.1         96.1         12.4            64.2         32.2
       1957              39.3         37.2         94.6         13.2            65.8         33.5
       1958              39.9         34.6         86.7         13.8            67.0         34.6
       1959              40.5         37.5         92.6         14.3            69.0         35.3

       1960              41.2         38.0         92.2         14.9            70.6         36.1
       1961              42.6         38.3         89.8         15.3            72.0         36.0
       1962              43.7         40.9         93.5         15.9            74.0         36.4
       1963              45.5         43.0         94.5         16.4            75.2         36.1
       1964              47.4         45.7         96.5         17.1            77.3         36.1

       1965              48.4         49.4        102.1         17.5            77.7         36.1
       1966              49.0         53.2        108.7         18.2            79.0         37.3
       1967              50.9         55.1        108.1         19.2            80.8         37.8
       1968              52.7         57.8        109.7         20.7            83.4         39.3
       1969              53.4         59.3        111.0         22.2            85.0         41.6

       1970              55.1         57.6        104.5         23.8            86.1         43.2
       1971              58.7         59.1        100.6         25.3            87.5         43.0
       1972              60.9         64.1        105.2         26.6            89.2         43.6
       1973              62.6         69.2        110.5         28.6            90.5         45.7
       1974              63.3         68.4        108.1         31.8            90.5         50.2

       1975              65.3         63.5         97.3         35.6            93.0         54.6
       1976              67.9         69.2        102.0         38.6            95.2         56.9
       1977              70.2         74.6        106.2         42.0            97.2         59.8
       1978              71.0         78.6        110.7         45.4            97.6         63.9
       1979              70.6         79.7        112.8         49.8            96.2         70.5

       1980              71.0         76.4        107.6         55.8            94.9         78.5
       1981              71.9         77.0        107.1         61.3            94.6         85.2
       1982              75.7         74.3         98.0         67.2            97.7         88.7
       1983              78.4         77.7         99.0         69.0            97.2         88.0
       1984              80.8         85.2        105.4         71.4            96.4         88.4

       1985              83.8         87.8        104.7         75.3            98.1         89.8
       1986              87.6         90.3        103.1         78.6           100.6         89.8
       1987              90.0         93.5        103.9         80.8            99.8         89.8
       1988              91.4         97.6        106.8         84.0            99.6         91.9
       1989              92.6         99.2        107.2         86.8            98.2         93.7

       1990              94.3         98.8        104.9         91.0            97.6         96.5
       1991              96.4         96.9        100.6         95.7            98.6         99.3
       1992             100.0        100.0        100.0        100.0           100.0        100.0
       1993             102.2        103.6        101.4        102.9            99.9        100.7
       1994             104.7        108.7        103.8        105.6           100.0        100.8

       1995             108.1        112.5        104.1        108.7           100.1        100.6
       1996             111.7        115.6        103.5        112.2           100.3        100.5
  -----------------------------------------------------------------------------------------------
  See footnotes following Table 6.                             August 12, 1997
                                                               Source: Bureau of Labor Statistics

Appendix table 8. Durable manufacturing sector:  Productivity, hourly compensation,
 and unit labor costs, Indexes 1992=100
                                                                             Real
                     Output per                  Hours       Compensa-       compensa-      Unit 
                     hour of                     of all      tion per        tion per       labor
       Year          all persons    Output       persons     hour (1)        hour (2)       costs
  -----------------------------------------------------------------------------------------------
       1949              31.4         22.7         72.1          8.1            47.8         25.8

       1950              33.3         26.8         80.4          8.5            49.7         25.6
       1951              31.8         28.9         90.7          9.5            51.0         29.7
       1952              33.4         31.1         93.0         10.2            53.8         30.4
       1953              35.3         35.3        100.1         10.7            56.3         30.4
       1954              35.3         31.2         88.5         11.2            58.5         31.8

       1955              37.3         35.3         94.6         11.7            61.3         31.4
       1956              35.8         34.7         96.8         12.5            64.2         34.8
       1957              36.3         34.6         95.5         13.2            65.9         36.4
       1958              35.9         30.3         84.4         13.9            67.7         38.9
       1959              36.9         33.8         91.6         14.4            69.6         39.1

       1960              37.0         33.9         91.4         15.0            71.2         40.6
       1961              38.1         33.5         87.9         15.5            72.5         40.6
       1962              39.6         36.8         92.8         16.1            74.7         40.6
       1963              41.7         39.4         94.5         16.5            75.8         39.6
       1964              43.4         42.1         97.2         17.2            77.8         39.6

       1965              45.1         47.1        104.3         17.5            78.0         38.8
       1966              45.9         52.0        113.3         18.3            79.1         39.8
       1967              47.5         53.5        112.5         19.2            80.7         40.4
       1968              49.2         56.1        114.1         20.7            83.4         42.1
       1969              49.7         57.6        115.8         22.2            84.9         44.7

       1970              50.5         53.9        106.7         23.9            86.3         47.2
       1971              54.4         55.1        101.2         25.5            88.2         46.8
       1972              57.4         61.5        107.1         26.8            89.9         46.7
       1973              59.9         69.2        115.4         28.7            90.7         47.9
       1974              59.8         67.8        113.4         31.8            90.5         53.2

       1975              60.7         60.6         99.8         35.9            93.7         59.2
       1976              63.2         66.0        104.4         39.0            96.2         61.8
       1977              65.2         71.9        110.2         42.4            98.1         65.0
       1978              66.0         77.0        116.7         45.5            97.9         68.9
       1979              66.0         79.4        120.3         49.9            96.4         75.7

       1980              65.7         74.4        113.2         56.1            95.6         85.4
       1981              66.6         74.9        112.4         61.7            95.3         92.8
       1982              69.2         69.7        100.7         67.8            98.5         98.0
       1983              73.3         74.2        101.3         69.3            97.6         94.6
       1984              77.2         85.2        110.4         71.3            96.2         92.3

       1985              79.9         88.1        110.3         74.9            97.7         93.8
       1986              84.1         90.4        107.5         78.7           100.7         93.5
       1987              87.1         93.4        107.2         81.0           100.1         93.0
       1988              89.1         99.1        111.2         83.7            99.3         94.0
       1989              90.5        100.6        111.1         86.5            97.9         95.6

       1990              92.6         99.5        107.4         90.5            97.2         97.7
       1991              94.5         95.8        101.4         95.5            98.3        101.0
       1992             100.0        100.0        100.0        100.0           100.0        100.0
       1993             103.5        105.0        101.5        103.1           100.1         99.7
       1994             107.8        113.1        105.0        105.5            99.9         97.9

       1995             112.1        119.1        106.3        108.2            99.7         96.6
       1996             116.9        125.0        107.0        111.0            99.2         95.0
  -----------------------------------------------------------------------------------------------
  See footnotes following Table 6.                             August 12, 1997
                                                               Source: Bureau of Labor Statistics

Appendix table 9. Nondurable manufacturing sector:  Productivity, hourly compensation,
 and unit labor costs, Indexes 1992=100
                                                                             Real
                     Output per                  Hours       Compensa-       compensa-      Unit 
                     hour of                     of all      tion per        tion per       labor
       Year          all persons    Output       persons     hour (1)        hour (2)       costs
  -----------------------------------------------------------------------------------------------
       1949              34.3         30.4         88.6          8.6            50.9         25.2

       1950              34.5         31.9         92.5          9.0            52.5         26.1
       1951              35.5         33.4         94.1          9.8            52.8         27.5
       1952              36.6         34.4         93.9         10.3            54.4         28.1
       1953              37.2         35.6         95.6         10.8            56.7         29.0
       1954              38.8         35.4         91.3         11.3            59.2         29.3

       1955              40.4         38.3         94.8         11.7            61.1         28.9
       1956              42.0         40.0         95.1         12.4            64.0         29.5
       1957              43.1         40.2         93.2         13.1            65.5         30.4
       1958              44.5         40.0         89.9         13.7            66.3         30.7
       1959              45.7         42.9         93.9         14.1            68.1         30.9

       1960              46.8         43.7         93.3         14.7            69.9         31.5
       1961              48.2         44.5         92.4         15.2            71.5         31.6
       1962              49.0         46.2         94.4         15.7            73.1         32.1
       1963              50.8         48.0         94.5         16.2            74.4         31.9
       1964              52.9         50.5         95.6         16.9            76.5         32.0

       1965              53.2         52.8         99.2         17.3            77.0         32.5
       1966              53.8         55.3        102.7         18.0            78.1         33.5
       1967              56.3         57.6        102.3         19.1            80.2         33.9
       1968              58.4         60.6        103.9         20.5            82.7         35.1
       1969              59.7         62.5        104.7         22.0            84.2         36.9

       1970              62.1         63.0        101.5         23.6            85.4         38.0
       1971              64.9         64.8         99.9         24.9            86.3         38.4
       1972              67.0         68.7        102.6         26.1            87.8         39.0
       1973              67.9         70.6        104.0         28.2            89.1         41.6
       1974              69.7         70.3        100.9         31.5            89.5         45.1

       1975              71.8         67.5         94.0         35.0            91.2         48.7
       1976              74.5         73.6         98.7         37.8            93.1         50.7
       1977              77.9         78.7        101.0         41.0            94.9         52.6
       1978              79.2         81.3        102.6         44.5            95.8         56.2
       1979              78.7         81.0        102.9         48.8            94.4         62.1

       1980              78.9         79.0        100.2         54.4            92.7         69.0
       1981              79.8         79.7         99.9         59.7            92.2         74.9
       1982              83.8         79.1         94.4         65.8            95.7         78.5
       1983              84.9         81.5         96.0         68.2            96.1         80.4
       1984              86.2         85.2         98.9         70.8            95.7         82.2

       1985              89.6         87.0         97.2         74.8            97.6         83.6
       1986              92.2         89.8         97.4         77.8            99.6         84.3
       1987              94.0         93.5         99.5         79.9            98.7         85.0
       1988              95.0         95.9        101.0         83.7            99.2         88.1
       1989              95.6         97.4        102.0         86.5            97.9         90.5

       1990              96.5         97.9        101.5         91.1            97.8         94.4
       1991              98.3         97.7         99.4         95.9            98.8         97.6
       1992             100.0        100.0        100.0        100.0           100.0        100.0
       1993             100.8        102.1        101.2        102.6            99.6        101.7
       1994             102.0        104.2        102.2        105.5            99.9        103.5

       1995             104.4        105.5        101.1        108.9           100.3        104.4
       1996             106.8        105.7         99.0        113.3           101.3        106.1
  -----------------------------------------------------------------------------------------------
  See footnotes following Table 6.                             August 12, 1997
                                                               Source: Bureau of Labor Statistics