TEXT
Table 1. Business sector: Productivity, hourly compensation, unit labor costs,
Percent change from corresponding quarter of previous year
Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs,
Percent change from corresponding quarter of previous year
Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
Percent change from corresponding quarter of previous year
Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
Percent change from corresponding quarter of previous year
Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
Percent change from corresponding quarter of previous year
Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits,
Percent change from corresponding quarter of previous year


 
Historical, technical                         USDL 96-76
  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
                                              WEDNESDAY, MARCH 6, 1996.
 
 
                              PRODUCTIVITY AND COSTS
                       Preliminary Fourth-Quarter Measures
                            and Annual Averages, 1995
 
 
     The Bureau of Labor Statistics of the U.S. Department of Labor today
reported preliminary fourth-quarter seasonally adjusted annual rates of change
in productivity--as measured by output per hour of all persons--and changes for
the full year 1995.  In the fourth quarter, productivity was unchanged in the
business sector as output and hours worked both rose a moderate 1.2 percent.
In the nonfarm business sector, productivity dropped as hours rose 1.6
percent, somewhat more than the 1.1 percent increase in output.  Percent
changes in business and nonfarm business productivity were:
 
                                  Fourth  Annual averages
                                 quarter     1994-1995
 
     Business sector ...........    0.0          0.9
     Nonfarm business sector ...   -0.5          1.1
 
     For the year 1995, productivity showed modest improvements over 1994
levels in both the business and nonfarm business sectors.  Fourth-quarter
productivity and related measures are summarized in table A and appear in
detail in tables 1 through 5.  Annual data are summarized in table B.
 
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NOTE:  On February 8, 1996, BLS switched to annual-weighted output indexes for
computations underlying its regular Productivity  and Costs news releases.  In
addition, the base year for the indexes  was changed to 1992=100.  Information
on  these changes  can  be  obtained  by  calling     the      Division     of
Productivity  Research,  Office  of  Productivity  and  Technology,  at
202--606-5606.
------------------------------------------------------------------------------
 
 
 
                                       2
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 Table A.  Productivity and costs:  Preliminary fourth-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           0.0     1.2   1.2     3.3      0.9    3.3
  Nonfarm business  -0.5     1.1   1.6     3.0      0.6    3.5
  Manufacturing      2.7     1.3  -1.4     2.3     -0.1   -0.4
   Durable           3.8     3.6  -0.2     1.2     -1.2   -2.5
   Nondurable        1.4    -1.6  -3.0     3.9      1.5    2.5
 
------------------------------------------------------------------------------
                      Percent change from same quarter a year ago
 
  Business           0.7     1.6   0.9     4.1      1.4    3.4
  Nonfarm business   0.8     1.8   1.0     4.1      1.4    3.3
  Manufacturing      3.6     1.4  -2.2     3.0      0.3   -0.7
   Durable           4.4     3.4  -1.0     2.2     -0.4   -2.1
   Nondurable        3.0    -1.0  -3.8     3.9      1.2    0.9
------------------------------------------------------------------------------
 
 
     In the manufacturing sector, increases in productivity were:
 
                                   Fourth  Annual averages
                                   quarter   1994-1995
 
     Manufacturing sector ......      2.7      3.7
       Durable goods manufacturing    3.8      4.5
       Nondurable goods manufacturing 1.4      2.9
 
     Manufacturing productivity grew at a 2.7 percent annual rate in the
fourth quarter as output increased 1.3 percent and hours of all persons fell
1.4 percent. Productivity grew faster in durable goods manufacturing than in
nondurable goods manufacturing (table A).  On an annual basis, manufacturing
productivity increased 3.7 percent, slightly less than the 4.2 percent gain
registered in 1994.  (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.)
 
 
                                       3
 
     The data sources and methods used in the preparation of the manufacturing
series differ from those used in preparing the business and nonfarm business
series, and these measures are not directly comparable.  Output measures for
business and nonfarm business are based on measures of gross domestic product
prepared by the Bureau of Economic Analysis of the U.S. Department of
Commerce.  Quarterly output measures for manufacturing reflect 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 8).
 
 
 
                     THIRD-TO-FOURTH QUARTER CHANGES, 1995
Business
 
     Productivity was unchanged in the fourth quarter of 1995 as both output
and hours of all persons engaged in the sector rose 1.2 percent.  In the third
quarter, productivity had risen 1.6 percent (as revised), as output grew 4.4
percent and hours 2.8 percent (seasonally adjusted annual rates).
 
     Hourly compensation increased at a 3.3 percent annual rate in the fourth
quarter of 1995, following 4.3 percent growth during the third quarter.  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 3.3 percent annual rate
during the fourth quarter, up from the 2.7 percent increase one quarter
earlier.
 
     Real hourly compensation, which takes into account changes in the
Consumer Price Index for All Urban Consumers (CPI-U), rose at a 0.9 percent
annual rate for persons in the business sector.  This measure had risen 2.3
percent during the third quarter.
 
     The implicit price deflator for business output, which reflects changes
in unit labor costs and unit nonlabor payments, increased at an annual rate of
0.9 percent in the fourth quarter, the smallest increase since a 0.6 percent
rise in the first quarter of 1967.  In the third quarter, prices of the goods
and services which comprise business output had increased at a 2.1 percent
annual rate.
 
Nonfarm business
 
     In the nonfarm business sector, productivity fell 0.5 percent in the
fourth quarter, as output rose 1.1 percent and hours of all persons--employees,
proprietors, and unpaid family workers--rose 1.6 percent (seasonally adjusted
annual rates). During the third quarter, nonfarm productivity had increased at
a 1.7 percent annual rate, as output grew 4.7 percent and hours increased 2.9
percent (table 2).
 
     Hourly compensation rose 3.0 percent in the fourth quarter, and real
hourly compensation increased 0.6 percent when the increase in the CPI-U was
taken into account.  During the third quarter, hourly compensation had
increased by 4.3 percent, and real hourly compensation had risen 2.2 percent.
Unit labor costs increased 3.5 percent in the fourth quarter, compared with
2.5 percent in the previous quarter.
 
 
                                       4
 
     The implicit price deflator for nonfarm business output rose 0.9 percent
in the fourth quarter, down from the 1.8 percent increase posted in the third
quarter.  The 0.9 percent increase recorded in the fourth quarter of 1995 was
the smallest increase since a similar one in the first quarter of 1966.
 
Manufacturing
 
     Manufacturing productivity grew at a 2.7 percent seasonally adjusted
annual rate in the fourth quarter of 1995, compared with a 5.7 percent
increase in the third quarter (table 3).  Output rose 1.3 percent in the
fourth quarter, and hours of all persons fell 1.4 percent. In the third
quarter, output had risen 2.6 percent, and hours fell 2.9 percent.  Both
durable and nondurable goods industries experienced productivity increases in
the fourth quarter, 3.8 and 1.4 percent, respectively.  The increase in
durable manufacturing productivity was the result of a 3.6 percent increase in
output combined with a 0.2 percent drop in hours.  In nondurable
manufacturing, output fell 1.6 percent, and hours dropped 3.0 percent (tables
4 and 5).
 
     Hourly compensation of all manufacturing workers increased 2.3 percent in
the fourth quarter, resulting in a drop of 0.1 percent when the increase in
consumer prices was taken into account.  Unit labor costs fell 0.4 percent in
the fourth quarter.  These costs have now fallen in every quarter since the
third quarter of 1994 (when they rose 0.6 percent) and have decreased in eight
of the last nine quarters.
 
 
                       ANNUAL AVERAGE CHANGES, 1994-1995
 
Business
 
     Business productivity increased 0.9 percent when the annual average for
1995 is compared with the annual average for 1994 (table B).  This increase
was the largest since a 3.4 percent increase was posted in 1992.  Output grew
2.5 percent in 1995, and hours of all persons engaged in the business sector
increased 1.6 percent.  In 1994, business sector productivity had grown 0.7
percent as output increased 4.2 percent and hours increased 3.4 percent.
 
     Hourly compensation increased 3.5 percent in 1995, compared with an
increase of 2.2 percent in 1994.  Real hourly compensation increased 0.6
percent in 1995 after falling 0.4 percent in both 1993 and 1994.
 
     Unit labor costs rose 2.5 percent in 1995, compared with a 1.4 percent
increase in the previous year.  The implicit price deflator rose 2.2 percent
in both 1994 and 1995.
 
Nonfarm business
 
          Productivity increased 1.1 percent in the nonfarm business sector
during 1995, as output rose 2.7 percent and hours of all persons increased 1.6
percent.  As in the larger business sector, the 1995 productivity increase was
the largest since 1992 (when it increased 3.2 percent).  In 1994, productivity
had risen 0.5 percent, as output and hours rose 4.0 and 3.4 percent,
respectively.
 
 
                                       5
 
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Table B.  Annual changes in productivity and related measures, 1986-1995
------------------------------------------------------------------------------
   Measure         1986 1987 1988 1989 1990 1991 1992 1993 1994 1995
------------------------------------------------------------------------------
Business:
 Productivity ...   2.6 -0.1  0.5  0.8  0.8  0.5  3.4  0.2  0.7  0.9
 0utput .........   3.2  2.9  3.8  3.4  0.9 -1.8  3.2  2.6  4.2  2.5
 Hours ..........   0.6  3.0  3.3  2.5  0.1 -2.3 -0.3  2.4  3.4  1.6
 Hourly comp.       5.2  3.9  4.5  2.8  5.8  4.8  5.2  2.6  2.2  3.5
 Real hourly comp.  3.3  0.2  0.4 -1.9  0.4  0.5  2.1 -0.4 -0.4  0.6
 Unit labor costs   2.6  4.0  4.0  1.9  4.9  4.2  1.7  2.4  1.4  2.5
------------------------------------------------------------------------------
Nonfarm Business:
 Productivity ...   2.7 -0.2  0.6  0.5  0.5  0.7  3.2  0.2  0.5  1.1
 Output .........   3.4  3.0  4.1  3.2  0.7 -1.8  3.0  2.9  4.0  2.7
 Hours ..........   0.7  3.2  3.5  2.6  0.2 -2.4 -0.2  2.7  3.4  1.6
 Hourly comp.       5.2  3.7  4.3  2.7  5.5  4.9  5.2  2.3  2.2  3.6
 Real hourly comp.  3.3  0.1  0.1 -2.1  0.1  0.7  2.1 -0.7 -0.4  0.7
 Unit labor costs   2.5  4.0  3.7  2.1  5.0  4.3  1.9  2.1  1.6  2.5
------------------------------------------------------------------------------
Manufacturing:
 Productivity ...   4.5  2.7  1.3  1.8  1.8  2.5  3.6  2.1  4.2  3.7
 Output .........   3.0  3.4  4.2  2.1 -0.4 -1.7  3.0  3.5  6.5  3.5
 Hours ..........  -1.5  0.7  2.9  0.4 -2.2 -4.1 -0.6  1.4  2.2 -0.1
 Hourly comp.       4.5  2.8  3.9  3.3  4.8  5.2  4.5  2.4  2.8  3.1
 Real hourly comp.  2.6 -0.8 -0.3 -1.5 -0.5  1.0  1.5 -0.6  0.3  0.2
 Unit labor costs   0.0  0.1  2.6  1.5  3.0  2.7  0.9  0.3 -1.3 -0.6
------------------------------------------------------------------------------
 
 
     Hourly compensation rose 3.6 percent in 1995 following a 2.2 percent
increase in 1994.  Real hourly compensation increased 0.7 percent in 1995,
compared with a 0.4 percent drop in 1994.  Unit labor costs in the nonfarm
business sector grew 2.5 percent in 1995.  In 1994, unit labor costs had
increased 1.6 percent.
 
Manufacturing
 
     Manufacturing productivity grew 3.7 percent in 1995, as output rose 3.5
percent and hours of all persons dropped 0.1 percent.  Output per hour of all
persons in manufacturing has now posted an increase in every year since 1979
(when it fell 0.6 percent). In durable goods manufacturing, productivity
increased 4.5 percent in 1995 as output rose 5.5 percent and hours of all
persons rose 0.9 percent.  Productivity growth in nondurable goods
manufacturing in 1995 was 2.9 percent, reflecting a modest increase in output
of 1.2 percent and a decline in hours worked of 1.6 percent (table B).  During
1994, total manufacturing productivity had risen 4.2 percent as output grew
6.5 percent and hours increased 2.2 percent.
 
 
                                       6
 
     Hourly compensation of manufacturing workers increased 3.1 percent during
1995, or a gain of 0.2 percent when the increase in consumer prices is taken
into account.  Gains in hourly compensation in nondurable goods manufacturing,
3.8 percent, were higher than those posted in durable goods manufacturing, 2.5
percent.  As a result, real hourly compensation in durable goods industries
fell off slightly, 0.3 percent, while rising 0.9 percent in nondurable goods
industries.
 
     Unit labor costs in manufacturing fell 0.6 percent in 1995.  In 1994,
unit labor costs had fallen 1.3 percent, reflecting both faster productivity
growth and a smaller gain in compensation per hour than in 1995.
 
 
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.
Productivity, output, and hourly compensation measures in the business and
nonfarm business sectors are higher than those published on February 8, based
on the information then available.
 
     Measures of real hourly compensation were revised for all sectors to
reflect revisions to the Consumer Price Index for All Urban Consumers.  These
revisions to the CPI, which reflect updated seasonal adjustment factors, were
released February 26.  Measures for 1991 forward were affected.
 
 ----------------------------------------------------------------------------
  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 . . . . . . . . .     1.2    4.1     2.8     3.9     1.9   2.7
    Current . . . . . . . . . .    1.6    4.4     2.8     4.3     2.3   2.7
 
   Nonfarm business:
    Previous . . . . . . . . .     1.4    4.4     2.9     3.9     1.8   2.4
    Current . . . . . . . . . .    1.7    4.7     2.9     4.3     2.2   2.5
 
   Manufacturing:
    Previous. . . . . . . . .      5.7    2.6    -2.9     4.0     1.9  -1.6
    Current . . . . . . . . . .    5.7    2.6    -2.9     4.0     1.9  -1.6
 ----------------------------------------------------------------------------
 
 
 
                                       7
 
Revised measures: Nonfinancial Corporations
 
     Productivity and cost measures for the third quarter for nonfinancial
corporations, which were revised to incorporate the most recent information,
were generally the same as the preliminary results announced on February 8,
1996.  Unit profits grew at an annual rate of 41.4 percent compared with the
preliminary estimate of 40.9 percent (table C).
 
 
------------------------------------------------------------------------------
Table D.  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
------------------------------------------------------------------------------
Third quarter 1995:
  Previous  5.7   7.8     2.0    4.1     2.0   -1.5     40.9    1.1
  Current   5.7   7.8     2.0    4.1     2.0   -1.5     41.4    1.1
------------------------------------------------------------------------------
 
 
                               Next release date
 
     The next release of Productivity and Costs is scheduled for 10:00 A.M.
EDT, Wednesday, April 10, 1996.  Revised fourth-quarter measures for business,
nonfarm business, and manufacturing will be released at that time.  First
quarter measures for business, nonfarm business and manufacturing are
scheduled to be released on Thursday, May 16, 1996.
 
 
                                       8
 
 
                                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; nonelectrical
machinery;  industrial  and  commercial   machinery  and  computer  equipment;
electronic  and   other   electrical   equipment;   transportation  equipment;
instruments; lumber and lumber products;  furniture and fixtures; stone, clay,
and glass and  concrete products; and  miscellaneous manufactures. Nondurables
include: Food and kindred  products, tobacco products,  textile mill products,
apparel  products,  paper  and  allied   products,  printing  and  publishing,
chemicals and  chemical products, petroleum  refining and  related industries,
rubber and plastic products, and leather and leather products.
     Nonfinancial corporate output is an  annual-weighted index constructed by
excluding  from  GDP the  following  outputs:  General  government;  nonprofit
institutions; employees of private  households; the rental  value of owner-oc-
cupied dwellings;  unincorporated business; and  those corporations  which are
depository institutions,  nondepository institutions,  security  and commodity
brokers, insurance  carriers,  regulated  investment  offices,  small business
investment  offices,   and   real  estate   investment   trusts.  Nonfinancial
corporations accounted for about 52 percent of the value of GDP in 1992.
 
 
                                      9
 
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 ef-
fects 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
 
 1993       I     100.2      101.4     101.3     101.6        99.6     101.4       102.2       101.7
           II      99.8      102.0     102.2     102.5        99.7     102.6       101.8       102.3
          III     100.1      102.8     102.6     103.0        99.8     102.9       102.4       102.7
           IV     100.8      104.3     103.5     103.3        99.2     102.5       104.9       103.3
 
       ANNUAL     100.2      102.6     102.4     102.6        99.6     102.4       102.8       102.5
 
 1994       I     100.3      104.8     104.5     104.2        99.6     103.8       104.1       103.9
           II     100.7      106.5     105.8     104.5        99.3     103.9       105.4       104.4
          III     101.4      107.6     106.2     104.9        98.8     103.5       107.9       105.1
           IV     101.5      108.7     107.1     105.7       r98.9     104.1       108.3       105.6
 
       ANNUAL     101.0      106.9     105.9     104.8        99.2     103.8       106.5       104.8
 
 1995       I     101.1      108.8     107.6     106.6       r99.1     105.4       108.0       106.3
           II     101.9      108.9     106.9     108.0        99.6     106.0       108.4       106.9
          III    r102.3     r110.1     107.7    r109.2      r100.1     106.8      r108.7      r107.4
           IV     102.3      110.5     108.0     110.1       100.4     107.6       107.8       107.7
 
       ANNUAL     101.9      109.6     107.6     108.5        99.9     106.5       108.2       107.1
 ---------------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)
 
 1993       I      -3.7       -1.1       2.6       1.6       r-1.3       5.4        -0.1         3.4
           II      -1.3        2.2       3.6       3.4        r0.4       4.8        -1.5         2.5
          III       1.3        3.0       1.7       2.2        r0.3       0.9         2.2         1.4
           IV       2.7        6.3       3.5       1.1       r-2.0      -1.6        10.1         2.4
 
       ANNUAL       0.2        2.6       2.4       2.6        -0.4       2.4         2.8         2.5
 
 1994       I      -1.9        1.8       3.7       3.4        r1.4       5.4        -2.8         2.4
           II       1.4        6.7       5.3       1.5        -1.0       0.1         4.9         1.8
          III       2.8        4.1       1.3       1.5       r-2.2      -1.3        10.0         2.6
           IV       0.7        4.0       3.3       2.9         0.7       2.3         1.5         2.0
 
       ANNUAL       0.7        4.2       3.4       2.2        -0.4       1.4         3.5         2.2
 
 1995       I      -1.6        0.6       2.2       3.4        r0.5       5.0        -1.0         2.8
           II       3.0        0.3      -2.5       5.6         2.1       2.5         1.2         2.1
          III      r1.6       r4.4       2.8      r4.3        r2.3       2.7        r1.1        r2.1
           IV       0.0        1.2       1.2       3.3         0.9       3.3        -3.3         0.9
 
       ANNUAL       0.9        2.5       1.6       3.5         0.6       2.5         1.6         2.2
 ---------------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
 
 1993       I       0.9        2.6       1.8       3.0       r-0.2       2.2         3.0         2.5
           II      -0.1        2.4       2.5       3.0       r-0.1       3.1         1.8         2.6
          III       0.4        3.0       2.5       2.3        -0.5       1.9         3.8         2.6
           IV      -0.3        2.6       2.9       2.0        -0.7       2.3         2.6         2.4
 
       ANNUAL       0.2        2.6       2.4       2.6        -0.4       2.4         2.8         2.5
 
 1994       I       0.2        3.3       3.1       2.5         0.0       2.3         1.9         2.2
           II       0.8        4.4       3.6       2.0        -0.4       1.2         3.5         2.0
          III       1.2        4.7       3.5       1.9        -1.0       0.6         5.4         2.3
           IV       0.7        4.2       3.4       2.3        -0.3       1.6         3.3         2.2
 
       ANNUAL       0.7        4.2       3.4       2.2        -0.4       1.4         3.5         2.2
 
 1995       I       0.8        3.8       3.0       2.3        -0.5       1.5         3.8         2.3
           II       1.2        2.3       1.1       3.3         0.3       2.1         2.9         2.4
          III      r0.9       r2.3       1.4      r4.1        r1.4       3.1        r0.7        r2.3
           IV       0.7        1.6       0.9       4.1         1.4       3.4        -0.5         2.0
 
       ANNUAL       0.9        2.5       1.6       3.5         0.6       2.5         1.6         2.2
 ---------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                      March 6, 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     100.1      101.6     101.5     101.4        99.4     101.3       102.8       101.8
           II      99.7      102.2     102.5     102.1        99.3     102.4       102.2       102.4
          III     100.2      103.2     103.0     102.6        99.4     102.4       103.1       102.7
           IV     100.6      104.6     103.9     102.9        98.9     102.3       105.3       103.3
 
       ANNUAL     100.2      102.9     102.7     102.3        99.3     102.1       103.4       102.5
 
 1994       I     100.0      104.8     104.8     103.7       r99.2     103.7       104.3       103.9
           II     100.4      106.6     106.1     104.3       r99.1     103.8       105.8       104.5
          III     101.1      107.7     106.5     104.6       r98.4     103.4       108.6       105.3
           IV     101.3      108.8     107.4     105.4        98.7     104.1       108.9       105.7
 
       ANNUAL     100.7      106.9     106.2     104.5        98.9     103.8       106.9       104.9
 
 1995       I     101.0      109.0     107.9     106.4        98.9     105.3       108.7       106.5
           II     101.8      109.1     107.2     107.8       r99.4     105.9       109.0       107.0
          III    r102.2     r110.4     108.0    r108.9       r99.9    r106.6      r109.2      r107.5
           IV     102.1      110.7     108.4     109.7       100.1     107.5       108.1       107.7
 
       ANNUAL     101.8      109.8     107.9     108.2        99.6     106.3       108.8       107.2
 ---------------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)
 
 1993       I      -3.9       -0.9       3.1       1.0       r-1.9       5.1         1.5         3.8
           II      -1.7        2.4       4.2       2.7       r-0.2       4.5        -2.3         2.1
          III       2.1        4.1       2.0       2.0        r0.1      -0.1         3.7         1.2
           IV       1.6        5.3       3.6       1.1       r-2.0      -0.5         8.6         2.6
 
       ANNUAL       0.2        2.9       2.7       2.3        -0.7       2.1         3.4         2.5
 
 1994       I      -2.5        0.9       3.5       3.3        r1.2       5.9        -3.6         2.5
           II       1.9        6.8       4.8       2.1        -0.4       0.2         6.0         2.2
          III       2.6        4.2       1.6       1.2       r-2.5      -1.4        11.0         2.9
           IV       0.9        4.2       3.3       3.3         1.0       2.4         0.9         1.8
 
       ANNUAL       0.5        4.0       3.4       2.2        -0.4       1.6         3.5         2.3
 
 1995       I      -1.1        0.8       1.9       3.7        r0.8       4.9        -0.5         2.9
           II       3.0        0.5      -2.4       5.4         2.0       2.3         1.1         1.9
          III      r1.7       r4.7       2.9      r4.3        r2.2      r2.5        r0.7        r1.8
           IV      -0.5        1.1       1.6       3.0         0.6       3.5        -3.9         0.9
 
       ANNUAL       1.1        2.7       1.6       3.6         0.7       2.5         1.7         2.2
 ---------------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
 
 1993       I       0.9        2.8       1.9       2.9       r-0.3       2.0         3.6         2.6
           II      -0.3        2.6       2.9       2.6       r-0.5       2.8         2.2         2.6
          III       0.6        3.5       2.9       1.9        -0.8       1.4         4.8         2.6
           IV      -0.5        2.7       3.2       1.7        -1.0       2.2         2.8         2.4
 
       ANNUAL       0.2        2.9       2.7       2.3        -0.7       2.1         3.4         2.5
 
 1994       I      -0.2        3.2       3.3       2.3       r-0.2       2.4         1.5         2.1
           II       0.8        4.3       3.5       2.1        -0.3       1.3         3.6         2.1
          III       0.9        4.3       3.4       1.9        -0.9       1.0         5.4         2.5
           IV       0.7        4.0       3.3       2.5        -0.2       1.8         3.4         2.3
 
       ANNUAL       0.5        4.0       3.4       2.2        -0.4       1.6         3.5         2.3
 
 1995       I       1.1        4.0       2.9       2.6        -0.3       1.5         4.2         2.4
           II       1.3        2.4       1.1       3.4         0.3       2.0         3.0         2.4
          III       1.1       r2.6       1.4      r4.2        r1.5       3.0        r0.5        r2.1
           IV       0.8        1.8       1.0       4.1         1.4       3.3        -0.7         1.9
 
       ANNUAL       1.1        2.7       1.6       3.6         0.7       2.5         1.7         2.2
 ---------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                      March 6, 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            101.5        102.5        101.0        101.1            99.1         99.6
           II            101.6        102.8        101.2        102.0            99.2        100.4
          III            102.1        103.6        101.5        102.7           r99.4        100.6
           IV            102.9        105.1        102.1        103.5            99.4        100.5
 
       ANNUAL            102.1        103.5        101.4        102.4            99.4        100.3
 
 1994       I            104.7        107.3        102.5        104.3           r99.8         99.7
           II            106.1        109.5        103.2        104.7            99.5         98.7
          III            106.9        110.9        103.8        105.6           r99.4         98.8
           IV            107.8        113.0        104.8        106.4            99.7         98.7
 
       ANNUAL            106.3        110.2        103.6        105.3            99.7         99.0
 
 1995       I            108.4        114.1        105.3        107.0           r99.5         98.7
           II            109.5        113.5        103.7        107.9            99.5         98.6
          III            111.0        114.2        102.9        109.0          r100.0         98.2
           IV            111.7        114.6        102.5        109.6            99.9         98.1
 
       ANNUAL            110.3        114.1        103.5        108.5            99.9         98.4
 --------------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1993       I              2.2          4.6          2.3          0.8           r-2.1         -1.4
           II              0.4          1.1          0.8          3.4            r0.5          3.1
          III              1.8          3.0          1.2          2.7            r0.8          0.9
           IV              3.4          5.9          2.4          3.2            r0.0         -0.2
 
       ANNUAL              2.1          3.5          1.4          2.4            -0.6          0.3
 
 1994       I              6.9          8.8          1.8          3.4            r1.4         -3.2
           II              5.7          8.5          2.6          1.4            -1.1         -4.0
          III              3.0          5.1          2.1          3.6           r-0.2          0.6
           IV              3.5          7.9          4.2          3.1             0.8         -0.4
 
       ANNUAL              4.2          6.5          2.2          2.8             0.3         -1.3
 
 1995       I              2.2          3.9          1.6          2.1           r-0.8         -0.1
           II              4.0         -2.1         -5.9          3.5             0.1         -0.5
          III              5.7          2.6         -2.9          4.0             1.9         -1.6
           IV              2.7          1.3         -1.4          2.3            -0.1         -0.4
 
       ANNUAL              3.7          3.5         -0.1          3.1             0.2         -0.6
 --------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year
 
 1993       I              2.9          4.3          1.3          2.7            -0.5         -0.3
           II              2.1          3.0          0.9          2.4           r-0.7          0.3
          III              1.7          3.1          1.4          2.2            -0.6          0.5
           IV              1.9          3.6          1.7          2.5            -0.2          0.6
 
       ANNUAL              2.1          3.5          1.4          2.4            -0.6          0.3
 
 1994       I              3.1          4.7          1.5          3.2             0.7          0.1
           II              4.4          6.5          2.0          2.7             0.3         -1.7
          III              4.7          7.1          2.2          2.9             0.0         -1.7
           IV              4.7          7.6          2.7          2.9             0.2         -1.8
 
       ANNUAL              4.2          6.5          2.2          2.8             0.3         -1.3
 
 1995       I              3.6          6.3          2.6          2.5            -0.3         -1.0
           II              3.2          3.6          0.4          3.1             0.0         -0.1
          III              3.8          3.0         -0.8          3.2             0.5         -0.7
           IV              3.6          1.4         -2.2          3.0             0.3         -0.7
 
       ANNUAL              3.7          3.5         -0.1          3.1             0.2         -0.6
 --------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                March 6, 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            102.3        103.3        101.0        101.0            99.0         98.7
           II            102.8        104.0        101.1        101.8            99.0         99.0
          III            103.0        104.8        101.7        102.4            99.2         99.4
           IV            104.9        107.5        102.5        103.3            99.3         98.5
 
       ANNUAL            103.4        104.9        101.5        102.2            99.3         98.9
 
 1994       I            106.8        110.4        103.3        104.2            99.6         97.5
           II            108.2        112.6        104.1        104.5            99.3         96.6
          III            109.4        114.8        104.9        105.4            99.2         96.3
           IV            110.6        117.5        106.3        106.0           r99.2         95.9
 
       ANNUAL            108.7        113.8        104.7        105.0            99.4         96.6
 
 1995       I            111.8        119.5        106.9        106.4            98.9         95.2
           II            112.5        119.0        105.7        107.0           r98.7         95.1
          III            114.3        120.4        105.3        108.1            99.1         94.5
           IV            115.4        121.5        105.3        108.4            98.8         93.9
 
       ANNUAL            113.7        120.1        105.7        107.6            99.1         94.7
 --------------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1993       I              3.6          6.3          2.6          0.8           r-2.1         -2.7
           II              2.0          2.4          0.4          3.2            r0.3          1.2
          III              0.7          3.4          2.6          2.5            r0.6          1.7
           IV              7.3         10.7          3.1          3.6            r0.5         -3.5
 
       ANNUAL              3.4          4.9          1.5          2.2            -0.7         -1.1
 
 1994       I              7.6         11.0          3.1          3.4            r1.3         -4.0
           II              5.2          8.6          3.2          1.2            -1.4         -3.8
          III              4.5          7.8          3.2          3.4           r-0.4         -1.0
           IV              4.3          9.9          5.4          2.4             0.2         -1.8
 
       ANNUAL              5.2          8.5          3.2          2.7             0.1         -2.3
 
 1995       I              4.5          7.0          2.3          1.4           r-1.5         -3.0
           II              2.7         -1.9         -4.4          2.5            -0.9         -0.2
          III              6.6          5.1         -1.5          4.0             1.9         -2.5
           IV              3.8          3.6         -0.2          1.2            -1.2         -2.5
 
       ANNUAL              4.5          5.5          0.9          2.5            -0.3         -2.0
 --------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year
 
 1993       I              4.6          5.7          1.0          2.5            -0.6         -2.0
           II              3.1          4.1          0.9          2.1            -1.0         -1.0
          III              2.5          4.3          1.8          1.9            -0.9         -0.6
           IV              3.4          5.6          2.2          2.5            -0.2         -0.8
 
       ANNUAL              3.4          4.9          1.5          2.2            -0.7         -1.1
 
 1994       I              4.4          6.8          2.3          3.2            r0.7         -1.2
           II              5.2          8.4          3.0          2.7             0.2         -2.4
          III              6.2          9.5          3.2          2.9             0.0         -3.1
           IV              5.4          9.3          3.7          2.6           r-0.1         -2.7
 
       ANNUAL              5.2          8.5          3.2          2.7             0.1         -2.3
 
 1995       I              4.6          8.3          3.5          2.1            -0.8         -2.4
           II              4.0          5.6          1.5          2.4            -0.6         -1.5
          III              4.5          4.9          0.4          2.6            -0.1         -1.9
           IV              4.4          3.4         -1.0          2.2            -0.4         -2.1
 
       ANNUAL              4.5          5.5          0.9          2.5            -0.3         -2.0
 --------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                March 6, 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            100.8        101.8        101.0        101.3            99.3        100.5
           II            100.5        101.8        101.3        102.3            99.5        101.8
          III            101.4        102.5        101.1        103.0            99.8        101.6
           IV            101.2        102.7        101.5        103.6            99.6        102.4
 
       ANNUAL            101.0        102.2        101.2        102.6            99.6        101.6
 
 1994       I            102.7        104.3        101.5        104.4            99.8        101.6
           II            104.3        106.3        102.0        104.9            99.6        100.6
          III            104.6        106.9        102.2        105.8            99.6        101.2
           IV            105.3        108.3        102.8        106.8           100.0        101.5
 
       ANNUAL            104.2        106.5        102.2        105.5            99.8        101.2
 
 1995       I            105.3        108.4        103.0        107.6          r100.1        102.3
           II            106.8        107.8        100.9        108.9           100.4        102.0
          III            108.0        107.7         99.6        109.9           100.8        101.7
           IV            108.4        107.2         98.9        111.0           101.2        102.3
 
       ANNUAL            107.2        107.8        100.5        109.4           100.7        102.1
 --------------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1993       I              1.0          2.9          1.9          0.8           r-2.1         -0.3
           II             -1.3         -0.1          1.2          3.9             0.9          5.3
          III              3.5          2.8         -0.7          2.8            r0.9         -0.6
           IV             -0.7          0.7          1.5          2.3           r-0.8          3.1
 
       ANNUAL              1.0          2.2          1.2          2.6            -0.4          1.6
 
 1994       I              6.3          6.4          0.1          3.2            r1.1         -3.0
           II              6.0          8.1          1.9          1.7            -0.9         -4.1
          III              1.3          2.0          0.7          3.7           r-0.1          2.3
           IV              2.7          5.4          2.6          3.9             1.6          1.2
 
       ANNUAL              3.2          4.1          0.9          2.8             0.2         -0.4
 
 1995       I             -0.1          0.6          0.7          3.1            r0.2          3.2
           II              5.9         -2.5         -7.9          4.8             1.3         -1.1
          III              4.8         -0.3         -4.9          3.7             1.6         -1.1
           IV              1.4         -1.6         -3.0          3.9             1.5          2.5
 
       ANNUAL              2.9          1.2         -1.6          3.8             0.9          0.9
 --------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year
 
 1993       I              1.4          3.0          1.7          2.9           r-0.3          1.6
           II              1.2          2.2          1.0          2.8           r-0.3          1.5
          III              1.1          2.1          1.0          2.5            -0.3          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
 
 1994       I              1.9          2.4          0.5          3.0             0.5          1.1
           II              3.7          4.4          0.7          2.5             0.1         -1.2
          III              3.2          4.3          1.0          2.7            -0.2         -0.5
           IV              4.1          5.4          1.3          3.1            r0.4         -0.9
 
       ANNUAL              3.2          4.1          0.9          2.8             0.2         -0.4
 
 1995       I              2.5          4.0          1.5          3.1             0.2          0.6
           II              2.4          1.3         -1.1          3.9             0.8          1.4
          III              3.3          0.7         -2.5          3.9            r1.2          0.6
           IV              3.0         -1.0         -3.8          3.9             1.2          0.9
 
       ANNUAL              2.9          1.2         -1.6          3.8             0.9          0.9
 --------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                March 6, 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    100.1     101.3    101.1    101.4      99.4     101.3    100.7    101.1    102.9    101.2
           II    101.0     102.9    101.9    101.9      99.2     100.9    100.0    100.7    111.5    101.5
          III    101.5     104.2    102.6    102.5      99.3     100.9     99.8    100.6    115.6    101.8
           IV    102.4     106.1    103.6    102.8      98.7     100.4     99.2    100.1    128.5    102.3
 
       ANNUAL    101.3     103.6    102.2    102.2      99.2     100.9     99.9    100.6    114.8    101.7
 
 1994       I    102.4     107.2    104.7    103.3      98.8     100.9    102.3    101.3    120.8    102.8
           II    102.6     108.9    106.2    103.8      98.6     101.2     98.7    100.5    134.5    103.1
          III    102.6     109.6    106.9    104.2     r98.0     101.6     99.3    100.9    136.5    103.7
           IV    103.2     111.6    108.1    105.2      98.5     101.9     98.2    100.9    141.3    104.0
 
       ANNUAL    102.7     109.3    106.4    104.2      98.6     101.4     99.6    100.9    133.4    103.4
 
 1995       I    102.3     111.3    108.8    105.6      98.1     103.2    100.0    102.3    131.0    104.5
           II    103.2     111.8    108.3    107.0      98.6     103.7    101.2    103.0    130.5    105.1
          III    104.7     113.9    108.8    108.1      99.1     103.3     99.9   r102.3   r142.3    105.4
 ----------------------------------------------------------------------------------------------------------
                              Percent change from previous quarter at annual rate(5)
 
 1993       I     -4.8      -2.9      2.0      0.8     r-2.1       5.8      7.8      6.4    -24.5      3.4
           II      3.6       6.6      2.9      2.2     r-0.7      -1.4     -2.7     -1.7     38.0      1.0
          III      2.1       5.0      2.8      2.2      r0.3       0.1     -1.0     -0.2     15.4      1.1
           IV      3.2       7.5      4.1      1.0     r-2.1      -2.1     -2.2     -2.2     52.4      1.9
 
       ANNUAL      1.3       3.6      2.2      2.2      -0.8       0.9     -0.1      0.6     14.8      1.7
 
 1994       I      0.1       4.2      4.1      2.2      r0.2       2.2     13.2      5.0    -21.8      2.2
           II      0.9       6.8      5.9      1.8      -0.7       0.9    -13.4     -3.2     53.6      1.2
          III     -0.2       2.5      2.7      1.4     r-2.3       1.5      2.3      1.7      6.3      2.2
           IV      2.6       7.5      4.8      4.0       1.7       1.4     -4.4     -0.2     14.8      1.3
 
       ANNUAL      1.4       5.5      4.1      1.9      -0.6       0.5     -0.3      0.3     16.2      1.7
 
 1995       I     -3.5      -1.1      2.5      1.4     r-1.4       5.1      7.9      5.9    -26.1      2.1
           II      3.7       1.6     -2.0      5.6       2.1       1.9      4.7      2.6     -1.6      2.2
          III      5.7       7.8      2.0      4.1       2.0      -1.5    r-5.2     -2.5    r41.4      1.1
 ----------------------------------------------------------------------------------------------------------
                           Percent change from corresponding quarter of previous year
 
 1993       I      1.0       2.7      1.7      2.9      -0.3       1.8      0.3      1.4      5.6      1.7
           II      1.6       3.7      2.0      2.3     r-0.7       0.7      0.2      0.6     13.8      1.6
          III      1.4       4.0      2.6      1.8      -0.9       0.5     -1.2      0.0     23.2      1.7
           IV      1.0       4.0      2.9      1.5     r-1.1       0.6      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
 
 1994       I      2.2       5.8      3.5      1.9      -0.6      -0.3      1.6      0.2     17.4      1.5
           II      1.6       5.9      4.2      1.8      -0.6       0.3     -1.3     -0.2     20.6      1.6
          III      1.0       5.2      4.2      1.6      -1.2       0.6     -0.5      0.3     18.1      1.9
           IV      0.8       5.2      4.4      2.4      -0.3       1.5     -1.0      0.8     10.0      1.7
 
       ANNUAL      1.4       5.5      4.1      1.9      -0.6       0.5     -0.3      0.3     16.2      1.7
 
 1995       I     -0.1       3.9      4.0      2.2      -0.7       2.2     -2.2      1.0      8.4      1.7
           II      0.6       2.6      2.0      3.1       0.0       2.5      2.5      2.5     -3.0      1.9
          III     r2.0       3.9      1.8      3.8       1.1       1.7      0.6      1.4     r4.2      1.7
 ----------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                        March 6, 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.