USDL 04-119
TRANSMISSION OF THIS
MATERIAL IS EMBARGOED
UNTIL 8:30 A.M. EST,
THURSDAY, FEBRUARY 5, 2004

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
                       Preliminary Fourth Quarter and
                          Annual Averages for 2003
                                      
                                      
     The Bureau of Labor Statistics of the U.S. Department of Labor today
reported preliminary productivity data-as measured by output per hour of all
persons-for the fourth quarter and for the full year 2003.  The seasonally
adjusted annual rates of productivity change in the fourth quarter and the
annual average changes were:

                                  Fourth  Annual averages
                                 quarter     2002-2003
                                 
     Business sector                1.8          4.3
     Nonfarm business sector        2.7          4.2
     
     In the fourth quarter, productivity increased 1.8 percent in the
business sector following an 8.7-percent increase (as revised) one quarter
earlier (seasonally adjusted annual rates).  In nonfarm businesses,
productivity also grew more slowly in the fourth quarter, 2.7 percent, than
it had one quarter earlier, when it rose 9.5 percent.  On an annual average
basis, productivity rose 4.3 percent in the business sector and 4.2 percent
in the nonfarm business sector.  Fourth-quarter productivity and related
measures are summarized in table A and annual average data in table B.
Detailed information is presented in tables 1 through 5.

     In the manufacturing sector, increases in productivity were:

                                 	 Fourth  Annual averages
                                 	quarter     2002-2003
                                 	
     Manufacturing sector           	  4.8          4.3
       Durable goods manufacturing  	  6.4          6.7
       Nondurable goods manufacturing     3.8          1.2

------------------------------------------------------------------------------     
Productivity and cost measures for the manufacturing sector are now  reported
using  the  2002  North  American  Industry  Classification  System  (NAICS).
Because  of  the reclassification, these measures are not directly comparable
with  manufacturing  measures  published on or  before  Dec.  3,  2003.   See
"Revised Measures".
------------------------------------------------------------------------------
 
------------------------------------------------------------------------------ 
Table A. Productivity and costs:  Preliminary fourth-quarter 2003 measures
(Seasonally adjusted annual rates)
------------------------------------------------------------------------------                                                             
                                                        Real     
                                              Hourly    hourly   Unit
                   Produc-                    compen-   compen-  labor
Sector             tivity    Output   Hours   sation    sation   costs
------------------------------------------------------------------------------
                      Percent change from preceding quarter
Business           1.8       3.7      1.9     0.9       0.1      -0.8
Nonfarm business   2.7       4.2      1.5     1.3       0.5      -1.3
Manufacturing      4.8       6.6      1.7     1.5       0.7      -3.1
  Durable          6.4      10.2      3.6     0.6      -0.3      -5.5
  Nondurable       3.8       2.6     -1.1     2.9       2.0      -0.9
------------------------------------------------------------------------------  
                      Percent change from same quarter a year ago
Business           5.2       5.0      -0.2    3.3       1.4      -1.8
Nonfarm business   5.3       5.2      -0.2    3.3       1.3      -2.0
Manufacturing      5.2       1.8      -3.3    4.3       2.4      -0.9
  Durable          7.2       3.9      -3.1    3.9       2.0      -3.1
  Nondurable       3.1      -0.7      -3.6    5.0       3.1       1.9
------------------------------------------------------------------------------     
     
     Manufacturing productivity grew 4.8 percent in the fourth quarter,
reflecting a 6.6-percent increase in output and a 1.7-percent rise in hours
of all persons.  On an annual average basis, output per hour in the
manufacturing sector posted a 4.3-percent increase in 2003.  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.

     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 CHANGES, 2003
                                      
Business

     Productivity in the business sector increased by 1.8 percent in the
fourth quarter of 2003, reflecting increases of 3.7 percent in output and 1.9
percent in hours of all persons (seasonally adjusted annual rates).  The
fourth-quarter rise in hours of all persons was the largest since a 2.5-
percent increase in the fourth quarter of 1999.  Hours had risen 1.4 percent
in the third quarter of 2003.  Both the productivity and output increases
were smaller than the increases recorded in the previous quarter, when
productivity rose 8.7 percent and output grew 10.3 percent.  The 10.3-percent
output increase in the third quarter was the largest in the sector since the
second quarter of 1983, when output rose at an 11.7-percent annual rate.

     Hourly compensation rose 0.9 percent in the fourth quarter of 2003,
following a 2.7-percent increase one quarter earlier. 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, grew 0.1 percent during the fourth quarter of 2003.  This
measure rose 0.4 percent in the third quarter.

     The unit labor cost measure, which relates hourly compensation to output
per hour, dropped 0.8 percent in the fourth quarter.  Unit labor costs also
fell in the previous two quarters, 5.5 percent in the third quarter 2003 and
1.7 percent in the second quarter.  These costs had risen 1.2 percent in the
first quarter of the year.

Nonfarm business

     In the nonfarm business sector, productivity increased 2.7 percent in
the fourth quarter of 2003.  Output grew 4.2 percent and hours of all persons
grew 1.5 percent (seasonally adjusted annual rates).  As in the larger
business sector, the fourth-quarter productivity increase was less than the
third-quarter increase.  As revised, productivity increased 9.5 percent in
the third quarter of 2003, reflecting a 10.4-percent rise in output and 0.8-
percent growth in hours of all persons (table 2).  The third-quarter output
increase was the largest since a 12.3 percent rise was posted in the third
quarter of 1983 and the fourth-quarter hours increase was bigger than any
since the first quarter of 2000, when hours rose 1.7 percent.

     Hourly compensation in the nonfarm business sector rose 1.3 percent in
the fourth quarter of 2003, down from the 3.4-percent rise of the third
quarter.  When the changes in consumer prices were taken into account, real
hourly compensation grew 0.5 percent during the fourth quarter of 2003 and
1.0 percent one quarter earlier.

     Unit labor costs dropped 1.3 percent in the fourth quarter, after
falling 5.6 percent in the third quarter of 2003 and 1.3 percent in the
second quarter.  The implicit price deflator for nonfarm business output
increased 0.3 percent in the fourth quarter of 2003, after increasing 1.1
percent one quarter earlier.

Manufacturing

     Manufacturing productivity grew 4.8 percent (seasonally adjusted annual
rate) in the fourth quarter of 2003 as output and hours increased 6.6 and 1.7
percent, respectively (table 3).  This was the largest increase in
manufacturing output since a 7.1-percent increase in the fourth quarter of
1997.  The hours increase was the first since a 0.1-percent rise in the
second quarter of 2000.  In the third quarter, manufacturing productivity
increased 9.7 percent, reflecting a 4.3-percent rise in output and a 5.0-
percent decrease in hours.  In durable goods manufacturing, productivity rose
6.4 percent in the fourth quarter as output grew 10.2 percent and hours
increased 3.6 percent (table 4).  Among nondurable goods manufacturers,
productivity increased 3.8 percent in the fourth quarter as output rose 2.6
percent and hours at work in the sector fell 1.1 percent (table 5).

     Average hourly compensation of manufacturing workers increased 1.5
percent in the fourth quarter of 2003, reflecting increases in hourly
compensation of 0.6 percent in durable goods manufacturing and 2.9 percent in
nondurable goods manufacturing.  When the increase in consumer prices was
taken into account, real hourly compensation in total manufacturing rose 0.7
percent.

     Unit labor costs for the manufacturing sector dropped by 3.1 percent in
fourth quarter 2003.  In durable goods manufacturing, unit labor costs fell
5.5 percent and, in nondurable goods manufacturing, unit labor costs
decreased 0.9 percent.


                      ANNUAL AVERAGE CHANGES, 2002-2003
                                      
Business

     Business sector productivity increased 4.3 percent when the annual
average for 2003 was compared with the annual average for 2002 (table B).
Output increased 3.7 percent and hours of all persons engaged in the sector
dropped 0.6 percent.  Productivity had increased 4.8 percent in 2002, when
output rose 2.3 percent and hours fell 2.4 percent.  The 4.8-percent
productivity increase in 2002 was the largest in the sector since an 8.1-
percent rise was posted in 1950.  Also, the combination of the 4.8 percent
productivity increase in 2002 and the 4.3 percent increase in 2003 produced
the largest two-year gain, a 4.5-percent average annual rate of growth, since
1949-51, when it grew at a 5.7-percent annual rate, reflecting annual
increases of 8.1 percent in 1950 and 3.1 percent in 1951.

------------------------------------------------------------------------------
Table B.Annual average changes in productivity and related measures, 1994-2003
------------------------------------------------------------------------------

        Measure      1994   1995  1996  1997 1998  1999  2000  2001  2002 2003
 -----------------------------------------------------------------------------       
 Business:                                                                    
  Productivity        1.2    0.3   2.8  1.9   2.6   2.9  2.9   2.2   4.8   4.3
  Output              5.0    2.9   4.6  5.3   4.8   5.1  3.9   0.1   2.3   3.7
  Hours               3.8    2.6   1.8  3.3   2.2   2.1  1.0  -2.1  -2.4  -0.6
  Hourly    
    compensation      1.6    2.2   3.2  3.2   5.9   4.8  7.0   4.1   2.1   3.0
  Real hourly
    compensation     -0.5   -0.3   0.5  1.1   4.4   2.7  3.5   1.3   0.5   0.7
  Unit labor costs    0.4    1.9   0.5  1.3   3.2   1.8  4.0   1.8  -2.5  -1.2
 ----------------------------------------------------------------------------- 
 Nonfarm Business:                                                            
  Productivity        1.2    0.6   2.5  1.7   2.6   2.8  2.7   2.1   4.9   4.2
  Output              4.8    3.2   4.5  5.2   5.0   5.2  3.8   0.1   2.3   3.7
  Hours               3.5    2.6   1.9  3.4   2.3   2.3  1.1  -2.0  -2.5  -0.5
  Hourly    
    compensation      1.7    2.2   3.2  3.1   5.8   4.7  7.0   3.9   2.2   2.9
  Real hourly
    compensation     -0.4   -0.2   0.5  1.0   4.3   2.5  3.6   1.1   0.6   0.6
  Unit labor costs    0.5    1.6   0.6  1.4   3.2   1.8  4.2   1.7  -2.5  -1.2
------------------------------------------------------------------------------  
 Manufacturing:                                                               
  Productivity        3.3    3.9   3.4  3.5   4.7   3.8  4.6   2.2   6.8   4.3
  Output              5.7    4.5   3.2  5.5   4.5   2.9  3.0  -4.6  -0.6   0.1
  Hours               2.3    0.6  -0.2  1.9  -0.2  -0.9 -1.5  -6.6  -7.0  -4.0
  Hourly    
    compensation      3.3    2.0   2.0  1.9   6.1   4.2  9.1   2.4   3.6   4.5
  Real hourly
    compensation      1.1   -0.4  -0.6 -0.2   4.6   2.1  5.6  -0.4   2.0   2.2
  Unit labor costs    0.0   -1.8  -1.3 -1.5   1.3   0.3  4.2   0.2  -3.0   0.3
------------------------------------------------------------------------------

     Hourly compensation in the business sector increased 3.0 percent in
2003, more than the 2.1-percent increase in 2002.  Real hourly compensation
increased 0.7 percent in 2003 and 0.5 percent one year earlier.  Unit labor
costs in the business sector fell 1.2 percent in 2003 and 2.5 percent in
2002.  These were the first annual declines in these costs since the early
1960s.  (Unit labor costs fell 0.3 percent in 1963 and 0.1 percent in 1962.)
The implicit price deflator for the business sector rose 1.3 percent in 2003
and 0.8 percent in 2002.

Nonfarm business

     Productivity increased 4.2 percent in the nonfarm business sector during
2003, reflecting a 3.7-percent rise in output and a 0.5-percent decline in
hours.  During 2002, productivity had increased 4.9 percent in nonfarm
business, as output rose 2.3 percent and hours of all persons fell 2.5 per
cent.  As in the larger business sector, the 2002 productivity increase was
the largest since 1950, when productivity rose 6.6 percent.  When the
productivity increases for 2002 and 2003 are combined, productivity for the
2001-2003 period rose 4.5 percent in nonfarm businesses.  The last comparable
two-year rise occurred over the 1949-1951 period, when productivity increased
at a 4.6 percent annual rate, incorporating rises of 6.6 percent in 1950 and
2.7 percent in 1951.

     In 2003, hourly compensation increased 2.9 percent, up from the 2.2-
percent rise in 2002. When the increase in consumer prices was taken into
account, real hourly compensation rose 0.6 percent in both 2003 and 2002.

     Unit labor costs in the nonfarm business sector dropped 1.2 percent in
2003, less than the 2.5-percent decline in 2002.  Prior to 2002, the last
time annual unit labor costs in the nonfarm business sector declined was in
1983, when they dropped 0.3 percent.  The implicit price deflator for nonfarm
business rose 1.2 percent in 2003 and 0.9 percent in 2002.

Manufacturing

     In manufacturing, labor productivity rose 4.3 percent in 2003 and 6.8
percent in 2002.  The 2003 increase occurred as output grew 0.1 percent and
hours of all persons fell 4.0 percent (table B).  There was a 6.7-percent
increase in durable goods manufacturing productivity, as output rose 2.1
percent and hours fell 4.3 percent.  Nondurable goods manufacturing posted a
more modest increase in productivity, 1.2 percent, reflecting an output
decline of 2.2 percent and a drop in hours of 3.3 percent.

     Hourly compensation of manufacturing workers increased 4.5 percent in
2003, more than the 3.6-percent growth in 2002.  In 2003, hourly compensation
rose 4.3 percent in durable goods manufacturing and 5.0 percent in nondurable
good manufacturing.  Taking into account the rise in consumer prices, real
hourly compensation in manufacturing rose 2.2 percent in 2003 and 2.0 percent
one year earlier.

     Unit labor costs in manufacturing grew 0.3 percent in 2003.  These costs
had declined 3.0 percent in calendar year 2002.  Unit labor costs in durable
goods manufacturing declined 2.2 percent in 2003, compared with a 3.8-percent
rise in unit labor costs in nondurable goods manufacturing.

Revised Measures

     Current and previous measures for the third quarter of 2003 for the
business and nonfarm business sectors are compared in table C.  In both
sectors, productivity, output, and hours growth in the third quarter were
similar to those reported on Dec. 3.  Also in both sectors, hourly
compensation and real hourly compensation grew more than reported in
December.  Because hourly compensation was revised up more than labor
productivity, unit labor costs in the third quarter dropped less than
reported two months ago.

------------------------------------------------------------------------------
Table C. Previous and revised productivity and related measures
Quarterly percent change at seasonally adjusted annual rate
------------------------------------------------------------------------------                                                          
                                                     Real       
                                            Hourly   hourly     Unit
                   Produc-                  compen-  compen-    labor
Sector             tivity   Output   Hours  sation   sation     costs
------------------------------------------------------------------------------                                                                
                          Third quarter 2003
Business:                                                       
  Previous          8.6      10.2     1.4     2.3      0.0      -5.8
  Current           8.7      10.3     1.4     2.7      0.4      -5.5
Nonfarm business:                                               
  Previous          9.4      10.3     0.8     3.0      0.7      -5.8
  Current           9.5      10.4     0.8     3.4      1.0      -5.6
------------------------------------------------------------------------------     
     
     Measures of productivity and costs for manufacturing also differ from
those published on Dec. 3-however, the current manufacturing measures are not
strictly comparable with earlier series.  The manufacturing sectors are now
defined using the 2002 North American Industry Classification System (NAICS
2002); previously these measures were classified on the 1987 Standard
Industrial Classification (SIC).  Some detailed industries formerly included
in manufacturing are no longer included, while some detailed industries
formerly in other sectors are now included.  On net, the NAICS changes have
reduced the size of the manufacturing sector.

     Measures of productivity and costs for the business, nonfarm business,
and manufacturing sectors were revised for all years and quarters. See
"Historical Revisions".






Revised measures: Nonfinancial Corporations

     Revised third-quarter productivity and output measures for nonfinancial
corporations also were announced today.  In the third quarter, output and
productivity increased less and hours fell less than reported on Dec. 3.
Hourly compensation was revised up.  This, combined with the downward
revision to productivity, led to less of a decline in unit labor costs (table
D).   Historical measures for nonfinancial corporations also were revised for
all years and quarters.  See "Historical Revisions."

------------------------------------------------------------------------------
Table D.  Nonfinancial corporations:  Previous and revised productivity and
cost measures
Quarterly percent changes at seasonally adjusted annual rates
------------------------------------------------------------------------------                                                           
                                             Real                    
                                    Hourly   hourly  Unit            Implicit
            Produc-                 compen-  compen- labor  Unit     price
            tivity   Output  Hours  sation   sation  costs  profits  deflator
------------------------------------------------------------------------------                                                                     
                              Third quarter 2003
                              
Previous     9.2      8.9    -0.2     3.0     0.7    -5.6    60.9      0.6
Current      8.6      8.5    -0.1     3.6     1.2    -4.6    46.2      0.9
------------------------------------------------------------------------------

Historical revisions
     
     All measures of output for the business, nonfarm business, and
nonfinancial corporate sectors have been revised to reflect the recent
release of revised national income and product accounts by the Bureau of
Economic Analysis (BEA), U.S. Department of Commerce.  Compensation measures
for all sectors, including manufacturing, also were revised to incorporate
these new data.  In addition, historical measures of employment and hours for
the business, nonfarm business, and nonfinancial corporate sectors were
revised to incorporate both revised historical information from the BEA and
the most recent information from the 1997 economic censuses conducted by the
Census Bureau on the proportions of persons working in nonprofit institutions
serving individuals and those in for-profit nonfinancial corporations.
Revised output, compensation, and employment and hours data for the
manufacturing and nonfinancial corporate sectors also reflect conversion from
the 1987 Standard Industrial Classification to the 2002 North American
Industry Classification System.  The annual output measures for manufacturing
incorporate the Census Bureau's 2001 Annual Survey of Manufactures.
     
     Appendix tables 1-6 show the revised annual measures for all sectors.
Links to tables showing the full historical revision including the quarterly
measures will be posted on the productivity and costs home page,
http://www.bls.gov/lpc/home.htm.  Measures for the manufacturing, durable
manufacturing, and nondurable manufacturing sectors now begin in 1987.
Because the BEA compensation data extend back only to 1998, the BLS
constructed measures for 1987-97 based on trends in compensation data from
its industry productivity program.  BLS may consider the possibility of
extending the productivity and cost measures back further but currently has
no plans to do so.

Upcoming changes to productivity and cost data

     New estimates of average weekly hours at work for nonproduction and
supervisory workers will be introduced into the BLS major sector productivity
and cost measures beginning with the August 10, 2004, release.  An article
discussing these new measures and the effects of this change will be
published in the Monthly Labor Review sometime in the next few months.  A
technical note describing the methodology will be available this summer.

     In addition, on Aug. 10, the BLS intends to begin adjusting its hours
series derived from the Current Population Survey (employment and hours for
the farm sector, nonfarm self-employed, and nonfarm unpaid family workers and
hours for employees of government enterprises) for the effects of multiple
jobholding and to begin using concurrent seasonal adjustment for these
series.  Further information on these changes will be announced later this
year.
                                      
                                      
                              Next release date

     The next release of Productivity and Costs is scheduled for 8:30 A.M.
EST, Thursday, March 4, 2003.  Revised fourth-quarter and annual average
measures for business, nonfarm business, and manufacturing will be released
at that time.  This release will incorporate changes due to the annual
benchmark adjustment and updated information on seasonal trends from the BLS
nonfarm payroll series.
     
     


                                      
                               TECHNICAL NOTES
                                      
Labor  Hours: Hours data for the labor productivity and cost measures include
hours for all persons working in the sector-wage and salary workers, the self-
employed,  and  unpaid family workers.  The primary source of  hours  and  em
ployment  data is the BLS Current Employment Statistics (CES) program,  which
provides  monthly survey data on the number of jobs held by wage  and  salary
workers in nonfarm establishments.  The CES also provides average weekly paid
hours of production and nonsupervisory workers in these establishments.   The
Office of Productivity and Technology estimates average weekly paid hours  of
nonproduction  and supervisory workers.  Weekly paid hours were  adjusted  to
hours at work using the BLS Hours at Work survey, conducted for this purpose.
Data from the National Compensation Survey are used for recent years.
     Data  from  the  BLS Current Population Survey (CPS) are used  for  farm
labor, nonfarm proprietors, and nonfarm unpaid family workers.  Estimates  of
labor input for government enterprises are derived from the CPS, the CES, and
the  National  Income and Product Accounts (NIPA) prepared by the  Bureau  of
Economic Analysis (BEA) of the Department of Commerce.

Output: Business sector output is an annual-weighted index constructed  after
excluding  from  gross domestic product (GDP) the following outputs:  General
government, nonprofit institutions, and private households (including  owner-
occupied  housing). Corresponding exclusions also are made in  labor  inputs.
Business  output accounted for about 78 percent of the value of GDP in  2000.
Nonfarm business, which also excludes farming, accounted for about 77 percent
of GDP in 2000.
   Annual  indexes  for  manufacturing and its durable and  nondurable  goods
components  are  constructed by deflating current-dollar  industry  value  of
production  data from the U.S. Bureau of the Census with deflators  from  the
BEA.   These deflators are based on data from the BLS producer price  program
and  other  sources.   The  industry shipments are  aggregated  using  annual
weights,  and  intrasector transactions are removed.  Quarterly manufacturing
output  measures  are  based on the index of industrial  production  prepared
monthly  by the Board of Governors of the Federal Reserve System adjusted  to
be  consistent with annual indexes of manufacturing sector output prepared by
BLS.   Durables include the following 3-digit NAICS industries: wood  product
manufacturing;  nonmetallic  mineral  product  manufacturing;  primary  metal
manufacturing;  fabricated  metal  product manufacturing;  machinery  manufac
turing;  computer and electronic product manufacturing; electrical  equipment
and   appliance   manufacturing;  transportation   equipment   manufacturing;
furniture and related product manufacturing; and miscellaneous manufacturing.
Nondurables include: Food manufacturing; beverage and tobacco product manufac
turing;  textile mills; textile product mills; apparel manufacturing; leather
and  allied product manufacturing; paper manufacturing; printing and  related
support activities; petroleum and coal products manufacturing; chemical  manu
facturing; and plastics and rubber products manufacturing.
   Nonfinancial  corporate output is an annual-weighted index  calculated  on
the  basis of the costs incurred and the incomes earned from production.  The
output  measure excludes the following outputs from GDP: general  government;
nonprofit  institutions;  private households;  unincorporated  business;  and
those  corporations classified as offices of bank holding companies,  offices
of  other  holding  companies,  or  in  the  finance  and  insurance  sector.
Nonfinancial corporations accounted for about 54 percent of the value of  GDP
in 2000.

Productivity:  These productivity measures describe the relationship  between
real  output  and the labor time involved in its production.  They  show  the
changes  from  period to period in the amount of goods and services  produced
per  hour.  Although these measures relate output to hours  at  work  of  all
persons engaged in a sector, they do not measure the specific contribution of
labor,  capital, or any other factor of production. Rather, they reflect  the
joint  effects  of many influences, including changes in technology;  capital
investment; level of output; utilization of capacity, energy, and  materials;
the organization of production; managerial skill; and the characteristics and
effort of the work force.
     Information  in  this release will be made available to sensory-impaired
individuals  upon request. Voice phone: 202-691-5606; Federal  Relay  Service
number: 1-800-877-8339.



  Table 1. Business sector: Productivity, hourly compensation, unit labor costs,
  and prices, seasonally adjusted
                                                             Real
     Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
     and        hour of                of all    tion per    tion per    labor    labor pay-  price
     quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
  ---------------------------------------------------------------------------------------------------------
                                           Indexes 1992=100

  2001       I    r116.8     r141.2    r120.9    r138.1      r112.5     r118.2      r107.1     r114.1
            II     117.8     r140.8    r119.6    r139.2      r112.4     r118.2      r109.6     r115.0
           III    r118.2     r139.9    r118.3    r140.2      r112.9     r118.6      r109.4     r115.2
            IV    r120.3     r140.6    r116.9    r141.4      r114.1     r117.6      r112.0     r115.5

        ANNUAL    r118.3     r140.6    r118.9    r139.7      r113.0     r118.1      r109.5     r114.9

  2002       I    r122.7     r142.6    r116.2    r141.7      r114.0     r115.5      r115.0     r115.3
            II    r123.2     r143.1    r116.1    r142.6      r113.7     r115.7      r115.8     r115.7
           III    r124.7     r144.6    r116.0    r143.0       113.5     r114.7      r117.9     r115.9
            IV    r125.1     r145.1    r116.0    r143.5      r113.3     r114.7      r119.4     r116.5

        ANNUAL    r123.9     r143.8    r116.1    r142.7      r113.6     r115.1      r117.0     r115.8

  2003       I    r126.1     r145.8    r115.7    r145.0      r113.4     r115.1      r120.0     r116.9
            II    r128.2     r147.3    r114.9    r146.9      r114.7     r114.6      r121.6     r117.2
           III    r130.9     r151.0    r115.3    r147.9      r114.8     r112.9      r125.3     r117.6
            IV     131.5      152.4     115.8     148.2       114.8      112.7       126.6      117.9

        ANNUAL     129.2      149.1     115.4     147.0       114.4      113.8       123.4      117.4

  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  2001       I     r-0.3      r-0.8     r-0.6      r5.6        r1.8       r5.9       r-3.0       r2.7
            II      r3.2      r-1.2      -4.3      r3.0       r-0.3      r-0.3        r9.6       r3.1
           III      r1.5      r-2.6     r-4.0      r2.9        r2.0       r1.5       r-0.4       r0.8
            IV      r7.3       r2.2      -4.8      r3.7        r4.2      r-3.4        r9.6       r1.1

        ANNUAL      r2.2       r0.1      -2.1      r4.1        r1.3        1.8        r2.1       r1.9

  2002       I      r8.3       r5.6     r-2.5      r0.8       r-0.5      r-7.0       r11.1      r-0.7
            II      r1.6       r1.4      -0.2      r2.5       r-1.0       r0.9        r2.9       r1.6
           III      r4.9       r4.3      -0.6      r1.3       r-0.8      r-3.4        r7.4        0.5
            IV      r1.3       r1.6      r0.3      r1.3       r-0.7       r0.0        r5.1       r1.9

        ANNUAL      r4.8       r2.3     r-2.4      r2.1        r0.5      r-2.5        r6.8       r0.8

  2003       I      r3.2       r1.9      -1.2      r4.4        r0.6       r1.2        r2.3        1.6
            II      r7.1       r4.2      -2.7      r5.2        r4.6      r-1.7        r5.2       r0.9
           III      r8.7      r10.3       1.4      r2.7        r0.4      r-5.5       r12.9       r1.3
            IV       1.8        3.7       1.9       0.9         0.1       -0.8         3.9        1.0

        ANNUAL       4.3        3.7      -0.6       3.0         0.7       -1.2         5.5        1.3

  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  2001       I      r2.7       r1.9      -0.8      r4.6        r1.2       r1.8        r1.7       r1.8
            II      r1.5      r-0.2      -1.7      r4.9        r1.5       r3.3        r0.0        2.1
           III      r2.0      r-0.7      -2.6      r3.5        r0.8       r1.4        r3.0       r2.0
            IV      r2.9      r-0.6      -3.4      r3.8        r1.9       r0.9        r3.8       r1.9

        ANNUAL      r2.2       r0.1      -2.1      r4.1        r1.3        1.8        r2.1       r1.9

  2002       I      r5.0       r1.0      -3.9       2.6         1.4      r-2.3        r7.4       r1.1
            II      r4.6       r1.6      -2.9      r2.4        r1.2      r-2.1        r5.7       r0.7
           III      r5.5       r3.4     r-2.0      r2.0        r0.4      r-3.3        r7.7       r0.6
            IV      r4.0       r3.2     r-0.7      r1.5       r-0.8      r-2.4        r6.6       r0.8

        ANNUAL      r4.8       r2.3     r-2.4      r2.1        r0.5      r-2.5        r6.8       r0.8

  2003       I       2.7       r2.3     r-0.4      r2.4       r-0.5      r-0.3        r4.4       r1.4
            II      r4.1       r3.0      -1.1      r3.1        r0.9      r-1.0        r5.0       r1.2
           III       5.0        4.4      -0.6      r3.4        r1.2      r-1.5        r6.3        1.4
            IV       5.2        5.0      -0.2       3.3         1.4       -1.8         6.0        1.2

        ANNUAL       4.3        3.7      -0.6       3.0         0.7       -1.2         5.5        1.3

  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       February 5, 2004
  r=revised                                                              Source: Bureau of Labor Statistics





  Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs,
  and prices, seasonally adjusted
                                                             Real
     Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
     and        hour of                of all    tion per    tion per    labor    labor pay-  price
     quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
  ---------------------------------------------------------------------------------------------------------
                                           Indexes 1992=100

  2001       I    r116.3     r141.5    r121.7    r137.4      r111.9     r118.1      r108.7     r114.6
            II    r117.3     r141.2    r120.4    r138.3      r111.7     r117.9      r111.2     r115.5
           III    r117.8     r140.3    r119.1    r139.3      r112.3     r118.3      r111.0     r115.6
            IV    r119.7     r140.8    r117.6    r140.6      r113.5     r117.5      r113.4     r116.0

        ANNUAL    r117.8     r141.0    r119.7    r138.9      r112.3     r118.0      r111.1     r115.4

  2002       I    r122.5     r143.1    r116.8    r141.0      r113.4     r115.1      r116.9     r115.8
            II    r122.8     r143.4    r116.8    r141.9      r113.1     r115.6      r117.6     r116.3
           III    r124.1     r144.8    r116.7    r142.3      r112.9     r114.6      r119.9     r116.6
            IV    r124.6     r145.4    r116.7     142.8       112.7     r114.6      r121.4     r117.1

        ANNUAL    r123.5     r144.2    r116.7    r142.0      r113.0     r115.0      r119.0     r116.4

  2003       I    r125.6     r146.3    r116.5    r144.1      r112.7     r114.8      r122.3     r117.5
            II    r127.5     r147.6    r115.8    r145.8      r113.8     r114.4      r123.5     r117.7
           III    r130.4     r151.3    r116.1    r147.0      r114.1     r112.7      r127.2     r118.1
            IV     131.3      152.9     116.5     147.5       114.2      112.4       128.1      118.2

        ANNUAL     128.7      149.5     116.2     146.1       113.7      113.5       125.3      117.9

  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

  2001       I     r-0.2      r-0.8     r-0.6      r5.4        r1.6       r5.7       r-3.0       r2.5
            II      r3.4      r-1.0      -4.3      r2.7       r-0.5      r-0.6        r9.8       r2.9
           III      r1.6      r-2.5     r-4.0      r3.0        r2.1       r1.3       r-0.8       r0.6
            IV      r6.8       r1.6     r-4.9      r3.8        r4.4      r-2.8        r9.0       r1.3

        ANNUAL      r2.1       r0.1      -2.0      r3.9        r1.1        1.7        r2.1        1.9

  2002       I      r9.7       r6.7     r-2.8      r1.1       r-0.2      r-7.8       r13.0      r-0.7
            II      r0.8       r0.8       0.0      r2.4       r-1.1       r1.6        r2.3       r1.9
           III      r4.5       r4.0     r-0.5      r1.3       r-0.9      r-3.1        r8.2       r1.0
            IV      r1.5       r1.6      r0.1      r1.4       r-0.6      r-0.2        r4.9       r1.7

        ANNUAL      r4.9       r2.3      -2.5      r2.2        r0.6      r-2.5        r7.1       r0.9

  2003       I      r3.1       r2.4      -0.7      r3.7       r-0.2       r0.5        r3.0       r1.5
            II      r6.1       r3.8      -2.2      r4.8        r4.2      r-1.3        r4.0       r0.7
           III      r9.5      r10.4       0.8      r3.4        r1.0      r-5.6       r12.5       r1.1
            IV       2.7        4.2       1.5       1.3         0.5       -1.3         2.8        0.3

        ANNUAL       4.2        3.7      -0.5       2.9         0.6       -1.2         5.3        1.2

  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

  2001       I      r2.5       r2.0      -0.6      r4.3        r0.9       r1.7        r1.9       r1.8
            II      r1.5      r-0.1      -1.6      r4.7        r1.3       r3.1        r0.1        2.1
           III      r2.0      r-0.5      -2.5      r3.3        r0.5       r1.2        r3.0       r1.8
            IV      r2.8      r-0.7      -3.5      r3.7        r1.9       r0.8        r3.6       r1.8

        ANNUAL      r2.1       r0.1      -2.0      r3.9        r1.1        1.7        r2.1        1.9

  2002       I      r5.3       r1.1      -4.0      r2.6        r1.4      r-2.6        r7.6       r1.0
            II      r4.7       r1.6     r-2.9      r2.6        r1.3      r-2.0        r5.7       r0.7
           III      r5.4       r3.2      -2.1      r2.1        r0.5      r-3.1        r8.0       r0.8
            IV      r4.1       r3.2     r-0.8      r1.5       r-0.7      r-2.4        r7.0       r1.0

        ANNUAL      r4.9       r2.3      -2.5      r2.2        r0.6      r-2.5        r7.1       r0.9

  2003       I      r2.5       r2.2      -0.3      r2.2       r-0.7      r-0.3        r4.6       r1.5
            II      r3.8       r2.9      -0.9      r2.8        r0.6      r-1.0        r5.0       r1.2
           III       5.0       r4.5      -0.5      r3.3        r1.1      r-1.7        r6.0        1.3
            IV       5.3        5.2      -0.2       3.3         1.3       -2.0         5.5        0.9

        ANNUAL       4.2        3.7      -0.5       2.9         0.6       -1.2         5.3        1.2

  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       February 5, 2004
  r=revised                                                              Source: Bureau of Labor Statistics





  Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
  seasonally adjusted (6)
                                                                              Real
       Year           Output per                  Hours       Compensa-       compensa-      Unit 
       and            hour of                     of all      tion per        tion per       labor
       quarter        all persons     Output      persons     hour (1)        hour (2)       costs
  --------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  2001       I            134.8        135.2        100.2        138.5          112.8         102.7
            II            136.2        133.3         97.9        137.6          111.1         101.0
           III            137.5        131.1         95.4        137.6          110.9         100.1
            IV            140.5        129.7         92.4        139.6          112.6          99.4

        ANNUAL            137.2        132.3         96.5        138.3          111.9         100.8

  2002       I            143.8        130.5         90.8        140.9          113.3          98.0
            II            146.0        131.8         90.2        143.0          114.1          97.9
           III            148.1        132.4         89.4        144.2          114.4          97.4
            IV            148.4        131.3         88.5        145.4          114.8          98.0

        ANNUAL            146.5        131.5         89.7        143.3          114.1          97.8

  2003       I            149.9        131.3         87.6        147.5          115.3          98.4
            II            150.8        130.1         86.3        149.3          116.6          99.0
           III            154.4        131.5         85.2        151.1          117.3          97.9
            IV            156.2        133.6         85.6        151.6          117.5          97.1

        ANNUAL            152.8        131.7         86.2        149.9          116.6          98.1

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  2001       I             -1.4         -7.5         -6.2          4.1            0.4           5.6
            II              4.0         -5.4         -9.0         -2.6           -5.7          -6.4
           III              3.9         -6.3         -9.8          0.2           -0.7          -3.6
            IV              9.0         -4.3        -12.2          5.8            6.4          -2.9

        ANNUAL              2.2         -4.6         -6.6          2.4           -0.4           0.2

  2002       I              9.8          2.5         -6.7          3.7            2.4          -5.5
            II              6.5          4.0         -2.3          6.2            2.6          -0.2
           III              5.6          1.7         -3.7          3.3            1.1          -2.2
            IV              0.9         -3.1         -4.0          3.4            1.4           2.4

        ANNUAL              6.8         -0.6         -7.0          3.6            2.0          -3.0

  2003       I              4.0          0.1         -3.8          5.8            1.9           1.7
            II              2.5         -3.6         -5.9          5.1            4.5           2.6
           III              9.7          4.3         -5.0          4.8            2.4          -4.5
            IV              4.8          6.6          1.7          1.5            0.7          -3.1

        ANNUAL              4.3          0.1         -4.0          4.5            2.2           0.3

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  2001       I              1.9         -2.0         -3.8          3.9            0.4           1.9
            II              1.6         -4.6         -6.1          3.7            0.3           2.0
           III              2.2         -5.7         -7.7          0.8           -1.8          -1.3
            IV              3.8         -5.9         -9.3          1.8            0.0          -1.9

        ANNUAL              2.2         -4.6         -6.6          2.4           -0.4           0.2

  2002       I              6.6         -3.4         -9.4          1.7            0.5          -4.6
            II              7.3         -1.1         -7.8          3.9            2.6          -3.1
           III              7.7          0.9         -6.3          4.8            3.1          -2.7
            IV              5.7          1.2         -4.2          4.1            1.9          -1.4

        ANNUAL              6.8         -0.6         -7.0          3.6            2.0          -3.0

  2003       I              4.3          0.6         -3.5          4.7            1.7           0.4
            II              3.3         -1.3         -4.4          4.4            2.2           1.1
           III              4.3         -0.6         -4.7          4.8            2.5           0.5
            IV              5.2          1.8         -3.3          4.3            2.4          -0.9

        ANNUAL              4.3          0.1         -4.0          4.5            2.2           0.3

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                February 5, 2004 
  r=revised                                                       Source: Bureau of Labor Statistics




  Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
  seasonally adjusted (6)
                                                                              Real
       Year           Output per                  Hours       Compensa-       compensa-      Unit 
       and            hour of                     of all      tion per        tion per       labor
       quarter        all persons     Output      persons     hour (1)        hour (2)       costs
  --------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  2001       I            150.7        160.5        106.5        137.7          112.1          91.4
            II            151.8        157.5        103.7        136.9          110.6          90.2
           III            153.1        154.0        100.6        136.8          110.3          89.4
            IV            156.6        151.6         96.8        139.3          112.4          88.9

        ANNUAL            153.0        155.9        101.9        137.7          111.4          90.0

  2002       I            161.0        152.6         94.8        139.7          112.4          86.8
            II            164.1        154.7         94.3        142.1          113.3          86.6
           III            166.9        155.9         93.5        143.0          113.5          85.7
            IV            169.5        156.1         92.1        144.3          113.9          85.1

        ANNUAL            165.3        154.8         93.7        142.3          113.3          86.1

  2003       I            171.8        156.6         91.2        146.1          114.2          85.0
            II            173.2        155.1         89.6        148.1          115.6          85.5
           III            178.9        158.3         88.5        149.7          116.2          83.7
            IV            181.7        162.2         89.2        149.9          116.2          82.5

        ANNUAL            176.4        158.0         89.6        148.4          115.5          84.2

  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  2001       I             -2.0         -9.7         -7.8          3.1           -0.6           5.2
            II              2.9         -7.3        -10.0         -2.3           -5.4          -5.1
           III              3.5         -8.5        -11.6         -0.3           -1.2          -3.7
            IV              9.5         -6.2        -14.3          7.3            7.9          -2.0

        ANNUAL              1.5         -5.9         -7.3          1.7           -1.1           0.2

  2002       I             11.6          2.8         -7.9          1.4            0.1          -9.2
            II              7.9          5.5         -2.2          6.9            3.2          -0.9
           III              7.1          3.3         -3.5          2.7            0.5          -4.1
            IV              6.4          0.4         -5.6          3.7            1.6          -2.6

        ANNUAL              8.1         -0.7         -8.1          3.3            1.7          -4.4

  2003       I              5.6          1.4         -4.1          4.9            1.0          -0.7
            II              3.2         -3.9         -6.8          5.7            5.1           2.4
           III             13.9          8.4         -4.8          4.5            2.1          -8.3
            IV              6.4         10.2          3.6          0.6           -0.3          -5.5

        ANNUAL              6.7          2.1         -4.3          4.3            2.0          -2.2

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  2001       I              1.2         -2.4         -3.6          2.5           -0.8           1.3
            II              0.8         -5.7         -6.5          3.1           -0.3           2.3
           III              1.2         -7.6         -8.7         -0.2           -2.8          -1.4
            IV              3.4         -7.9        -11.0          1.9            0.1          -1.5

        ANNUAL              1.5         -5.9         -7.3          1.7           -1.1           0.2

  2002       I              6.8         -4.9        -11.0          1.4            0.2          -5.0
            II              8.1         -1.8         -9.1          3.8            2.5          -4.0
           III              9.0          1.2         -7.1          4.5            2.9          -4.1
            IV              8.2          3.0         -4.8          3.6            1.4          -4.2

        ANNUAL              8.1         -0.7         -8.1          3.3            1.7          -4.4

  2003       I              6.8          2.6         -3.9          4.5            1.6          -2.1
            II              5.6          0.3         -5.0          4.2            2.0          -1.3
           III              7.2          1.5         -5.3          4.7            2.4          -2.4
            IV              7.2          3.9         -3.1          3.9            2.0          -3.1

        ANNUAL              6.7          2.1         -4.3          4.3            2.0          -2.2

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                February 5, 2004 
  r=revised                                                       Source: Bureau of Labor Statistics




  Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
  seasonally adjusted (6)
                                                                              Real
       Year           Output per                  Hours       Compensa-       compensa-      Unit 
       and            hour of                     of all      tion per        tion per       labor

       quarter        all persons     Output      persons     hour (1)        hour (2)       costs
  --------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  2001       I            119.8        109.0         91.0        137.6          112.0         114.8
            II            121.2        108.2         89.3        136.6          110.3         112.7
           III            122.2        107.2         87.7        137.1          110.5         112.2
            IV            124.3        106.7         85.8        138.4          111.7         111.3

        ANNUAL            121.9        107.8         88.4        137.4          111.1         112.8

  2002       I            126.4        107.2         84.8        141.4          113.7         111.8
            II            127.9        107.8         84.3        143.1          114.1         111.8
           III            129.1        107.7         83.4        144.6          114.7         112.0
            IV            127.1        105.7         83.1        145.8          115.1         114.7

        ANNUAL            127.6        107.1         83.9        143.7          114.4         112.6

  2003       I            127.8        105.3         82.4        148.5          116.1         116.2
            II            128.2        104.4         81.5        150.1          117.2         117.1
           III            129.8        104.3         80.4        152.0          118.0         117.1
            IV            131.0        105.0         80.1        153.1          118.6         116.9

        ANNUAL            129.2        104.8         81.1        150.9          117.5         116.8


  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

  2001       I             -1.6         -4.9         -3.3          6.8            3.0           8.6
            II              4.7         -3.0         -7.3         -3.0           -6.1          -7.3
           III              3.2         -3.7         -6.7          1.7            0.8          -1.5
            IV              7.1         -2.0         -8.5          3.7            4.2          -3.3

        ANNUAL              2.6         -3.0         -5.4          4.1            1.3           1.5

  2002       I              6.9          2.0         -4.6          8.9            7.5           1.8
            II              4.8          2.2         -2.5          4.9            1.3           0.1
           III              4.0         -0.2         -4.0          4.5            2.3           0.5
            IV             -6.1         -7.3         -1.3          3.3            1.3          10.0

        ANNUAL              4.7         -0.6         -5.1          4.6            2.9          -0.2

  2003       I              2.0         -1.5         -3.5          7.6            3.7           5.5
            II              1.3         -3.2         -4.5          4.3            3.7           3.0
           III              5.2         -0.4         -5.3          5.3            2.9           0.1
            IV              3.8          2.6         -1.1          2.9            2.0          -0.9

        ANNUAL              1.2         -2.2         -3.3          5.0            2.7           3.8

  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

  2001       I              2.6         -1.8         -4.3          6.5            3.0           3.8
            II              2.3         -3.3         -5.5          5.1            1.7           2.7
           III              2.7         -3.5         -6.0          3.2            0.5           0.4
            IV              3.3         -3.4         -6.5          2.2            0.4          -1.0

        ANNUAL              2.6         -3.0         -5.4          4.1            1.3           1.5

  2002       I              5.5         -1.7         -6.8          2.7            1.5          -2.6
            II              5.5         -0.4         -5.6          4.7            3.4          -0.7
           III              5.7          0.5         -4.9          5.5            3.8          -0.2
            IV              2.3         -0.9         -3.1          5.4            3.1           3.0

        ANNUAL              4.7         -0.6         -5.1          4.6            2.9          -0.2

  2003       I              1.1         -1.8         -2.8          5.1            2.1           4.0
            II              0.2         -3.1         -3.3          4.9            2.7           4.7
           III              0.5         -3.1         -3.6          5.1            2.9           4.6
            IV              3.1         -0.7         -3.6          5.0            3.1           1.9

        ANNUAL              1.2         -2.2         -3.3          5.0            2.7           3.8

  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                February 5, 2004 
  r=revised                                                       Source: Bureau of Labor Statistics




  Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits,
  and prices, seasonally adjusted
 
                Output                      Hourly    Real                Unit     Total    Unit   Implicit
      Year      per all-                    compen-   hourly     Unit     non-     unit     pro-   price
      and       employee          Employee  sation    compen-    labor    labor    costs    fits   deflator
      quarter   hour      Output  hours      (1)      sation(2)  costs    costs(7) (8)      (9)      (4)
  ----------------------------------------------------------------------------------------------------------
                                             Indexes 1992=100

  2001       I   r121.3   r150.7    r124.2   r135.0    r109.9    r111.3   r108.2   r110.5    r90.9   r108.7
            II   r121.9   r149.7    r122.8   r136.3    r110.1    r111.8   r109.8    111.3    r91.2   r109.5
           III   r122.7   r148.8    r121.2   r137.7    r111.0    r112.2   r111.3   r112.0    r87.2   r109.8
            IV   r124.9   r149.3    r119.5   r138.9    r112.1    r111.2   r111.4   r111.3    r96.4   r109.9

        ANNUAL   r122.7   r149.6    r121.9   r136.9    r110.8    r111.6   r110.2   r111.2    r91.4   r109.5

  2002       I   r126.3   r150.2    r118.9   r138.0    r111.0    r109.3   r111.9   r110.0   r105.3   r109.5
            II   r128.2   r152.2    r118.7   r139.5    r111.3    r108.8   r111.5   r109.6   r112.3   r109.8
           III   r129.7    153.4    r118.3   r140.5    r111.5    r108.3   r111.5   r109.2   r111.8   r109.4
            IV   r131.0    154.5    r117.9   r141.6    r111.8    r108.1   r111.3   r109.0   r116.2   r109.6

        ANNUAL   r128.8   r152.6    r118.5   r139.9    r111.4    r108.6   r111.5    109.4   r111.4   r109.6

  2003       I   r131.7   r154.7    r117.5   r142.8    r111.6    r108.4   r110.7   r109.0   r114.0   r109.5
            II   r134.7   r157.3    r116.8   r144.7    r113.0    r107.4   r108.0   r107.6   r130.7   r109.6
           III   r137.5   r160.5    r116.7   r146.0    r113.4    r106.2   r107.6   r106.6   r143.7   r109.9
  ----------------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)

  2001       I     r0.0    r-2.1     r-2.2     r2.6     r-1.1      r2.5     r4.1     r3.0   r-24.6     r0.5
            II     r2.1    r-2.7     r-4.7     r4.0      r0.7      r1.8     r6.0     r2.9     r1.0     r2.8
           III     r2.8    r-2.3     r-4.9     r4.3      r3.4      r1.4     r5.7     r2.6   r-16.1     r1.1
            IV     r7.3     r1.4     r-5.5     r3.5      r4.1     r-3.6     r0.4    r-2.5    r48.8     r0.6

        ANNUAL     r1.8    r-0.7     r-2.4     r4.0      r1.2      r2.2     r5.1     r3.0   r-16.4      1.2

  2002       I     r4.4     r2.3     r-2.0    r-2.6     r-3.8     r-6.7     r1.5    r-4.6    r42.4    r-1.4
            II     r6.2     r5.6     r-0.6     r4.6      r1.0     r-1.5    r-1.4    r-1.5    r29.5     r0.9
           III     r4.8     r3.2     r-1.6     r2.9      r0.7     r-1.8     r0.0    r-1.3    r-1.7    r-1.4
            IV     r4.0      2.8     r-1.1     r3.0      r1.0     r-0.9    r-0.4    r-0.8    r16.7     r0.7

        ANNUAL     r5.0     r2.0     r-2.8     r2.2      r0.6     r-2.7     r1.2    r-1.6    r21.9     r0.1

  2003       I     r2.1     r0.5     r-1.6     r3.4     r-0.4      r1.3    r-2.4     r0.3    r-7.4    r-0.5
            II     r9.6     r7.1     r-2.3     r5.6      r4.9     r-3.7    r-9.3    r-5.2    r72.6     r0.6
           III     r8.6     r8.5     r-0.1     r3.6      r1.2     r-4.6    r-1.3    r-3.7    r46.2     r0.9
  ----------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year

  2001       I     r1.6     r0.9     r-0.7     r4.4      r0.9      r2.7     r5.6     r3.5   r-21.1     r1.1
            II      1.5    r-0.4     r-1.9     r4.8      r1.4      r3.2     r5.4     r3.8   r-21.8      1.3
           III     r1.3    r-1.8     r-3.1     r3.7      r1.0      r2.4     r5.6     r3.2   r-19.2     r1.2
            IV     r3.0    r-1.4     r-4.3     r3.6      r1.7      r0.5     r4.0     r1.5    r-1.2     r1.2

        ANNUAL     r1.8    r-0.7     r-2.4     r4.0      r1.2      r2.2     r5.1     r3.0   r-16.4      1.2

  2002       I     r4.1    r-0.3     r-4.3     r2.2      r1.0     r-1.8     r3.4    r-0.5    r15.8     r0.8
            II     r5.2     r1.7     r-3.3     r2.4      r1.1      -2.6     r1.5    r-1.5    r23.2     r0.3
           III     r5.7     r3.1     r-2.4     r2.1      r0.5     r-3.4     r0.1    r-2.5    r28.2    r-0.3
            IV     r4.8     r3.5     r-1.3     r1.9     r-0.3     r-2.8    r-0.1    r-2.1    r20.6    r-0.3

        ANNUAL     r5.0     r2.0     r-2.8     r2.2      r0.6     r-2.7     r1.2    r-1.6    r21.9     r0.1

  2003       I     r4.3     r3.0     r-1.2     r3.5      r0.6     r-0.7    r-1.1    r-0.8     r8.3    r-0.1
            II     r5.1     r3.4     r-1.7     r3.7      r1.5     r-1.3    r-3.1    r-1.8    r16.4    r-0.1
           III     r6.0     r4.6     r-1.3     r3.9      r1.7     r-2.0    r-3.4    r-2.4    r28.5      0.4
  ----------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                        February 5, 2004
  r=revised                                                               Source: Bureau of Labor Statistics






 Appendix table 1. Business sector: Productivity, hourly compensation, unit labor costs, and prices
 Indexes 1992=100
                                                            Real
                Output per            Hours     Compensa-   compensa-  Unit      Unit non-  Implicit
                hour of               of all    tion per    tion per   labor     labor pay- price
       Year     all persons  Output   persons   hour (1)    hour (2)   costs     ments (3)  deflator (4)
  -------------------------------------------------------------------------------------------------------
       1947       r32.2      r20.4     r63.5        7.0       40.6     r21.7        r18.7      r20.6
       1948       r33.7      r21.5     r63.9        7.6       40.7     r22.5        r20.7      r21.8
       1949       r34.4      r21.3     r61.9        7.7      r41.8     r22.3        r20.5      r21.6

       1950       r37.2      r23.4     r62.8        8.2       44.2     r22.1        r21.6      r21.9
       1951       r38.4      r24.9     r64.8        9.0       44.9     r23.4        r23.8      r23.6
       1952       r39.5      r25.7     r65.0        9.6      r46.7     r24.2        r23.2      r23.8
       1953       r40.9      r26.9     r65.8       10.2      r49.3     r24.9        r22.6      r24.0
       1954       r41.8      r26.6     r63.6       10.5      r50.5     r25.1        r22.6      r24.2

       1955       r43.5      r28.7     r66.0       10.8      r52.0     r24.8        r24.0      r24.5
       1956       r43.5      r29.1     r67.0       11.5      r54.6     r26.4        r23.5      r25.3
       1957       r44.9      r29.6     r66.1       12.2      r56.3     r27.2        r24.2      r26.1
       1958       r46.1      r29.1     r63.1       12.8      r57.2     r27.7        r24.8      r26.6
       1959       r47.8      r31.4     r65.7       13.3      r59.1     r27.8        r25.2      r26.8

       1960       r48.7      r32.0     r65.9      r13.8      r60.5     r28.4        r24.9      r27.1
       1961       r50.4      r32.7     r64.9       14.4      r62.2     r28.5        r25.3      r27.3
       1962       r52.7      r34.8     r66.1      r15.0      r64.3     r28.5        r26.1      r27.6
       1963       r54.7      r36.4     r66.5      r15.5      r65.8     r28.4        r26.6      r27.7
       1964       r56.6      r38.7     r68.4      r16.1      r67.4     r28.5        r27.3      r28.1

       1965       r58.5      r41.4     r70.8      r16.7      r68.8     r28.6        r28.4      r28.5
       1966       r60.9      r44.2     r72.6      r17.8      r71.3     r29.3        r29.0      r29.2
       1967       r62.2      r45.1     r72.4      r18.9      r73.1     r30.3        r29.5      r30.0
       1968       r64.4      r47.3     r73.5       20.4      r75.9     r31.7        r30.4      r31.2
       1969       r64.7      r48.8     r75.4      r21.8      r77.0     r33.7        r30.8      r32.6

       1970       r66.0      r48.7     r73.9      r23.5      r78.4     r35.6        r31.5      r34.1
       1971       r68.8      r50.6     r73.6       25.0      r79.9     r36.3        r34.2      r35.5
       1972       r71.0      r53.9     r75.9       26.6       82.3     r37.4        r35.7      r36.8
       1973       r73.2      r57.6     r78.7       28.8      r84.0     r39.4        r37.6      r38.7
       1974       r72.1      r56.8     r78.9       31.6      r83.0     r43.8        r40.0      r42.4

       1975       r74.6      r56.3     r75.5       34.8      r83.8     r46.7        r46.3      r46.6
       1976       r76.9      r60.0     r78.0      r37.8      r86.1     r49.2        r48.8      r49.0
       1977       r78.2      r63.3     r81.0      r40.8      r87.3     r52.2        r51.6      r52.0
       1978       r79.1      r67.3     r85.1      r44.4      r88.8     r56.1        r54.8      r55.6
       1979       r79.1      r69.6     r88.0      r48.7      r89.0     r61.6        r58.3      r60.4

       1980       r79.0      r68.8     r87.2      r54.0       88.9     r68.4        r61.3      r65.8
       1981       r80.6      r70.7     r87.8      r59.1       89.0     r73.4        r69.2      r71.8
       1982       r80.2      r68.6     r85.5      r63.6      r90.4     r79.3        r70.2      r75.9
       1983       r83.1      r72.3     r87.0      r66.2      r90.3     r79.7        r76.5      r78.5
       1984       r85.3      r78.6     r92.1      r69.1      r90.6     r81.0        r80.4      r80.8

       1985       r87.3      r82.2     r94.1      r72.5      r92.0     r83.0        r82.2      r82.7
       1986       r89.9      r85.3     r94.8      r76.3      r95.0     r84.8        r82.8      r84.1
       1987       r90.3      r88.3     r97.7      r79.0      r95.2     r87.5        r83.3      r85.9
       1988       r91.7      r92.1    r100.4      r83.1      r96.6     r90.6        r85.3      r88.6
       1989       r92.7      r95.4    r103.0      r85.4      r95.2     r92.1        r91.5      r91.9

       1990       r94.4      r96.9    r102.6      r90.5      r96.1     r95.9        r93.9      r95.1
       1991       r96.0      r96.1     100.1      r95.1      r97.5     r99.0        r96.8      r98.2
       1992       100.0      100.0     100.0      100.0      100.0     100.0        100.0      100.0
       1993      r100.3      103.1    r102.8     r102.2      r99.7     101.9        102.5     r102.1
       1994      r101.4     r108.2    r106.7     r103.8      r99.2    r102.3       r106.6     r103.9

       1995      r101.7     r111.4    r109.5     r106.0      r98.9    r104.3       r108.2     r105.7
       1996      r104.5     r116.5    r111.5     r109.5      r99.5    r104.8       r111.9     r107.4
       1997      r106.5     r122.7    r115.2     r113.0     r100.5    r106.1       r113.9     r109.0
       1998      r109.3     r128.6    r117.7     r119.7     r105.0    r109.5       r109.9     r109.7
       1999      r112.5     r135.2    r120.2     r125.5     r107.8    r111.6       r109.2     r110.7

       2000      r115.7     r140.5    r121.4     r134.2     r111.6    r116.0       r107.2     r112.7
       2001      r118.3     r140.6    r118.9     r139.7     r113.0    r118.1       r109.5     r114.9
       2002      r123.9     r143.8    r116.1     r142.7     r113.6    r115.1       r117.0     r115.8
       2003       129.2      149.1     115.4      147.0      114.4     113.8        123.4      117.4
  -------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                     February 5, 2004
                                                                       Source: Bureau of Labor Statistics



 Appendix table 2. Nonfarm business sector:  Productivity, hourly compensation, unit labor costs, and prices
 Indexes 1992=100
                                                            Real
                Output per            Hours     Compensa-   compensa-  Unit      Unit non-   Implicit
                hour of               of all    tion per    tion per   labor     labor pay-  price
       Year     all persons  Output   persons   hour (1)    hour (2)   costs     ments (3)   deflator (4)
  -------------------------------------------------------------------------------------------------------
       1947       r36.8      r20.1     r54.5        7.4       43.1     r20.2        r17.8      r19.3
       1948       r37.8      r20.9     r55.4        8.1      r43.3     r21.3        r19.4      r20.6
       1949       r39.1      r20.8     r53.2        8.3      r45.2     r21.2        r19.9      r20.8

       1950       r41.7      r22.9     r55.0        8.8      r47.2     r21.1        r20.8      r21.0
       1951       r42.8      r24.6     r57.6        9.6      r47.6     r22.3        r22.4      r22.4
       1952       r43.5      r25.3     r58.2       10.1       49.3     r23.1        r22.3      r22.8
       1953       r44.5      r26.6     r59.7      r10.6      r51.6     r23.9        r22.2      r23.3
       1954       r45.4      r26.1     r57.6       11.0      r52.9     r24.2        r22.3      r23.5

       1955       r47.2      r28.3     r60.0       11.4      r55.0     r24.1        r23.6      r23.9
       1956       r46.9      r28.8     r61.4       12.1      r57.5     r25.8        r23.1      r24.8
       1957       r48.1      r29.4     r61.1       12.8      r58.9     r26.6        r23.8      r25.6
       1958       r49.1      r28.7     r58.5       13.3      r59.6     r27.1        r24.1      r26.0
       1959       r51.0      r31.2     r61.2       13.8      r61.4     r27.1        r24.9      r26.3

       1960       r51.6      r31.8     r61.6      r14.4      r63.0     r27.9        r24.3      r26.6
       1961       r53.2      r32.4     r60.9      r14.9      r64.5     r28.0        r24.8      r26.8
       1962       r55.6      r34.6     r62.3      r15.5      r66.4     r27.8        r25.7      r27.1
       1963       r57.5      r36.2     r63.0      r16.0      r67.7     r27.8        r26.3      r27.3
       1964       r59.2      r38.7     r65.3      r16.5      r69.0     r27.9        r27.1      r27.6

       1965       r61.1      r41.4     r67.8      r17.1      r70.1     r27.9        r28.0      r28.0
       1966       r63.2      r44.4     r70.1      r18.1      r72.2     r28.6        r28.7      r28.6
       1967       r64.3      r45.1     r70.1      r19.1      r74.2     r29.7        r29.2      r29.5
       1968       r66.5      r47.5     r71.4      r20.6      r76.8     r31.0        r30.2      r30.7
       1969       r66.6      r48.9     r73.4      r22.0      r77.7     r33.1        r30.4      r32.1

       1970       r67.7      r48.9     r72.2      r23.6      r78.8     r34.9        r31.1      r33.5
       1971       r70.4      r50.7     r72.0      r25.1      r80.4     r35.7        r33.8      r35.0
       1972       r72.8      r54.1     r74.3       26.8       82.9     r36.8        r34.9      r36.1
       1973       r75.0      r58.0     r77.4      r28.9      r84.4     r38.6        r35.3      r37.4
       1974       r73.9      r57.3     r77.4       31.8       83.5     r43.0         38.1      r41.2

       1975       r76.0      r56.3     r74.1       35.0      r84.2     r46.1        r44.8      r45.6
       1976       r78.5      r60.2     r76.7      r37.9      r86.4     r48.4        r47.8      r48.1
       1977       r79.7      r63.6     r79.8      r41.0      r87.7     r51.5         50.7      r51.2
       1978       r80.8      r67.8     r83.9       44.7      r89.3     r55.3        r53.4      r54.6
       1979       r80.5      r70.0     r86.9      r48.9      r89.4     r60.8        r56.5      r59.2

       1980       r80.3      r69.2     r86.2      r54.2      r89.2     r67.5        r60.4      r64.9
       1981       r81.4      r70.7     r86.8       59.5      r89.5     r73.1         67.8      r71.1
       1982       r80.9      r68.4     r84.6       64.0      r90.9     r79.1        r69.4      r75.5
       1983       r84.6      r72.9     r86.2      r66.6      r90.9     r78.8        r76.2      r77.9
       1984       r86.2      r78.9     r91.4      r69.4      r91.1     r80.5        r79.4      r80.1

       1985       r87.7      r82.2     r93.7      r72.7      r92.3     r82.9        r81.7      r82.5
       1986       r90.3      r85.4     r94.5      r76.5      r95.3     r84.6        r82.5      r83.9
       1987       r90.6      r88.4     r97.5      r79.2      r95.4     r87.3        r82.9      r85.7
       1988       r92.1      r92.4    r100.4      r83.1      r96.6     r90.2        r85.1      r88.3
       1989       r92.8      r95.7    r103.1      r85.3      r95.1     r91.9        r90.9      r91.5

       1990       r94.4      r97.1    r102.8      r90.3      r95.9     r95.6        r93.6      r94.9
       1991       r96.2      r96.3     100.1      r95.1      r97.5     r98.8        r97.0      r98.1
       1992       100.0      100.0     100.0      100.0      100.0     100.0        100.0      100.0
       1993      r100.3     r103.4    r103.0     r101.9      r99.5    r101.6       r102.9     r102.1
       1994      r101.5     r108.3    r106.7     r103.7      r99.1    r102.2       r107.1     r104.0

       1995      r102.1      111.8    r109.5     r106.0      r98.9    r103.8       r109.2     r105.8
       1996      r104.7     r116.8    r111.6     r109.4      r99.4    r104.5       r112.1     r107.3
       1997      r106.4     r122.8    r115.4     r112.8     r100.3    r106.0       r114.6     r109.1
       1998      r109.2     r128.9    r118.1     r119.4     r104.7    r109.3       r110.9     r109.9
       1999      r112.2     r135.6    r120.8     r125.0     r107.3    r111.3       r110.8     r111.1

       2000      r115.3     r140.8    r122.1     r133.7     r111.2    r116.0       r108.8     r113.3
       2001      r117.8     r141.0    r119.7     r138.9     r112.3    r118.0       r111.1     r115.4
       2002      r123.5     r144.2    r116.7     r142.0     r113.0    r115.0       r119.0     r116.4
       2003       128.7      149.5     116.2      146.1      113.7     113.5        125.3      117.9
  -------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                     February 5, 2004
                                                                       Source: Bureau of Labor Statistics




 Appendix table 3. Manufacturing sector:  Productivity, hourly compensation, and unit labor costs,
 Indexes 1992=100 (6)
                                                                             Real
                     Output per                  Hours       Compensa-       compensa-      Unit 
                     hour of                     of all      tion per        tion per       labor
       Year          all persons    Output       persons     hour (1)        hour (2)       costs
  -----------------------------------------------------------------------------------------------
       1987              88.0         91.7        104.2         80.4            96.8         91.3
       1988              89.8         96.3        107.3         83.3            96.9         92.8
       1989              90.3         97.2        107.7         86.0            95.9         95.3

       1990              92.9         97.6        105.0         90.1            95.7         97.0
       1991              95.6         96.0        100.4         95.6            98.0        100.0
       1992             100.0        100.0        100.0        100.0           100.0        100.0
       1993             102.7        104.1        101.4        102.3            99.8         99.6
       1994             106.0        110.0        103.8        105.6           100.9         99.6

       1995             110.1        115.0        104.4        107.7           100.5         97.8
       1996             113.9        118.6        104.1        109.9            99.8         96.5
       1997             117.9        125.1        106.1        112.0            99.7         95.0
       1998             123.5        130.7        105.9        118.8           104.2         96.2
       1999             128.2        134.6        104.9        123.8           106.4         96.6

       2000             134.2        138.6        103.3        135.1           112.3        100.6
       2001             137.2        132.3         96.5        138.3           111.9        100.8
       2002             146.5        131.5         89.7        143.3           114.1         97.8
       2003             152.8        131.7         86.2        149.9           116.6         98.1
  -----------------------------------------------------------------------------------------------


  NOTE: Data not comparable to releases of Dec. 3, 2003 and earlier.

  See footnotes following Table 6.                             February 5, 2004 
                                                               Source: Bureau of Labor Statistics




 Appendix table 4. Durable manufacturing sector:  Productivity, hourly compensation,
 and unit labor costs, Indexes 1992=100 (6)
                                                                             Real
                     Output per                  Hours       Compensa-       compensa-      Unit 
                     hour of                     of all      tion per        tion per       labor
       Year          all persons    Output       persons     hour (1)        hour (2)       costs
  -----------------------------------------------------------------------------------------------
       1987              88.6         95.1        107.3         80.0            96.5         90.4
       1988              90.6        100.9        111.4         82.4            95.8         90.9
       1989              90.7        101.1        111.5         85.1            94.9         93.8

       1990              93.1        100.1        107.4         89.2            94.8         95.8
       1991              94.7         95.9        101.2         95.1            97.5        100.4
       1992             100.0        100.0        100.0        100.0           100.0        100.0
       1993             104.4        106.0        101.6        101.9            99.4         97.6
       1994             109.5        114.8        104.9        105.3           100.6         96.2

       1995             115.3        122.8        106.5        106.6            99.5         92.5
       1996             120.5        129.5        107.5        107.8            97.9         89.5
       1997             126.0        139.5        110.7        110.4            98.2         87.6
       1998             134.8        150.2        111.4        117.8           103.3         87.3
       1999             143.2        158.5        110.7        123.5           106.1         86.2

       2000             150.7        165.7        109.9        135.4           112.6         89.8
       2001             153.0        155.9        101.9        137.7           111.4         90.0
       2002             165.3        154.8         93.7        142.3           113.3         86.1
       2003             176.4        158.0         89.6        148.4           115.5         84.2
  -----------------------------------------------------------------------------------------------


  NOTE: Data not comparable to releases of Dec. 3, 2003 and earlier.

  See footnotes following Table 6.                             February 5, 2004 
                                                               Source: Bureau of Labor Statistics




 Appendix table 5. Nondurable manufacturing sector:  Productivity, hourly compensation,
 and unit labor costs,  Indexes 1992=100 (6)
                                                                             Real
                     Output per                  Hours       Compensa-       compensa-      Unit 
                     hour of                     of all      tion per        tion per       labor
       Year          all persons    Output       persons     hour (1)        hour (2)       costs
  -----------------------------------------------------------------------------------------------
       1987              90.5         90.2         99.6         80.3            96.8         88.7
       1988              92.2         93.3        101.2         84.2            98.0         91.3
       1989              92.7         94.7        102.2         87.1            97.1         94.0

       1990              94.7         96.1        101.5         91.1            96.7         96.2
       1991              97.5         96.6         99.1         96.3            98.7         98.8
       1992             100.0        100.0        100.0        100.0           100.0        100.0
       1993             100.6        101.9        101.2        102.9           100.4        102.3
       1994             102.3        104.5        102.2        105.9           101.2        103.5

       1995             105.0        106.3        101.2        109.1           101.8        103.9
       1996             107.5        106.5         99.1        112.9           102.5        105.0
       1997             110.9        110.0         99.2        113.9           101.3        102.7
       1998             113.3        110.6         97.7        119.2           104.6        105.2
       1999             114.4        110.3         96.5        122.6           105.4        107.2

       2000             118.8        111.1         93.5        132.0           109.7        111.1
       2001             121.9        107.8         88.4        137.4           111.1        112.8
       2002             127.6        107.1         83.9        143.7           114.4        112.6
       2003             129.2        104.8         81.1        150.9           117.5        116.8
  -----------------------------------------------------------------------------------------------


  NOTE: Data not comparable to releases of Dec. 3, 2003 and earlier.

  See footnotes following Table 6.                             February 5, 2004 
                                                               Source: Bureau of Labor Statistics




 Appendix table 6. Nonfinancial corporations:  Productivity, hourly compensation, unit labor costs, 
 unit profits, and prices
 Indexes 1992=100
               Output                      Hourly    Real                Unit     Total     Unit  Implicit
               per all-                    compen-   hourly     Unit     non-     unit      pro-  price
               employee           Employee sation    compen     labor    labor    costs     fits  deflator
      Year     hour       Output  hours     (1)      sation(2)  costs    costs(7) (8)       (9)     (4)
  --------------------------------------------------------------------------------------------------------
      1958      r53.2     r25.7    r48.4    r14.9     r66.7     r28.0    r23.2    r26.7    r46.5    r28.5
      1959      r55.7     r28.6    r51.3    r15.5     r68.8     r27.7    r21.9    r26.2    r55.0    r28.7

      1960      r56.6     r29.5    r52.1    r16.1     r70.3     r28.4    r23.0    r26.9    r49.5    r28.9
      1961      r58.4     r30.1    r51.6    r16.6     r71.9     r28.4    r23.5    r27.1    r49.5    r29.1
      1962      r60.9     r32.7    r53.7    r17.2     r73.9     r28.3    r23.1    r26.9    r53.7    r29.3
      1963      r63.0     r34.6    r54.9    r17.8     r75.2     r28.2    r23.1    r26.8    r56.5    r29.5
      1964      r64.0     r37.0    r57.9    r18.1     r75.6     r28.3    r22.9    r26.8    r58.8    r29.7

      1965      r65.6     r40.1    r61.2    r18.6     r76.6     r28.4    r22.8    r26.9    r63.2    r30.2
      1966       66.7     r42.9    r64.4    r19.7     r78.6     r29.5    r23.0    r27.8    r62.7    r30.9
      1967      r67.6     r44.0    r65.1    r20.8     r80.5     r30.7    r24.3    r29.0    r59.1    r31.7
      1968       70.0     r46.8    r66.9    r22.3     r83.2     r31.9    r25.9    r30.3    r59.1    r32.9
      1969      r70.0     r48.6    r69.4    r23.9     r84.3     r34.1    r28.1    r32.5    r53.3    r34.4

      1970       70.4     r48.1    r68.4    r25.6     r85.3     r36.3    r31.7    r35.1    r43.7    r35.9
      1971       73.3     r50.1    r68.2    r27.2     r86.9     r37.0    r33.1    r36.0    r49.8    r37.2
      1972      r74.8      53.8    r72.0    r28.6     r88.7     r38.3    r33.4    r37.0    r53.3    r38.4
      1973      r75.5     r57.1    r75.6    r30.8     r89.9     r40.8    r35.2    r39.3    r54.1    r40.6
      1974      r74.0     r56.1    r75.9    r33.8     r88.7     r45.7     40.5    r44.3    r47.7    r44.6

      1975      r76.9     r55.4    r72.0    r37.1     r89.3     r48.2     45.9    r47.6    r62.2    r48.9
      1976      r79.3     r59.8    r75.3    r40.1     r91.4     r50.6    r45.7    r49.3    r70.4    r51.2
      1977      r81.4     r64.2    r78.8    r43.3     r92.6     r53.2    r47.7    r51.7    r76.2    r53.9
      1978      r82.5     r68.3    r82.8    r47.4     r94.7     r57.5    r50.5    r55.6    r78.0    r57.6
      1979      r81.6     r70.4    r86.2    r51.7     r94.5     r63.3     55.1    r61.1    r73.1    r62.2

      1980      r81.0      69.2    r85.5    r57.0     r93.8     r70.4    r64.5    r68.8    r66.5    r68.6
      1981      r82.3     r71.4    r86.8    r62.1     r93.5     r75.5    r73.6    r75.0    r81.2    r75.5
      1982      r83.2     r69.9    r84.1    r66.5     r94.4     r79.9    r81.3    r80.3    r75.1    r79.8
      1983      r86.1     r73.5    r85.4    r68.9     r94.0     r80.0    r81.2    r80.3    r90.7    r81.2
      1984      r88.4     r80.3     90.9    r71.8     r94.2     r81.3    r80.7    r81.1   r106.7    r83.4

      1985      r90.5     r84.0    r92.8    r75.2     r95.5     r83.1    r82.8    r83.0   r101.3    r84.7
      1986      r92.5     r86.1    r93.1    r79.0     r98.4     r85.4    r85.3    r85.4    r89.2    r85.7
      1987      r94.3      90.7    r96.1    r81.5     r98.2     r86.4    r84.9     86.0    r99.0    r87.2
      1988      r96.5     r95.7    r99.1    r84.9     r98.7     r87.9    r86.1    r87.4   r110.6    r89.5
      1989      r95.2     r97.2   r102.1    r87.1     r97.1     r91.4    r92.8    r91.8   r100.6    r92.6

      1990       95.5     r98.1   r102.7    r91.0     r96.7     r95.3    r97.1    r95.8    r96.7    r95.9
      1991      r97.9     r97.4    r99.5    r95.6     r98.0     r97.6   r102.3    r98.9    r92.8    r98.4
      1992      100.0     100.0    100.0    100.0     100.0     100.0    100.0    100.0    100.0    100.0
      1993     r100.5     103.0   r102.5   r101.7     r99.2    r101.2    r99.7   r100.8   r113.9   r101.9
      1994     r102.5    r109.5   r106.8   r103.5     r98.9     101.0   r100.5   r100.8   r131.3   r103.6

      1995     r103.4    r114.3   r110.5   r105.4     r98.3    r102.0   r101.3   r101.8   r136.9   r104.9
      1996     r107.1    r120.7   r112.7   r108.4     r98.5    r101.2    r99.9   r100.9   r149.9   r105.3
      1997     r109.8    r128.4   r117.0   r111.7     r99.3    r101.7    r99.8   r101.2   r154.4   r105.9
      1998     r112.8    r135.3   r119.9   r117.9    r103.4    r104.5    r99.9   r103.2   r137.5   r106.3
      1999     r116.4    r143.2   r123.0   r123.3    r106.0    r106.0   r101.0   r104.6   r129.8   r106.9

      2000     r120.6    r150.7   r125.0   r131.7    r109.5    r109.2   r104.8   r108.0   r109.3   r108.1
      2001     r122.7    r149.6   r121.9   r136.9    r110.8    r111.6   r110.2   r111.2    r91.4   r109.5
      2002     r128.8    r152.6   r118.5   r139.9    r111.4    r108.6   r111.5    109.4   r111.4   r109.6
  --------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                      February 5, 2004
                                                                        Source: Bureau of Labor Statistics




SOURCES:  Output data are from the Bureau of Economic Analysis and the Census
Bureau of the U.S. Department of Commerce; the Bureau of Labor Statistics,
U.S. Department of Labor; and the Federal Reserve Board.  Compensation and
hours data are from the Bureau of Labor Statistics and the Bureau of Economic
Analysis.

RELIABILITY:  Productivity and cost measures are regularly revised as more
complete information becomes available.  The measures are first published
within 40 days of the close of the reference period; revisions appear 30 days
later, and second revisions after an additional 60 days.  In the business
sector, the third publication (second revision) of a quarterly index of
output per hour of all persons has differed from the initial value by between
-1.5 and +1.5 index points approximately 95 percent of the time.  This
interval is based on the performance of this measure between the fourth
quarter of 1995 and the third quarter of 2003.



                            Footnotes, Tables 1-6

(1)  Wages and salaries of employees plus employers' contributions for social
     insurance and private benefit plans.  Except for nonfinancial
     corporations, where there are no self-employed, data also include an
     estimate of wages, salaries, and supplemental payments for the self-
     employed.

(2)  The change for recent quarters is based on the Consumer Price Index for
     all urban consumers (CPI-U).  The trend from 1978-2002 is based on the
     Consumer Price Index research series (CPI-U-RS).

(3)  Unit nonlabor payments include profits, capital consumption allowances,
     interest, rental income of persons, and indirect taxes.

(4)  Current dollar output divided by the output index.

(5)  Quarterly changes:  Percent change compounded at annual rate from the
     original data rather than index numbers.  Annual changes:  Percent
     change between annual average levels.

(6)  Data for the manufacturing sectors are not comparable to those published
     in releases of Dec. 3, 2003 and earlier.

(7)  Unit nonlabor costs include capital consumption allowances, interest,
     rental income of persons, and indirect taxes.  For nonfinancial
     corporations, rental income of persons is zero by definition.

(8)  Total unit costs are the sum of unit labor and nonlabor costs.

(9)  Unit profits include corporate profits with inventory valuation and
     capital consumption adjustments.