USDL 04-337
TRANSMISSION OF THIS
MATERIAL IS EMBARGOED
UNTIL 8:30 A.M. EST,
THURSDAY, MARCH 4, 2004

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  information: (202) 691-5606
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Media contact: (202) 691-5902
                                      
                                      
                           PRODUCTIVITY AND COSTS
                  Fourth Quarter and Annual Averages, 2003


     The Bureau of Labor Statistics of the U.S. Department of Labor today
reported revised fourth-quarter seasonally-adjusted annual rates of
productivity change-as measured by output per hour of all persons-and revised
annual changes for the full year 2003.  Percent changes in business and
nonfarm business productivity were:
     
                                     Fourth      Annual averages
                                     quarter        2002-2003
                                 
     Business sector                   2.0             4.5
     Nonfarm business sector           2.6             4.4
     
     In the fourth quarter, productivity increased 2.0 percent in the
business sector, slightly more than the 1.8 percent rise reported Feb. 5.  In
nonfarm businesses, productivity grew 2.6 percent, compared to the
preliminary estimate of 2.7 percent (seasonally adjusted annual rates).  On
an annual average basis, productivity rose 4.5 percent in the business sector
and 4.4 percent in the nonfarm business sector--0.2 percentage points higher
than previously reported in both sectors.  Fourth-quarter productivity and
related measures are summarized in table A and appear in detail in tables 1
through 5.  Preliminary and revised fourth-quarter and annual data appear in
table C.

     In the manufacturing sector, increases in productivity were:

                                       Fourth      Annual averages
                                       quarter       2002-2003
                                      
     Manufacturing                       4.8            5.1
       Durable goods manufacturing       6.1            7.7
       Nondurable goods manufacturing    4.4            1.9

     Productivity in total manufacturing grew at a 4.8 percent annual rate in
the fourth quarter of 2003, the same as reported Feb. 5, as a downward
revision to fourth-quarter productivity growth in durable goods manufacturing
was offset by an upward revision to output per hour in the nondurable goods
subsector.  Productivity increases from 2002 to 2003 were revised upward in
total manufacturing and both subsectors.  (Output and hours in manufacturing,
which includes about 13 percent of U.S. business-sector employment, tend to
vary more from quarter to quarter than data for the aggregate business and
nonfarm business sectors.)

-----------------------------------------------------------------------------
Table A. Productivity and costs: Revised fourth-quarter 2003 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           2.0       3.9      1.9     1.8       1.0      -0.2
 Nonfarm business   2.6       4.1      1.5     2.2       1.4      -0.4
 Manufacturing      4.8       6.1      1.3     2.7       2.0      -2.0
   Durable          6.1       9.6      3.3     1.4       0.7      -4.4
   Nondurable       4.4       2.2     -2.0     4.7       3.9       0.3
------------------------------------------------------------------------------   
                      Percent change from same quarter a year ago
                      
 Business           5.3       5.0      -0.3    3.6       1.7      -1.6
 Nonfarm business   5.4       5.1      -0.3    3.6       1.7      -1.7
 Manufacturing      5.8       1.6      -3.9    5.1       3.2      -0.6
   Durable          7.7       3.7      -3.7    4.7       2.8      -2.8
   Nondurable       3.6      -0.8      -4.2    5.9       4.0       2.2
-----------------------------------------------------------------------------

     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 data for business and nonfarm business are based on measures of gross
domestic product prepared by the Bureau of Economic Analysis of the U.S.
Department of Commerce.  Quarterly output measures for manufacturing reflect
indexes of industrial production independently prepared by the Board of
Governors of the Federal Reserve System.  See Technical Notes for further
information on data sources.
                                      
                                      
                    THIRD-TO-FOURTH QUARTER 2003 CHANGES

Business

     Labor productivity in the business sector rose at a 2.0 percent annual
rate in the fourth quarter of 2003, as output increased 3.9 percent and hours
of all persons engaged in the sector increased 1.9 percent (table 1).  The
fourth-quarter increase in business sector hours was the largest since hours
increased 2.3 percent in both the third and fourth quarters of 1999.  Hours
had increased 1.5 percent in the third quarter of 2003.  Increases in both
productivity and output were smaller in the fourth quarter than in the third
quarter of 2003, when productivity increased 8.7 percent and output grew 10.3
percent.

     Hourly compensation grew at a 1.8-percent annual rate in the fourth
quarter, compared with a 2.7-percent rise in the third quarter.  This measure
includes wages and salaries, supplements, employer contributions to employee-
benefit plans, and taxes.  Real hourly compensation, which takes into account
changes in consumer prices, rose 1.0 percent in the fourth quarter of 2003
after rising 0.3 percent one quarter earlier.

     Unit labor costs, which reflect changes in hourly compensation and
productivity, declined 0.2 percent during the fourth quarter of 2003, after
falling 5.5 percent in the third quarter.  The implicit price deflator for
business output, which reflects changes in unit labor costs and unit nonlabor
payments, increased 1.2 percent in the fourth quarter and 1.3 percent in the
third quarter.

Nonfarm business

     In the nonfarm business sector, productivity rose at an annual rate of
2.6 percent in the fourth quarter of 2003, as output grew 4.1 percent and
hours of all persons-employees, proprietors, and unpaid family workers--rose
1.5 percent (seasonally adjusted annual rates).  This was the largest
increase in hours since the first quarter of 2000.  During the third quarter,
productivity increased 9.5 percent, output grew 10.4 percent, and hours rose
0.9 percent (table 2).

     Hourly compensation rose 2.2 percent in the fourth quarter, after rising
3.3 percent in the third quarter.  When the increase in consumer prices was
taken into account, real hourly compensation rose 1.4 percent in the fourth
quarter and 1.0 percent in the third quarter.

     Unit labor costs declined 0.4 percent in the fourth quarter, after
dropping 5.6 percent in the third quarter.  The implicit price deflator for
nonfarm business increased 0.5 percent in the fourth quarter, and 1.1 percent
in the third quarter, of 2003.

Manufacturing

     Manufacturing productivity increased 4.8 percent in the fourth quarter
of 2003, as output grew 6.1 percent and hours rose 1.3 percent (seasonally
adjusted annual rates).  This was the largest increase in manufacturing
output since a 6.3-percent increase in the fourth quarter of 1999.  The hours
increase was the first since a 0.5-percent rise in the second quarter of
2000.  In durable goods industries, productivity increased 6.1 percent when
output grew 9.6 percent and hours rose 3.3 percent.  In nondurable goods
industries, output per hour gained 4.4 percent, reflecting an increase of 2.2
percent in output and a 2.0 percent decline in hours.  During the third
quarter, productivity had increased rapidly: 10.1 percent in total
manufacturing, 14.5 percent in durable goods manufacturing, and 5.2 percent
in nondurable goods manufacturing (tables 3, 4, and 5).

     Hourly compensation of all manufacturing workers increased 2.7 percent
during the fourth quarter, rising in both of the manufacturing subsectors--1.4
percent in durable goods and 4.7 percent in nondurable goods.  When the
increase in consumer prices was taken into account, real hourly compensation
for all manufacturing workers rose 2.0 percent in the fourth quarter.

     Unit labor costs in manufacturing declined 2.0 percent in the fourth
quarter of 2003, after falling 4.6 percent in the third quarter.  These costs
fell 4.4 percent in durable goods industries and edged up 0.3 percent in
nondurable goods industries during the fourth quarter of 2003.


                      ANNUAL AVERAGE CHANGES, 2002-2003
                                      
Business

     Business sector productivity increased 4.5 percent when the annual index
for 2003 was compared with the annual index for 2002 (table B).  The 2002-
2003 increase reflected a 3.7-percent increase in output and a 0.8-percent
decline in hours.  From 2001 to 2002, business sector productivity had
increased 4.9 percent, when output grew 2.3 percent and hours worked fell 2.5
percent.  The consecutive productivity increases in 2002 and 2003 yielded a
4.7-percent average annual rate of growth from 2001 to 2003.  This was the
largest two-year productivity gain since 1949-51, when output per hour grew
at a 5.7-percent annual rate, reflecting annual increases of 8.1 percent in
1950 and 3.1 percent in 1951.

-----------------------------------------------------------------------------
Table B. Productivity and costs: Revised 2003 annual averages
(Seasonally adjusted annual rates) 
-----------------------------------------------------------------------------
                                                          Real      
                                                Hourly    hourly     Unit
                    Produc-                     compen-   compen-    labor
Sector              tivity     Output   Hours   sation    sation     costs
-----------------------------------------------------------------------------                                     
                                     
                    Percent change from previous year
                    
Business              4.5        3.7    -0.8      3.3      1.0       -1.1
Nonfarm business      4.4        3.7    -0.7      3.2      0.9       -1.2
Manufacturing         5.1        0.1    -4.8      5.5      3.2        0.4
  Durable             7.7        2.0    -5.3      5.4      3.1       -2.1
  Nondurable          1.9       -2.2    -4.0      5.9      3.5        3.9
-----------------------------------------------------------------------------

     Hourly compensation in the business sector increased 3.3 percent in 2003
and 2.2 percent in 2002.  Real hourly compensation also increased more in
2003, 1.0 percent, than in 2002, when it rose 0.6 percent.

     Business sector unit labor costs decreased 1.1 percent in 2003.  In
2002, these costs had fallen 2.5 percent--the largest annual decrease to date
in this measure, which begins with data for 1948.  The implicit price
deflator rose 1.4 percent in 2003 and 0.8 percent in 2002.

Nonfarm business

     Productivity increased 4.4 percent in the nonfarm business sector during
2003.  Output grew 3.7 percent and hours of all persons declined 0.7 percent.
During 2002, productivity had increased 5.0 percent in nonfarm business, as
output rose 2.3 percent and hours of all persons fell 2.6 percent.  As in the
larger business sector, when the productivity increases for 2002 and 2003 are
combined, productivity for the 2001-2003 period rose at an average annual
rate of 4.7 percent in nonfarm businesses.  The last comparable two-year rise
occurred over the 1949-1951 period, when productivity increased at a 4.6
percent annual rate, incorporating rises of 6.6 percent in 1950 and 2.7
percent in 1951.

     Hourly compensation grew 3.2 percent in 2003, more than the 2.3-percent
increase in 2002.  Real hourly compensation increased 0.9 percent in 2003,
following a 0.7-percent rise in the previous year.

     Unit labor costs in the nonfarm business sector dropped 1.2 percent in
2003.  These costs had decreased 2.5 percent during 2002, the largest annual
decline in this measure ever recorded.   The implicit price deflator, which
reflects nonlabor payments as well as labor costs, rose 1.2 percent in 2003,
following a 0.9-percent rise in 2002.

Manufacturing

     Manufacturing productivity grew 5.1 percent in 2003, reflecting a 0.1-
percent rise in output and a 4.8-percent decline in hours.  In 2002, output
per hour had increased 7.2 percent, as output fell 0.6 percent but hours fell
faster, 7.3 percent.  Labor productivity increased 7.7 percent in durable
goods manufacturing during 2003, as output grew 2.0 percent and hours dropped
5.3 percent.  In nondurable goods manufacturing, productivity rose 1.9
percent in 2003, as output and hours fell 2.2 percent and 4.0 percent,
respectively (tables B, 3, 4, and 5).

     Hourly compensation of manufacturing workers increased 5.5 percent in
2003, compared to a 4.0-percent increase one year earlier.  Real hourly
compensation rose 3.2 percent in 2003, after gaining 2.4 percent in 2002.
Hourly compensation increased 5.4 percent in durable goods industries and 5.9
percent in nondurable goods industries in 2003.

     Unit labor costs rose 0.4 percent in manufacturing from 2002 to 2003.
In durable manufacturing, unit labor costs fell 2.1 percent in 2003.  By
contrast, unit labor costs in nondurable manufacturing rose last year, by 3.9
percent.


                              REVISED MEASURES
                                      
     Productivity and cost data for the fourth quarter and full year 2003 for
business, nonfarm business, and manufacturing were revised to incorporate the
most recent information (table C).  Quarterly and annual measures for the
business, nonfarm business, nonfinancial corporate, and manufacturing sectors
were revised back to 1999 to incorporate the annual benchmark adjustment and
updated information on seasonal trends from the BLS nonfarm payroll series.
Quarterly measures of real hourly compensation in these sectors during 2003
also reflect the recalculation of seasonal factors for the Consumer Price
Index for All Urban Consumers.

-----------------------------------------------------------------------------     
Table C. Previous and revised productivity and related measures:
Fourth-quarter and annual averages 2003
(Seasonally adjusted annual rates)
-----------------------------------------------------------------------------
                                                                  
                                                        Real      
                                               Hourly   hourly     Unit
                   Produc-                     compen-  compen-    labor
Sector             tivity   Output   Hours     sation   sation     costs
-----------------------------------------------------------------------------                                                                  
               Percent change, third to fourth quarter 2003
               
Business:                                                         
  Previous          1.8      3.7      1.9       0.9      0.1       -0.8
  Current           2.0      3.9      1.9       1.8      1.0       -0.2
Nonfarm business:                                                 
  Previous          2.7      4.2      1.5       1.3      0.5       -1.3
  Current           2.6      4.1      1.5       2.2      1.4       -0.4
Manufacturing:                                                    
  Previous          4.8      6.6      1.7       1.5      0.7       -3.1
  Current           4.8      6.1      1.3       2.7      2.0       -2.0
-----------------------------------------------------------------------------  
                       Percent change, 2002 - 2003
Business:                                                         
  Previous          4.3      3.7     -0.6       3.0      0.7       -1.2
  Current           4.5      3.7     -0.8       3.3      1.0       -1.1
Nonfarm business:                                                  
  Previous          4.2      3.7     -0.5       2.9      0.6       -1.2
  Current           4.4      3.7     -0.7       3.2      0.9       -1.2
Manufacturing:                                                    
  Previous          4.3      0.1     -4.0       4.5      2.2        0.3
  Current           5.1      0.1     -4.8       5.5      3.2        0.4
-----------------------------------------------------------------------------                                                                  
     
     Business sector productivity increased 2.0 percent in fourth-quarter
2003, compared to a preliminary estimate of 1.8 percent (seasonally adjusted
annual rates).  In the nonfarm business sector, productivity grew 2.6
percent, about the same as the 2.7 percent figure published Feb. 5.   Because
hourly compensation growth was revised up by 0.9 percentage points in
business and nonfarm business, unit labor costs did not decline as much as
reported Feb. 5.  Manufacturing productivity growth in the fourth quarter was
the same as originally reported, reflecting downward revisions to both output
and hours, so the larger gain in hourly compensation than previously reported
implied a smaller decrease in unit labor costs.
     
     When revised annual averages for 2003 are compared to those for 2002,
downward revisions in hours worked led to upward revisions in productivity in
business, nonfarm business, and especially manufacturing.  In all of these
sectors, upward revisions to hourly compensation approximately offset the
larger productivity increases, and movements in unit labor costs were similar
to the preliminary estimates.
     
Revised measures: Nonfinancial corporations
     
     Measures for the nonfinancial corporate sector also were revised back to
1999 due to updated information on hours worked by employees.  Third quarter
measures for the sector were unchanged from information reported on Feb. 5.
As a result of a slight downward revision to hours in 2002, productivity,
hourly compensation, and real hourly compensation are slightly higher than
previously announced.  Unit labor costs are unchanged.

-----------------------------------------------------------------------------
Table D.  Nonfinancial corporations: Previous and revised productivity and
cost measures
Quarterly percent changes at seasonally adjusted annual rates
-----------------------------------------------------------------------------                                                                     
                                             Real                    
                                    Hourly   hourly  Unit            Implicit
            Produc-                 compen-  compen- labor  Unit     price
            tivity   Output  Hours  sation   sation  costs  profits  deflator
-----------------------------------------------------------------------------                                                                     
                            Third quarter 2003
                            
Previous     8.6      8.5    -0.1    3.6      1.2    -4.6    46.2     0.9
Current      8.6      8.5    -0.1    3.6      1.2    -4.6    46.2     0.9

                            Percent change, 2001-2002
                            
Previous     5.0      2.0    -2.8    2.2      0.6    -2.7    21.9     0.1
Current      5.1      2.0    -3.0    2.3      0.7    -2.7    21.9     0.1
-----------------------------------------------------------------------------

Upcoming changes to productivity and cost data

     New estimates of average weekly hours at work for nonproduction and
supervisory workers will be introduced into the BLS major sector productivity
and cost measures beginning with the August 10, 2004, release.  An article
discussing these new measures and the effects of this change will be
published in the Monthly Labor Review sometime in the next few months.  A
technical note describing the methodology will be available this summer.

     In addition, on Aug. 10, BLS intends to introduce two improvements in
the way it uses data from the Current Population Survey to measure the hours
for its quarterly labor productivity and costs program.  Employment and hours
for the farm sector, nonfarm self-employed, and nonfarm unpaid family workers
and hours for employees of government enterprises will be adjusted to account
for the effects of multiple jobholding.  Concurrent seasonal adjustment of
these series also will be introduced.  Further information on these changes
will be announced later this year.
                                      
                                      
                              NEXT RELEASE DATE
                                      
     The next release of Productivity and Costs is scheduled for 8:30 AM EDT,
Thursday, May 6, 2004, and will present preliminary first-quarter measures
for business, nonfarm business, and manufacturing.  Fourth-quarter and annual
data for nonfinancial corporations will be released at that time.


                                      
                               TECHNICAL NOTES
                                      
Labor  Hours: Hours data for the labor productivity and cost measures include
hours for all persons working in the sector-wage and salary workers, the self-
employed,  and  unpaid family workers.  The primary source of  hours  and  em
ployment  data is the BLS Current Employment Statistics (CES) program,  which
provides  monthly survey data on the number of jobs held by wage  and  salary
workers in nonfarm establishments.  The CES also provides average weekly paid
hours of production and nonsupervisory workers in these establishments.   The
Office of Productivity and Technology estimates average weekly paid hours  of
nonproduction  and supervisory workers.  Weekly paid hours were  adjusted  to
hours at work using the BLS Hours at Work survey, conducted for this purpose.
Data from the National Compensation Survey are used for recent years.
     Data  from  the  BLS Current Population Survey (CPS) are used  for  farm
labor, nonfarm proprietors, and nonfarm unpaid family workers.  Estimates  of
labor input for government enterprises are derived from the CPS, the CES, and
the  National  Income and Product Accounts (NIPA) prepared by the  Bureau  of
Economic Analysis (BEA) of the Department of Commerce.

Output: Business sector output is an annual-weighted index constructed  after
excluding  from  gross domestic product (GDP) the following outputs:  General
government, nonprofit institutions, and private households (including  owner-
occupied  housing). Corresponding exclusions also are made in  labor  inputs.
Business  output accounted for about 78 percent of the value of GDP in  2000.
Nonfarm business, which also excludes farming, accounted for about 77 percent
of GDP in 2000.
   Annual  indexes  for  manufacturing and its durable and  nondurable  goods
components  are  constructed by deflating current-dollar  industry  value  of
production  data from the U.S. Bureau of the Census with deflators  from  the
BEA.   These deflators are based on data from the BLS producer price  program
and  other  sources.   The  industry shipments are  aggregated  using  annual
weights,  and  intrasector transactions are removed.  Quarterly manufacturing
output  measures  are  based on the index of industrial  production  prepared
monthly  by the Board of Governors of the Federal Reserve System adjusted  to
be  consistent with annual indexes of manufacturing sector output prepared by
BLS.   Durables include the following 3-digit NAICS industries: wood  product
manufacturing;  nonmetallic  mineral  product  manufacturing;  primary  metal
manufacturing;  fabricated  metal  product manufacturing;  machinery  manufac
turing;  computer and electronic product manufacturing; electrical  equipment
and   appliance   manufacturing;  transportation   equipment   manufacturing;
furniture and related product manufacturing; and miscellaneous manufacturing.
Nondurables include: Food manufacturing; beverage and tobacco product manufac
turing;  textile mills; textile product mills; apparel manufacturing; leather
and  allied product manufacturing; paper manufacturing; printing and  related
support activities; petroleum and coal products manufacturing; chemical  manu
facturing; and plastics and rubber products manufacturing.
   Nonfinancial  corporate output is an annual-weighted index  calculated  on
the  basis of the costs incurred and the incomes earned from production.  The
output  measure excludes the following outputs from GDP: general  government;
nonprofit  institutions;  private households;  unincorporated  business;  and
those  corporations classified as offices of bank holding companies,  offices
of  other  holding  companies,  or  in  the  finance  and  insurance  sector.
Nonfinancial corporations accounted for about 54 percent of the value of  GDP
in 2000.

Productivity:  These productivity measures describe the relationship  between
real  output  and the labor time involved in its production.  They  show  the
changes  from  period to period in the amount of goods and services  produced
per  hour.  Although these measures relate output to hours  at  work  of  all
persons engaged in a sector, they do not measure the specific contribution of
labor,  capital, or any other factor of production. Rather, they reflect  the
joint  effects  of many influences, including changes in technology;  capital
investment; level of output; utilization of capacity, energy, and  materials;
the organization of production; managerial skill; and the characteristics and
effort of the work force.
     Information  in  this release will be made available to sensory-impaired
individuals  upon request. Voice phone: 202-691-5606; Federal  Relay  Service
number:                                                        1-800-877-8339


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

  2001       I    r116.9      141.2    r120.8    r138.2       112.5      118.2       107.1      114.1
            II    r117.7      140.8     119.6    r139.1       112.4      118.2       109.6      115.0
           III     118.2      139.9    r118.4    r140.1       112.9      118.6      r109.5      115.2
            IV    r120.4      140.6     116.9    r141.5      r114.2      117.6       112.0      115.5

        ANNUAL     118.3      140.6     118.9     139.7       113.0      118.1       109.5      114.9

  2002       I    r122.8      142.6    r116.1    r141.8      r114.1      115.5       115.0      115.3
            II    r123.3      143.1     116.1     142.6       113.7      115.7       115.8      115.7
           III     124.7      144.6    r115.9    r143.1       113.5      114.7       117.9      115.9
            IV    r125.4      145.1    r115.8    r143.8      r113.5      114.7      r119.3      116.5

        ANNUAL    r124.0      143.8    r116.0    r142.8      r113.7     r115.2       117.0      115.8

  2003       I    r126.4      145.8    r115.4    r145.5      r113.8      115.1       120.0      116.9
            II    r128.6      147.3    r114.5    r147.4      r115.1      114.6      r121.5      117.2
           III    r131.3      151.0    r115.0    r148.4      r115.2     r113.0       125.3      117.6
            IV    r132.0      152.4    r115.5    r149.0      r115.5     r112.9      r126.3      117.9

        ANNUAL    r129.6      149.1    r115.1    r147.6      r114.9     r113.9      r123.3      117.4

  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  2001       I     r-0.1       -0.8     r-0.7      r5.8        r2.0        5.9       r-3.1        2.7
            II      r3.0       -1.2     r-4.0      r2.7       r-0.6       -0.3        r9.7        3.1
           III       1.5       -2.6      -4.0      r3.0        r2.1        1.5        -0.4        0.8
            IV      r7.6        2.2     r-5.0      r3.9        r4.5       -3.4         9.6        1.1

        ANNUAL       2.2        0.1      -2.1       4.1         1.3        1.8         2.1        1.9

  2002       I      r8.4        5.6     r-2.6      r0.9       r-0.4      r-6.9       r11.0       -0.7
            II      r1.5        1.4     r-0.1      r2.3       r-1.2        0.9        r3.0        1.6
           III       4.9        4.3     r-0.5       1.3       r-0.9       -3.4         7.4        0.5
            IV      r2.0        1.6     r-0.5      r2.2        r0.2       r0.1        r4.9        1.9

        ANNUAL      r4.9        2.3     r-2.5      r2.2        r0.6       -2.5         6.8        0.8

  2003       I      r3.5        1.9     r-1.5      r4.8        r0.9       r1.3         2.3        1.6
            II      r7.2        4.2     r-2.8      r5.3        r4.7       -1.7         5.2        0.9
           III       8.7       10.3      r1.5       2.7        r0.3       -5.5        12.9        1.3
            IV      r2.0       r3.9       1.9      r1.8        r1.0      r-0.2        r3.4       r1.2

        ANNUAL      r4.5        3.7     r-0.8      r3.3        r1.0      r-1.1        r5.4       r1.4

  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  2001       I       2.7        1.9      -0.8       4.6         1.2        1.8         1.7        1.8
            II       1.5       -0.2      -1.7      r4.8        r1.4        3.3         0.0        2.1
           III       2.0       -0.7      -2.6       3.5         0.8        1.4         3.0        2.0
            IV       2.9       -0.6     r-3.5       3.8        r2.0        0.9         3.8        1.9

        ANNUAL       2.2        0.1      -2.1       4.1         1.3        1.8         2.1        1.9

  2002       I      r5.1        1.0      -3.9       2.6         1.4       -2.3         7.4        1.1
            II      r4.7        1.6      -2.9      r2.5         1.2       -2.1         5.7        0.7
           III       5.5        3.4     r-2.1      r2.1        r0.5       -3.3         7.7        0.6
            IV      r4.2        3.2     r-0.9      r1.7       r-0.6       -2.4        r6.5        0.8

        ANNUAL      r4.9        2.3     r-2.5      r2.2        r0.6       -2.5         6.8        0.8

  2003       I      r3.0        2.3     r-0.6      r2.6       r-0.2       -0.3         4.4        1.4
            II      r4.4        3.0     r-1.3      r3.4        r1.2       -1.0        r4.9        1.2
           III      r5.3        4.4     r-0.8      r3.7        r1.5       -1.5         6.3        1.4
            IV      r5.3        5.0     r-0.3      r3.6        r1.7      r-1.6        r5.9       r1.3

        ANNUAL      r4.5        3.7     r-0.8      r3.3        r1.0      r-1.1        r5.4       r1.4

  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       March 4, 2004
  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

  2001       I    r116.4      141.5    r121.6    r137.5       111.9      118.1      r108.6      114.6
            II     117.3      141.2     120.4     138.3       111.7      117.9       111.2      115.5
           III     117.8      140.3     119.1     139.3       112.3      118.3       111.0      115.6
            IV    r119.8      140.8     117.6    r140.7       113.5      117.5       113.4      116.0

        ANNUAL     117.8      141.0     119.7     138.9      r112.4      118.0       111.1      115.4

  2002       I    r122.6      143.1    r116.7    r141.1      r113.5      115.1       116.9      115.8
            II     122.8      143.4     116.8     141.9      r113.2      115.6       117.6      116.3
           III    r124.2      144.8    r116.6    r142.4       112.9      114.6       119.9      116.6
            IV    r124.9      145.4    r116.4    r143.2      r113.0      114.6      r121.3      117.1

        ANNUAL    r123.6      144.2    r116.6    r142.1      r113.2      115.0       119.0      116.4

  2003       I    r126.0      146.3    r116.1    r144.6      r113.1      114.8      r122.2      117.5
            II    r127.9      147.6    r115.4    r146.3      r114.2      114.4      r123.4      117.7
           III    r130.8      151.3    r115.7    r147.5      r114.5     r112.8      r127.1      118.1
            IV    r131.6     r152.8    r116.1    r148.3      r114.9     r112.7      r127.7      118.2

        ANNUAL    r129.1      149.5    r115.8    r146.7      r114.2     r113.6      r125.2      117.9

  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  2001       I     r-0.1       -0.8     r-0.7      r5.6        r1.8        5.7        -3.0        2.5
            II      r3.1       -1.0     r-4.0      r2.4       r-0.8      r-0.7        r9.9        2.9
           III       1.6       -2.5     r-4.1       3.0         2.1        1.3        -0.8        0.6
            IV      r7.0        1.6     r-5.1      r4.0        r4.6       -2.8         9.0        1.3

        ANNUAL       2.1        0.1      -2.0       3.9         1.1        1.7         2.1        1.9

  2002       I      r9.8        6.7     r-2.9      r1.2        r0.0       -7.8        13.0       -0.7
            II      r0.7        0.8      r0.1      r2.3       r-1.2        1.6         2.3        1.9
           III       4.5        4.0      -0.5       1.3        -0.9       -3.1         8.2        1.0
            IV      r2.3        1.6     r-0.7      r2.2        r0.2      r-0.1        r4.8        1.7

        ANNUAL      r5.0        2.3     r-2.6      r2.3        r0.7       -2.5         7.1        0.9

  2003       I      r3.4        2.4     r-1.0      r4.0        r0.2       r0.6         3.0        1.5
            II      r6.2        3.8     r-2.3      r4.9         4.2       -1.3         4.0        0.7
           III       9.5       10.4      r0.9      r3.3         1.0       -5.6        12.5        1.1
            IV      r2.6       r4.1       1.5      r2.2        r1.4      r-0.4        r1.9       r0.5

        ANNUAL      r4.4        3.7     r-0.7      r3.2        r0.9       -1.2        r5.2        1.2

  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  2001       I       2.5        2.0      -0.6       4.3         0.9        1.7         1.9        1.8
            II       1.5       -0.1      -1.6       4.7        r1.2        3.1         0.1        2.1
           III       2.0       -0.5      -2.5      r3.2         0.5        1.2         3.0        1.8
            IV      r2.9       -0.7      -3.5      r3.8         1.9        0.8         3.6        1.8

        ANNUAL       2.1        0.1      -2.0       3.9         1.1        1.7         2.1        1.9

  2002       I       5.3        1.1      -4.0      r2.7         1.4      r-2.5         7.6        1.0
            II       4.7        1.6     r-3.0       2.6        r1.4       -2.0         5.7        0.7
           III      r5.5        3.2      -2.1      r2.2        r0.6       -3.1         8.0        0.8
            IV      r4.3        3.2     r-1.0      r1.8       r-0.5       -2.4         7.0        1.0

        ANNUAL      r5.0        2.3     r-2.6      r2.3        r0.7       -2.5         7.1        0.9

  2003       I      r2.7        2.2     r-0.5      r2.5       r-0.4       -0.3        r4.5        1.5
            II      r4.1        2.9     r-1.1      r3.1        r0.9       -1.0         5.0        1.2
           III      r5.3        4.5     r-0.8      r3.6        r1.4      r-1.6         6.0        1.3
            IV      r5.4       r5.1     r-0.3      r3.6        r1.7      r-1.7        r5.2        0.9

        ANNUAL      r4.4        3.7     r-0.7      r3.2        r0.9       -1.2        r5.2        1.2

  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       March 4, 2004
  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

  2001       I           r135.0        135.2       r100.1       r138.6         r112.9         102.7
            II           r136.0        133.3        r98.0       r137.4         r111.0         101.0
           III           r137.3        131.1        r95.5       r137.5         r110.8         100.1
            IV            140.5        129.7        r92.3       r139.7         r112.7          99.4

        ANNUAL           r137.1        132.3         96.5        138.3         r111.8         100.8

  2002       I           r144.0        130.5        r90.6       r141.1         r113.5          98.0
            II           r146.3        131.8        r90.1       r143.3         r114.3          97.9
           III           r148.5        132.4        r89.2       r144.6         r114.7          97.4
            IV           r149.5        131.3        r87.8       r146.5         r115.7          98.0

        ANNUAL           r147.1        131.5        r89.4       r143.8         r114.5          97.8

  2003       I           r151.4        131.3        r86.7       r149.0         r116.5          98.4
            II           r152.6        130.1        r85.3       r151.2         r118.0          99.0
           III           r156.4        131.5        r84.1       r153.1         r118.8          97.9
            IV           r158.2       r133.5        r84.4       r154.1         r119.4         r97.4

        ANNUAL           r154.6       r131.6        r85.1       r151.8         r118.2         r98.2

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  2001       I            r-1.1         -7.5        r-6.5         r4.4           r0.7           5.6
            II             r3.0         -5.4        r-8.1        r-3.6          r-6.6          -6.4
           III             r4.0         -6.3        r-9.9         r0.3          r-0.6          -3.6
            IV             r9.8         -4.3       r-12.8         r6.5           r7.1          -2.9

        ANNUAL              2.2         -4.6         -6.6          2.4           -0.4           0.2

  2002       I            r10.2          2.5        r-7.0         r4.2           r2.9          -5.5
            II              6.5          4.0         -2.3          6.2            2.6          -0.2
           III             r6.0          1.7        r-4.1         r3.7           r1.5          -2.2
            IV             r3.0         -3.1        r-5.9         r5.5           r3.5          r2.5

        ANNUAL             r7.2         -0.6        r-7.3         r4.0           r2.4          -3.0

  2003       I             r5.1          0.1        r-4.8         r6.9           r2.9           1.7
            II             r3.3         -3.6        r-6.6         r5.9           r5.3           2.6
           III            r10.1          4.3        r-5.3         r5.1           r2.7         r-4.6
            IV              4.8         r6.1         r1.3         r2.7           r2.0         r-2.0

        ANNUAL             r5.1          0.1        r-4.8         r5.5           r3.2          r0.4

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  2001       I             r2.0         -2.0        r-3.9          3.9           r0.5           1.9
            II              1.6         -4.6        r-6.0         r3.6            0.3           2.0
           III             r2.1         -5.7         -7.7          0.8          r-1.9          -1.3
            IV              3.8         -5.9        r-9.4          1.8            0.0          -1.9

        ANNUAL              2.2         -4.6         -6.6          2.4           -0.4           0.2

  2002       I             r6.7         -3.4        r-9.5         r1.8           r0.6          -4.6
            II             r7.6         -1.1        r-8.1         r4.3           r3.0          -3.1
           III             r8.1          0.9        r-6.6         r5.2           r3.5          -2.7
            IV             r6.4          1.2        r-4.9         r4.9           r2.6          -1.4

        ANNUAL             r7.2         -0.6        r-7.3         r4.0           r2.4          -3.0

  2003       I             r5.1          0.6        r-4.3         r5.6           r2.6           0.4
            II             r4.3         -1.3        r-5.4         r5.5           r3.3           1.1
           III             r5.3         -0.6        r-5.7         r5.9           r3.6           0.5
            IV             r5.8         r1.6        r-3.9         r5.1           r3.2         r-0.6

        ANNUAL             r5.1          0.1        r-4.8         r5.5           r3.2          r0.4

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                March 4, 2004 
  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

  2001       I           r150.9        160.5       r106.4       r137.9         r112.3          91.4
            II           r151.5        157.5       r103.9       r136.7         r110.4          90.2
           III           r153.0        154.0       r100.7       r136.7         r110.2          89.4
            IV           r156.8        151.6        r96.7       r139.4         r112.5          88.9

        ANNUAL            153.0        155.9        101.9        137.7         r111.3          90.0

  2002       I           r161.2        152.6        r94.7       r140.0         r112.6          86.8
            II           r164.4        154.7        r94.1       r142.4         r113.5          86.6
           III           r167.4        155.9        r93.1       r143.5         r113.8          85.7
            IV           r171.0        156.1        r91.3       r145.7         r115.0         r85.2

        ANNUAL           r166.0        154.8        r93.3       r142.9         r113.7          86.1

  2003       I           r173.8        156.6        r90.1       r147.8         r115.6          85.0
            II           r175.5        155.1        r88.4       r150.1         r117.2          85.5
           III           r181.6        158.3        r87.2       r152.0         r118.0          83.7
            IV           r184.3       r162.0        r87.9       r152.5         r118.2         r82.8

        ANNUAL           r178.8        158.0        r88.4       r150.6         r117.2          84.2

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  2001       I            r-1.8         -9.7        r-8.0         r3.3          r-0.4           5.2
            II             r1.8         -7.3        r-9.0        r-3.4          r-6.5          -5.1
           III             r3.8         -8.5       r-11.9         r0.0          r-0.9          -3.7
            IV            r10.2         -6.2       r-14.9         r8.1           r8.7          -2.0

        ANNUAL              1.5         -5.9         -7.3          1.7           -1.1           0.2

  2002       I            r11.9          2.8        r-8.2         r1.7           r0.4         r-9.1
            II             r8.0          5.5        r-2.3         r7.0           r3.3          -0.9
           III             r7.7          3.3        r-4.1         r3.3           r1.1          -4.1
            IV             r8.9          0.4        r-7.8         r6.1           r4.0          -2.6

        ANNUAL             r8.5         -0.7        r-8.5         r3.8           r2.1          -4.4

  2003       I             r6.7          1.4        r-5.0         r6.0           r2.1          -0.7
            II             r4.0         -3.9        r-7.5         r6.5           r5.9           2.4
           III            r14.5          8.4        r-5.3         r5.0           r2.6          -8.3
            IV             r6.1         r9.6         r3.3         r1.4           r0.7         r-4.4

        ANNUAL             r7.7         r2.0        r-5.3         r5.4           r3.1         r-2.1

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  2001       I              1.2         -2.4         -3.6         r2.6           -0.8           1.3
            II             r0.7         -5.7        r-6.4         r3.0          r-0.4           2.3
           III              1.2         -7.6         -8.7         -0.2           -2.8          -1.4
            IV              3.4         -7.9        -11.0          1.9            0.1          -1.5

        ANNUAL              1.5         -5.9         -7.3          1.7           -1.1           0.2

  2002       I             r6.9         -4.9        -11.0         r1.5           r0.3          -5.0
            II             r8.4         -1.8        r-9.4         r4.1           r2.8          -4.0
           III             r9.4          1.2        r-7.5         r5.0           r3.3          -4.1
            IV             r9.1          3.0        r-5.6         r4.5           r2.2          -4.2

        ANNUAL             r8.5         -0.7        r-8.5         r3.8           r2.1          -4.4

  2003       I             r7.8          2.6        r-4.8         r5.6           r2.6          -2.1
            II             r6.8          0.3        r-6.1         r5.5           r3.3         r-1.2
           III             r8.5          1.5        r-6.4         r5.9           r3.6          -2.4
            IV             r7.7         r3.7        r-3.7         r4.7           r2.8         r-2.8

        ANNUAL             r7.7         r2.0        r-5.3         r5.4           r3.1         r-2.1

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                March 4, 2004 
  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

  2001       I           r120.0        109.0        r90.9       r137.7         r112.1         114.8
            II           r121.1        108.2         89.3       r136.5         r110.2         112.7
           III           r122.0        107.2        r87.9       r137.0         r110.4         112.2
            IV            124.3        106.7         85.8        138.4          111.7         111.3

        ANNUAL           r121.8        107.8        r88.5        137.4          111.1         112.8

  2002       I           r126.6        107.2        r84.7       r141.6         r113.9         111.8
            II           r128.1        107.8        r84.1       r143.3         r114.3        r111.9
           III           r129.4        107.7        r83.3       r144.9         r114.9         112.0
            IV           r127.9        105.7        r82.7       r146.7         r115.8         114.7

        ANNUAL           r128.0        107.1        r83.7       r144.1         r114.7         112.6

  2003       I           r128.8        105.3        r81.8       r149.7         r117.1        r116.3
            II           r129.4        104.4        r80.7       r151.6         r118.4         117.1
           III           r131.1        104.3        r79.6       r153.6         r119.2        r117.2
            IV           r132.5       r104.9        r79.2       r155.4         r120.4        r117.3

        ANNUAL           r130.4       r104.7        r80.3       r152.6         r118.7        r117.0

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  2001       I            r-1.2         -4.9        r-3.8         r7.3           r3.5           8.6
            II             r4.0         -3.0        r-6.7        r-3.6          r-6.7          -7.3
           III             r3.0         -3.7        r-6.5         r1.5           r0.6          -1.5
            IV             r7.8         -2.0        r-9.1         r4.3           r4.9         r-3.2

        ANNUAL              2.6         -3.0         -5.4          4.1            1.3           1.5

  2002       I             r7.5          2.0        r-5.1         r9.5           r8.1           1.8
            II              4.8          2.2         -2.5          4.9            1.3           0.1
           III             r4.1         -0.2        r-4.1         r4.6           r2.4           0.5
            IV            r-4.7         -7.3        r-2.8         r5.0           r2.9         r10.1

        ANNUAL             r5.1         -0.6        r-5.4         r4.9           r3.2          -0.2

  2003       I             r2.9         -1.5        r-4.3         r8.6           r4.6           5.5
            II             r2.0         -3.2        r-5.2         r5.1           r4.5          r3.1
           III              5.2         -0.4         -5.3          5.3            2.9           0.1
            IV             r4.4         r2.2        r-2.0         r4.7           r3.9          r0.3

        ANNUAL             r1.9         -2.2        r-4.0         r5.9           r3.5          r3.9

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  2001       I             r2.7         -1.8        r-4.4         r6.6           r3.1           3.8
            II              2.3         -3.3         -5.5          5.1           r1.6           2.7
           III             r2.6         -3.5        r-5.9         r3.1           r0.4           0.4
            IV             r3.4         -3.4         -6.5         r2.3           r0.5          -1.0

        ANNUAL              2.6         -3.0         -5.4          4.1            1.3           1.5

  2002       I              5.5         -1.7        r-6.9         r2.8           r1.6          -2.6
            II             r5.8         -0.4        r-5.8         r5.0           r3.7          -0.7
           III             r6.0          0.5        r-5.2         r5.8           r4.2          -0.2
            IV             r2.8         -0.9        r-3.6         r6.0           r3.6           3.0

        ANNUAL             r5.1         -0.6        r-5.4         r4.9           r3.2          -0.2

  2003       I             r1.7         -1.8        r-3.4         r5.8           r2.8           4.0
            II             r1.0         -3.1        r-4.1         r5.8           r3.6           4.7
           III             r1.3         -3.1        r-4.4         r6.0           r3.7           4.6
            IV             r3.6        r-0.8        r-4.2         r5.9           r4.0          r2.2

        ANNUAL             r1.9         -2.2        r-4.0         r5.9           r3.5          r3.9

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                March 4, 2004 
  r=revised                                                       Source: Bureau of Labor Statistics


  Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits,
  and prices, seasonally adjusted
 
                Output                      Hourly    Real                Unit     Total    Unit   Implicit
      Year      per all-                    compen-   hourly     Unit     non-     unit     pro-   price
      and       employee          Employee  sation    compen-    labor    labor    costs    fits   deflator
      quarter   hour      Output  hours      (1)      sation(2)  costs    costs(6) (7)      (8)      (4)
  ----------------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  2001       I    121.3    150.7     124.2    135.0     109.9     111.3    108.2    110.5     90.9    108.7
            II    121.9    149.7     122.8   r136.2    r110.0     111.8    109.8    111.3     91.2    109.5
           III    122.7    148.8     121.2    137.7     111.0     112.2    111.3    112.0     87.2    109.8
            IV   r125.0    149.3     119.5   r139.0     112.1     111.2    111.4    111.3     96.4    109.9

        ANNUAL    122.7    149.6     121.9   r137.0     110.8     111.6    110.2    111.2     91.4    109.5

  2002       I   r126.4    150.2    r118.8   r138.1    r111.1     109.3    111.9    110.0    105.3    109.5
            II   r128.3    152.2     118.7   r139.6     111.3     108.8    111.5    109.6    112.3    109.8
           III   r129.8    153.4    r118.2   r140.6    r111.6     108.3    111.5    109.2    111.8    109.4
            IV   r131.4    154.5    r117.6   r142.0    r112.1     108.1    111.3    109.0    116.2    109.6

        ANNUAL   r128.9    152.6    r118.3   r140.1    r111.5     108.6    111.5    109.4    111.4    109.6

  2003       I   r132.2    154.7    r117.0   r143.3    r112.1     108.4    110.7    109.0    114.0    109.5
            II   r135.3    157.3    r116.3   r145.3    r113.5     107.4    108.0    107.6    130.7    109.6
           III   r138.1    160.5    r116.3   r146.6    r113.8     106.2    107.6    106.6    143.7    109.9
  ----------------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)

  2001       I     r0.2     -2.1     r-2.3     r2.7     r-1.0       2.5      4.1      3.0    -24.6      0.5
            II     r1.7     -2.7     r-4.3     r3.6      r0.3       1.8      6.0      2.9      1.0      2.8
           III     r2.9     -2.3     r-5.0     r4.4       3.4       1.4      5.7      2.6    -16.1      1.1
            IV     r7.6      1.4     r-5.8     r3.7      r4.3      -3.6      0.4     -2.5     48.8      0.6

        ANNUAL      1.8     -0.7      -2.4      4.0       1.2       2.2      5.1      3.0    -16.4      1.2

  2002       I     r4.6      2.3     r-2.2    r-2.5     r-3.7      -6.7      1.5     -4.6     42.4     -1.4
            II     r6.0      5.6     r-0.4     r4.4      r0.9      -1.5     -1.4     -1.5     29.5      0.9
           III     r4.9      3.2      -1.6     r3.0      r0.8      -1.8      0.0     -1.3     -1.7     -1.4
            IV     r4.9      2.8     r-2.0     r3.9      r1.9      -0.9     -0.4     -0.8     16.7      0.7

        ANNUAL     r5.1      2.0     r-3.0     r2.3      r0.7      -2.7      1.2     -1.6     21.9      0.1

  2003       I     r2.4      0.5     r-1.9     r3.8     r-0.1       1.3     -2.4      0.3     -7.4     -0.5
            II     r9.7      7.1     r-2.4     r5.7      r5.1      -3.7     -9.3     -5.2     72.6      0.6
           III      8.6      8.5      -0.1      3.6       1.2      -4.6     -1.3     -3.7     46.2      0.9
  ----------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year

  2001       I      1.6      0.9      -0.7      4.4       0.9       2.7      5.6      3.5    -21.1      1.1
            II      1.5     -0.4     r-1.8     r4.7      r1.3       3.2      5.4      3.8    -21.8      1.3
           III      1.3     -1.8      -3.1      3.7       1.0       2.4      5.6      3.2    -19.2      1.2
            IV     r3.1     -1.4     r-4.4      3.6      r1.8       0.5      4.0      1.5     -1.2      1.2

        ANNUAL      1.8     -0.7      -2.4      4.0       1.2       2.2      5.1      3.0    -16.4      1.2

  2002       I     r4.2     -0.3      -4.3     r2.3      r1.1      -1.8      3.4     -0.5     15.8      0.8
            II      5.2      1.7     r-3.4     r2.5      r1.2      -2.6      1.5     -1.5     23.2      0.3
           III     r5.8      3.1     r-2.5      2.1       0.5      -3.4      0.1     -2.5     28.2     -0.3
            IV     r5.1      3.5     r-1.6     r2.2     r-0.1      -2.8     -0.1     -2.1     20.6     -0.3

        ANNUAL     r5.1      2.0     r-3.0     r2.3      r0.7      -2.7      1.2     -1.6     21.9      0.1

  2003       I     r4.6      3.0     r-1.5     r3.8      r0.9      -0.7     -1.1     -0.8      8.3     -0.1
            II     r5.5      3.4     r-2.0     r4.1      r1.9      -1.3     -3.1     -1.8     16.4     -0.1
           III     r6.4      4.6     r-1.6     r4.2      r2.0      -2.0     -3.4     -2.4     28.5      0.4
  ----------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                        March 4,  2004
  r=revised                                                               Source: Bureau of Labor Statistics



 Appendix table 1.
  Business sector: Revised productivity, hourly compensation, unit labor costs, and prices, seasonally
  adjusted
                                                             Real
     Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
     and        hour of                of all    tion per    tion per    labor    labor pay-  price
     quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
  ---------------------------------------------------------------------------------------------------------
                                           Indexes 1992=100

  1999       I    111.5      132.7     119.0     124.1       107.8      111.3       108.5      110.3
            II    111.7      133.9     119.9     124.4       107.3      111.4      r109.0      110.5
           III    112.5      135.7     120.6    r125.5      r107.4      111.6       109.6      110.8
            IV    114.1      138.5     121.3     127.7       108.5      111.9       109.9      111.1

        ANNUAL   r112.4      135.2     120.2    r125.4       107.8      111.6       109.2      110.7

  2000       I   r113.8      138.6    r121.8     132.1       111.2      116.1       105.3      112.1
            II    116.0      141.1     121.6     132.7       110.8      114.4       109.5      112.6
           III    115.8      140.8     121.6     135.4       112.1      116.9       106.3      112.9
            IV    116.9      141.5     121.0     136.3       112.0      116.5       107.9      113.3

        ANNUAL    115.7      140.5     121.4     134.2       111.6      116.0       107.2      112.7

  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  1999       I     r3.3        3.7      r0.4       7.9        r6.3        4.4       r-3.9        1.2
            II     r0.6        3.8      r3.2      r0.9       r-2.0       r0.3         1.5        0.8
           III      3.0        5.4       2.3       3.7        r0.6        0.7         2.3        1.3
            IV     r6.0        8.4      r2.3      r7.1        r4.0       r1.1        r1.1        1.1

        ANNUAL      2.9        5.1       2.1       4.8         2.7        1.8        -0.6        0.9

  2000       I    r-1.3        0.3      r1.7     r14.5       r10.4       16.0       -15.8        3.4
            II     r8.2        7.5      -0.7      r1.8        -1.5       -5.9        17.2        1.8
           III    r-0.6       -0.8     r-0.2      r8.5        r4.7        9.2       -11.4        1.3
            IV     r3.8        2.0      -1.7      r2.5        -0.4       -1.3         6.3        1.4

        ANNUAL      2.9        3.9       1.0       7.0        r3.6        4.0        -1.8        1.8

  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  1999       I      2.9        4.9       1.9       5.7         4.1        2.7        -2.6        0.7
            II      2.9        5.1       2.2      r4.5         2.5        1.6        -0.4        0.9
           III      2.8        5.2       2.3       4.2        r1.8        1.4         0.3        1.0
            IV      3.2        5.3      r2.0       4.9         2.2        1.6         0.2        1.1

        ANNUAL      2.9        5.1       2.1       4.8         2.7        1.8        -0.6        0.9

  2000       I      2.0        4.5       2.4      r6.5         3.1        4.3        -3.0        1.6
            II     r3.9        5.4      r1.4      r6.7        r3.3        2.7         0.5        1.9
           III     r3.0        3.8       0.8      r7.9         4.3        4.8        -3.0        1.9
            IV      2.4        2.2      -0.2       6.7         3.2        4.2        -1.8        2.0

        ANNUAL      2.9        3.9       1.0       7.0        r3.6        4.0        -1.8        1.8

  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       March 4, 2004
  r=revised                                                              Source: Bureau of Labor Statistics


 Appendix table 2.
  Nonfarm business sector: Revised productivity, hourly compensation, unit labor costs, and prices,
  seasonally adjusted
                                                             Real
     Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
     and        hour of                of all    tion per    tion per    labor    labor pay-  price
     quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
  ---------------------------------------------------------------------------------------------------------
                                           Indexes 1992=100

  1999       I    111.2      133.0     119.6     123.5       107.3      111.1       109.6      110.5
            II    111.4      134.3     120.5    r123.8       106.8      111.2       110.6      111.0
           III   r112.2      136.1    r121.3     125.0       107.0      111.4       111.3      111.3
            IV    114.0      138.9     121.8     127.3       108.2      111.7       111.7      111.7

        ANNUAL    112.2      135.6     120.8    r124.9       107.3      111.3       110.8      111.1

  2000       I    113.5      138.8    r122.3    r131.8       110.9      116.1       106.7      112.6
            II    115.6      141.4     122.3     132.1       110.3      114.3       111.1      113.1
           III    115.5      141.1     122.2     134.9       111.7      116.9       107.8      113.5
            IV    116.4      141.8    r121.8     135.6       111.4      116.5       109.5      113.9

        ANNUAL    115.3      140.8     122.1     133.7       111.2      116.0       108.8      113.3

  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  1999       I     r2.7        3.7      r1.0      r7.0        r5.5        4.2        -3.6        1.3
            II     r0.6        3.7      r3.1      r1.0       r-1.9        0.4         3.6        1.6
           III     r3.0        5.6       2.5       3.7         0.6        0.6         2.8        1.4
            IV     r6.5        8.4      r1.8      r7.9        r4.7        1.3        r1.4        1.4

        ANNUAL      2.8        5.2       2.3       4.7         2.5        1.8        -0.1        1.1

  2000       I    r-1.7       -0.1      r1.6     r14.7       r10.5       16.7       -16.9        3.3
            II     r7.5        7.5      -0.1      r1.1       r-2.2       -6.0        17.6        1.8
           III    r-0.4       -0.8     r-0.4      r8.8        r5.0        9.2       -11.3        1.4
            IV      3.3        2.2     r-1.1      r2.0        -0.9       -1.3        r6.3        1.3

        ANNUAL     r2.8        3.8      r1.0       7.0         3.6        4.2        -1.9        1.9

  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  1999       I      2.8        4.9       2.1       5.5         4.0        2.7        -2.5        0.7
            II      2.6        5.1      r2.5       4.3         2.3        1.7         0.1        1.1
           III      2.6        5.2      r2.6      r3.9        r1.6        1.3         0.9        1.2
            IV      3.2        5.4       2.1       4.9         2.2        1.6         1.0        1.4

        ANNUAL      2.8        5.2       2.3       4.7         2.5        1.8        -0.1        1.1

  2000       I     r2.1        4.4       2.3      r6.7        r3.4        4.5        -2.7        1.9
            II     r3.8        5.3       1.5      r6.7        r3.3        2.8         0.5        2.0
           III     r2.9        3.6      r0.7      r8.0         4.4        5.0        -3.2        2.0
            IV      2.1        2.1       0.0       6.5         3.0        4.3        -2.0        2.0

        ANNUAL     r2.8        3.8      r1.0       7.0         3.6        4.2        -1.9        1.9

  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       March 4, 2004
  r=revised                                                              Source: Bureau of Labor Statistics  


 Appendix table 3.
  Manufacturing sector: Revised productivity, hourly compensation, and unit labor costs,
  seasonally adjusted
                                                                              Real
       Year           Output per                  Hours       Compensa-       compensa-      Unit 
       and            hour of                     of all      tion per        tion per       labor
       quarter        all persons     Output      persons     hour (1)        hour (2)       costs
  --------------------------------------------------------------------------------------------------
                                             Indexes 1992=100


  1999       I          126.7         132.9        104.9        121.7         r105.8          96.0
            II         r127.4         133.9       r105.1       r122.3         r105.5         r96.0
           III         r127.9         134.7       r105.3       r124.0         r106.1          96.9
            IV          130.8         136.8       r104.5        127.1          108.0          97.2

        ANNUAL          128.2         134.6       r105.0        123.8         r106.3          96.6

  2000       I         r132.4         137.9        104.2       r133.4          112.3         100.8
            II         r133.9         139.7        104.3       r132.6          110.7          99.0
           III         r134.5         139.1        103.4       r136.4         r112.9         101.5
            IV         r135.4         137.8       r101.8       r137.2         r112.7         101.3

        ANNUAL          134.2         138.6        103.3       r135.0          112.3         100.6

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  1999       I            4.8           1.8        r-2.9          3.9            2.4          -0.9
            II           r2.1           2.9         r0.8         r2.1          r-0.9           0.0
           III            1.6           2.4          0.8         r5.5            2.3           3.7
            IV           r9.4           6.3        r-2.8        r10.5           r7.3           1.0

        ANNUAL            3.8           2.9        r-0.8          4.2           r2.0           0.3

  2000       I            4.8           3.5        r-1.3        r21.3           16.9          15.7
            II           r4.7           5.2         r0.5        r-2.5          r-5.7         r-6.9
           III           r1.7          -1.7         -3.4        r12.2           r8.3          10.3
            IV           r2.7          -3.6        r-6.1         r2.1          r-0.8          -0.6

        ANNUAL           r4.7           3.0        r-1.6          9.1            5.6           4.2

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  1999       I           r4.2           2.5         -1.6          4.4            2.9           0.3
            II           r3.8           2.8        r-0.9         r3.3           r1.2          -0.5
           III            2.9           3.0          0.1         r3.5           r1.2           0.7
            IV            4.4           3.3        r-1.1          5.4            2.7           1.0

        ANNUAL            3.8           2.9        r-0.8          4.2           r2.0           0.3

  2000       I            4.4           3.8        r-0.7          9.6            6.2           4.9
            II            5.1           4.4         -0.7         r8.4            4.9           3.1
           III            5.1           3.3         -1.8         10.1            6.4           4.7
            IV            3.5           0.8         -2.6          7.9            4.3           4.3

        ANNUAL           r4.7           3.0        r-1.6          9.1            5.6           4.2

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                March 4, 2004 
  r=revised                                                       Source: Bureau of Labor Statistics   


 Appendix table 4.
  Durable manufacturing sector: Revised productivity, hourly compensation, and unit, labor costs,
  seasonally adjusted
                                                                              Real
       Year           Output per                  Hours       Compensa-       compensa-      Unit 
       and            hour of                     of all      tion per        tion per       labor
       quarter        all persons     Output      persons     hour (1)        hour (2)       costs
  --------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  1999       I          141.0         155.4       r110.2        121.0         r105.2          85.8
            II         r142.4         157.3       r110.5       r121.7         r105.0          85.5
           III         r143.2         159.6       r111.4       r123.6         r105.8          86.3
            IV          146.0         161.6        110.7        127.3          108.2          87.2

        ANNUAL         r143.1         158.5        110.7       r123.4         r106.0          86.2

  2000       I         r149.0         164.5       r110.4       r134.4         r113.2          90.2
            II         r150.5         167.1       r111.0       r132.7         r110.8          88.2
           III         r151.2         166.7       r110.2       r137.0         r113.4          90.6
            IV         r151.6         164.6       r108.6       r136.8         r112.4          90.3

        ANNUAL          150.7         165.7        109.9        135.4         r112.5          89.8

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  1999       I           r7.4           2.5        r-4.6         r5.1           r3.6          -2.2
            II           r3.9           4.8         r0.9         r2.4          r-0.6          -1.5
           III           r2.4           5.9         r3.4         r6.4           r3.2           3.9
            IV           r8.0           5.2        r-2.6        r12.5           r9.3           4.2

        ANNUAL            6.2           5.5        r-0.6          4.8            2.7          -1.3

  2000       I           r8.6           7.5        r-1.0        r24.1          r19.7          14.4
            II           r4.0           6.3         r2.2        r-5.0          r-8.1          -8.6
           III            1.8          -1.0         -2.7         13.5            9.5         r11.5
            IV           r1.0          -4.7        r-5.7        r-0.5          r-3.3          -1.6

        ANNUAL            5.3           4.6         -0.7          9.7            6.1           4.2

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  1999       I            7.0           5.4         -1.5          4.7            3.1          -2.1
            II           r7.0           6.1        r-0.9         r3.7           r1.7          -3.1
           III           r5.3           6.0         r0.7          4.3           r1.9          -1.0
            IV            5.4           4.6         -0.8          6.5            3.8           1.1

        ANNUAL            6.2           5.5        r-0.6          4.8            2.7          -1.3

  2000       I            5.7           5.8          0.2        r11.1            7.6           5.1
            II            5.7           6.2          0.5          9.0            5.5           3.1
           III            5.6           4.5         -1.1         10.8            7.1           5.0
            IV            3.8           1.9        r-1.9          7.4           r3.9           3.5

        ANNUAL            5.3           4.6         -0.7          9.7            6.1           4.2

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                March 4, 2004 
  r=revised                                                       Source: Bureau of Labor Statistics


 Appendix table 5.
  Nondurable manufacturing sector: Revised productivity, hourly compensation, and unit, labor costs,
  seasonally adjusted
                                                                              Real
       Year           Output per                  Hours       Compensa-       compensa-      Unit 
       and            hour of                     of all      tion per        tion per       labor
       quarter        all persons     Output      persons     hour (1)        hour (2)       costs
  --------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  1999       I         r113.4         110.0         97.0        121.4          105.5         107.0
            II          113.4         110.1        r97.2       r121.8          105.1         107.5
           III          113.8         109.5        r96.3       r122.7         r105.0         107.8
            IV         r116.9         111.6         95.5       r124.6          105.8         106.6

        ANNUAL         r114.3         110.3         96.5        122.6         r105.3         107.2

  2000       I          116.8         111.0         95.0        129.2          108.7         110.6
            II         r118.4         111.9         94.5        129.9         r108.4         109.7
           III         r118.9         111.1        r93.4       r132.8         r109.9         111.7
            IV          120.3         110.4        r91.8       r135.3          111.2         112.5

        ANNUAL          118.8         111.1         93.5        132.0          109.7         111.1

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  1999       I           r1.3           1.4         r0.1         r2.3           r0.8           1.0
            II           -0.3           0.4          0.7          1.4           -1.6           1.7
           III           r1.4          -2.3        r-3.6         r2.8          r-0.3           1.4
            IV          r11.4           7.8        r-3.3         r6.4           r3.3          -4.5

        ANNUAL           r0.9          -0.3        r-1.2         r2.8           r0.7           1.9

  2000       I          r-0.3          -2.2        r-1.8        r15.6          r11.4          15.9
            II           r5.8           3.5        r-2.2          2.3          r-1.1          -3.4
           III           r1.5          -3.1        r-4.5         r9.4           r5.6           7.8
            IV           r4.9          -2.3        r-6.9         r7.7           r4.6           2.7

        ANNUAL            3.9           0.7        r-3.1          7.6            4.2           3.6

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  1999       I            0.7          -1.0         -1.7          3.9           r2.3           3.2
            II          r-0.2          -1.1        r-0.9          2.4            0.4           2.6
           III            0.0          -0.8        r-0.7         r1.9          r-0.4           2.0
            IV            3.3           1.8         -1.5          3.2            0.5          -0.2

        ANNUAL           r0.9          -0.3        r-1.2         r2.8           r0.7           1.9

  2000       I            2.9           0.9         -2.0          6.4           r3.1           3.4
            II            4.5           1.6         -2.7          6.6            3.2           2.0
           III            4.5           1.4         -3.0          8.3            4.7           3.6
            IV           r2.9          -1.1         -3.9         r8.6           r5.0           5.5

        ANNUAL            3.9           0.7        r-3.1          7.6            4.2           3.6

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                March 4, 2004 
  r=revised                                                       Source: Bureau of Labor Statistics                                                                


 Appendix table 6.
  Nonfinancial corporations:  Revised productivity, hourly compensation, unit labor costs, unit profits, and
  prices, seasonally adjusted
 
                Output                      Hourly    Real                Unit     Total    Unit   Implicit
      Year      per all-                    compen-   hourly     Unit     non-     unit     pro-   price
      and       employee          Employee  sation    compen-    labor    labor    costs    fits   deflator
      quarter   hour      Output  hours      (1)      sation(2)  costs    costs(6) (7)      (8)      (4)
  ----------------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  1999      I    115.8    140.8     121.6    122.5     106.5     105.8     99.7    104.2    134.1    106.8
           II    116.2    142.4     122.5    122.6    r105.7     105.5    100.3    104.1    134.4    106.8
          III   r116.2    143.5    r123.5   r123.3    r105.5     106.1    101.6    104.9    126.9    106.9
           IV    117.3    146.0     124.4    124.8    r106.1     106.4    102.2    105.2    124.1    106.9

       ANNUAL    116.4    143.2     123.0    123.3    r105.9     106.0    101.0    104.6    129.8    106.9

  2000      I    119.4    149.4    r125.0   r129.4     108.9     108.3    102.5    106.8    115.3    107.5
           II    120.1    150.2     125.1    130.1     108.6     108.3    104.1    107.2    116.6    108.0
          III    121.1    151.5     125.1    132.8     109.9     109.6    105.4    108.5    108.0    108.4
           IV    121.3    151.5     124.9    134.1     110.2     110.6    107.1    109.7     97.6    108.6

       ANNUAL    120.6    150.7    r124.9    131.7     109.5     109.2    104.8    108.0    109.3    108.1

  ----------------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)

  1999      I     r6.8      8.6       1.7     r9.8      r8.2       2.8     -5.2      0.7      3.7      1.0
           II     r1.3      4.5      r3.1     r0.2     r-2.7      -1.1      2.5     -0.2      0.9      0.0
          III      0.1      3.1       3.0      2.4      -0.7       2.3      5.3      3.0    -20.3      0.2
           IV     r4.0      7.2      r3.1     r5.0      r2.0       1.0      2.2      1.3     -8.6      0.2

       ANNUAL      3.2      5.8      r2.6      4.6       2.5       1.4      1.1      1.3     -5.6      0.5

  2000      I     r7.4      9.6       2.1    r15.4     r11.2       7.5      1.3      5.8    -25.6      2.2
           II     r2.2      2.4      r0.2     r2.2     r-1.1       0.1      6.5      1.7      4.6      2.0
          III     r3.5      3.5      -0.1      8.5       4.7       4.8      5.0      4.8    -26.3      1.5
           IV      0.5     -0.1      -0.6     r4.2      r1.3       3.7      6.6      4.4    -33.4      0.5

       ANNUAL      3.6      5.2       1.6     r6.8       3.3       3.1      3.8      3.3    -15.8      1.2

  ----------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year

  1999      I      4.0      6.2      r2.2      5.7       4.2       1.7      0.3      1.3     -4.2      0.7
           II     r3.3      6.0       2.6      4.5      r2.4       1.1      0.9      1.0     -2.0      0.7
          III      2.3      5.1      r2.8      4.0      r1.6       1.6      2.1      1.7     -9.5      0.4
           IV      3.0      5.8      r2.7      4.3       1.6       1.2      1.1      1.2     -6.6      0.3

       ANNUAL      3.2      5.8      r2.6      4.6       2.5       1.4      1.1      1.3     -5.6      0.5

  2000      I      3.1      6.1      r2.8     r5.6       2.3       2.4      2.8      2.5    -14.0      0.6
           II     r3.4      5.5       2.1      6.1       2.7       2.7      3.8      3.0    -13.2      1.1
          III      4.2      5.6      r1.3     r7.7      r4.1       3.3      3.7      3.4    -14.9      1.5
           IV      3.4      3.8       0.4     r7.4       3.9       4.0      4.8      4.2    -21.4      1.5

       ANNUAL      3.6      5.2       1.6     r6.8       3.3       3.1      3.8      3.3    -15.8      1.2

  ----------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                        March 4, 2004
  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
within 40 days of the close of the reference period; revisions appear 30 days
later, and second revisions after an additional 60 days.  In the business
sector, the third publication (second revision) of a quarterly index of
output per hour of all persons has differed from the initial value by between
-1.5 and +1.5 index points approximately 95 percent of the time.  This
interval is based on the performance of this measure between the fourth
quarter of 1995 and the third quarter of 2003.



                            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)  The change for recent quarters is based on the Consumer Price Index for
     all urban consumers (CPI-U).  The trend from 1978-2002 is based on the
     Consumer Price Index research series (CPI-U-RS).

(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)  Data for the manufacturing sectors are not comparable to those published
     in releases of Dec. 3, 2003 and earlier.

(7)  Unit nonlabor costs include capital consumption allowances, interest,
     rental income of persons, and indirect taxes.  For nonfinancial
     corporations, rental income of persons is zero by definition.

(8)  Total unit costs are the sum of unit labor and nonlabor costs.

(9)  Unit profits include corporate profits with inventory valuation and
     capital consumption adjustments.