united states department of labor bureau of labor statistics … · 2018. 11. 7. · bureau of...

Bureau of Labor Statistics

L. J. Fulco K.D. !layle ,-

(201) 523- 9261 (202) SH-1913 (202) 3)3-1384

United States Department of Labor

Washington, D.C. 20212

I!S DL 17 ..... 79 fOR RELf.A5£: 11:00 ~.M . fDT Thuudny, M.ay 2b, 1977

PRODUCTIVITY k~ COSTS

Nonflnanoial Cor~ra~e Scctor Firat Quarter 1977

Productivity In nonfinancial cornoration. incrc . s~d 2.6 nercent In the

firs. q unnr< of 1911 a t " se.uon.ollv adjusted a nnual ua , t he HUTedu of Labor

Statistics of t he U.S . D~part~nt of Labor r eport ed today . The loerea •• reflected

25 . 7 pprcent Incru se in outnut and. 3 . 0 pucent inoreue in h<>t1TS of all ,""ployees.

includes all corpouUou doln~ buslneu In the United Statu "lth the exception of

~nkl , . toc~ and c~lty br oker!, and f inance and insur ance 00=08nles. Revi sed

been reported earlier. See table A.

nonflnanclat corporate .ector Increase~ at an annual r. t~ of 11.S p~rcent In the

fir s t quarter of 1977. co~oared with. 1.8 percent Incre.~e One quar ter ea r lier.

Thh ".0 the Iargelt quarterly Incune 1n t he hourly compensa t ion dDC~ the first

qunter of 19B. Thh incruu In hourly tompenution. combined ,,1th tile <1u In

productivity. re .u lt~d In a n 8 .7 percent inc r ease In unit l abo r coat. Although

hourly co_nutton rou faoter In the firn quane< ~h&n durln~ the fourth ~ua rt er

o[ 1976, unit l abor tOlt rOle le," in the firlt quart e r (8 . 7 percent compared .. lth

9 . 2 percent In t he fourth quartet), o"lng partly to t he [zster rate of producti Vity

increase in the first ~uarter.

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

Table ,. Productivity and Co.u: P~rcent C~n,cs at ""nual Rate (Seasonally Adjusted)

Hourly 1:01< ~.,

Sector hoducti- Co .. - Labor flourly Output Hours vity "",nut Ion COSt Co .. -

penutlon

Fourth Quarte r 1976 " fiut Qwtrter 1971

~onflnanclal p~f.LL'lrAARY

Corporations ,., 11 . 5 .. , ,., ,., '.0

RI\'lSED

Prlv"t~ SuHnu. '-' 10.9 ,., ,., '.0 '-'

Nonfar. Rusinn. U 10.3 '.0 '.0 .., U

Konuf.cturin~ -0.2 11.1 12.0 '-' '-' '.0

Ourabl., -2.8 11.4 14 . 6 '.0 , .. '.0

Nondurable '-' 11. 9 ••• '-' ,. , ,. , Fiut Quarter 1976 " Hut Quarter 1977

Nonfinancial PRE!.L'HS,\RY

Corporations L' .., '-' '-' '-' ,. , REViSED

Priva t " SUsiD"'" '-' .. , '-' '-, '-' '.0

Nonfal"ll Suslne .. '-' '.0 , .. ,. 0 '-' '-' l'Ianufactur t ng '-' .., ,., '-' '.0 '-'

Durabl .. '-' '-' , .. L' , .. '-'

Nondurable '.0 , .. ,. , ,., • . 0 o .•


hal coe.pensuton ne r hour--I>oudy co .. pensatlo" adju~tcd ror ch~n~u in th~_

Consumer Price lndex-inneued . t an . nnud r a t. of 3.2 perc~nt in the ftu, quanu.

the bi~~est ~uartuly incnue i n a yen .

Unit profits declined 8.1 pucent during the ftr5t ouanu. co.maud "ith a

24.~ percMt drop in the precedtn ~ quuter. ~nlt 1'O,,,,labor p~"",en .. > "'''\ch Include

profits .. wdl u all "ther no"labor co.u,decr u.M 0.2 percent in the flro,

quarter,compared "tth .. 1.3 pucent drop dudnll th~ fourth qu.,..t ... Tot~l uni t

cos • • -- tncludinR unit labor c"o', unit nonla boe costs, and unit p.of!t~ __ increa.ed

7.1 percent In the fir s t quarter. com~red wtth .. 9 . ) percent inc rease in t he pre-

cedin~ ouartu .

Revised M .... . urn

RevbM mea suns of hbor pro~uctlvlty and r elated serlu for the flut

q .... rte r for the buolnen sector, neDra,.., huslne80 .ecto •• and ""'''ufa'''urln~ "ore

do" releued today. See table B. The revised ... u~u •• 110" that pr"cuctlvltv--

.t annu.ol utes--Inoreued 4.1 percent In the Htvat e bu.lneu sector and 4.1 ?~rcen.

In the 1'O"nfn .. bu.ln.,.. uetor and declined 0.2 pertent in .... nuhcturln~. Thue

tively, based on pull .. l .... ry Info ..... tlon . As ah""" In table C. th"- larfe_.t revisions

in the flrat quarte r .. e a.ure. occur r ed In the output series c,,~plled by the Bureau

of Economic Anal ys i . of the V.S. Departmen t of Commerce .


T. blo B. Prell. lna .y and Revised 'I r .t Quarter ~easure. of Productivity and Co s ts qua rt e rly Change at Annaal Rate Sea s onally Adju~ted

~

Private )"slne •• Se ctor NOnfarm Su. tne • • ~cctor tUnu f &"turing ~u.u< e

.... l1.1OI ..... y hvhe d Prd 1<oi .... ry Re vlud Pre limln. ry · Revlsed ,

Out p,,' 00"' , , .. I . , . u pe r ao n• '"

.., , .. ... - 0 .1

I -0.2

Co"'pensetion , .. ~o, 10.1 10.9 10.2 10 . ] Il. I II. 7

Unit labor con '-' , .. '"' '.0 11.2 12 . 0

Real "ooopen"tion , .. 000' , .. '"' L. '.0 '" '" Ou tput .. , '.0 ••• .. , .., .., Hou r s ,.. .., ,. , .., ... ' .0

The p roductivity and con urlu for the nonfinancial cor!'<'ute sector

released today an I>a.e:~.:~~~:,~_::.:.:o:,~.:.~.:,:_::,:,:.~~~~"i,~.;"~,~;.;":.:,:.ge "",cUr hour. for the pulod beglj!,ung-tn the thi r d quartH The effect o f new data,

inaoduced In tlte private budn ..... ec t o r in february, can be see ~ C.

•


table C. Quarterly Percent Chan~e in Produotivity end Related ~e&.ure. at Annual Rate. Seasonally Adjua ted Nonfinancial Corporation.

Yur and Qu""er I Output ,., Hourly ~o~ro

.n , employee 00.' Compenutioo

Pr~ l1", ~ev' .'"<1 Pnltm. I Re><18ed Pul il:I. I

1975 I m '-' .. , .., ,., ,. , " - il. 9 - 2.0 '" .. , '"

197 6

, .., ,., ... .., .., U ... '.0 ~ • 6 , ., '"

m 2., , . Eo> '" 0.>

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~ evlsM

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FOOTNOTES, T~BLES 1 TO ~

SOUFCE: OUtput dU." !roo> tne Buruu of Eton.".ic ~naly.h, u.s. Dep~rt~nt of ~~rce "nd th~ Feder" l Re.erv~ Board . C~pensation and houn clata ir01ll the Bure.au of Labor StattsUCI, U.S. DepHtrnent of Labor a ncl the Bureau of Economic ~naly.i ••

(l) Wa~es and .... Lariu of ... ployeu pI" .... ployer.' contribution. for social in. uranee and prlvHe benefit pbM. hcent for nonUnaneid corpoutlono, "here there are nO ulf-employed, d"ta also includu "n estimllte of " "11"-5 , .... Laries, a..::l 5upple~ental payment. for the .elf-omployed.

(2) Compen.ation per hour adjusted for changel in the Consumer Price Index.

(3) Nonl abor payment. include profit", depreci8tion, interest, rental ineome "..::I indirect taxes.

(4) Current dollar ~«>n product divided by coutant dollar gross product .

(5) Percent change compounded "t annaaI rate from original data rather than In~"" n ..... ~eu.

(6) Current quarter divided by comparable 'I""reer a yur a~o.

(7) Quarterly "eUurn adju.ted to an", .. l utaateo of output (gross product or1ginaUO$I) froat the Bureo" of Economic Analysis , U.s. Dep8rtment of C""""eree .

(8) Unit nonlabor eOlts include depreciation, intHut, and indirect taxu .

(9) Tqtd unit coats 18 the Sum of labor "..::I non-labor cosu.

(10) Unit proUtl incLude corporate profit s I nd inventory valuation ad.lu s<ment .

(Ll) The durabL~ sector include. the foLleving 2-di~lt SIC industries: pr~ry ~etal; fabrIcated metal product.; nonelectrical machinery; electrical ~1Ch1nery; transportation ~quipment: in .. ruments; lumber and lumbH produc"; cby, glus, a nd s tone product.: furnIture "nd fb:turu; and .. loc"llaneous ..... nufactures.

(12) The no..::lurabLe Sectcr includu the follevlng·2-dlg it SIC Indu~triu: textil e mUI products; app.arel products; leather and leather products; ""per and pape r prnd"c"; print1n~ and pubIhhing; che:>lca18 tlnd ch ... 1cal products; petro leu," products; rubber 1 ..::1 photic produc .. ; fOOds; and tobacoo products.


CH~RT 1 . PRODUCTiV iT Y, HOURLY COMPENS~ TIO N , UNi T COSTS ~NO PRICES

PRIV~ T E a US INESS SECTOR [PE RCENT CH~NGE FROM PRE CEDIN G

DU~RTER ~T ~NNU~L R~TE)

•• • , , ' , ,

\AF-:;:;:'~'-C"r"''' 'r;~'V'- - -----~--- ---;;

, i i : ... ... ..... .... ...... .. . .................................. ~ ........... . Ui J T LR60R C;',' " ~--J! ! 1 ,

· . •• • ....... .•.. "i .• • .• --. --. --1-- 0- -~~- -" •• ,-- -- .......... t·

A",/ ; . ...... 1\' ... . ... ;.t ........ ~ :.~.

· . ·············t .. ·· .. · .. · Utll T tlONt.RBOR PRTrlEtlTS · .. · .. · · .. t .. · .......... ;·· .. ·· .. ·

i ,/ i • • , ", . ... ....... ..... -- ..... - ...•. --. ..... ....• ........ ......... ..... .. , ....................... ... . , ' , , , , : : : : : :

\ . . . . . .

-- -- ' , -------;1' , , " \V~-./---V0 -, /f- !AT;,

i V • , , . ' ,

........... . .. .... j • .•••.••..•.. -:- ••..•..•..... ~.-- ....... -- 'j" ... ....... . j .. ...... .

• • !rlPLICII r~ JC[ O[fLRTOR , . • • • , • • •

i\;ivr-----i--1 : : ...... ... --· i· --- --.. ... . ; ........... . • • , . . -.

I 91 I 197Z 1973 197 4 1975 1916 19 'l? rlRT 26. 1911

" " , , -, ."

r " , , -"

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


CH~RT 2. FRODUCTIVITY , HOURLY COMFENSRTION . UNIT COSTS RND FRICES

NONf~RM SUSINESS SECTOR (FE RCEN T CHRNGE F~OM PRECEDING

QURRTER RT RNNURl RRTE) OUTPUT PE~ HOUR Of AL L PE~SONS , ,

\/\v

, ,

-. ---.. -.... -. !" ......... !f\.~<.j .... ;; 'v '1 , , , , ... _ . ....... -.-.... _ .. _ .. _-.. _- .... __ .. _._ ........................... , ............. -........... . · . , . . . · , , . . .

: CO MPENSATlON rER HOUR or ALL PE~SONS :

,.~ ..... ~....... . . .. ......... . . . ....... [ .. ~ ... -.. 1" -....... -.. ;

, , --- . -., --!

,

i , .. -.... -- - -- -.. , UNIT LABO~ COST

'-~, , . -. ---.-.-.-, ,

i

, , , , ,

"/i: , , • • • • : i \......-1. :

· . : : - ! : .. · .. · ...... ·1, .. · .. · ...... · 1,· - · -.. · - .. ---+, --. -- ---·-.. t· -- ------ .. -1---- - --. -- -- '"

• • • r r , , ............. j ........... ~.r~ .. ~~~~~r .. ~.~~.~~.~~f~ ... j.-.-- --+--.. .

, 10 . 3

, <,'

iii ,! i "\;\""""1 A /1'" :'''=: V7\]·········t···,· , • I • • • :. • - I . ~

1 lV i , , , -............. ...................... - . -.-~ - . : ' . i l~rUC!T r~!CE

, i r ,

---.. -·t·--· -..... ·--1-· .. · ..... -.. '1' ............ . , , , , : r

FLATOR , , , , ,

............ ·1 ........ · .. ·+·· ...... --,+ i......... : i ,

: 1 r -- -...... - .- ...... -.............. ~ ............ . : \ r :

i v r--\97\ \ 972 197~ \97. \S7S \976 1977

nAT 26. \977

" .0 , , -,

- .0

~ " .0 , , " " " .0 , 0

-, " " " " .0 , 0

-, " " .0 , ,


(H~RT 3. PRC DurTIYITY. HOU~LY COMPENS~T!ON . UNlT COSTS ~ND PRICES

NONFINAN CIRL CORPORRT IO NS [ PERCENT CHRNGE fROM SRME

OURRTER R YEAR AGO)

OUT pur rE~ ~LL -EMrLorEE MOUR

, , , ,

_ •• _ _ ••••• _____ •• __ ___ _ 0 _· _ . ____ • __ . -:-._ •• __ •• _ •••• _ ••• _ ••• • •• • • • ••• •• • • •• • • • _ • •• •• ••••• • • •

, , ; , , , , ; , ,

/

conrEN 5AT lUI' ~[R ALL EMPLOYEE HOU'!: 1

"':::''':':'' ''':::'''i''''':::' ="J" ,,~, ";,, ,,~, ,,+i;,,;"', ;,,, "1+:'-,,;',, , ,,,, ,,,,,,,~ ,, "" 'C,'

u~rr

UNIT NOtlLABOR PAYMENTS -•••• +--.:-•• -•• -•...• : .••.••..•..•. .:. •.••.••.•..•. ~ •..•..

: ! ! ! : , . . . : : : ,! : : : , , , . , . .

- --- -.- .• --~ ----.+--. -- -,., /

. ............ ~ ............ . ; ; , , , ,.:.:. ...................................... ~ ..... _ ..... _. . ... _._ ... _ ... _. -- .---- ,. __ .....

h

, . _ ••.••.• •..••.. _ .•.••.••• 1 . ............ .:. ... -... --- . --.~- -- -. , , ,

: : . , , , , , , , , , ,

1971 1912 1973 1974 1975 1976 1977 nAY 26. 1977

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., " , o

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,

•


CH!=IRT 4 . UNI T COSTS. UNI T PROFITS !=INO PRICES

NONFINRNCI!=IL CORPOR!=ITJONS [PERCENT CH~NGE FROM SAME

O U~RTER !=I YEAR AGO) ....... -......... -

• UNIT l~!lOR COST i t

... ...... T ' ..... ·····Y· ..... t :

J .. , .. ... ... . ..•... ;

-1 •••• • ---- --- *--• ..•. .•..•. ·········-···:· ······ ····· ·t·· ······ ···· · , o 0 o 0

o o

·············l······· · ·· ·-+········· · ··+······ · ······~· · ···········1 - .. --i-............ . . '" I UNI, NONl~aOR COST' : : •••••.••.•••• ; •.•••• -••. --• .j •• -•••.••. -- .+...... . --- t· - ···i········~· ·· ·+········!····

: : : : : : I : : : : : 5.3 .••.•••••.• : ...••..•. '·'·1" .••.••. .••. • •..•..• •. . • :.......... : ..•..•..•••.• -:- --••• ., , , :: :

o 0

o 0 , , ::::::::::::t:: : :::::: : :j:::::::::::::j:: :: ::::: : :;i:::::::::: : : j :: : :: ::::::: :±: :::::: :~ :: ::

o 0 0 .......... ... i ............ :f~~~ .. ~~ ~.~ ,c~~ .... .... . ~ .. ~ .. .... j ........... )._. : ! ! ! '-.........: '

.., 00 0

i , , i , i .... -.... -··1·-·········-·1··········-··"1 --·-·--··--· t·· -- ··t···········t ·············

···········I ······· I············t· ····· ···I·······;f ··· .. ····l ·········· ! ! ! ! ! : ! ! ! ! i i

......... -j--........ UN I T PROf I , ~ ••• _ ••••• -+..... . .. ··t··· ....... + ........... . , ,.,. ! !!!! , " " ! !!!!

=.;~ .. 'co ;j" ' ;"

o

; o i" ; o

............. j ............. J ............. + ....... ·····f : : :

J L L 'J

o

. i ······-·t·····-·······t-·········_··

i J \ 971 1972 1973 1914 1975 \916 1971

riAl 26. 1911

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united states department of labor bureau of labor statistics … · 2018. 11. 7. · bureau of...

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