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Bu""a~ of Labor Su,b,ioo llaohinSton, D.C. 20112 L.J . Fulco (202) 51-)-9261 K. D. Hoyle (202) 521- 1911
H"",e (l02) 333- 1380
United Slates Department 01 Labor Washington, D.C . 20210
USDL-76-~72
FOR RfL~A5E ' 11 , 00 A.'l . EDT ThurS<lay, ~ay 21, 19J6
flut ~uartor of 1976 at a .... "" .... Uy ad1ust"" H.nual ute, th~ Sure~u Qf
reflectod an B.3 p~runt lototuoe In output and a 5 . 8 ?HCent 1ncrun in
bour. of a ll _ployus . In the PHHdJng ~uar(er, productivity declloed 2.1
perc.nt In 'hio o""tOt. which includes all oorpoutior.. "ojog huOioUo In 'h~
United Sate< ",!th the exoeption <>f tanks, Hock and COI!'OOdHy ~roku •• ond
Since tho ...,.e qu.artu a you a~o , productivity iOOTUS'" 6.7 percent
while OUtput ("cu ... ed 9.3 rere~nt ~nd bouro of IoMr input inoreased 2 . S
poro<nt. Rovlolons In productivity ,"eas"e •• In 1975 antl in "" ,. lIer yur< re _
fl~"t the incQ<pontiQn of thO "",.t U"""t .. visions In the nonfl""ncu l cO"PO"H~
output ",euur~ publlohed by the Buroau o f ECOOOl>. l c Analy.l • • U.S. O~pHt",ent of
C~uc* . first ~u.arter aov ... enU uo "lmIUTlzod in tabl e ,,; dual!. aro in
table. 1-4.
P.ourly c01Openoa.Uon (1.Ihich include. both ~·ag .. And , uprl=en<o ) ir. the
firs' ~uut<r of 1976, after havln.o: iocru.ed J.J petc~nt In uch of 'be 'h,e~
pueediOl; G".uteu . n,e fi,,, qu,uur In~r .... I~ hourly c<>1Open .. Uon. CQ~Mn.d
with thQ i~"u .. e In prodoctlvlq, r<sultO<! In" 4.8 perunt Incr ... e ie. unit
labor 00,< , exactly hal! <h. roU M Inc.eaoe In t he preceding ~"n, ur .
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Tahle A. PerCent Change at Annual Rote. In Pt~uctl¥lty and Co.t. (~~asonally A<ljustedl
." Quarter 1915 ,,, Qu.r<u
'" '" ,,, Qu.net 1976 ... qua« ..
':~nfln~ncl~l Cot£ontlon~ (P .. ll~lnaty)
Outf>U' '" all-... p!oyu ,-, , .. .., C""pcn'~t Ion ~, ~"' U U l'nlt labot eoot ••• ". , hal <""'p~noH1M "" ~"'
.., " .. Output .., .., Ilou'O of '" ""plo)'ces U ..,
Outf>Ut .. ' ,-, ., .n peroo". ... , .. C""penutlon per hour .., U Unit labot ~o.' ,., .., .u' <o"Venution ~, ~"' , .. " .. (lutput • •• , .. ~""t. of all petOCns .., ... (lut!"'t pu bout .. '" perso"s ••• ... CooIp"n ... ,lco ." ~"' L. L' Unit hbor eo"t ,." ,., R~31 cocpe" •• tlon pet ,-, .., LO (lutput .. , ,., 110,,"" <>f ... per"""s U ... Ou'f'Ut ~, hour of all p"tsons ,. " ... C""pensat {on per -, .. , ... Unit lal". <"s. ,. , L. 'u' conpenat1on per ~, ... ,.. Out!"'t 11.9 .., >'''"to 0' all p~ .. "".
.., ..,
1975
1976
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,
Real cO:Rj>~n .. t1on 1'<'" """t (houtly <""Pens.Uon oJju .. ed fot c han~u I,..
t~e CoUUUT Pt !ce It>dexl t""uu-.l at an '"DUal nte 01 2.7 percent In t he £iut
q~.ne., .""puod ~'Uh a 0.7 percent increne in t~e fDUroh quane" of 1~7~.
Th. fuur Ute of {"".UIe , .. ad t.ourly .""penu.<1on In .he fi . .. quaneT of
191~ r eflect. the 01",",,,< eo .. o f I"" ...... " In the CP I olnce hourly cooopen ... Uon
roO" .. vlrtu.lly the S;lU raU In both p" ttod ••
Unit proft,. !ncruMd U In onnu&i rot. of 25.0 pe<oen< I n the tirot
~uartet, O(lfl>pued "Ith . 7.~ per cont decl1no one quutoOc UTUO •• UnH "",,
labor pa_en .. , .mich l ""lud. profits •• ""ll u .11 other nonlabo r CO",,
{""rene<! 3.9 percent In the tlUt q .... ner, w1>lh III othn unit """lobor coltl
( .. hleh ududu unH profit.) decltl'ed 1 .9 percent . nu .. nonlabo. COnI, which
1""IOCI "oplod con ..... pt !"'" 0110 .... 1'." , net Int u ... , IDd taUI, had Inuu.ud
6 . 0 penut 10 the lut quarter of 1915.
the lIop11<:it price deflator ( .. hleh nfl"" •• clte0Su In unit labor co .. ,
udt nonbbor con. and unit proU t .) increase;! at an annual u t .. o f 4.5 percent
I" the Hro. q"nter. the .. cond .... Uut quarterl y incrcuc 01",," t he fourth
quarter of 1912 .
Re~l ... d Hut Qu,'lne. ll .... ur ... tor the Pd~.t. £COnollY
Rcvi.1oII ...... uu. of hloor produc tivity • ..:1 ubted ..orin for tlte private
eco"".,. , ."" ..,,,ian> uct.Or and tM CIOnufoc turi Q uctor are ._rhed in
,able B. the revi.ed ...... ure. oh"" th.t productivity in t"" fin, quarter--
at .nn .... l •• tU-inetH .... 6.1 putont in tlte toul private ecoDOty, 4.8 perc...,t
In the nonfor= .ector . and 1,0 percent in ~nuf.cturins . th .... .aveaent •
.... lI .. r hod been report'" at 4.6 puc."t , l.l perceM, and 1.4 percen., respec
tively, booed on prel1ll1 .... ., __ .urn . In .... ch .. «or, the up""rd r tvhion in
the productl~lty growth rate reflected the ht&her output m&a.ur e. in t he revi.ed
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
,
.ules . the prellDlnary .nd <ovl .. d "",nuna a~p .... r In ,.ble B.
App~ndh <sblu ~ ."" D conuln productivity and rdated rovls~ ,"UOUTU
fOT the manufacturing .eetor (19~7-191') and the nonf!nonc\al corpora te •• e.or
(l9'18-1914). rru. .. tabl .. nterl<! the rev1s1ona In output ancl co.pe" .. tlon pub
U.h..:! by tho !uruu of Eco"""\c ""-'yah boc'- to the b.,loninK of the productivity
and eoot aedu.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
,
Tabh B. Pull",j",,-,y on<! Re~lol!<l IIU.~U" Fir£< Quutu 1~76 rereent Chan~. froc Previous Quarte. at Annual Rate
(S""o..".aUy Adj .. atobi)
TOto) Private Econ2!!l PTelh,!n.aty hy!.,."
Outl'" ,., hour of .n !>f',.son. ... .. , Compensation ,,, 00., .., ,. , Unit bbor COot ,., U ._,
tOllpen&1It ion ,., ~, U ,., Output ... • •• !lours of all puoon. ,., ,. , Nonfan. Sector
Output "". -, -, • n p~ro(m. ,., ...
C""'p." .... I"" ,., 00"' 1,$ ... ~nlt labor coot U '.0 P.ul <c"'pe"aa tlon ,., 00", '.0 U Output .., .., Houu of oll peuon. U U
Manufacturins Sector
OUtput peT hour of all puson. , .. '-' Co~.naa'ion per ~, ,., .., UnH bl><>r coot .. , U oul <o=pen •• tlon per -, '.0 ,., Output 10.2 11.9 1I0uu of .n puso"s .., ..,
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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•
FOOTNOTES, TABLES 1 TO 4
SOURCE: Output data from the Bureau of Economic Analysis, U.S. Depart"'~nt of COOl.lllerce and the Federal Reserve Board. COlOpensation and hours data fro"" the Bureau of Labor Stati~tie$ . U.S . Depart~nt of Labor and the Bureau of Economic Analysis.
(1) Wages and salaries of employees plus emp l oyer s' contributions for social insurance and privat e benefit ~ lans. Except for nonfinancial corporations, "'here there are no self-employed, data also includes an est~ate of ",ages, salaries, and supplemental pa~ent$ for the self-employed.
(2) Compensation per hour adjusted for changes 1n the Consumer Price Index.
(3) Nonlabor payments include profits , depreciation, interest, rental income and indirect taxes .
(4) Current dollar gross pr oduct divided by constant dollar gross product.
(5) Percent change co.,pounded a t annual rate fro., original data rather t~an index nu:bers .
(6) Curre~t quarter divided by co.,parable quarter a yea r ago.
(7) Quarterly .,eaSures adjUSted to annual estimate s of output (gross product or iginating) from the But eau of Economic Analysis. U.S. Department of COmQerce.
(8) Unit non labor costs include depreciation, interest, and indirect taxeS.
(9) Total unit costs is the sun of labor and non-labor costs.
(10) Unit profits include corporate profits and inventory valuation • adjustment.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHRRT 1 . COMPENSATION
PRODUCTIVITY . HOURLY UNIT COSTS RND
TOTAL PRIV RTE ECONOMY (PERCEN T CHANGE FRO M PRECEDING
PR ICES
, : , , _.-. , , , ,
QUARTER AT ANN UAL RATE] OUTPU T PER HOUR Of RLL PERSONS
: ~ .. .,,"'",.'1.,---.---.---:------------ - ~- - - -, , , , , , , ,
, : . , , , , ,
, " ,
••• ••••••• ---j • • --.-- -.- ••• ~ ••••••••• ---. 4C ---...•••••• ·1· ···-· ·· .- ·l -------------~-------------, , , , : : : : i CO,MPENSRT I ON HOUR Of RLL PER SO NS i I
"~"~ .. ~"~ .. '".l- __ _ ....... 1. ...... .. ~.'_? , , -----------t-------------~-, , , ,
, , , ,
, , , , -"'"'--~-------------:----.------ • • j -- . -+-.- ••• --~-.-- •••• • _---, . , , , , , , , , , , ,
: , UN I T COST : , LRBOR , " , ---- --- ------.- ------ --- --- .----- ---_ .. ---. -- -- . --_. ---. -----"-, , , , , , , , , , , , , , , , , , , , , , , , ,
, : , ! 1 ----------_ ... _._-------.-: , ,
, ---- --_. -_. --_. -- -_. ---- ----, --- -_ .. ------.---I ' , , , , ,
o
-, :s
:0
o :s
o , ,'" ...... -- -----t------ --- --- -~- -- ---. -------:-- --- --------- : -- -----------t----- ...•.. -. 't .... . -. --- . -. - S , , . , , , ! UN! r NOHLRBOR PRYMENTS i i 30 , , , , , ,
-- - -- --. - •• •• j - • • --- ••••• , .~ ••• -.-.... - -- -~ - -- ••••• ••• -- : ••••• - •• • - - .-j . ------- - --~. --. ----- ---- 2S , , , , , , , , , , , , , , , , , , , , , , , , -- --- --. -. -' -1-' -•• -•• ••••• j ••••••••• - - - - .~ -- - - . -- - •• -- -I ' .-. --••. --- ' 1- -.-. -- --+ --..... -. ---- 20
" '" " , " " '" , , , , , ,
- --- --. -••••• : . - •• _ •••••••• ~ ••••••••••• ---~ --- -.- -- ••• •• : ••••••• . ---- .:. --. -- --:- -. --. -•• ---. - 1 5 , , , . , , . " , , , . , --- .--- -- ~-- --- --- ---. -..:. --- ---. --- ---!. --. ---- !. .. _.- . -- --- - ! 0 , ,
, , , , I MPLICIT PRICE OEFL RTOR , , , ,
, , -. - - . - ~ . . -.-.. ------
, , , ,
. ". ...... _-- --- -.-----_. __ . __ .. --_._--_ .. _- ---_. _._--_ .. ---.-.. ---- ------- .. ---- ---- -----
! 970
, , , , , , , , , , , , "' , , ,
, , ------,------------_.
1971 19'1Z
, ,
, , , , ·------·----I------------ -~----, , , , , , ,
1973 197 4
, , ,
1975 1976 MRY 27 , 19 76
, o
:s
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHRRT 2. COMPENSRTION UNIT
PRODUCTIVI TY. HOURLY COSTS AND PRICES
SECTOR PRECEDING RATE]
PRIVRTE NONFRRM (PERCENT CH ANGE FROM
QuARTER AT RNNUAL OUTPUT HOUR OF ALL PERSONS ,
,,""">..i~·············f····· ········j···· , , , , , , , ,
,
, , , , , , ~.~ , , ,
· . . . , ,
I ... · · ···········I·············i-·············~· ··--· --- -- ·-1 - -- - ......... ,.-... -----... '" . ..... -..... . , , , , , . · . . . . , · .. ,
: COHPE NSA T JON PER HOUR OF ALL PERSONS : , .. . , ., . I 7,'
..........•. ------ .- ---- ~-....... ....... ......... . ......................... . , .. , . , . . " , , ' "~~-~-~C~: __ ~ ............. l ............. ~ ............. ~ ........... .. . , , . , , , , , , , , ,
• ••• , . , . l UNIT LABOR COST i 1 i : : : : : :
------·--····1·············::·········-···: ·--------·-·-: -... ""''''''"~ •.... -.. - -.... :-.-.... -..... . , , ,. . , .. .
· ··· -· ------- l ---- ··_······,··············~···· __________ ~ ____ _ , , , , , , , , , , , ,
UNIT NONUlBOR PAYMENTS
, , , , , , , . . , , , , , , , I
- , ---... -...... . " .............•.............•. .. ~ . ........... . . . . , , , , . , i 7 .3 , , , , , ..... -.-- ~- --- ---- .. -.. + ............ ·1 .. ·· , , , , , , , ,
........ ; ......... .. , , , '" ............ . ,
, , .. - ~-.. ·~''''~~i ' ... _ ......... _ ....................... _ .. , , , , , ,
, , , , , , . , . -- .-- ---- ---·1 .... ·· .. · .... ~ .......... . -. +-- ---- ---- ---; -----
, , , , - , ---
, , , , - --- y -- - - - - - - -- - --, . , , , . , , , , , , , ,
. ---- . -- --... ~ .......... IMPLICIT PRICE OEfLATOR , , , , , , , , , .... _ .. _- .. _ .•... .......... •.......... _- -'" . __ .. _.-, , , , , , , , , , , ~" .. "'~'· ···· i· ·············~·-·
1970 1 971 1972 1973
, ,
,
, ,
-- . --- ~ --- ---- --- ~- -------, ,
, , --------.-_ ..
1974
, I I ._. __ . _ .. ,.._-. -. __ .-...
,97S
, ,
1976 :1RY 27 . 1976
o 20
!O
o 20
!O
10
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHRR T 3 PRODUCTIVITY . HOURLY COMPENSRTION UNIT
NONFINRNCIRl CORPORP.iIONS (PERCENT CHRNGE FROM
QURRTER R YERR
RNO PRICES COSTS
SRME RGO)
i :./ i , , , , , , ....... _ .....•.............•....... _--- --~ ._-- ._-- ._--_. ---_. ---- .. _ ... - ---- - ... --_ .. __ ... __ . , , , , , , , , , , , , : : : : : : ! i COI1PENSATION PER ALL-E I1 PLOYEE HOUR i 1 .3
·--·- - ------ -j - ·· --- ·· - · - -- i- ·· -·- · --- ·-· -t ---- · -· - ···. - ~ -- --~--.--------, ," ,
.-++-- - •• --- ·1-- . --- -. --- -1- ----- ---- -.-, , , , , , , ,
UN I T LABOR
, , , ~ --- . -- --.. - -f·- - - ---. -1- .... -.-.- .. -+ ---. ---. -----
COST
, , , , , , , , , , , , , ,
,
, , , , , , -- .. ---- .. -..•. -.--.-... -.. ~ ... -. -.... -.. '" ... --.. --... -.. . .........•............ ,-.. _----_ ..... , , , , - ' , , , , , , , ... _=.:.:.:.,.,.,.,.,.-J 'K: . --- .--- -----~. ---- ---- ---- t-··- ·····-1-···········-1- ···· · · ..... + ...... -
, ,
UN ! T
, , , , , , , , , ,
NONLABOR PA YMENT S
, , : , , , , , , , ,
,,6
I -... -.--.---- . ----.-----.--~------------.-.-.----.------ . -_._-_._--_.-•.... _.-. -. .---_. -.------ . , , . . . , " , " , , , , , ·-· · - ··-··- --1-··-·--·---·-,·-----------·-~-·----------- 1 -··--------·-1- · --, . , . , , , , . , , . , , , , . , . ,
, ,
------+ , 1 4 • Z
-- ··-·-- - ·-··l·~·--·--··-~---·----·----·~-·---··---·--:.-.--- .. ----.: --- .----.--- 1"------ -
-... ... -)1.----. ------1- .---- _____ 1 .. --- .----. --1-- -- ···--·'1---------.-.-t--....... -.. . / , , , . , . , , , , , ,
._-_._-_._-_ •••••• _ -_ •• _ + _ .j-_ ••• __ •• __ • __ •• _. __ •• _-- + - _ ._ ••••• • •• __ ._._--_._--_._-----_._-_ ••• _---, , , , . , , . " , , , " . " , , , , : I MPLICIT PRICE OE f LATOR : , , , .-.. -... ---.-.-.... --.-. ... ~-.. -.... -.. -..• .. --- .. --.. - -... -- ---_ .. -•..... -- ._-- ---_ .. __ . --_.-
1970
, , , , , , , , , , , , , , , , --.-- ... ~ .. ---.. --.---.-- .. ---- ----.-- .. ---------;---- ..... -. -- ~. , , , , , , ,
1971 1972 1973 1914 1975 1976 MAY 27 . 1976
-5
"
, Z5
15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHRRT 4 . UNIT COSTS . UNIT PROFITS RNO PRICES
NONFINRNCIAL CORPORATIONS (PERCENT CHRNGE FROM SRME
QURR TER R YERR RGOl
UN I r LABOR COST , , , , , , , , , ,
, , , , : , : , --_ .. _._-•.... _._ .. _._-.. ---_._. __ ._--"_._-_. __ ._ .. -. ·---------1--- ---------""------------+ , , , , , , , , , , , , , , ,
, , , , , --- --- --.--. -.- ------------~---- -------,._-----------.- .. _--
: , , , , , ...... _ ......• -_ .. _ ..... , ,
, ,
UNIT NONLABOR C.OS T
, , , , , , , ,
, , , , , , ... -----, , , , , , , ,
, , , , , I -----""-------------, ,
, , : , , ,
0,6
---_._----_. __ ... _----, , , , , -----------.--.----------~-----------.- ------_ .. _---.---_._ .. •• _.r ___ •• _______ • , , , , , , , , , , , , , ,
, , , , ..... ---.----,--.----.- ·-·i-------------·}-·--·· .--.-,----.-.------,---.--.---.. , , , , ,
, " , , , , , , , , , , ,
, TOTR L UNIT COST : ,. ,
, , , , , , : :
1 . 0
-.-----.--.--.- .. --- ..... -.. --.-.. -.---.. ~ ... ---... -- . - -- . .. _-- --_ .. -- -- -- --- --~'-- -- .. -- --_. , , , , , : : I
·--~--,i i i , ,
, ,
. --.. -- .... 1-· -- --... . -- .+.--- ------, ... ------_._-,_ ... _--- ----~------------. : 0.7
, , , , , ,
, 63.7
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, , , , , , ,
, , , ,
, , , , _ .. _-_ .... _ •.. _-_ .. _----_ ... , , , , , , , , UNIT PROfITS , , , , ,
, , , , , , , : , , , , . __ .. _----_. __ . __ . __ .... -.-.. , , , , ,
, , ,
._---_ ... ----_ ... _ ... .. -, ,
, , , -- --- ------ -- --.-- --- -- --- ,-- --- --------+- .-----.- --1------_······,·· .. ---.-... ../- ----....... -.
, , ,
, , , , , , , , , , , , , ,
, , , , , , . _---.. _--_ .. ---_._-------.-------------.. -._------_._-.. _-----, , , , , , , , , ,
, , , ,
, .. _------_ ...... _ ........ _ . , , , , , , , , , , , . ... __ . __ . __ •... _. __ ......• _ ... .. _ ..... ..• _ .. _-_ ...... -._ .... _ ... _. __ .. _._------------_._---------
1970 1971 19n 1973 191 4 1915 1976 MY :n. 1976
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"' ." ~'" .... "" .("",,"" """.," """~" , COSTS
---- ~.----------""U"' <M'.O •. '.0" "'"",,,,,. OO>" ' "~" .~"", .. .. ,,'" ,,, , , '.' ••• •• • •• • •• • ••• " ' •• J ,_. I -0 .' ' .. , .' .' . ~ ," ?o. , ,> •• -... " , > ••• -' .' " ". , , .. ' '. ' , >. ~ , .. .. ' ._U ... ' .. ' .' •• • ••• ' .. ' .. ,.., , -to., ..... , .. ,0 •• ••• Z_ . '
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. ""t ~"I ' I . t,Lf •• ... ~u'.C l "~I '.r. St_C 1U~' "u T ~'" ., . HOU" . , ." ~" " SONS. ~u""L • 'CON II""'O' C".~'_N" t 1 U~ , UN 11 L'~U~ (U~ ' • SH'n~'Ll • 'OJUStlll
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