TEXT
Table 1. Business sector: Productivity, hourly compensation, unit labor costs,

Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs,

Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs,

Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs,

Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,

Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits,


Appendix Table 1. Business sector: Productivity, hourly compensation, unit labor costs, and prices
Appendix Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs, and prices
Appendix Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs

Appendix Table 4. Durable manufacturing sector: Productivity, hourly compensation,

Appendix Table 5. Nondurable manufacturing sector: Productivity, hourly compensation,

Appendix Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs,


 
 
Historical, technical                    USDL 96-37
  information:  (202) 606-5606           Transmission of this
Current data:   (202) 606-7828           material is embargoed
Media contact:  (202) 606-5902           until 10:00 A.M. EST
                                         Thursday, February 8, 1996.
 
 
                            PRODUCTIVITY AND COSTS
                              Third Quarter 1995
 
 
    The Bureau of Labor Statistics of the U.S. Department of Labor today
reported revised productivity data--as measured by output per hour of all
persons--for the third quarter of 1995.  The seasonally-adjusted annual rates
of productivity growth in the third quarter were:
 
               1.2 percent in the business sector, and
               1.4 percent in the nonfarm business sector.
 
In both the business and the nonfarm business sectors, productivity increases
in the third quarter were less than half the second-quarter increases.
 
    In manufacturing, revised productivity increases in the third quarter
were:
 
               5.7 percent in manufacturing,
               6.6 percent in durable goods manufacturing, and
               4.8 percent in nondurable goods manufacturing.
 
 
______________________________________________________________________________
NOTE:   BLS has switched  to annual-weighted  output indexes  for computations
underlying its regular Productivity and Costs news releases.  In addition, the
productivity  and  costs  data  contained  in  this  release  incorporate  the
following changes to source  data: Revised historical  output and compensation
data prepared by  the Bureau of  Economic Analysis  of the  U.S. Department of
Commerce; revised  historical Indexes  of Production  prepared by  the Federal
Reserve Board;  and incorporation of  the results  of the  1994 Hours  at Work
Survey.  The base  year for the  indexes is now  1992=100.  See  pages 5-7 for
further information regarding these  revisions.
______________________________________________________________________________
 
 
                                       2
______________________________________________________________________________
Table A.  Productivity and costs:  Revised third-quarter 1995 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          1.2     4.1   2.8    3.9      1.9    2.7
   Nonfarm  business 1.4     4.4   2.9    3.9      1.8    2.4
   Manufacturing     5.7     2.6  -2.9    4.0      1.9   -1.6
   Durable           6.6     5.1  -1.5    4.0      1.9   -2.5
   Nondurable        4.8    -0.3  -4.9    3.7      1.6   -1.1
______________________________________________________________________________
                      Percent change from same quarter a year ago
 
   Business          0.8     2.2   1.4    4.0      1.2    3.1
   Nonfarm business  1.1     2.5   1.4    4.1      1.4    3.0
   Manufacturing     3.8     3.0  -0.8    3.2      0.5   -0.7
   Durable           4.5     4.9   0.4    2.6     -0.1   -1.9
   Nondurable        3.3     0.7  -2.5    3.9      1.1    0.6
______________________________________________________________________________
 
 
    The third-quarter productivity increase in manufacturing occurred as
output rose at a 2.6 percent rate and hours fell 2.9 percent. Output and hours
in manufacturing, which includes about 19 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.  Third-quarter measures are
summarized in table A and appear in detail in tables 1 through 5.
 
    The data sources and methods used in the preparation of the manufacturing
series differ from those used in preparing the business and nonfarm business
series and these measures are not directly comparable.  Output measures for
business and nonfarm business are based on measures of gross domestic product
prepared by the Bureau of Economic Analysis of the U.S. Department of
Commerce.  Quarterly output measures for manufacturing reflect independent
indexes of industrial production prepared by the Board of Governors of the
Federal Reserve System.  See Technical Notes for further information on data
sources (page 9).
 
 
                                       3
Business
 
    From the second quarter to the third quarter of 1995, business sector
productivity increased at a 1.2 percent annual rate.  As revised, output rose
4.1 percent, and hours of all persons engaged in the sector increased 2.8
percent (seasonally adjusted annual rates).  During the second quarter of
1995, productivity had increased 3.0 percent, as output rose 0.3 percent and
hours fell 2.5 percent  (table 1).
 
 
    Hourly compensation increased 3.9 percent during the third quarter of
1995, down from a 5.6 percent rise in the second quarter.  This measure
includes wages and salaries, supplements, employer contributions to employee
benefit plans, and taxes.  Unit labor costs rose 2.7 percent in the third
quarter, just slightly more than the 2.5 percent increase posted one quarter
earlier.
 
    Real hourly compensation, which takes into account changes in the Consumer
Price Index for All Urban Consumers (CPI-U), rose 1.9 percent in the third
quarter and 2.1 percent in the second quarter of 1995.
 
    The implicit price deflator for the business sector, which reflects
changes in both unit labor costs and unit nonlabor payments, increased at a
2.6 percent annual rate in the third quarter of 1995, compared with a 2.1
percent increase during the second quarter.
 
 
Nonfarm business
 
    Productivity rose 1.4 percent in the nonfarm business sector during the
third quarter of 1995 as output rose 4.4 percent and hours of all persons
increased 2.9 percent.  During the second quarter of 1995, productivity had
increased 3.0 percent in the nonfarm business sector, reflecting a gain of 0.5
percent in output coupled with a 2.4 percent decline in hours (table 2).
 
    Hourly compensation increased at a 3.9 percent annual rate in the third
quarter, compared with a 5.4 percent increase one quarter earlier.  When the
rise in the CPI-U is taken into account, real hourly compensation rose at a
1.8 percent annual rate in the third quarter.  Real hourly compensation has
now posted increases in four consecutive quarters.  Unit labor costs increased
2.4 percent in the third quarter of 1995 and 2.3 percent in the second
quarter.
 
    The implicit price deflator for nonfarm business output rose 2.3 percent
in the third quarter, compared with a 1.9 percent rise one quarter earlier.
 
 
                                       4
Manufacturing
 
    Productivity increased 5.7 percent in manufacturing in the third quarter
of 1995, as output rose 2.6 percent and hours of all persons fell 2.9 percent
(seasonally adjusted annual rates).  Manufacturing productivity has increased
in every quarter since the first quarter of 1991 (when it declined 0.4
percent).  In the durable goods industries, productivity grew 6.6 percent in
the third quarter as output rose 5.1 percent and hours fell 1.5 percent.  In
the nondurable goods industries, productivity grew 4.8 percent as both output
and hours dropped--0.3 and 4.9 percent, respectively (tables 3, 4, and 5).
 
    Hourly compensation of all manufacturing workers increased 4.0 percent
during the third quarter and 3.5 percent during the second quarter (seasonally
adjusted annual rates).  Real hourly compensation increased 1.9 percent when
the increase in the CPI-U is taken into account.  This increase in real hourly
compensation was the largest since a similar increase in the first quarter of
1992.  During the second quarter, real hourly compensation rose only 0.1
percent.
 
    Unit labor costs fell at a 1.6 percent annual rate in the third quarter of
1995 as the 5.7 percent productivity increase in the manufacturing sector
exceeded the 4.0 percent increase in hourly compensation.  These costs fell
0.5 percent in the second quarter of 1995 and have fallen in 7 of the last 8
quarters. In durable goods industries, unit labor costs fell 2.5 percent in
the third quarter of 1995 and have fallen for 8 consecutive quarters.  A 1.1
percent decrease in unit labor costs was recorded in nondurable goods
industries in both the second and third quarters.
 
 
Nonfinancial Corporations
 
    Third-quarter 1995 measures of productivity and costs also were announced
today for nonfinancial corporations (tables B and 6).  Output per all-employee
hour rose at a 5.7 percent annual rate, compared with a 3.7 percent increase
during the second quarter (as revised).  Output increased 7.8 percent in the
third quarter of 1995, while hours of all employees increased 2.0 percent, at
annual rates.  The third-quarter productivity and output increases in
nonfinancial corporations were the highest since the first quarter of 1986,
when they both increased at a 9.3 percent annual rate.  The sector includes
all corporations doing business in the United States, except those classified
as depository institutions, nondepository institutions, security and commodity
brokers, insurance carriers, regulated investment offices, small business
investment offices, and real estate investment trusts.
 
   Hourly compensation increased 4.1 percent in the third quarter; it had
risen 5.6 percent in the second quarter.  When the rise in the CPI-U is taken
into account, real hourly compensation increased 2.0 percent in the third
quarter--about the same as the 2.1 percent increase in the second quarter of
1995.
 
 
                                       5
______________________________________________________________________________
Table B.  Nonfinancial corporations: Third-quarter 1995 productivity and cost
measures
(Seasonally adjusted annual rates)
______________________________________________________________________________
                                       Real
                               Hourly  hourly  Unit           Implicit
          Produc-              compen- compen- labor  Unit    price
Period    tivity Output  Hours sation  sation  costs  profits deflator
_____________________________________________________________________________
                     Percent change from preceding quarter
 
1995 III   5.7    7.8    2.0    4.1     2.0   -1.5     40.9     1.1
_____________________________________________________________________________
                  Percent change from same quarter a year ago
 
1995 III   2.1    3.9    1.8    3.8     1.1    1.7      4.1     1.7
______________________________________________________________________________
 
 
   Unit labor costs for nonfinancial corporations fell 1.5 percent in the
third quarter, after increasing 1.9 percent in the previous quarter.  Unit
nonlabor costs fell 5.0 percent in the third quarter, and unit profits rose at
a 40.9 percent annual rate.  This was the first increase in unit profits in
calendar year 1995.  The implicit price deflator for the output of
nonfinancial corporations rose 1.1 percent in the third quarter, down from the
2.2 percent increase posted one quarter earlier.
 
 
Revised Measures
 
    Current and previous measures for the third quarter of 1995 for the
business, nonfarm business, and manufacturing sectors are compared in table C.
The quarterly movements differ from those reported on November 7.  These
differences are due to both new information and changes in the way the
measures are constructed.  (See new methodologies and data on page 6.)
 
 
                                       6
______________________________________________________________________________
  Table C. Previous and revised productivity and related measures
  Quarterly percent changes at seasonally adjusted annual rates
______________________________________________________________________________
                                                  Real
                                          Hourly  hourly  Unit
                    Produc-               compen- compen- labor
       Sector       tivity  Output  Hours sation  sation  costs
______________________________________________________________________________
                               Third quarter 1995
   Business:
    Previous . . . .  2.1    4.9     2.8    3.2    1.1     1.1
    Current . . . . . 1.2    4.1     2.8    3.9    1.9     2.7
 
   Nonfarm business:
    Previous . . . .  2.0    4.9     2.9    3.1    1.0     1.1
    Current . . . . . 1.4    4.4     2.9    3.9    1.8     2.4
 
   Manufacturing:
    Previous. . . . . 6.2    3.0    -3.0    3.7    1.7    -2.3
    Current . . . . . 5.7    2.6    -2.9    4.0    1.9    -1.6
 _____________________________________________________________________________
 
 
New methodologies and data
 
    The Bureau of Labor Statistics has switched to annual-weighted output
indexes for computations underlying its Productivity and Costs news releases.
This change parallels the changes made by the Bureau of Economic Analysis,
U.S. Department of Commerce, on January 19, 1996, to replace its constant
dollar series as the featured measure of real gross domestic product (GDP)
with a chain-type, annual-weighted index.  Annual and quarterly measures of
output for the business, nonfarm business, and nonfinancial corporate sectors
were computed by BEA using the same conventions used to compute GDP.  For its
historical annual data on manufacturing output, BLS is now using the annual-
weighted measure of "sectoral output" developed some years ago for its
manufacturing multifactor productivity measures.  This output series replaces
the series on constant dollar gross product originating previously used.
Quarterly data on manufacturing output, and annual data for the most recent
one or two years, continue to be based on movements in the index of industrial
production prepared monthly by the Board of Governors of the Federal Reserve
System.
 
 
                                       7
    In addition, BLS business and nonfarm business output measures no longer
exclude the statistical discrepancy--the measure of the difference between GDP
as measured on the product side and on the income side.  The product side adds
up the value of goods and services produced while the income side adds up the
disposition of the income generated by production in the form of wages,
salaries, supplements, profits, net interest, and business taxes.  Although
conceptually equal, the two sides differ because they are measured using
different data sources.  The BLS measure will now be based on the product side
rather than the income side.  It has been determined that using the income
side definition resulted in larger revisions of BLS productivity data between
the preliminary and revised news releases than a product side definition would
have.
 
    The comprehensive revisions made to the National Income and Product
Accounts (NIPAs) by the Bureau of Economic Analysis on January 19, 1996, are
reflected in the data in this news release.  As a result of these
comprehensive revisions, the productivity and cost measures included in this
release incorporate new information on current dollar output levels, employee
compensation, and employment trends.  Appendix tables 1, 2, and 6 show revised
annual productivity and related indexes from 1959 forward for the business,
nonfarm business, and nonfinancial corporate sectors. Currently, there is no
projected date for the availability of productivity and costs measures for the
business and nonfarm business sectors for the 1947-58 period.  For further
information about the switch to annual-weighted indexes and the switch to the
product side, see Edwin Dean, Michael Harper, and Phyllis Flohr Otto,
"Improvements to the quarterly productivity measures," Monthly Labor Review,
October 1995, pp. 27-32.  Appendix tables 3-5 show revised annual productivity
and related indexes from 1949 forward for the manufacturing sectors.  For a
discussion of the BLS manufacturing "sectoral output" measures, see William
Gullickson, "Measurement of productivity growth in U.S. manufacturing,"
Monthly Labor Review, July 1995, pp. 13-28.
 
    Quarterly measures of output from 1991 forward for the manufacturing
sectors, as well as the annual change for the year 1994, also incorporate
revisions to the Federal Reserve Board's index of industrial production which
were announced on November 30, 1995.  The indexes of industrial production
were revised back to January 1991 to incorporate additional or updated monthly
source data and new seasonal factors.  (See Federal Reserve Statistical
Release G.17 (419).)
 
    In addition, the productivity and cost measures were revised to reflect
the results of the 1994 Hours at Work Survey (HWS), which are now available.
This survey is used to adjust the number of hours for which private nonfarm
employees are paid, as reported in the BLS Current Establishment Survey, to
hours at the workplace.  For 1994, these new results show that hours of all
persons increased slightly more than had originally been reported.  In the
nonfarm business sector, BLS estimates that hours were about 0.1 percentage
point higher due to the incorporation of the 1994 survey.
 
    The long-term rates of productivity change have been affected by all of
the above revisions.  The compound annual rate of growth of business output
per hour for 1979-94 is 1.2 percent (unchanged from the previous measure).
For the same period, output per hour grew at a 1.0 percent rate for nonfarm
business (down from 1.1 percent) and at a 1.8 percent rate for nonfinancial
corporations (up from 1.7 percent).  In the manufacturing sector, output per
hour grew at a 2.8 percent rate (up from 2.5 percent).
 
 
                                       8
 
 
                               Next release date
 
    The next release of Productivity and Costs is scheduled for 10:00 AM EST,
Wednesday, March 6, 1996.  Preliminary fourth-quarter and annual 1995 measures
will be released at that time.  Future release dates may be announced at that
time.
 
 
                                       9
 
                                TECHNICAL NOTES
 
 
Labor Hours:  The  primary  source  of  by   BLS.      Durables   include  the
hours and employment  data is the  BLS  following   2-digit   SIC  industries:
Current  Employment  Statistics  (CES)  Primary  metal industries;  fabricated
program, which provides monthly survey  metal      products;     nonelectrical
data on  total employment and  average  machinery;  industrial  and commercial
weekly paid  hours of  production  and  machinery   and   computer  equipment;
nonsupervisory       workers        in  electronic    and   other   electrical
nonagricultural  establishments.  Jobs  equipment;  transportation  equipment;
rather  than   persons  are   counted.  instruments;  lumber and  lumber prod-
Weekly  paid  hours  are  adjusted  to  ucts;  furniture and  fixtures; stone,
hours at work using  the BLS Hours  at  clay, and glass and concrete products;
Work  survey,   conducted   for   this  and  miscellaneous  manufactures. Non-
purpose.                                durables  include:  Food  and  kindred
    Data   from   the   BLS    Current  products,  tobacco  products,  textile
Population Survey  (CPS) are used  for  mill products, apparel products, paper
farm labor; in the nonfarm sector, the  and   allied  products,  printing  and
National Income  and Product  Accounts  publishing,   chemicals  and  chemical
(NIPA) prepared by the Bureau  of Eco-  products,   petroleum   refining   and
nomic Analysis (BEA) of the Department  related industries, rubber and plastic
of Commerce  and the CPS  are used  to  products,   and  leather  and  leather
measure  labor  input  for  government  products.
enterprises, proprietors,  and  unpaid      Nonfinancial  corporate  output is
family workers.                         an  annual-weighted  index constructed
                                        by  excluding from  GDP  the following
Output: Business  sector output is  an  outputs: General government; nonprofit
annual-weighted   index    constructed  institutions;   employees  of  private
after excluding  from  gross  domestic  households; the rental value of owner-
product (GDP)  the following  outputs:  occupied   dwellings;   unincorporated
General     government,      nonprofit  business; and those corporations which
institutions,   paid   employees    of  are      depository      institutions,
private  households,  and  the  rental  nondepository  institutions,  security
value  of  owner-occupied   dwellings.  and   commodity   brokers,   insurance
Corresponding exclusions also are made  carriers,     regulated     investment
in  labor   inputs.  Business   output  offices,   small  business  investment
accounted for about 76 percent  of the  offices,  and  real  estate investment
value  of   GDP   in   1992.   Nonfarm  trusts.    Nonfinancial   corporations
business, which also excludes farming,  accounted for  about 52 percent of the
accounted for about 75 percent  of GDP  value of GDP in 1992.
in 1992.
    Annual manufacturing  indexes  are  Productivity:  These productivity mea-
constructed  by   deflating   current-  sures   describe    the   relationship
dollar industry  value  of  production  between real output and the labor time
data  from  the  U.S.  Bureau  of  the  involved in its production.  They show
Census with   deflators from the  BEA.  the changes from period to  period  in
These deflators are based on data from  the amount of goods and services  pro-
the BLS  producer  price  program  and  duced   per   hour.   Although   these
other sources.  The industry shipments  measures relate  output  to  hours  at
are aggregated  using annual  weights,  work  of  all  persons  engaged  in  a
and   intrasector   transactions   are  sector,  they  do  not   measure   the
removed.     Quarterly   manufacturing  specific   contribution   of    labor,
output measures are based on the index  capital,  or  any  other   factor   of
of  industrial   production   prepared  production.  Rather, they reflect  the
monthly by the  Board of Governors  of  joint  effects  of  many   influences,
the Federal Reserve System adjusted to  including   changes   in   technology;
be consistent  with annual indexes  of  capital investment; level  of  output;
manufacturing sector  output  prepared  utilization of capacity,  energy,  and
 
 
                                      10
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tion;   managerial   skill;   and  the  individuals upon request. Voice phone:
characteristics and effort of the work  202-606-STAT; TDD phone: 202-606-5897;
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    Information  in this  release will
 
 
 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
 
  1993       I    r100.2     r101.4    r101.3    r101.6       r99.6    r101.4      r102.2      r101.7
            II     r99.8     r102.0    r102.2    r102.5       r99.7    r102.6      r101.8      r102.3
           III    r100.1     r102.8    r102.6    r103.0       r99.8    r102.9      r102.4      r102.7
            IV    r100.8     r104.3    r103.5    r103.3       r99.2    r102.5      r104.9      r103.3
 
        ANNUAL    r100.2     r102.6    r102.4    r102.6       r99.6    r102.4      r102.8      r102.5
 
  1994       I    r100.3     r104.8    r104.5    r104.2       r99.6    r103.8      r104.1      r103.9
            II    r100.7     r106.5    r105.8    r104.5       r99.3    r103.9      r105.4      r104.4
           III    r101.4     r107.6    r106.2    r104.9       r98.8    r103.5      r107.9      r105.1
            IV    r101.5     r108.7    r107.1    r105.7       r99.0    r104.1      r108.3      r105.6
 
        ANNUAL    r101.0     r106.9    r105.9    r104.8       r99.2    r103.8      r106.5      r104.8
 
  1995       I    r101.1     r108.8    r107.6    r106.6       r99.0    r105.4      r108.0      r106.3
            II    r101.9     r108.9    r106.9    r108.0       r99.6    r106.0      r108.4      r106.9
           III    r102.2     r110.0    r107.7    r109.1      r100.0    r106.8      r109.0      r107.6
  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)
 
  1993       I     r-3.7      r-1.1      r2.6      r1.6       r-1.4      r5.4       r-0.1        r3.4
            II     r-1.3       r2.2       3.6      r3.4        r0.3      r4.8       r-1.5        r2.5
           III      r1.3       r3.0       1.7      r2.2        r0.5      r0.9        r2.2        r1.4
            IV      r2.7       r6.3       3.5      r1.1       r-2.1     r-1.6       r10.1        r2.4
 
        ANNUAL      r0.2       r2.6       2.4      r2.6       r-0.4      r2.4        r2.8        r2.5
 
  1994       I     r-1.9       r1.8      r3.7      r3.4        r1.3      r5.4       r-2.8        r2.4
            II      r1.4       r6.7      r5.3      r1.5       r-1.0      r0.1        r4.9        r1.8
           III      r2.8       r4.1       1.3      r1.5       r-2.0     r-1.3       r10.0        r2.6
            IV      r0.7       r4.0       3.3      r2.9        r0.7      r2.3        r1.5        r2.0
 
        ANNUAL      r0.7       r4.2       3.4      r2.2       r-0.4      r1.4        r3.5        r2.2
 
  1995       I     r-1.6       r0.6       2.2      r3.4        r0.3      r5.0       r-1.0        r2.8
            II      r3.0       r0.3      -2.5      r5.6        r2.1      r2.5        r1.2        r2.1
           III      r1.2       r4.1       2.8      r3.9        r1.9      r2.7        r2.3        r2.6
  ---------------------------------------------------------------------------------------------------------
 
                      Percent change from corresponding quarter of previous year
 
  1993       I      r0.9       r2.6       1.8      r3.0       r-0.1      r2.2        r3.0        r2.5
            II     r-0.1       r2.4       2.5      r3.0       r-0.2      r3.1        r1.8        r2.6
           III      r0.4       r3.0      r2.5      r2.3       r-0.5      r1.9        r3.8        r2.6
            IV     r-0.3       r2.6       2.9      r2.0       r-0.7      r2.3        r2.6        r2.4
 
        ANNUAL      r0.2       r2.6       2.4      r2.6       r-0.4      r2.4        r2.8        r2.5
 
  1994       I      r0.2       r3.3       3.1      r2.5        r0.0      r2.3        r1.9        r2.2
            II      r0.8       r4.4      r3.6      r2.0       r-0.4      r1.2        r3.5        r2.0
           III      r1.2       r4.7      r3.5      r1.9       r-1.0      r0.6        r5.4        r2.3
            IV      r0.7       r4.2       3.4      r2.3       r-0.3      r1.6        r3.3        r2.2
 
        ANNUAL      r0.7       r4.2       3.4      r2.2       r-0.4      r1.4        r3.5        r2.2
 
  1995       I      r0.8       r3.8       3.0      r2.3       r-0.5      r1.5        r3.8        r2.3
            II      r1.2       r2.3      r1.1      r3.3        r0.3      r2.1        r2.9        r2.4
           III      r0.8       r2.2       1.4      r4.0        r1.2      r3.1        r1.0        r2.4
  ---------------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                      February 8, 1996
  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
 
  1993       I    r100.1     r101.6    r101.5    r101.4       r99.4    r101.3      r102.8      r101.8
            II     r99.7     r102.2    r102.5    r102.1       r99.3    r102.4      r102.2      r102.4
           III    r100.2     r103.2    r103.0    r102.6       r99.4    r102.4      r103.1      r102.7
            IV    r100.6     r104.6    r103.9    r102.9       r98.9    r102.3      r105.3      r103.3
 
        ANNUAL    r100.2     r102.9    r102.7    r102.3       r99.3    r102.1      r103.4      r102.5
 
  1994       I    r100.0     r104.8    r104.8    r103.7       r99.1    r103.7      r104.3      r103.9
            II    r100.4     r106.6    r106.1    r104.3       r99.0    r103.8      r105.8      r104.5
           III    r101.1     r107.7    r106.5    r104.6       r98.5    r103.4      r108.6      r105.3
            IV    r101.3     r108.8    r107.4    r105.4       r98.7    r104.1      r108.9      r105.7
 
        ANNUAL    r100.7     r106.9    r106.2    r104.5       r98.9    r103.8      r106.9      r104.9
 
  1995       I    r101.0     r109.0    r107.9    r106.4       r98.9    r105.3      r108.7      r106.5
            II    r101.8     r109.1    r107.2    r107.8       r99.3    r105.9      r109.0      r107.0
           III    r102.1     r110.3    r108.0    r108.8       r99.8    r106.5      r109.6      r107.6
  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)
 
  1993       I     r-3.9      r-0.9      r3.1      r1.0       r-2.0      r5.1        r1.5        r3.8
            II     r-1.7       r2.4       4.2      r2.7       r-0.3      r4.5       r-2.3        r2.1
           III      r2.1       r4.1      r2.0      r2.0        r0.3     r-0.1        r3.7        r1.2
            IV      r1.6       r5.3      r3.6      r1.1       r-2.1     r-0.5        r8.6        r2.6
 
        ANNUAL      r0.2       r2.9       2.7      r2.3       r-0.7      r2.1        r3.4        r2.5
 
  1994       I     r-2.5       r0.9      r3.5      r3.3        r1.1      r5.9       r-3.6        r2.5
            II      r1.9       r6.8      r4.8      r2.1       r-0.4      r0.2        r6.0        r2.2
           III      r2.6       r4.2       1.6      r1.2       r-2.3     r-1.4       r11.0        r2.9
            IV      r0.9       r4.2       3.3      r3.3        r1.0      r2.4        r0.9        r1.8
 
        ANNUAL      r0.5       r4.0      r3.4      r2.2       r-0.4      r1.6        r3.5        r2.3
 
  1995       I     r-1.1       r0.8      r1.9      r3.7        r0.6      r4.9       r-0.5        r2.9
            II      r3.0       r0.5      -2.4      r5.4        r2.0      r2.3        r1.1        r1.9
           III      r1.4       r4.4       2.9      r3.9        r1.8      r2.4        r2.0        r2.3
  ---------------------------------------------------------------------------------------------------------
 
                      Percent change from corresponding quarter of previous year
 
  1993       I      r0.9       r2.8       1.9      r2.9       r-0.2      r2.0        r3.6        r2.6
            II     r-0.3       r2.6       2.9      r2.6       r-0.6      r2.8        r2.2        r2.6
           III      r0.6       r3.5       2.9      r1.9       r-0.8      r1.4        r4.8        r2.6
            IV     r-0.5       r2.7       3.2      r1.7       r-1.0      r2.2         2.8        r2.4
 
        ANNUAL      r0.2       r2.9       2.7      r2.3       r-0.7      r2.1        r3.4        r2.5
 
  1994       I     r-0.2       r3.2       3.3      r2.3       r-0.3      r2.4        r1.5        r2.1
            II      r0.8       r4.3      r3.5      r2.1       r-0.3      r1.3        r3.6        r2.1
           III      r0.9       r4.3      r3.4      r1.9       r-0.9      r1.0        r5.4        r2.5
            IV      r0.7       r4.0       3.3      r2.5       r-0.2      r1.8        r3.4        r2.3
 
        ANNUAL      r0.5       r4.0      r3.4      r2.2       r-0.4      r1.6        r3.5        r2.3
 
  1995       I      r1.1       r4.0       2.9      r2.6       r-0.3      r1.5        r4.2        r2.4
            II      r1.3       r2.4       1.1      r3.4        r0.3      r2.0        r3.0        r2.4
           III      r1.1       r2.5       1.4      r4.1        r1.4      r3.0        r0.8        r2.2
  ---------------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                      February 8, 1996
  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
 
  1993       I           r101.5       r102.5       r101.0       r101.1           r99.1        r99.6
            II           r101.6       r102.8       r101.2       r102.0           r99.2       r100.4
           III           r102.1       r103.6       r101.5       r102.7           r99.5       r100.6
            IV           r102.9       r105.1       r102.1       r103.5           r99.4       r100.5
 
        ANNUAL           r102.1       r103.5       r101.4       r102.4           r99.4       r100.3
 
  1994       I           r104.7       r107.3       r102.5       r104.3           r99.7        r99.7
            II           r106.1       r109.5       r103.2       r104.7           r99.5        r98.7
           III           r106.9       r110.9       r103.8       r105.6           r99.5        r98.8
            IV           r107.8       r113.0       r104.8       r106.4           r99.7        r98.7
 
        ANNUAL           r106.3       r110.2       r103.6       r105.3           r99.7        r99.0
 
  1995       I           r108.4       r114.1       r105.3       r107.0           r99.4        r98.7
            II           r109.5       r113.5       r103.7       r107.9           r99.5        r98.6
           III           r111.0       r114.2       r102.9       r109.0           r99.9        r98.2
  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)
 
  1993       I             r2.2         r4.6         r2.3         r0.8           r-2.2        r-1.4
            II             r0.4         r1.1          0.8         r3.4            r0.4         r3.1
           III             r1.8         r3.0          1.2         r2.7            r1.0         r0.9
            IV             r3.4         r5.9         r2.4         r3.2           r-0.1        r-0.2
 
        ANNUAL             r2.1         r3.5          1.4         r2.4           r-0.6         r0.3
 
  1994       I             r6.9         r8.8         r1.8         r3.4            r1.3        r-3.2
            II             r5.7         r8.5         r2.6         r1.4           r-1.1        r-4.0
           III             r3.0         r5.1         r2.1         r3.6            r0.0         r0.6
            IV             r3.5         r7.9          4.2         r3.1            r0.8        r-0.4
 
        ANNUAL             r4.2         r6.5         r2.2         r2.8            r0.3        r-1.3
 
  1995       I             r2.2         r3.9          1.6         r2.1           r-0.9        r-0.1
            II             r4.0        r-2.1         -5.9         r3.5            r0.1        r-0.5
           III             r5.7         r2.6        r-2.9         r4.0            r1.9        r-1.6
  --------------------------------------------------------------------------------------------------
 
                     Percent change from corresponding quarter of previous year
 
  1993       I             r2.9         r4.3          1.3         r2.7           r-0.5         -0.3
            II             r2.1         r3.0          0.9         r2.4           r-0.8         r0.3
           III             r1.7         r3.1          1.4         r2.2           r-0.6         r0.5
            IV             r1.9         r3.6          1.7         r2.5           r-0.2         r0.6
 
        ANNUAL             r2.1         r3.5          1.4         r2.4           r-0.6         r0.3
 
  1994       I             r3.1         r4.7         r1.5         r3.2            r0.7         r0.1
            II             r4.4         r6.5         r2.0         r2.7            r0.3        r-1.7
           III             r4.7         r7.1         r2.2         r2.9            r0.0        r-1.7
            IV             r4.7         r7.6         r2.7         r2.9            r0.2        r-1.8
 
        ANNUAL             r4.2         r6.5         r2.2         r2.8            r0.3        r-1.3
 
  1995       I             r3.6         r6.3         r2.6         r2.5           r-0.3        r-1.0
            II             r3.2         r3.6          0.4         r3.1            r0.0        r-0.1
           III             r3.8         r3.0         -0.8          3.2             0.5        r-0.7
  --------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                February 8, 1996
  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
 
  1993       I           r102.3       r103.3       r101.0       r101.0           r99.0        r98.7
            II           r102.8       r104.0       r101.1       r101.8           r99.0        r99.0
           III           r103.0       r104.8       r101.7       r102.4           r99.2        r99.4
            IV           r104.9       r107.5       r102.5       r103.3            99.3        r98.5
 
        ANNUAL           r103.4       r104.9       r101.5       r102.2           r99.3        r98.9
 
  1994       I           r106.8       r110.4       r103.3       r104.2           r99.6        r97.5
            II           r108.2       r112.6       r104.1       r104.5           r99.3        r96.6
           III           r109.4       r114.8       r104.9       r105.4           r99.2        r96.3
            IV           r110.6       r117.5       r106.3       r106.0           r99.3        r95.9
 
        ANNUAL           r108.7       r113.8       r104.7       r105.0           r99.4        r96.6
 
  1995       I           r111.8       r119.5       r106.9       r106.4           r98.9        r95.2
            II           r112.5       r119.0       r105.7       r107.0           r98.6        r95.1
           III           r114.3       r120.4       r105.3       r108.1           r99.1        r94.5
  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)
 
  1993       I             r3.6         r6.3         r2.6         r0.8           r-2.2        r-2.7
            II             r2.0         r2.4          0.4         r3.2            r0.2         r1.2
           III             r0.7         r3.4         r2.6         r2.5            r0.8         r1.7
            IV             r7.3        r10.7         r3.1         r3.6            r0.4        r-3.5
 
        ANNUAL             r3.4         r4.9          1.5         r2.2           r-0.7        r-1.1
 
  1994       I             r7.6        r11.0         r3.1         r3.4            r1.2        r-4.0
            II             r5.2         r8.6         r3.2         r1.2           r-1.4        r-3.8
           III             r4.5          7.8         r3.2         r3.4           r-0.2        r-1.0
            IV             r4.3         r9.9          5.4         r2.4            r0.2        r-1.8
 
        ANNUAL             r5.2          8.5         r3.2         r2.7            r0.1        r-2.3
 
  1995       I             r4.5         r7.0          2.3         r1.4           r-1.7        r-3.0
            II             r2.7        r-1.9        r-4.4         r2.5           r-0.9        r-0.2
           III             r6.6         r5.1        r-1.5         r4.0            r1.9        r-2.5
  --------------------------------------------------------------------------------------------------
 
                     Percent change from corresponding quarter of previous year
 
  1993       I             r4.6         r5.7          1.0         r2.5           r-0.6        r-2.0
            II             r3.1         r4.1          0.9         r2.1           r-1.0        r-1.0
           III             r2.5         r4.3          1.8         r1.9           r-0.9        r-0.6
            IV             r3.4         r5.6          2.2         r2.5           r-0.2        r-0.8
 
        ANNUAL             r3.4         r4.9          1.5         r2.2           r-0.7        r-1.1
 
  1994       I             r4.4         r6.8         r2.3         r3.2            r0.6        r-1.2
            II             r5.2         r8.4         r3.0         r2.7            r0.2        r-2.4
           III             r6.2         r9.5         r3.2         r2.9            r0.0        r-3.1
            IV             r5.4         r9.3         r3.7         r2.6            r0.0        r-2.7
 
        ANNUAL             r5.2          8.5         r3.2         r2.7            r0.1        r-2.3
 
  1995       I             r4.6         r8.3         r3.5          2.1            -0.8        r-2.4
            II             r4.0         r5.6          1.5         r2.4           r-0.6        r-1.5
           III             r4.5         r4.9         r0.4          2.6            -0.1        r-1.9
  --------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                February 8, 1996
  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
 
  1993       I           r100.8       r101.8       r101.0       r101.3           r99.3       r100.5
            II           r100.5       r101.8       r101.3       r102.3           r99.5       r101.8
           III           r101.4       r102.5       r101.1       r103.0           r99.8       r101.6
            IV           r101.2       r102.7       r101.5       r103.6           r99.6       r102.4
 
        ANNUAL           r101.0       r102.2       r101.2       r102.6           r99.6       r101.6
 
  1994       I           r102.7       r104.3       r101.5       r104.4           r99.8       r101.6
            II           r104.3       r106.3       r102.0       r104.9           r99.6       r100.6
           III           r104.6       r106.9       r102.2       r105.8           r99.6       r101.2
            IV           r105.3       r108.3       r102.8       r106.8          r100.0       r101.5
 
        ANNUAL           r104.2       r106.5       r102.2       r105.5           r99.8       r101.2
 
  1995       I           r105.3       r108.4       r103.0       r107.6          r100.0       r102.3
            II           r106.8       r107.8       r100.9       r108.9          r100.4       r102.0
           III           r108.0       r107.7        r99.6       r109.9          r100.8       r101.7
  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)
 
  1993       I             r1.0         r2.9          1.9         r0.8           r-2.2        r-0.3
            II             -1.3         -0.1          1.2         r3.9            r0.9         r5.3
           III             r3.5         r2.8         -0.7         r2.8            r1.1        r-0.6
            IV             -0.7         r0.7          1.5         r2.3           r-0.9         r3.1
 
        ANNUAL             r1.0         r2.2          1.2         r2.6           r-0.4         r1.6
 
  1994       I             r6.3         r6.4          0.1         r3.2            r1.0        r-3.0
            II             r6.0         r8.1          1.9         r1.7           r-0.9        r-4.1
           III             r1.3         r2.0          0.7         r3.7            r0.1         r2.3
            IV             r2.7         r5.4          2.6         r3.9            r1.6         r1.2
 
        ANNUAL             r3.2         r4.1         r0.9         r2.8            r0.2         -0.4
 
  1995       I            r-0.1         r0.6          0.7         r3.1            r0.0         r3.2
            II             r5.9        r-2.5         -7.9         r4.8            r1.3        r-1.1
           III             r4.8        r-0.3         -4.9         r3.7            r1.6        r-1.1
  --------------------------------------------------------------------------------------------------
 
                     Percent change from corresponding quarter of previous year
 
  1993       I             r1.4         r3.0         r1.7         r2.9           r-0.2         r1.6
            II             r1.2         r2.2          1.0         r2.8           r-0.4         r1.5
           III             r1.1         r2.1          1.0         r2.5           r-0.3         r1.5
            IV             r0.6         r1.6          1.0         r2.4           r-0.3         r1.8
 
        ANNUAL             r1.0         r2.2          1.2         r2.6           r-0.4         r1.6
 
  1994       I             r1.9         r2.4         r0.5         r3.0            r0.5         r1.1
            II             r3.7         r4.4          0.7         r2.5            r0.1        r-1.2
           III             r3.2         r4.3         r1.0         r2.7           r-0.2        r-0.5
            IV             r4.1         r5.4          1.3         r3.1            r0.5        r-0.9
 
        ANNUAL             r3.2         r4.1         r0.9         r2.8            r0.2         -0.4
 
  1995       I             r2.5         r4.0          1.5         r3.1            r0.2         r0.6
            II             r2.4         r1.3         -1.1         r3.9            r0.8         r1.4
           III             r3.3         r0.7         -2.5         r3.9             1.1         r0.6
  --------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                February 8, 1996
  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    cost     fits   deflator
      quarter   hour      Output  hours      (1)      sation(2)  costs    cost(6)  (7)      (8)      (4)
-----------------------------------------------------------------------------------------------------------
                                             Indexes 1992=100
 
  1993       I   r100.1    r101.3   r101.1   r101.4     r99.4    r101.3   r100.7   r101.1   r102.9   r101.2
            II   r101.0    r102.9   r101.9   r101.9     r99.2    r100.9   r100.0   r100.7   r111.5   r101.5
           III   r101.5    r104.2   r102.6   r102.5     r99.3    r100.9    r99.8   r100.6   r115.6   r101.8
            IV   r102.4    r106.1   r103.6   r102.8     r98.7    r100.4    r99.2   r100.1   r128.5   r102.3
 
        ANNUAL   r101.3    r103.6   r102.2   r102.2     r99.2    r100.9    r99.9   r100.6   r114.8   r101.7
 
  1994       I   r102.4    r107.2   r104.7   r103.3     r98.8    r100.9   r102.3   r101.3   r120.8   r102.8
            II   r102.6    r108.9   r106.2   r103.8     r98.6    r101.2    r98.7   r100.5   r134.5   r103.1
           III   r102.6    r109.6   r106.9   r104.2     r98.1    r101.6    r99.3   r100.9   r136.5   r103.7
            IV   r103.2    r111.6   r108.1   r105.2     r98.5    r101.9    r98.2   r100.9   r141.3   r104.0
 
        ANNUAL   r102.7    r109.3   r106.4   r104.2     r98.6    r101.4    r99.6   r100.9   r133.4   r103.4
 
  1995       I   r102.3    r111.3   r108.8   r105.6     r98.1    r103.2   r100.0   r102.3   r131.0   r104.5
            II   r103.2    r111.8   r108.3   r107.0     r98.6    r103.7   r101.2   r103.0   r130.5   r105.1
           III    104.7     113.9    108.8    108.1      99.1     103.3     99.9    102.4    142.2    105.4
-----------------------------------------------------------------------------------------------------------
                               Percent change from previous quarter at annual rate(5)
 
  1993       I    r-4.8     r-2.9      2.0     r0.8     r-2.2      r5.8     r7.8     r6.4   r-24.5     r3.4
            II     r3.6      r6.6     r2.9     r2.2     r-0.8     r-1.4    r-2.7    r-1.7    r38.0     r1.0
           III     r2.1      r5.0     r2.8     r2.2      r0.5      r0.1    r-1.0    r-0.2    r15.4     r1.1
            IV     r3.2      r7.5     r4.1     r1.0     r-2.2     r-2.1    r-2.2    r-2.2    r52.4     r1.9
 
        ANNUAL     r1.3      r3.6      2.2     r2.2     r-0.8      r0.9    r-0.1     r0.6    r14.8     r1.7
 
  1994       I     r0.1      r4.2     r4.1     r2.2      r0.1      r2.2    r13.2     r5.0   r-21.8      2.2
            II     r0.9      r6.8     r5.9     r1.8     r-0.7      r0.9   r-13.4    r-3.2    r53.6     r1.2
           III    r-0.2      r2.5     r2.7     r1.4     r-2.1      r1.5     r2.3     r1.7     r6.3     r2.2
            IV     r2.6      r7.5      4.8     r4.0      r1.7      r1.4    r-4.4    r-0.2    r14.8     r1.3
 
        ANNUAL     r1.4      r5.5     r4.1     r1.9      -0.6      r0.5    r-0.3     r0.3    r16.2     r1.7
 
  1995       I    r-3.5     r-1.1     r2.5     r1.4     r-1.6      r5.1     r7.9     r5.9   r-26.1     r2.1
            II     r3.7      r1.6    r-2.0     r5.6      r2.1      r1.9     r4.7     r2.6    r-1.6     r2.2
           III      5.7       7.8      2.0      4.1       2.0      -1.5     -5.0     -2.5     40.9      1.1
-----------------------------------------------------------------------------------------------------------
 
                            Percent change from corresponding quarter of previous year
 
  1993       I     r1.0      r2.7     r1.7     r2.9     r-0.3      r1.8     r0.3     r1.4     r5.6     r1.7
            II     r1.6      r3.7      2.0     r2.3     r-0.8      r0.7     r0.2     r0.6    r13.8     r1.6
           III     r1.4      r4.0     r2.6     r1.8     r-0.9      r0.5    r-1.2     r0.0    r23.2     r1.7
            IV     r1.0      r4.0     r2.9     r1.5     r-1.2      r0.6     r0.4     r0.5    r16.3     r1.8
 
        ANNUAL     r1.3      r3.6      2.2     r2.2     r-0.8      r0.9    r-0.1     r0.6    r14.8     r1.7
 
  1994       I     r2.2      r5.8     r3.5     r1.9     r-0.6     r-0.3     r1.6     r0.2    r17.4     r1.5
            II     r1.6      r5.9     r4.2     r1.8     r-0.6      r0.3    r-1.3    r-0.2    r20.6     r1.6
           III     r1.0      r5.2     r4.2     r1.6     r-1.2      r0.6    r-0.5      0.3    r18.1     r1.9
            IV     r0.8      r5.2     r4.4     r2.4     r-0.3      r1.5    r-1.0     r0.8    r10.0     r1.7
 
        ANNUAL     r1.4      r5.5     r4.1     r1.9      -0.6      r0.5    r-0.3     r0.3    r16.2     r1.7
 
  1995       I    r-0.1      r3.9     r4.0     r2.2     r-0.7      r2.2    r-2.2     r1.0     r8.4     r1.7
            II     r0.6      r2.6      2.0     r3.1      r0.0      r2.5     r2.5     r2.5    r-3.0     r1.9
           III      2.1       3.9      1.8      3.8       1.1       1.7      0.6      1.4      4.1      1.7
-----------------------------------------------------------------------------------------------------------
See footnotes following table 6.                                        February 8, 1996
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 cost includes 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 cost is 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
Indexes 1992=100
                                                    Real
        Output per            Hours     Compensa-   compensa-  Unit      Unit non-   Implicit
        hour of               of all    tion per    tion per   labor     labor pay-  price
Year     all persons  Output   persons   hour(1)     hour(2)    costs     ments(3)    deflator(4)
-------------------------------------------------------------------------------------------------
1959        49.8       33.8      67.8      12.9       62.1       25.9        24.9        25.5
 
1960        50.5       34.3      67.9      13.4       63.7       26.6        24.5        25.8
1961        52.2       34.9      66.8      14.0       65.5       26.7        25.0        26.1
1962        54.8       37.1      67.8      14.6       67.9       26.7        25.7        26.4
1963        56.9       38.8      68.2      15.2       69.6       26.7        26.3        26.5
1964        59.6       41.3      69.2      16.0       72.3       26.8        26.9        26.8
 
1965        61.8       44.2      71.4      16.6       73.9       26.8        28.1        27.3
1966        64.4       47.1      73.1      17.7       76.8       27.5        28.8        28.0
1967        65.9       48.0      72.9      18.7       78.7       28.4        29.4        28.8
1968        68.2       50.4      73.9      20.3       81.7       29.7        30.2        29.9
1969        68.7       52.0      75.7      21.7       83.1       31.7        30.2        31.1
 
1970        69.8       51.8      74.3      23.4       84.6       33.5        30.8        32.6
1971        72.7       53.8      74.0      24.9       86.2       34.2        33.6        34.0
1972        75.2       57.4      76.3      26.5       88.9       35.2        35.1        35.2
1973        77.6       61.3      79.0      28.8       90.9       37.1        36.9        37.0
1974        76.6       60.6      79.1      31.6       89.9       41.2        38.7        40.4
 
1975        79.0       59.9      75.8      34.8       90.7       44.1        44.7        44.3
1976        82.2       64.0      77.9      38.0       93.6       46.2        47.2        46.6
1977        83.8       67.8      80.9      41.0       95.0       48.9        49.9        49.3
1978        84.5       71.6      84.8      44.7       96.3       53.0        53.4        53.1
1979        84.3       73.8      87.5      49.1       94.9       58.3        56.6        57.7
 
1980        84.1       72.9      86.8      54.4       92.7       64.7        59.5        62.9
1981        85.8       74.9      87.3      59.6       92.0       69.5        67.0        68.6
1982        85.2       72.6      85.2      64.1       93.1       75.2        67.9        72.6
1983        88.0       76.2      86.6      66.7       93.9       75.7        74.4        75.3
1984        90.2       82.5      91.5      69.6       94.0       77.2        78.6        77.7
 
1985        91.9       85.9      93.4      73.1       95.3       79.5        80.4        79.9
1986        94.2       88.6      94.0      76.9       98.4       81.6        81.7        81.6
1987        94.1       91.1      96.8      79.9       98.6       84.9        81.9        83.8
1988        94.6       94.6     100.0      83.5       99.0       88.2        84.2        86.8
1989        95.4       97.8     102.5      85.8       97.1       89.9        91.4        90.5
 
1990        96.2       98.7     102.6      90.8       97.4       94.3        93.5        94.0
1991        96.7       96.9     100.3      95.1       97.9       98.3        96.5        97.7
1992       100.0      100.0     100.0     100.0      100.0      100.0       100.0       100.0
1993       100.2      102.6     102.4     102.6       99.6      102.4       102.8       102.5
1994       101.0      106.9     105.9     104.8       99.2      103.8       106.5       104.8
-------------------------------------------------------------------------------------------------
See footnotes following table 6, above.                       February 8, 1996
                                                              Source: Bureau of Labor Statistics
 
 
 
 
Appendix Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs, and prices
Indexes 1992=100
                                                    Real
         Output per            Hours     Compensa-   compensa-  Unit      Unit non-   Implicit
         hour of               of all    tion per    tion per   labor     labor pay-  price
Year     all persons  Output   persons   hour(1)     hour(2)    costs     ments(3)    deflator(4)
-------------------------------------------------------------------------------------------------
1959        54.1       33.5      61.9      13.7       65.8       25.3        24.6        25.0
 
1960        54.7       34.0      62.3      14.3       67.6       26.1        23.9        25.3
1961        56.4       34.7      61.5      14.7       69.2       26.2        24.4        25.5
1962        59.0       37.1      62.8      15.3       71.3       26.0        25.3        25.8
1963        61.0       38.7      63.5      15.9       72.9       26.1        25.8        26.0
1964        63.7       41.4      65.0      16.6       75.3       26.1        26.6        26.3
 
1965        65.7       44.3      67.4      17.2       76.5       26.2        27.7        26.7
1966        68.0       47.4      69.7      18.2       78.7       26.7        28.3        27.3
1967        69.2       48.2      69.7      19.2       80.8       27.8        28.9        28.2
1968        71.6       50.8      70.9      20.8       83.7       29.0        29.9        29.3
1969        71.7       52.3      72.9      22.2       84.8       30.9        29.7        30.5
 
1970        72.6       52.2      71.8      23.8       86.0       32.7        30.3        31.9
1971        75.6       54.1      71.6      25.3       87.7       33.5        33.0        33.3
1972        78.2       57.9      74.0      27.0       90.5       34.5        34.0        34.3
1973        80.7       62.1      76.9      29.2       92.2       36.1        34.4        35.5
1974        79.4       61.1      77.0      32.1       91.2       40.4        36.7        39.1
 
1975        81.5       60.1      73.7      35.3       92.1       43.3        43.0        43.2
1976        84.5       64.3      76.1      38.4       94.6       45.4        46.2        45.6
1977        85.8       68.0      79.2      41.4       95.9       48.3        49.2        48.6
1978        87.0       72.3      83.2      45.2       97.3       52.0        51.9        51.9
1979        86.4       74.3      86.1      49.5       95.7       57.3        54.8        56.4
 
1980        86.0       73.5      85.4      54.8       93.4       63.8        58.5        61.9
1981        87.0       74.8      86.0      60.2       92.9       69.1        65.6        67.9
1982        86.3       72.4      83.9      64.6       93.9       74.9        67.2        72.2
1983        89.9       76.8      85.4      67.3       94.9       74.9        74.2        74.7
1984        91.5       82.8      90.5      70.2       94.8       76.8        77.5        77.0
 
1985        92.4       85.8      92.8      73.5       95.8       79.5        80.0        79.7
1986        94.9       88.7      93.5      77.3       98.9       81.4        81.3        81.4
1987        94.7       91.4      96.5      80.2       99.0       84.7        81.4        83.5
1988        95.3       95.1      99.8      83.6       99.2       87.8        83.8        86.4
1989        95.8       98.1     102.4      85.8       97.1       89.6        90.8        90.0
 
1990        96.3       98.8     102.7      90.6       97.3       94.1        93.2        93.8
1991        96.9       97.1     100.2      95.1       97.9       98.1        96.7        97.6
1992       100.0      100.0     100.0     100.0      100.0      100.0       100.0       100.0
1993       100.2      102.9     102.7     102.3       99.3      102.1       103.4       102.5
1994       100.7      106.9     106.2     104.5       98.9      103.8       106.9       104.9
-------------------------------------------------------------------------------------------------
See footnotes following table 6, above.                       February 8, 1996
                                                              Source: Bureau of Labor Statistics
 
 
 
 
Appendix Table 3. 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         26.6         79.3          8.3            48.8         24.7
 
1950              34.1         29.2         85.7          8.7            50.6         25.5
1951              33.8         31.2         92.3          9.6            51.7         28.4
1952              35.0         32.8         93.5         10.2            54.0         29.1
1953              36.1         35.5         98.3         10.8            56.6         29.8
1954              37.0         33.2         89.9         11.3            58.7         30.4
 
1955              38.7         36.6         94.8         11.7            61.2         30.2
1956              38.4         37.0         96.2         12.4            64.2         32.4
1957              39.2         37.1         94.7         13.2            65.8         33.6
1958              39.8         34.5         86.8         13.8            67.0         34.7
1959              40.5         37.5         92.6         14.3            69.0         35.3
 
1960              41.2         38.0         92.3         14.9            70.6         36.2
1961              42.5         38.2         89.9         15.3            72.0         36.1
1962              43.6         40.9         93.6         15.9            74.0         36.5
1963              45.4         43.0         94.5         16.4            75.2         36.1
1964              47.4         45.7         96.5         17.1            77.4         36.1
 
1965              48.4         49.4        102.1         17.5            77.8         36.1
1966              49.0         53.3        108.8         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            83.5         39.3
1969              53.4         59.3        111.0         22.2            85.0         41.6
 
1970              55.0         57.5        104.5         23.8            86.1         43.3
1971              58.6         59.0        100.7         25.3            87.5         43.1
1972              60.7         63.9        105.2         26.6            89.2         43.8
1973              62.5         69.1        110.5         28.6            90.5         45.8
1974              63.2         68.4        108.1         31.8            90.5         50.3
 
 
1975              65.1         63.4         97.4         35.7            93.0         54.8
1976              67.8         69.1        101.9         38.6            95.3         57.0
1977              70.2         74.5        106.2         42.0            97.2         59.8
1978              71.1         78.7        110.6         45.4            97.6         63.8
1979              70.7         79.7        112.8         49.8            96.3         70.5
 
1980              71.2         76.6        107.6         55.8            94.9         78.3
1981              72.1         77.2        107.0         61.3            94.6         85.0
1982              75.5         74.0         98.0         67.2            97.7         89.0
1983              78.4         77.6         99.0         69.0            97.3         88.1
1984              80.7         85.0        105.4         71.4            96.4         88.5
 
1985              83.7         87.6        104.6         75.3            98.1         89.9
1986              87.5         90.2        103.1         78.6           100.6         89.9
1987              89.8         93.3        103.8         80.9            99.9         90.0
1988              91.0         97.2        106.8         84.0            99.6         92.3
1989              92.5         99.2        107.2         86.7            98.1         93.7
 
1990              94.2         98.8        104.9         90.9            97.6         96.5
1991              96.5         97.1        100.6         95.7            98.6         99.1
1992             100.0        100.0        100.0        100.0           100.0        100.0
1993             102.1        103.5        101.4        102.4            99.4        100.3
1994             106.3        110.2        103.6        105.3            99.7         99.0
------------------------------------------------------------------------------------------
See footnotes following table 6, above.                February 8, 1996
                                                       Source: Bureau of Labor Statistics
 
 
 
Appendix Table 4. 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              31.5         22.8         72.2          8.1            47.8         25.7
 
1950              33.4         26.8         80.5          8.5            49.7         25.6
1951              32.0         29.1         90.8          9.5            51.0         29.5
1952              33.5         31.2         93.1         10.2            53.8         30.3
1953              35.4         35.5        100.1         10.7            56.3         30.3
1954              35.4         31.4         88.6         11.2            58.5         31.7
 
1955              37.3         35.3         94.6         11.7            61.3         31.4
1956              35.7         34.5         96.8         12.5            64.3         34.9
1957              36.1         34.5         95.6         13.2            65.9         36.5
1958              35.8         30.2         84.4         13.9            67.7         39.0
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         33.4         87.9         15.5            72.6         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         42.2         97.1         17.2            77.8         39.6
 
1965              45.2         47.1        104.2         17.5            78.0         38.8
1966              46.0         52.0        113.2         18.3            79.1         39.7
1967              47.6         53.5        112.4         19.2            80.7         40.4
1968              49.3         56.1        114.0         20.7            83.5         42.0
1969              49.8         57.6        115.7         22.2            84.9         44.6
 
1970              50.5         53.9        106.7         23.9            86.3         47.2
1971              54.3         55.0        101.2         25.5            88.3         46.9
1972              57.3         61.4        107.1         26.8            89.9         46.7
1973              59.9         69.1        115.3         28.7            90.7         47.9
1974              59.7         67.7        113.4         31.8            90.5         53.2
 
 
 
1975              60.5         60.4         99.8         35.9            93.7         59.4
1976              63.1         65.8        104.3         39.0            96.2         61.9
1977              65.1         71.7        110.1         42.4            98.1         65.1
1978              66.0         76.9        116.6         45.5            97.9         69.0
1979              65.9         79.2        120.2         49.9            96.5         75.8
 
1980              65.7         74.4        113.1         56.1            95.6         85.4
1981              66.6         74.9        112.3         61.8            95.3         92.7
1982              68.9         69.3        100.7         67.8            98.6         98.4
1983              72.6         73.5        101.3         69.3            97.6         95.5
1984              75.9         83.7        110.3         71.3            96.2         93.9
 
1985              78.2         86.2        110.2         75.0            97.7         95.9
1986              81.8         87.8        107.4         78.7           100.7         96.2
1987              86.6         92.8        107.2         81.0           100.1         93.6
1988              88.5         98.4        111.2         83.7            99.3         94.6
1989              90.5        100.6        111.2         86.4            97.8         95.5
 
1990              92.5         99.4        107.5         90.5            97.1         97.9
1991              94.8         96.2        101.5         95.4            98.3        100.7
1992             100.0        100.0        100.0        100.0           100.0        100.0
1993             103.4        104.9        101.5        102.2            99.3         98.9
1994             108.7        113.8        104.7        105.0            99.4         96.6
------------------------------------------------------------------------------------------
See footnotes following table 6, above.                February 8, 1996
                                                       Source: Bureau of Labor Statistics
 
 
 
 
Appendix Table 5. Nondurable manufacturing sector: Productivity, hourly compensation,
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         88.8          8.6            50.9         25.2
 
1950              34.5         32.0         92.8          9.0            52.5         26.1
1951              35.5         33.4         94.3          9.8            52.8         27.6
1952              36.5         34.4         94.2         10.3            54.4         28.2
1953              37.2         35.6         95.9         10.8            56.8         29.1
1954              38.7         35.4         91.6         11.4            59.2         29.3
 
1955              40.3         38.3         95.0         11.7            61.1         28.9
1956              41.9         39.9         95.3         12.4            64.0         29.6
1957              43.0         40.2         93.5         13.1            65.6         30.5
1958              44.4         40.0         90.1         13.7            66.3         30.8
1959              45.5         42.8         94.1         14.1            68.1         31.0
 
1960              46.7         43.6         93.5         14.7            69.9         31.6
1961              48.0         44.4         92.5         15.2            71.5         31.7
1962              48.8         46.2         94.6         15.7            73.1         32.2
1963              50.7         48.0         94.7         16.2            74.4         32.0
1964              52.7         50.5         95.7         16.9            76.5         32.1
 
1965              53.1         52.7         99.4         17.3            77.0         32.6
1966              53.7         55.2        102.8         18.0            78.2         33.6
1967              56.1         57.5        102.5         19.1            80.2         34.0
1968              58.2         60.5        104.0         20.5            82.7         35.2
1969              59.5         62.3        104.8         22.0            84.2         37.0
 
1970              61.8         62.8        101.7         23.6            85.5         38.3
1971              64.5         64.5        100.0         24.9            86.3         38.6
1972              66.5         68.3        102.7         26.2            87.8         39.3
1973              67.5         70.3        104.2         28.2            89.1         41.8
1974              69.5         70.2        101.1         31.5            89.5         45.3
 
 
 
1975              71.5         67.3         94.1         35.0            91.2         48.9
1976              74.4         73.5         98.7         37.8            93.1         50.8
1977              77.9         78.7        100.9         41.0            94.9         52.6
1978              79.4         81.5        102.6         44.5            95.9         56.1
1979              78.9         81.1        102.9         48.8            94.4         61.9
 
1980              79.2         79.4        100.2         54.4            92.7         68.7
1981              80.2         80.1         99.9         59.8            92.2         74.5
1982              83.6         78.9         94.4         65.8            95.7         78.7
1983              85.0         81.6         95.9         68.3            96.1         80.3
1984              86.6         85.6         98.9         70.9            95.7         81.9
 
1985              89.7         87.2         97.2         74.8            97.6         83.4
1986              92.5         90.1         97.3         77.8            99.6         84.1
1987              94.2         93.7         99.4         79.9            98.7         84.8
1988              94.8         95.8        101.0         83.7            99.2         88.3
1989              95.4         97.3        102.0         86.5            97.9         90.6
 
1990              96.5         98.0        101.5         91.1            97.8         94.4
1991              98.3         97.8         99.4         95.9            98.8         97.5
1992             100.0        100.0        100.0        100.0           100.0        100.0
1993             101.0        102.2        101.2        102.6            99.6        101.6
1994             104.2        106.5        102.2        105.5            99.8        101.2
------------------------------------------------------------------------------------------
See footnotes following table 6, above.                February 8, 1996
                                                       Source: Bureau of Labor Statistics
 
 
 
 
Appendix Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs,
profits, and prices
Indexes 1992=100
 
        Output                      Hourly    Real                Unit     Total     Unit  Implicit
        per all-                    compen-   hourly     Unit     non-     unit      pro-  price
        employee           Employee sation    compen-    labor    labor    cost      fits  deflator
Year     hour       Output  Hours     (1)      sation(2)  costs    cost(6)  (7)       (8)     (4)
---------------------------------------------------------------------------------------------------
1959       53.8      28.2     52.5     14.9      71.7      27.6     24.0     26.7     57.5     29.0
 
1960       54.5      29.0     53.3     15.5      73.4      28.4     24.8     27.4     52.3     29.3
1961       56.2      29.7     52.8     16.0      75.0      28.5     25.3     27.6     52.5     29.5
1962       58.5      32.1     54.9     16.6      77.2      28.4     24.9     27.5     57.7     29.8
1963       60.7      34.0     56.1     17.1      78.6      28.2     24.7     27.3     61.2     29.9
1964       63.2      36.5     57.7     17.9      81.0      28.3     24.6     27.3     63.9     30.1
 
1965       64.5      39.3     61.0     18.4      82.0      28.5     24.5     27.4     69.4     30.7
1966       64.9      41.8     64.3     19.4      84.0      29.9     24.8     28.5     69.4     31.6
1967       65.8      42.8     65.1     20.5      86.0      31.1     26.3     29.8     64.7     32.5
1968       68.2      45.6     66.9     22.0      88.7      32.3     27.8     31.1     64.6     33.6
1969       68.1      47.4     69.5     23.5      89.9      34.5     29.8     33.2     58.3     35.1
 
1970       68.2      46.8     68.6     25.2      91.0      36.9     33.4     35.9     47.3     36.8
1971       71.3      48.8     68.4     26.8      92.7      37.5     34.8     36.8     53.7     38.1
1972       73.2      52.6     71.9     28.3      95.0      38.7     35.0     37.7     57.6     39.2
1973       73.6      55.5     75.5     30.5      96.5      41.5     36.7     40.2     59.2     41.6
1974       71.9      54.6     75.9     33.4      95.1      46.5     42.2     45.3     50.9     45.8
 
1975       74.4      53.5     71.9     36.8      95.9      49.4     48.2     49.1     67.6     50.5
1976       77.3      58.0     75.0     39.9      98.4      51.6     47.9     50.6     76.4     52.6
1977       79.6      62.6     78.5     43.1      99.7      54.1     50.9     53.2     78.3     55.1
1978       80.0      66.4     83.0     46.8     100.7      58.5     54.3     57.4     82.1     59.3
1979       78.7      67.9     86.2     51.1      98.8      65.0     60.2     63.7     75.1     64.6
 
1980       79.7      68.1     85.4     56.4      96.1      70.8     69.6     70.5     63.2     69.9
1981       82.4      71.4     86.6     61.6      95.1      74.8     79.0     75.9     75.8     75.9
1982       83.8      70.5     84.1     66.0      95.9      78.7     85.1     80.4     66.1     79.3
1983       86.5      73.8     85.3     68.4      96.3      79.0     85.3     80.7     84.2     81.0
1984       88.9      80.7     90.9     71.3      96.2      80.2     83.8     81.2    105.4     83.0
 
1985       90.5      84.2     93.0     74.5      97.2      82.3     84.5     82.9    102.5     84.4
1986       93.0      86.8     93.3     78.2     100.1      84.1     87.0     84.9     90.1     85.3
1987       94.5      90.9     96.3     81.2     100.3      85.9     87.3     86.3     99.1     87.3
1988       96.0      95.7     99.7     84.4     100.1      87.9     89.6     88.4    107.7     89.8
1989       94.9      97.3    102.5     86.6      98.0      91.3     95.8     92.5     98.1     92.9
 
1990       95.9      98.5    102.7     91.2      97.9      95.1     99.0     96.2     93.9     96.0
1991       97.4      97.1     99.7     95.5      98.4      98.0    103.1     99.4     91.9     98.8
1992      100.0     100.0    100.0    100.0     100.0     100.0    100.0    100.0    100.0    100.0
1993      101.3     103.6    102.2    102.2      99.2     100.9     99.9    100.6    114.8    101.7
1994      102.7     109.3    106.4    104.2      98.6     101.4     99.6    100.9    133.4    103.4
---------------------------------------------------------------------------------------------------
See footnotes following table 6, above.                         February 8, 1996
                                                                Source: Bureau of Labor Statistics