USDL 06-394
TRANSMISSION OF THIS
MATERIAL IS EMBARGOED
UNTIL 8:30 A.M. EST,
TUESDAY, MARCH 7, 2006

Internet address:   http://www.bls.gov/lpc
Historical, technical      
  information:             (202) 691-5606
Current data:              (202) 691-5200
Media contact:             (202) 691-5902
                                      
                                      
                           PRODUCTIVITY AND COSTS
              Fourth Quarter and Annual Averages, 2005 Revised


     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 changes for calendar year 2005.  Percent changes in business and
nonfarm business productivity were:
     
                                  Fourth  Annual averages
                                 quarter     2004-2005
     Business sector                0.0          2.7
     Nonfarm business sector       -0.5          2.9
     
     In the business sector, output per hour was unchanged from the third
quarter to the fourth quarter of 2005, compared to the preliminary estimate
of a 0.2 percent decline published February 2.   In nonfarm businesses,
productivity fell 0.5 percent, slightly less than the 0.6 percent decline
reported previously (seasonally adjusted annual rates).  Nonfarm business
productivity last declined during the first quarter of 2001, when it fell 0.6
percent.  On an annual average basis, productivity rose 2.7 percent in the
business sector, 0.1 percentage point more than previously reported, and
increased 2.9 percent in nonfarm businesses, compared to the preliminary
estimate of 2.7 percent.

     In the manufacturing sector, increases in productivity were:

                                      Fourth         Annual averages
                                     quarter            2004-2005
     Manufacturing                      4.7                 5.0
       Durable goods manufacturing     10.2                 6.6
       Nondurable goods manufacturing  -2.0                 3.4
     
     Productivity in total manufacturing grew at a 4.7 percent annual rate in
the fourth quarter of 2005, more than the 3.9 percent preliminary estimate,
as a downward revision to fourth-quarter productivity growth in nondurable
goods manufacturing partially offset an upward revision to output per hour in
the durable goods subsector.
     
     When revised annual averages for 2005 are compared to those for 2004,
productivity increases were revised up in total manufacturing and nondurable
manufacturing, while the 6.6 percent increase in durable manufacturing output
per hour was the same as the preliminary estimate published February 2.
Output and hours in manufacturing, which includes about 13 percent of U.S.
business-sector employment, tend to vary more from quarter to quarter than
data for the aggregate business and nonfarm business sectors. Fourth-quarter
productivity and related measures are summarized in table A and appear in
detail in tables 1 through 5.  Preliminary and revised fourth-quarter and
annual data appear in table C.

--------------------------------------------------------------------------
Table A. Productivity and costs: Revised fourth-quarter 2005 measures
(Seasonally adjusted annual rates)
--------------------------------------------------------------------------                                                            
                                                        Real      
                                              Hourly    hourly    Unit
                   Produc-                    compen-   compen-   labor
Sector             tivity    Output   Hours   sation    sation    costs
--------------------------------------------------------------------------                   
                      Percent change from preceding quarter
                      
 Business          0.0       1.8      1.7     3.1       -0.1       3.1
 Nonfarm business -0.5       1.5      2.0     2.8       -0.4       3.3
 Manufacturing     4.7       9.3      4.4     1.8       -1.4      -2.8
   Durable        10.2      15.3      4.6     1.8       -1.4      -7.7
   Nondurable     -2.0       2.0      4.0     1.8       -1.4       3.9
--------------------------------------------------------------------------
                   Percent change from same quarter a year ago
                      
 Business          2.4       3.7      1.3     3.6       -0.1       1.2
 Nonfarm business  2.5       3.7      1.2     3.8        0.1       1.3
 Manufacturing     4.3       4.3      0.0     4.5        0.7       0.2
   Durable         6.8       7.8      0.9     4.2        0.4      -2.5
   Nondurable      1.4      -0.1     -1.5     4.9        1.2       3.5
--------------------------------------------------------------------------

     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 prepared by the Board of Governors
of the Federal Reserve System.  See Technical Notes for further information on data sources.
                                      
                                      
                    THIRD-TO-FOURTH QUARTER 2005 CHANGES

Business

     Labor productivity in the business sector was unchanged in the fourth
quarter of 2005, as output increased 1.8 percent and hours of all persons
engaged in the sector increased 1.7 percent (table 1).  Revised estimates
show that output per hour increased 4.9 percent in the third quarter, as
output increased 4.8 percent and hours declined 0.1 percent.

     Hourly compensation grew at a 3.1-percent annual rate in the fourth
quarter, compared with a 6.0-percent rise in the third quarter.  This measure
includes wages and salaries, supplements, employer contributions to employee-
benefit plans, and taxes.  Real hourly compensation, which takes into account
changes in consumer prices, declined 0.1 percent in the fourth quarter of
2005 after increasing 0.9 percent one quarter earlier.

     Unit labor costs, which reflect changes in hourly compensation and
productivity, increased 3.1 percent during the fourth quarter of 2005, after
rising 1.1 percent in the third quarter.  The implicit price deflator for
business output, which reflects changes in unit labor costs and unit nonlabor
payments, increased 3.4 percent in the fourth quarter and 3.2 percent in the
third quarter.

Nonfarm business

     In the nonfarm business sector, productivity fell at an annual rate of
0.5 percent in the fourth quarter of 2005, as output rose 1.5 percent and
hours of all persons--employees, proprietors, and unpaid family workers--grew
2.0 percent (seasonally adjusted annual rates).     Nonfarm business
productivity increased 4.2 percent in the third quarter of 2005, as output
and hours grew 4.7 percent and 0.4 percent, respectively (table 2).

     Hourly compensation rose 2.8 percent in the fourth quarter, after
increasing 5.5 percent in the third quarter.  When the increase in consumer
prices was taken into account, real hourly compensation fell 0.4 percent in
the fourth quarter and rose 0.3 percent in the third quarter.

     Unit labor costs rose 3.3 percent in the fourth quarter after increasing
1.2 percent one quarter earlier.  The implicit price deflator for nonfarm
business increased 3.4 percent in the fourth quarter, and 3.5 percent in the
third quarter, of 2005.

Manufacturing

     Manufacturing productivity increased 4.7 percent in the fourth quarter
of 2005, as output grew 9.3 percent and hours grew 4.4 percent (seasonally
adjusted annual rates).  The hours increase was the largest since the second
quarter of 1996, when hours grew 6.3 percent.   In durable goods industries,
productivity increased 10.2 percent when output grew 15.3 percent and hours
rose 4.6 percent.  In nondurable goods industries, output per hour fell 2.0
percent, reflecting increases of 2.0 percent in output and 4.0 percent in
hours.  During the third quarter, productivity increased 3.7 percent in total
manufacturing, 6.5 percent in durable goods manufacturing, and 0.7 percent in
nondurable goods manufacturing (tables 3, 4, and 5).

     Hourly compensation increased 1.8 percent during the fourth quarter in
total manufacturing and in both subsectors.  When the increase in consumer
prices was taken into account, real hourly compensation fell 1.4 percent in
the fourth quarter for workers in total, durable, and nondurable
manufacturing.

     Unit labor costs in manufacturing fell 2.8 percent in the fourth quarter
of 2005, after increasing 1.8 percent in the third quarter.  These costs
declined 7.7 percent in durable goods industries and rose 3.9 percent in
nondurable goods industries during the fourth quarter of 2005.


                      ANNUAL AVERAGE CHANGES, 2004-2005
                                      
Business

     Business sector productivity increased 2.7 percent when the annual
average for 2005 was compared with the annual average for 2004 (table B).
Output increased 4.0 percent and hours of all persons engaged in the sector
rose 1.3 percent.  The 2.7-percent increase in 2005 followed a three-year
period in which productivity growth increased rapidly, at an average of 3.9
percent per year, and is the same as the 2.7-percent productivity trend from
1995 to 2001.

--------------------------------------------------------------------------
Table B. Productivity and costs: Revised 2005 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              2.7      4.0     1.3       5.4       2.0     2.7
Nonfarm business      2.9      4.2     1.3       5.5       2.1     2.6
Manufacturing         5.0      3.9    -1.1       7.0       3.5     1.9
  Durable             6.6      6.4    -0.2       6.6       3.2     0.0
  Nondurable          3.4      0.7    -2.6       7.6       4.1     4.0
--------------------------------------------------------------------------

     Hourly compensation in the business sector increased 5.4 percent in 2005
and 4.7 percent in 2004.  Real hourly compensation increased 2.0 percent in
each of the last two years.

     Business sector unit labor costs increased 2.7 percent in 2005, more
than in any calendar year since 2000, when these costs increased 4.0 percent.
In 2004, unit labor costs rose 1.2 percent.  The implicit price deflator rose
2.6 percent in 2005 and 2.4 percent in 2004.

Nonfarm business

     Productivity increased 2.9 percent in the nonfarm business sector during
2005.  Output grew 4.2 percent and hours of all persons increased 1.3 per
cent.  In 2004, productivity grew 3.4 percent, as output grew 4.8 percent and
hours increased 1.3 percent.  As in the more comprehensive business sector,
nonfarm productivity grew at an above-average rate from 2001 to 2004, 3.8
percent.  Productivity grew at an annual rate of 2.5 percent from 1995 to
2001.

     Hourly compensation grew 5.5 percent in 2005.  This was the largest
increase in this measure since 2000 (7.1 percent), and followed a 4.6-percent
increase in 2004.  Real hourly compensation increased 2.1 percent in 2005 and
1.8 percent in 2004.

     Unit labor costs in the nonfarm business sector rose 2.6 percent in
2005, after rising 1.1 percent in 2004.  The 2005 increase in unit labor
costs was the largest since 2000, when these costs increased 4.2 percent.
The implicit price deflator, which reflects nonlabor payments as well as
labor costs, increased 2.8 percent in 2005, following a 2.1-percent rise in
2004.

Manufacturing

     Manufacturing productivity grew 5.0 percent in 2005, reflecting a 3.9-
percent rise in output and a 1.1-percent decline in hours.  In 2004, output
per hour had increased 5.5 percent, as output grew 5.0 percent and hours
declined 0.5 percent.  Labor productivity increased 6.6 percent in durable
goods manufacturing during 2005, as output grew 6.4 percent and hours
declined 0.2 percent.  In nondurable goods manufacturing, productivity rose
3.4 percent in 2005, as output rose 0.7 percent and hours fell 2.6 percent
(tables B, 3, 4, and 5).

     Hourly compensation of manufacturing workers increased 7.0 percent in
2005, compared to a 2.3-percent increase one year earlier.  Hourly
compensation increased 6.6 percent in durable goods industries and 7.6
percent in nondurable goods industries in 2005.  Real hourly compensation in
the manufacturing sector rose 3.5 percent in 2005 and fell 0.4 percent in
2004.

     Unit labor costs rose 1.9 percent in manufacturing from 2004 to 2005.
In durable manufacturing, annual average unit labor costs were unchanged from
2004 to 2005.  Unit labor costs in nondurable manufacturing rose by 4.0
percent last year.


                              REVISED MEASURES
                                      
     Productivity and cost data for the fourth quarter and full year 2005 for
business, nonfarm business, and manufacturing were revised to incorporate the
most recent information. Third-quarter 2005 measures of hourly compensation,
real hourly compensation, and unit labor costs were revised to reflect new
information on compensation from the National Income and Product Accounts
(table C).  Quarterly measures of real hourly compensation during 2005 also
reflect the recalculation of seasonal factors for the Consumer Price Index
for All Urban Consumers.

     Quarterly and annual measures for all sectors were revised back to 2001
to incorporate the annual benchmark adjustment and updated information on
seasonal trends from the BLS nonfarm payroll series (appendix tables 1-5).
In addition, hours and related measures for the business and nonfarm business
sectors were revised historically in order to fully incorporate Current
Population Survey data on hours by job based on the most recent population
weights available for all series.  Full quarterly and annual historical
series are available on the BLS website, http://www.bls.gov/data/home.htm, or
by contacting the BLS Division of Major Sector Productivity.

--------------------------------------------------------------------------     
Table C. Previous and revised productivity and related measures:
Fourth-quarter, third-quarter, and annual averages 2005
(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 2005           
Business:                                                       
  Previous        -0.2       1.0      1.2     3.2      0.0       3.4
  Revised          0.0       1.8      1.7     3.1     -0.1       3.1
Nonfarm business:                                               
  Previous        -0.6       0.9      1.5     2.8     -0.4       3.5
  Revised         -0.5       1.5      2.0     2.8     -0.4       3.3
Manufacturing:                                                  
  Previous         3.9       8.4      4.4     1.9     -1.3      -1.9
  Revised          4.7       9.3      4.4     1.8     -1.4      -2.8
--------------------------------------------------------------------------
             Percent change, second to third quarter 2005             
Business:                                                       
  Previous         5.2       4.8     -0.4     4.6     -0.5      -0.6
  Revised          4.9       4.8     -0.1     6.0      0.9       1.1
Nonfarm business:                                               
  Previous         4.5       4.7      0.1     4.1     -1.0      -0.5
  Revised          4.2       4.7      0.4     5.5      0.3       1.2
Manufacturing:                                                  
  Previous         3.7       2.6     -1.0     3.7     -1.3       0.1
  Revised          3.7       2.6     -1.0     5.6      0.5       1.8
--------------------------------------------------------------------------
                      Percent change, 2004 - 2005                     
Business:                                                       
  Previous         2.6       4.0      1.3     5.1      1.7       2.5
  Revised          2.7       4.0      1.3     5.4      2.0       2.7
Nonfarm business:                                               
  Previous         2.7       4.1      1.4     5.2      1.8       2.4
  Revised          2.9       4.2      1.3     5.5      2.1       2.6
Manufacturing:                                                  
  Previous         4.8       3.8     -0.9     6.6      3.2       1.7
  Revised          5.0       3.9     -1.1     7.0      3.5       1.9
--------------------------------------------------------------------------

     In fourth-quarter 2005, business sector productivity was unchanged,
rather than declining 0.2 percent, as reported in the preliminary estimate
February 2 (seasonally adjusted annual rates).  In the nonfarm business
sector, productivity did fall, by 0.5 percent, slightly less than the 0.6
percent preliminary estimate.  The upward revisions to business and nonfarm
business productivity occurred as hours were revised up by less than output.
Unit labor costs did not increase as much as in the preliminary estimate.
     
     In the manufacturing sector, productivity and output were revised up,
while hours were unchanged from the preliminary estimate.  The upward
revision to productivity, combined with a small downward revision in hourly
compensation, lead to a revision in the change in unit labor costs from a
decline of 1.9 percent to a decrease of 2.8 percent.
     
     Measures of hourly compensation, real hourly compensation, and unit
labor costs in all sectors were revised upwards substantially in the third
quarter of 2005 after incorporation of revised compensation data.
     
     When annual averages for 2005 are compared to those for 2004,
productivity increased 2.7 percent in the business sector and 2.9 percent in
the nonfarm business sectors, a little higher than previously reported.
Small upward revisions to hourly compensation in both of these sectors led to
larger increases in unit labor costs than previously reported. Manufacturing
productivity growth was revised up as output rose more, and hours declined
faster, than in the preliminary estimate.  Because hourly compensation was
revised up more than productivity, unit labor costs increased more than
previously reported.
     
     
Revised measures: Nonfinancial corporations
     
     Measures for the nonfinancial corporate sector also were revised due to
updated information on hours worked by employees (appendix table 6).  New
information on output and compensation in the third quarter of 2005 also
impacted measures for this sector (table 6).

     Productivity in nonfinancial corporations in third-quarter 2005
increased more than in the preliminary estimates, as an upward revision to
output was partially offset by an upward revision to hours worked. Hourly
compensation was revised up by more than productivity, and unit labor costs
increased more than published Feb. 2.  Unit profits were revised down,
posting a larger decline than originally reported.

---------------------------------------------------------------------------
Table D.  Nonfinancial corporations: Previous and revised productivity and
cost measures
Quarterly percent changes at seasonally adjusted annual rates
---------------------------------------------------------------------------                                                                    
                                          Real                     
                                Hourly    hourly   Unit            Implicit
        Produc-                 compen-   compen-  labor  Unit     price
        tivity   Output  Hours  sation    sation   costs  profits  deflator
---------------------------------------------------------------------------                                                                    
                             Third quarter 2005   
                             
Previous  3.2      4.1     0.8     4.9     -0.2     1.6    -7.9     2.1
Revised   4.1      5.1     1.0     6.3      1.1     2.1    -8.8     2.1
---------------------------------------------------------------------------     
     
                              Next release date
                                      
     The next release of Productivity and Costs is scheduled for 8:30 A.M.
EDT, Thursday, May 4, 2006, and will present preliminary first-quarter 2006
measures for business, nonfarm business, and manufacturing.  Fourth-quarter
2005 and annual average data for 2005 for nonfinancial corporations will be
released at that time.

                               TECHNICAL NOTES
                                      
Labor  Hours: Hours data for the labor productivity and cost measures include
hours for all persons working in the sector-wage and salary workers, the self-
employed  and  unpaid family workers.  The primary source  of  hours  and  em-
ployment  data is the BLS Current Employment Statistics (CES) program,  which
provides  monthly survey data on the number of jobs held by wage  and  salary
workers in nonfarm establishments.  The CES also provides average weekly paid
hours  of  production  and  nonsupervisory workers in  these  establishments.
Weekly  paid hours are adjusted to hours at work using data from the National
Compensation Survey (NCS).  The BLS Hours at Work survey, conducted for  this
purpose,  was  used  for  earlier  years.  The  Office  of  Productivity  and
Technology  estimates  average weekly hours at  work  for  nonproduction  and
supervisory  workers  using  information from the Current  Population  Survey
(CPS), the CES, and the NCS.
    Data  from  the  CPS  are used for farm labor, nonfarm  proprietors,  and
nonfarm unpaid family workers.  Estimates of labor input for government enter
prises are derived from the CPS, the CES, and the National Income and Product
Accounts  (NIPA)  prepared by the Bureau of Economic Analysis  (BEA)  of  the
Department of Commerce.
    The  CES measures jobs, counting a person who is employed by two or  more
establishments  at each place of employment. In contrast,  the  CPS  features
measures  of  employment that count each person only once and  classify  each
person according to his or her primary job; hours worked at all jobs by  that
person accrue to his or her primary job.  However, the CPS also collects more
detailed information on employment and hours worked at primary jobs  and  all
other  jobs, separately.  The BLS productivity measures use the more detailed
information on employment and hours to assign all hours worked to the correct
industrial sector and avoid duplicating hours data from the CES.

Output: Business sector output is an annual-weighted index constructed  after
excluding  from  gross domestic product (GDP) the following outputs:  general
government, nonprofit institutions, and private households (including  owner-
occupied  housing). Corresponding exclusions also are made in  labor  inputs.
Business  output accounted for about 78 percent of the value of GDP in  2000.
Nonfarm business, which also excludes farming, accounted for about 77 percent
of GDP in 2000.
   Annual  indexes  for  manufacturing and its durable and  nondurable  goods
components  are  constructed by deflating current-dollar  industry  value  of
production  data from the U.S. Bureau of the Census with deflators  from  the
BEA.   These deflators are based on data from the BLS producer price  program
and  other  sources.   The  industry shipments are  aggregated  using  annual
weights,  and  intrasector transactions are removed.  Quarterly manufacturing
output  measures  are  based on the index of industrial  production  prepared
monthly by the Board of Governors of the Federal Reserve System, adjusted  to
be  consistent with annual indexes of manufacturing sector output prepared by
BLS.   Durables include the following 3-digit NAICS industries: wood  product
manufacturing;  nonmetallic  mineral  product  manufacturing;  primary  metal
manufacturing;  fabricated  metal  product manufacturing;  machinery  manufac-
turing;  computer and electronic product manufacturing; electrical  equipment
and   appliance   manufacturing;  transportation   equipment   manufacturing;
furniture and related product manufacturing; and miscellaneous manufacturing.
Nondurables include: food manufacturing; beverage and tobacco product manufac-
turing;  textile mills; textile product mills; apparel manufacturing; leather
and  allied product manufacturing; paper manufacturing; printing and  related
support activities; petroleum and coal products manufacturing; chemical  manu-
facturing; and plastics and rubber products manufacturing.
   Nonfinancial  corporate output is an annual-weighted index  calculated  on
the  basis of the costs incurred and the incomes earned from production.  The
output  measure excludes the following outputs from GDP: general  government;
nonprofit  institutions;  private households;  unincorporated  business;  and
those  corporations classified as offices of bank holding companies,  offices
of  other holding companies, or offices in the finance and insurance  sector.
Nonfinancial corporations accounted for about 54 percent of the value of  GDP
in 2000.
   
Productivity:  These productivity measures describe the relationship  between
real  output  and the labor time involved in its production.  They  show  the
changes  from  period to period in the amount of goods and services  produced
per  hour.  Although these measures relate output to hours  at  work  of  all
persons engaged in a sector, they do not measure the specific contribution of
labor,  capital, or any other factor of production. Rather, they reflect  the
joint  effects  of many influences, including changes in technology;  capital
investment; level of output; utilization of capacity, energy, and  materials;
the organization of production; managerial skill; and the characteristics and
effort of the work force.

Labor Compensation: Estimates of labor compensation by major sector, required
for measures of hourly compensation and unit labor costs, are based primarily
on  employee  compensation data from the NIPA, prepared  by  the  BEA.    The
compensation  of employees in general government, nonprofit institutions  and
private households are subtracted from compensation of domestic employees  to
derive  employee compensation for the business sector. The labor compensation
of  proprietors cannot be explicitly identified and must be estimated.   This
is  done  by  assuming that proprietors have the same hourly compensation  as
employees  in  the  same sector.  The quarterly labor productivity  and  cost
measures do not contain estimates of compensation for unpaid family workers.
     
Unit  Labor Costs:  The measures of unit labor costs in this release describe
the  relationship  between compensation per hour and  productivity,  or  real
output per hour, and can be used as an indicator of inflationary pressure  on
producers.  Increases in hourly compensation increase unit labor costs; labor
productivity  increases offset compensation increases and  lower  unit  labor
costs.

Presentation  of the data:  The quarterly data in this release are  presented
in three ways; as index number series where 1992=100, as percent changes from
the  corresponding quarter of the previous year, and as percent changes  from
the  previous quarter presented at a compound annual rate.  Annual  data  are
presented  both as index number series and percent changes from the  previous
year.
      The index numbers and rates of change reported in the productivity  and
costs news release are rounded to one decimal place.  All percent changes  in
this  release and on the BLS web site are calculated using index  numbers  to
three decimal places.  These index numbers are available at the BLS web site,
http://www.bls.gov/data/home.htm, or by contacting the BLS Division of  Major
Sector Productivity.  (Telephone 202-691-5606 or email DPRWEB@BLS.GOV)
     
     Information  in  this release will be made available to sensory-impaired
individuals  upon request. Voice phone: 202-691-5606; Federal  Relay  Service
number: 1-800-877-8339.

  
  Table 1. Business sector: Productivity, hourly compensation, unit labor costs,
  and prices, seasonally adjusted
                                                             Real
     Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
     and        hour of                of all    tion per    tion per    labor    labor pay-  price
     quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
  ---------------------------------------------------------------------------------------------------------
                                           Indexes 1992=100

  2003       I    r125.6      144.6    r115.2    r147.8      r115.5     r117.7      r116.5      117.2
            II    r127.9      146.4    r114.4    r150.3      r117.4     r117.5      r117.2      117.4
           III    r130.5      149.8    r114.8    r151.9      r118.0     r116.4      r120.4      117.9
            IV    r130.5      150.8    r115.5    r152.8      r118.4     r117.1      r120.5      118.3

        ANNUAL    r128.6      147.9    r115.0    r150.7      r117.3     r117.1      r118.7      117.7

  2004       I    r131.7      152.6    r115.9    r154.4      r118.5     r117.2      r123.2      119.4
            II    r132.9      154.1    r116.0    r155.8      r118.3     r117.3      r126.1      120.5
           III    r133.4      155.8    r116.8    r158.3      r119.7     r118.6      r124.3      120.7
            IV    r134.3      157.2    r117.1    r162.5      r121.8     r121.0      r122.2      121.5

        ANNUAL    r133.1      154.9    r116.4    r157.8      r119.6     r118.5      r123.9      120.6

  2005       I    r135.4      158.9    r117.3    r164.5      r122.5     r121.4      r123.7      122.3
            II    r135.8      160.4    r118.1    r164.7      r121.4     r121.2      r126.2      123.1
           III    r137.5      162.3    r118.1    r167.1      r121.7     r121.6      r128.3      124.1
            IV    r137.5     r163.0    r118.6    r168.4      r121.7     r122.5      r129.5     r125.1

        ANNUAL    r136.7     r161.2    r117.9    r166.4      r122.0     r121.7      r126.9     r123.6

  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  2003       I      r3.7        1.7     r-1.9      r5.8        r1.5       r2.0        r1.5        1.8
            II      r7.5        4.9     r-2.5      r7.1        r6.7      r-0.4        r2.5        0.6
           III       8.4        9.9       1.3      r4.3        r2.1      r-3.8       r11.2        1.6
            IV      r0.0        2.6      r2.5      r2.4        r1.5       r2.4        r0.5        1.6

        ANNUAL      r4.1        3.4     r-0.7      r4.0        r1.7      r-0.1        r3.9        1.4

  2004       I      r3.7        4.9      r1.2       4.2        r0.2       r0.5        r9.1        3.7
            II      r3.7        4.0      r0.3      r3.9       r-0.5       r0.2        r9.8        3.8
           III      r1.6        4.4      r2.8      r6.4        r4.7       r4.8       r-5.5        0.7
            IV      r2.7        3.6      r0.9     r11.2        r7.4       r8.3       r-6.5        2.4

        ANNUAL      r3.5        4.8       1.3      r4.7        r2.0        1.2         4.4        2.4

  2005       I      r3.4        4.4      r0.9      r4.8        r2.4       r1.3        r5.1        2.7
            II      r1.1        4.0      r2.8      r0.5       r-3.5      r-0.6        r8.3        2.6
           III      r4.9        4.8     r-0.1      r6.0        r0.9       r1.1        r6.7        3.2
            IV      r0.0       r1.8      r1.7      r3.1       r-0.1       r3.1        r3.8       r3.4

        ANNUAL      r2.7        4.0       1.3      r5.4        r2.0       r2.7        r2.4        2.6

  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  2003       I      r2.5        2.0     r-0.6      r3.1        r0.2       r0.5        r2.9        1.4
            II      r3.9        2.6     r-1.2      r3.7        r1.5       -0.2        r4.0        1.3
           III      r4.9        4.2     r-0.7       4.3        r2.1      r-0.6        r4.8        1.4
            IV      r4.9        4.7     r-0.2      r4.9         2.9       r0.0        r3.8        1.4

        ANNUAL      r4.1        3.4     r-0.7      r4.0        r1.7      r-0.1        r3.9        1.4

  2004       I       4.9        5.5       0.6       4.5         2.6       -0.4         5.7        1.9
            II      r3.9        5.3       1.4      r3.7         0.8       -0.2        r7.5        2.7
           III      r2.2        4.0      r1.7      r4.2        r1.5        1.9         3.3        2.4
            IV      r2.9        4.2      r1.3      r6.4        r2.9        3.4        r1.4        2.6

        ANNUAL      r3.5        4.8       1.3      r4.7        r2.0        1.2         4.4        2.4

  2005       I      r2.8        4.1      r1.2      r6.5        r3.4        3.6         0.5        2.4
            II      r2.2        4.1      r1.9      r5.7        r2.7        3.4         0.1        2.1
           III       3.0        4.2       1.1      r5.6        r1.7       r2.5        r3.2        2.7
            IV      r2.4       r3.7       1.3      r3.6       r-0.1       r1.2        r6.0       r3.0

        ANNUAL      r2.7        4.0       1.3      r5.4        r2.0       r2.7        r2.4        2.6

  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       March 7, 2006
  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

  2003       I    r125.0      144.8    r115.9    r147.0      r114.9     r117.6      r118.3      117.9
            II    r126.9      146.5    r115.4    r149.2      r116.5     r117.6      r118.7      118.0
           III    r129.9      150.2    r115.6    r151.1      r117.3     r116.3      r121.7      118.3
            IV    r130.1      151.2    r116.3    r152.1      r117.9     r117.0      r121.3      118.6

        ANNUAL    r128.0      148.2    r115.8    r149.9      r116.6     r117.1      r120.0      118.2

  2004       I    r130.8      152.8    r116.8    r153.4      r117.7     r117.3      r123.6      119.6
            II    r132.3      154.5    r116.8    r154.9      r117.6     r117.1      r126.4      120.6
           III    r132.8      156.3    r117.6    r157.3      r118.9     r118.4      r125.4      121.0
            IV    r133.5      157.7    r118.2    r161.1      r120.7     r120.7      r123.6      121.8

        ANNUAL    r132.4      155.3    r117.3    r156.7      r118.8     r118.4      r124.8      120.7

  2005       I    r134.7      159.4    r118.3    r163.3      r121.7     r121.2      r125.1      122.7
            II    r135.5      161.2    r118.9    r163.8      r120.9     r120.9      r127.9      123.5
           III    r136.9      163.0    r119.1    r166.0      r121.0     r121.3      r130.1      124.5
            IV    r136.7     r163.6    r119.6    r167.2      r120.8     r122.3      r131.3     r125.6

        ANNUAL    r136.1     r161.8    r118.9    r165.3      r121.2     r121.4      r128.6     r124.1

  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  2003       I      r3.8        2.0     r-1.7      r5.9        r1.6       r2.0        r1.8        1.9
            II      r6.3        4.7     r-1.5       6.2         5.8      r-0.1        r1.4        0.4
           III      r9.8       10.4      r0.6      r5.0        r2.8      r-4.3       r10.6        1.0
            IV      r0.5        2.8      r2.2      r2.8        r1.9       r2.2       r-1.5        0.8

        ANNUAL      r3.9        3.3     r-0.6       4.0         1.6       r0.0        r3.4        1.3

  2004       I      r2.4        4.2      r1.7      r3.4        -0.5       r1.0        r7.9        3.6
            II       4.5        4.6       0.1      r4.0       r-0.4      r-0.5        r9.5        3.2
           III      r1.7        4.6      r2.9      r6.2        r4.5       r4.5       r-3.2        1.5
            IV      r2.0        3.9      r1.9     r10.0        r6.2       r7.9       r-5.7        2.6

        ANNUAL       3.4        4.8      r1.3      r4.6         1.8        1.1         3.9        2.1

  2005       I      r3.8        4.3      r0.5      r5.6        r3.2       r1.8        r5.1        3.0
            II      r2.4        4.4      r2.0      r1.3       r-2.7      r-1.0        r9.0        2.7
           III      r4.2        4.7      r0.4      r5.5        r0.3       r1.2        r7.3        3.5
            IV     r-0.5       r1.5      r2.0       2.8        -0.4       r3.3        r3.6       r3.4

        ANNUAL      r2.9       r4.2      r1.3      r5.5        r2.1       r2.6        r3.1        2.8

  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  2003       I      r2.2        1.7     r-0.5      r3.1         0.1       r0.9        r2.8        1.6
            II       3.5        2.5     r-1.0       3.5         1.3       r0.0        r3.4        1.2
           III      r4.9        4.2     r-0.7      r4.3         2.1      r-0.6        r4.3        1.2
            IV       5.0        4.9     r-0.1       5.0         3.0      r-0.1        r3.0        1.0

        ANNUAL      r3.9        3.3     r-0.6       4.0         1.6       r0.0        r3.4        1.3

  2004       I       4.7        5.5      r0.8      r4.3         2.5       -0.3         4.5        1.5
            II       4.2        5.5       1.2      r3.8         0.9       -0.4         6.5        2.1
           III      r2.3        4.0      r1.7      r4.1        r1.4        1.8         3.0        2.3
            IV       2.6        4.3       1.7      r5.9         2.4        3.2         1.9        2.7

        ANNUAL       3.4        4.8      r1.3      r4.6         1.8        1.1         3.9        2.1

  2005       I      r3.0        4.4      r1.4      r6.4        r3.4        3.4         1.2        2.6
            II      r2.4        4.3      r1.8      r5.8        r2.7       r3.2         1.1        2.4
           III       3.1        4.3       1.2      r5.6        r1.7       r2.4        r3.8        2.9
            IV      r2.5       r3.7       1.2      r3.8        r0.1       r1.3        r6.2        3.1

        ANNUAL      r2.9       r4.2      r1.3      r5.5        r2.1       r2.6        r3.1        2.8

  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       March 7, 2006
  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

  2003       I           r151.1        131.3        r86.9       r156.6         r122.4        r103.7
            II           r152.6        130.5        r85.5       r159.1         r124.2        r104.3
           III           r156.5        131.8        r84.2       r161.5         r125.4        r103.2
            IV           r157.6        133.8        r84.9       r163.2         r126.4         103.6

        ANNUAL           r154.4        131.8        r85.4       r160.1         r124.6        r103.7

  2004       I           r159.0        135.7        r85.4       r159.2         r122.1        r100.1
            II           r162.2        137.9        r85.0       r161.2         r122.4         r99.4
           III           r164.0        139.3        r84.9       r165.0         r124.8        r100.6
            IV           r166.7        140.8        r84.4       r169.9         r127.3        r101.9

        ANNUAL           r163.0        138.4        r84.9       r163.8         r124.1        r100.5

  2005       I           r168.7        142.2        r84.3       r172.8         r128.7        r102.4
            II           r170.3        142.7        r83.8       r174.3         r128.6        r102.4
           III           r171.8        143.6        r83.6       r176.7         r128.7        r102.8
            IV           r173.8       r146.8        r84.5       r177.5         r128.3        r102.1

        ANNUAL           r171.2       r143.8        r84.0       r175.3         r128.5        r102.4

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  2003       I             r7.1          0.3        r-6.4        r18.1          r13.3          10.2
            II             r4.1         -2.5        r-6.3         r6.7           r6.3           2.5
           III            r10.6          3.9        r-6.0         r6.1           r3.9          -4.0
            IV             r2.8          6.4         r3.5         r4.2           r3.2           1.3

        ANNUAL              5.6          0.5         -4.9          8.3           r5.9           2.5

  2004       I             r3.6          5.9         r2.2        r-9.6         r-13.0         -12.7
            II              8.3          6.6         -1.6          5.1            0.7          -3.0
           III             r4.6          4.1        r-0.4        r10.0           r8.2           5.1
            IV             r6.7          4.3        r-2.3        r12.3           r8.5           5.2

        ANNUAL             r5.5          5.0        r-0.5         r2.3          r-0.4          -3.1

  2005       I             r4.8          4.2        r-0.5         r6.9           r4.5          r2.0
            II             r3.9          1.2        r-2.5         r3.6          r-0.5          -0.2
           III              3.7          2.6         -1.0         r5.6           r0.5          r1.8
            IV             r4.7         r9.3          4.4         r1.8          r-1.4         r-2.8

        ANNUAL             r5.0         r3.9        r-1.1         r7.0           r3.5          r1.9

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  2003       I             r5.4          0.9        r-4.3         r8.3           r5.3           2.7
            II              4.9         -0.8         -5.4          7.8            5.5           2.8
           III              6.1         -0.2         -6.0          8.4            6.0           2.1
            IV              6.1          2.0         -3.9         r8.6            6.6           2.4

        ANNUAL              5.6          0.5         -4.9          8.3           r5.9           2.5

  2004       I              5.2          3.4         -1.8          1.6           -0.2          -3.4
            II             r6.3          5.7        r-0.6         r1.3          r-1.5          -4.7
           III             r4.8          5.7          0.9         r2.2          r-0.5          -2.5
            IV             r5.8          5.2        r-0.6         r4.1           r0.7          -1.6

        ANNUAL             r5.5          5.0        r-0.5         r2.3          r-0.4          -3.1

  2005       I             r6.1          4.8        r-1.2         r8.6           r5.4           2.3
            II             r5.0          3.4        r-1.5         r8.2           r5.1           3.0
           III             r4.8          3.1        r-1.6         r7.1           r3.2          r2.2
            IV             r4.3         r4.3          0.0         r4.5           r0.7          r0.2

        ANNUAL             r5.0         r3.9        r-1.1         r7.0           r3.5          r1.9

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                March 7, 2006
  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

  2003       I           r173.8        156.6        r90.1       r155.0         r121.1         r89.2
            II           r175.9        155.9        r88.6       r157.6         r123.0         r89.6
           III            182.4        158.9         87.1        160.1          124.3          87.8
            IV           r184.0        162.6        r88.3       r161.9         r125.5          88.0

        ANNUAL           r179.0        158.5        r88.5       r158.6         r123.4         r88.6

  2004       I           r185.9        165.9        r89.2       r155.6         r119.4         r83.7
            II           r189.7        168.7        r89.0       r158.1         r120.0          83.4
           III           r192.1        171.6        r89.3       r162.0         r122.5         r84.3
            IV           r195.9        174.1        r88.9       r166.2         r124.6         r84.8

        ANNUAL           r190.9        170.1        r89.1       r160.5         r121.6          84.1

  2005       I           r199.1        177.0        r88.9       r169.0         r125.9          84.9
            II           r201.1        178.1        r88.6       r169.9         r125.3         r84.5
           III           r204.3        181.2        r88.7       r172.3         r125.5         r84.4
            IV           r209.3       r187.7        r89.7       r173.1         r125.1         r82.7

        ANNUAL           r203.5       r181.0        r89.0       r171.1         r125.4         r84.1

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  2003       I             r7.8          0.7        r-6.6        r22.4          r17.5          13.6
            II             r5.0         -1.8        r-6.5         r6.9           r6.5           1.8
           III            r15.4          8.0        r-6.5         r6.4           r4.2          -7.8
            IV              3.7          9.5          5.6         r4.8            3.8           1.0

        ANNUAL              7.9          2.2         -5.3         r9.4            6.9           1.4

  2004       I             r4.1          8.5         r4.2       r-14.8         r-18.0         -18.1
            II             r8.4          7.0        r-1.2         r6.6           r2.1          -1.6
           III             r5.3          6.9         r1.5        r10.1           r8.3           4.6
            IV             r8.2          6.1        r-1.9        r10.9           r7.0           2.5

        ANNUAL             r6.7          7.3          0.6         r1.2           -1.5          -5.2

  2005       I             r6.7          6.8         r0.1         r6.9           r4.4           0.2
            II             r4.0          2.6        r-1.4         r2.3          r-1.8         r-1.7
           III             r6.5          7.0         r0.4         r5.8           r0.6         r-0.7
            IV            r10.2        r15.3         r4.6         r1.8          r-1.4         r-7.7

        ANNUAL              6.6         r6.4         -0.2         r6.6           r3.2          r0.0

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  2003       I             r7.9          2.7        r-4.8         r9.2           r6.1           1.3
            II              7.0          0.5         -6.1          8.7            6.4           1.6
           III              8.8          1.5         -6.7          9.6            7.3           0.7
            IV              7.9          4.0         -3.6          9.9           r7.9           1.9

        ANNUAL              7.9          2.2         -5.3         r9.4            6.9           1.4

  2004       I              7.0          5.9         -1.0          0.4           -1.4          -6.1
            II              7.8          8.2          0.4          0.3          r-2.4          -6.9
           III              5.4          8.0         r2.5         r1.2          r-1.5          -3.9
            IV             r6.5          7.1         r0.6         r2.6          r-0.7          -3.6

        ANNUAL             r6.7          7.3          0.6         r1.2           -1.5          -5.2

  2005       I             r7.1          6.7        r-0.4         r8.6            5.5           1.4
            II             r6.0          5.6        r-0.4          7.5           r4.4           1.4
           III             r6.3          5.6         -0.7         r6.4           r2.5          r0.1
            IV             r6.8         r7.8         r0.9         r4.2           r0.4         r-2.5

        ANNUAL              6.6         r6.4         -0.2         r6.6           r3.2          r0.0

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                March 7, 2006
  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

  2003       I           r128.9        105.8        r82.1       r158.1         r123.5         122.7
            II           r129.8        104.9        r80.9       r160.5         r125.3        r123.7
           III           r131.3        104.7        r79.8       r162.8         r126.4        r124.0
            IV           r132.1        105.4        r79.8       r163.8         r126.9        r124.0

        ANNUAL           r130.5        105.2        r80.6       r161.3         r125.5        r123.6

  2004       I           r133.3        106.1        r79.6       r164.1         r125.9        r123.1
            II           r136.1        107.7        r79.1       r165.1         r125.3        r121.3
           III           r137.6        107.8        r78.4       r168.7         r127.5        r122.6
            IV           r139.3        108.4        r77.8       r174.7         r131.0        r125.5

        ANNUAL           r136.6        107.5        r78.7       r168.1         r127.4        r123.1

  2005       I           r140.2        108.6        r77.5       r177.7         r132.4        r126.7
            II           r141.7        108.5        r76.6       r180.3         r133.0        r127.3
           III           r141.9        107.7        r75.9       r182.5         r132.9        r128.6
            IV           r141.2       r108.3        r76.7       r183.3         r132.5        r129.8

        ANNUAL           r141.2       r108.3        r76.7       r180.9         r132.7        r128.1

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  2003       I              6.2         -0.2         -6.0         10.3            5.9           3.9
            II              2.9         -3.2        r-6.0         r6.4            5.9           3.3
           III             r4.7         -0.8        r-5.3         r5.7           r3.5           1.0
            IV             r2.5          2.6         r0.1         r2.5           r1.6         r-0.1

        ANNUAL              2.9         -1.5         -4.2          6.4            4.0           3.4

  2004       I             r3.7          2.6        r-1.1         r0.8          r-3.0          -2.8
            II             r8.5          6.0        r-2.3         r2.4          r-1.9          -5.7
           III             r4.5          0.7        r-3.6         r9.1           r7.3           4.4
            IV             r5.0          2.0        r-2.8        r15.1          r11.1           9.6

        ANNUAL             r4.6          2.2        r-2.4         r4.2           r1.5          -0.4

  2005       I             r2.7          0.9        r-1.7         r6.9           r4.5          r4.1
            II             r4.2         -0.4        r-4.4         r6.0           r1.8           1.7
           III             r0.7         -2.8        r-3.5         r5.0          r-0.1          r4.2
            IV            r-2.0         r2.0         r4.0         r1.8          r-1.4          r3.9

        ANNUAL             r3.4          0.7        r-2.6         r7.6           r4.1           4.0

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  2003       I              2.6         -0.9        r-3.5          6.7            3.7           4.0
            II              2.1         -2.3         -4.3          6.4            4.1           4.2
           III              2.7         -2.2         -4.8          6.2            3.9           3.4
            IV             r4.1         -0.4        r-4.3         r6.2           r4.2           2.0

        ANNUAL              2.9         -1.5         -4.2          6.4            4.0           3.4

  2004       I              3.5          0.3         -3.1          3.8           r1.9           0.3
            II             r4.9          2.6        r-2.2         r2.8           r0.0          -1.9
           III             r4.8          3.0        r-1.7         r3.6           r0.9          -1.1
            IV             r5.4          2.8        r-2.5         r6.7           r3.2           1.2

        ANNUAL             r4.6          2.2        r-2.4         r4.2           r1.5          -0.4

  2005       I             r5.2          2.4        r-2.6         r8.3           r5.1          r3.0
            II             r4.1          0.8        r-3.2         r9.2           r6.1           4.9
           III             r3.1         -0.1        r-3.1         r8.2           r4.2          r4.9
            IV             r1.4         -0.1        r-1.5         r4.9           r1.2          r3.5

        ANNUAL             r3.4          0.7        r-2.6         r7.6           r4.1           4.0

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                March 7, 2006
  r=revised                                                       Source: Bureau of Labor Statistics




  Table 6. Nonfinancial corporate sector: Productivity, hourly compensation, unit labor costs, unit profits,
  and prices, seasonally adjusted
 
                Output                      Hourly    Real                Unit     Total    Unit   Implicit
      Year      per all-                    compen-   hourly     Unit     non-     unit     pro-   price
      and       employee          Employee  sation    compen-    labor    labor    costs    fits   deflator
      quarter   hour      Output  hours      (1)      sation(2)  costs    costs(6) (7)      (8)      (4)
  ----------------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  2003       I   r130.5    152.4    r116.7   r144.6    r113.0     110.8    111.4    111.0    107.7    110.7
            II   r132.9    154.5    r116.2   r147.1    r114.8     110.7    110.4    110.6    113.6    110.9
           III   r135.2    157.1    r116.2   r148.9    r115.6     110.1    110.8    110.3    119.8    111.1
            IV   r136.1    158.9    r116.8   r149.8    r116.1     110.1    110.7    110.2    124.6    111.5

        ANNUAL   r133.7    155.7    r116.5   r147.6    r114.9     110.4    110.8    110.5    116.5    111.0

  2004       I   r136.4    160.3    r117.6   r150.3    r115.4     110.2    111.2    110.5    130.0    112.2
            II   r137.3    161.7    r117.7   r151.8    r115.3     110.6    111.2    110.7    138.3    113.2
           III   r139.8    165.4    r118.3   r154.2    r116.6     110.2    110.0    110.2    139.4    112.8
            IV   r142.7    169.4    r118.7   r158.0    r118.4     110.7    108.5    110.1    142.7    113.1

        ANNUAL   r139.1    164.2    r118.1   r153.6    r116.4     110.4    110.2    110.4    137.7    112.8

  2005       I   r143.7    170.8    r118.9   r160.3    r119.5     111.6    107.9    110.6    145.2    113.7
            II   r145.3    173.8    r119.6   r160.8    r118.6     110.6    107.0    109.7    159.1    114.1
           III   r146.8   r175.9    r119.9   r163.2    r118.9    r111.2   r109.2   r110.7   r155.5    114.7
  ----------------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)

  2003       I     r1.4     -1.6     r-2.9     r4.1     r-0.1       2.6      6.5      3.7    -11.8      2.2
            II      7.4      5.6      -1.7      6.9      r6.5      -0.5     -3.2     -1.2     23.6      0.8
           III     r7.3      7.1     r-0.2     r5.1       2.9      -2.1      1.2     -1.2     23.7      0.9
            IV      2.5      4.7       2.1      2.4       1.5      -0.1     -0.4     -0.2     17.0      1.4

        ANNUAL     r4.3      2.8      -1.4     r4.0       1.6      -0.3      0.0     -0.2     18.9      1.3

  2004       I     r0.8      3.6      r2.7     r1.4     r-2.4       0.6      2.0      0.9     18.4      2.6
            II     r2.9      3.5      r0.6     r4.1     r-0.3       1.2      0.2      0.9     28.0      3.5
           III     r7.4      9.6      r2.0     r6.2      r4.5      -1.1     -4.4     -2.0      3.3     -1.4
            IV     r8.5     10.1      r1.5    r10.4      r6.6       1.8     -5.3     -0.1      9.8      0.9

        ANNUAL      4.0      5.5       1.4     r4.1       1.3       0.0     -0.5     -0.1     18.1      1.6

  2005       I      2.8      3.3      r0.4     r6.0      r3.6       3.1     -2.5      1.6      7.1      2.2
            II     r4.6      7.1      r2.4     r1.1     r-3.0      -3.4     -3.1     -3.3     44.3      1.4
           III     r4.1     r5.1      r1.0     r6.3      r1.1      r2.1     r8.2     r3.7    r-8.8      2.1
  ----------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year

  2003       I      3.6      2.1      -1.5      3.2       0.3      -0.4     -1.5     -0.7     25.5      1.2
            II      3.9      2.1      -1.8     r3.7       1.4      -0.3     -0.2     -0.3     20.2      1.3
           III      4.8      3.2      -1.5      4.3       2.1      -0.5      0.7     -0.2     19.5      1.4
            IV      4.6      3.9      -0.7      4.6      r2.7       0.0      0.9      0.2     12.1      1.3

        ANNUAL     r4.3      2.8      -1.4     r4.0       1.6      -0.3      0.0     -0.2     18.9      1.3

  2004       I      4.5      5.2       0.7     r3.9       2.1      -0.5     -0.1     -0.4     20.7      1.4
            II     r3.4      4.7       1.3     r3.3      r0.4      -0.1      0.7      0.1     21.7      2.1
           III     r3.4      5.3      r1.8      3.5      r0.8       0.1     -0.7     -0.1     16.3      1.5
            IV      4.8      6.6       1.7      5.5       2.0       0.6     -1.9     -0.1     14.5      1.4

        ANNUAL      4.0      5.5       1.4     r4.1       1.3       0.0     -0.5     -0.1     18.1      1.6

  2005       I     r5.4      6.5      r1.1     r6.7      r3.6       1.2     -3.0      0.1     11.7      1.3
            II      5.8      7.5       1.6      5.9      r2.9       0.1     -3.8     -1.0     15.1      0.8
           III     r5.0     r6.4       1.3     r5.9      r2.0      r0.9    r-0.8      0.4    r11.5      1.7
  ----------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                        March 7, 2006
  r=revised                                                               Source: Bureau of Labor Statistics
SOURCES:  Output data are from the Bureau of Economic Analysis and the Census
Bureau of the U.S. Department of Commerce; the Bureau of Labor Statistics,
U.S. Department of Labor; and the Federal Reserve Board.  Compensation and
hours data are from the Bureau of Labor Statistics and the Bureau of Economic
Analysis.

RELIABILITY:  Productivity and cost measures are regularly revised as more
complete information becomes available.  The measures are first published
within 40 days of the close of the reference period; revisions appear 30 days
later, and second revisions after an additional 60 days.  In the business
sector, the third publication (second revision) of a quarterly index of
output per hour of all persons has differed from the initial value by between
-1.4 and +1.4 index points approximately 95 percent of the time.  This
interval is based on the performance of this measure between the fourth
quarter of 1995 and the third quarter of 2005.
                                      
                                      
                                      
                            Footnotes, Tables 1-6

(1)  Wages and salaries of employees plus employers' contributions for social
     insurance and private benefit plans.  Except for nonfinancial
     corporations, where there are no self-employed, data also include an
     estimate of wages, salaries, and supplemental payments for the self-
     employed.

(2)  The change for recent quarters is based on the Consumer Price Index for
     all urban consumers (CPI-U).  The trend from 1978-2004 is based on the
     Consumer Price Index research series (CPI-U-RS).

(3)  Unit nonlabor payments include profits, consumption of fixed capital,
     taxes on production and imports less subsidies, net interest and
     miscellaneous payments, business current transfer payments, rental
     income of persons, and the current surplus of government enterprises.

(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 costs include consumption of fixed capital, taxes on
     production and imports less subsidies, net interest and miscellaneous
     payments, and business current transfer payments.

(7)  Total unit costs are the sum of unit labor and nonlabor costs.

(8)  Unit profits include corporate profits before tax with inventory
     valuation and capital consumption adjustments.



Appendix table 1.  Business sector: Revised productivity, hourly compensation, unit labor costs, and prices, 
seasonally adjusted
                                                             Real
     Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
     and        hour of                of all    tion per    tion per    labor    labor pay-  price
     quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
  ---------------------------------------------------------------------------------------------------------
                                           Indexes 1992=100

  2000       I   r114.0      138.6    r121.5    r132.4      r111.4     r116.1      r105.3      112.1
            II   r116.2      141.1    r121.4    r133.0      r111.0     r114.4      r109.5      112.6
           III   r115.9      140.8    r121.5    r135.5      r112.1     r116.9      r106.3      112.9
            IV   r117.2      141.5    r120.8    r136.4      r112.1     r116.4      r108.1      113.3

        ANNUAL   r115.9      140.5    r121.2    r134.4      r111.8     r116.0      r107.3      112.7

  2001       I   r117.0      141.1    r120.6    r138.7      r112.9     r118.6      r106.5      114.1
            II   r118.5      141.4    r119.3    r139.7      r112.8     r117.8      r110.0      114.9
           III   r119.0      140.3    r117.9    r140.4      r113.2     r118.0      r110.5      115.2
            IV   r120.8      141.0    r116.6    r141.4      r114.1     r117.0      r113.1      115.6

        ANNUAL   r118.8      141.0    r118.6    r140.0      r113.3     r117.8      r110.0      114.9

  2002       I   r122.5      141.9    r115.8    r143.3      r115.3     r117.0      r113.2      115.6
            II   r123.1      142.6    r115.9    r145.0      r115.7     r117.8      r112.7      115.9
           III   r124.4      143.8    r115.6    r145.6      r115.6     r117.0      r114.8      116.2
            IV   r124.5      144.0    r115.7    r145.7      r115.0     r117.1      r116.1      116.7

        ANNUAL   r123.6      143.1    r115.7    r144.9      r115.4     r117.2      r114.2      116.1

  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  2000       I    r-1.6        0.3      r1.9     r14.4       r10.2       16.2      r-16.1        3.4
            II      7.9        7.5      -0.4       1.8       r-1.4      r-5.7       r16.9        1.8
           III     -1.0       -0.8      r0.3      r7.9         4.0       r9.0      r-11.2        1.3
            IV     r4.3        2.0      -2.2       2.8        -0.1       -1.5         6.8        1.4

        ANNUAL      2.8        3.9       1.1       7.0         3.5        4.0        -1.9        1.8

  2001       I    r-0.7       -1.1     r-0.5      r6.8        r2.9       r7.5       r-5.7        2.7
            II     r5.4        0.8      -4.4      r2.8       r-0.3      r-2.5       r13.8        3.0
           III     r1.6       -3.1     r-4.6      r2.1        r1.3       r0.5         1.8        1.0
            IV     r6.3        1.8     r-4.3       2.8         3.4      r-3.3       r10.0        1.3

        ANNUAL      2.5        0.3     r-2.1       4.2        r1.3        1.6         2.6        2.0

  2002       I     r5.6        2.6     r-2.8      r5.7         4.1       r0.1        r0.3        0.2
            II     r1.9        2.1      r0.2      r4.7        r1.4       r2.7       r-1.9        1.0
           III     r4.5        3.6     r-0.9      r1.8       r-0.3       -2.6        r7.8        1.0
            IV     r0.0        0.5      r0.4      r0.2        -1.9       r0.1        r4.5        1.7

        ANNUAL      4.0        1.5      -2.4      r3.5        r1.9       -0.5         3.8        1.0

  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  2000       I      2.0        4.5       2.4      r6.6         3.2        4.4        -3.2        1.6
            II      3.8        5.4       1.5       6.7         3.3        2.8        r0.4        1.9
           III      2.9        3.8      r0.8      r7.9        r4.3        4.8        -3.1        1.9
            IV      2.3        2.2      -0.1      r6.6        r3.1        4.1       r-1.8        2.0

        ANNUAL      2.8        3.9       1.1       7.0         3.5        4.0        -1.9        1.8

  2001       I      2.6        1.8     r-0.7       4.8         1.3        2.1        r1.1        1.8
            II     r2.0        0.2     r-1.7      r5.0         1.6        3.0        r0.4        2.1
           III      2.7       -0.4      -2.9       3.6         0.9        0.9         3.9        2.0
            IV     r3.1       -0.4     r-3.4       3.6         1.8       r0.5        r4.7        2.0

        ANNUAL      2.5        0.3     r-2.1       4.2        r1.3        1.6         2.6        2.0

  2002       I      4.7        0.5      -4.0       3.3         2.1       -1.3         6.3        1.3
            II     r3.8        0.8     r-2.9      r3.8        r2.5        0.0         2.5        0.9
           III      4.6        2.5      -2.0       3.7         2.1       -0.8        r3.9        0.9
            IV      3.0        2.2      -0.8       3.0         0.8        0.1         2.6        1.0

        ANNUAL      4.0        1.5      -2.4      r3.5        r1.9       -0.5         3.8        1.0

  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       March 7, 2006
  r=revised                                                              Source: Bureau of Labor Statistics




 Appendix table 2.  Nonfarm business sector: Revised productivity, hourly compensation, unit labor costs, and 
 prices, seasonally adjusted
                                                             Real
     Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
     and        hour of                of all    tion per    tion per    labor    labor pay-  price
     quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
  ---------------------------------------------------------------------------------------------------------
                                           Indexes 1992=100

  2000       I   r113.8      138.8    r122.1    r132.1      r111.1     r116.1      r106.7      112.6
            II   r115.8      141.4    r122.1    r132.4      r110.6     r114.4      r111.0      113.1
           III   r115.5      141.1    r122.1    r135.0      r111.7     r116.9      r107.8      113.5
            IV   r116.6      141.8    r121.6    r135.7      r111.5     r116.4      r109.6      113.9

        ANNUAL   r115.5      140.8    r121.9    r133.9      r111.3     r115.9      r108.8      113.3

  2001       I   r116.4      141.4    r121.5    r138.0      r112.3     r118.5      r108.0      114.6
            II   r118.0      141.9    r120.2    r138.8      r112.1     r117.6      r111.7      115.4
           III   r118.5      140.8    r118.8    r139.5      r112.4     r117.7      r112.1      115.6
            IV   r120.3      141.2    r117.4    r140.6      r113.4     r116.8      r114.7      116.0

        ANNUAL   r118.3      141.3    r119.5    r139.2      r112.6     r117.6      r111.6      115.4

  2002       I   r122.3      142.5    r116.5    r142.7      r114.7     r116.6      r115.0      116.0
            II   r122.6      143.0    r116.6    r144.2      r115.0     r117.6      r114.8      116.6
           III   r123.8      144.1    r116.4    r144.8      r114.9     r117.0      r116.7      116.9
            IV   r123.8      144.1    r116.4    r144.9      r114.4     r117.1      r117.8      117.3

        ANNUAL   r123.1      143.4    r116.5    r144.2      r114.8     r117.1      r116.1      116.7

  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  2000       I    r-1.8       -0.1      r1.7     r14.8       r10.5       16.9       -17.2        3.3
            II     r7.4        7.5      r0.1       1.1        -2.0      r-5.9       r17.3        1.8
           III    r-1.0       -0.8      r0.1       8.0         4.1       r9.1      r-11.1        1.4
            IV     r3.9        2.2     r-1.6       2.3        -0.6       -1.6         6.9        1.3

        ANNUAL     r2.8        3.8       1.1      r7.1         3.6        4.2        -2.0        1.9

  2001       I    r-0.6       -1.1     r-0.6      r6.7         2.8       r7.3       r-5.7        2.5
            II      5.6        1.2     r-4.1      r2.3       r-0.8      r-3.1       r14.4        2.7
           III     r1.7       -2.9     r-4.5      r2.1        r1.3        0.4         1.3        0.7
            IV     r6.2        1.2     r-4.7      r3.1        r3.7      r-2.9        r9.8        1.5

        ANNUAL     r2.4        0.4      -2.0      r3.9         1.1        1.4        r2.6        1.9

  2002       I     r6.8        3.5     r-3.1       6.1        r4.6      r-0.7        r1.1        0.0
            II     r0.9        1.4      r0.5      r4.4        r1.1       r3.5       r-0.7        2.0
           III     r4.0        3.1     r-0.8      r1.7       r-0.4       -2.2        r6.6        0.9
            IV     r0.1        0.1      r0.1      r0.3       r-1.7       r0.3        r3.8        1.6

        ANNUAL     r4.1        1.5      -2.5      r3.6        r2.0       -0.5         4.0        1.1

  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  2000       I     r2.1        4.4      r2.2      r6.9         3.5        4.7        -2.9        1.9
            II     r3.8        5.3       1.5       6.8         3.4        2.9         0.3        2.0
           III      2.8        3.6       0.8      r8.0        r4.4        5.0        -3.2        2.0
            IV      2.0        2.1       0.1      r6.4        r2.9       r4.3        -2.0        2.0

        ANNUAL     r2.8        3.8       1.1      r7.1         3.6        4.2        -2.0        1.9

  2001       I      2.4        1.9      -0.5       4.5         1.0        2.0         1.3        1.8
            II     r1.9        0.4     r-1.6      r4.8        r1.3        2.8        r0.6        2.0
           III      2.6       -0.2      -2.7       3.3         0.6        0.7        r4.0        1.8
            IV      3.2       -0.4     r-3.5      r3.5         1.7        0.3         4.7        1.9

        ANNUAL     r2.4        0.4      -2.0      r3.9         1.1        1.4        r2.6        1.9

  2002       I     r5.1        0.7      -4.1       3.4         2.2      r-1.6        r6.5        1.2
            II     r3.9        0.8     r-3.0      r3.9        r2.7       r0.1         2.8        1.0
           III      4.4        2.3      -2.0       3.8         2.2       -0.6         4.1        1.1
            IV      2.9        2.0      -0.8       3.1         0.9        0.2        r2.7        1.1

        ANNUAL     r4.1        1.5      -2.5      r3.6        r2.0       -0.5         4.0        1.1

  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       March 7, 2006
  r=revised                                                              Source: Bureau of Labor Statistics
 

 Appendix table 3.  Manufacturing sector: Revised productivity, hourly compensation, and unit labor costs,
  seasonally adjusted
                                                                              Real
       Year           Output per                  Hours       Compensa-       compensa-      Unit 
       and            hour of                     of all      tion per        tion per       labor
       quarter        all persons     Output      persons     hour (1)        hour (2)       costs
  --------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  2000       I          133.1         138.6        104.1        133.2          112.1         100.1
            II          134.3         139.9        104.1        132.5          110.7          98.7
           III          134.1         139.2        103.8        135.9          112.4         101.3
            IV          135.4         138.1        102.0        136.7          112.3         101.0

        ANNUAL          134.4         138.9        103.4        134.7          112.0         100.3

  2001       I         r135.2         135.5       r100.3       r138.1         r112.4        r102.1
            II         r136.3         133.6        r98.0       r137.4         r110.9         100.8
           III         r137.0         131.3        r95.8       r137.0         r110.4         100.0
            IV         r140.0         129.5        r92.5       r139.0         r112.2          99.3

        ANNUAL         r137.1         132.5        r96.6       r137.9         r111.5         100.6

  2002       I         r143.3         130.1        r90.8       r144.6         r116.3        r100.9
            II         r145.5         131.6        r90.4       r147.6         r117.7         101.4
           III         r147.4         132.0        r89.5       r149.1         r118.3        r101.1
            IV          148.5         131.2         88.4        150.2          118.6         101.2

        ANNUAL         r146.2         131.2        r89.8       r147.8         r117.7         101.1

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  2000       I            6.5           4.5         -1.9         21.8           17.3          14.3
            II            3.8           3.8          0.0         -2.1           -5.1          -5.6
           III           -0.6          -2.0         -1.4         10.6            6.6          11.3
            IV            4.0          -3.0         -6.7          2.4           -0.4          -1.5

        ANNUAL            4.8           3.1         -1.6          9.2            5.6           4.2

  2001       I          r-0.7          -7.2        r-6.6         r4.1           r0.2           4.8
            II           r3.4          -5.7        r-8.7        r-2.1          r-5.1          -5.3
           III            2.0          -6.8         -8.6        r-1.0          r-1.8          -2.9
            IV            9.2          -5.3        -13.3          5.9            6.5          -3.0

        ANNUAL            2.0          -4.7         -6.5          2.3           -0.5           0.3

  2002       I           r9.7           2.1        r-6.9        r17.1          r15.4           6.7
            II           r6.4           4.6        r-1.7         r8.6           r5.1           2.1
           III           r5.4           1.3        r-3.9         r4.1           r2.0          -1.2
            IV           r2.9          -2.4        r-5.2         r3.1           r1.0           0.2

        ANNUAL            6.6          -0.9         -7.1          7.3            5.6           0.6

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  2000       I            4.8           4.0         -0.8          9.8            6.4           4.8
            II            5.3           4.3         -0.9          8.5            5.1           3.1
           III            5.1           3.3         -1.7         10.0            6.4           4.7
            IV            3.4           0.8         -2.5          7.8            4.2           4.3

        ANNUAL            4.8           3.1         -1.6          9.2            5.6           4.2

  2001       I            1.6          -2.2         -3.7          3.7           r0.2           2.0
            II            1.5          -4.5         -5.9          3.6            0.2           2.1
           III            2.1          -5.7        r-7.7          0.8           -1.8          -1.3
            IV            3.4          -6.3         -9.3          1.7           -0.1          -1.7

        ANNUAL            2.0          -4.7         -6.5          2.3           -0.5           0.3

  2002       I            6.0          -4.0         -9.4          4.7            3.5          -1.2
            II            6.8          -1.5        r-7.7          7.5           r6.1           0.7
           III            7.6           0.6         -6.6          8.8            7.1           1.1
            IV           r6.0           1.3        r-4.4          8.1            5.7           1.9

        ANNUAL            6.6          -0.9         -7.1          7.3            5.6           0.6

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                March 7, 2006
  r=revised                                                       Source: Bureau of Labor Statistics




 Appendix table 4. Durable manufacturing sector: Revised productivity, hourly compensation, and
  unit labor costs seasonally adjusted
                                                                              Real
       Year           Output per                  Hours       Compensa-       compensa-      Unit 
       and            hour of                     of all      tion per        tion per       labor
       quarter        all persons     Output      persons     hour (1)        hour (2)       costs
  --------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  2000       I          150.0         165.3        110.2        133.4          112.3          88.9
            II          151.3         167.5        110.7        131.9          110.1          87.1
           III          151.3         166.8        110.2        135.7          112.3          89.7
            IV          151.9         165.0        108.6        135.4          111.3          89.2

        ANNUAL          151.3         166.2        109.8        134.2          111.6          88.7

  2001       I         r151.3         161.2       r106.6       r136.3         r110.9         r90.1
            II         r152.5         158.3       r103.9       r135.8         r109.7         r89.1
           III         r153.5         154.5       r100.7       r135.5         r109.2         r88.3
            IV         r156.4         151.1        r96.6       r137.9         r111.3          88.2

        ANNUAL         r153.3         156.3       r101.9       r136.4         r110.3          88.9

  2002       I         r161.1         152.5        r94.7       r141.9         r114.1         r88.1
            II         r164.4         155.2        r94.4       r145.0         r115.6          88.2
           III         r167.6         156.5        r93.4       r146.0         r115.9          87.1
            IV         r170.6         156.3        r91.7       r147.3         r116.3          86.4

        ANNUAL         r165.9         155.1        r93.5       r145.0         r115.5         r87.4

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  2000       I           10.9           9.0         -1.7         25.0           20.3          12.7
            II            3.5           5.2          1.6         -4.5           -7.5          -7.8
           III            0.0          -1.6         -1.6         12.1            8.1          12.1
            IV            1.5          -4.2         -5.6         -0.7           -3.5          -2.2

        ANNUAL            5.4           4.7         -0.7          9.7            6.1           4.1

  2001       I          r-1.7          -9.0        r-7.4         r2.5          r-1.3           4.2
            II           r3.2          -6.9        r-9.8        r-1.3          r-4.4         r-4.4
           III           r2.6          -9.3       r-11.6        r-0.8          r-1.6          -3.4
            IV           r7.9          -8.5        -15.2         r7.2           r7.8          -0.7

        ANNUAL            1.3          -5.9         -7.2          1.6           -1.2           0.2

  2002       I          r12.5           3.6        r-7.9        r12.1          r10.5          -0.4
            II           r8.4           7.2        r-1.1         r9.0           r5.5           0.5
           III           r8.1           3.5        r-4.2         r2.9           r0.8          -4.8
            IV           r7.2          -0.5         -7.2          3.7            1.6          -3.3

        ANNUAL            8.2          -0.8         -8.3          6.4            4.7          -1.7

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  2000       I            6.0           6.2          0.2         11.2            7.7           4.9
            II            5.6           6.2          0.6          8.9            5.5           3.1
           III            5.7           4.4         -1.2         10.9            7.2           4.9
            IV            3.9           2.0         -1.8          7.4            3.8           3.3

        ANNUAL            5.4           4.7         -0.7          9.7            6.1           4.1

  2001       I           r0.8          -2.5        r-3.3          2.2          r-1.2           1.3
            II            0.7          -5.4         -6.1          3.0           -0.4           2.2
           III            1.4          -7.3        r-8.6         -0.1           -2.7          -1.5
            IV            3.0          -8.4        -11.1          1.8            0.0          -1.1

        ANNUAL            1.3          -5.9         -7.2          1.6           -1.2           0.2

  2002       I            6.5          -5.4        -11.2          4.1            2.9          -2.2
            II           r7.8          -2.0        r-9.1         r6.7           r5.4          -1.0
           III            9.2           1.3        r-7.3          7.7            6.1          -1.4
            IV            9.0           3.4         -5.1         r6.8            4.5          -2.0

        ANNUAL            8.2          -0.8         -8.3          6.4            4.7          -1.7

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                March 7, 2006
  r=revised                                                       Source: Bureau of Labor Statistics




 Appendix table 5. Nondurable manufacturing sector: Revised productivity, hourly compensation, and
   unit labor costs seasonally adjusted
                                                                              Real
       Year           Output per                  Hours       Compensa-       compensa-      Unit 
       and            hour of                     of all      tion per        tion per       labor
       quarter        all persons     Output      persons     hour (1)        hour (2)       costs
  --------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  2000       I          116.9         111.1         95.0        130.5          109.8         111.6
            II          118.2         111.5         94.4        131.4          109.7         111.2
           III          117.6         110.6         94.1        133.7          110.7         113.8
            IV          119.7         110.2         92.0        136.6          112.2         114.1

        ANNUAL          118.3         110.9         93.7        133.2          110.8         112.7

  2001       I         r119.7         108.7        r90.8       r139.2         r113.3         116.3
            II         r120.5         107.5        r89.2       r138.0         r111.5         114.5
           III         r120.5         106.7        r88.5       r137.9         r111.2        r114.5
            IV         r123.5         106.5        r86.2       r139.3         r112.5        r112.8

        ANNUAL         r121.0         107.3        r88.7       r138.6         r112.1         114.6

  2002       I         r125.6         106.8        r85.1       r148.1         r119.1         117.9
            II         r127.1         107.4        r84.5       r150.9         r120.4        r118.7
           III         r127.9         107.1        r83.8       r153.3         r121.6        r119.8
            IV         r126.9         105.9        r83.4       r154.2         r121.8         121.5

        ANNUAL         r126.9         106.8        r84.2       r151.6         r120.7         119.5

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  2000       I            0.5          -1.7         -2.2         15.4           11.1          14.8
            II            4.3           1.4         -2.8          2.7           -0.4          -1.5
           III           -2.0          -3.0         -1.0          7.4            3.5           9.6
            IV            7.4          -1.7         -8.5          8.9            5.9           1.4

        ANNUAL            3.9           0.6         -3.2          7.8            4.3           3.8

  2001       I           -0.1          -5.2        r-5.2         r7.9           r3.9           7.9
            II            2.9          -4.1         -6.8         -3.4           -6.3          -6.1
           III          r-0.1          -3.3        r-3.2        r-0.3          r-1.1          -0.2
            IV          r10.4          -0.6       r-10.0         r4.1           r4.7          -5.7

        ANNUAL            2.3          -3.2        r-5.4          4.0            1.2           1.7

  2002       I           r6.9           1.3        r-5.3        r27.6          r25.8          19.4
            II           r4.9           2.1        r-2.7         r7.7           r4.3           2.6
           III           r2.5          -1.0        r-3.4         r6.5           r4.3           3.9
            IV          r-3.0          -4.6        r-1.7         r2.5           r0.4           5.6

        ANNUAL            4.8          -0.5         -5.1          9.4            7.6           4.3

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  2000       I            3.4           0.8         -2.5          6.7            3.4           3.2
            II            5.0           1.3         -3.5          7.3            3.9           2.2
           III            4.1           1.4         -2.6          8.2            4.6           3.9
            IV            2.5          -1.3         -3.7          8.5            4.9           5.9

        ANNUAL            3.9           0.6         -3.2          7.8            4.3           3.8

  2001       I            2.3          -2.2         -4.4          6.7            3.2           4.2
            II            2.0          -3.5         -5.4          5.1            1.6           3.0
           III           r2.5          -3.6         -5.9          3.1           r0.5           0.6
            IV           r3.2          -3.3         -6.3         r2.0           r0.2          -1.2

        ANNUAL            2.3          -3.2        r-5.4          4.0            1.2           1.7

  2002       I           r4.9          -1.7        r-6.3          6.4            5.1           1.4
            II           r5.5          -0.1         -5.3          9.3           r8.0           3.6
           III           r6.2           0.4         -5.4         11.1            9.4           4.7
            IV            2.8          -0.6         -3.3         10.7            8.3           7.7

        ANNUAL            4.8          -0.5         -5.1          9.4            7.6           4.3

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                March 7, 2006
  r=revised                                                       Source: Bureau of Labor Statistics


Appendix table 6. Nonfinancial corporate sector:  Revised productivity, hourly compensation, unit labor costs, 
 unit profits, and prices, seasonally adjusted
 
                Output                      Hourly    Real                Unit     Total    Unit   Implicit
      Year      per all-                    compen-   hourly     Unit     non-     unit     pro-   price
      and       employee          Employee  sation    compen-    labor    labor    costs    fits   deflator
      quarter   hour      Output  hours      (1)      sation(2)  costs    costs(6) (7)      (8)      (4)
  ----------------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  2000      I   r120.5    150.3    r124.7   r129.7    r109.2     107.7    101.9    106.1    114.6    106.9
           II   r121.1    151.1    r124.8   r130.4    r108.9     107.7    103.5    106.6    115.9    107.4
          III   r121.9    152.4    r125.0   r132.9    r109.9     109.0    104.8    107.9    107.4    107.8
           IV   r122.1    152.3    r124.7   r134.3    r110.4     110.0    106.5    109.1     97.0    108.0

       ANNUAL   r121.5    151.5    r124.7   r131.9    r109.7     108.6    104.2    107.4    108.7    107.5

  2001      I   r122.5    151.9    r124.0   r135.4    r110.2     110.5    109.2    110.2     87.4    108.1
           II   r123.4    151.1    r122.4   r136.7    r110.4     110.8    111.6    111.0     86.9    108.9
          III   r123.6    149.4    r120.8   r137.8    r111.1     111.5    114.1    112.2     79.0    109.2
           IV   r124.4    148.2    r119.2   r139.2    r112.4     111.9    115.7    113.0     75.5    109.6

       ANNUAL   r123.5    150.2    r121.6   r137.3    r111.0     111.2    112.6    111.6     82.2    108.9

  2002      I   r125.9    149.3    r118.5   r140.1    r112.6     111.2    113.0    111.7     85.8    109.4
           II   r127.9    151.3    r118.4   r141.9    r113.2     111.0    110.7    110.9     94.5    109.4
          III   r129.1    152.2    r117.9   r142.7    r113.3     110.6    110.0    110.5    100.3    109.5
           IV   r130.1    153.0    r117.6   r143.2    r113.1     110.1    109.6    110.0    111.2    110.1

       ANNUAL   r128.2    151.5    r118.1   r142.0    r113.0     110.7    110.8    110.7     98.0    109.6

  ----------------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)

  2000      I      7.1      9.5       2.2     15.2      10.9       7.6      1.4      5.9    -25.5      2.3
           II      2.1      2.3       0.1      2.3      -0.8       0.1      6.6      1.8      4.7      2.1
          III      2.7      3.4       0.7      7.7       3.8       4.9      5.0      4.9    -26.2      1.5
           IV      0.7     -0.2      -0.9      4.5      r1.6       3.7      6.7      4.5    -33.4      0.6

       ANNUAL      3.6      5.2       1.6      6.8       3.3       3.1      3.8      3.3    -15.8      1.2

  2001      I     r1.3     -1.1      -2.4     r3.3     r-0.5       1.9     10.5      4.1    -34.1      0.6
           II     r2.8     -2.2     r-4.8     r3.7      r0.5       0.9      9.2      3.1     -2.5      2.7
          III     r0.8     -4.4     r-5.1     r3.4      r2.6       2.6      8.9      4.3    -31.8      1.3
           IV      2.5     -3.0      -5.4      4.2       4.8       1.6      5.9      2.8    -16.3      1.4

       ANNUAL     r1.6     -0.9      -2.5     r4.0       1.2       2.4      8.1      3.9    -24.3      1.3

  2002      I     r5.1      2.9     r-2.1     r2.4      r0.9      -2.6     -9.0     -4.4     66.8     -0.8
           II     r6.2      5.6     r-0.6     r5.2      r1.9      -0.9     -7.9     -2.9     46.9      0.1
          III     r3.8      2.3     r-1.4     r2.5      r0.4      -1.2     -2.4     -1.6     27.0      0.5
           IV      3.2      2.0     r-1.1     r1.2     r-0.8      -1.9     -1.6     -1.8     50.9      1.9

       ANNUAL     r3.9      0.9     r-2.9      3.4       1.8      -0.4     -1.6     -0.7     19.2      0.6

  ----------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year

  2000      I      3.4      6.1       2.7     r5.7       2.5       2.3      2.8      2.4    -14.1      0.6
           II      3.4      5.5       2.0      6.2       2.8       2.7      3.8      3.0    -13.2      1.1
          III      4.1      5.6       1.4      7.6       4.0       3.3      3.8      3.5    -14.9      1.5
           IV      3.1      3.7       0.5      7.3       3.8       4.0      4.9      4.3    -21.3      1.6

       ANNUAL      3.6      5.2       1.6      6.8       3.3       3.1      3.8      3.3    -15.8      1.2

  2001      I      1.7      1.1      -0.6      4.4       1.0       2.6      7.2      3.8    -23.7      1.2
           II      1.9      0.0      -1.9      4.8      r1.3       2.8      7.8      4.1    -25.0      1.3
          III      1.4     -2.0      -3.3      3.7       1.0       2.3      8.8      4.0    -26.5      1.3
           IV     r1.8     -2.7     r-4.4      3.7       1.8       1.8      8.6      3.6    -22.2      1.5

       ANNUAL     r1.6     -0.9      -2.5     r4.0       1.2       2.4      8.1      3.9    -24.3      1.3

  2002      I      2.8     -1.7      -4.4      3.4       2.2       0.6      3.5      1.4     -1.9      1.2
           II     r3.6      0.2     r-3.3     r3.8      r2.5       0.2     -0.8     -0.1      8.7      0.5
          III      4.4      1.9      -2.4     r3.6      r2.0      -0.8     -3.5     -1.5     27.0      0.3
           IV     r4.6      3.2      -1.3      2.8       0.6      -1.7     -5.3     -2.7     47.2      0.4

       ANNUAL     r3.9      0.9     r-2.9      3.4       1.8      -0.4     -1.6     -0.7     19.2      0.6

  ----------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                        March 7, 2006
  r=revised                                                               Source: Bureau of Labor Statistics