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-226
  information:(202) 606-5606                  (Replaces USDL-209,
Current data: (202) 606-7828                   issued June 14)
Media contact:(202) 606-5902                  For release: 10:00 A.M. EDT
                                              Wednesday,  June 21, 1995
 
                            PRODUCTIVITY AND COSTS
                              First Quarter 1995
 
     The June 14, 1995, Productivity and Costs news release contained some
incorrect data for manufacturing and durable and nondurable manufacturing.
Revised manufacturing output measures based on 1993 gross product originating
data were incompletely incorporated into the release.  Data in those industries
for 1993, 1994, and 1995 are corrected in this release.  Except for the growth
rate of manufacturing output for the first quarter of 1995 being reported as
5.0 percent instead of the correct figure of  5.1 percent in tables A and D,
all errors were confined to tables 3-5.  All data for business, nonfarm
business, and nonfinancial corporations in the June 14 release were correct.
 
     The Bureau of Labor Statistics of the U.S. Department of Labor today
reported revised productivity data-as measured by output per hour of all
persons-for the first quarter of 1995.  The revised seasonally-adjusted annual
rates of productivity change in the first quarter were:
 
               2.2 percent in the business sector, and
               2.7 percent in the nonfarm business sector.
 
In both sectors, productivity and output gains were smaller than in the fourth
quarter of 1994.
 
     In manufacturing, productivity changes in the first quarter were:
 
               3.4 percent in manufacturing,
               4.2 percent in durable goods manufacturing, and
               2.1 percent in nondurable goods manufacturing.
 
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 for  all of  the  employment  and  hours
measures.   Measures of  manufacturing  output have been revised to incorporate
new information on gross product originating for 1993.
     Beginning in  late 1995  or early  1996, BLS  plans to  change the  output
measures underlying  the business,  nonfarm business, and manufacturing sectors
to annually-weighted  indexes of  the components  of real  output.  See REVISED
MEASURES, page 5.
 
 
                                        2
Table A.  Productivity and costs:  Revised first-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          2.2     4.4   2.2    4.0    0.9    1.8
   Nonfarm business  2.7     4.7   2.0    4.3    1.2    1.6
   Manufacturing     3.4     5.1   1.6    4.7    1.6    1.3
   Durable           4.2     6.5   2.3    5.3    2.1    1.0
   Nondurable        2.1     2.8   0.7    3.8    0.7    1.6
 
                      Percent change from same quarter a year ago
 
   Business          2.1     5.1   3.0    2.9    0.0    0.8
   Nonfarm business  2.0     5.0   2.9    3.0    0.2    1.0
   Manufacturing     3.7     6.5   2.7    2.3   -0.6   -1.4
   Durable           4.1     7.8   3.6    2.1   -0.7   -1.9
   Nondurable        3.0     4.6   1.5    2.3   -0.6   -0.7
 
     Growth in manufacturing productivity in the first quarter was only
slightly less than in the fourth quarter of 1994, although increases in output
and hours were much lower.  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 7).
 
     In nonfinancial corporations, productivity rose 1.8 percent in the first
quarter of 1995, reflecting increases of 4.5 percent in output and 2.7 percent
in employee hours (tables B and 6).
 
 
Business
 
     From the fourth quarter of 1994 to the first quarter of 1995, business
productivity increased at a 2.2 percent annual rate.  Output rose 4.4 percent,
and hours of all persons engaged in the sector increased 2.2 percent
(seasonally adjusted annual rates).  During the fourth quarter of 1994,
productivity had gone up 4.3 percent (as revised), and output and hours rose
7.8 and 3.3 percent, respectively (table 1).
 
 
                                        3
     Hourly compensation increased 4.0 percent during the first quarter of
1995, similar to the 3.6 percent rise in the fourth quarter of 1994.  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 1.8 percent annual rate
during the first quarter.  These costs had declined in the previous two
quarters, 0.7 percent in the fourth quarter of 1994 and 0.1 percent in the
third quarter.
 
     Real hourly compensation, which takes into account changes in the Consumer
Price Index for All Urban Consumers (CPI-U), increased at a 0.9 percent annual
rate in the first quarter; it had risen 1.3 percent in the fourth quarter of
1994.
 
     The implicit price deflator for business output, which reflects changes in
unit labor costs and unit nonlabor payments, increased 1.6 percent in the first
quarter, compared with a 0.7 percent increase during the fourth quarter of
1994.
 
 
Nonfarm business
 
     Productivity rose 2.7 percent in nonfarm businesses during the first
quarter of 1995 as output rose 4.7 percent and hours of all persons increased
2.0 percent.  During the fourth quarter of 1994, productivity rose 4.3 percent
in nonfarm businesses, reflecting gains of 7.7 percent in output and 3.3
percent in hours (table 2).
 
     Hourly compensation increased at a 4.3 percent annual rate in the first
quarter, compared with a 3.8 percent increase one quarter earlier.  When the
rise in the CPI-U is taken into account, real hourly compensation rose 1.2,
about the same as the 1.5 percent gain recorded in the fourth quarter of 1994.
Unit labor costs rose 1.6 percent, after having dropped 0.4 percent the
previous quarter.
 
     The implicit price deflator for nonfarm business output rose 1.5 percent
in the first quarter, compared with a 0.5 percent rise one quarter earlier.
 
 
Manufacturing
 
     Productivity increased 3.4 percent in manufacturing in the first quarter
of 1995, as output rose 5.1 percent and hours of all persons increased 1.6
percent (seasonally adjusted annual rates).  Productivity, output, and hours
all showed larger increases in durable goods industries than in nondurables
(tables 4 and 5).
 
     Hourly compensation of all manufacturing workers increased 4.7 percent
during the first quarter, compared with an increase of 3.8 percent in the
previous quarter.  Real hourly compensation rose 1.6 percent when the increase
in consumer prices is taken into account.
 
     Unit labor costs rose at a 1.3 percent annual rate in the first quarter of
1995, compared with an increase of 0.1 percent during the fourth quarter of
1994.
 
 
                                        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
 
1995 I    1.8    4.5     2.7    3.8     0.8    2.0    -9.0       0.4
 
                            Percent change from preceding year
 
1995 I    1.5    5.5     3.9    2.6    -0.2    1.1     3.1       0.9
 
 
Nonfinancial corporations
 
     Preliminary first-quarter 1995 measures of productivity and costs also
were announced today for nonfinancial corporations (tables B and 6).
Productivity rose 1.8 percent in the first quarter, output 4.5 percent, and
hours 2.7 percent (seasonally adjusted annual rates).  In the fourth quarter of
1994, productivity had increased 3.4 percent.  Nonfinancial corporations
include all corporations doing business in the United States, except banks,
stock and commodity brokers, and finance and insurance agencies.
 
     Hourly compensation increased 3.8 percent, or 0.8 percent when the rise in
the CPI-U is taken into account (table 6).
 
     Unit labor costs for nonfinancial corporations increased 2.0 percent in
the first quarter, the largest increase since the first quarter of 1993 when
they had increased 4.4 percent.  Unit nonlabor costs rose 0.8 percent, and unit
profits fell 9.0 percent.  During the fourth quarter of 1994, unit labor costs
fell 0.3 percent and unit nonlabor costs 1.1 percent, while unit profits rose
2.5 percent (annual rates).  The implicit price deflator for nonfinancial
corporate output rose 0.4 percent in the first quarter.
 
     Table C shows indexes of the implicit price deflator and related series
for nonfinancial corporate output 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 1994, unit profits rose 126.5 percent, compared with a 23.7 percent increase
in unit costs. However, the rise in prices (30.0 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.
 
 
                                        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        123.7  125.0 120.5     164.7
 
       1992   127.7        124.4  126.9 118.0     177.2
       1993   128.6        123.8  127.0 115.8     201.9
       1994   130.0        123.7  126.7 116.0     226.5
 
       1994:
          I   129.4        123.5  126.2 116.6     218.2
          II  129.9        123.4  126.7 115.2     228.7
          III 130.5        124.0  127.1 116.2     228.8
          IV  130.4        123.8  127.0 115.9     230.3
 
       1995:
          I   130.5        124.3  127.6 116.1     224.9
 
 
REVISED MEASURES
 
     Current and previous measures for the first quarter of 1995 for business,
nonfarm business, and manufacturing are compared in table D.  The quarterly
movements differ from those reported on May 9, based on information then
available.
 
     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
that depend on these series.  Measures of output for the manufacturing sector
also were revised to incorporate new data on real gross product originating
(GPO) for 1993.  See tables 1-6 and appendix tables 1-6 for the revised data
for the years beginning with 1990.
 
 
                                        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 1995
Business:
 Previous.....  0.4    3.2     2.8   3.9   0.8     3.5
 Current .....  2.2    4.4     2.2   4.0   0.9     1.8
 
Nonfarm business:
 Previous.....  0.7    3.3     2.6   4.1   1.0     3.4
 Current .....  2.7    4.7     2.0   4.3   1.2     1.6
 
Manufacturing:
 Previous.....  3.6    6.1     2.4   4.9   1.7     1.2
 Current .....  3.4    5.1     1.6   4.7   1.6     1.3
 
 
     The BLS plans to switch to annually-weighted output indexes for
computations underlying its regular Productivity and Costs news releases,
beginning in late 1995 or early 1996.  These output indexes are designed to
eliminate a source of bias in aggregate measures and to reduce the size of
future historical revisions to these measures.  A statement containing
information about these measures can be obtained from the Division of
Productivity Research (202-606-5606).
 
 
                               Next release date
 
     The next release of Productivity and Costs is scheduled for 10:00 AM EDT,
Tuesday, August 8, 1995. Preliminary second-quarter measures for business,
nonfarm business, and manufacturing will be released at that time.
 
 
                                        7
 
                                TECHNICAL NOTES
 
 
Labor Input:  The  primary  source  of  and miscellaneous  manufactures.  Non-
hours and  employment data  is the BLS  durables  include:  Food  and  kindred
Current  Employment  Statistics  (CES)  products,  tobacco  products,  textile
program, which provides monthly survey  mill products  apparel products, paper
data on  total employment  and average  and  allied   products,  printing  and
weekly hours  of production  and  non-  publishing,  chemicals   and  chemical
supervisory workers in nonagricultural  products,   petroleum   refining   and
establishments.   Jobs   rather   than  related industries, rubber and plastic
persons are  counted. Weekly hours are  products,    leather    and    leather
adjusted  to   the   hours   at   work  products. Manufacturing  accounted for
definition using the BLS Hours at Work  about  19  percent  of  GDP  in  1992.
survey, conducted for this purpose.     Quarterly     manufacturing     output
     Data   from   the   BLS   Current  measures are  based on  the  index  of
Population Survey  (CPS) are  used for  industrial production prepared monthly
farm labor; in the nonfarm sector, the  by  the  Board  of  Governors  of  the
National Income  and Product  Accounts  Federal Reserve System adjusted by BLS
(NIPA) prepared  by the Bureau of Eco-  to annual  manufacturing output levels
nomic Analysis  of the  Department  of  (gross product  originating) from  the
Commerce  and  the  CPS  are  used  to  National Income  and Product  Accounts
measure  labor  input  for  government  prepared by  the  Bureau  of  Economic
enterprises,  proprietors  and  unpaid  Analysis of  the  U.S.  Department  of
family workers.                         Commerce.
                                             Nonfinancial corporate  output is
Output: Business  output is  equal  to  equal to GDP in constant 1987 dollars,
gross  domestic   product   (GDP)   in  less   the    output   of    nonprofit
constant 1987  dollars,  less  general  institutions, output of paid employees
government,   output    of   nonprofit  of private households, rental value of
institutions, output of paid employees  owner-occupied              dwellings,
of private households, rental value of  unincorporated business, the output of
owner-occupied dwellings, and the sta-  corporations engaged  in banking,  fi-
tistical discrepancy  in computing the  nance, stock  and  commodity  trading,
NIPA.  Corresponding   exclusions  are  and credit and insurance agencies, and
also made  in labor  inputs.  Business  the   statistical    discrepancy    in
output was  about 78 percent of GDP in  computing   the   NIPA.   Nonfinancial
1992. Nonfarm business, which also ex-  corporations accounted  for  about  56
cludes farming,  was about  77 percent  percent of GDP in 1992.
of GDP in 1992.
     Total manufacturing  measures are  Productivity: These  productivity mea-
computed by  summing  series  prepared  sures   describe    the   relationship
for the  durable and  nondurable goods  between real output and the labor time
sectors.    Durables    include    the  involved in  its production. They show
following  2-digit   SIC   industries:  the changes  from period  to period in
Primary metal  industries;  fabricated  the amount  of goods and services pro-
metal     products;      nonelectrical  duced   per   hour.   Although   these
machinery; industrial  and  commercial  measures relate  output  to  hours  at
machinery  and   computer   equipment;  work  of  all  persons  engaged  in  a
electronic   and    other   electrical  sector,  they   do  not   measure  the
equipment;  transportation  equipment;  specific   contribution    of   labor,
instruments; lumber  and lumber  prod-  capital,  or   any  other   factor  of
ucts; furniture  and fixtures;  stone,  production. Rather,  they reflect  the
clay, and glass and concrete products;  joint  effects   of  many  influences,
 
 
                                        8
including   changes   in   technology;
capital investment;  level of  output;       Information in  this release will
utilization of  capacity, energy,  and  be made  available to sensory-impaired
materials; the organization of produc-  individuals upon request. Voice phone:
tion;  managerial   skill;   and   the  202-606-STAT; TDD phone: 202-606-5897;
characteristics and effort of the work  TDD message  referral phone number: 1-
force.                                  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     116.2      138.1     118.9    r158.7       107.0     136.6       149.5       140.8
            II    r116.3      139.6    r120.0    r159.9       107.0     137.5       149.6       141.4
           III    r117.0      140.9    r120.5    r160.6      r107.0    r137.3      r150.5       141.6
            IV    r118.4      143.9    r121.5    r161.3      r106.6    r136.2      r154.0       142.1
 
        ANNUAL    r117.0      140.6    r120.2    r160.1      r106.9     136.9       150.9       141.5
 
  1994       I    r118.9      145.8    r122.6    r163.3      r107.4    r137.3      r153.4       142.6
            II    r118.5      147.2    r124.2    r163.6      r106.9    r138.1      r155.6       143.8
           III    r119.5      148.8    r124.6    r164.9      r106.8    r138.0      r157.8       144.5
            IV    r120.7      151.6    r125.6    r166.4      r107.2     137.8      r159.0       144.8
 
        ANNUAL    r119.7      148.4    r123.9    r165.1      r107.5     137.9       156.3       143.9
 
  1995       I    r121.4     r153.3    r126.3    r168.0      r107.4    r138.4      r159.5      r145.3
  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)
 
  1993       I     r-2.1        0.6      r2.7      r2.5       r-0.6       4.6       r-1.9         2.3
            II       0.6        4.2       3.6       3.1         0.1       2.5         0.3         1.7
           III      r2.2        4.0      r1.7      r1.8        r0.1     r-0.4        r2.4         0.6
            IV      r5.0        8.6      r3.5      r1.7       r-1.5     r-3.2        r9.6         1.2
 
        ANNUAL      r1.3        3.8      r2.4      r3.4        r0.4       2.0        r1.8         1.9
 
  1994       I      r1.8        5.5      r3.6      r5.1        r2.9      r3.2       r-1.6         1.5
            II     r-1.4        3.7      r5.2      r0.9       r-1.7       2.3        r5.9         3.5
           III      r3.2        4.5      r1.3      r3.1       r-0.4     r-0.1        r5.8         2.0
            IV      r4.3        7.8      r3.3      r3.6        r1.3     r-0.7        r3.1         0.7
 
        ANNUAL      r2.4        5.5      r3.1      r3.1        r0.5       0.7         3.6         1.7
 
  1995       I      r2.2       r4.4      r2.2      r4.0        r0.9      r1.8        r1.4        r1.6
 
 
 
  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year
 
  1993       I       1.5        3.3       1.8       4.3         1.1      r2.7         0.7         2.0
            II      r1.3        3.8      r2.5      r3.9        r0.8      r2.6         0.6         1.9
           III      r1.0        3.6      r2.6      r3.0        r0.2       2.0        r3.2         2.4
            IV      r1.4        4.3      r2.9      r2.3       r-0.5      r0.8        r2.5         1.4
 
        ANNUAL      r1.3        3.8      r2.4      r3.4        r0.4       2.0        r1.8         1.9
 
  1994       I      r2.4        5.6      r3.1      r2.9        r0.4      r0.5        r2.6         1.2
            II      r1.9        5.4      r3.5      r2.3       r-0.1      r0.4        r4.0         1.7
           III      r2.1        5.6      r3.4      r2.7       r-0.2      r0.5         4.8         2.0
            IV      r2.0        5.4      r3.4      r3.2        r0.5      r1.2        r3.2         1.9
 
        ANNUAL      r2.4        5.5      r3.1      r3.1        r0.5       0.7         3.6         1.7
 
  1995       I      r2.1       r5.1      r3.0      r2.9        r0.0      r0.8        r4.0        r1.9
  ---------------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                      June 21, 1995
  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      138.3     120.9     157.2      r105.9    r137.4       151.5       142.0
            II     114.5      139.9    r122.2    r158.1       105.8     138.1       151.8       142.5
           III    r115.3      141.5    r122.8    r158.7      r105.7     137.7      r153.6       142.8
            IV    r116.5      144.3    r123.8    r159.3      r105.3    r136.8      r156.3       143.1
 
        ANNUAL    r115.2      141.0    r122.4    r158.3      r105.7     137.5      r153.4       142.6
 
  1994       I    r117.0      146.1    r124.9    r161.2      r106.0    r137.8      r155.5       143.5
            II    r116.6      147.3    r126.3    r161.8      r105.7    r138.8      r158.3       145.1
           III    r117.3      148.8    r126.8    r162.9      r105.5    r138.8      r160.9       145.9
            IV    r118.6      151.6    r127.9    r164.4      r105.9     138.7      r161.8       146.1
 
        ANNUAL    r117.7      148.5    r126.1    r163.1      r106.2     138.6      r159.1       145.2
 
  1995       I    r119.4     r153.4    r128.5    r166.2      r106.2    r139.2      r162.3       146.7
  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)
 
  1993       I     r-2.2        1.0      r3.2      r1.9       r-1.1       4.1        -1.4         2.2
            II       0.4        4.7      r4.2       2.4        -0.6       2.0         0.8         1.6
           III      r2.9        4.9      r1.9      r1.5       r-0.2     r-1.3        r4.7         0.7
            IV      r4.2        7.9      r3.5      r1.6       r-1.6     r-2.5        r7.3         0.8
 
        ANNUAL      r1.3        4.1      r2.7      r3.0        r0.0       1.7         2.4         1.9
 
  1994       I      r1.7        5.2      r3.4      r4.9        r2.7       3.1        -2.1         1.2
            II     r-1.4        3.2      r4.7      r1.4       r-1.2      r2.8        r7.6         4.5
           III      r2.7        4.3      r1.6      r2.7       r-0.8      r0.0        r6.7         2.3
            IV      r4.3        7.7      r3.3      r3.8        r1.5     r-0.4        r2.2         0.5
 
        ANNUAL      r2.2        5.3      r3.0      r3.0        r0.4       0.8         3.7         1.8
 
  1995       I      r2.7       r4.7      r2.0      r4.3        r1.2      r1.6        r1.3        r1.5
 
 
 
  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year
 
  1993       I       1.6        3.5       1.9       4.2         1.0       2.6         1.3         2.1
            II      r1.1        4.0      r2.9      r3.5        r0.4       2.4        r1.0         1.9
           III      r1.2        4.2      r2.9      r2.6       r-0.2      r1.3         4.4         2.4
            IV      r1.3        4.6      r3.2      r1.9       r-0.9      r0.5        r2.8         1.3
 
        ANNUAL      r1.3        4.1      r2.7      r3.0        r0.0       1.7         2.4         1.9
 
  1994       I      r2.3        5.7      r3.3      r2.6        r0.1       0.3        r2.6         1.1
            II      r1.8        5.3      r3.4      r2.3       r-0.1      r0.5        r4.3         1.8
           III      r1.8        5.2      r3.3      r2.6       r-0.2      r0.8         4.8         2.2
            IV      r1.8        5.1      r3.3      r3.2        r0.6      r1.4        r3.5         2.1
 
        ANNUAL      r2.2        5.3      r3.0      r3.0        r0.4       0.8         3.7         1.8
 
  1995       I      r2.0       r5.0      r2.9      r3.0        r0.2      r1.0        r4.4         2.2
  ---------------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                      June 21, 1995
  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         c,r130.8     c,r134.8       r103.0       r149.9          r101.0     c,r114.6
            II         c,r131.3     c,r135.6       r103.2       r151.7          r101.5     c,r115.5
           III         c,r132.1     c,r136.8       r103.6       r152.5          r101.6     c,r115.4
            IV           c133.6     c,r139.3       r104.2       r153.3          r101.4     c,r114.7
 
        ANNUAL         c,r132.0     c,r136.6       r103.5       r152.0          r101.5     c,r115.1
 
  1994       I         c,r135.4     c,r141.8       r104.7       r154.3          r101.4     c,r113.9
            II         c,r136.8     c,r144.3       r105.4       r153.6          r100.3     c,r112.2
           III         c,r138.0     c,r146.3       r106.0       r154.5          r100.0     c,r111.9
            IV         c,r139.3     c,r149.2       r107.1       r155.9          r100.4     c,r112.0
 
        ANNUAL         c,r137.4     c,r145.4       r105.8       r154.5          r100.6     c,r112.5
 
  1995       I         c,r140.4     c,r151.0       r107.5       r157.7          r100.8     c,r112.3
  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)
 
  1993       I           c,r5.4       c,r7.8         r2.2        r-2.1           r-5.0      c,r-7.1
            II           c,r1.5       c,r2.3         r0.8         r4.9            r1.8       c,r3.3
           III           c,r2.5       c,r3.8         r1.2         r2.0            r0.4      c,r-0.4
            IV           c,r4.7       c,r7.4         r2.6         r2.3           r-0.9      c,r-2.3
 
        ANNUAL           c,r3.6       c,r5.0         r1.4         r2.7           r-0.3      c,r-0.8
 
  1994       I             r5.4         r7.5         r2.0         r2.4            r0.3        r-2.8
            II             r4.3          7.2         r2.8        r-1.8           r-4.2        r-5.8
           III             r3.4         r5.7         r2.2         r2.4           r-1.2        r-1.0
            IV             r3.7         r8.1         r4.2         r3.8            r1.5         r0.1
 
        ANNUAL           c,r4.0       c,r6.4         r2.3         r1.7           r-0.9      c,r-2.3
 
  1995       I             r3.4       c,r5.1         r1.6         r4.7            r1.6         r1.3
 
 
 
  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
 
  1993       I           c,r3.6       c,r4.9          1.3          3.3             0.1      c,r-0.3
            II           c,r3.8       c,r4.7         r0.9         r3.3            r0.2      c,r-0.5
           III           c,r3.5       c,r5.0         r1.4         r2.8            r0.0      c,r-0.7
            IV           c,r3.5       c,r5.3         r1.7         r1.7           r-1.0      c,r-1.7
 
        ANNUAL           c,r3.6       c,r5.0         r1.4         r2.7           r-0.3      c,r-0.8
 
  1994       I           c,r3.5       c,r5.2         r1.6         r2.9            r0.4      c,r-0.6
            II           c,r4.2       c,r6.4         r2.1         r1.2           r-1.1      c,r-2.9
           III           c,r4.5       c,r6.9         r2.4         r1.3           r-1.5      c,r-3.0
            IV             r4.2          7.1         r2.8         r1.7           r-0.9        r-2.4
 
        ANNUAL           c,r4.0       c,r6.4         r2.3         r1.7           r-0.9      c,r-2.3
 
  1995       I             r3.7         r6.5         r2.7         r2.3           r-0.6        r-1.4
  --------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                June 21, 1995
  r=revised c=correction of data issued on June 14                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         c,r143.0     c,r143.4       r100.3        147.4            99.3     c,r103.1
            II         c,r144.2     c,r144.8       r100.4       r148.8           r99.6     c,r103.2
           III         c,r145.2     c,r146.7       r101.1       r149.2           r99.4     c,r102.8
            IV         c,r148.2     c,r151.0       r101.9       r150.2           r99.3     c,r101.3
 
        ANNUAL         c,r145.3     c,r146.5       r100.8       r149.0           r99.5     c,r102.6
 
  1994       I         c,r150.3     c,r154.4       r102.7       r151.2           r99.4     c,r100.6
            II         c,r151.7     c,r157.1       r103.6       r150.0           r98.0      c,r98.9
           III         c,r153.3     c,r160.1       r104.4       r150.7           r97.6      c,r98.3
            IV         c,r154.9     c,r163.9       r105.8       r152.4           r98.2      c,r98.4
 
        ANNUAL         c,r152.6     c,r158.9       r104.1       r151.0           r98.3      c,r99.0
 
  1995       I         c,r156.5     c,r166.5       r106.4       r154.4           r98.7      c,r98.7
  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)
 
  1993       I           c,r9.0      c,r11.7         r2.5        r-4.9            -7.7     c,r-12.7
            II           c,r3.6       c,r4.1         r0.4         r4.0            r0.9       c,r0.3
           III           c,r2.7       c,r5.4         r2.7         r1.1           r-0.6      c,r-1.5
            IV           c,r8.5      c,r12.1         r3.3         r2.6           r-0.7      c,r-5.4
 
        ANNUAL           c,r5.9      c, r7.4         r1.5         r2.0           r-0.9      c,r-3.6
 
  1994       I             r5.9          9.5         r3.4         r2.7            r0.5        r-3.1
            II             r3.6          7.1         r3.4        r-3.1           r-5.6        r-6.5
           III             r4.4          7.8         r3.3         r2.1           r-1.5        r-2.3
            IV             r4.1          9.7         r5.4         r4.5            r2.2         r0.4
 
        ANNUAL           c,r5.0       c,r8.5         r3.3         r1.3           r-1.2      c,r-3.5
 
  1995       I             r4.2         r6.5         r2.3         r5.3            r2.1         r1.0
 
 
 
  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
 
  1993       I           c,r5.9       c,r7.0          1.0          3.0           r-0.2      c,r-2.7
            II           c,r6.1       c,r7.0         r0.9         r2.7           r-0.4      c,r-3.2
           III           c,r5.7       c,r7.5         r1.8         r2.0           r-0.8      c,r-3.5
            IV           c,r5.9       c,r8.3         r2.2         r0.6           r-2.0      c,r-5.0
 
        ANNUAL           c,r5.9       c,r7.4         r1.5         r2.0           r-0.9      c,r-3.6
 
  1994       I           c,r5.2       c,r7.7         r2.4         r2.6            r0.1      c,r-2.5
            II           c,r5.1       c,r8.5         r3.2         r0.8           r-1.6      c,r-4.2
           III           c,r5.6       c,r9.1         r3.3         r1.0           r-1.8      c,r-4.3
            IV             r4.5          8.5         r3.8         r1.5           r-1.1         -2.9
 
        ANNUAL           c,r5.0       c,r8.5         r3.3         r1.3           r-1.2      c,r-3.5
 
  1995       I             r4.1         r7.8         r3.6         r2.1           r-0.7         -1.9
  --------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                June 21, 1995
  r=revised c=correction of data issued on June 14                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         c,r116.2     c,r124.2       r106.9       r155.1          r104.5     c,r133.5
            II         c,r115.8     c,r124.2       r107.3       r157.5          r105.4     c,r136.0
           III         c,r116.4     c,r124.6       r107.1       r158.7          r105.8     c,r136.4
            IV         c,r116.2     c,r124.9       r107.5       r159.4          r105.4     c,r137.2
 
        ANNUAL         c,r116.1     c,r124.5       r107.2       r157.7          r105.3     c,r135.8
 
  1994       I         c,r117.4     c,r126.3       r107.5       r160.1          r105.3     c,r136.4
            II         c,r119.0     c,r128.6       r108.1       r160.2          r104.7     c,r134.7
           III         c,r119.5     c,r129.4       r108.3       r161.3          r104.5     c,r135.0
            IV         c,r120.4     c,r131.2       r109.0       r162.3          r104.5     c,r134.8
 
        ANNUAL         c,r119.0     c,r128.9       r108.2       r161.0          r104.8     c,r135.2
 
  1995       I         c,r121.0     c,r132.1       r109.1       r163.8          r104.7     c,r135.4
  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)
 
  1993       I           c,r0.7       c,r2.6         r1.9         r2.3           r-0.7       c,r1.6
            II          c,r-1.3      c,r-0.1         r1.2         r6.3            r3.2       c,r7.7
           III           c,r2.1       c,r1.4        r-0.7         r3.2            r1.5       c,r1.1
            IV          c,r-0.7       c,r0.9         r1.5         r1.8           r-1.5       c,r2.5
 
        ANNUAL           c,r0.4       c,r1.7         r1.2         r3.8            r0.8       c,r3.3
 
  1994       I             r4.4          4.6         r0.1         r1.8           r-0.4        r-2.6
            II             r5.4          7.4         r1.9         r0.3           r-2.2        r-4.8
           III             r1.8          2.5         r0.7         r2.6           r-0.9         r0.8
            IV             r2.9          5.6          2.6         r2.5            r0.3        r-0.4
 
        ANNUAL           c,r2.5       c,r3.5         r1.0         r2.0           r-0.5      c,r-0.4
 
  1995       I             r2.1         r2.8         r0.7         r3.8            r0.7         r1.6
 
 
 
  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
 
  1993       I           c,r0.5       c,r2.2         r1.6          3.8             0.6       c,r3.2
            II           c,r0.7       c,r1.7         r1.0         r4.3            r1.1       c,r3.6
           III           c,r0.6       c,r1.6         r1.0         r4.0            r1.1       c,r3.3
            IV           c,r0.2       c,r1.2         r1.0         r3.4            r0.6       c,r3.2
 
        ANNUAL           c,r0.4       c,r1.7         r1.2         r3.8            r0.8       c,r3.3
 
  1994       I           c,r1.1       c,r1.7         r0.6         r3.2            r0.7       c,r2.1
            II           c,r2.8       c,r3.5         r0.7         r1.7           r-0.6      c,r-1.0
           III           c,r2.7       c,r3.8         r1.1         r1.6           r-1.2         -1.1
            IV             r3.6          5.0         r1.3         r1.8           r-0.8        r-1.8
 
        ANNUAL           c,r2.5       c,r3.5         r1.0         r2.0           r-0.5      c,r-0.4
 
  1995       I             r3.0         r4.6          1.5         r2.3           r-0.6        r-0.7
  --------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                June 21, 1995
  r=revised c=correction of data issued on June 14                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   r153.9    r103.7     128.3    116.8    125.0    183.7    128.7
            II   r121.2     145.9   r120.4   r154.4    r103.3     127.3    115.8    124.1    199.4    128.7
           III   r122.2     148.1   r121.2   r154.8    r103.1     126.7    115.8    123.6    202.5    128.5
            IV   r123.4     150.9   r122.3   r155.0    r102.5     125.7    114.8    122.6    220.9    128.7
 
        ANNUAL   r121.8     147.0   r120.8   r154.6    r103.3     127.0    115.8    123.8    201.9    128.6
 
  1994       I   r124.0     153.0   r123.4   r156.5    r102.9     126.2    116.6    123.5    218.2    129.4
            II   r123.8     154.8   r125.1   r156.8    r102.4     126.7    115.2    123.4    228.7    129.9
           III   r124.3     156.5   r125.9   r157.9    r102.3     127.1    116.2    124.0    228.8    130.5
            IV   r125.3     159.6   r127.4   r159.1    r102.5     127.0    115.9    123.8    230.3    130.4
 
        ANNUAL   r124.8     156.0   r125.0   r158.2    r103.0     126.7    116.0    123.7    226.5    130.0
 
  1995       I    125.9     161.4    128.2    160.6     102.7     127.6    116.1    124.3    224.9    130.5
  ----------------------------------------------------------------------------------------------------------
                               Percent change from previous quarter at annual rate(5)
 
  1993       I    r-2.2      -0.3     r2.0     r2.0     r-1.0       4.4      3.6      4.2    -14.9      2.3
            II     r4.6       7.5      2.8      1.4     r-1.5      -3.0     -3.3     -3.1     38.9      0.2
           III     r3.2       6.0     r2.7     r1.0     r-0.7      -2.1      0.0     -1.6      6.5     -0.8
            IV     r3.9       7.8     r3.8     r0.6     r-2.6      -3.1     -3.4     -3.2     41.5      0.6
 
        ANNUAL     r2.8       5.0     r2.2     r2.8     r-0.2       0.0     -1.9     -0.5     14.0      0.8
 
  1994       I     r2.0       5.8     r3.7     r3.9      r1.7       1.8      6.6      3.1     -4.9      2.2
            II    r-0.8       4.8     r5.6     r0.6     r-1.9       1.4     -4.8     -0.3     20.7      1.8
           III     r1.6       4.2     r2.5     r2.9     r-0.7       1.2      3.5      1.8      0.3      1.7
            IV     r3.4       8.4     r4.8     r3.2      r0.9      -0.3     -1.1     -0.5      2.5     -0.2
 
        ANNUAL     r2.5       6.1     r3.5     r2.3     r-0.2      -0.2      0.2     -0.1     12.2      1.1
 
  1995       I      1.8       4.5      2.7      3.8       0.8       2.0      0.8      1.6     -9.0      0.4
 
 
 
  ----------------------------------------------------------------------------------------------------------
                            Percent change from corresponding quarter of previous year
 
  1993       I     r2.7       4.4      1.6      4.2       1.0       1.4     -2.1      0.5      7.8      1.1
            II     r3.0       5.1     r2.0     r3.3      r0.1       0.2     -1.8     -0.3     13.6      0.8
           III     r2.6       5.2     r2.5     r2.2     r-0.6      -0.4     -2.7     -1.0     18.5      0.6
            IV     r2.3       5.2     r2.8     r1.3     r-1.4      -1.0     -0.8     -1.0     15.5      0.6
 
        ANNUAL     r2.8       5.0     r2.2     r2.8     r-0.2       0.0     -1.9     -0.5     14.0      0.8
 
  1994       I     r3.4       6.8     r3.3     r1.7     r-0.8      -1.6     -0.1     -1.2     18.8      0.5
            II     r2.1       6.1     r4.0     r1.5     r-0.9      -0.5     -0.5     -0.5     14.7      0.9
           III     r1.7       5.7     r3.9     r2.0     r-0.9       0.3      0.4      0.3     13.0      1.6
            IV     r1.6       5.8     r4.2     r2.6      r0.0       1.0      1.0      1.0      4.2      1.4
 
        ANNUAL     r2.5       6.1     r3.5     r2.3     r-0.2      -0.2      0.2     -0.1     12.2      1.1
 
  1995       I      1.5       5.5      3.9      2.6      -0.2       1.1     -0.5      0.7      3.1      0.9
  ----------------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                        June 21, 1995
  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)  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 labor and nonlabor costs.
 
(8)  Unit profits include corporate profits with inventory valuation and
     capital consumption adjustments.
 
 
 
 
  Appendix table 1.
  Business sector: Productivity, hourly compensation, unit labor costs, and prices, seasonally
  adjusted
                                                             Real
     Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
     and        hour of                of all    tion per    tion per    labor    labor pay-  price
     quarter    all persons   Output   persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
  ---------------------------------------------------------------------------------------------------------
                                           Indexes 1982=100
 
  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     139.8       104.3       125.8    140.3       130.6
           III    110.8      133.3     120.3     141.8       103.9       127.9    139.7       131.8
            IV    110.5      132.1     119.6     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    111.4      131.5     118.1     145.1       103.8       130.3    143.8       134.7
            II    112.0      131.9     117.7     146.6       104.3       130.9    145.1       135.6
           III    112.3      132.2     117.6     148.1       104.6       131.9    145.4       136.3
            IV    113.0      132.6     117.4     150.1       105.1       132.9    145.2       136.9
 
        ANNUAL    112.1      132.0     117.7     147.4       104.4       131.5    144.9       135.9
 
  1992       I    114.4      133.7     116.8     152.2       105.8       133.0    148.4       138.0
            II    114.9      134.4     117.0     153.8       106.2       133.9    148.7       138.8
           III    115.8      136.1     117.5     156.0       106.8       134.7    145.8       138.3
            IV    116.8      137.9     118.1     157.7       107.1       135.1    150.2       140.1
 
        ANNUAL    115.5      135.5     117.4     154.9       106.6       134.2    148.3       138.8
  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)
 
  1990       I      1.7        3.7       2.0       7.3         0.2         5.6      3.6         4.9
            II      3.4        2.5      -0.8       7.5         3.2         3.9      4.1         4.0
           III     -1.1       -3.0      -2.0       5.7        -1.3         6.8     -1.9         3.7
            IV     -1.1       -3.6      -2.5       4.9        -1.9         6.1      1.4         4.5
 
        ANNUAL      0.7        0.7       0.1       5.7         0.3         5.0      2.3         4.1
 
  1991       I      3.2       -1.8      -4.8       4.5         1.5         1.3     10.8         4.5
            II      2.4        1.1      -1.3       4.3         1.8         1.9      3.7         2.5
           III      1.1        0.9      -0.2       4.2         1.1         3.0      0.9         2.3
            IV      2.3        1.2      -1.0       5.5         2.0         3.1     -0.7         1.7
 
        ANNUAL      1.3       -1.0      -2.3       4.8         0.6         3.5      3.7         3.5
 
  1992       I      5.3        3.4      -1.8       5.6         2.8         0.3      9.2         3.3
            II      1.5        2.2       0.7       4.4         1.3         2.9      0.9         2.2
           III      3.3        4.9       1.6       5.7         2.5         2.3     -7.6        -1.3
            IV      3.3        5.6       2.2       4.6         1.1         1.2     12.6         5.1
 
        ANNUAL      3.0        2.7      -0.3       5.1         2.0         2.1      2.3         2.2
 
 
 
  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year
 
  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      1.1       -1.5      -2.6       5.6         0.3         4.5      3.5         4.2
            II      0.8       -1.9      -2.7       4.8         0.0         4.0      3.4         3.8
           III      1.4       -0.9      -2.2       4.5         0.6         3.1      4.1         3.4
            IV      2.2        0.4      -1.8       4.6         1.6         2.3      3.6         2.8
 
        ANNUAL      1.3       -1.0      -2.3       4.8         0.6         3.5      3.7         3.5
 
  1992       I      2.8        1.7      -1.1       4.9         1.9         2.1      3.2         2.5
            II      2.5        2.0      -0.6       4.9         1.8         2.3      2.5         2.4
           III      3.1        3.0      -0.1       5.3         2.2         2.1      0.3         1.5
            IV      3.3        4.0       0.7       5.1         1.9         1.7      3.5         2.3
 
        ANNUAL      3.0        2.7      -0.3       5.1         2.0         2.1      2.3         2.2
  ---------------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                      June 21, 1995
                                                                        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
 
  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       102.9       128.6    140.5       132.4
            IV    108.9      132.2     121.4     142.2       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    109.9      131.7     119.8     143.8       102.9       130.9    145.4       135.6
            II    110.6      132.0     119.4     145.4       103.4       131.5    146.3       136.3
           III    110.9      132.4     119.4     147.0       103.7       132.5    147.0       137.2
            IV    111.5      132.8     119.2     148.8       104.2       133.5    147.2       137.9
 
        ANNUAL    110.7      132.2     119.5     146.2       103.6       132.1    146.5       136.7
 
  1992       I    112.6      133.6     118.7     150.8       104.9       134.0    149.5       139.0
            II    113.2      134.4     118.7     152.7       105.4       134.9    150.4       139.9
           III    113.9      135.9     119.3     154.7       105.9       135.8    147.1       139.5
            IV    115.0      137.9     120.0     156.4       106.2       136.1    152.1       141.2
 
        ANNUAL    113.7      135.5     119.2     153.7       105.7       135.2    149.7       139.9
  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)
 
  1990       I      0.7        3.4       2.6       6.4        -0.6         5.7      3.0         4.7
            II      3.0        2.3      -0.7       7.1         2.9         4.0      5.0         4.4
           III     -1.3       -3.1      -1.8       5.7        -1.3         7.2     -1.8         4.0
            IV     -0.6       -3.8      -3.2       5.4        -1.4         6.1      3.0         5.0
 
        ANNUAL      0.4        0.6       0.2       5.5         0.1         5.1      2.5         4.2
 
  1991       I      3.5       -1.6      -5.0       4.8         1.7         1.2     11.6         4.6
            II      2.4        1.1      -1.3       4.4         2.0         2.0      2.3         2.1
           III      1.4        1.1      -0.3       4.4         1.2         2.9      2.0         2.6
            IV      1.9        1.2      -0.7       5.2         1.8         3.2      0.5         2.3
 
        ANNUAL      1.5       -1.0      -2.4       5.0         0.8         3.5      4.2         3.7
 
  1992       I      4.0        2.4      -1.6       5.5         2.7         1.4      6.5         3.2
            II      2.3        2.5       0.2       5.0         1.9         2.7      2.2         2.5
           III      2.4        4.4       1.9       5.3         2.2         2.9     -8.5        -1.2
            IV      3.9        6.2       2.2       4.6         1.1         0.6     14.3         5.1
 
        ANNUAL      2.7        2.4      -0.3       5.1         2.0         2.4      2.2         2.3
 
 
 
  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year
 
  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      2.6         4.0
           III      0.6        0.6       0.0       6.1         0.6         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      1.1       -1.6      -2.7       5.8         0.5         4.6      4.3         4.5
            II      1.0       -1.9      -2.8       5.1         0.2         4.1      3.7         3.9
           III      1.7       -0.8      -2.4       4.7         0.9         3.0      4.7         3.6
            IV      2.3        0.5      -1.8       4.7         1.7         2.3      4.0         2.9
 
        ANNUAL      1.5       -1.0      -2.4       5.0         0.8         3.5      4.2         3.7
 
  1992       I      2.4        1.4      -1.0       4.9         1.9         2.4      2.8         2.5
            II      2.4        1.8      -0.6       5.0         1.9         2.6      2.8         2.6
           III      2.6        2.6       0.0       5.3         2.1         2.5      0.0         1.7
            IV      3.1        3.8       0.7       5.1         2.0         1.9      3.3         2.4
 
        ANNUAL      2.7        2.4      -0.3       5.1         2.0         2.4      2.2         2.3
  ---------------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                      June 21, 1995
                                                                        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
 
  1990       I        121.0         130.7       108.0       131.8            99.3         109.0
            II        120.9         130.9       108.3       133.7            99.7         110.6
           III        122.6         131.3       107.1       135.1            99.0         110.2
            IV        123.2         129.7       105.3       137.6            99.2         111.6
 
        ANNUAL        122.1         130.6       107.0       134.7            99.5         110.4
 
  1991       I        123.3         127.0       103.0       139.6            99.9         113.2
            II        124.3         127.4       102.5       141.2           100.4         113.5
           III        125.8         129.2       102.7       142.4           100.5         113.1
            IV        126.1         129.1       102.4       144.6           101.3         114.7
 
        ANNUAL        124.9         128.2       102.7       141.9           100.5         113.7
 
  1992       I        126.2         128.4       101.7       145.1           100.9         115.0
            II        126.5         129.4       102.3       146.8           101.3         116.1
           III        127.6         130.3       102.1       148.3           101.6         116.3
            IV        129.1         132.3       102.5       150.7           102.3         116.8
 
        ANNUAL        127.5         130.1       102.0       147.9           101.7         116.0
  -----------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)
 
  1990       I          4.3           3.3        -0.9         4.9            -2.0           0.7
            II         -0.4           0.5         0.9         5.9             1.7           6.3
           III          5.9           1.5        -4.2         4.1            -2.8          -1.7
            IV          2.1          -4.8        -6.7         7.6             0.6           5.4
 
        ANNUAL          1.8          -0.4        -2.2         5.3            -0.1           3.5
 
  1991       I          0.2          -8.1        -8.3         6.1             3.0           5.9
            II          3.4           1.2        -2.1         4.4             2.0           1.0
           III          5.0           5.9         0.9         3.4             0.3          -1.5
            IV          0.7          -0.6        -1.3         6.5             3.1           5.8
 
        ANNUAL          2.3          -1.9        -4.1         5.4             1.1           3.0
 
  1992       I          0.6          -1.9        -2.4         1.5            -1.2           0.9
            II          0.8           3.1         2.3         4.7             1.6           3.9
           III          3.5           2.6        -0.9         4.2             1.1           0.7
            IV          4.7           6.3         1.5         6.5             3.0           1.7
 
        ANNUAL          2.1           1.5        -0.6         4.2             1.2           2.1
 
 
 
  -----------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
 
  1990       I          0.5          -1.5        -2.0         4.1            -1.1           3.6
            II          0.3          -1.0        -1.3         5.6             0.9           5.3
           III          3.0           0.8        -2.1         5.5            -0.1           2.4
            IV          2.9           0.1        -2.8         5.6            -0.6           2.6
 
        ANNUAL          1.8          -0.4        -2.2         5.3            -0.1           3.5
 
  1991       I          1.9          -2.8        -4.6         5.9             0.6           3.9
            II          2.9          -2.6        -5.4         5.6             0.7           2.6
           III          2.6          -1.6        -4.1         5.4             1.5           2.7
            IV          2.3          -0.5        -2.8         5.1             2.1           2.8
 
        ANNUAL          2.3          -1.9        -4.1         5.4             1.1           3.0
 
  1992       I          2.4           1.1        -1.2         3.9             1.0           1.5
            II          1.7           1.6        -0.2         4.0             0.9           2.2
           III          1.4           0.8        -0.6         4.2             1.1           2.8
            IV          2.4           2.5         0.1         4.2             1.1           1.8
 
        ANNUAL          2.1           1.5        -0.6         4.2             1.2           2.1
  -----------------------------------------------------------------------------------------------
  See footnotes following table 6.                             June 21, 1995
                                                               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
 
  1990       I        126.4         136.8       108.2       129.6            97.7         102.6
            II        127.0         137.7       108.4       131.4            98.0         103.5
           III        129.7         138.5       106.8       132.7            97.3         102.4
            IV        130.4         135.9       104.3       135.4            97.6         103.9
 
        ANNUAL        128.5         137.2       106.8       132.5            97.8         103.1
 
  1991       I        130.9         132.8       101.5       137.6            98.4         105.1
            II        132.1         133.3       101.0       138.8            98.7         105.1
           III        134.4         135.6       100.8       139.9            98.8         104.1
            IV        135.5         135.4        99.9       142.8            99.9         105.3
 
        ANNUAL        133.2         134.3       100.8       139.7            99.0         104.9
 
  1992       I        135.0         134.0        99.3       143.1            99.5         106.0
            II        136.0         135.4        99.5       144.9           100.0         106.6
           III        137.4         136.5        99.3       146.3           100.2         106.5
            IV        139.9         139.5        99.7       149.2           101.3         106.6
 
        ANNUAL        137.2         136.3        99.3       146.1           100.5         106.4
  -----------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)
 
  1990       I          3.4           2.0        -1.4         3.8            -3.1           0.3
            II          2.1           2.7         0.6         5.5             1.4           3.4
           III          8.7           2.3        -5.9         4.1            -2.8          -4.2
            IV          2.2          -7.1        -9.1         8.3             1.3           6.0
 
        ANNUAL          2.3          -1.1        -3.3         5.5             0.0           3.1
 
  1991       I          1.6          -8.9       -10.3         6.6             3.5           4.9
            II          3.6           1.6        -2.0         3.5             1.1          -0.1
           III          7.4           6.8        -0.5         3.2             0.2          -3.9
            IV          3.2          -0.5        -3.7         8.4             4.9           5.0
 
        ANNUAL          3.6          -2.1        -5.6         5.5             1.2           1.8
 
  1992       I         -1.5          -3.9        -2.4         0.9            -1.8           2.4
            II          3.0           4.0         1.0         5.3             2.1           2.2
           III          4.3           3.4        -0.8         3.9             0.8          -0.3
            IV          7.5           9.0         1.4         8.2             4.6           0.6
 
        ANNUAL          3.0           1.5        -1.5         4.5             1.5           1.4
 
 
 
  -----------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
 
  1990       I          0.6          -2.9        -3.5         4.3            -0.9           3.7
            II          0.5          -1.8        -2.3         5.8             1.2           5.3
           III          3.4           0.3        -2.9         5.5             0.0           2.1
            IV          4.1          -0.1        -4.0         5.4            -0.8           1.3
 
        ANNUAL          2.3          -1.1        -3.3         5.5             0.0           3.1
 
  1991       I          3.6          -2.9        -6.2         6.1             0.8           2.5
            II          4.0          -3.2        -6.9         5.6             0.7           1.6
           III          3.7          -2.1        -5.6         5.4             1.5           1.7
            IV          3.9          -0.4        -4.2         5.4             2.4           1.4
 
        ANNUAL          3.6          -2.1        -5.6         5.5             1.2           1.8
 
  1992       I          3.1           0.9        -2.2         4.0             1.1           0.8
            II          3.0           1.5        -1.4         4.4             1.3           1.4
           III          2.2           0.7        -1.5         4.6             1.5           2.3
            IV          3.3           3.0        -0.2         4.5             1.4           1.2
 
        ANNUAL          3.0           1.5        -1.5         4.5             1.5           1.4
  -----------------------------------------------------------------------------------------------
  See footnotes following table 6.                             June 21, 1995
                                                               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
 
  1990       I        114.4         123.3       107.7       135.5           102.1         118.4
            II        113.3         122.5       108.1       137.7           102.7         121.5
           III        113.9         122.6       107.6       139.2           102.0         122.2
            IV        114.5         122.1       106.7       141.6           102.1         123.7
 
        ANNUAL        114.1         122.6       107.4       138.6           102.3         121.4
 
  1991       I        114.0         119.9       105.2       143.6           102.7         126.0
            II        114.8         120.1       104.6       145.7           103.6         126.8
           III        115.3         121.5       105.3       147.1           103.8         127.5
            IV        114.6         121.3       105.9       148.6           104.0         129.7
 
        ANNUAL        114.7         120.7       105.3       146.2           103.6         127.5
 
  1992       I        115.5         121.6       105.2       149.5           104.0         129.4
            II        115.0         122.2       106.3       151.0           104.2         131.4
           III        115.7         122.6       106.0       152.7           104.6         132.0
            IV        116.0         123.4       106.5       154.2           104.7         133.0
 
        ANNUAL        115.6         122.5       105.9       152.0           104.6         131.4
  -----------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)
 
  1990       I          5.4           5.2        -0.2         7.0             0.0           1.6
            II         -3.7          -2.5         1.3         6.6             2.4          10.7
           III          2.1           0.3        -1.7         4.5            -2.4           2.3
            IV          1.9          -1.5        -3.3         7.1             0.1           5.1
 
        ANNUAL          1.1           0.6        -0.5         5.4             0.0           4.2
 
  1991       I         -1.7          -7.1        -5.5         5.8             2.7           7.6
            II          3.1           0.8        -2.2         5.9             3.4           2.7
           III          1.8           4.6         2.8         4.0             0.9           2.2
            IV         -2.6          -0.6         2.1         4.2             0.8           7.0
 
        ANNUAL          0.5          -1.6        -2.0         5.5             1.2           5.0
 
  1992       I          3.4           0.9        -2.5         2.3            -0.4          -1.0
            II         -2.0           1.9         4.0         4.2             1.0           6.3
           III          2.5           1.6        -0.9         4.5             1.4           2.0
            IV          1.0           2.6         1.6         4.1             0.6           3.0
 
        ANNUAL          0.9           1.5         0.6         4.0             0.9           3.1
 
 
 
  -----------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
 
  1990       I          0.3           0.6         0.2         4.1            -1.0           3.8
            II          0.0           0.0         0.0         5.4             0.7           5.4
           III          2.5           1.5        -0.9         5.6             0.0           3.0
            IV          1.4           0.3        -1.0         6.3             0.0           4.9
 
        ANNUAL          1.1           0.6        -0.5         5.4             0.0           4.2
 
  1991       I         -0.4          -2.7        -2.4         6.0             0.7           6.4
            II          1.3          -1.9        -3.2         5.8             0.9           4.4
           III          1.2          -0.9        -2.1         5.7             1.8           4.4
            IV          0.1          -0.7        -0.8         5.0             1.9           4.8
 
        ANNUAL          0.5          -1.6        -2.0         5.5             1.2           5.0
 
  1992       I          1.4           1.4         0.0         4.1             1.2           2.7
            II          0.1           1.7         1.6         3.7             0.6           3.6
           III          0.3           0.9         0.7         3.8             0.7           3.5
            IV          1.2           1.8         0.5         3.8             0.7           2.5
 
        ANNUAL          0.9           1.5         0.6         4.0             0.9           3.1
  -----------------------------------------------------------------------------------------------
  See footnotes following table 6.                             June 21, 1995
                                                               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
 
  1990       I   111.7     137.1    122.7    133.9    100.8      119.8   114.7    118.4    172.7    121.7
            II   113.1     138.5    122.4    136.3    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    140.2    101.0      123.8   119.1    122.5    153.1    124.4
 
        ANNUAL   112.7     137.3    121.8    137.1    101.3      121.7   116.3    120.1    167.5    123.1
 
  1991       I   114.0     135.0    118.5    141.6    101.4      124.3   120.7    123.3    162.0    125.7
            II   114.7     135.1    117.8    143.1    101.8      124.8   120.5    123.5    167.2    126.2
           III   115.3     135.9    117.8    144.5    102.0      125.3   120.8    124.0    165.0    126.5
            IV   116.4     137.0    117.7    146.3    102.4      125.7   120.1    124.1    164.6    126.6
 
        ANNUAL   115.0     135.7    118.0    143.8    101.9      125.0   120.5    123.7    164.7    126.3
 
  1992       I   116.7     137.3    117.6    147.7    102.7      126.5   119.3    124.5    170.4    127.3
            II   117.7     138.8    118.0    149.5    103.2      127.1   118.0    124.5    175.6    127.6
           III   119.1     140.7    118.2    151.5    103.7      127.2   119.0    124.9    171.0    127.7
            IV   120.6     143.4    118.9    153.1    104.0      127.0   115.7    123.8    191.2    127.9
 
        ANNUAL   118.5     140.0    118.2    150.4    103.5      126.9   118.0    124.4    177.2    127.7
  ----------------------------------------------------------------------------------------------------------
                               Percent change from previous quarter at annual rate(5)
 
  1990       I     1.5       3.0      1.4      5.4     -1.6        3.8    -2.8      1.9     40.3      4.7
            II     5.2       4.2     -0.9      7.6      3.4        2.3    -1.3      1.3     26.8      3.4
           III    -1.0      -3.0     -2.0      5.7     -1.3        6.8     9.7      7.6    -40.6      2.2
            IV     1.4      -3.7     -5.0      5.6     -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     2.7      -3.3     -5.9      4.3      1.3        1.6     5.4      2.6     25.3      4.2
            II     2.5       0.3     -2.2      4.1      1.7        1.5    -0.8      0.9     13.5      1.9
           III     2.2       2.4      0.1      3.9      0.8        1.6     1.1      1.5     -5.2      0.9
            IV     3.8       3.1     -0.6      5.3      1.8        1.4    -2.3      0.4     -0.9      0.3
 
        ANNUAL     2.0      -1.1     -3.1      4.8      0.6        2.7     3.7      3.0     -1.7      2.6
 
  1992       I     1.0       0.9     -0.2      3.7      0.9        2.6    -2.6      1.2     14.8      2.2
            II     3.3       4.7      1.3      5.1      2.0        1.7    -4.4      0.0     12.8      1.0
           III     4.8       5.5      0.6      5.3      2.1        0.4     3.5      1.2    -10.0      0.2
            IV     5.2       8.0      2.6      4.4      0.9       -0.8   -10.4     -3.5     56.4      0.7
 
        ANNUAL     3.0       3.2      0.1      4.6      1.6        1.6    -2.1      0.5      7.6      1.1
 
 
 
  ----------------------------------------------------------------------------------------------------------
                            Percent change from corresponding quarter of previous year
 
  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     1.8       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     2.0      -1.5     -3.5      5.8      0.5        3.7     5.3      4.1     -6.2      3.2
            II     1.4      -2.4     -3.8      4.9      0.1        3.5     5.4      4.0     -8.8      2.8
           III     2.2      -1.1     -3.3      4.5      0.6        2.2     3.3      2.5      2.5      2.5
            IV     2.8       0.6     -2.2      4.4      1.4        1.6     0.8      1.3      7.5      1.8
 
        ANNUAL     2.0      -1.1     -3.1      4.8      0.6        2.7     3.7      3.0     -1.7      2.6
 
  1992       I     2.4       1.7     -0.7      4.2      1.3        1.8    -1.2      1.0      5.2      1.3
            II     2.6       2.7      0.1      4.5      1.4        1.9    -2.1      0.8      5.0      1.1
           III     3.2       3.5      0.3      4.8      1.7        1.6    -1.5      0.7      3.7      0.9
            IV     3.6       4.7      1.1      4.6      1.5        1.0    -3.6     -0.3     16.2      1.1
 
        ANNUAL     3.0       3.2      0.1      4.6      1.6        1.6    -2.1      0.5      7.6      1.1
  ----------------------------------------------------------------------------------------------------------
  See footnotes following table 6.                                        June 21, 1995
                                                                          Source: Bureau of Labor Statistics