TEXT
Table 1. Business sector: Productivity, hourly compensation, unit labor costs,
Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs,
Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits,
Appendix table 1.
Appendix table 2.
Appendix table 3.
Appendix table 4.
Appendix table 5.
Appendix table 6.

 
    Historical, technical                         USDL 94-383
      information:                                (202) 606-5606
    Transmission of this
    Current data: (202) 606-7828                  material is
    embargoed
    Media contact:                                (202) 606-5902
    until 10:00 A.M. EDT
                                                  Tuesday, August 9,
    1994.
 
 
                         PRODUCTIVITY AND COSTS
                           Second Quarter 1994
 
 
         The Bureau of Labor Statistics of the U.S. Department of
    Labor today reported preliminary productivity datajas measured by
    output per hour of all personsjfor the second quarter of 1994.
    The preliminary seasonally-adjusted annual rates of productivity
    change in the second quarter were:
 
                  -1.4 percent in the business sector, and
                  -1.2 percent in the nonfarm business sector.
 
    In both sectors, the decline in productivity (the first since
    first-quarter 1993) reflected the largest gain in hours since
    1988; increases in output were smaller in the second quarter than
    in the first.
 
         In manufacturing, productivity changes in the second quarter
    were:
 
                   3.8 percent in manufacturing,
                   3.0 percent in durable goods manufacturing, and
                   5.0 percent in nondurable goods manufacturing.
 
         Manufacturing productivity grew more slowly in the second
    quarter of 1994 than in the first quarter.  Output gains were
    smaller than in the first quarter, but hours at work of all
    persons engaged in the sector increased more rapidly.  Output and
    hours in manufacturing, which includes about 20 percent of U.S.
    business-sector employment, usually tend to change more from
    quarter to quarter than in the more aggregate business and
    nonfarm business sector measures.
 
         Second-quarter results are summarized in table A and appear
    in detail in tables 1 through 5.  Output measures for business
    and nonfarm business are based on measures of gross domestic
    product prepared by the Bureau of Economic Analysis of the U.S.
    Department of Commerce.  Quarterly output measures for
    manufacturing reflect independent indexes of industrial
    production prepared by the Board of Governors of the Federal
    Reserve System.  See Technical Notes for further information on
    data sources (page 9).
 
 
                                     2
 
    Business
 
         From the first to the second quarter of 1994, business
    sector productivity decreased at a 1.4 percent annual rate, the
    first quarterly decline since the first quarter of 1993 (table
    1).  Output rose 4.3 percent, and hours of all persons engaged in
    the sector increased 5.8 percent (seasonally adjusted annual
    rates).  In the first quarter, output had increased 5.5 percent,
    and hours had increased 2.6 percent.  The 5.8 percent second-
    quarter increase in hours reflected the largest rise in
    employment in this sector during the present expansion, and was
    the largest hours gain since 1988 (when an equal rise occurred in
    the second quarter).
 
 
                                     3
 
 
 
 
     Table A.  Productivity and costs:  Preliminary second-quarter
     1994 measures
     (Seasonally adjusted annual rates)
 
                                                    Real
                                             Hourly hourly Unit
                        Produc-              compen-compen-labor
         Sector         tivity Output Hours  sation sation costs
 
       Percent change from preceding quarter
 
       Business         -1.4     4.3   5.8    0.3   -2.4    1.8
       Nonfarm business -1.2     4.1   5.4    0.8   -1.9    2.0
       Manufacturing     3.8     5.3   1.5   -1.7   -4.3   -5.2
       Durable           3.0     4.7   1.7   -2.7   -5.3   -5.5
       Nondurable        5.0     6.2   1.1   -0.1   -2.8   -4.8
 
       Percent change from same quarter a year ago
 
       Business          2.6     5.6   2.9    3.0    0.5    0.4
       Nonfarm business  2.6     5.5   2.8    3.0    0.6    0.4
       Manufacturing     5.2     6.1   0.8    2.5    0.1   -2.6
       Durable           6.5     8.1   1.5    2.4   -0.1   -3.9
       Nondurable        3.3     3.2  -0.2    2.7    0.2   -0.6
 
 
 
         Hourly compensation increased 0.3 percent during the second
    quarter of 1994, compared with a 6.2 percent rise in the first
    quarter.  This measure includes wages and salaries, supplements,
    employer contributions to employee benefit plans, and taxes.  The
    second quarter increase was the smallest since 1960 (when
    declines occurred in the second and third quarters).  Unit labor
    costs, which reflect changes in hourly compensation and
    productivity, increased at a 1.8 percent annual rate during the
    second quarter, compared with a 3.3 percent rise during the first
    quarter.
 
         Real hourly compensation, which takes into account changes
    in the Consumer Price Index for All Urban Consumers (CPI-U),
    declined at a 2.4 percent annual rate in the second quarter; it
    had risen 4.0 percent in the first quarter of 1994.  The second-
    quarter decline was the largest since 1989 (when a 3.9 percent
    decline was recorded in the second quarter).
 
         The implicit price deflator for the business sector, which
    reflects changes in unit labor costs and unit nonlabor payments,
    increased 3.5 percent in the second quarter, compared with a 1.5
    percent rise in the first quarter.
 
 
                                     4
 
 
    Nonfarm business
 
         Productivity fell 1.2 percent in the nonfarm business sector
    during the second quarter of 1994 as output rose 4.1 percent and
    hours of all persons increased 5.4 percent.  As in the more
    comprehensive business sector, this was the first productivity
    decline in more than a year (table 2).  The gain in hours was the
    largest since the second quarter of 1988 (when a 6.1 percent
    increase occurred).  During the first quarter of 1994,
    productivity rose 2.9 percent in the nonfarm business sector,
    reflecting gains of 5.2 percent in output and 2.3 percent in
    hours.
 
         Hourly compensation increased at a 0.8 percent annual rate
    in the second quarter, compared with a 6.1 percent increase one
    quarter earlier.  This was the smallest increase in hourly
    compensation since 1988 (when a 0.6 percent increase occurred in
    the first quarter).  When the rise in the CPI-U is taken into
    account, real hourly compensation fell 1.9 percent in the second
    quarter of 1994.  Unit labor costs rose 2.0 percent, compared
    with a 3.1 percent rise during the first quarter.
 
         The implicit price deflator for nonfarm business output rose
    4.3 percent in the second quarter, compared with a 1.2 percent
    rise one quarter earlier.
 
 
    Manufacturing
 
         Productivity increased at a 3.8 percent seasonally adjusted
    annual rate in manufacturing in the second quarter of 1994, as
    output rose 5.3 percent and hours of all persons rose 1.5 percent
    (seasonally adjusted annual rates).  The increase in output was
    smaller than the first-quarter gain, but hours growth
    accelerated.  Productivity grew more strongly in nondurable goods
    industries in the second quarter, and the output gain in
    nondurable goods manufacturing was greater than in durable goods
    producing industries (tables 4 and 5).
 
         Hourly compensation of all manufacturing workers decreased
    1.7 percent during the second quarter, compared with a 3.8
    percent gain in the first quarter.  Real hourly compensation fell
    4.3 percent when the increase in consumer prices is taken into
    account, compared with a 1.7 percent rise in the previous period.
 
         Unit labor costs fell at a 5.2 percent annual rate in the
    second quarter of 1994, the third decline in a row.  These costs
    had decreased 2.8 percent during the first quarter.
 
 
                                     5
 
 
    Revised Measures
 
         Current and previous measures for the first quarter of 1994
    for the business, nonfarm business, and manufacturing sectors are
    compared in table B.  Business and nonfarm business productivity
    gains are larger than reported on June 15, owing to upward
    revisions to the output measures.  These revisions are part of
    the regular 3-year revision of the National Income and Product
    Accounts prepared by the Bureau of Economic Analysis of the U.S.
    Department of Commerce.  Appendix tables 1-6 contain information
    for 1991, the earliest year affected.  Productivity gains in
    manufacturing are similar to those reported previously.
 
         In addition, revised seasonal adjustment factors for labor
    input measures are introduced at this time.  The hours at work of
    proprietors engaged in the nonfarm business sector in the first
    quarter continue to be based on the movement of nonfarm employee
    hours between the fourth quarter of 1993 and the first quarter of
    1994.  This was done to adjust labor input measures because of
    the changeover to the redesigned BLS monthly Current Population
    Survey (CPS).  For the second quarter of 1994, this series is
    based on the redesigned CPS.
 
 
                                     6
 
 
 
     Table B. Previous and revised productivity and related measures
     Quarterly percent change at seasonally adjusted annual rate
 
                                                    Real
                                             Hourly hourly Unit
                        Produc-              compen-compen-labor
         Sector         tivity Output Hours  sation sation costs
 
                            First quarter 1994
     Business:
      Previous....         1.1     3.8   2.6   5.3     3.1  4.1
      Current.....         2.9     5.5   2.6   6.2     4.0  3.3
 
     Nonfarm business:
      Previous....         1.3     3.6   2.3   5.3     3.1  3.9
      Current.....         2.9     5.2   2.3   6.1     3.9  3.1
 
     Manufacturing:
      Previous....         6.9     8.1   1.1   5.1     2.9 -1.7
      Current.....         6.8     8.0   1.1   3.8     1.7 -2.8
 
 
 
 
 
                            Next release date
 
         The next release of Productivity and Costs is scheduled for
    10:00 a.m. EDT, Wednesday, September 7, 1994. Revised second-
    quarter measures for business, nonfarm business, and
    manufacturing will be released at that time, along with measures
    for nonfinancial corporations.
 
 
                                     7
 
 
 
 
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                                     8
 
 
 
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                                     9
 
 
 
                            TECHNICAL NOTES
 
 
 Labor Input:  The primary  source   metal   industries;    fabricated
 of hours  and employment  data is   metal   products;   nonelectrical
 the   BLS    Current   Employment   machinery;     industrial     and
 Statistics (CES)  program,  which   commercial machinery and computer
 provides monthly  survey data  on   equipment; electronic  and  other
 total  employment   and   average   electrical             equipment;
 weekly hours  of  production  and   transportation         equipment;
 nonsupervisory     workers     in   instruments;  lumber  and  lumber
 nonagricultural   establishments.   products; furniture and fixtures;
 Jobs  rather   than  persons  are   stone,  clay,   and   glass   and
 counted.   Weekly    hours    are   concrete products;  and miscella-
 adjusted to  the  hours  at  work   neous  manufactures.  Nondurables
 definition using the BLS Hours at   include:   Food    and    kindred
 Work survey,  conducted for  this   products,    tobacco    products,
 purpose.                            textile  mill   products  apparel
      Data from  the  BLS  Current   products,   paper    and   allied
 Population Survey  (CPS) are used   products,      printing       and
 for farm  labor; in  the  nonfarm   publishing,     chemicals     and
 sector, the  National Income  and   chemical   products,    petroleum
 Product Accounts  (NIPA) prepared   refining and  related industries,
 by   the   Bureau   of   Economic   rubber  and   plastic   products,
 Analysis  of  the  Department  of   leather  and   leather  products.
 Commerce and  the CPS are used to   Manufacturing accounted for about
 measure    labor     input    for   19  percent   of  GDP   in  1992.
 government           enterprises,   Quarterly  manufacturing   output
 proprietors  and   unpaid  family   measures are  based on  the index
 workers.                            of industrial production prepared
                                     monthly by the Board of Governors
 Output: Business  output is equal   of  the  Federal  Reserve  System
 to gross  domestic product  (GDP)   adjusted by  BLS to  annual manu-
 in constant  1987  dollars,  less   facturing  output  levels  (gross
 general  government,   output  of   product originating) from the Na-
 nonprofit institutions, output of   tional   Income    and    Product
 paid   employees    of    private   Accounts prepared  by the  Bureau
 households,   rental   value   of   of Economic  Analysis of the U.S.
 owner-occupied dwellings, and the   Department of Commerce.
 statistical    discrepancy     in        Nonfinancial       corporate
 computing the NIPA. Corresponding   output  is   equal  to   GDP   in
 exclusions are also made in labor   constant 1987  dollars, less  the
 inputs. Business output was about   output of nonprofit institutions,
 78  percent   of  GDP   in  1992.   output  of   paid  employees   of
 Nonfarm business,  which also ex-   private households,  rental value
 cludes farming, was about 77 per-   of   owner-occupied    dwellings,
 cent of GDP in 1992.                unincorporated   business,    the
      Total manufacturing measures   output of corporations engaged in
 are computed  by  summing  series   banking,   finance,   stock   and
 prepared  for   the  durable  and   commodity trading, and credit and
 nondurable     goods     sectors.   insurance   agencies,   and   the
 Durables include the following 2-   statistical    discrepancy     in
 digit  SIC   industries:  Primary   computing the  NIPA. Nonfinancial
 
 
                                     10
 
 
 corporations accounted  for about   the   joint   effects   of   many
 56 percent of GDP in 1992.          influences, including  changes in
                                     technology;  capital  investment;
 Productivity: These  productivity   level of  output; utilization  of
 measures       describe       the   capacity, energy,  and materials;
 relationship between  real output   the organization  of  production;
 and the  labor time  involved  in   managerial   skill;    and    the
 its  production.  They  show  the   characteristics and effort of the
 changes from  period to period in   work force.
 the amount  of goods and services
 produced per hour. Although these        Information in  this release
 measures relate  output to  hours   will   be   made   available   to
 at work of all persons engaged in   sensory-impaired individuals upon
 a sector, they do not measure the   request.  Voice  phone:  202-606-
 specific contribution  of  labor,   STAT;  TDD  phone:  202-606-5897;
 capital, or  any other  factor of   TDD   message    referral   phone
 production. Rather,  they reflect   number: 1-800-326-2577.
 
Table 1. Business sector: Productivity, hourly compensation, unit labor costs,
 and prices, seasonally adjusted
                                                            Real
    Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
    and        hour of                of all    tion per    tion per    labor    labor pay-  price
    quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator (4)
 ---------------------------------------------------------------------------------------------------------
                                          Indexes 1982=100
 
 1992       I    r114.5     r133.7     116.8     152.2       105.9    r133.0      r148.4      r138.0
           II     114.8     r134.4    r117.1    r153.7       106.0     133.9      r148.8      r138.8
          III    r115.9     r136.1     117.4    r156.0      r106.8    r134.7      r145.8      r138.3
           IV     116.8      137.9     118.1    r157.8      r107.2    r135.1      r150.2      r140.1
 
       ANNUAL    r115.5     r135.5     117.4    r154.9      r106.6    r134.2      r148.3      r138.8
 
 1993       I    r116.3     r138.1     118.8    r158.9      r107.1    r136.6      r149.5      r140.8
           II    r116.5     r139.6    r119.8    r160.1      r107.1    r137.5      r149.6      r141.4
          III    r117.4     r140.9     120.0    r161.3      r107.5     137.4      r150.3      r141.6
           IV    r119.1     r143.9     120.8    r162.3      r107.3    r136.3      r153.8      r142.1
 
       ANNUAL    r117.3     r140.6     119.9    r160.6      r107.3    r136.9      r150.8      r141.5
 
 1994       I    r119.9     r145.8     121.6    r164.8      r108.4    r137.4      r153.1      r142.6
           II     119.5      147.4     123.3     164.9       107.7     138.0       155.7       143.8
 ---------------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)
 
 1992       I      r5.4       r3.4     r-1.9      r5.8        r3.1      r0.3        r9.1         3.3
           II      r1.2       r2.2       1.1      r4.0        r0.7      r2.8        r1.0        r2.2
          III      r3.8       r4.9      r1.1      r6.2        r3.0      r2.4       r-7.7       r-1.3
           IV      r3.3        5.6       2.2      r4.6        r1.3      r1.2       r12.6        r5.1
 
       ANNUAL      r3.0       r2.7      -0.3      r5.1        r2.0      r2.1        r2.3        r2.2
 
 1993       I     r-1.8       r0.6      r2.4       2.8        -0.2      r4.6       r-2.0        r2.3
           II      r0.7       r4.2      r3.5      r3.2        r0.1      r2.5        r0.3        r1.7
          III      r3.4       r4.0      r0.6      r3.1        r1.2     r-0.3        r2.1        r0.6
           IV      r5.7       r8.6      r2.8      r2.4        -0.5     r-3.1        r9.4        r1.2
 
       ANNUAL      r1.6       r3.8       2.1      r3.7        r0.7      r2.1        r1.7        r1.9
 
 1994       I      r2.9       r5.5       2.6      r6.2        r4.0      r3.3       r-1.7         1.5
           II      -1.4        4.3       5.8       0.3        -2.4       1.8         6.8         3.5
 ---------------------------------------------------------------------------------------------------------
 
 
                                                                12
 
 
                     Percent change from corresponding quarter of previous year
 
 1992       I      r2.7       r1.7      -1.0      r4.9        r2.0       2.1        r3.2        r2.5
           II      r2.5       r2.0      -0.5      r4.9        r1.7      r2.3        r2.5         2.4
          III      r3.1       r3.0      -0.2      r5.3        r2.2      r2.1        r0.3         1.5
           IV      r3.4       r4.0       0.6      r5.1        r2.0      r1.7        r3.5        r2.3
 
       ANNUAL      r3.0       r2.7      -0.3      r5.1        r2.0      r2.1        r2.3        r2.2
 
 1993       I      r1.6       r3.3       1.7      r4.4        r1.2      r2.8        r0.7        r2.0
           II      r1.5       r3.8       2.3      r4.2        r1.0      r2.7        r0.5        r1.9
          III      r1.4       r3.6       2.2      r3.4        r0.6      r2.0        r3.1        r2.4
           IV      r2.0       r4.3       2.3      r2.9         0.1       0.9        r2.4        r1.4
 
       ANNUAL      r1.6       r3.8       2.1      r3.7        r0.7      r2.1        r1.7        r1.9
 
 1994       I      r3.1       r5.6      r2.4      r3.7        r1.2      r0.6        r2.5        r1.2
           II       2.6        5.6       2.9       3.0         0.5       0.4         4.1         1.7
 ---------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                      August 9, 1994
 r=revised                                                             Source: Bureau of Labor Statistics
 
 
 
 
Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs,
 and prices, seasonally adjusted
                                                            Real
    Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
    and        hour of                of all    tion per    tion per    labor    labor pay-  price
    quarter    all persons  Output    persons   hour (1)    hour (2)    costs    ments (3)   deflator(4)
 ---------------------------------------------------------------------------------------------------------
                                          Indexes 1982=100
 
 1992       I    r112.6     r133.6     118.7     150.9       104.9    r134.0      r149.5      r139.0
           II     113.1      134.4    r118.8    r152.6      r105.3     134.9      r150.4      r139.9
          III     113.9      135.9     119.3    r154.7      r106.0    r135.9      r147.0      r139.5
           IV     115.0      137.9     119.9    r156.5      r106.3    r136.1      r152.1      r141.2
 
       ANNUAL    r113.7     r135.5     119.2    r153.7      r105.7    r135.2      r149.7      r139.9
 
 1993       I    r114.5     r138.3     120.8    r157.4      r106.1    r137.5      r151.5      r142.0
           II    r114.6     r139.9    r122.0    r158.3      r105.9     138.1      r151.8      r142.5
          III    r115.8     r141.5     122.3    r159.4      r106.2    r137.7      r153.4      r142.8
           IV    r117.2     r144.3     123.1    r160.4      r106.0    r136.9      r156.1      r143.1
 
       ANNUAL    r115.5     r141.0     122.1    r158.8      r106.1     137.5      r153.2      r142.6
 
 1994       I    r118.0     r146.1     123.8    r162.8      r107.0    r137.9      r155.2      r143.5
           II     117.6      147.6     125.5     163.1       106.5     138.6       158.5       145.0
 ---------------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)
 
 1992       I      r4.2       r2.4     r-1.7      r5.7        r3.0      r1.4        r6.5         3.2
           II      r1.9       r2.5       0.6      r4.6        r1.2      r2.6        r2.3        r2.5
          III      r2.8        4.4      r1.5      r5.8        r2.7      r3.0       r-8.6       r-1.2
           IV      r3.9       r6.2       2.2      r4.6        r1.3      r0.6       r14.3        r5.1
 
       ANNUAL      r2.7       r2.4     r-0.3      r5.1        r2.0      r2.4        r2.2        r2.3
 
 1993       I     r-1.8       r1.0      r2.9      r2.2       r-0.8      r4.2       r-1.5        r2.2
           II      r0.5       r4.7      r4.2      r2.5       r-0.6      r2.0        r0.7        r1.6
          III      r4.1       r4.9      r0.8      r2.8        r1.0     r-1.2        r4.4        r0.7
           IV      r4.9       r7.9      r2.9      r2.4       r-0.6     r-2.4        r7.1        r0.8
 
       ANNUAL      r1.6       r4.1       2.4      r3.4        r0.4      r1.7        r2.3        r1.9
 
 1994       I      r2.9       r5.2       2.3      r6.1        r3.9      r3.1       r-2.1         1.2
           II      -1.2        4.1       5.4       0.8        -1.9       2.0         8.7         4.3
 ---------------------------------------------------------------------------------------------------------
 
 
 
 
                     Percent change from corresponding quarter of previous year
 
 1992       I      r2.4       r1.4     r-1.0      r4.8         2.0      r2.4        r2.8        r2.5
           II      r2.4       r1.8      -0.5      r5.0        r1.8      r2.5        r2.8        r2.6
          III      r2.7       r2.6      -0.1      r5.3        r2.1      r2.6        r0.0         1.7
           IV      r3.2       r3.8       0.6      r5.2        r2.0      r1.9        r3.3        r2.4
 
       ANNUAL      r2.7       r2.4     r-0.3      r5.1        r2.0      r2.4        r2.2        r2.3
 
 1993       I      r1.7       r3.5       1.8      r4.3        r1.1      r2.6        r1.3        r2.1
           II      r1.3       r4.0       2.7      r3.8        r0.6       2.4        r0.9        r1.9
          III      r1.6       r4.2       2.5      r3.0        r0.2      r1.4        r4.3        r2.4
           IV      r1.9       r4.6      r2.7       2.5       r-0.2      r0.6        r2.6        r1.3
 
       ANNUAL      r1.6       r4.1       2.4      r3.4        r0.4      r1.7        r2.3        r1.9
 
 1994       I      r3.1       r5.7       2.5      r3.4        r0.9      r0.4        r2.5        r1.1
           II       2.6        5.5       2.8       3.0         0.6       0.4         4.5         1.8
 ---------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                      August 9, 1994
 r=revised                                                             Source: Bureau of Labor Statistics
 
 
 
 
Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
                                                                             Real
      Year           Output per                  Hours       Compensa-       compensa-      Unit
      and            hour of                     of all      tion per        tion per       labor
      quarter        all persons     Output      persons     hour(1)         hour(2)        costs
 --------------------------------------------------------------------------------------------------
                                            Indexes 1982=100
 
 1992       I            127.2        129.6        101.9       r145.1          r100.9       r114.1
           II            128.6        131.5        102.3        146.7           101.2        114.1
          III            129.1        131.8        102.1       r148.4          r101.6       r114.9
           IV            130.9        133.9        102.4       r150.9          r102.5       r115.3
 
       ANNUAL            129.1        131.7        102.0       r147.9          r101.7       r114.6
 
 1993       I            132.2        136.0        102.9       r150.3          r101.3       r113.7
           II            133.8        137.1        102.5       r152.6          r102.1       r114.1
          III            134.6        137.9        102.5       r154.2          r102.7       r114.5
           IV            137.2        140.9        102.7       r155.7          r102.9       r113.5
 
       ANNUAL            134.5        138.0        102.6       r153.3          r102.4       r114.0
 
 1994       I            139.5        143.6        102.9       r157.2          r103.4       r112.7
           II            140.8        145.4        103.3        156.5           102.2        111.2
 --------------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1992       I              3.2          1.1         -2.0         r1.3           r-1.3        r-1.8
           II              4.4          6.1          1.7         r4.6            r1.2         r0.2
          III              1.7          1.0         -0.7         r4.5            r1.4         r2.8
           IV              5.5          6.6          1.1         r6.9            r3.5         r1.3
 
       ANNUAL              3.7          3.1         -0.6         r4.2            r1.2         r0.5
 
 1993       I              4.0          6.1          2.0        r-1.5           r-4.4        r-5.3
           II              5.0          3.5         -1.4         r6.3            r3.1         r1.3
          III              2.6          2.4         -0.2         r4.1            r2.2         r1.5
           IV              7.9          8.7          0.8         r4.0            r1.0        r-3.6
 
       ANNUAL              4.2          4.8          0.5         r3.6            r0.6        r-0.6
 
 1994       I             r6.8         r8.0          1.1         r3.8            r1.7        r-2.8
           II              3.8          5.3          1.5         -1.7            -4.3         -5.2
 --------------------------------------------------------------------------------------------------
 
 
 
 
                    Percent change from corresponding quarter of previous year
 
 1992       I              3.7          2.5         -1.2         r3.9            r1.0         r0.2
           II              3.9          3.8         -0.1          4.0            r0.8         r0.0
          III              3.0          2.3         -0.6         r4.2            r1.1         r1.2
           IV              3.7          3.7          0.0         r4.3            r1.2         r0.6
 
       ANNUAL              3.7          3.1         -0.6         r4.2            r1.2         r0.5
 
 1993       I              3.9          4.9          1.0         r3.6            r0.4        r-0.3
           II              4.0          4.3          0.2         r4.0            r0.9         r0.0
          III              4.3          4.6          0.4         r3.9            r1.1        r-0.3
           IV              4.8          5.2          0.3         r3.2            r0.5        r-1.6
 
       ANNUAL              4.2          4.8          0.5         r3.6            r0.6        r-0.6
 
 1994       I             r5.5          5.6          0.1         r4.6            r2.0        r-0.9
           II              5.2          6.1          0.8          2.5             0.1         -2.6
 --------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                August 9, 1994
 r=revised                                                       Source: Bureau of Labor Statistics
 
 
 
 
Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
                                                                             Real
      Year           Output per                  Hours       Compensa-       compensa-      Unit
      and            hour of                     of all      tion per        tion per       labor
      quarter        all persons     Output      persons     hour(1)         hour(2)        costs
 --------------------------------------------------------------------------------------------------
                                            Indexes 1982=100
 
 1992       I            136.9        136.1         99.5       r142.9           r99.4       r104.4
           II            139.1        138.5         99.5       r144.8           r99.9       r104.1
          III            139.9        138.8         99.3       r146.4          r100.2       r104.6
           IV            142.8        142.1         99.5       r149.5          r101.5       r104.7
 
       ANNUAL            139.8        138.9         99.3       r146.1          r100.5       r104.5
 
 1993       I            145.2        145.2        100.0       r148.0           r99.8       r101.9
           II            147.7        146.7         99.4       r150.2          r100.5       r101.7
          III            148.8        148.0         99.5       r151.6          r101.0       r101.9
           IV            153.2        153.1         99.9       r153.3          r101.3       r100.0
 
       ANNUAL            148.8        148.3         99.6       r150.9          r100.8       r101.4
 
 1994       I           r156.1       r156.8        100.5       r154.9          r101.8        r99.2
           II            157.2        158.6        100.9        153.8           100.5         97.8
 --------------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1992       I              1.8         -0.3         -2.0         r0.7           r-1.9        r-1.1
           II              6.8          7.2          0.4         r5.2            r1.9        r-1.5
          III              2.1          1.0         -1.1         r4.5            r1.4         r2.3
           IV              8.5          9.7          1.0         r8.7            r5.3         r0.2
 
       ANNUAL              5.0          3.4         -1.5         r4.5            r1.5        r-0.4
 
 1993       I              7.0          9.0          1.9        r-4.0           r-6.8       r-10.3
           II              7.0          4.4         -2.5         r6.3            r3.1        r-0.6
          III              3.0          3.5          0.5         r3.7            r1.8         r0.8
           IV             12.5         14.4          1.6         r4.4            r1.4        r-7.2
 
       ANNUAL              6.5          6.7          0.3         r3.3            r0.3        r-2.9
 
 1994       I             r7.7        r10.2          2.3         r4.2            r2.0        r-3.3
           II              3.0          4.7          1.7         -2.7            -5.3         -5.5
 --------------------------------------------------------------------------------------------------
 
 
 
 
                    Percent change from corresponding quarter of previous year
 
 1992       I              5.0          2.9         -2.0         r3.9            r1.0        r-1.1
           II              5.6          4.2         -1.3         r4.3            r1.2        r-1.2
          III              4.0          2.4         -1.5         r4.6            r1.5         r0.6
           IV              4.8          4.3         -0.4         r4.8            r1.6         r0.0
 
       ANNUAL              5.0          3.4         -1.5         r4.5            r1.5        r-0.4
 
 1993       I              6.1          6.7          0.5         r3.5            r0.3        r-2.4
           II              6.1          6.0         -0.2         r3.8            r0.6        r-2.2
          III              6.4          6.6          0.2         r3.6            r0.7        r-2.6
           IV              7.3          7.7          0.4         r2.5           r-0.2        r-4.4
 
       ANNUAL              6.5          6.7          0.3         r3.3            r0.3        r-2.9
 
 1994       I             r7.5         r8.0          0.5         r4.7            r2.1        r-2.6
           II              6.5          8.1          1.5          2.4            -0.1         -3.9
 --------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                August 9, 1994
 r=revised                                                       Source: Bureau of Labor Statistics
 
 
 
 
Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
                                                                             Real
      Year           Output per                  Hours       Compensa-       compensa-      Unit
      and            hour of                     of all      tion per        tion per       labor
      quarter        all persons     Output      persons     hour(1)         hour(2)        costs
 --------------------------------------------------------------------------------------------------
                                            Indexes 1982=100
 
 1992       I            115.4        121.5        105.3       r149.5          r104.0       r129.5
           II            115.8        122.9        106.2       r151.0          r104.2       r130.4
          III            116.1        123.2        106.1       r152.7           104.6       r131.5
           IV            116.5        124.0        106.4       r154.3          r104.8       r132.4
 
       ANNUAL            116.1        122.9        105.9       r152.0          r104.5        131.0
 
 1993       I            116.5        124.6        107.0       r155.2          r104.7       r133.3
           II            117.2        125.3        107.0       r157.7          r105.5       r134.6
          III            117.7        125.6        106.7       r159.6          r106.3       r135.5
           IV            118.1        125.9        106.6       r160.8          r106.3       r136.1
 
       ANNUAL            117.4        125.4        106.8       r158.3          r105.7       r134.9
 
 1994       I           r119.6       r127.4        106.5       r162.0          r106.5       r135.4
           II            121.1        129.3        106.8        162.0           105.8        133.8
 --------------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1992       I              5.2          3.1         -2.0         r2.4           r-0.2        r-2.7
           II              1.3          4.8          3.5         r3.8            r0.5         r2.6
          III              1.1          0.9         -0.2         r4.7            r1.5         r3.6
           IV              1.4          2.5          1.1         r4.2            r0.9         r2.7
 
       ANNUAL              2.0          2.6          0.6         r4.0            r0.9         r1.9
 
 1993       I             -0.1          2.1          2.2         r2.5           r-0.5         r2.6
           II              2.3          2.2         -0.1         r6.6            r3.4         r4.2
          III              2.0          0.9         -1.1         r4.7            r2.7         r2.6
           IV              1.3          1.0         -0.3         r3.1            r0.1         r1.8
 
       ANNUAL              1.2          2.0          0.8         r4.2            r1.1         r3.0
 
 1994       I             r5.2         r4.7         -0.4         r3.1            r0.9        r-2.0
           II              5.0          6.2          1.1         -0.1            -2.8         -4.8
 --------------------------------------------------------------------------------------------------
 
 
 
 
                    Percent change from corresponding quarter of previous year
 
 1992       I              2.0          2.0          0.0         r4.1            r1.2         r2.0
           II              1.7          3.3          1.6         r3.7            r0.5         r1.9
          III              1.5          2.2          0.7         r3.8            r0.7         r2.2
           IV              2.2          2.8          0.6         r3.8            r0.7         r1.5
 
       ANNUAL              2.0          2.6          0.6         r4.0            r0.9         r1.9
 
 1993       I              0.9          2.6          1.6         r3.8            r0.6         r2.9
           II              1.2          1.9          0.8         r4.5            r1.3         r3.3
          III              1.4          1.9          0.5         r4.5            r1.6         r3.0
           IV              1.4          1.5          0.2         r4.2            r1.4         r2.8
 
       ANNUAL              1.2          2.0          0.8         r4.2            r1.1         r3.0
 
 1994       I             r2.7         r2.2         -0.5         r4.4            r1.8         r1.6
           II              3.3          3.2         -0.2          2.7             0.2         -0.6
 --------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                August 9, 1994
 r=revised                                                       Source: Bureau of Labor Statistics
 
 
 
 
Table 6. Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits,
 and prices, seasonally adjusted
 
               Output                      Hourly    Real                Unit     Total    Unit   Implicit
     Year      per all-                    compen-   hourly     Unit     non-     unit     pro-   price
     and       employee          Employee  sation    compen-    labor    labor    cost     fits   deflator
     quarter   hour      Output  hours      (1)      sation(2)  costs    cost(6)  (7)      (8)      (4)
 ----------------------------------------------------------------------------------------------------------
                                            Indexes 1982=100
 
 1992       I   r116.7    r137.3    117.6   r147.7    r102.7    r126.5   r119.3   r124.5   r170.4   r127.3
           II   r117.6    r138.8    118.1    149.4     103.1    r127.1   r118.0   r124.5   r175.6   r127.6
          III   r119.1    r140.7   r118.1   r151.5    r103.7    r127.2   r119.0   r124.9   r171.0   r127.7
           IV   r120.6    r143.4   r118.9   r153.1    r104.0    r127.0   r115.7   r123.8   r191.2   r127.9
 
       ANNUAL   r118.5    r140.0    118.2   r150.4    r103.5    r126.9   r118.0   r124.4   r177.2   r127.7
 
 1993       I   r120.0     143.3   r119.4   r154.0    r103.8    r128.3   r116.8   r125.0   r183.7   r128.7
           II   r121.4    r145.9   r120.2   r154.5    r103.4     127.3   r115.8   r124.1   r199.4   r128.7
          III   r122.7    r148.1    120.7   r155.4    r103.5    r126.7   r115.8   r123.6   r202.5   r128.5
           IV   r124.1    r150.9    121.6    156.0    r103.1    r125.7   r114.8   r122.6   r220.9   r128.7
 
       ANNUAL   r122.0    r147.0   r120.5   r154.9    r103.5    r127.0   r115.8   r123.8   r201.9   r128.6
 
 1994       I   r125.1    r153.0   r122.3   r157.9    r103.9    r126.2   r116.6   r123.5   r218.2   r129.4
 ----------------------------------------------------------------------------------------------------------
                              Percent change from previous quarter at annual rate(5)
 
 1992       I     r1.2      r0.9    r-0.4      3.9      r1.2      r2.6    r-2.6     r1.2    r14.8     r2.2
           II     r2.9      r4.7      1.7     r4.7      r1.3      r1.7    r-4.4     r0.0    r12.8     r1.0
          III      5.2      r5.5      0.2     r5.7      r2.5      r0.4     r3.5     r1.2   r-10.0     r0.2
           IV     r5.1      r8.0      2.7     r4.3      r1.0     r-0.8   r-10.4    r-3.5    r56.4     r0.7
 
       ANNUAL     r3.0      r3.2     r0.1     r4.6      r1.6      r1.6    r-2.1     r0.5     r7.6     r1.1
 
 1993       I    r-1.9     r-0.3      1.7     r2.4     r-0.7      r4.4     r3.6     r4.2   r-14.9     r2.3
           II     r4.5      r7.5      2.8     r1.4     r-1.7     r-3.0    r-3.3    r-3.1    r38.9     r0.2
          III     r4.5      r6.0      1.4     r2.2      r0.4     r-2.1     r0.0    r-1.6     r6.5    r-0.8
           IV     r4.7      r7.8      3.0     r1.4     r-1.5     r-3.1    r-3.4    r-3.2    r41.5     r0.6
 
       ANNUAL     r3.0      r5.0      2.0     r3.0      r0.0      r0.0    r-1.9    r-0.5    r14.0     r0.8
 
 1994       I     r3.3      r5.8     r2.5     r5.1      r2.9      r1.8     r6.6     r3.1    r-4.9      2.2
 ----------------------------------------------------------------------------------------------------------
 
 
 
 
                           Percent change from corresponding quarter of previous year
 
 1992       I     r2.4      r1.7     -0.7     r4.3      r1.4      r1.8    r-1.2     r1.0     r5.2     r1.3
           II     r2.6      r2.7      0.2      4.5       1.3      r1.9    r-2.1     r0.8     r5.0     r1.1
          III     r3.3      r3.5      0.3     r4.9      r1.7      r1.6    r-1.5     r0.7     r3.7      0.9
           IV     r3.6      r4.7      1.1     r4.7      r1.5      r1.0    r-3.6    r-0.3    r16.2     r1.1
 
       ANNUAL     r3.0      r3.2     r0.1     r4.6      r1.6      r1.6    r-2.1     r0.5     r7.6     r1.1
 
 1993       I     r2.8      r4.4      1.6     r4.3      r1.1      r1.4    r-2.1     r0.5     r7.8     r1.1
           II     r3.2      r5.1      1.9     r3.4      r0.3      r0.2    r-1.8    r-0.3    r13.6     r0.8
          III     r3.0      r5.2      2.2      2.6      -0.2     r-0.4    r-2.7    r-1.0    r18.5     r0.6
           IV     r2.9      r5.2      2.2     r1.9     r-0.9     r-1.0    r-0.8    r-1.0    r15.5     r0.6
 
       ANNUAL     r3.0      r5.0      2.0     r3.0      r0.0      r0.0    r-1.9    r-0.5    r14.0     r0.8
 
 1994       I     r4.2      r6.8     r2.4     r2.5      r0.0     r-1.6    r-0.1    r-1.2    r18.8     r0.5
 ----------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                        August 9, 1994
 r=revised                                                               Source: Bureau of Labor Statistics
 
 
 
 
 
    SOURCE:  Output data from the Bureau of Economic Analysis, U.S.
    Department of Commerce, and the Federal Reserve Board.
    Compensation and hours data from the Bureau of Labor Statistics,
    U.S. Department of Labor, and the Bureau of Economic Analysis.
 
    RELIABILITY:  Productivity and cost measures are regularly
    revised as more complete information becomes available.  The
    measures are second published 30 days after the close of the
    reference period; revisions appear about 35 days later, and third
    revisions after an additional 60 days.  In the business sector,
    the probability is 0.95 that the third publication (third
    revision) of a quarterly index of output per hour of all persons
    will differ from the initial value by between -2.0 and +2.0 index
    points.  This interval is based on the performance of this
    measure between the second quarter of 1976 and the fourth quarter
    of 1993.
 
 
                          Footnotes, Tables 1-6
 
    (1)  Wages and salaries of employees plus employers'
         contributions for social insurance and private benefit
         plans.  Except for nonfinancial corporations, where there
         are no self-employed, data also include an estimate of
         wages, salaries, and supplemental payments for the self-
         employed.
 
    (2)  Compensation per hour adjusted for changes in the Consumer
         Price Index for All Urban Consumers.
 
    (3)  Unit nonlabor payments include profits, capital consumption
         allowances, interest, rental income of persons, and indirect
         taxes.
 
    (4)  Current dollar gross product divided by constant dollar
         gross product.
 
    (5)  Quarterly changes:  Percent change compounded at annual rate
         from the original data rather than index numbers.  Annual
         changes:  Percent change between annual average levels.
 
    (6)  Quarterly manufacturing output measures are based on the
         index of industrial production prepared monthly by the Board
         of Governors of the Federal Reserve adjusted by BLS to
         annual manufacturing output levels (gross product
         originating) from the National Income and Product Accounts
         prepared by the Bureau of Economic Analysis of the U.S.
         Department of Commerce.
 
    (7)  Unit nonlabor cost includes capital consumption allowances,
         interest, rental income of persons, and indirect taxes.  For
         nonfinancial corporations, rental income of persons is zero
         by definition.
 
 
 
 
 
    (8)  Total unit cost is the sum of labor and nonlabor costs.
 
    (9)  Unit profits include corporate profits with inventory
         valuation and capital consumption adjustments.
 
 
 
 
Appendix table 1.
 Business sector: Productivity, hourly compensation, unit labor costs, and prices, seasonally
 adjusted
                                                            Real
    Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
    and        hour of                of all    tion per    tion per    labor    labor pay-  price
    quarter    all persons   Output   persons   hour (1)    hour (2)    cost     ments (3)   deflator (4)
 ---------------------------------------------------------------------------------------------------------
                                          Indexes 1982=100
 
 1991       I    111.4      131.5     118.1     145.1       103.8       130.3    143.8       134.7
           II    112.0      131.9     117.8     146.6       104.2       130.9    145.1       135.6
          III    112.4      132.2     117.6     148.1       104.6       131.9    145.4       136.3
           IV    113.0      132.6     117.4     150.1       105.1       132.9    145.2       136.9
 
       ANNUAL    112.1      132.0     117.7     147.4       104.4       131.5    144.9       135.9
 ---------------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)
 
 1991       I      3.3       -1.8      -5.0       4.7         1.6         1.3     10.7         4.5
           II      2.1        1.1      -1.0       4.0         1.6         1.8      3.8         2.5
          III      1.3        0.9      -0.4       4.4         1.2         3.1      0.9         2.3
           IV      2.2        1.2      -0.9       5.3         2.0         3.1     -0.7         1.7
 
       ANNUAL      1.3       -1.0      -2.3       4.8         0.6         3.5      3.7         3.5
 ---------------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
 
 1991       I      1.1       -1.5      -2.6       5.7         0.3         4.5      3.5         4.2
           II      0.8       -1.9      -2.6       4.8        -0.1         4.0      3.4         3.8
          III      1.4       -0.9      -2.2       4.5         0.6         3.1      4.1         3.4
           IV      2.2        0.4      -1.8       4.6         1.6         2.3      3.6         2.8
 
       ANNUAL      1.3       -1.0      -2.3       4.8         0.6         3.5      3.7         3.5
 ---------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                      August 9, 1994
                                                                       Source: Bureau of Labor Statistics
 
 
 
 
Appendix table 2.
 Nonfarm business sector: Productivity, hourly compensation, unit labor costs, and prices,
 seasonally adjusted
                                                            Real
    Year       Output per             Hours     Compensa-   compensa-   Unit     Unit non-   Implicit
    and        hour of                of all    tion per    tion per    labor    labor pay-  price
    quarter    all persons   Output   persons   hour (1)    hour (2)    costs    ments (3)   deflator(4)
 ---------------------------------------------------------------------------------------------------------
                                          Indexes 1982=100
 
 1991       I    109.9      131.7     119.8     143.9       102.9       130.9    145.4       135.6
           II    110.5      132.0     119.5     145.3       103.4       131.5    146.3       136.3
          III    111.0      132.4     119.4     147.0       103.7       132.5    147.0       137.2
           IV    111.5      132.8     119.2     148.8       104.2       133.5    147.2       137.9
 
       ANNUAL    110.7      132.2     119.5     146.2       103.6       132.1    146.5       136.7
 ---------------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)
 
 1991       I      3.7       -1.6      -5.1       5.0         1.8         1.2     11.5         4.6
           II      2.1        1.1      -1.0       4.1         1.8         1.9      2.4         2.1
          III      1.6        1.1      -0.5       4.6         1.4         2.9      2.0         2.6
           IV      1.8        1.2      -0.6       5.0         1.7         3.2      0.6         2.3
 
       ANNUAL      1.5       -1.0      -2.4       5.0         0.8         3.5      4.2         3.7
 ---------------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
 
 1991       I      1.1       -1.6      -2.7       5.8         0.4         4.6      4.3         4.5
           II      0.9       -1.9      -2.8       5.0         0.2         4.1      3.7         3.9
          III      1.7       -0.8      -2.5       4.8         0.9         3.0      4.6         3.6
           IV      2.3        0.5      -1.8       4.7         1.7         2.3      4.0         2.9
 
       ANNUAL      1.5       -1.0      -2.4       5.0         0.8         3.5      4.2         3.7
 ---------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                      August 9, 1994
                                                                       Source: Bureau of Labor Statistics
 
 
 
 
Appendix table 3.
 Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
 
                                                                          Real
                   Output per                 Hours       Compensa-       compensa-      Unit
      Year and     hour of                    of all      tion per        tion per       labor
      quarter      all persons     Output     persons     hour(1)         hour(2)        costs
 -----------------------------------------------------------------------------------------------
                                            Indexes 1982=100
 
 1991       I        122.6         126.4       103.0       139.7            99.9         113.9
           II        123.7         126.7       102.4       141.1           100.4         114.1
          III        125.4         128.8       102.7       142.4           100.5         113.5
           IV        126.2         129.2       102.4       144.6           101.2         114.6
 
       ANNUAL        124.5         127.8       102.6       141.9           100.5         114.0
 -----------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1991       I         -1.1          -9.1        -8.1         6.1             2.9           7.3
           II          3.6           0.9        -2.6         4.3             1.9           0.6
          III          5.5           7.0         1.3         3.5             0.3          -1.9
           IV          2.5           1.2        -1.3         6.5             3.1           3.8
 
       ANNUAL          2.0          -2.2        -4.1         5.3             1.1           3.3
 -----------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year
 
 1991       I          1.3          -3.4        -4.6         5.9             0.6           4.6
           II          2.1          -3.3        -5.3         5.5             0.6           3.3
          III          2.3          -1.9        -4.1         5.4             1.4           3.0
           IV          2.6          -0.2        -2.7         5.1             2.1           2.4
 
       ANNUAL          2.0          -2.2        -4.1         5.3             1.1           3.3
 -----------------------------------------------------------------------------------------------
 See footnotes following table 6.                             August 9, 1994
                                                              Source: Bureau of Labor Statistics
 
 
 
 
Appendix table 4.
 Durable manufacturing: Productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
 
                                                                          Real
                   Output per                 Hours       Compensa-       compensa-      Unit
      Year and     hour of                    of all      tion per        tion per       labor
      quarter      all persons     Output     persons     hour(1)         hour(2)        costs
 -----------------------------------------------------------------------------------------------
                                            Indexes 1982=100
 
 1991       I        130.4         132.3       101.5       137.6            98.5         105.6
           II        131.8         133.0       100.9       138.8            98.7         105.3
          III        134.5         135.6       100.8       139.9            98.8         104.0
           IV        136.3         136.2       100.0       142.7            99.9         104.7
 
       ANNUAL        133.2         134.3       100.8       139.7            99.0         104.9
 -----------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1991       I          0.8          -9.6       -10.2         6.6             3.4           5.8
           II          4.4           1.9        -2.4         3.3             1.0          -1.0
          III          8.4           8.1        -0.3         3.4             0.2          -4.6
           IV          5.4           1.9        -3.3         8.2             4.7           2.6
 
       ANNUAL          3.6          -2.1        -5.6         5.5             1.2           1.8
 -----------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year
 
 1991       I          3.1          -3.3        -6.2         6.2             0.8           3.0
           II          3.5          -3.5        -6.8         5.5             0.7           1.9
          III          3.7          -2.1        -5.6         5.4             1.5           1.6
           IV          4.7           0.4        -4.1         5.3             2.3           0.6
 
       ANNUAL          3.6          -2.1        -5.6         5.5             1.2           1.8
 -----------------------------------------------------------------------------------------------
 See footnotes following table 6.                             August 9, 1994
                                                              Source: Bureau of Labor Statistics
 
 
 
 
Appendix table 5.
 Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
 
                                                                          Real
                   Output per                 Hours       Compensa-       compensa-      Unit
      Year and     hour of                    of all      tion per        tion per       labor
      quarter      all persons     Output     persons     hour(1)         hour(2)        costs
 -----------------------------------------------------------------------------------------------
                                            Indexes 1982=100
 
 1991       I        113.1         119.1       105.3       143.6           102.8         127.0
           II        113.8         119.0       104.5       145.6           103.6         127.9
          III        114.3         120.5       105.4       147.1           103.8         128.6
           IV        114.0         120.6       105.8       148.7           104.1         130.4
 
       ANNUAL        113.8         119.8       105.3       146.2           103.6         128.5
 -----------------------------------------------------------------------------------------------
                        Percent change from previous quarter at annual rate(5)
 
 1991       I         -3.7          -8.5        -5.1         5.9             2.7          10.0
           II          2.6          -0.5        -2.9         5.7             3.3           3.0
          III          1.7           5.4         3.6         4.1             0.8           2.3
           IV         -1.2           0.2         1.4         4.3             1.0           5.6
 
       ANNUAL         -0.3          -2.3        -2.0         5.5             1.2           5.8
 -----------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year
 
 1991       I         -1.2          -3.5        -2.3         6.0             0.6           7.3
           II          0.2          -3.0        -3.2         5.8             0.9           5.6
          III          0.4          -1.7        -2.1         5.6             1.7           5.2
           IV         -0.2          -1.0        -0.8         5.0             2.0           5.2
 
       ANNUAL         -0.3          -2.3        -2.0         5.5             1.2           5.8
 -----------------------------------------------------------------------------------------------
 See footnotes following table 6.                             August 9, 1994
                                                              Source: Bureau of Labor Statistics
 
 
 
 
Appendix table 6.
 Nonfinancial corporations: Productivity, hourly compensation, unit labor costs, unit profits, and prices,
 seasonally adjusted
 
               Output                      Hourly    Real               Unit     Total    Unit    Implicit
      Year     per all-                    compen-   hourly     Unit    non-     unit     pro-    price
      and      employee          Employee  sation    compen-    labor   labor    cost     fits    deflator
      quarter  hour      Output  hours      (1)      sation(2)  costs   cost(6)  (7)      (8)       (4)
 ----------------------------------------------------------------------------------------------------------
                                            Indexes 1982=100
 
 1991       I   114.0     135.0    118.4    141.7    101.4      124.3   120.7    123.3    162.0    125.7
           II   114.6     135.1    117.9    143.0    101.7      124.8   120.5    123.5    167.2    126.2
          III   115.3     135.9    117.8    144.5    102.0      125.3   120.8    124.0    165.0    126.5
           IV   116.4     137.0    117.7    146.3    102.4      125.7   120.1    124.1    164.6    126.6
 
       ANNUAL   115.0     135.7    118.0    143.8    101.9      125.0   120.5    123.7    164.7    126.3
 ----------------------------------------------------------------------------------------------------------
                              Percent change from previous quarter at annual rate(5)
 
 1991       I     2.9      -3.3     -6.0      4.5      1.3        1.6     5.4      2.6     25.3      4.2
           II     2.2       0.3     -1.8      3.8      1.5        1.5    -0.8      0.9     13.5      1.9
          III     2.5       2.4     -0.1      4.2      0.9        1.6     1.1      1.5     -5.2      0.9
           IV     3.7       3.1     -0.5      5.2      1.9        1.4    -2.3      0.4     -0.9      0.3
 
       ANNUAL     2.0      -1.1     -3.1      4.8      0.6        2.7     3.7      3.0     -1.7      2.6
 ----------------------------------------------------------------------------------------------------------
                           Percent change from corresponding quarter of previous year
 
 1991       I     2.1      -1.5     -3.5      5.8      0.5        3.7     5.3      4.1     -6.2      3.2
           II     1.3      -2.4     -3.7      4.9      0.0        3.5     5.4      4.0     -8.8      2.8
          III     2.3      -1.1     -3.3      4.5      0.6        2.2     3.3      2.5      2.5      2.5
           IV     2.8       0.6     -2.2      4.4      1.4        1.6     0.8      1.3      7.5      1.8
 
       ANNUAL     2.0      -1.1     -3.1      4.8      0.6        2.7     3.7      3.0     -1.7      2.6
 ----------------------------------------------------------------------------------------------------------
 See footnotes following table 6.                                        August 9, 1994
                                                                         Source: Bureau of Labor Statistics