TEXT
Table 1. Business sector: Productivity, hourly compensation, unit labor costs,













 
Historical, technical                         USDL 96-139
  information:(202) 606-5606                  TRANSMISSION OF THIS
Current data: (202) 606-7828                  MATERIAL IS EMBARGOED
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                                              WEDNESDAY, APRIL 10, 1996.
 
 
                              PRODUCTIVITY AND COSTS
                     Fourth Quarter and Annual Averages, 1995
 
 
     The Bureau of Labor Statistics of the U.S. Department of Labor today
reported revised fourth-quarter seasonally-adjusted annual rates of
productivity change--as measured by output per hour of all persons--and
revised annual changes for the full year 1995.  In the fourth quarter,
productivity fell in both the business and nonfarm business sectors.
Percent changes in business and nonfarm business productivity were:
 
                                  Fourth  Annual averages
                                 quarter     1994-1995
 
     Business sector ...........   -0.5          0.9
     Nonfarm business sector ...   -1.0          1.1
 
     For the year 1995, productivity increases in both sectors were somewhat
greater than in 1994.  Fourth-quarter productivity and related measures are
summarized in table A and appear in detail in tables 1 through 5.
 
     In the manufacturing sector, increases in productivity were:
 
                                    Fourth    Annual averages
                                    quarter     1994-1995
 
     Manufacturing .............      2.9          3.7
       Durable goods manufacturing    3.9          4.6
       Nondurable goods manufacturing 1.5          2.9
 
     Manufacturing productivity grew at a 2.9 percent annual rate in the
fourth quarter as output increased 1.3 percent but hours of all persons
declined 1.5 percent (table A).  On an annual basis, manufacturing
productivity increased 3.7 percent, somewhat less than the 4.2 percent
increase recorded in 1994.  Output and hours in manufacturing, which includes
about 19 percent of U.S. business-sector employment, tend to vary more from
quarter to quarter than data for the more aggregate business and nonfarm
business sectors.
 
     The data sources and methods used in the preparation of the manufacturing
series differ from those used in preparing the business and nonfarm business
series, and these measures are not directly comparable.  Output measures for
business and nonfarm business are based on measures of gross domestic product
prepared by the Bureau of Economic Analysis of the U.S. Department of
Commerce.  Quarterly output measures for manufacturing reflect indexes of
industrial production independently prepared by the Board of Governors of the
Federal Reserve System.  See Technical Notes for further information on data
sources (page 8).
 
 
                                        2
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Table A.  Productivity and costs:  Revised fourth-quarter 1995 measures
(Seasonally adjusted annual rates)
------------------------------------------------------------------------------
 
                                                 Real
                                         Hourly  hourly   Unit
                    Produc-              compen- compen-  labor
    Sector          tivity Output Hours  sation  sation   costs
 
 
                      Percent change from preceding quarter
 
   Business         -0.5     0.7   1.3    3.1     0.7     3.7
   Nonfarm business -1.0     0.6   1.6    2.8     0.4     3.8
   Manufacturing     2.9     1.3  -1.5    2.5     0.1    -0.4
   Durable           3.9     3.6  -0.4    1.3    -1.0    -2.5
   Nondurable        1.5    -1.7  -3.2    4.1     1.7     2.6
 
------------------------------------------------------------------------------
 
                      Percent change from same quarter a year ago
 
   Business          0.6     1.5   0.9    4.1     1.4     3.5
   Nonfarm business  0.7     1.7   1.0    4.1     1.3     3.4
   Manufacturing     3.7     1.4  -2.2    3.0     0.3    -0.7
   Durable           4.4     3.4  -1.0    2.3    -0.4    -2.0
   Nondurable        3.0    -1.0  -3.9    3.9     1.2     0.9
------------------------------------------------------------------------------
 
 
                     THIRD-TO-FOURTH QUARTER CHANGES, 1995
Business
 
     Business sector productivity fell at a 0.5 percent annual rate in the
fourth quarter of 1995 as hours of all persons engaged in the sector, which
increased 1.3 percent, grew faster than output, which increased 0.7 percent.
During the third quarter of 1995, business productivity had increased 1.6
percent as output rose 4.4 percent and hours increased 2.8 percent (table 1).
 
     Hourly compensation increased at a 3.1 percent rate during the fourth
quarter of 1995, compared with a 4.3 percent increase during the third
quarter.  This measure includes wages and salaries, supplements, employer
contributions to employee-benefit plans, and taxes.  Unit labor costs, which
reflect changes in hourly compensation and productivity, increased at a 3.7
percent annual rate during the fourth quarter, compared with a 2.7 percent
increase one quarter earlier.
 
     Real hourly compensation, which takes into account changes in the
Consumer Price Index for All Urban Consumers (CPI-U), rose at a 0.7 percent
annual rate for persons in the business sector.  This measure had risen 2.3
percent during the third quarter.
 
 
                                        3
     The implicit price deflator for business output, which reflects changes
in unit labor costs and unit nonlabor payments, rose at a 0.8 percent annual
rate in the fourth quarter.  This was the smallest increase since the first
quarter of 1967 and reflected a sharp 4.1 percent decline in unit nonlabor
payments.  During the third quarter, the implicit price deflator had increased
2.1 percent.
 
Nonfarm business
 
     In the nonfarm business sector, productivity fell 1.0 percent at an
annual rate in the fourth quarter as output rose 0.6 percent, and hours of all
persons--employees, proprietors, and unpaid family workers--rose 1.6 percent.
During the third quarter, nonfarm productivity had increased 1.7 percent as
output grew 4.7 percent and hours 2.9 percent (table 2).
 
     Hourly compensation rose 2.8 percent in the fourth quarter, and real
hourly compensation increased 0.4 percent when the increase in the CPI-U was
taken into account.  During the third quarter, hourly compensation had
increased by 4.3 percent, and real hourly compensation by 2.2 percent.
 
     Unit labor costs rose 3.8 percent in the fourth quarter, up from a 2.5
percent increase during the third quarter.  The implicit price deflator for
nonfarm business rose only 0.7 percent in the fourth quarter, compared with a
1.8 percent increase one quarter earlier.
 
Manufacturing
 
     Manufacturing productivity rose at a 2.9 percent seasonally adjusted
annual rate in the fourth quarter of 1995, following an increase of 5.7
percent in the third quarter.  Output in the fourth quarter rose 1.3 percent,
and hours of all persons fell 1.5 percent.  Both durable and nondurable goods
industries experienced productivity increases in the fourth quarter, 3.9 and
1.5 percent, respectively.  In durable goods manufacturing, output increased
3.6 percent in the fourth quarter while hours fell 0.4 percent.  Both output
and hours fell in nondurable goods manufacturing, 1.7 and 3.2 percent,
respectively.  Declines in hours have exceeded declines in output for three
consecutive quarters in the nondurable sector (tables 4 and 5).
 
     Hourly compensation of all manufacturing workers increased 2.5 percent
during the fourth quarter, 0.1 percent when the increase in consumer prices
was taken into account.  Unit labor costs dropped 0.4 percent in the fourth
quarter of 1995, the fifth consecutive decline in these costs and the eighth
in the last nine quarters.
 
 
                                        4
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Table B.  Productivity and costs:  Revised 1995 annual averages
(Seasonally adjusted annual rates)
------------------------------------------------------------------------------
                                                    Real
                                           Hourly   hourly  Unit
                    Produc-                compen-  compen- labor
    Sector          tivity  Output  Hours  sation   sation  costs
------------------------------------------------------------------------------
 
                      Percent change from previous year
 
  Business           0.9     2.5     1.6    3.5      0.6     2.6
  Nonfarm business   1.1     2.7     1.6    3.6      0.7     2.5
  Manufacturing      3.7     3.5    -0.2    3.1      0.2    -0.6
    Durable          4.6     5.5     0.9    2.5     -0.3    -2.0
    Nondurable       2.9     1.2    -1.6    3.8      0.9     0.9
------------------------------------------------------------------------------
 
 
                       ANNUAL AVERAGE CHANGES, 1994-1995
 
Business
 
     In the calendar year 1995, business productivity increased 0.9 percent,
somewhat more than the 0.7 percent increase which occurred in 1994 (table 1).
Output grew 2.5 percent in 1995, and hours of all persons engaged in the
sector increased 1.6 percent.  The hours increase in the business sector
reflects an employment increase of 2.1 percent and a decline in average weekly
hours worked of 0.5 percent.  This decline in average weekly hours was the
first annual decline since 1991.
 
     Hourly compensation increased 3.5 percent in 1995, more than the 2.2
percent increase in 1994.  Real hourly compensation increased 0.6 percent in
1995 after registering declines of 0.4 percent in both 1993 and 1994.
 
     Unit labor costs increased 2.6 percent during 1995, compared with a 1.4
percent increase a year earlier.  The implicit price deflator grew 2.2 percent
in both 1994 and 1995.
 
Nonfarm business
 
     Productivity increased 1.1 percent in the nonfarm business sector during
1995, as output rose 2.7 percent and hours of all persons increased 1.6 per-
cent.  In 1994, productivity had risen only 0.5 percent, reflecting output and
hours increases of 4.0 and 3.4 percent, respectively.
 
     Hourly compensation rose 3.6 percent in 1995, compared with a 2.2 percent
increase in 1994.  Real hourly compensation increased 0.7 percent, after
falling 0.4 percent in 1994 and 0.7 percent in 1993.  Unit labor costs in the
nonfarm business sector grew 2.5 percent in 1995, more than the 1.6 percent
advance recorded in 1994.  The implicit price deflator for the nonfarm
business sector rose 2.2 percent in 1995, about the same as the 2.3 percent
increase registered in 1994.
 
 
                                        5
Manufacturing
 
     Manufacturing productivity grew 3.7 percent in 1995, continuing a trend
of annual increases that began in 1980.  Output in the manufacturing sector
increased 3.5 percent in 1995, and hours of all persons declined 0.2 percent.
During 1994, productivity rose 4.2 percent, output 6.5 percent, and hours 2.2
percent.  Durable goods manufacturing productivity increased 4.6 percent in
1995 as output rose 5.5 percent and hours rose 0.9 percent.  Nondurable goods
productivity increased 2.9 percent last year as output rose 1.2 percent and
hours of all persons fell 1.6 percent.
 
     Hourly compensation of manufacturing workers increased 3.1 percent in
1995, but only 0.2 percent after the increase in consumer prices was taken
into account.  In 1994, hourly compensation had increased 2.8 percent, and
real hourly compensation rose 0.3 percent.  Unit labor costs fell 0.6 percent
in 1995, compared with a 1.3 percent decline in 1994 (tables B, 3, 4, and 5).
 
 
 
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Table C.  Nonfinancial corporations:  Fourth-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
 
1995 IV    2.3   3.8    1.5    3.2     0.8    0.9   -4.4      0.5
------------------------------------------------------------------------------
                    Percent change from same quarter a year ago
 
1995 IV    2.0   3.0    1.0    3.6     0.9    1.6   -0.4      1.5
------------------------------------------------------------------------------
 
 
Fourth-quarter and annual measures for nonfinancial corporations
 
     Fourth-quarter and annual 1995 measures of productivity and costs also
were announced today for the nonfinancial corporate sector (tables C, D, and
6).  Output per all-employee hour rose 2.3 percent from the third to the
fourth quarter of 1995 as output increased 3.8 percent and employee hours rose
1.5 percent.  In the third quarter, productivity had risen 5.7 percent as
output rose 7.8 percent and all-employee hours rose 2.0 percent (seasonally
adjusted annual rates).  The sector includes all corporations doing business
in the United States, except those classified as depository institutions,
nondepository institutions, security and commodity brokers, insurance
carriers, regulated investment offices, small business investment offices, and
real estate investment trusts.
 
 
                                        6
 
     Hourly compensation increased 3.2 percent in the fourth quarter, and real
hourly compensation rose 0.8 percent.  Unit labor costs rose 0.9 percent in
the fourth quarter after falling 1.5 percent one quarter earlier.  The
implicit price deflator for nonfinancial corporate output edged up 0.5 percent
during the fourth quarter, less than the 1.1 percent increase in the third
quarter of 1995.
 
 
 
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Table D.  Nonfinancial corporations: Annual changes in productivity and
related measures, 1986-1995
------------------------------------------------------------------------------
 
   Measure              1986 1987 1988 1989 1990 1991 1992 1993 1994 1995
------------------------------------------------------------------------------
 
 Productivity            2.7  1.6  1.6 -1.1  1.0  1.5  2.7  1.3  1.4  1.2
 Output                  3.1  4.8  5.2  1.7  1.2 -1.4  3.0  3.6  5.5  3.3
 Hours                   0.3  3.1  3.5  2.9  0.1 -2.9  0.3  2.2  4.1  2.1
 Hourly comp             5.0  3.8  4.0  2.6  5.3  4.7  4.7  2.2  1.9  3.2
 Real hourly comp.       3.1  0.1 -0.2 -2.1 -0.1  0.4  1.7 -0.8 -0.6  0.3
 
 Unit labor costs        2.2  2.1  2.3  3.8  4.2  3.1  2.0  0.9  0.5  2.0
 Unit nonlabor cost      3.0  0.3  2.7  6.9  3.4  4.1 -3.0 -0.1 -0.3  0.7
 Total unit cost         2.4  1.6  2.4  4.7  4.0  3.4  0.6  0.6  0.3  1.7
 Unit profits          -12.1 10.0  8.7 -8.9 -4.3 -2.1  8.8 14.8 16.2  2.1
 Implicit price deflator 1.1  2.3  2.9  3.4  3.3  3.0  1.2  1.7  1.7  1.7
------------------------------------------------------------------------------
 
 
     Productivity was 1.2 percent higher in 1995 than in 1994 in nonfinancial
corporations, somewhat less than the 1.4 percent increase posted one year
earlier.  The 1995 increase reflects increases in output and employee hours of
3.3 percent and 2.1 percent, respectively.  In 1994, output increased 5.5
percent and labor hours 4.1 percent.
 
     The 1995 increase in hourly compensation was 3.2 percent, up from the 1.9
percent increase of 1994.  Total unit costs in 1995 rose 1.7 percent,
reflecting an increase of 2.0 percent in unit labor costs and a 0.7 percent
rise in unit nonlabor costs.  Unit profits rose at a 2.1 percent annual rate
in 1995, less than the 16.2 percent increase registered in 1994.
 
 
                                        7
-----------------------------------------------------------------------------
Table E.  Previous and revised productivity and related measures:
Fourth-quarter and annual averages, 1995
(Seasonally adjusted annual rates)
-----------------------------------------------------------------------------
                                                 Real
                                         Hourly  hourly  Unit
                    Produc-              compen- compen- labor
    Sector          tivity Output Hours  sation  sation  costs
 
------------------------------------------------------------------------------
                  Percent change, third to fourth quarter 1995
   Business:
     Previous        0.0     1.2   1.2    3.3     0.9     3.3
     Current        -0.5     0.7   1.3    3.1     0.7     3.7
   Nonfarm business:
     Previous       -0.5     1.1   1.6    3.0     0.6     3.5
     Current        -1.0     0.6   1.6    2.8     0.4     3.8
   Manufacturing:
     Previous        2.7     1.3  -1.4    2.3    -0.1    -0.4
     Current         2.9     1.3  -1.5    2.5     0.1    -0.4
------------------------------------------------------------------------------
                      Percent change, 1994 - 1995
   Business:
     Previous        0.9     2.5   1.6    3.5     0.6     2.5
     Current         0.9     2.5   1.6    3.5     0.6     2.6
   Nonfarm business:
     Previous        1.1     2.7   1.6    3.6     0.7     2.5
     Current         1.1     2.7   1.6    3.6     0.7     2.5
   Manufacturing:
     Previous        3.7     3.5  -0.1    3.1     0.2    -0.6
     Current         3.7     3.5  -0.2    3.1     0.2    -0.6
------------------------------------------------------------------------------
 
 
Revised Measures
 
     Productivity and cost measures for the fourth quarter and full year 1995
for business, nonfarm business, and manufacturing were revised to incorporate
the most recent information and were somewhat different from the preliminary
results announced on March 6.  Fourth-quarter productivity and output were
revised downward in the business and nonfarm business sectors (table E).
 
 
                               Next release date
 
     The next release of Productivity and Costs is scheduled for 10:00 AM EDT,
Thursday, May 16, 1996, and will contain preliminary first-quarter measures
for business, nonfarm business, and manufacturing.  Revised first-quarter
measures for business, nonfarm business, and manufacturing, as well as
preliminary first-quarter measures for nonfinancial corporations, will be
released on Tuesday, June 18, 1996.  The June release also will incorporate
revised employment and hours data from the Current Establishment Survey and
the Current Population Survey.
 
 
                                        8
 
                                TECHNICAL NOTES
 
 
 
Labor Hours:  The primary  source  of hours  and  employment data  is  the BLS
Current Employment  Statistics (CES)  program,  which provides  monthly survey
data on total employment and average weekly  paid hours of production and non-
supervisory  workers  in  nonagricultural  establishments.  Jobs  rather  than
persons are counted. Weekly paid hours are adjusted to hours at work using the
BLS Hours at Work survey, conducted for this purpose.
     Data from  the BLS  Current  Population Survey  (CPS) are  used  for farm
labor; in the nonfarm sector, the  National Income and Product Accounts (NIPA)
prepared by the Bureau  of Economic Analysis  (BEA) of the  Department of Com-
merce and the CPS are used to  measure labor input for government enterprises,
proprietors, and unpaid family workers.
 
Output: Business sector output  is an annual-weighted  index constructed after
excluding from  gross domestic  product (GDP)  the following  outputs: General
government, nonprofit institutions, paid employees  of private households, and
the rental  value of owner-occupied  dwellings. Corresponding  exclusions also
are made in labor  inputs. Business output  accounted for about  76 percent of
the value  of GDP  in  1992. Nonfarm  business, which  also  excludes farming,
accounted for about 75 percent of GDP in 1992.
     Annual manufacturing indexes are  constructed by deflating current-dollar
industry value  of production data  from the  U.S. Bureau  of the  Census with
deflators from  the BEA.    These deflators  are based  on  data from  the BLS
producer  price  program and  other  sources.    The  industry  shipments  are
aggregated using  annual weights,  and  intrasector transactions  are removed.
Quarterly manufacturing output measures  are based on the  index of industrial
production prepared monthly by  the Board of Governors  of the Federal Reserve
System adjusted to be  consistent with annual indexes  of manufacturing sector
output  prepared  by  BLS.     Durables  include  the  following  2-digit  SIC
industries: Primary metal industries; fabricated metal products; nonelectrical
machinery;  industrial  and  commercial   machinery  and  computer  equipment;
electronic  and   other   electrical   equipment;   transportation  equipment;
instruments; lumber and lumber products;  furniture and fixtures; stone, clay,
and glass and  concrete products; and  miscellaneous manufactures. Nondurables
include: Food and kindred  products, tobacco products,  textile mill products,
apparel  products,  paper  and  allied   products,  printing  and  publishing,
chemicals and  chemical products, petroleum  refining and  related industries,
rubber and plastic products, and leather and leather products.
     Nonfinancial corporate output is an  annual-weighted index constructed by
excluding  from  GDP the  following  outputs:  General  government;  nonprofit
institutions; employees of private  households; the rental  value of owner-oc-
cupied dwellings;  unincorporated business; and  those corporations  which are
depository institutions,  nondepository institutions,  security  and commodity
brokers, insurance  carriers,  regulated  investment  offices,  small business
investment  offices,   and   real  estate   investment   trusts.  Nonfinancial
corporations accounted for about 52 percent of the value of GDP in 1992.
 
 
                                        9
Productivity: These  productivity measures  describe the  relationship between
real output  and the  labor time  involved  in its  production. They  show the
changes from period to period in the amount of goods and services produced per
hour. Although these measures  relate output to  hours at work  of all persons
engaged in a sector, they  do not measure the  specific contribution of labor,
capital, or any other factor of production. Rather, they reflect the joint ef-
fects of many influences, including changes in technology; capital investment;
level  of  output;  utilization  of   capacity,  energy,  and  materials;  the
organization of  production;  managerial skill;  and  the  characteristics and
effort of the work force.
 
     Information in  this release will  be made  available to sensory-impaired
individuals upon request. Voice phone:  202-606-STAT; TDD phone: 202-606-5897;
TDD message referral phone number: 1-800-326-2577.
 
 
 Table 1. Business sector: Productivity, hourly compensation, unit labor costs,
 and prices, seasonally adjusted
                                                            Real
    Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
    and        hour of                of all    tion per    tion per    labor    labor pay-  price
    quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
 ---------------------------------------------------------------------------------------------------------
                                          Indexes 1992=100
 
 1993       I     100.2      101.4     101.3     101.6        99.6     101.4       102.2       101.7
           II      99.8      102.0     102.2     102.5        99.7     102.6       101.8       102.3
          III     100.1      102.8     102.6     103.0        99.8     102.9       102.4       102.7
           IV     100.8      104.3     103.5     103.3        99.2     102.5       104.9       103.3
 
       ANNUAL     100.2      102.6     102.4     102.6        99.6     102.4       102.8       102.5
 
 1994       I     100.3      104.8     104.5     104.2        99.6     103.8       104.1       103.9
           II     100.7      106.5     105.8     104.5        99.3     103.9       105.4       104.4
          III     101.4      107.6     106.2     104.9        98.8     103.5       107.9       105.1
           IV     101.5      108.7     107.1     105.7        98.9     104.1       108.3       105.6
 
       ANNUAL     101.0      106.9     105.9     104.8        99.2     103.8       106.5       104.8
 
 1995       I     101.1      108.8     107.6     106.6        99.1     105.4       108.0       106.3
           II     101.9      108.9     106.9     108.0        99.6     106.0       108.4       106.9
          III     102.3      110.1     107.7     109.2       100.1     106.8       108.7       107.4
           IV    r102.1     r110.3     108.0    r110.0      r100.3    r107.7      r107.5       107.7
 
       ANNUAL     101.9      109.6     107.6     108.5        99.9     106.5       108.2       107.1
 ---------------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)
 
 1993       I      -3.7       -1.1       2.6       1.6        -1.3       5.4        -0.1         3.4
           II      -1.3        2.2       3.6       3.4         0.4       4.8        -1.5         2.5
          III       1.3        3.0       1.7       2.2         0.3       0.9         2.2         1.4
           IV       2.7        6.3       3.5       1.1        -2.0      -1.6        10.1         2.4
 
       ANNUAL       0.2        2.6       2.4       2.6        -0.4       2.4         2.8         2.5
 
 1994       I      -1.9        1.8       3.7       3.4         1.4       5.4        -2.8         2.4
           II       1.4        6.7       5.3       1.5        -1.0       0.1         4.9         1.8
          III       2.8        4.1       1.3       1.5        -2.2      -1.3        10.0         2.6
           IV       0.7        4.0       3.3       2.9         0.7       2.3         1.5         2.0
 
       ANNUAL       0.7        4.2       3.4       2.2        -0.4       1.4         3.5         2.2
 
 1995       I      -1.6        0.6       2.2       3.4         0.5       5.0        -1.0         2.8
           II       3.0        0.3      -2.5       5.6         2.1       2.5         1.2         2.1
          III       1.6        4.4       2.8       4.3         2.3       2.7         1.1         2.1
           IV     r-0.5       r0.7      r1.3      r3.1        r0.7      r3.7       r-4.1        r0.8
 
       ANNUAL       0.9        2.5       1.6       3.5         0.6      r2.6         1.6         2.2
 ---------------------------------------------------------------------------------------------------------
 
                     Percent change from corresponding quarter of previous year
 
 1993       I       0.9        2.6       1.8       3.0        -0.2       2.2         3.0         2.5
           II      -0.1        2.4       2.5       3.0        -0.1       3.1         1.8         2.6
          III       0.4        3.0       2.5       2.3        -0.5       1.9         3.8         2.6
           IV      -0.3        2.6       2.9       2.0        -0.7       2.3         2.6         2.4
 
       ANNUAL       0.2        2.6       2.4       2.6        -0.4       2.4         2.8         2.5
 
 1994       I       0.2        3.3       3.1       2.5         0.0       2.3         1.9         2.2
           II       0.8        4.4       3.6       2.0        -0.4       1.2         3.5         2.0
          III       1.2        4.7       3.5       1.9        -1.0       0.6         5.4         2.3
           IV       0.7        4.2       3.4       2.3        -0.3       1.6         3.3         2.2
 
       ANNUAL       0.7        4.2       3.4       2.2        -0.4       1.4         3.5         2.2
 
 1995       I       0.8        3.8       3.0       2.3        -0.5       1.5         3.8         2.3
           II       1.2        2.3       1.1       3.3         0.3       2.1         2.9         2.4
          III       0.9        2.3       1.4       4.1         1.4       3.1         0.7         2.3
           IV      r0.6       r1.5       0.9       4.1         1.4      r3.5       r-0.7         2.0
 
       ANNUAL       0.9        2.5       1.6       3.5         0.6      r2.6         1.6         2.2
 ---------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                      April 10, 1996
 r=revised                                                             Source: Bureau of Labor Statistics
 
 
 
 
 
 
 Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs,
 and prices, seasonally adjusted
                                                            Real
    Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
    and        hour of                of all    tion per    tion per    labor    labor pay-  price
    quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator(4)
 ---------------------------------------------------------------------------------------------------------
                                          Indexes 1992=100
 
 1993       I     100.1      101.6     101.5     101.4        99.4     101.3       102.8       101.8
           II      99.7      102.2     102.5     102.1        99.3     102.4       102.2       102.4
          III     100.2      103.2     103.0     102.6        99.4     102.4       103.1       102.7
           IV     100.6      104.6     103.9     102.9        98.9     102.3       105.3       103.3
 
       ANNUAL     100.2      102.9     102.7     102.3        99.3     102.1       103.4       102.5
 
 1994       I     100.0      104.8     104.8     103.7        99.2     103.7       104.3       103.9
           II     100.4      106.6     106.1     104.3        99.1     103.8       105.8       104.5
          III     101.1      107.7     106.5     104.6        98.4     103.4       108.6       105.3
           IV     101.3      108.8     107.4     105.4        98.7     104.1       108.9       105.7
 
       ANNUAL     100.7      106.9     106.2     104.5        98.9     103.8       106.9       104.9
 
 1995       I     101.0      109.0     107.9     106.4        98.9     105.3       108.7       106.5
           II     101.8      109.1     107.2     107.8        99.4     105.9       109.0       107.0
          III     102.2      110.4     108.0     108.9        99.9     106.6       109.2       107.5
           IV    r102.0     r110.6     108.4     109.7      r100.0    r107.6      r107.9       107.7
 
       ANNUAL     101.8      109.8     107.9     108.2        99.6     106.3      r108.7       107.2
 ---------------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)
 
 1993       I      -3.9       -0.9       3.1       1.0        -1.9       5.1         1.5         3.8
           II      -1.7        2.4       4.2       2.7        -0.2       4.5        -2.3         2.1
          III       2.1        4.1       2.0       2.0         0.1      -0.1         3.7         1.2
           IV       1.6        5.3       3.6       1.1        -2.0      -0.5         8.6         2.6
 
       ANNUAL       0.2        2.9       2.7       2.3        -0.7       2.1         3.4         2.5
 
 1994       I      -2.5        0.9       3.5       3.3         1.2       5.9        -3.6         2.5
           II       1.9        6.8       4.8       2.1        -0.4       0.2         6.0         2.2
          III       2.6        4.2       1.6       1.2        -2.5      -1.4        11.0         2.9
           IV       0.9        4.2       3.3       3.3         1.0       2.4         0.9         1.8
 
       ANNUAL       0.5        4.0       3.4       2.2        -0.4       1.6         3.5         2.3
 
 1995       I      -1.1        0.8       1.9       3.7         0.8       4.9        -0.5         2.9
           II       3.0        0.5      -2.4       5.4         2.0       2.3         1.1         1.9
          III       1.7        4.7       2.9       4.3         2.2       2.5         0.7         1.8
           IV     r-1.0       r0.6       1.6      r2.8        r0.4      r3.8       r-4.9        r0.7
 
       ANNUAL       1.1        2.7       1.6       3.6         0.7       2.5        r1.6         2.2
 ---------------------------------------------------------------------------------------------------------
 
                     Percent change from corresponding quarter of previous year
 
 1993       I       0.9        2.8       1.9       2.9        -0.3       2.0         3.6         2.6
           II      -0.3        2.6       2.9       2.6        -0.5       2.8         2.2         2.6
          III       0.6        3.5       2.9       1.9        -0.8       1.4         4.8         2.6
           IV      -0.5        2.7       3.2       1.7        -1.0       2.2         2.8         2.4
 
       ANNUAL       0.2        2.9       2.7       2.3        -0.7       2.1         3.4         2.5
 
 1994       I      -0.2        3.2       3.3       2.3        -0.2       2.4         1.5         2.1
           II       0.8        4.3       3.5       2.1        -0.3       1.3         3.6         2.1
          III       0.9        4.3       3.4       1.9        -0.9       1.0         5.4         2.5
           IV       0.7        4.0       3.3       2.5        -0.2       1.8         3.4         2.3
 
       ANNUAL       0.5        4.0       3.4       2.2        -0.4       1.6         3.5         2.3
 
 1995       I       1.1        4.0       2.9       2.6        -0.3       1.5         4.2         2.4
           II       1.3        2.4       1.1       3.4         0.3       2.0         3.0         2.4
          III       1.1        2.6       1.4       4.2         1.5       3.0         0.5         2.1
           IV      r0.7       r1.7       1.0       4.1        r1.3      r3.4       r-0.9        r1.8
 
       ANNUAL       1.1        2.7       1.6       3.6         0.7       2.5        r1.6         2.2
 ---------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                      April 10, 1996
 r=revised                                                             Source: Bureau of Labor Statistics
 
 
 
 
 
 
  Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
                                                                             Real
      Year           Output per                  Hours       Compensa-       compensa-      Unit
      and            hour of                     of all      tion per        tion per       labor
      quarter        all persons     Output      persons     hour(1)         hour(2)        costs
 --------------------------------------------------------------------------------------------------
                                            Indexes 1992=100
 
 1993       I            101.5        102.5        101.0        101.1            99.1         99.6
           II            101.6        102.8        101.2        102.0            99.2        100.4
          III            102.1        103.6        101.5        102.7            99.4        100.6
           IV            102.9        105.1        102.1        103.5            99.4        100.5
 
       ANNUAL            102.1        103.5        101.4        102.4            99.4        100.3
 
 1994       I            104.7        107.3        102.5        104.3            99.8         99.7
           II            106.1        109.5        103.2        104.7            99.5         98.7
          III            106.9        110.9        103.8        105.6            99.4         98.8
           IV            107.8        113.0        104.8        106.4            99.7         98.7
 
       ANNUAL            106.3        110.2        103.6        105.3            99.7         99.0
 
 1995       I            108.4        114.1        105.3        107.0            99.5         98.7
           II            109.5        113.5        103.7        107.9            99.5         98.6
          III            111.0        114.2        102.9        109.0           100.0         98.2
           IV           r111.8        114.6        102.5       r109.7          r100.0         98.1
 
       ANNUAL            110.3        114.1        103.5        108.5            99.9         98.4
 --------------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1993       I              2.2          4.6          2.3          0.8            -2.1         -1.4
           II              0.4          1.1          0.8          3.4             0.5          3.1
          III              1.8          3.0          1.2          2.7             0.8          0.9
           IV              3.4          5.9          2.4          3.2             0.0         -0.2
 
       ANNUAL              2.1          3.5          1.4          2.4            -0.6          0.3
 
 1994       I              6.9          8.8          1.8          3.4             1.4         -3.2
           II              5.7          8.5          2.6          1.4            -1.1         -4.0
          III              3.0          5.1          2.1          3.6            -0.2          0.6
           IV              3.5          7.9          4.2          3.1             0.8         -0.4
 
       ANNUAL              4.2          6.5          2.2          2.8             0.3         -1.3
 
 1995       I              2.2          3.9          1.6          2.1            -0.8         -0.1
           II              4.0         -2.1         -5.9          3.5             0.1         -0.5
          III              5.7          2.6         -2.9          4.0             1.9         -1.6
           IV             r2.9          1.3        r-1.5         r2.5            r0.1         -0.4
 
       ANNUAL              3.7          3.5        r-0.2          3.1             0.2         -0.6
 --------------------------------------------------------------------------------------------------
 
                    Percent change from corresponding quarter of previous year
 
 1993       I              2.9          4.3          1.3          2.7            -0.5         -0.3
           II              2.1          3.0          0.9          2.4            -0.7          0.3
          III              1.7          3.1          1.4          2.2            -0.6          0.5
           IV              1.9          3.6          1.7          2.5            -0.2          0.6
 
       ANNUAL              2.1          3.5          1.4          2.4            -0.6          0.3
 
 1994       I              3.1          4.7          1.5          3.2             0.7          0.1
           II              4.4          6.5          2.0          2.7             0.3         -1.7
          III              4.7          7.1          2.2          2.9             0.0         -1.7
           IV              4.7          7.6          2.7          2.9             0.2         -1.8
 
       ANNUAL              4.2          6.5          2.2          2.8             0.3         -1.3
 
 1995       I              3.6          6.3          2.6          2.5            -0.3         -1.0
           II              3.2          3.6          0.4          3.1             0.0         -0.1
          III              3.8          3.0         -0.8          3.2             0.5         -0.7
           IV             r3.7          1.4         -2.2          3.0             0.3         -0.7
 
       ANNUAL              3.7          3.5        r-0.2          3.1             0.2         -0.6
 --------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                April 10, 1996
 r=revised                                                       Source: Bureau of Labor Statistics
 
 
 
 
 
 
  Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
                                                                             Real
      Year           Output per                  Hours       Compensa-       compensa-      Unit
      and            hour of                     of all      tion per        tion per       labor
      quarter        all persons     Output      persons     hour(1)         hour(2)        costs
 --------------------------------------------------------------------------------------------------
                                            Indexes 1992=100
 
 1993       I            102.3        103.3        101.0        101.0            99.0         98.7
           II            102.8        104.0        101.1        101.8            99.0         99.0
          III            103.0        104.8        101.7        102.4            99.2         99.4
           IV            104.9        107.5        102.5        103.3            99.3         98.5
 
       ANNUAL            103.4        104.9        101.5        102.2            99.3         98.9
 
 1994       I            106.8        110.4        103.3        104.2            99.6         97.5
           II            108.2        112.6        104.1        104.5            99.3         96.6
          III            109.4        114.8        104.9        105.4            99.2         96.3
           IV            110.6        117.5        106.3        106.0            99.2         95.9
 
       ANNUAL            108.7        113.8        104.7        105.0            99.4         96.6
 
 1995       I            111.8        119.5        106.9        106.4            98.9         95.2
           II            112.5        119.0        105.7        107.0            98.7         95.1
          III            114.3        120.4        105.3        108.1            99.1         94.5
           IV            115.4        121.5       r105.2        108.4           r98.9         93.9
 
       ANNUAL            113.7        120.1        105.7        107.6            99.1         94.7
 --------------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1993       I              3.6          6.3          2.6          0.8            -2.1         -2.7
           II              2.0          2.4          0.4          3.2             0.3          1.2
          III              0.7          3.4          2.6          2.5             0.6          1.7
           IV              7.3         10.7          3.1          3.6             0.5         -3.5
 
       ANNUAL              3.4          4.9          1.5          2.2            -0.7         -1.1
 
 1994       I              7.6         11.0          3.1          3.4             1.3         -4.0
           II              5.2          8.6          3.2          1.2            -1.4         -3.8
          III              4.5          7.8          3.2          3.4            -0.4         -1.0
           IV              4.3          9.9          5.4          2.4             0.2         -1.8
 
       ANNUAL              5.2          8.5          3.2          2.7             0.1         -2.3
 
 1995       I              4.5          7.0          2.3          1.4            -1.5         -3.0
           II              2.7         -1.9         -4.4          2.5            -0.9         -0.2
          III              6.6          5.1         -1.5          4.0             1.9         -2.5
           IV             r3.9          3.6        r-0.4         r1.3           r-1.0         -2.5
 
       ANNUAL             r4.6          5.5          0.9          2.5            -0.3         -2.0
 --------------------------------------------------------------------------------------------------
 
                    Percent change from corresponding quarter of previous year
 
 1993       I              4.6          5.7          1.0          2.5            -0.6         -2.0
           II              3.1          4.1          0.9          2.1            -1.0         -1.0
          III              2.5          4.3          1.8          1.9            -0.9         -0.6
           IV              3.4          5.6          2.2          2.5            -0.2         -0.8
 
       ANNUAL              3.4          4.9          1.5          2.2            -0.7         -1.1
 
 1994       I              4.4          6.8          2.3          3.2             0.7         -1.2
           II              5.2          8.4          3.0          2.7             0.2         -2.4
          III              6.2          9.5          3.2          2.9             0.0         -3.1
           IV              5.4          9.3          3.7          2.6            -0.1         -2.7
 
       ANNUAL              5.2          8.5          3.2          2.7             0.1         -2.3
 
 1995       I              4.6          8.3          3.5          2.1            -0.8         -2.4
           II              4.0          5.6          1.5          2.4            -0.6         -1.5
          III              4.5          4.9          0.4          2.6            -0.1         -1.9
           IV              4.4          3.4         -1.0         r2.3            -0.4        r-2.0
 
       ANNUAL             r4.6          5.5          0.9          2.5            -0.3         -2.0
 --------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                April 10, 1996
 r=revised                                                       Source: Bureau of Labor Statistics
 
 
 
 
 
 
  Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
                                                                             Real
      Year           Output per                  Hours       Compensa-       compensa-      Unit
      and            hour of                     of all      tion per        tion per       labor
      quarter        all persons     Output      persons     hour(1)         hour(2)        costs
 --------------------------------------------------------------------------------------------------
                                            Indexes 1992=100
 
 1993       I            100.8        101.8        101.0        101.3            99.3        100.5
           II            100.5        101.8        101.3        102.3            99.5        101.8
          III            101.4        102.5        101.1        103.0            99.8        101.6
           IV            101.2        102.7        101.5        103.6            99.6        102.4
 
       ANNUAL            101.0        102.2        101.2        102.6            99.6        101.6
 
 1994       I            102.7        104.3        101.5        104.4            99.8        101.6
           II            104.3        106.3        102.0        104.9            99.6        100.6
          III            104.6        106.9        102.2        105.8            99.6        101.2
           IV            105.3        108.3        102.8        106.8           100.0        101.5
 
       ANNUAL            104.2        106.5        102.2        105.5            99.8        101.2
 
 1995       I            105.3        108.4        103.0        107.6           100.1        102.3
           II            106.8        107.8        100.9        108.9           100.4        102.0
          III            108.0        107.7         99.6        109.9           100.8        101.7
           IV            108.4        107.2        r98.8        111.0           101.2       r102.4
 
       ANNUAL            107.2        107.8        100.5        109.4          r100.8        102.1
 --------------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1993       I              1.0          2.9          1.9          0.8            -2.1         -0.3
           II             -1.3         -0.1          1.2          3.9             0.9          5.3
          III              3.5          2.8         -0.7          2.8             0.9         -0.6
           IV             -0.7          0.7          1.5          2.3            -0.8          3.1
 
       ANNUAL              1.0          2.2          1.2          2.6            -0.4          1.6
 
 1994       I              6.3          6.4          0.1          3.2             1.1         -3.0
           II              6.0          8.1          1.9          1.7            -0.9         -4.1
          III              1.3          2.0          0.7          3.7            -0.1          2.3
           IV              2.7          5.4          2.6          3.9             1.6          1.2
 
       ANNUAL              3.2          4.1          0.9          2.8             0.2         -0.4
 
 1995       I             -0.1          0.6          0.7          3.1             0.2          3.2
           II              5.9         -2.5         -7.9          4.8             1.3         -1.1
          III              4.8         -0.3         -4.9          3.7             1.6         -1.1
           IV             r1.5        r-1.7        r-3.2         r4.1            r1.7         r2.6
 
       ANNUAL              2.9          1.2         -1.6          3.8             0.9          0.9
 --------------------------------------------------------------------------------------------------
 
                    Percent change from corresponding quarter of previous year
 
 1993       I              1.4          3.0          1.7          2.9            -0.3          1.6
           II              1.2          2.2          1.0          2.8            -0.3          1.5
          III              1.1          2.1          1.0          2.5            -0.3          1.5
           IV              0.6          1.6          1.0          2.4            -0.3          1.8
 
       ANNUAL              1.0          2.2          1.2          2.6            -0.4          1.6
 
 1994       I              1.9          2.4          0.5          3.0             0.5          1.1
           II              3.7          4.4          0.7          2.5             0.1         -1.2
          III              3.2          4.3          1.0          2.7            -0.2         -0.5
           IV              4.1          5.4          1.3          3.1             0.4         -0.9
 
       ANNUAL              3.2          4.1          0.9          2.8             0.2         -0.4
 
 1995       I              2.5          4.0          1.5          3.1             0.2          0.6
           II              2.4          1.3         -1.1          3.9             0.8          1.4
          III              3.3          0.7         -2.5          3.9             1.2          0.6
           IV              3.0         -1.0        r-3.9          3.9             1.2          0.9
 
       ANNUAL              2.9          1.2         -1.6          3.8             0.9          0.9
 --------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                April 10, 1996
 r=revised                                                       Source: Bureau of Labor Statistics
 
 
 
 
 
 
  Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits,
 and prices, seasonally adjusted
 
               Output                      Hourly    Real                Unit     Total    Unit   Implicit
     Year      per all-                    compen-   hourly     Unit     non-     unit     pro-   price
     and       employee          Employee  sation    compen-    labor    labor    cost     fits   deflator
     quarter   hour      Output  hours      (1)      sation(2)  costs    cost(6)  (7)      (8)      (4)
 ----------------------------------------------------------------------------------------------------------
                                            Indexes 1992=100
 
 1993       I    100.1     101.3    101.1    101.4      99.4     101.3    100.7    101.1    102.9    101.2
           II    101.0     102.9    101.9    101.9      99.2     100.9    100.0    100.7    111.5    101.5
          III    101.5     104.2    102.6    102.5      99.3     100.9     99.8    100.6    115.6    101.8
           IV    102.4     106.1    103.6    102.8      98.7     100.4     99.2    100.1    128.5    102.3
 
       ANNUAL    101.3     103.6    102.2    102.2      99.2     100.9     99.9    100.6    114.8    101.7
 
 1994       I    102.4     107.2    104.7    103.3      98.8     100.9    102.3    101.3    120.8    102.8
           II    102.6     108.9    106.2    103.8      98.6     101.2     98.7    100.5    134.5    103.1
          III    102.6     109.6    106.9    104.2      98.0     101.6     99.3    100.9    136.5    103.7
           IV    103.2     111.6    108.1    105.2      98.5     101.9     98.2    100.9    141.3    104.0
 
       ANNUAL    102.7     109.3    106.4    104.2      98.6     101.4     99.6    100.9    133.4    103.4
 
 1995       I    102.3     111.3    108.8    105.6      98.1     103.2    100.0    102.3    131.0    104.5
           II    103.2     111.8    108.3    107.0      98.6     103.7    101.2    103.0    130.5    105.1
          III    104.7     113.9    108.8    108.1      99.1     103.3     99.9    102.3    142.3    105.4
           IV    105.2     114.9    109.2    108.9      99.3     103.5    100.2    102.6    140.7    105.5
 
       ANNUAL    103.9     113.0    108.7    107.5      99.0     103.4    100.3    102.6    136.2    105.2
 ----------------------------------------------------------------------------------------------------------
                              Percent change from previous quarter at annual rate(5)
 
 1993       I     -4.8      -2.9      2.0      0.8      -2.1       5.8      7.8      6.4    -24.5      3.4
           II      3.6       6.6      2.9      2.2      -0.7      -1.4     -2.7     -1.7     38.0      1.0
          III      2.1       5.0      2.8      2.2       0.3       0.1     -1.0     -0.2     15.4      1.1
           IV      3.2       7.5      4.1      1.0      -2.1      -2.1     -2.2     -2.2     52.4      1.9
 
       ANNUAL      1.3       3.6      2.2      2.2      -0.8       0.9     -0.1      0.6     14.8      1.7
 
 1994       I      0.1       4.2      4.1      2.2       0.2       2.2     13.2      5.0    -21.8      2.2
           II      0.9       6.8      5.9      1.8      -0.7       0.9    -13.4     -3.2     53.6      1.2
          III     -0.2       2.5      2.7      1.4      -2.3       1.5      2.3      1.7      6.3      2.2
           IV      2.6       7.5      4.8      4.0       1.7       1.4     -4.4     -0.2     14.8      1.3
 
       ANNUAL      1.4       5.5      4.1      1.9      -0.6       0.5     -0.3      0.3     16.2      1.7
 
 1995       I     -3.5      -1.1      2.5      1.4      -1.4       5.1      7.9      5.9    -26.1      2.1
           II      3.7       1.6     -2.0      5.6       2.1       1.9      4.7      2.6     -1.6      2.2
          III      5.7       7.8      2.0      4.1       2.0      -1.5     -5.2     -2.5     41.4      1.1
           IV      2.3       3.8      1.5      3.2       0.8       0.9      1.5      1.1     -4.4      0.5
 
       ANNUAL      1.2       3.3      2.1      3.2       0.3       2.0      0.7      1.7      2.1      1.7
 ----------------------------------------------------------------------------------------------------------
 
                           Percent change from corresponding quarter of previous year
 
 1993       I      1.0       2.7      1.7      2.9      -0.3       1.8      0.3      1.4      5.6      1.7
           II      1.6       3.7      2.0      2.3      -0.7       0.7      0.2      0.6     13.8      1.6
          III      1.4       4.0      2.6      1.8      -0.9       0.5     -1.2      0.0     23.2      1.7
           IV      1.0       4.0      2.9      1.5      -1.1       0.6      0.4      0.5     16.3      1.8
 
       ANNUAL      1.3       3.6      2.2      2.2      -0.8       0.9     -0.1      0.6     14.8      1.7
 
 1994       I      2.2       5.8      3.5      1.9      -0.6      -0.3      1.6      0.2     17.4      1.5
           II      1.6       5.9      4.2      1.8      -0.6       0.3     -1.3     -0.2     20.6      1.6
          III      1.0       5.2      4.2      1.6      -1.2       0.6     -0.5      0.3     18.1      1.9
           IV      0.8       5.2      4.4      2.4      -0.3       1.5     -1.0      0.8     10.0      1.7
 
       ANNUAL      1.4       5.5      4.1      1.9      -0.6       0.5     -0.3      0.3     16.2      1.7
 
 1995       I     -0.1       3.9      4.0      2.2      -0.7       2.2     -2.2      1.0      8.4      1.7
           II      0.6       2.6      2.0      3.1       0.0       2.5      2.5      2.5     -3.0      1.9
          III      2.0       3.9      1.8      3.8       1.1       1.7      0.6      1.4      4.2      1.7
           IV      2.0       3.0      1.0      3.6       0.9       1.6      2.1      1.7     -0.4      1.5
 
       ANNUAL      1.2       3.3      2.1      3.2       0.3       2.0      0.7      1.7      2.1      1.7
 ----------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                        April 10, 1996
 r=revised                                                               Source: Bureau of Labor Statistics
 
 
 
 
SOURCES:  Output data are from the Bureau of Economic Analysis and the Census
Bureau of the U.S. Department of Commerce; the Bureau of Labor Statistics,
U.S. Department of Labor; and the Federal Reserve Board.  Compensation and
hours data are from the Bureau of Labor Statistics  and the Bureau of Economic
Analysis.
 
RELIABILITY:  Productivity and cost measures are regularly revised as more
complete information becomes available.  The measures are first published 30
days after the close of the reference period; revisions appear 30 days later,
and second revisions after an additional 60 days.
 
 
 
                             Footnotes, Tables 1-6
 
(1)  Wages and salaries of employees plus employers' contributions for social
     insurance and private benefit plans.  Except for nonfinancial
     corporations, where there are no self-employed, data also include an
     estimate of wages, salaries, and supplemental payments for the self-
     employed.
 
(2)  Compensation per hour adjusted for changes in the Consumer Price Index
     for All Urban Consumers.
 
(3)  Unit nonlabor payments include profits, capital consumption allowances,
     interest, rental income of persons, and indirect taxes.
 
(4)  Current dollar output divided by the output index.
 
(5)  Quarterly changes:  Percent change compounded at annual rate from the
     original data rather than index numbers.  Annual changes:  Percent change
     between annual average levels.
 
(6)  Unit nonlabor cost includes capital consumption allowances, interest,
     rental income of persons, and indirect taxes.  For nonfinancial
     corporations, rental income of persons is zero by definition.
 
(7)  Total unit cost is the sum of unit labor and nonlabor costs.
 
(8)  Unit profits include corporate profits with inventory valuation and
     capital consumption adjustments.