TEXT
Table 1. Business sector: Productivity, hourly compensation, unit labor costs,
Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs,
Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits,
Appendix table 1.
Appendix table 2.
Appendix table 3.
Appendix table 4.
Appendix table 5.
Appendix table 6.

 
 
Historical, technical                         USDL 94-289
  information:                                (202) 606-5606 TRANSMISSION OF THIS
Current data: (202) 606-7828                  MATERIAL IS EMBARGOED
Media contact:                                (202) 606-5902 UNTIL 10:00 A.M. EDT
                                              WEDNESDAY, JUNE 15, 1994
 
                              PRODUCTIVITY AND COSTS
                                First Quarter 1994
                  Business, Nonfarm Business, Manufacturing, and
                             Nonfinancial Corporations
 
 
     The Bureau of Labor Statistics of the U.S. Department of Labor today reported
revised productivity datajas measured by output per hour of all personsjfor the
first quarter of 1994.  The revised seasonally-adjusted annual rates of
productivity change in the first quarter were:
 
               1.1 percent in the business sector, and
               1.3 percent in the nonfarm business sector.
 
In both sectors, productivity and output gains were much smaller than in the fourth
quarter.
 
     In manufacturing, productivity changes in the first quarter were:
 
               6.9 percent in manufacturing,
               8.5 percent in durable goods manufacturing, and
               4.4 percent in nondurable goods manufacturing.
 
     Although slower than during the fourth quarter of 1993, the strong first-
quarter productivity advance in manufacturing reflects continued strong output
growth in durable goods industries along with improved output growth among
nondurables.  Output and hours in manufacturing, which includes about 20 percent of
U.S. business-sector employment, tend to change more from quarter to quarter than
in the business and nonfarm business sectors.  First-quarter measures are
summarized in table A and appear in detail in tables 1 through 5.
 
     Output measures for business and nonfarm business are based on measures of
gross domestic product prepared by the Bureau of Economic Analysis of the U.S.
Department of Commerce.  Quarterly output measures for manufacturing reflect
independent indexes of industrial production prepared by the Board of Governors of
the Federal Reserve System.  See Technical Notes for further information on data
sources (page 9).
 
     In nonfinancial corporations, productivity was unchanged in the first quarter
of 1994, as both output and hours rose 3.5 percent (tables B and 6).
 
 
                                          2
 
 NOTE:  Revisions in labor input data based on the annual benchmark of the Current
 Employment Statistics  survey are  being introduced  at this time, along with new
 seasonal adjustment factors. See Revised Measures on page 5.
 
 
 
 Table A.  Productivity and costs:  Revised first-quarter 1994 measures
 (Seasonally adjusted annual rates)
 
                                                Real
                                         Hourly hourly Unit
                    Produc-              compen-compen-labor
 Sector             tivity Output Hours  sation sation costs
 
                      Percent change from preceding quarter
 
   Business          1.1     3.8   2.6    5.3    3.1    4.1
   Nonfarm business  1.3     3.6   2.3    5.3    3.1    3.9
   Manufacturing     6.9     8.1   1.1    5.1    2.9   -1.7
   Durable           8.5    10.9   2.3    6.1    3.9   -2.2
   Nondurable        4.4     4.0  -0.4    3.3    1.2   -1.1
 
                      Percent change from same quarter a year ago
 
   Business          2.7     5.1   2.3    3.4    0.9    0.7
   Nonfarm business  2.6     5.2   2.5    3.2    0.7    0.6
   Manufacturing     5.6     5.6   0.1    3.8    1.2   -1.7
   Durable           7.7     8.2   0.5    3.9    1.3   -3.5
   Nondurable        2.5     2.0  -0.5    3.6    1.0    1.1
 
 
 
Business
 
     From the fourth quarter of 1993 to the first quarter of 1994, business
productivity increased at a 1.1 percent annual rate.  Output rose 3.8 percent and
hours of all persons engaged in the sector increased 2.6 percent (seasonally
adjusted annual rates).  The increase in hours reflected a large gain in employment
and a decline in average weekly hours.  During the fourth quarter of 1993,
productivity had gone up 6.8 percent (as revised), and output and hours rose 9.6
and 2.6 percent, respectively (table 1).
 
     Hourly compensation increased 5.3 percent during the first quarter of 1994,
compared with a 2.5 percent rise in the fourth quarter of 1993.  This measure
includes wages and salaries, supplements, employer contributions to employee
benefit plans, and taxes.  Unit labor costs, which reflect changes in hourly
compensation and productivity, increased at a 4.1 percent annual rate during the
first quarter.  This was the largest increase in these costs in a year, and it
reversed the 4.1 percent decline of the fourth quarter of 1993.
 
     Real hourly compensation, which takes into account changes in the Consumer
Price Index for All Urban Consumers (CPI-U), increased at a 3.1 percent annual rate
in the first quarter; it had fallen 0.5 percent in the fourth quarter of 1993.  The
first-quarter 1994 increase was the largest since 1990 (when a 3.2 percent increase
was recorded in the second quarter).
 
 
                                          3
 
     The implicit price deflator for business output, which reflects changes in
unit labor costs and unit nonlabor payments, increased 1.5 percent in the first
quarter, compared with a 1.1 percent increase during the fourth quarter of 1993.
 
Nonfarm business
 
     Productivity rose 1.3 percent in nonfarm businesses during the first quarter
of 1994 as output rose 3.6 percent and hours of all persons increased 2.3 percent.
During the fourth quarter of 1993, productivity rose 6.1 percent in nonfarm
businesses, reflecting gains of 8.9 percent in output and 2.7 percent in hours
(table 2).
 
     Hourly compensation increased at a 5.3 percent annual rate in the first
quarter, compared with a 2.5 percent increase one quarter earlier.  When the rise
in the CPI-U is taken into account, real hourly compensation rose 3.1 percent in
the first quarter, the largest quarterly gain since 1987 (when a 4.3 percent gain
was recorded in the fourth quarter).  Unit labor costs rose 3.9 percent, compared
with a 3.4 percent drop during the fourth quarter of 1993.
 
     The implicit price deflator for nonfarm business output rose 1.2 percent in
the first quarter, compared with a 0.6 percent rise one quarter earlier.
 
 
Manufacturing
 
     Productivity increased 6.9 percent in manufacturing in the first quarter of
1994, as output rose 8.1 percent and hours of all persons increased 1.1 percent
(seasonally adjusted annual rates).  The increase in hours reflected a small
increase in employment and a slight gain in average weekly hours.  Productivity
grew strongly in durable goods industries while rising more slowly in nondurables.
Output gains in durable goods manufacturing were much greater than in nondurable
goods industries (tables 4 and 5).
 
     Hourly compensation of all manufacturing workers increased 5.1 percent during
the first quarterjthe greatest such increase in more than 2 years.  Real hourly
compensation rose 2.9 percent when the increase in consumer prices is taken into
account.  This was the greatest increase since 1991 (when a 3.5 percent increase
occurred in the fourth quarter).
 
     Unit labor costs fell at a 1.7 percent annual rate in the first quarter of
1994, the eighth quarter of decline or no growth in the past 9 quarters.  These
costs had decreased 3.9 percent during the fourth quarter of 1993.
 
 
                                          4
 
 
 Table B.  Nonfinancial corporations: Preliminary first-quarter productivity and
 cost measures
 (Seasonally adjusted annual rates)
 
                                        Real
                                Hourly  hourly Unit              Implicit
          Produc-               compen- compen-labor   Unit      price
 Period   tivity Output  Hours  sation  sation costs   profits   deflator
 
                          Percent change from preceding quarter
 
 1994 I   0.0    3.5     3.5    3.7     1.6    3.7   -17.5    2.2
 
                            Percent change from preceding year
 
 1994 I   3.2    5.9     2.7    2.8     0.2   -0.4    10.8    0.8
 
 
 
Nonfinancial corporations
 
     Preliminary first-quarter 1994 measures of productivity and costs also were
announced today for nonfinancial corporations (tables B and 6).  Productivity was
unchanged in the first quarter, as output and hours both increased 3.5 percent
(seasonally adjusted annual rates).  It was the first quarter in a year that
productivity did not advance. In the fourth quarter of 1993, productivity had
increased 5.7 percent.  Nonfinancial corporations include are all corporations
doing business in the United States, except banks, stock and commodity brokers, and
finance and insurance agencies.
 
     Hourly compensation increased 3.7 percent, or 1.6 percent in real terms when
the rise in the CPI-U is taken into account (table 6).
 
     Unit labor costs for nonfinancial corporations increased 3.7 percent in the
first quarter, compared with a 3.4 percent drop in the fourth quarter of 1993,
ending a period of 3 consecutive quarterly declines in this series.  Unit nonlabor
costs rose 7.1 percent, and unit profits fell 17.5 percent.  During the fourth
quarter of 1993, unit nonlabor costs fell 3.7 percent while unit profits rose 45.1
percent (annual rates).  The implicit price deflator for nonfinancial corporate
output rose 2.2 percent in the first quarter.
 
     Table C shows indexes of the implicit price deflator for nonfinancial
corporate output and related series from 1982 forward.  Changes in the prices of
the goods and services produced by nonfinancial corporations (the implicit price
deflator) reflect changes in costs and profits.  Total unit costs consist of labor
costs and nonlabor costs per unit of output.  The table shows that price increases
have reflected increases in both costs and profits.  From 1982 to 1993, unit
profits rose 95.9 percent, compared with a 24.8 percent increase in costs. However,
the rise in prices (29.2 percent) was close to the increase in total costs,
reflecting the greater proportion of corporate revenues disbursed to labor and
nonlabor inputs.  Unit nonlabor costs (including capital consumption allowances,
interest, and indirect taxes) peaked in 1991 and have declined subsequently.
 
 
                                          5
 
 
      Table C.  Nonfinancial corporations: Prices, costs, and profits
      (Indexes, 1982=100)
 
               Implicit            Total Unit     Unit
               price               unit  labor    nonlabor       Unit
       Period  deflator            costs costs    costs          profits
 
          1982      100.0         100.0    100.0       100.0          100.0
          1983      101.8          99.5     99.6       99.3           135.9
          1984      105.3         101.1    102.0       98.8           168.4
          1985      107.7         103.7    105.2       100.1          168.1
          1986      108.6         105.9    107.2       102.4          150.0
 
          1987      111.0         107.0    108.8       102.5          172.1
          1988      114.3         109.8    111.1       106.4          183.5
          1989      119.0         115.7    116.8       112.9          168.5
          1990      123.1         120.1    121.7       116.3          167.5
          1991      126.3         124.4    125.4       121.9          154.9
 
          1992      127.6         124.3    126.0       120.2          177.0
          1993      129.2         124.8    127.1       119.1          195.9
 
          1993:
          I         129.0         125.4    127.8       119.6          182.8
          II        129.3         125.0    127.3       119.2          193.9
          III       129.2         125.0    127.2       119.4          193.7
          IV        129.3         123.9    126.1       118.3          212.6
 
          1994:
          I         130.1         125.3    127.2       120.3          202.6
 
 
 
REVISED MEASURES
 
     Current and previous changes for 1992-93 and for the first quarter of 1994 for
business, nonfarm business, and manufacturing are compared in table D.  The
movements differ from those reported on May 5, mainly reflecting revisions to
first-quarter sector output measures from the national income and product accounts,
prepared by the Bureau of Economic Analysis of the U.S. Department of Commerce.
 
     With this release of Productivity and Costs, labor input measures have been
revised to reflect the regular annual benchmarking of employment levels derived
from the monthly Current Employment Statistics survey to more comprehensive counts
from unemployment insurance records.  Revised seasonal adjustment factors computed
for labor input measures also affected measures which depend on these series.
Small changes in these series occurred in the years beginning with 1958, but the
changes become more significant in 1989.  See tables 1-6 and appendix tables 1-6
for the revised data for the years beginning with 1989.
 
 
 
 
                                          6
 
 
 Table D. Previous and revised productivity and related measures
 Quarterly percent change at seasonally adjusted annual rate
 
                                           Real
                                    Hourly hourly  Unit
                Produc-             compen-compen- labor
    Sector      tivity Output Hours sation sation  costs
 
                  First quarter 1994
 Business:
  Previous....  0.5    2.9     2.4   5.5   3.4     5.0
  Current ....  1.1    3.8     2.6   5.3   3.1     4.1
 
 Nonfarm business:
  Previous....  0.5    2.6     2.0   5.6   3.4     5.0
  Current ....  1.3    3.6     2.3   5.3   3.1     3.9
 
 Manufacturing:
  Previous....  6.6    8.0     1.4   4.7   2.5    -1.7
  Current ....  6.9    8.1     1.1   5.1   2.9    -1.7
 
                     Annual change, 1992-1993
 Business:
  Previous....  1.8    3.6     1.8   3.8   0.8     2.0
  Current ....  1.5    3.6     2.1   3.4   0.4     1.9
 
 Nonfarm business:
  Previous....  1.7    3.9     2.1   3.6   0.6     1.8
  Current ....  1.4    3.9     2.4   3.2   0.2     1.8
 
 Manufacturing:
  Previous....  5.1    4.8    -0.3   2.8  -0.2    -2.2
  Current ....  4.2    4.8     0.5   1.8  -1.1    -2.3
 
 
 
     The monthly Current Population Survey (CPS) is used to provide information on
employment and average weekly hours of the self employed, farm employees, private
household workers, and unpaid family workers.  Average weekly hours collected in
the CPS also are used in estimating total hours worked in government enterprises.
The computation of about 17 percent of the hours expended to produce business
sector output is based on data from the CPS.  (The CPS is conducted each month from
a sample of about 60,000 households nationwide.)  In January 1994, a major redesign
of the CPS was implemented and new population controls were introduced.  The
redesign of the CPS, which improved the accuracy of the monthly labor force and
employment information, is explained in several articles in the February 1994 issue
of Employment and Earnings, and this new information was incorporated in
productivity and cost measures released on May 5.  The May 5 Productivity and Costs
release (USDL 94-234) included a discussion of difficulties encountered in
incorporating information from the redesigned CPS into productivity and cost
measures.
 
 
                                          7
 
                                 Next release date
 
     The next release of Productivity and Costs is scheduled for 10:00 AM EDT,
Tuesday, August 9, 1994. Preliminary second-quarter measures for business, nonfarm
business, and manufacturing will be released at that time.
 
 
                                          8
 
 
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                                          9
 
                                  TECHNICAL NOTES
 
 
Labor Input:  The primary  source of  hours and  employment data is the BLS Current
Employment Statistics  (CES) program,  which provides  monthly survey data on total
employment and  average weekly  hours of  production and  nonsupervisory workers in
nonagricultural establishments.  Jobs rather than persons are counted. Weekly hours
are adjusted  to the  hours at  work definition using the BLS Hours at Work survey,
conducted for this purpose.
     Data from  the BLS Current Population Survey (CPS) are used for farm labor; in
the nonfarm sector, the National Income and Product Accounts (NIPA) prepared by the
Bureau of  Economic Analysis  of the Department of Commerce and the CPS are used to
measure labor  input for  government enterprises,  proprietors  and  unpaid  family
workers.
 
Output: Business  output is  equal to gross domestic product (GDP) in constant 1987
dollars, less  general government, output of nonprofit institutions, output of paid
employees of  private households, rental value of owner-occupied dwellings, and the
statistical discrepancy  in computing  the NIPA.  Corresponding exclusions are also
made in  labor inputs. Business output was about 78 percent of GDP in 1992. Nonfarm
business, which also excludes farming, was about 77 percent of GDP in 1992.
     Total manufacturing  measures are  computed by summing series prepared for the
durable and  nondurable goods  sectors. Durables  include the following 2-digit SIC
industries: Primary  metal industries;  fabricated  metal  products;  nonelectrical
machinery; industrial  and commercial  machinery and computer equipment; electronic
and other  electrical equipment;  transportation equipment; instruments; lumber and
lumber products;  furniture and  fixtures; stone,  clay,  and  glass  and  concrete
products; and  miscellaneous manufactures.  Nondurables include:  Food and  kindred
products, tobacco  products, textile  mill products  apparel  products,  paper  and
allied  products,   printing  and  publishing,  chemicals  and  chemical  products,
petroleum refining and related industries, rubber and plastic products, leather and
leather products.  Manufacturing accounted  for about  19 percent  of GDP  in 1992.
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 by  BLS to  annual manufacturing output levels (gross product originating)
from the  National Income  and Product  Accounts prepared by the Bureau of Economic
Analysis of the U.S. Department of Commerce.
     Nonfinancial corporate  output is  equal to GDP in constant 1987 dollars, less
the  output  of  nonprofit  institutions,  output  of  paid  employees  of  private
households, rental  value of owner-occupied dwellings, unincorporated business, the
output of  corporations engaged  in banking,  finance, stock and commodity trading,
and credit and insurance agencies, and the statistical discrepancy in computing the
NIPA. Nonfinancial corporations accounted for about 56 percent of GDP in 1992.
 
Productivity: These  productivity measures  describe the  relationship between real
output and  the labor  time involved  in its production. They show the changes from
period to  period in  the amount  of goods and services produced per hour. Although
these measures  relate output  to hours at work of all persons engaged in a sector,
they do  not measure  the specific  contribution of  labor, capital,  or any  other
factor of  production. Rather,  they reflect  the joint effects of many influences,
including changes  in technology;  capital investment; level of output; utilization
of capacity,  energy, and  materials; the  organization of  production;  managerial
skill; and the characteristics and effort of the work force.
 
 
                                          10
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individuals upon  request. Voice  phone: 202-606-STAT; TDD phone: 202-606-5897; TDD
message referral phone number: 1-800-326-2577.
 
 
 
Table 1. Business sector: Productivity, hourly compensation, unit labor costs,
      and prices, seasonally adjusted
                                                                 Real
         Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
         and        hour of                of all    tion per    tion per    labor    labor pay-  price
         quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
      ---------------------------------------------------------------------------------------------------------
                                               Indexes 1982=100
 
      1993       I    r116.2      138.0    r118.8    r158.4      r106.8    r136.3      r152.2       141.6
                II    r116.2      139.3    r119.9    r159.4      r106.7    r137.2      r153.2       142.5
               III    r117.0      140.4    r120.0    r160.7      r107.0     137.4      r154.1       142.8
                IV    r119.0      143.7    r120.8    r161.7      r106.9    r135.9      r158.2       143.2
 
            ANNUAL    r117.1      140.4    r119.9    r160.0      r106.9    r136.7      r154.5       142.5
 
      1994       I    r119.3     r145.0    r121.6    r163.8      r107.7    r137.3      r157.0      r143.8
      ---------------------------------------------------------------------------------------------------------
                           Percent change from previous quarter at annual rate(5)
 
      1993       I     r-2.0        0.5      r2.5      r2.8       r-0.2      r4.9       r-1.3         2.7
                II      r0.1        3.8      r3.7      r2.6       r-0.5      r2.6         2.6         2.6
               III      r2.8        3.2      r0.4      r3.3        r1.4       0.5        r2.2         1.1
                IV      r6.8        9.6      r2.6      r2.5       r-0.5     r-4.1       r11.1         1.1
 
            ANNUAL      r1.5        3.6      r2.1      r3.4        r0.4      r1.9        r3.2         2.4
 
      1994       I      r1.1       r3.8      r2.6      r5.3        r3.1      r4.1       r-3.0        r1.5
      ---------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year
 
      1993       I      r1.8        3.5      r1.7      r4.1        r0.9      r2.2        r2.5         2.3
                II      r1.3        3.6      r2.3      r3.8        r0.6       2.5        r2.2         2.4
               III      r1.0        3.2      r2.2      r3.2        r0.4      r2.1         4.5         3.0
                IV      r1.9        4.2      r2.3      r2.8        r0.1       0.9        r3.6         1.9
 
            ANNUAL      r1.5        3.6      r2.1      r3.4        r0.4      r1.9        r3.2         2.4
 
      1994       I       2.7       r5.1      r2.3      r3.4        r0.9      r0.7        r3.1        r1.6
      ---------------------------------------------------------------------------------------------------------
      See footnotes following table 6.                                      June 15, 1994
      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 1982=100
 
      1993       I    r114.3      138.1    r120.8    r157.0      r105.8    r137.3      r153.9       142.7
                II    r114.2      139.5    r122.1    r157.7      r105.5    r138.1      r155.0       143.5
               III    r115.2      140.9    r122.3    r158.9      r105.8    r137.9      r156.5       143.9
                IV    r116.9      143.9    r123.1    r159.9      r105.7    r136.8      r159.6       144.1
 
            ANNUAL    r115.2      140.6    r122.1    r158.4      r105.8    r137.5      r156.3       143.6
 
      1994       I    r117.3     r145.2    r123.8    r162.0      r106.5    r138.1      r158.2      r144.6
      ---------------------------------------------------------------------------------------------------------
                           Percent change from previous quarter at annual rate(5)
 
      1993       I     r-2.3        0.6      r3.0      r2.4       r-0.7      r4.7       r-1.4         2.5
                II     r-0.3        4.0      r4.3      r2.0       r-1.1       2.3        r2.7         2.4
               III      r3.5        4.1      r0.6      r3.1        r1.2      -0.4        r3.9         1.1
                IV      r6.1        8.9      r2.7      r2.5       r-0.5     r-3.4        r8.4         0.6
 
            ANNUAL      r1.4        3.9      r2.4      r3.2        r0.2       1.8        r3.4         2.3
 
      1994       I      r1.3       r3.6      r2.3      r5.3        r3.1      r3.9       r-3.6        r1.2
      ---------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year
 
      1993       I      r1.8        3.6      r1.8      r4.0        r0.8      r2.2        r2.7         2.4
                II      r1.0        3.8      r2.7      r3.4        r0.3       2.4        r2.3         2.3
               III      r1.1        3.7      r2.5      r2.9        r0.1      r1.7        r5.2         2.9
                IV      r1.7        4.4      r2.6      r2.5       r-0.3       0.8         3.3         1.7
 
            ANNUAL      r1.4        3.9      r2.4      r3.2        r0.2       1.8        r3.4         2.3
 
      1994       I       2.6       r5.2      r2.5      r3.2        r0.7      r0.6        r2.8         1.3
      ---------------------------------------------------------------------------------------------------------
      See footnotes following table 6.                                      June 15, 1994
      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 1982=100
 
      1993       I           r132.2        136.0       r102.9       r148.1           r99.9        112.1
                II           r133.8        137.1       r102.5       r149.6          r100.1        111.8
               III           r134.6        137.9       r102.5       r150.5          r100.2       r111.8
                IV           r137.2        140.9       r102.7       r151.9          r100.4        110.7
 
            ANNUAL           r134.5        138.0       r102.6       r150.1          r100.2        111.6
 
      1994       I           r139.5        143.6       r102.9       r153.8          r101.1        110.2
      --------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)
 
      1993       I             r4.0          6.1         r2.0        r-2.8           r-5.6         -6.5
                II             r5.0          3.5        r-1.4         r3.9            r0.8         -1.0
               III             r2.6          2.4        r-0.2         r2.6            r0.7         r0.0
                IV             r7.9          8.7         r0.8         r3.7            r0.7        r-3.9
 
            ANNUAL             r4.2          4.8         r0.5         r1.8           r-1.1        r-2.3
 
      1994       I             r6.9         r8.1         r1.1         r5.1            r2.9         -1.7
      --------------------------------------------------------------------------------------------------
                         Percent change from corresponding quarter of previous year
 
      1993       I             r3.9          4.9         r1.0         r1.8           r-1.4         -2.0
                II             r4.0          4.3         r0.2         r1.9           r-1.2         -2.0
               III             r4.3          4.6         r0.4         r2.0           r-0.8        r-2.2
                IV             r4.8          5.2         r0.3         r1.8           r-0.9        r-2.9
 
            ANNUAL             r4.2          4.8         r0.5         r1.8           r-1.1        r-2.3
 
      1994       I             r5.6          5.6         r0.1         r3.8            r1.2        r-1.7
      --------------------------------------------------------------------------------------------------
      See footnotes following table 6.                                June 15, 1994
      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 1982=100
 
      1993       I           r145.2        145.2       r100.0       r145.9           r98.4       r100.5
                II           r147.7        146.7        r99.4       r147.0           r98.4         99.5
               III           r148.8        148.0        r99.5       r147.7           r98.4        r99.3
                IV           r153.2        153.1        r99.9       r149.3           r98.7         97.5
 
            ANNUAL           r148.8        148.3        r99.6       r147.6           r98.6         99.2
 
      1994       I           r156.4        157.1       r100.5       r151.6           r99.7         96.9
      --------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)
 
      1993       I             r7.0          9.0         r1.9        r-3.9           r-6.7       r-10.2
                II             r7.0          4.4        r-2.5         r3.1            r0.0        r-3.6
               III             r3.0          3.5         r0.5         r2.0            r0.1        r-1.0
                IV            r12.5         14.4         r1.6         r4.5            r1.5        r-7.1
 
            ANNUAL             r6.5          6.7         r0.3         r1.7           r-1.3        r-4.5
 
      1994       I             r8.5         10.9         r2.3         r6.1            r3.9        r-2.2
      --------------------------------------------------------------------------------------------------
                         Percent change from corresponding quarter of previous year
 
      1993       I             r6.1          6.7         r0.5         r1.8           r-1.3         -4.0
                II             r6.1          6.0        r-0.2         r1.8           r-1.3        r-4.1
               III             r6.4          6.6         r0.2         r1.9           r-0.9         -4.2
                IV             r7.3          7.7         r0.4         r1.4           r-1.4        r-5.6
 
            ANNUAL             r6.5          6.7         r0.3         r1.7           r-1.3        r-4.5
 
      1994       I             r7.7          8.2         r0.5         r3.9            r1.3         -3.5
      --------------------------------------------------------------------------------------------------
      See footnotes following table 6.                                June 15, 1994
      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 1982=100
 
      1993       I           r116.5        124.6       r107.0       r152.9          r103.1       r131.2
                II           r117.2        125.3       r107.0       r154.9          r103.6       r132.2
               III           r117.7        125.6       r106.7       r156.2          r104.0       r132.7
                IV           r118.1        125.9       r106.6       r157.1          r103.8       r133.0
 
            ANNUAL           r117.4        125.4       r106.8       r155.3          r103.7        132.3
 
      1994       I           r119.4        127.1       r106.5       r158.4          r104.1       r132.6
      --------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)
 
      1993       I            r-0.1          2.1         r2.2        r-1.0           r-3.9        r-0.9
                II             r2.3          2.2        r-0.1         r5.3            r2.2         r2.9
               III             r2.0          0.9        r-1.1         r3.4            r1.5         r1.4
                IV             r1.3          1.0        r-0.3         r2.3           r-0.7         r1.0
 
            ANNUAL             r1.2          2.0         r0.8         r2.1           r-0.9         r0.9
 
      1994       I             r4.4         r4.0         -0.4         r3.3            r1.2        r-1.1
      --------------------------------------------------------------------------------------------------
                         Percent change from corresponding quarter of previous year
 
      1993       I             r0.9          2.6         r1.6         r1.8           r-1.4         r0.8
                II             r1.2          1.9         r0.8         r2.2           r-0.9          1.0
               III             r1.4          1.9         r0.5         r2.2           r-0.5         r0.8
                IV             r1.4          1.5         r0.2         r2.5           r-0.2         r1.1
 
            ANNUAL             r1.2          2.0         r0.8         r2.1           r-0.9         r0.9
 
      1994       I              2.5          2.0         -0.5         r3.6            r1.0          1.1
      --------------------------------------------------------------------------------------------------
      See footnotes following table 6.                                June 15, 1994
      r=revised                                                       Source: Bureau of Labor Statistics
 
 
 
 
Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits,
      and prices, seasonally adjusted
 
                    Output                      Hourly    Real                Unit     Total    Unit   Implicit
          Year      per all-                    compen-   hourly     Unit     non-     unit     pro-   price
          and       employee          Employee  sation    compen-    labor    labor    cost     fits   deflator
          quarter   hour      Output  hours      (1)      sation(2)  costs    cost(6)  (7)      (8)      (4)
      ----------------------------------------------------------------------------------------------------------
                                                 Indexes 1982=100
 
      1993       I   r119.9     143.3   r119.5   r153.2    r103.3     127.8    119.6    125.4    182.8    129.0
                II   r121.2     145.7   r120.3   r154.2    r103.2     127.3    119.2    125.0    193.9    129.3
               III   r122.1     147.3   r120.7   r155.2    r103.4     127.2    119.4    125.0    193.7    129.2
                IV   r123.8     150.5   r121.6   r156.0    r103.2     126.1    118.3    123.9    212.6    129.3
 
            ANNUAL   r121.7     146.7   r120.6   r154.6    r103.3     127.1    119.1    124.8    195.9    129.2
 
      1994       I    123.8     151.8    122.7    157.5     103.6     127.2    120.3    125.3    202.6    130.1
      ----------------------------------------------------------------------------------------------------------
                                   Percent change from previous quarter at annual rate(5)
 
      1993       I    r-4.4      -2.7     r1.7     r1.8     r-1.2       6.4      4.3      5.9    -23.1      2.8
                II     r4.1       7.0     r2.8     r2.6     r-0.5      -1.5     -1.3     -1.4     26.4      0.8
               III     r3.0       4.5     r1.4     r2.6      r0.7      -0.4      0.7     -0.1     -0.3     -0.1
                IV     r5.7       8.9     r3.0     r2.1     r-0.8      -3.4     -3.7     -3.5     45.1      0.4
 
            ANNUAL     r2.0       4.0     r2.0     r2.9     r-0.1       0.9     -0.9      0.4     10.7      1.3
 
      1994       I      0.0       3.5      3.5      3.7       1.6       3.7      7.1      4.6    -17.5      2.2
      ----------------------------------------------------------------------------------------------------------
                                Percent change from corresponding quarter of previous year
 
      1993       I     r2.3       3.9     r1.6     r3.6      r0.5       1.3     -1.3      0.6     11.4      1.5
                II     r2.2       4.1     r1.9     r3.2      r0.1       1.0     -0.7      0.6     10.5      1.4
               III     r1.7       3.8     r2.2     r2.6     r-0.2       1.0     -1.6      0.2     12.4      1.3
                IV     r2.0       4.3     r2.2     r2.3     r-0.5       0.2      0.0      0.2      8.9      1.0
 
            ANNUAL     r2.0       4.0     r2.0     r2.9     r-0.1       0.9     -0.9      0.4     10.7      1.3
 
      1994       I      3.2       5.9      2.7      2.8       0.2      -0.4      0.6     -0.1     10.8      0.8
      ----------------------------------------------------------------------------------------------------------
      See footnotes following table 6.                                        June 15, 1994
      r=revised                                                               Source: Bureau of Labor Statistics
 
 
 
 
 
         SOURCE:  Output data from the Bureau of Economic Analysis, U.S. Department of Commerce, and the Federal Reserve Board.
         Compensation and hours data from the Bureau of Labor Statistics, U.S. Department of Labor, and the Bureau of Economic
         Analysis.
 
         RELIABILITY:  Productivity and cost measures are regularly revised as more complete information becomes available.  The
         measures are first published 30 days after the close of the reference period; revisions appear 30 days later, and third
         revisions after an additional 60 days.  In the business sector, the probability is 0.95 that the third publication
         (third revision) of a quarterly index of output per hour of all persons will differ from the initial value by between -
         1.8 and +2.1 index points.  This interval is based on the performance of this measure between the second quarter of 1976
         and the third quarter of 1992.
 
 
                                                          Footnotes, Tables 1-6
 
         (1)  Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans.
              Except for nonfinancial corporations, where there are no self-employed, data also include an estimate of wages,
              salaries, and supplemental payments for the self-employed.
 
         (2)  Compensation per hour adjusted for changes in the Consumer Price Index for All Urban Consumers.
 
         (3)  Unit nonlabor payments include profits, capital consumption allowances, interest, rental income of persons, and
              indirect taxes.
 
         (4)  Current dollar gross product divided by constant dollar gross product.
 
         (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)  Quarterly manufacturing output measures are based on the index of industrial production prepared monthly by the
              Board of Governors of the Federal Reserve adjusted by BLS to annual manufacturing output levels (gross product
              originating) from the National Income and Product Accounts prepared by the Bureau of Economic Analysis of the U.S.
              Department of Commerce.
 
         (7)  Unit nonlabor cost includes capital consumption allowances, interest, rental income of persons, and indirect taxes.
              For nonfinancial corporations, rental income of persons is zero by definition.
 
         (8)  Total unit cost is the sum of labor and nonlabor costs.
 
         (9)  Unit profits include corporate profits with inventory valuation and capital consumption adjustments.
 
 
          Appendix table 1.
         Business sector: Productivity, hourly compensation,
         unit labor costs, and prices, seasonally adjusted
                                                                      Real
              Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
              and        hour of                of all    tion per    tion per    labor    labor pay-  price
              quarter    all persons   Output   persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
           ---------------------------------------------------------------------------------------------------------
                                                    Indexes 1982=100
 
           1989       I    110.2      132.4     120.1     131.5       104.2       119.4    134.4       124.3
                     II    110.1      132.5     120.3     132.3       103.2       120.1    137.1       125.7
                    III    109.7      132.3     120.6     133.2       103.1       121.5    137.3       126.7
                     IV    109.7      132.3     120.6     134.9       103.4       123.0    137.7       127.8
 
                 ANNUAL    109.9      132.3     120.4     133.0       103.5       121.0    136.6       126.1
 
           1990       I    110.2      133.5     121.2     137.3       103.5       124.6    138.9       129.3
                     II    111.1      134.4     120.9     139.9       104.3       125.9    140.3       130.6
                    III    110.8      133.3     120.3     141.7       103.9       127.9    139.7       131.8
                     IV    110.5      132.1     119.5     143.5       103.4       129.8    140.2       133.2
 
                 ANNUAL    110.7      133.3     120.5     140.6       103.8       127.1    139.8       131.2
 
           1991       I    111.0      131.0     118.1     145.0       103.7       130.7    143.3       134.8
                     II    111.6      131.5     117.8     146.6       104.3       131.4    145.0       135.8
                    III    111.8      131.5     117.6     148.2       104.6       132.6    144.9       136.6
                     IV    112.8      132.4     117.3     150.1       105.1       133.1    145.7       137.2
 
                 ANNUAL    111.8      131.6     117.7     147.4       104.5       131.9    144.7       136.1
 
           1992       I    114.1      133.3     116.8     152.2       105.9       133.4    148.5       138.3
                     II    114.8      134.5     117.2     153.6       106.0       133.9    149.9       139.1
                    III    115.8      136.0     117.4     155.7       106.6       134.5    147.4       138.7
                     IV    116.8      137.9     118.1     157.3       106.8       134.7    152.7       140.6
 
                 ANNUAL    115.3      135.4     117.4     154.7       106.4       134.1    149.6       139.2
 
 
           ---------------------------------------------------------------------------------------------------------
                                Percent change from previous quarter at annual rate(5)
 
           1989       I     -2.4        2.0       4.5       2.7        -1.9         5.2      4.2         4.9
                     II     -0.1        0.3       0.5       2.3        -3.9         2.5      8.4         4.6
                    III     -1.6       -0.6       1.1       3.0        -0.3         4.7      0.7         3.2
                     IV      0.2        0.1      -0.1       5.2         1.1         4.9      1.2         3.6
 
                 ANNUAL     -0.7        1.7       2.5       3.5        -1.3         4.3      4.6         4.4
 
           1990       I      1.6        3.7       2.1       7.3         0.3         5.6      3.6         4.9
                     II      3.5        2.5      -0.9       7.6         3.2         4.0      4.0         4.0
                    III     -1.1       -3.0      -1.9       5.5        -1.5         6.7     -1.8         3.7
                     IV     -1.1       -3.6      -2.6       5.0        -1.9         6.1      1.5         4.5
 
                 ANNUAL      0.7        0.7       0.1       5.7         0.3         5.0      2.3         4.1
 
           1991       I      1.7       -3.3      -4.9       4.3         1.1         2.6      9.1         4.8
                     II      2.4        1.4      -0.9       4.6         2.3         2.2      4.7         3.1
                    III      0.6        0.1      -0.5       4.5         1.3         3.8     -0.2         2.4
                     IV      3.7        2.7      -0.9       5.1         1.8         1.4      2.4         1.7
 
                 ANNUAL      1.0       -1.3      -2.3       4.9         0.6         3.8      3.5         3.7
 
           1992       I      4.7        2.9      -1.7       5.6         2.9         0.9      7.8         3.3
                     II      2.3        3.4       1.1       3.9         0.5         1.5      3.9         2.4
                    III      3.7        4.6       0.9       5.6         2.5         1.8     -6.6        -1.2
                     IV      3.4        5.6       2.2       4.1         0.8         0.7     15.3         5.6
 
                 ANNUAL      3.2        2.9      -0.3       4.9         1.9         1.7      3.4         2.3
 
 
           ---------------------------------------------------------------------------------------------------------
                               Percent change from corresponding quarter of previous year
 
           1989       I     -0.6        3.0       3.7       4.4        -0.3         5.0      4.2         4.7
                     II     -0.3        2.1       2.3       3.6        -1.5         3.8      6.2         4.7
                    III     -1.0        1.4       2.5       2.8        -1.9         3.9      4.7         4.2
                     IV     -1.0        0.4       1.5       3.3        -1.3         4.3      3.6         4.1
 
                 ANNUAL     -0.7        1.7       2.5       3.5        -1.3         4.3      4.6         4.4
 
           1990       I      0.0        0.9       0.9       4.4        -0.7         4.4      3.4         4.1
                     II      0.9        1.4       0.5       5.7         1.1         4.8      2.3         3.9
                    III      1.0        0.8      -0.2       6.4         0.8         5.3      1.7         4.0
                     IV      0.7       -0.1      -0.8       6.3         0.0         5.6      1.8         4.2
 
                 ANNUAL      0.7        0.7       0.1       5.7         0.3         5.0      2.3         4.1
 
           1991       I      0.7       -1.9      -2.6       5.6         0.2         4.8      3.1         4.2
                     II      0.5       -2.1      -2.6       4.8         0.0         4.4      3.3         4.0
                    III      0.9       -1.4      -2.2       4.6         0.7         3.7      3.7         3.7
                     IV      2.1        0.2      -1.8       4.6         1.6         2.5      3.9         3.0
 
                 ANNUAL      1.0       -1.3      -2.3       4.9         0.6         3.8      3.5         3.7
 
           1992       I      2.8        1.8      -1.0       5.0         2.1         2.1      3.6         2.6
                     II      2.8        2.3      -0.5       4.8         1.6         1.9      3.4         2.4
                    III      3.6        3.4      -0.2       5.1         1.9         1.4      1.7         1.5
                     IV      3.5        4.1       0.6       4.8         1.7         1.2      4.8         2.5
 
                 ANNUAL      3.2        2.9      -0.3       4.9         1.9         1.7      3.4         2.3
           ---------------------------------------------------------------------------------------------------------
           See footnotes following table 6.                                      June 15, 1994
                                                                                 Source: Bureau of Labor Statistics
 
 
          Appendix table 2.
           Nonfarm business sector: Productivity, hourly compensation,
         unit labor costs, and prices, seasonally adjusted
                                                                      Real
              Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
              and        hour of                of all    tion per    tion per    labor    labor pay-  price
              quarter    all persons   Output   persons   hour (1)    hour (2)    costs    ments (3)   deflator(4)
           ---------------------------------------------------------------------------------------------------------
                                                    Indexes 1982=100
 
           1989       I    109.0      132.8     121.9     130.6       103.5       119.9    134.4       124.6
                     II    108.6      132.8     122.2     131.1       102.3       120.7    137.6       126.1
                    III    108.4      132.7     122.3     132.2       102.3       121.9    138.1       127.1
                     IV    108.5      132.7     122.3     133.9       102.6       123.4    138.4       128.2
 
                 ANNUAL    108.6      132.7     122.2     132.0       102.7       121.5    137.1       126.5
 
           1990       I    108.7      133.8     123.1     136.0       102.5       125.1    139.4       129.7
                     II    109.5      134.6     122.9     138.4       103.2       126.4    141.1       131.1
                    III    109.1      133.5     122.4     140.3       102.8       128.6    140.5       132.4
                     IV    108.9      132.2     121.4     142.1       102.5       130.5    141.5       134.0
 
                 ANNUAL    109.1      133.5     122.4     139.2       102.8       127.6    140.6       131.8
 
           1991       I    109.5      131.2     119.8     143.7       102.8       131.3    144.8       135.7
                     II    110.2      131.7     119.5     145.4       103.4       132.0    146.1       136.6
                    III    110.4      131.8     119.3     147.1       103.8       133.2    146.3       137.5
                     IV    111.3      132.6     119.2     148.8       104.2       133.7    147.7       138.2
 
                 ANNUAL    110.3      131.8     119.5     146.2       103.6       132.6    146.2       137.0
 
           1992       I    112.3      133.3     118.7     150.9       104.9       134.3    149.8       139.3
                     II    113.1      134.4     118.9     152.5       105.2       134.9    151.5       140.2
                    III    113.9      135.9     119.3     154.5       105.8       135.6    148.8       139.8
                     IV    115.0      137.9     119.9     156.0       106.0       135.7    154.5       141.8
 
                 ANNUAL    113.6      135.4     119.2     153.5       105.6       135.1    151.2       140.3
 
 
           ---------------------------------------------------------------------------------------------------------
                                Percent change from previous quarter at annual rate(5)
 
           1989       I     -3.7        0.7       4.6       2.5        -2.0         6.5     -0.5         4.0
                     II     -1.2        0.0       1.2       1.4        -4.8         2.6      9.6         5.0
                    III     -0.7       -0.3       0.4       3.4         0.1         4.1      1.7         3.3
                     IV      0.2        0.2      -0.1       5.3         1.2         5.0      0.7         3.5
 
                 ANNUAL     -0.9        1.7       2.6       3.3        -1.4         4.3      4.1         4.2
 
           1990       I      0.7        3.4       2.7       6.4        -0.5         5.7      2.9         4.7
                     II      3.0        2.3      -0.7       7.3         2.9         4.1      4.9         4.4
                    III     -1.4       -3.1      -1.7       5.6        -1.4         7.1     -1.7         4.0
                     IV     -0.6       -3.8      -3.3       5.5        -1.4         6.1      3.1         5.0
 
                 ANNUAL      0.4        0.6       0.2       5.5         0.1         5.1      2.5         4.2
 
           1991       I      2.0       -3.1      -5.1       4.6         1.4         2.5      9.6         4.9
                     II      2.5        1.5      -1.0       4.8         2.4         2.2      3.7         2.7
                    III      0.9        0.3      -0.6       4.6         1.4         3.7      0.6         2.6
                     IV      3.3        2.7      -0.6       4.8         1.5         1.5      3.6         2.2
 
                 ANNUAL      1.1       -1.3      -2.4       5.0         0.8         3.9      4.0         3.9
 
           1992       I      3.8        2.1      -1.6       5.6         2.8         1.7      6.0         3.2
                     II      2.6        3.3       0.6       4.4         1.1         1.8      4.6         2.7
                    III      3.0        4.4       1.3       5.2         2.1         2.1     -7.1        -1.1
                     IV      3.7        6.0       2.2       4.1         0.8         0.4     16.3         5.6
 
                 ANNUAL      3.0        2.7      -0.2       5.0         1.9         1.9      3.4         2.4
 
 
           ---------------------------------------------------------------------------------------------------------
                               Percent change from corresponding quarter of previous year
 
           1989       I     -0.6        3.2       3.8       4.3        -0.4         4.9      3.4         4.3
                     II     -0.6        2.0       2.6       3.3        -1.8         3.9      5.5         4.4
                    III     -1.1        1.3       2.5       2.7        -2.0         3.9      4.7         4.2
                     IV     -1.4        0.1       1.5       3.1        -1.4         4.6      2.8         3.9
 
                 ANNUAL     -0.9        1.7       2.6       3.3        -1.4         4.3      4.1         4.2
 
           1990       I     -0.2        0.8       1.0       4.1        -1.0         4.4      3.7         4.1
                     II      0.8        1.4       0.6       5.6         0.9         4.7      2.5         4.0
                    III      0.6        0.6       0.0       6.1         0.5         5.5      1.7         4.1
                     IV      0.4       -0.4      -0.8       6.2        -0.1         5.7      2.3         4.5
 
                 ANNUAL      0.4        0.6       0.2       5.5         0.1         5.1      2.5         4.2
 
           1991       I      0.7       -2.0      -2.7       5.7         0.4         4.9      3.9         4.6
                     II      0.6       -2.2      -2.8       5.1         0.2         4.4      3.6         4.2
                    III      1.2       -1.3      -2.5       4.9         0.9         3.6      4.2         3.8
                     IV      2.2        0.3      -1.8       4.7         1.7         2.5      4.3         3.1
 
                 ANNUAL      1.1       -1.3      -2.4       5.0         0.8         3.9      4.0         3.9
 
           1992       I      2.6        1.6      -0.9       4.9         2.0         2.3      3.5         2.7
                     II      2.6        2.1      -0.5       4.9         1.7         2.2      3.7         2.7
                    III      3.2        3.1      -0.1       5.0         1.9         1.8      1.7         1.7
                     IV      3.3        3.9       0.6       4.8         1.7         1.5      4.6         2.6
 
                 ANNUAL      3.0        2.7      -0.2       5.0         1.9         1.9      3.4         2.4
           ---------------------------------------------------------------------------------------------------------
           See footnotes following table 6.                                      June 15, 1994
                                                                                 Source: Bureau of Labor Statistics
 
 
          Appendix table 3.
           Manufacturing sector: Productivity, hourly compensation,
         and unit labor costs, seasonally adjusted
 
                                                                                    Real
                             Output per                 Hours       Compensa-       compensa-      Unit
                Year and     hour of                    of all      tion per        tion per       labor
                quarter      all persons     Output     persons     hour(1)         hour(2)        costs
           -----------------------------------------------------------------------------------------------
                                                      Indexes 1982=100
 
           1989       I        120.3         132.6       110.2       126.6           100.4         105.2
                     II        120.5         132.2       109.7       126.7            98.8         105.1
                    III        119.0         130.2       109.4       128.1            99.1         107.6
                     IV        119.8         129.7       108.3       130.2            99.8         108.7
 
                 ANNUAL        119.9         131.2       109.4       127.9            99.5         106.7
 
           1990       I        121.1         130.8       108.0       131.8            99.3         108.9
                     II        121.2         131.0       108.1       133.8            99.8         110.4
                    III        122.6         131.3       107.1       135.1            99.1         110.2
                     IV        123.0         129.5       105.3       137.6            99.2         111.9
 
                 ANNUAL        122.1         130.6       107.0       134.7            99.5         110.4
 
           1991       I        122.6         126.4       103.0       139.4            99.7         113.6
                     II        123.7         126.7       102.4       141.1           100.3         114.0
                    III        125.4         128.8       102.7       142.5           100.6         113.6
                     IV        126.2         129.2       102.4       144.9           101.4         114.8
 
                 ANNUAL        124.5         127.8       102.6       141.9           100.6         114.0
 
           1992       I        127.2         129.6       101.9       145.5           101.2         114.4
                     II        128.6         131.5       102.3       146.7           101.2         114.1
                    III        129.1         131.8       102.1       147.6           101.0         114.3
                     IV        130.9         133.9       102.4       149.2           101.3         114.0
 
                 ANNUAL        129.1         131.7       102.0       147.4           101.4         114.2
 
 
           -----------------------------------------------------------------------------------------------
                                  Percent change from previous quarter at annual rate(5)
 
           1989       I          1.6           3.2         1.6         3.7            -0.8           2.1
                     II          0.6          -1.2        -1.7         0.1            -6.0          -0.5
                    III         -4.8          -5.8        -1.1         4.5             1.2           9.8
                     IV          2.6          -1.7        -4.2         6.9             2.8           4.2
 
                 ANNUAL          0.6           0.9         0.4         3.9            -0.9           3.3
 
           1990       I          4.4           3.6        -0.8         5.0            -1.8           0.5
                     II          0.2           0.4         0.2         6.1             1.8           5.9
                    III          4.8           1.0        -3.6         4.0            -2.9          -0.7
                     IV          1.4          -5.6        -6.8         7.6             0.6           6.2
 
                 ANNUAL          1.8          -0.4        -2.2         5.3            -0.1           3.5
 
           1991       I         -1.1          -9.1        -8.1         5.2             2.0           6.4
                     II          3.6           0.9        -2.6         4.9             2.6           1.3
                    III          5.5           7.0         1.3         4.2             1.0          -1.3
                     IV          2.5           1.2        -1.3         6.9             3.5           4.2
 
                 ANNUAL          2.0          -2.2        -4.1         5.4             1.1           3.3
 
           1992       I          3.2           1.1        -2.0         1.8            -0.8          -1.3
                     II          4.4           6.1         1.7         3.3             0.0          -1.1
                    III          1.7           1.0        -0.7         2.3            -0.8           0.6
                     IV          5.5           6.6         1.1         4.5             1.2          -1.0
 
                 ANNUAL          3.7           3.1        -0.6         3.9             0.8           0.2
 
 
           -----------------------------------------------------------------------------------------------
                              Percent change from corresponding quarter of previous year
 
           1989       I          1.5           3.3         1.8         4.7             0.0           3.2
                     II          1.3           2.1         0.8         3.7            -1.3           2.4
                    III         -0.4          -0.1         0.3         3.5            -1.2           4.0
                     IV          0.0          -1.4        -1.4         3.8            -0.8           3.8
 
                 ANNUAL          0.6           0.9         0.4         3.9            -0.9           3.3
 
           1990       I          0.6          -1.3        -2.0         4.1            -1.0           3.4
                     II          0.6          -0.9        -1.5         5.6             1.0           5.0
                    III          3.0           0.8        -2.1         5.5            -0.1           2.4
                     IV          2.7          -0.2        -2.8         5.7            -0.6           2.9
 
                 ANNUAL          1.8          -0.4        -2.2         5.3            -0.1           3.5
 
           1991       I          1.3          -3.4        -4.6         5.7             0.4           4.4
                     II          2.1          -3.3        -5.3         5.4             0.6           3.2
                    III          2.3          -1.9        -4.1         5.5             1.5           3.1
                     IV          2.6          -0.2        -2.7         5.3             2.3           2.6
 
                 ANNUAL          2.0          -2.2        -4.1         5.4             1.1           3.3
 
           1992       I          3.7           2.5        -1.2         4.4             1.5           0.7
                     II          3.9           3.8        -0.1         4.0             0.9           0.1
                    III          3.0           2.3        -0.6         3.5             0.4           0.6
                     IV          3.7           3.7         0.0         3.0            -0.1          -0.7
 
                 ANNUAL          3.7           3.1        -0.6         3.9             0.8           0.2
           -----------------------------------------------------------------------------------------------
           See footnotes following table 6.                             June 15, 1994
                                                                        Source: Bureau of Labor Statistics
 
 
          Appendix table 4.
           Durable manufacturing sector: Productivity, hourly compensation,
         and unit labor costs, seasonally adjusted
 
                                                                                    Real
                             Output per                 Hours       Compensa-       compensa-      Unit
                Year and     hour of                    of all      tion per        tion per       labor
                quarter      all persons     Output     persons     hour(1)         hour(2)        costs
           -----------------------------------------------------------------------------------------------
                                                      Indexes 1982=100
 
           1989       I        125.6         140.8       112.1       124.3            98.5          99.0
                     II        126.4         140.2       110.9       124.2            96.9          98.2
                    III        125.5         138.0       110.0       125.8            97.3         100.3
                     IV        125.4         136.1       108.6       128.5            98.4         102.5
 
                 ANNUAL        125.7         138.8       110.4       125.6            97.8         100.0
 
           1990       I        126.5         136.9       108.2       129.6            97.7         102.5
                     II        127.3         137.8       108.2       131.5            98.1         103.3
                    III        129.7         138.4       106.8       132.8            97.3         102.4
                     IV        130.2         135.7       104.3       135.5            97.6         104.1
 
                 ANNUAL        128.6         137.2       106.7       132.5            97.8         103.1
 
           1991       I        130.4         132.3       101.5       137.2            98.2         105.2
                     II        131.8         133.0       100.9       138.7            98.7         105.3
                    III        134.5         135.6       100.8       140.2            99.0         104.3
                     IV        136.3         136.2       100.0       143.2           100.3         105.1
 
                 ANNUAL        133.2         134.3       100.8       139.8            99.1         105.0
 
           1992       I        136.9         136.1        99.5       143.2            99.6         104.7
                     II        139.1         138.5        99.5       144.4            99.6         103.8
                    III        139.9         138.8        99.3       145.0            99.3         103.7
                     IV        142.8         142.1        99.5       147.4           100.1         103.2
 
                 ANNUAL        139.8         138.9        99.3       145.2            99.8         103.8
 
 
           -----------------------------------------------------------------------------------------------
                                  Percent change from previous quarter at annual rate(5)
 
           1989       I          2.3           3.9         1.6         4.5            -0.2           2.1
                     II          2.6          -1.8        -4.3        -0.5            -6.5          -2.9
                    III         -3.0          -6.0        -3.2         5.4             2.0           8.6
                     IV         -0.4          -5.3        -5.0         8.7             4.5           9.1
 
                 ANNUAL          1.3           1.3         0.0         4.2            -0.6           2.8
 
           1990       I          3.6           2.2        -1.3         3.8            -3.0           0.2
                     II          2.7           2.7         0.0         5.8             1.5           3.1
                    III          7.7           1.9        -5.4         3.9            -2.9          -3.5
                     IV          1.4          -7.7        -9.0         8.4             1.3           6.8
 
                 ANNUAL          2.3          -1.1        -3.3         5.5             0.1           3.1
 
           1991       I          0.8          -9.6       -10.2         5.3             2.2           4.6
                     II          4.4           1.9        -2.4         4.5             2.1           0.1
                    III          8.4           8.1        -0.3         4.4             1.2          -3.7
                     IV          5.4           1.9        -3.3         8.9             5.4           3.3
 
                 ANNUAL          3.6          -2.1        -5.6         5.5             1.3           1.8
 
           1992       I          1.8          -0.3        -2.0         0.0            -2.6          -1.8
                     II          6.8           7.2         0.4         3.3             0.0          -3.3
                    III          2.1           1.0        -1.1         1.7            -1.4          -0.5
                     IV          8.5           9.7         1.0         6.6             3.2          -1.8
 
                 ANNUAL          5.0           3.4        -1.5         3.8             0.8          -1.1
 
 
           -----------------------------------------------------------------------------------------------
                              Percent change from corresponding quarter of previous year
 
           1989       I          1.9           4.8         2.8         4.3            -0.3           2.4
                     II          2.1           2.6         0.6         3.9            -1.2           1.8
                    III          0.8           0.2        -0.7         4.0            -0.7           3.1
                     IV          0.4          -2.4        -2.7         4.5            -0.1           4.1
 
                 ANNUAL          1.3           1.3         0.0         4.2            -0.6           2.8
 
           1990       I          0.7          -2.8        -3.5         4.3            -0.8           3.6
                     II          0.7          -1.7        -2.4         5.9             1.2           5.2
                    III          3.4           0.3        -3.0         5.5             0.0           2.1
                     IV          3.8          -0.3        -4.0         5.5            -0.8           1.6
 
                 ANNUAL          2.3          -1.1        -3.3         5.5             0.1           3.1
 
           1991       I          3.1          -3.3        -6.2         5.9             0.5           2.7
                     II          3.5          -3.5        -6.8         5.5             0.6           1.9
                    III          3.7          -2.1        -5.6         5.6             1.7           1.9
                     IV          4.7           0.4        -4.1         5.7             2.7           1.0
 
                 ANNUAL          3.6          -2.1        -5.6         5.5             1.3           1.8
 
           1992       I          5.0           2.9        -2.0         4.4             1.5          -0.6
                     II          5.6           4.2        -1.3         4.1             1.0          -1.4
                    III          4.0           2.4        -1.5         3.4             0.3          -0.6
                     IV          4.8           4.3        -0.4         2.9            -0.2          -1.8
 
                 ANNUAL          5.0           3.4        -1.5         3.8             0.8          -1.1
           -----------------------------------------------------------------------------------------------
           See footnotes following table 6.                             June 15, 1994
                                                                        Source: Bureau of Labor Statistics
 
 
          Appendix table 5.
           Nondurable manufacturing sector: Productivity, hourly compensation,
         and unit labor costs, seasonally adjusted
 
                                                                                    Real
                             Output per                 Hours       Compensa-       compensa-      Unit
                Year and     hour of                    of all      tion per        tion per       labor
                quarter      all persons     Output     persons     hour(1)         hour(2)        costs
           -----------------------------------------------------------------------------------------------
                                                      Indexes 1982=100
 
           1989       I        114.0         122.5       107.5       130.1           103.1         114.2
                     II        113.3         122.4       108.0       130.7           101.9         115.3
                    III        111.2         120.7       108.6       131.8           102.0         118.6
                     IV        113.0         121.8       107.8       133.2           102.1         117.9
 
                 ANNUAL        112.8         121.9       108.0       131.5           102.3         116.5
 
           1990       I        114.5         123.5       107.8       135.5           102.1         118.3
                     II        113.6         122.6       107.9       137.7           102.7         121.2
                    III        113.9         122.6       107.7       139.2           102.1         122.3
                     IV        114.2         121.8       106.6       141.6           102.1         124.0
 
                 ANNUAL        114.1         122.6       107.5       138.6           102.3         121.4
 
           1991       I        113.1         119.1       105.3       143.5           102.6         126.8
                     II        113.8         119.0       104.5       145.5           103.5         127.8
                    III        114.3         120.5       105.4       147.0           103.7         128.6
                     IV        114.0         120.6       105.8       148.5           104.0         130.3
 
                 ANNUAL        113.8         119.8       105.3       146.1           103.5         128.4
 
           1992       I        115.4         121.5       105.3       150.3           104.5         130.2
                     II        115.8         122.9       106.2       151.5           104.6         130.9
                    III        116.1         123.2       106.1       152.8           104.6         131.6
                     IV        116.5         124.0       106.4       153.3           104.1         131.5
 
                 ANNUAL        116.1         122.9       105.9       152.1           104.6         131.0
 
 
           -----------------------------------------------------------------------------------------------
                                  Percent change from previous quarter at annual rate(5)
 
           1989       I          0.7           2.2         1.6         2.5            -2.0           1.8
                     II         -2.3          -0.3         2.1         1.6            -4.6           4.0
                    III         -7.4          -5.5         2.1         3.6             0.3          11.9
                     IV          6.8           3.5        -3.0         4.2             0.2          -2.4
 
                 ANNUAL         -0.4           0.5         0.9         3.6            -1.2           4.1
 
           1990       I          5.5           5.6         0.1         7.1             0.1           1.5
                     II         -3.1          -2.6         0.5         6.6             2.3          10.0
                    III          0.7          -0.2        -1.0         4.5            -2.4           3.7
                     IV          1.2          -2.5        -3.7         7.0             0.0           5.7
 
                 ANNUAL          1.1           0.6        -0.5         5.4             0.0           4.2
 
           1991       I         -3.7          -8.5        -5.1         5.5             2.3           9.5
                     II          2.6          -0.5        -2.9         5.6             3.3           3.0
                    III          1.7           5.4         3.6         4.3             1.0           2.5
                     IV         -1.2           0.2         1.4         4.2             1.0           5.6
 
                 ANNUAL         -0.3          -2.3        -2.0         5.4             1.1           5.7
 
           1992       I          5.2           3.1        -2.0         4.7             2.1          -0.4
                     II          1.3           4.8         3.5         3.5             0.2           2.2
                    III          1.1           0.9        -0.2         3.3             0.2           2.2
                     IV          1.4           2.5         1.1         1.3            -1.9          -0.1
 
                 ANNUAL          2.0           2.6         0.6         4.1             1.1           2.1
 
 
           -----------------------------------------------------------------------------------------------
                              Percent change from corresponding quarter of previous year
 
           1989       I          0.9           1.2         0.2         5.0             0.3           4.0
                     II          0.3           1.3         1.1         3.6            -1.5           3.3
                    III         -2.2          -0.5         1.8         3.0            -1.7           5.3
                     IV         -0.7           0.0         0.7         3.0            -1.5           3.7
 
                 ANNUAL         -0.4           0.5         0.9         3.6            -1.2           4.1
 
           1990       I          0.5           0.8         0.3         4.1            -1.0           3.6
                     II          0.3           0.2        -0.1         5.4             0.7           5.1
                    III          2.4           1.5        -0.9         5.6             0.0           3.1
                     IV          1.1           0.0        -1.0         6.3             0.0           5.2
 
                 ANNUAL          1.1           0.6        -0.5         5.4             0.0           4.2
 
           1991       I         -1.2          -3.5        -2.3         5.9             0.5           7.2
                     II          0.2          -3.0        -3.2         5.6             0.8           5.4
                    III          0.4          -1.7        -2.1         5.6             1.6           5.1
                     IV         -0.2          -1.0        -0.8         4.9             1.9           5.1
 
                 ANNUAL         -0.3          -2.3        -2.0         5.4             1.1           5.7
 
           1992       I          2.0           2.0         0.0         4.7             1.8           2.6
                     II          1.7           3.3         1.6         4.2             1.0           2.4
                    III          1.5           2.2         0.7         3.9             0.8           2.3
                     IV          2.2           2.8         0.6         3.2             0.1           0.9
 
                 ANNUAL          2.0           2.6         0.6         4.1             1.1           2.1
           -----------------------------------------------------------------------------------------------
           See footnotes following table 6.                             June 15, 1994
                                                                        Source: Bureau of Labor Statistics
 
 
          Appendix table 6.
           Nonfinancial corporations: Productivity, hourly compensation,
         unit labor costs,
         unit profits, and prices, seasonally adjusted
                         Output                      Hourly    Real               Unit     Total    Unit    Implicit
                Year     per all-                    compen-   hourly     Unit    non-     unit     pro-    price
                and      employee          Employee  sation    compen-    labor   labor    cost     fits    deflator
                quarter  hour      Output  hours      (1)      sation(2)  costs   cost(6)  (7)      (8)       (4)
           ----------------------------------------------------------------------------------------------------------
                                                      Indexes 1982=100
 
           1989       I   111.9     135.9    121.5    128.9    102.2      115.3   109.0    113.5    173.1    117.2
                     II   111.3     135.7    121.9    129.3    100.9      116.2   112.0    115.0    173.9    118.6
                    III   111.3     135.8    122.0    130.3    100.8      117.1   114.9    116.5    168.3    119.7
                     IV   111.3     136.0    122.3    132.1    101.2      118.7   115.5    117.8    158.7    120.3
 
                 ANNUAL   111.5     135.9    121.9    130.2    101.3      116.8   112.9    115.7    168.5    119.0
 
           1990       I   111.7     137.1    122.7    133.9    100.9      119.8   114.7    118.4    172.7    121.7
                     II   113.1     138.5    122.4    136.4    101.7      120.5   114.3    118.7    183.3    122.7
                    III   112.8     137.4    121.8    138.2    101.3      122.5   117.0    120.9    160.9    123.4
                     IV   113.2     136.2    120.3    140.1    101.0      123.8   119.1    122.5    153.1    124.4
 
                 ANNUAL   112.7     137.3    121.8    137.1    101.2      121.7   116.3    120.1    167.5    123.1
 
           1991       I   113.7     134.6    118.4    141.6    101.3      124.5   121.5    123.7    155.1    125.6
                     II   114.1     134.5    117.9    143.0    101.7      125.3   121.6    124.3    157.0    126.3
                    III   114.8     135.3    117.8    144.6    102.0      125.9   122.5    124.9    150.4    126.5
                     IV   116.5     137.2    117.7    146.4    102.5      125.7   121.8    124.5    157.2    126.6
 
                 ANNUAL   114.7     135.4    118.0    143.8    101.9      125.4   121.9    124.4    154.9    126.3
 
           1992       I   117.3     137.9    117.6    147.9    102.8      126.1   121.1    124.7    164.1    127.1
                     II   118.6     140.0    118.1    149.4    103.1      126.0   120.0    124.3    175.5    127.5
                    III   120.1     141.9    118.2    151.3    103.6      126.0   121.3    124.7    172.4    127.6
                     IV   121.3     144.3    119.0    152.6    103.6      125.8   118.3    123.7    195.3    128.1
 
                 ANNUAL   119.3     141.0    118.2    150.3    103.3      126.0   120.2    124.3    177.0    127.6
 
 
           ----------------------------------------------------------------------------------------------------------
                                        Percent change from previous quarter at annual rate(5)
 
           1989       I    -4.2       0.0      4.4      3.7     -0.9        8.3     3.3      6.9    -21.4      3.8
                     II    -1.9      -0.5      1.4      1.2     -5.0        3.1    11.6      5.4      2.0      5.1
                    III    -0.1       0.3      0.4      3.1     -0.1        3.3    10.8      5.3    -12.4      3.6
                     IV    -0.1       0.7      0.8      5.7      1.6        5.8     1.9      4.7    -21.0      2.2
 
                 ANNUAL    -1.6       1.3      2.9      3.4     -1.3        5.1     6.1      5.4     -8.2      4.1
 
           1990       I     1.5       3.0      1.5      5.3     -1.5        3.8    -2.8      1.9     40.3      4.7
                     II     5.3       4.2     -1.0      7.7      3.3        2.3    -1.3      1.3     26.8      3.4
                    III    -1.2      -3.0     -1.8      5.5     -1.4        6.8     9.7      7.6    -40.6      2.2
                     IV     1.5      -3.7     -5.0      5.7     -1.2        4.2     7.7      5.1    -18.0      3.1
 
                 ANNUAL     1.1       1.1     -0.1      5.3     -0.1        4.1     3.0      3.8     -0.6      3.4
 
           1991       I     1.7      -4.5     -6.0      4.1      1.0        2.4     8.2      4.0      5.5      4.1
                     II     1.6      -0.3     -1.8      4.3      1.9        2.6     0.4      2.0      4.8      2.2
                    III     2.5       2.4     -0.1      4.4      1.2        1.8     2.9      2.1    -15.7      0.7
                     IV     6.0       5.5     -0.5      5.2      1.9       -0.8    -2.5     -1.3     19.2      0.1
 
                 ANNUAL     1.8      -1.4     -3.1      4.9      0.6        3.0     4.8      3.5     -7.5      2.6
 
           1992       I     2.4       2.1     -0.3      3.9      1.3        1.5    -2.2      0.4     18.9      1.8
                     II     4.6       6.4      1.7      4.3      1.0       -0.2    -3.6     -1.2     30.6      1.1
                    III     5.2       5.4      0.2      5.0      1.8       -0.2     4.6      1.1     -6.8      0.4
                     IV     4.1       6.9      2.7      3.5      0.3       -0.5    -9.7     -3.1     64.6      1.5
 
                 ANNUAL     4.0       4.1      0.2      4.5      1.4        0.5    -1.4      0.0     14.2      1.0
 
 
           ----------------------------------------------------------------------------------------------------------
                                     Percent change from corresponding quarter of previous year
 
           1989       I    -1.4       2.6      4.0      4.3     -0.4        5.8     4.2      5.3     -6.5      4.1
                     II    -1.9       1.3      3.3      3.3     -1.7        5.3     6.2      5.6     -5.8      4.4
                    III    -1.6       1.1      2.7      2.8     -1.9        4.5     7.2      5.2     -6.6      4.1
                     IV    -1.6       0.1      1.8      3.4     -1.1        5.1     6.8      5.6    -13.7      3.7
 
                 ANNUAL    -1.6       1.3      2.9      3.4     -1.3        5.1     6.1      5.4     -8.2      4.1
 
           1990       I    -0.1       0.9      1.0      3.8     -1.3        4.0     5.2      4.3     -0.2      3.9
                     II     1.6       2.0      0.4      5.4      0.8        3.8     2.0      3.3      5.4      3.5
                    III     1.4       1.2     -0.2      6.1      0.5        4.6     1.8      3.8     -4.4      3.1
                     IV     1.7       0.1     -1.6      6.1     -0.2        4.2     3.2      3.9     -3.5      3.3
 
                 ANNUAL     1.1       1.1     -0.1      5.3     -0.1        4.1     3.0      3.8     -0.6      3.4
 
           1991       I     1.8      -1.8     -3.5      5.8      0.4        3.9     6.0      4.5    -10.2      3.2
                     II     0.9      -2.9     -3.7      4.9      0.1        4.0     6.4      4.7    -14.3      2.9
                    III     1.8      -1.5     -3.3      4.6      0.7        2.8     4.8      3.3     -6.5      2.5
                     IV     2.9       0.7     -2.1      4.5      1.5        1.5     2.2      1.7      2.7      1.8
 
                 ANNUAL     1.8      -1.4     -3.1      4.9      0.6        3.0     4.8      3.5     -7.5      2.6
 
           1992       I     3.1       2.4     -0.7      4.5      1.6        1.3    -0.4      0.8      5.8      1.2
                     II     3.9       4.1      0.2      4.5      1.3        0.6    -1.4      0.0     11.8      0.9
                    III     4.6       4.8      0.3      4.6      1.5        0.1    -1.0     -0.2     14.6      0.9
                     IV     4.1       5.2      1.1      4.2      1.1        0.1    -2.8     -0.7     24.2      1.2
 
                 ANNUAL     4.0       4.1      0.2      4.5      1.4        0.5    -1.4      0.0     14.2      1.0
           ----------------------------------------------------------------------------------------------------------
           See footnotes following table 6.                                        June 15, 1994
                                                                                   Source: Bureau of Labor Statistics