united states department of labor bureau of labor ......re~ent ~at.' h oi" the l\ureau of...

$: United States Department of Labor Bureau of Labor ......re~ent ~at.' h OI" the l\ureau of Econo"tc A$
Bureau of Labor Statistics

United States Department of Labor

Washington, D.C. 202t 2

rSDL 7/ - 111 1.,J , rulc" r.J, ' oil~

I o~.

(:~2) 5n~nH (l~') 521 · 1 ~l) (~M) l3)_11~~

•. , u,~,,~" , 11:n', ;Si" . '1~a:· . h~r~"')" ~' , 1,,)7

rr.OD1"CTII'ITY A:c:l m'~~

;'~nf1r .. nclal LorporM. Secto r ,lnMo l Oat, for !~n

1n ou t !"'" of 1 . 1 p«oent a",1 a drop In h"un of :;. U ~uc e nt, Thc nonfJ naud.1

a~encte.. h .u.."uy or 'he 1976 annual =us uru to riven in t.llo h; dotalls

appur In uble), R~hed ",uuru of p".d~orlvl'y OM conI In the rriv"'~

l'usino n ~~ctor, 'h~ nonfHD t....lnu' u ctor , and In ""nufaoturlnr for t '>< fou rt h

~u&rt ~r of 19H "er~ .100 "louod t<><l oy; .~c . ob lo ~ ond .~M .. 1 , 2,Io-C

UO<Irly cOlOpenoaUon of .U ",~loy~ .. I n 'he nonflrt.1lnol,1 corpou' e sector

1ncruud 7 . 7 poro~nt in 1916, o"""f>'rod , 'Uh & 10. ' p~rc~nt incuu~ In 1915.

th~ _lien ann ..... l Incru ... slnco 1912. •

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

hbh A. fT<><lu~tivlty a ft<! Co.U Ir. :;onf l .... ..,cinl rO Tr<> Tation. Percent Chonte fron Previous Year

lleasun 191~ J97~

(jutput p~T all-em~loyee 00"' - , .. 2.C

Hourly <o"'pen ... ,lon 10.1 10. ~

~nlt h obo. cost D . S U

Real bou T I~ co"peno.u Ion 0.' .., Ou'['Jt '.0 U

!lours 0.' , .. Unit nonhb<>r pal""'n," '.l la.6

Unit profit -19.1 25.7

I076~

'.0

U

,., U

,., .., U

Zl . l

(ou""" , Price lrulu--lru:ruud 1.8 puc=t I.n. 1976, ~,,",p&Ted ... Hb a 1.2 pucent

Incnau a )" ... r ea r li ....

Inun.t , aDd IDdlr ec' bu.1.Dus taus--Incuase<i 1.1 percent In 1976 . tbe ..... Ilut

Inc"' ..... s ince 1972 . In I9/S, unit ""nlabo r coot !ru::r usOO<l 16.4 pu cen" unit

nonhbor P'lY"f'nto - - unlt noolabor coot plu, unit pro flt--Incu .. ed ~ .I pucent I n

unit labor cost and unit <IOnlabor cost cOlOh l ncd--!ncrNsOO<l J . ~ percent In InH .

I


- J -

Tot-Ie~. Peroent c:,~":;~ at Ann<Lol "ates in Prodllotivay anJ Cost< (S~uona ll y Adju,to~)

.

rrivat~ Businus

l!onfar .. Bu.ine ...

'lanufactuc ins

Durab l . 'lanufacturinE

Nondurable llanufactu<ing

PU v,H e B~~ jne ..

No n far .. Buoinus

funu f actUTln~

Du<abh 'ianU[$ctu r lng

:;ondurable Manufac< urtfll;

I:..!!~ I Hou rl y Unit Hou rly

hoduct1- ,,- t...bor Compon-Ou~put

vt,y

0.'

-I. ?

_0 . 9

-2.7

'- ,

,., '-'

'-' U

..,

pouatlon ~" .~tion

-,h1ccl Qu>n., 1976 to r""nh Quarter 1976 lU:V IS ED

'-' ,., ,. , , .. '-, .., '-' , . 0

'-, ,. , ,., , .. .., '-' U -1. 8

10 . 5 .. , , .. '-"

Third Qua ne< 1975 t o Fourth Quar<ee 1976 r,EVIStD

U .. , '-' ,. , '-" ... ,., ,., ' .0 '-' '-' '-'

'-' ' .0 '-' ,., ••• U U '-'

nouu

'-,

'.0

'-.

'-0

'-'

'-.

'-' ,. , ••• 0.'


ruulte<! In .hq hlthu. unit profit. ~1""e IH6. Thl increne in tote I p roHts __

aa dlatl~t fro. unit pro,lts--of 11.3 p~r.ent In 1976 ... the llr, •• ' annuol

Incruse ."d br"",11t t~ "..rl,. to Ita h.ltM ... n""al leval l inea 19508, ~ltcn the

'!'hI iII:pllclt prlc. ~eflato' TOU S.I pertent In 1976, ''''"I'''ud 'lth I 10.9

nonlato r c"ot •• ".1 nroflu . Tabl. C COI01"'T" t"" I",pliott pUc. de!btor .<WI lu

compenent. f.o. 1967 to 1976.

"able C . . h~ .. u "C PTlces, eo •••• and Profit •• ';"nfl""ool.1 Corporltlona 19(,7-100

, 1968 1969 197J un 1 ~72 1911 19H 1975

IIoplicH price deflator 1(10.0 101.1 101.5 112 . ) 117.1 !lO.5 IH.S 139.1 n~.o

foul unit e".t Hlo.n 101.1 lIO.S 119.9 l~'. I 1~6. 3 In.8 152.0 HL.~

~nlt labor cost 100.0 10) . 4 109 . 9 ll7.4 l2o.r 113.7 IlO. 7 1/.8.~ Il~. 4

Unit n"nlabor 001. 100.0 1()I; . 7 llJ . l 127.8 IU . 6 114. 6 139.2 161. 1 189.8

Unit profH 100.0 I()('I.~ ~ -.a 69.S 7G.? 87.1 85.6 60 . 2 n .o

1:OU .. of all _Ioyeu lru:r_ud 3.2 perc ... , I~ 191~. oo_r~ "Ith. 5.8

1915. but hoon "",.e .. Ill I.",.". jo 1?7C tMn .1., peak l~vcl of 1913-I?H.

~ SuTe5U of t.bo r ~ ••• Istlc •• 110 relea.e4 today rOY1.~ (l"Ura' for ,~

1976

162. S

In.S

165 . 1

195. 7

11"17 . 2


-,-

re~ent ~a t .' h OI" th e l\ureau o f Eco no" tc A<III )' s h, the h deul Ru erve Bo .. ~d

the Bureau of t.. l>o r Sut18t1ca. I"hIe D "-",,pu u p r ~11"'lru1r7 ~n<! ~ .. "loe~ "'~~~u~~.

o f pr oduc tivity a nd co s t . fo t t he fou rt h qua rt e r of 197~ .

The revlse~ ",usur .. o"nerally .h."., "<IIll e r productivity i;&l~s tM.., ,:,<, ~~

1. c""llu <".an th~ lne re~a" ~.tl""t~d ru~lou~ly on th~ bash of rreHr1na,"

,!at'" I~ •. 'e hr~~lc ..... ,.."f~ct~r!r.c ~ ector , ,~.o ·~~ll",j-.-r;· .~r'.·- ,-.'~,

:~<~cr decline I e. ~ourth ~.U"ncr "ut",,: t~:." t"" r~vl~"~ ~.rl"·

~'"ctlv1tl ,ledine 10 aho """ller fe. the rcvht"~&.


·,.

labl. II. Pull"'na,,.od P.evlsed ][ .... u .... ruurth Qu .. tu, 1916 ' •• ~~nt Chan,. fToe Previous ~rter Ot Annual ~.t. (S ... ., .... lly AclJ".t"')

P,lvau Buslne .. So .. e. PuU .. , ..... y Rnlud

Outpu' ,0< boUT or '" peu()~. , .. , .. Comp ensation ,0< 00"' ••• ... Unit ~al>or coOto '" , .. K .. 1 coapen ... t!en ,0< -, ... '" Out"". ", ,. , AU' o" .. "'un .. , ... NOnform B",lo ••• S..,tor

Output pu boUT of -'I I'<'roon. ~., ·1.0 Cotiopensat1on pu ho\Jr , .. .. , Unit labor coou ,., .., r-cal <"'"pen'Atio" ,n h"ur ,. ,

'" Outpu. '" , ., At& ' e&Ate hoy .. '" ,. , ""nuhcturir."

Output peT I"",. " .U penon.o ~ .. ~ .. r ... n""""tlon ~, 00"' ,. ,

'" ~"H labor colt. .., • •• ~Nl c""po.nu'ion ,0< -, ,., ,., (l", rut '-' '" l,·,·r~fAte -.. .. , , .. ~ur"hl@

.... It"". ,., hour of .U penon. ·3. ) -2.7 C .... pensat1cn per 00.' .. , ••• ~ntt lobo. coO" .. , ••• baL ~ .... Ion ,., -, , .. LO Out ..... , -1.9 _\ ,8 "~I .. ~at~ -,. ... '-, ''''n~"rabl~

o."rut ,0' M"T of '" 1'~n"M ", '" C<> .. pcn~.'lon pu ),,,,,r 10.7 10.5 ~nlt labor coo •• 7.~ .. , Rul c""'!'cnut 10" ~, 00., • •• ••• Out"". .. , '" . \' ~ .. ~.ll~ hours , .. '"


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FOOT:WUS, TAlIUS I TO 6

SOCR Cf.: Output data fro", t h~ Burcau of Ccono., ic Analysis, l' .S. DI:l'ut"'I:-.t o f CO=.e re <: and tn~ federa l Res e rve Boa<d . Co"'pe n.~ tton and I-.ou ro <!atn froOl t",,~uruu of Laho r Statistics , U.S. Departncr.t. of Labor and the Bureau of £~onode ·.""lyst& .

(1) Pa .!es a,,~ sala<1eo of employees plu, "::Jploy~u' contributions f"r soc!al in,,,,unce and p r ivate benefit plans . hc~?t for nonfirur.<:1a l corpor.tlo,.., "he r e <hor e 'r" roo . el f-e."plcye,] , dau also Inelunu an estlmat~ o f •. ,,~~" .

s~ l a r1~5 . and su p~ i."unUl p ., Y'".~".ts for the s~lf - .",ploy~d _

(3) ' :onh~or Nj""cnts !"c1u·'.~ ""ofIC", d~ ~"oci,.,"!cn, ir.t ~ r . ",. r~"ul J~',,,,,,

~n" l~~lnct t~"e".

(5) P crce~t ch"n~e c o",pound ed at ~nnual rate fron ori~ lnal datll ut~er :~an index nu",hu .

(7) Qu3rterly T'casurM adju"t ed :~ 3n~~.1 ccU1::.HCS c,; out~.ut (:~"s~ ,c~J""c ori~inatin~) [<or:> t ~~ Cu r e~u 0' : c~no:.l1c .\"",l:·s::s . 0 . 5. "en~r t"'~~.~ of Co,""",, "ce .

(ll) Toe clu r ahl e s~ctor inclu~~. th~ follo"br 2-i::Si< SI~ 1~.cuglrJe~: C"!"'IIl~,

,"~U l; fabricated c eta l producU: non~l •. ct~!~d "achlr,";'-: ~:~~'~:!::A' rLac!\lneq' ; naMportation e Qulp<>eM; 1~ 5tru",,~," ; IU~.\'H and l,,~""~ ~'"'.: .~~~:

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"Hl product.~ apparel ? ro ~uct"; l~Hh~ r ~ nd l~uh~r rrodu~t9 ; r~p ~ : ~C,~ r~pH pro~uct8; rrlnt1n~ n.d ?ubLtc'11~3, c""".lc~l. ,,~j ~' ~::: !.~": r~~·l.,~·,

?ctroLeur. prodl<cto; rub h r a"d pla,~~c oro~~c : ", f~o~~ , ~~.: '."0 ·-00- -- '.


CHRRT I . PRODUCTIV I TY , HOURLY COMPENS~TION UNI T COS TS ~NO PRICES

PRJV~rE BUS INESS SEC TOR ( PERCEN T CHRNGE FROM PRECE DI NG'

QURRTER RT ~NNU~L RR TE )

OUTPUT PEl! HOU I! Of FILL PERSONS , , - _ .......... _--------_. _ ..... _- . __ .. _--_. --. _ .... .. . .... -...... --- . ---- ~ - -- . -.. -.... -, , , , , ,

,

, , , , , , , , , , , , , , ,

.. --........ -. ----- <---_ •• • _. ._ ......... _- _. -----------_ .. _--, , , , , ,

• •

, COMPENSAT!ON

, , [I! HOUR OF ALL PERSONS

, , ,

• • • •

" , .. -------------,--------_.

UNIT LRBOR COST .----., -- -_ ........ -.----- ------- -~ ...

• · . • • • • ,

, -------------!---------- UN! T NONlFlBOR PRYHENTS -----------j---, , • , • , . , ,

, • • • • ,

------ . -- -f- ••.••••• -••• , , , , • , ,

- -_ . _-- . - - ---- <-------- - - - - -. --- . ----- - - - -. - -- ...... ----... -- ......... -- -- . -- .

. ---.- ---~ .. ---- --- ---

. , , , , • • , . , , , , , ,

• • • • • , . . ------...... -: .. ---------..... -----------~---.. ---.---.:-------------:--

: I MPLI CI T PRIC E O~flRTOI! : • • , . • • • • .. --.----........... -------.---------- ... ~ .. . - . -- . -.... --

1970

• •

1972 1973 1974

• • • •

, , i I V : -0 . 5

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, , , , , , - --------- "----------, , , , , ,

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1975

'" 1976

25. 1977

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0

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CHRRT 2 . PRODUCTIVI TY . HOU RLY COMPENS!H I ON UNIT COSTS RND PRICES

SECTOR PRE CEDING RR TE )

NONFRRH BUSINESS [PERCEN T CHRNGE FROn

DURRTER RT RNNURL OUIf'UI f'ER MOUR Of RLL f'ERSONS

• • • • • · " ................................... ............... ......................... . ................. . · : : : • • • • • • •

• • • •

, - 1 . 0

• • • • • • • • • , . , , ............. .............................. ..................................... ... -............ .

•

· . . , , (cinpENSRIlO~ P~R 1i0UR Of RLL PE RSO NS i ~~2

• •

········t·· ........ '1" ••••••••• • . • • • • • • • •

• ............ •• ......•.. U"II LRSOR (OS T ................................ ..... ............ • • • • • •

• • • • • • · .

"""""- :[ ............. j .. .......... , ..... ........ . • • • • • •

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• • • • • • · .... i U" II "O"LRSOR PAYnE"IS i i · .. , . · , . . , , . ............•. ............... . .............. . ...... . ................. . ..... .. .. . · . . , , . . . • • • • · . . , • • • • • • · . . .......... ; ............. + .......... . • • • • • • • •

t···· ~ .......... .

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• • • • • · . . . . . .................................................................................... ................ · . . . . ,

IMf'L1(1T f' RICE OEfLRTOR : : : ' __ ,:_, i I V ............. , ............. , ............. + ........... ~~~ .......... !... . ........•........ ~:.~.

1970 197 1 19'1Z

• •• • • • • •

1913 1974 ]975 1976 fEB 25. 1977

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(HART 3. PR OOUCT lVlTY, HOURLY COMPENSRTION, UNI T COSTS RND PRiCES

NONFINANCIAL CORPORRTIONS ( PERCEN T CHANG E FR OM SAME

QUARTER A YEAR AGO) , , , , OU T~U T PER RLL - E"~LOYEE nOU R '" .......... -... -.......... 1' .......... ··-···························~·············T·· ····--2''-5'

/ -CO MPENSRTION PER ALL - EMrLOY EE HOUR

UNIT LR80R COST

, , , , , , . . . . . ... -- .. .... -.............. , ............. _ ............. . , ,

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, UNIT NONL~6DR p~YMENTS . .. . '" ...... - -- ..... _ ................ _ .. ....... -.... -- .......•.. - .......... ,....... ..... . ........... . , , ,

, , , ,

,

............. :.~ ......... ~ ............. -:-............. : ............ .

/: ' : : \ . .

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IMPLICIT PRI CE DEFLATOR , , , .......... ... , .............•............. _ ................. . , , , . : :

1970 1971 1972 1973 1974

. ........... _ ...... ..... .

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1975 1975 fE6 ZS, 1977

5

-5

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CHRRT 4. UNIT COSTS . UNIT PROFITS RNO PRICES

NONF I N~NCIA~ CORPORATIONS (PERCE NT CHRNGE FROM SAME

QURR TER R YERR AGOl ............. l ......... .

: U""[T LRIiOR COST ...... : ............. : ...........•• ~ ..•...... .

• 5 · 0 ........................................ -. ........... . • • • • • • • •

• • •• • ·············1·············,··············.·············1·············,·············4········ ··· · , . : UN I T NON U HIOR COST • • , , .

............. t·· ·· ·········1·· ······ ······c··········· .. ~ •...... - -j - •••• • • + ..... -.- .... -• • • • • • • • • • • • • • ............. -• •

, . .. ........ _ ............. -............ . • •

ill -............ . ,., I • • I : : :. • I r······ ······· l ······· ······~········· ·· .. ;-............. ! .. -......... , ·· ··········t········IT1·i ··············;············-1·····-········.·········· ....•............. j •••• • •••••••• -' ••••••••• ••••• ,

f. ·······...j····· ....... :i~~~~ .. ~~~.T . .:.C.~.~~ ........ , . 4 ·S

• • , : : .. .!! 1 I·············;·················· ......... + ............. [ ............•....... .... j ...... ; ... ;., ..... _ ....... : ............. , ............. -:-............. : ............. , ......... /.+ ............ '

: : . . . • • • • • • · , · , · , •••••••••• ••• , . ......... UN I T PROF I T 5 ••••• ······t·········· ·· f ······· .... . + ...

• • • • • • • •

• • • • • • • · . . . ................~ .... '.j. • ...... _ .....

, , , ., . , . ..........

• • • • • ,,--.. ~ . . . . . iii iV~' 1'/' .. 1' .......... "1"" ···-·····t······ ·······r·· ..... . ... , iii i i

1910 1911 1912 IS13 197.

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1975 FEB

; 1976

25. 1S71

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