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,









 
 
Historical, technical                       USDL 96-334
  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. EDT
                                            Wednesday, August 14, 1996.
 
 
                           PRODUCTIVITY AND COSTS
                             Second Quarter 1996
 
 
     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 1996.  The preliminary seasonally adjusted
annual rates of productivity change in the second quarter were:
 
               0.5 percent in the business sector, and
              -0.1 percent in the nonfarm business sector.
 
In the business sector, productivity growth in the second quarter was slower
than in the first quarter, when it rose 2.0 percent (as revised).  In the
nonfarm business sector, productivity fell in the second quarter after
posting an increase of 1.8 percent one quarter earlier.
 
     In manufacturing, productivity changes in the second quarter were:
 
               1.5 percent in manufacturing,
               3.1 percent in durable goods manufacturing, and
              -0.1 percent in nondurable goods manufacturing.
 
     The second-quarter increase in manufacturing productivity was the
smallest since the second quarter of 1993.  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 results 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 5).
 
-----------------------------------------------------------------------------
 Table A.  Productivity and costs:  Preliminary second-quarter 1996 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           0.5      4.4    3.9     4.1       0.2     3.6
   Nonfarm business  -0.1      4.2    4.3     3.7      -0.1     3.8
   Manufacturing      1.5      5.5    3.9     5.8       1.9     4.2
     Durable          3.1     10.0    6.6     6.8       2.8     3.5
     Nondurable      -0.1      0.1    0.2     3.8       0.0     3.9
-----------------------------------------------------------------------------
                      Percent change from same quarter a year ago
 
   Business           0.9      3.1    2.2     3.8       1.0     2.9
   Nonfarm business   0.7      3.1    2.4     3.8       0.9     3.1
   Manufacturing      4.0      3.0   -1.0     3.8       0.9    -0.2
     Durable          5.4      6.0    0.6     3.3       0.4    -2.0
     Nondurable       2.5     -0.8   -3.2     4.4       1.5     1.8
-----------------------------------------------------------------------------
 
 
Business
 
     From the first to the second quarter of 1996, business sector
productivity increased at a 0.5 percent annual rate, as output rose 4.4
percent and hours of all persons engaged in the sector rose 3.9 percent.  In
the first quarter, productivity had increased 2.0 percent as output increased
3.0 percent and hours rose 1.0 percent (table 1).
 
     Hourly compensation increased 4.1 percent in the second quarter and 3.0
percent in the first quarter of 1996.  This measure includes wages and
salaries, supplements, employer contributions to employee benefit plans, and
taxes.  Unit labor costs, which reflect changes in hourly compensation and
productivity, increased at a 3.6 percent annual rate during the second
quarter, compared with a 1.0 percent rise 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 0.2
percent annual rate in the second quarter, after falling 0.2 percent one
quarter earlier.
 
     The implicit price deflator for the business sector, which reflects
changes in unit labor costs and unit nonlabor payments, increased 2.5 percent
in the second quarter, compared with a 1.5 percent rise in the first quarter.
 
 
Nonfarm business
 
     Productivity fell 0.1 percent in the nonfarm business sector during the
second quarter of 1996, compared with a 1.8 percent increase in the first
quarter (table 2).  Hours of all persons in the nonfarm business sector
increased 4.3 percent in the second quarter, slightly more than the 4.2
percent increase in output.  In the previous quarter, hours increased 1.0
percent and output rose 2.7 percent.  In both the first and second quarters
of 1996, employment in nonfarm business rose 2.5 percent.  Average weekly
hours, on the other hand, fell 1.5 percent in the first quarter but rose 1.7
percent in the second quarter.
 
     Hourly compensation increased at a 3.7 percent annual rate in the second
quarter, slightly more than the 3.3 percent increase one quarter earlier.
When the rise in the CPI-U is taken into account, real hourly compensation
dropped 0.1 percent in the second quarter of 1996 after remaining unchanged
in the first quarter.  Unit labor costs grew 3.8 percent in the second
quarter, compared with the 1.5 percent increase posted in the previous
quarter.
 
     The implicit price deflator for nonfarm business output rose 2.2 percent
in the second quarter and 1.4 percent in the first quarter of 1996.
 
 
Manufacturing
 
     Productivity increased 1.5 percent in manufacturing, as output rose 5.5
percent and hours of all persons rose 3.9 percent (seasonally adjusted annual
rates).  In the first quarter, productivity increased 5.6 percent, as output
rose 2.4 percent and hours declined 3.0 percent (table 3).  The hours
increase in the second quarter followed four consecutive quarters of decline
and was the largest increase since the fourth quarter of 1987, when it
increased 5.0 percent.  In durable goods, productivity increased 3.1 in the
second quarter of 1996, less than the 7.8 percent increase posted in the
first quarter.  Both output and hours in durable goods manufacturing showed
strong gains in the second quarter of 10.0 and 6.6 percent, respectively.
Productivity declined 0.1 percent in nondurable goods manufacturing in the
second quarter, as output increased 0.1 percent and hours rose 0.2 percent
(tables 4 and 5).
 
     Hourly compensation of all manufacturing workers increased 5.8 percent
during the second quarter.  In the first quarter, hourly compensation in
manufacturing had risen 0.4 percent.  The first-quarter movement in hourly
compensation was affected by a pension contribution made in 1995 by a large
durable goods manufacturer.  In the second quarter, hourly compensation rose
6.8 percent in durables and 3.8 percent in nondurables.  Manufacturing real
hourly compensation rose 1.9 percent when the increase in consumer prices is
taken into account, compared with a 2.8 percent drop in the previous period.
 
     Unit labor costs rose at a 4.2 percent annual rate in the second quarter
after falling 4.9 percent one quarter earlier.  The second-quarter increase
in unit labor costs in manufacturing was the largest since a 6.0 percent rise
in the first quarter of 1991.
 
 
-----------------------------------------------------------------------------
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 1996
 Business:
  Previous           2.3       3.3     1.0      3.1      -0.1      0.8
  Current            2.0       3.0     1.0      3.0      -0.2      1.0
 
 Nonfarm business:
  Previous           2.1       3.1     1.0      3.3       0.1      1.2
  Current            1.8       2.7     1.0      3.3       0.0      1.5
 
 Manufacturing:
  Previous           5.5       2.3    -3.0     -0.7      -3.9     -5.9
  Current            5.6       2.4    -3.0      0.4      -2.8     -4.9
-----------------------------------------------------------------------------
 
 
 
Revised Measures
 
     Current and previous measures for the first quarter of 1996 for the
business, nonfarm business, and manufacturing sectors are compared in
table B.  In the business and nonfarm business sectors, increases in
productivity and output are somewhat smaller than reported on June 18, based on
information then available.  In manufacturing, hourly compensation shows a
slight increase rather than the decline originally reported.  Compensation
measures for all sectors and output measures for the business and nonfarm
business sectors incorporate the "limited" annual revision of the national
income and product accounts produced by the Bureau of Economic Analysis, U.S.
Department of Commerce  (BEA 96-24).  Appendix tables 1-6 contain information
for 1993, the earliest year affected.
 
 
Revised measures: Nonfinancial Corporations
 
     Productivity and cost measures for the first quarter for nonfinancial
corporations, which were revised to incorporate the most recent information,
were generally the same as the preliminary results announced on June 18.
Unit profits grew at an annual rate of 14.3 percent compared with the
preliminary estimate of 13.5 percent (table C).
 
 
-----------------------------------------------------------------------------
Table C.  Nonfinancial corporations: Previous and revised productivity and
related measures
Quarterly percent change at seasonally adjusted annual rates
-----------------------------------------------------------------------------
                                        Real
                                Hourly  hourly  Unit          Implicit
           Produc-              compen- compen- labor Unit    price
Period     tivity  Output Hours sation  sation  costs profits deflator
-----------------------------------------------------------------------------
First quarter 1996:
  Previous   1.3    2.3    1.0   2.6    -0.7     1.3   13.5      1.8
  Current    1.1    2.2    1.0   2.6    -0.6     1.5   14.3      1.7
-----------------------------------------------------------------------------
 
 
 
                              Next release date
 
     The next release of Productivity and Costs is scheduled for 10:00 a.m.
EDT, Tuesday, September 10, 1996.  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-
occupied  dwellings;  unincorporated business;  and those corporations  which
are depository institutions,  nondepository institutions,  security and  com-
modity  brokers,  insurance  carriers, regulated  investment  offices,  small
business  investment  offices,  and  real  estate  investment  trusts.   Non-
financial  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
 
 1994       I    r100.4     r104.9     104.5     104.0        99.4    r103.6      r104.5       103.9
           II    r100.5     r106.7     106.1    r104.2       r99.0    r103.6      r105.7       104.4
          III    r101.1     r107.7     106.6    r104.7       r98.6     103.6      r107.6       105.1
           IV     101.2      108.7     107.4    r105.6       r98.9    r104.4      r107.8       105.6
 
       ANNUAL    r100.7     r107.0     106.2     104.5       r99.0     103.8      r106.5      r104.7
 
 1995       I     100.7      108.8     108.1    r106.6       r99.1    r105.8      r107.4      r106.4
           II    r101.2     r109.0     107.7    r107.8       r99.4    r106.5      r107.7       106.9
          III    r101.6     r110.3     108.5    r108.8       r99.8    r107.1      r108.2      r107.5
           IV    r101.5     r110.4     108.8    r110.0      r100.3    r108.4      r106.6      r107.8
 
       ANNUAL    r101.2      109.6     108.3    r108.2       r99.7    r107.0      r107.5       107.1
 
 1996       I     102.0      111.2     109.1    r110.8      r100.2    r108.7      r107.3      r108.2
           II     102.1      112.4     110.1     111.9       100.3     109.6       107.4       108.8
 ---------------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)
 
 1994       I     r-1.9       r1.7       3.6      r2.6        r0.6       4.6        -1.3         2.4
           II      r0.6       r6.9       6.3      r0.8       r-1.8      r0.2        r4.6         1.8
          III       2.2        4.1       1.9      r2.3       r-1.4      r0.2        r7.3        r2.7
           IV      r0.6       r3.8       3.2      r3.4        r1.2      r2.8        r0.7         2.0
 
       ANNUAL       0.5        4.2       3.7       1.9        -0.6       1.4         3.5         2.2
 
 1995       I     r-1.9       r0.3       2.3      r3.6        r0.7      r5.6       r-1.5        r3.0
           II      r1.9       r0.7      -1.1      r4.6        r1.2      r2.7        r1.2        r2.2
          III      r1.7       r4.8       3.0      r3.9        r1.8      r2.2        r1.8        r2.0
           IV     r-0.6       r0.5       1.1      r4.4        r1.9      r5.0       r-5.6        r1.0
 
       ANNUAL       0.5        2.5       2.0      r3.6        r0.7      r3.1        r1.0        r2.3
 
 1996       I      r2.0       r3.0       1.0      r3.0       r-0.2      r1.0        r2.4        r1.5
           II       0.5        4.4       3.9       4.1         0.2       3.6         0.5         2.5
 ---------------------------------------------------------------------------------------------------------
 
                     Percent change from corresponding quarter of previous year
 
 1994       I      r0.2       r3.4       3.2      r2.2        -0.2      r2.0        r2.4         2.2
           II      r0.8       r4.5       3.7      r1.8       r-0.6      r1.0        r3.7         2.0
          III       1.1       r4.8       3.6      r1.9       r-1.0      r0.8        r5.1         2.3
           IV      r0.3       r4.1       3.7      r2.3       r-0.4      r1.9        r2.8         2.2
 
       ANNUAL       0.5        4.2       3.7       1.9        -0.6       1.4         3.5         2.2
 
 1995       I      r0.3        3.8       3.4      r2.5       r-0.3      r2.2        r2.7        r2.4
           II       0.7       r2.2       1.5      r3.5        r0.4      r2.8        r1.9        r2.5
          III      r0.6       r2.4       1.8      r3.9        r1.2      r3.3        r0.5         2.3
           IV      r0.3       r1.6       1.3      r4.1        r1.4      r3.9       r-1.1         2.0
 
       ANNUAL       0.5        2.5       2.0      r3.6        r0.7      r3.1        r1.0        r2.3
 
 1996       I       1.2        2.2       1.0      r4.0        r1.2      r2.7       r-0.1         1.7
           II       0.9        3.1       2.2       3.8         1.0       2.9        -0.3         1.8
 ---------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                      August 14, 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
 
 1994       I     100.2     r104.9     104.6     103.7       r99.1    r103.4      r104.9       103.9
           II    r100.5     r106.7     106.1    r104.0       r98.8    r103.5      r106.3       104.5
          III    r101.0     r107.8     106.7    r104.6       r98.4     103.5      r108.4       105.3
           IV     101.2      108.8     107.5    r105.5       r98.8    r104.3      r108.4       105.7
 
       ANNUAL    r100.7     r107.0     106.3     104.3       r98.8     103.7       107.0       104.9
 
 1995       I     100.8      109.0     108.1    r106.5       r99.0    r105.6      r108.1       106.5
           II    r101.3     r109.2     107.8    r107.7       r99.3    r106.3      r108.4      r107.1
          III    r101.8     r110.6     108.6    r108.8       r99.8    r106.8      r108.8       107.5
           IV    r101.5     r110.7     109.0    r109.9      r100.2    r108.2      r107.0      r107.8
 
       ANNUAL    r101.3     r109.9     108.4    r108.2       r99.6    r106.7      r108.1       107.2
 
 1996       I     102.0      111.4     109.3    r110.7      r100.2    r108.6      r107.3      r108.1
           II     102.0      112.6     110.4     111.8       100.1     109.6       107.1       108.7
 ---------------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)
 
 1994       I     r-2.0       r0.8       2.9      r2.8        r0.7      r4.8        -1.6         2.5
           II      r1.0       r7.0       5.9      r1.4       r-1.2      r0.3        r5.6         2.2
          III       2.0        4.2       2.1      r2.1       r-1.6      r0.1        r8.1         2.9
           IV      r0.9       r4.0       3.1      r3.9        r1.6      r2.9        r0.0        r1.9
 
       ANNUAL       0.5        4.0       3.5      r2.1        -0.5       1.5        r3.5         2.3
 
 1995       I     r-1.6       r0.6       2.2      r3.7        r0.8      r5.4       r-1.0        r3.0
           II      r2.0       r0.9      -1.0      r4.6        r1.1      r2.6        r1.0        r2.0
          III      r2.0       r5.0       2.9      r4.0        r1.9      r1.9        r1.3        r1.7
           IV     r-1.1       r0.3       1.5      r4.1        r1.6      r5.2       r-6.4        r0.9
 
       ANNUAL       0.7        2.7       2.0      r3.7        r0.8      r3.0        r1.0         2.2
 
 1996       I      r1.8       r2.7       1.0       3.3        r0.0      r1.5        r1.1         1.4
           II      -0.1        4.2       4.3       3.7        -0.1       3.8        -0.8         2.2
 ---------------------------------------------------------------------------------------------------------
 
                     Percent change from corresponding quarter of previous year
 
 1994       I      r0.1       r3.3       3.2      r2.1       r-0.4      r2.0        r2.1         2.1
           II       0.8        4.3       3.5      r1.9       r-0.5      r1.1        r3.9         2.1
          III       0.9        4.3       3.4      r2.0       r-0.8      r1.1        r5.1         2.5
           IV       0.5        4.0       3.5      r2.5       r-0.1      r2.0        r3.0        r2.4
 
       ANNUAL       0.5        4.0       3.5      r2.1        -0.5       1.5        r3.5         2.3
 
 1995       I      r0.6       r3.9       3.3      r2.7       r-0.1      r2.2        r3.1        r2.5
           II       0.8        2.4       1.6      r3.5        r0.5      r2.7        r2.0        r2.5
          III      r0.8        2.6       1.8      r4.0        r1.4      r3.2        r0.3         2.1
           IV       0.3        1.7       1.4      r4.1        r1.4      r3.8       r-1.3        r1.9
 
       ANNUAL       0.7        2.7       2.0      r3.7        r0.8      r3.0        r1.0         2.2
 
 1996       I      r1.2        2.2       1.1      r4.0        r1.2      r2.8       r-0.8         1.5
           II       0.7        3.1       2.4       3.8         0.9       3.1        -1.2         1.5
 ---------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                      August 14, 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
 
 1994       I            104.8        107.3        102.4       r104.4            99.9        r99.7
           II            106.2        109.5        103.2       r104.7            99.5        r98.6
          III            106.6        110.9        104.0       r105.5           r99.4        r99.0
           IV            107.7        113.0        105.0       r106.4           r99.6        r98.8
 
       ANNUAL            106.1        110.2        103.8        105.1            99.5         99.0
 
 1995       I            108.3        114.1        105.3       r107.2           r99.7        r99.0
           II            109.0        113.5        104.1       r108.3           r99.9        r99.4
          III            110.4        114.2        103.4       r109.7          r100.6        r99.3
           IV            111.5        114.6        102.8       r110.8          r101.0        r99.4
 
       ANNUAL            109.8        114.1        103.9       r109.0          r100.3        r99.3
 
 1996       I           r113.0        115.3        102.1       r110.9          r100.3        r98.2
           II            113.4        116.9        103.0        112.5           100.8         99.2
 --------------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1994       I              6.7          8.8          2.0         r3.3            r1.3        r-3.1
           II              5.5          8.5          2.9         r1.1           r-1.4        r-4.1
          III              1.7          5.1          3.4         r3.1           r-0.6         r1.5
           IV              4.1          7.9          3.6         r3.1             0.9        r-0.9
 
       ANNUAL              4.0          6.5          2.4          2.7             0.1        r-1.2
 
 1995       I              2.4          3.9          1.4         r3.2            r0.4         r0.8
           II              2.7         -2.1         -4.7         r4.3            r0.8         r1.5
          III              5.3          2.6         -2.5         r5.1            r3.0        r-0.2
           IV              3.7          1.4         -2.2         r4.1            r1.7         r0.4
 
       ANNUAL              3.4          3.5          0.1         r3.7            r0.8         r0.2
 
 1996       I             r5.6         r2.4         -3.0         r0.4           r-2.8        r-4.9
           II              1.5          5.5          3.9          5.8             1.9          4.2
 --------------------------------------------------------------------------------------------------
 
                    Percent change from corresponding quarter of previous year
 
 1994       I              3.1          4.7          1.5         r3.1            r0.6         r0.0
           II              4.5          6.5          1.9         r2.8             0.4        r-1.7
          III              4.5          7.1          2.4         r2.9            r0.0        r-1.6
           IV              4.5          7.6          3.0         r2.7            r0.0        r-1.7
 
       ANNUAL              4.0          6.5          2.4          2.7             0.1        r-1.2
 
 1995       I              3.4          6.3          2.8         r2.7           r-0.2        r-0.7
           II              2.7          3.6          0.9         r3.5            r0.4         r0.7
          III              3.6          3.0         -0.6         r3.9            r1.3         r0.3
           IV              3.5          1.4         -2.0         r4.2            r1.5         r0.7
 
       ANNUAL              3.4          3.5          0.1         r3.7            r0.8         r0.2
 
 1996       I              4.3          1.0         -3.1         r3.4            r0.7        r-0.8
           II              4.0          3.0         -1.0          3.8             0.9         -0.2
 --------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                August 14, 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
 
 1994       I            107.0        110.4        103.2       r104.3           r99.7        r97.5
           II            108.2        112.6        104.1       r104.5            99.3         96.6
          III            109.0        114.8        105.3       r105.3           r99.1        r96.6
           IV            110.3        117.5        106.6       r106.0           r99.3        r96.1
 
       ANNUAL            108.4        113.8        105.0       r104.8           r99.2        r96.7
 
 1995       I            111.5        119.5        107.2       r106.8           r99.2        r95.7
           II            111.8        119.0        106.4       r107.7           r99.3        r96.3
          III            113.6        120.4        106.0       r109.1          r100.1        r96.1
           IV            114.8        121.5        105.9       r110.1          r100.4        r95.9
 
       ANNUAL            112.9        120.1        106.4       r108.4           r99.8        r96.0
 
 1996       I           r116.9       r123.1        105.3       r109.5           r99.0        r93.6
           II            117.8        126.1        107.0        111.3            99.7         94.4
 --------------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1994       I              7.4         11.0          3.3         r3.1            r1.0        r-4.1
           II              4.8          8.6          3.6         r1.0           r-1.5        r-3.7
          III              3.0          7.8          4.7         r2.9           r-0.8        r-0.1
           IV              4.7          9.9          5.0         r2.8            r0.6        r-1.8
 
       ANNUAL              4.9          8.5          3.5         r2.5            r0.0        r-2.2
 
 1995       I              4.4          7.0          2.4         r2.7           r-0.1        r-1.6
           II              1.2         -1.9         -3.1         r3.6            r0.2         r2.4
          III              6.4          5.1         -1.2         r5.3            r3.2        r-1.0
           IV              4.3          3.6         -0.7         r3.6            r1.2        r-0.7
 
       ANNUAL              4.1          5.5          1.3         r3.4            r0.5        r-0.7
 
 1996       I             r7.8         r5.5         -2.1        r-2.2           r-5.3        r-9.3
           II              3.1         10.0          6.6          6.8             2.8          3.5
 
 --------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year
 
 1994       I              4.4          6.8          2.3         r3.1            r0.6        r-1.2
           II              5.3          8.4          2.9          2.8             0.4         -2.4
          III              5.8          9.5          3.5         r2.9            r0.0        r-2.8
           IV              5.0          9.3          4.1         r2.4           r-0.2        r-2.4
 
       ANNUAL              4.9          8.5          3.5         r2.5            r0.0        r-2.2
 
 1995       I              4.2          8.3          3.9         r2.4           r-0.5        r-1.8
           II              3.3          5.6          2.2         r3.0            r0.0        r-0.3
          III              4.2          4.9          0.7         r3.6            r1.0        r-0.5
           IV              4.1          3.4         -0.7         r3.8            r1.1        r-0.2
 
       ANNUAL              4.1          5.5          1.3         r3.4            r0.5        r-0.7
 
 1996       I             r4.9         r3.0         -1.8         r2.5           r-0.2        r-2.2
           II              5.4          6.0          0.6          3.3             0.4         -2.0
 --------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                August 14, 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
 
 1994       I            102.8        104.3        101.4       r104.5           r99.9        101.7
           II            104.3        106.3        101.9       r104.8           r99.6       r100.4
          III            104.4        106.9        102.4       r105.7           r99.5       r101.2
           IV            105.3        108.3        102.8       r106.5           r99.7       r101.1
 
       ANNUAL            104.2        106.5        102.2       r105.3           r99.7       r101.1
 
 1995       I            105.4        108.4        102.8       r107.5          r100.0       r102.0
           II            106.7        107.8        101.0       r108.8          r100.3       r102.0
          III            107.8        107.7         99.9       r110.0          r100.9       r102.1
           IV            108.6        107.3         98.8       r111.3          r101.5       r102.5
 
       ANNUAL            107.1        107.8        100.6        109.4          r100.8        102.1
 
 1996       I           r109.3       r106.9         97.7       r112.5          r101.8       r102.9
           II            109.3        106.9         97.8        113.6           101.8        103.9
 --------------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1994       I              6.2          6.4          0.1         r3.5            r1.5        r-2.6
           II              6.0          8.1          1.9         r1.1           r-1.4        r-4.7
          III              0.3          2.0          1.7          3.3            -0.5          3.0
           IV              3.5          5.4          1.8         r3.4            r1.1        r-0.2
 
       ANNUAL              3.1          4.1          1.0         r2.6            r0.1        r-0.5
 
 1995       I              0.5          0.6          0.1         r3.8            r0.9         r3.3
           II              4.8         -2.5         -7.0         r4.9            r1.5         r0.2
          III              4.1         -0.3         -4.3         r4.4            r2.3         r0.3
           IV              3.0         -1.4         -4.3         r4.7            r2.3         r1.6
 
       ANNUAL              2.9          1.3         -1.6         r3.9            r1.1         r1.0
 
 1996       I             r2.9        r-1.5         -4.3         r4.6            r1.3         r1.6
           II             -0.1          0.1          0.2          3.8             0.0          3.9
 --------------------------------------------------------------------------------------------------
 
                    Percent change from corresponding quarter of previous year
 
 1994       I              1.9          2.4          0.5          3.0             0.5          1.1
           II              3.9          4.4          0.5         r2.6            r0.2         -1.2
          III              3.2          4.3          1.0         r2.6            -0.2        r-0.6
           IV              4.0          5.4          1.4         r2.8            r0.2        r-1.1
 
       ANNUAL              3.1          4.1          1.0         r2.6            r0.1        r-0.5
 
 1995       I              2.5          4.0          1.4         r2.9            r0.0         r0.3
           II              2.2          1.3         -0.9         r3.8            r0.7         r1.6
          III              3.2          0.7         -2.4         r4.1            r1.4         r0.9
           IV              3.1         -0.9         -3.9         r4.5            r1.7         r1.3
 
       ANNUAL              2.9          1.3         -1.6         r3.9            r1.1         r1.0
 
 1996       I             r3.7        r-1.4         -5.0         r4.7            r1.8         r0.9
           II              2.5         -0.8         -3.2          4.4             1.5          1.8
 --------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                August 14, 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
 
 1994       I   r102.7    r107.4    104.6   r103.7     r99.2    r101.0   r102.1    101.3   r120.5    102.8
           II   r102.5     108.9    106.2   r103.7      98.6     101.2     98.7    100.5    134.5    103.1
          III    102.4    r109.7    107.0   r104.1     r98.0     101.6     99.3   r101.0    136.5    103.7
           IV   r102.9    r111.5    108.3   r104.8     r98.1     101.9    r98.3    100.9   r141.5    104.0
 
       ANNUAL    102.6    r109.3    106.6   r104.1      98.5     101.4     99.6    100.9    133.4    103.4
 
 1995       I   r102.2    r111.4    109.0   r105.6     r98.2    r103.4    100.0   r102.5   r130.9   r104.7
           II   r102.9    r112.1    108.9   r106.8     r98.4    r103.8   r100.9    103.0   r130.1    105.1
          III   r104.2    r114.0    109.4   r107.8     r98.9    r103.5    r99.7   r102.5   r142.1   r105.5
           IV   r104.8    r115.2    109.9   r108.9     r99.3    r103.9   r100.0   r102.8   r140.4   r105.7
 
       ANNUAL   r103.6    r113.2    109.3   r107.3     r98.8    r103.6   r100.1   r102.7   r136.0    105.2
 
 1996       I   r105.1    r115.8    110.2   r109.6     r99.1    r104.3    r99.3   r102.9   r145.1   r106.1
 ----------------------------------------------------------------------------------------------------------
                              Percent change from previous quarter at annual rate(5)
 
 1994       I     r0.8      r5.0      4.2     r3.5      r1.4      r2.6    r12.0     r5.1   r-22.4      2.2
           II    r-0.5      r5.7      6.2     r0.0     r-2.5      r0.5   r-12.8    r-3.3    r55.2      1.2
          III    r-0.3      r2.8      3.2     r1.4     r-2.3      r1.7     r2.4     r1.9     r5.9     r2.3
           IV     r1.7      r6.7      5.0     r2.9      r0.6      r1.2    r-3.7    r-0.1    r15.6     r1.4
 
       ANNUAL     r1.3      r5.6      4.2      1.8     r-0.7       0.5     -0.3      0.3     16.2      1.7
 
 1995       I    r-2.7     r-0.2      2.5     r3.2      r0.3      r6.0     r7.0     r6.3   r-26.8     r2.4
           II     r2.8      r2.4     -0.3     r4.3      r0.9      r1.5     r3.7     r2.1    r-2.4     r1.6
          III     r5.2      r7.2      1.9     r4.1      r2.0     r-1.1    r-4.7    r-2.1    r42.2     r1.6
           IV     r2.5      r4.3      1.8     r4.0      r1.6      r1.5     r1.0     r1.4    r-4.8     r0.7
 
       ANNUAL     r0.9      r3.5      2.5     r3.1      r0.3      r2.2     r0.6     r1.8     r1.9     r1.8
 
 1996       I     r1.1      r2.2      1.0      2.6     r-0.6      r1.5    r-2.6     r0.4    r14.3     r1.7
 ----------------------------------------------------------------------------------------------------------
 
                           Percent change from corresponding quarter of previous year
 
 1994       I     r2.5      r6.1      3.5     r2.2     r-0.3      -0.3     r1.5      0.2    r17.1      1.5
           II      1.6      r5.8      4.2     r1.8     r-0.6      r0.2     -1.3     -0.2     20.6      1.6
          III      1.0       5.2      4.2      1.6     r-1.2      r0.7    r-0.6      0.3     18.1      1.9
           IV     r0.4      r5.1      4.6     r1.9     r-0.7       1.5    r-0.9     r0.9    r10.2     r1.8
 
       ANNUAL     r1.3      r5.6      4.2      1.8     r-0.7       0.5     -0.3      0.3     16.2      1.7
 
 1995       I    r-0.5      r3.7      4.2      1.9     r-1.0      r2.4    r-2.1     r1.1     r8.6     r1.8
           II     r0.3      r2.9      2.6     r2.9     r-0.1      r2.6     r2.3      2.5    r-3.3      1.9
          III     r1.7      r4.0      2.2     r3.6      r0.9      r1.9     r0.5     r1.5     r4.1     r1.8
           IV     r1.9      r3.4      1.4     r3.9      r1.2      r1.9     r1.7     r1.9    r-0.8     r1.6
 
       ANNUAL     r0.9      r3.5      2.5     r3.1      r0.3      r2.2     r0.6     r1.8     r1.9     r1.8
 
 1996       I     r2.9      r4.0      1.1     r3.7      r0.9      r0.8    r-0.7      0.4     10.9      1.4
 ----------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                        August 14, 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, 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    100.2      101.4     101.3     101.7        99.6       101.5    102.1       101.7
           II     99.8      102.1     102.3     102.3        99.6       102.6    102.0       102.3
          III    100.0      102.8     102.9     102.8        99.6       102.9    102.4       102.7
           IV    100.9      104.5     103.6     103.3        99.3       102.4    104.9       103.3
 
       ANNUAL    100.2      102.7     102.5     102.5        99.5       102.3    102.8       102.5
 ---------------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)
 
 1993       I     -3.5       -1.2       2.4       1.9        -1.0         5.6     -0.2         3.5
           II     -1.6        2.5       4.2       2.6        -0.3         4.3     -0.6         2.5
          III      0.7        3.0       2.3       1.9         0.1         1.2      1.7         1.3
           IV      3.7        6.5       2.7       1.8        -1.3        -1.8     10.2         2.4
 
       ANNUAL      0.2        2.7       2.5       2.5        -0.5         2.3      2.8         2.5
 ---------------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
 
 1993       I      0.8        2.6       1.8       3.1        -0.1         2.2      2.9         2.5
           II     -0.1        2.5       2.5       2.9        -0.2         3.0      2.0         2.6
          III      0.2        3.0       2.8       2.1        -0.7         1.9      3.8         2.6
           IV     -0.2        2.7       2.9       2.1        -0.6         2.3      2.7         2.4
 
       ANNUAL      0.2        2.7       2.5       2.5        -0.5         2.3      2.8         2.5
 ---------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                      August 14, 1996
                                                                       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
 
 1993       I    100.1      101.6     101.4     101.5        99.5       101.4    102.7       101.8
           II     99.7      102.2     102.6     102.0        99.3       102.4    102.3       102.4
          III    100.1      103.3     103.2     102.5        99.3       102.4    103.1       102.7
           IV    100.8      104.7     103.9     103.0        98.9       102.2    105.3       103.3
 
       ANNUAL    100.2      102.9     102.8     102.3        99.3       102.1    103.4       102.5
 ---------------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)
 
 1993       I     -3.7       -0.9       2.9       1.3        -1.6         5.2      1.4         3.8
           II     -1.8        2.7       4.6       2.1        -0.8         4.0     -1.4         2.1
          III      1.6        4.1       2.5       1.7        -0.1         0.1      3.1         1.2
           IV      2.7        5.5       2.7       1.9        -1.2        -0.8      8.7         2.5
 
       ANNUAL      0.2        2.9       2.8       2.3        -0.7         2.1      3.4         2.5
 ---------------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
 
 1993       I      0.8        2.8       1.9       3.0        -0.2         2.1      3.5         2.6
           II     -0.2        2.7       2.9       2.5        -0.6         2.7      2.4         2.6
          III      0.4        3.5       3.1       1.8        -1.0         1.4      4.8         2.6
           IV     -0.3        2.8       3.2       1.8        -0.9         2.1      2.9         2.4
 
       ANNUAL      0.2        2.9       2.8       2.3        -0.7         2.1      3.4         2.5
 ---------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                      August 14, 1996
                                                                       Source: Bureau of Labor Statistics
 
Appendix table 3.
 Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
 
                                                                          Real
                   Output per                 Hours       Compensa-       compensa-      Unit
      Year 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        101.6         102.5       100.9       101.3            99.3          99.7
           II        101.6         102.8       101.2       101.9            99.1         100.3
          III        102.0         103.6       101.6       102.6            99.4         100.6
           IV        103.1         105.1       101.9       103.6            99.5         100.5
 
       ANNUAL        102.1         103.5       101.4       102.4            99.4         100.3
 -----------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1993       I          2.3           4.6         2.3         1.2            -1.7          -1.1
           II         -0.3           1.1         1.4         2.4            -0.5           2.6
          III          1.7           3.0         1.3         2.9             1.0           1.2
           IV          4.4           5.9         1.4         3.9             0.7          -0.5
 
       ANNUAL          2.1           3.5         1.4         2.4            -0.6           0.3
 -----------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year
 
 1993       I          3.0           4.3         1.3         2.7            -0.5          -0.2
           II          1.9           3.0         1.1         2.2            -0.9           0.3
          III          1.5           3.1         1.5         2.0            -0.8           0.5
           IV          2.0           3.6         1.6         2.6            -0.1           0.6
 
       ANNUAL          2.1           3.5         1.4         2.4            -0.6           0.3
 -----------------------------------------------------------------------------------------------
 See footnotes following table 6.                             August 14, 1996
                                                              Source: Bureau of Labor Statistics
 
 
 
 
Appendix table 4.
 Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
 
                                                                          Real
                   Output per                 Hours       Compensa-       compensa-      Unit
      Year 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        102.4         103.3       100.9       101.1            99.1          98.7
           II        102.8         104.0       101.1       101.7            99.0          98.9
          III        103.0         104.8       101.8       102.4            99.1          99.4
           IV        105.1         107.5       102.3       103.5            99.5          98.5
 
       ANNUAL        103.4         104.9       101.5       102.2            99.2          98.9
 -----------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1993       I          3.7           6.3         2.5         1.1            -1.8          -2.6
           II          1.3           2.4         1.0         2.2            -0.7           0.9
          III          0.9           3.4         2.5         2.6             0.7           1.7
           IV          8.2          10.7         2.3         4.5             1.3          -3.4
 
       ANNUAL          3.4           4.9         1.5         2.2            -0.8          -1.1
 -----------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year
 
 1993       I          4.6           5.7         1.0         2.6            -0.6          -2.0
           II          3.1           4.1         0.9         2.0            -1.0          -1.0
          III          2.4           4.3         1.8         1.7            -1.0          -0.6
           IV          3.5           5.6         2.1         2.6            -0.1          -0.9
 
       ANNUAL          3.4           4.9         1.5         2.2            -0.8          -1.1
 -----------------------------------------------------------------------------------------------
 See footnotes following table 6.                             August 14, 1996
                                                              Source: Bureau of Labor Statistics
 
Appendix table 5.
 Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
 
                                                                          Real
                   Output per                 Hours       Compensa-       compensa-      Unit
      Year 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        100.9         101.8       100.9       101.5            99.5         100.6
           II        100.4         101.8       101.4       102.2            99.4         101.7
          III        101.2         102.5       101.3       103.0            99.7         101.8
           IV        101.3         102.7       101.4       103.6            99.6         102.3
 
       ANNUAL        101.0         102.2       101.2       102.6            99.6         101.6
 -----------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1993       I          0.9           2.9         2.0         1.3            -1.6           0.4
           II         -1.9          -0.1         1.9         2.6            -0.3           4.7
          III          3.0           2.8        -0.3         3.2             1.3           0.1
           IV          0.4           0.7         0.3         2.6            -0.5           2.2
 
       ANNUAL          1.0           2.2         1.2         2.6            -0.4           1.6
 -----------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year
 
 1993       I          1.4           3.0         1.6         3.0            -0.2           1.5
           II          1.0           2.2         1.2         2.5            -0.6           1.5
          III          0.9           2.1         1.2         2.4            -0.4           1.5
           IV          0.6           1.6         1.0         2.4            -0.3           1.8
 
       ANNUAL          1.0           2.2         1.2         2.6            -0.4           1.6
 -----------------------------------------------------------------------------------------------
 See footnotes following table 6.                             August 14, 1996
                                                              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    cost     fits    deflator
      quarter  hour      Output  hours      (1)      sation(2)  costs   cost(6)  (7)      (8)       (4)
 ----------------------------------------------------------------------------------------------------------
                                            Indexes 1992=100
 
 1993       I   100.2     101.2    101.1    101.5     99.4      101.3   100.6    101.1    103.0    101.2
           II   100.9     102.9    101.9    101.9     99.1      100.9   100.0    100.7    111.6    101.5
          III   101.5     104.2    102.7    102.4     99.2      100.9    99.8    100.6    115.6    101.8
           IV   102.5     106.1    103.5    102.8     98.8      100.4    99.2    100.1    128.4    102.2
 
       ANNUAL   101.3     103.6    102.2    102.2     99.2      100.9    99.9    100.6    114.8    101.7
 ----------------------------------------------------------------------------------------------------------
                              Percent change from previous quarter at annual rate(5)
 
 1993       I    -4.6      -3.0      1.6      1.1     -1.8        6.0     7.3      6.3    -24.4      3.4
           II     3.1       6.7      3.4      1.6     -1.2       -1.4    -2.4     -1.7     37.9      1.0
          III     2.1       5.2      3.1      2.0      0.1       -0.1    -0.4     -0.2     15.2      1.1
           IV     4.0       7.5      3.4      1.7     -1.4       -2.2    -2.4     -2.2     52.4      1.8
 
       ANNUAL     1.3       3.6      2.2      2.2     -0.8        0.9    -0.1      0.6     14.8      1.7
 ----------------------------------------------------------------------------------------------------------
                           Percent change from corresponding quarter of previous year
 
 1993       I     1.0       2.7      1.6      2.9     -0.3        1.8     0.2      1.4      5.6      1.7
           II     1.6       3.7      2.1      2.3     -0.8        0.7     0.2      0.6     13.8      1.6
          III     1.3       4.0      2.7      1.7     -1.1        0.4    -1.1      0.0     23.2      1.7
           IV     1.1       4.0      2.9      1.6     -1.1        0.5     0.4      0.5     16.3      1.8
 
       ANNUAL     1.3       3.6      2.2      2.2     -0.8        0.9    -0.1      0.6     14.8      1.7
 ----------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                        August 14, 1996
                                                                         Source: Bureau of Labor Statistics