isli iiieil of liiiiilitiitlcs pul~,! .- d.c. (201) 961-4591 · 2018. 11. 7. · ~ploy=.nt incr...

NEWS lI' .. hinl·OD, L.J. Pul~,!

K.D. Hoyl. .-D.C. (201) (lDl (l02)

20212 961-4591 9H-29).l 331-13S1o

:¥ U. S. DEPARTMENT OF LABOR ISlI IIIEIl Of LIIIIIlITIITlCS

IISDL 74-595 !'Ok Ul.USl, 11,00 .... i'!. lIeo" .. d&1. O~.obu. 10, 1970

of 1914, OU'!"" pu II!.U-hou. had dedioed 1.1 percent ",,<I inon ... d 0.6 percant.

In t he Don ! ... ,. .. etor, out?". I'U 5&,,-h<>u. decliDed at all anDual Ute of 2.4

pc,ce,,' In the 'hlrd qua" OT, . "'"p .... d "an. 3.) ptt rcn. dooltn. OIl. Quo"., .. <1iar.

perc,",,' cladl"e In ou'pu • ...,eI. 0 .4 ""rceM d.olin. 10 lUtl-houu.

1'rOlO <1 •• third quUUr of un to the third ~uutu of 1914, outp"t per INn-hour

!dl 2.5 percent In th tOtal p.lvo .. oooo ... y, 2.9 p.rc.", in ,he """fat .. '<etor, and

t.~h A,. :lcuill an IIlve" In t .bI .. 1-1.

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

,

Table A. Pucant Chanie at Annua l Rate In Productivity (Sea.cn.lly AdJuotad)

Outp"t pa. Ran - hour Ccmpen •• tIOD ,. • .an-hour UDI . labor co ••• Red c=ven .. ,lon p*< &on-hour Output Han-hour.

Output per man-hour C,,",pcnutlon p ... .,,-heur Unit labor co ••• hal ,,,,"p,,,,uU,,,, per ... ~-h""r Output !lan-hours

Output pa. ..n-bour Ccmpaos.,lcn pe ••• n-bour Unit lobor ooat. ~.l cempan •• tlon per •• n-hour Output !'an- hour.

,., ,,'

qu..ur '0

Qu,o<tu

-J.e 10. ~ D.9 -2.3 -3.3 -<U

-2.4 II. 1 11.9 -\. 8 -3.1 .... ... , 11.9 12. " .... -0.6 -0.4

197~ ,,' 1974 ,,'

and COlt_

~n •• ,0

Quan ••

- •. 5

••• 12.6 -1.1 -2.8 ... , -2.9 .., 13.\ -1.8 -1.1 -0. :I

••• 10.2 10.2 -1.1 .... ....

1973

1974


,

-Th. docline in output 10 thl privatI .OOOO=Y a~d ,h. nonra .... c.or durin, th~

third qUU,ft, r eflecud a lars •• dotHn. in outpu t 'h~n in ""o·houro. Tnt. "48

.cCOllplt-he~ through a Illortlnlni of the avcuga "o.hu. (<I""n 1. 1 parClnt In both

'.t'ora) aln,. ~ploy=.nt Incr •••• d durin, tho quarte, (0 .8 perClnt In thl private and

In .. nul.tturln, output aloo foIl mo •• than ~n-hour •• but In thl •• ettor 01 the

COHPENS4rlON ~\1) LABOR COSTS

contribution • . and o,hQr frin,. blnefl.o) ro •• 10 .5 percent In tho private economy

durin. the third quarter, cOIOpued ",!th • 1~. 2 p.rcen ' Incnao. during the ",cnd

1t. loy ••• level s inCI tho flrl' qua rter of 1912.

incruud I~ . ~ pe r cent In both tho flu, Ind neon" quuteu of 197'. RUI


,

,

Incre •• ed 14 . 1 percent ~nd 9.1 p~rcent. r espectively. R~al componsation per man-hour

engaged in ,1110 lecto, . Theu r."hlon. In ... n-ho~n are din nflecad In the i.".h

of output per ~an-hour and unit 1aoor coot. and oxtend back to ,II. fir., qu.rter o f

1971. (See ubi ... Band 3 . )

Table 8 . RUlnd lIanufactur1nl !lan-ho" .. and Anoel,ted ~"u\lru, 1971- 1912 (1961 • 100)

~an-hOuu

1971 , 94 . 5 U 94.3

'" 93 . 6

" ~ . ,

Annual 94.2

\912 , 95 . 4 U 91 . 1

'" 91 . 1

" 99 . 1 ..... nual 91 . 5

Output ptT lian-hour

113 .• lU.6 116.1 lib. 1 115.3

119.2 Hl. 4 124.0 125.6 122.6

Cnlt labor Cos,

Ill.2 112 . ) 113.3 11~ . 4

113 . :

114 . 1 113.3 112 . 3 112 .8 113. 1

Within ,he """fa,.,. "c'o', chang .. in the d=and for labor. as expuued by ch.n~u

In manhours, ar. given In ,.ble C.


,

tabh C. Chanie In !!&nho,",u in ~o~rar= Seeton (Percent Chang" from Prevloc5 quarter at Annual Rot e)

In~uuu 1914~ 11 1974-111 11

Private lionh"" 0.' -0.6

~lnlol .., ,., Conatructicn ~9. 1 -\l.0 M.r.nu f auuring - 2.1 -0.3 Tun.pon.,lon U - 1. I Tnd. ,. , -). 0 Flna..ce, luurance, .~ '.0 - 0.2

hal Enue Servlcu U ... Other 0.' -0.4

l / indunry da.a aU .for paid aplcyen only, ncopc for tho "other" cato.ory uhich Include. government . nt.r~rl.e., priva te hOU.I~cld., proprletoro, and unpaid f~lly ~t~.rl.

REVISED FIGURES FOR NDNFIN~~CtAL CORPORATIOSS

.. uvhion In th output IO.Uua lor thl. "«Or. (Soc •• bl .. 0 and ~ . )

Tab!. D. Pnlu.b.'r and. hvbcd )!c .. "r .. , )/onfinancIa l COt?"Ut!ona (S • .,lon"lly Adjua.ed)

, 1974 U un

" " U U74 U 1974 Pull",lnar,r. R.vlu~ Pull",ln . r y hvlud

Output plr ",.o-hour .., - 0 . ~ - \ • 6 -). 9 CompI"ntlon .. ' ,"~-lIeu r lJ, . 3 ll.5 ••• ••• Unit hber celtl 10.0 II • 9 10. 1 10.S lied cCllponUt!cn PH .... n-lIou" -1.0 -0.9 -1.9 -1.9 Output o. , -1. ~ - ).Z -1. 6 ~nlleu ... -0.9 -1 .0 o. , 0.'

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

'tAO ..... ., ... ,," ou'.u' Pl. ". H' ""'"'"

"0" I. ,0< .. p.,"T£ ,<0" •• " OU 'Pu' pt~ •• H·HOU" .«Wa" c_u""0M. """ coS" '"0 ._I<U. ""00"" ,o""5lro

""'.,ll .,N_. __ to.P,oS.-11000 P'_ .,.·.W.",

.'" co •• ( ... _ ~" 'I"" "" l.80" ., .. -"0"",2, co'"

~" 000. ,"~"t" ,,10(1" .n_ .. , ([ "ENr.,» ... , ..... ,"

-------------------------;;;;;['il ....... '.i ••••• , ----~----

,." , , l! •• ll' •• , ... , , .... " .. , "8. , " .. ~ I~' .e

" , ' ... l~! • • I.'. , ,.~., ,I>. , .. ... ,2". I" -I

'" n.-I .... , , .... "'. , I"" In.' "~ .. ,,' .. .. no . , ,l • •• '.' .1 ,., .l " .. ' .. s .• n , ._ I)' .S

....... " I I •• ~ "S.' lOt •• "', , II>. , 'li •• Ul. ' IlO ••

",. , "' .. .... , ..... , .... Ill •• '''.l 11 • •• I)~ • • .. '''.'. ", .. " I".) ,,,'., ll' •• , ..... ,1>.'. 11 •• 0· .. ' '".'" 'n.~. , ... ,,, lb • . •• ll' . , • , ..... DS ••• ,n .•• -----------------.. ;;c;"'(";;;;;iii'-o ....... ..-iOOi<iu.OiiOi.,O;;;O;:-;;"" .. ----------

Itll , '.' 10 • • ..> 11. j ••• ' . , .. ' • •• " _I.. 2. , '" ' .' -,. , ••• ••• '" ,n ".5 , .. l . " '.' . J." ••• lid • •• .. .0. " , .> '.- "" ". JO ' .' .. , ••• ......... ' .' •• • .. , '.' , .. '.' '.' .. ' ,. ,. ,

-'. 1 -,. , -' .' '.' -... " .' U • • " .. " •••• -> •• - _t, ~" " .' , ,~.

Il •• • ,. ,. ' ... ," -J.'. -'.," -', )- " . >" ". ). 1l.9" ' . l " ,2.l0

,." • ' .> ." >. , '.- >.' ' .' .. , > ••

" ... .., ).>. '.' .. , '.' .. ' ••• ,n 1, " .. , > •• '.' ,. " .. ' ••• ••• " ••• ' .. >., .. , -... .. , '.' •••

...... " '.' ••• > •• • •• , .. '.' ••• ..' .. " • ·l •• ..,. ,. , .. ' -J • • '.' ••• '.' " ·l.l" -I •• _ '.'" '.' ., .' 1 • • '_ •••• ..... ". • 2. " ." .. -'. )p "."P ., ." Il •• • •••• .....

Si'''''-'';:;;;NOH' " '"0 or iOiil....-:------------- ---------------------------------... «,,(0 0('0"(. "' , ,tT • .. ~·!'IM1~._' ....... C(, ..... (&" 01" ""0" '''''snc'


,."

" ..

, " ,,' " , " '" , " ,,' " .. "" .. , " '" , " ," " , " '"

"~' . I , •• , I ,~. , ", .. II •• '

"'.1 ",." II,.',

••• ·1.1. ••• -,. •• •

-,. , -.. " _t •• '

.. , '.' , .' ••• •••

_z. , -I •• .....

I ... , >. "1"" ~r"M '(OOOM" OUT'u' P,O _'._MOUO _ . (_"''',OM, ... " (0'" or." "',e ................ 0 ..... 10

.... r ......

'n., " ... 11-.' ,u" , .... II ••• ,n .• • I .....

••• ••• • •• '" ..,

.... ~ ..... "

, ... . , ... ~ " .. ~ '''.1 , ... ~ , .... ,10. I It .....

" . ' .. ,,' , .' •• •

CO ..... M .. • """ .,. ... --..". ,....-, ....... ,..-

, .... ,,0.' , ...... .... , .. ,.~ ..... '"' .. , ...... II. ,

'.' .. ' .,. ' ..

... c ..... ",,· """ .,. ... ·_t"

II •• 1 II'. , II •• ' • OJ.J

"' .' "' .' , " .. II ••••

, .'

"'.' "I.' .n.' U •• ,

III .' .. ... ,.,. ,. '''.''

• •• '.' ••• ' .. ,,'

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

I " •• II •• ' ",.' II' .t

I ".J ", .. U •• '" III."

_I.t , . , .. , , .. •••

, ..... ,<" '0,,0 01. ... , ...... ,

,U. ' US •• " .. , "I., .... 1

,,,., IH. ,.

"'."

••• ••• ••• ' .. " ,

.", ,J.' '.' -J.' ".' ".' ....

.,,'. ' .' "." '1,1' I.. . . 10.... "". .,,,. -' .v 11.1' '1,0' IJ,.... II." tl, ••

••• ••• ••• .. ' .. , .. ,. -, ... _J. "

---,.,.",<... , ....... o.<otOiiiii .. OOi;;O-.u.iii .. -o,-;;;ii> ,"'" ,",C.,.",,"'---------'.' " . , .. . , . , , . ' ..

• ••••

••• ••• '. , .. , '.' '.' .. ' '. ,.

'. ' .. , '.' ' 1.' , .'

-l . J

".' •• ,'0

.. ' " , ••• • •• ••• • •• , .. " ". ,0

••• , .. , " ••• • •• ..' II . " ".to

• •• • •• ' .. ..' '. , ••• I ....

, •• 10

st! ' 00'001" •• roo 00 •• ~. " • _ ...... 0 ...... ,., ... , 0<'_" )0. , ... _c .. _.w Of • • _ """"'S

•


Year and Quaner

1913

u m

" An nual 1974 ,

U

m

1913 , U

m

" Annual 1974 ,

U m

1913 , U

m

" Annual 1974

OUtput p .. .... n-hour

128.)r 129.5r 131.lr 129.9r

129.8t

129.1. 131.1 111 I P

9 .0. ,. , •••

-).4

, .. -0.1

•• 5< -0.2p

,., .., ,., 3 . .. , ..

Table). Manufacturins Sector; Output per !{an-hour, MourlY Co.poo •• tlon, Unit Labor eoltl, So •• onally ~Julted

Output (1)

129.9 112.3 1]) .9 ll4.1 132.6

132.) 132.9. 132.7p

U . 9 , .. ••• .. ,

11.0

-5 . 6 1.8.

-0.6p

Kan-hauu

101. 2r 102.2r 102.2r 10l.4r

102.2.

102.0r t OI.3 . 101 . 2p

6. 3<

'" ••• ••• •••

-5 . 1 -2.6 • -O,.p

Co.plalatlon V- ' .... a-hour V)

144.1 141.4 150.3 U).2

148.9

155 . 8 161. 1 165,7p

••• ,., • •• ••• '" , ..

14. 1. ll.9p

Percent Change fro. Prevlau. Year (5)

14.2 12.2 10.5

'" 11.0

••• '" , .. .., , ..

Rill Co.pen •• tlon per . an-hour (2)

112.5 H2.1 111.8 ill. 4

111.9

lIO.2 UO.6 110.4p

>.0 -1. 4 -0.9 -1. 7

.., -4 . 1

1. 5< -0.9p

'" ... ... -0 . 3 .. ,

I 1.1 1.8 0.8 7.7 -2 . 0

Unit Labor COot

112.8< H3.a. 11 4 . h 1I7.9t

lt4.S.

110.h In.8 126.4?

-0. It

'" , .. II. 9

7.7r ~ . 1 r

12 . 2 r

-1.2 U.S • 2. lr .., ...

" l.Jr 0.5r -0.8 9.) -1.3 7.9. -1'I"'-, ________ -C' ••. O'.'-________ -O-' .. ".'-______ ~-, .... ______________ 'IO .. ".'-______ -,"",,"-~)p IQ 'I>

See footnote. foll~lng table 4. SOURCE: Bureau of Labor 5totl$tlo. r • revIled October 30, 197.

p • prdt. lnary


Year and Quarur

1973 , U

m

" Annual 1914

1973 , U

m

"

1973 , U

m

" Annual 1974 ,

U

Table 4. NontlMoclaJ Corporations: Output per Man-hour , Hourly Compensation and Prices, Seaaonally Adju.,ed

Output per .an- hour

123.1 121 . 1 121.5 122.1

121 . 1

121. 0 120 . 9<

.. , o. , 0.'

-2 . 1

-~.5

_0 4.

-1.7 -1. ~r

Unit Labor Costs, Unit ~roflt.

Output

130.7 132. ) 132.9 133.4

132 . 3

130 . 6 130 . 2<

106.2 101. ) 101 . 1 108.1

107 . 5

107 . 9 107 . 7

C01lpensa- Rea \ tlon per COIOpensa-"an-hour tlon per

(I) " "n-hour (2) I nde~es 1%7 • 100

149.4

151. 8 154.4 157.2

153.1

160.4 164.9r

116.1 11S.4 114 . 9 U4 . 2

115 . 0

113 . 5 11) . 2

Unit Labor CoSt.

121.. 4 123 .1 125.1 128.1

124.4

132.6 136.4r

Unit Total Nonlabor Un I t Co~t8

(8) CO$<S

(9)

12S.7 122.5 127.1 124.1 128.3 125.9 129. 9 128.5

127. 7 125.2

134.2 133.0 137.9r 036 . 1r

Un it Profiu

(10)

91.9 91. 3 90.2 89.7

90.8

86.8 90.9r

Percent ChanSe frOll Previous Quarter at Annual Rate (5)

12 . 5 4 . 0 13 . 4 7 . 2 4.8 4.0 6.5 -2 . 2 2.0 1.5 7.2 -1.9 1.5 3.9 7.3 -2 . 2

7.S 4 .0 7.9 1.5

-8 . 1 -2.8 8.5 -2.6 _ I 4r _lOr 11,Sr _0 qr

10 .0 .. , U U

, .. -0.1 -1. 6r

Percent Change (rom Previous Year

'.0 L. 0.'

,. , .. , -2.2 -1. 9

, .. ,. , ••• ,. ,

14.9 !l 9r

.., 10. Sr

o. ,

13.9 II 4r

-1. 2 -O. S o. , u

o. ,

•• • 8. 5r

2.7 3.4 5.3 -2 . 6 5.9 -4 . 5 8.1 -2 . 5

3.2 4.7

14.6 -12 . 3 JJ ar 2Q 2r

••• 1Q.2r

,. , -5 . (0

-0.5r

I.pUett Price

llo>f!ator

1l7 .8 119.1 120 .5 122 .6

120.0

126 .0 129.8

, .. U ... U

11. 4 12 6

' . 0 , .. , .. ... ••• 9,Q

See footnotes fol1~ins table 4. r - revised

SOURCE : B"reau of Labor Statiatlcs October 30. 1974


FOOT~OTES. TABLES 1 TO 4

SOUH_ ~ : Output data f~om the Bu~eau of Economic " .... "I)·sis. U.S. n..pa~t",ent of Com::.e~ce and the federal Reserve Doard . CompensAtion And H8n- hou r s d~ta from the Bureau of Labor Sta tis tics, U. S. ~partr.knt of Labor and the Bur~~u of Economic AnAlysis. ,

(I) WAge" and salAries of employ ••• plus employera ' contributions for soc 1al insurance and private benefit planl. Except for nonfinancial corporntiens. where tbere al-e no self- employed. data also includes an eni ...... te o f wages, salaries and Supl'lelOentai ~ ... y=ent" fo r the self-.. o:pio)"cd .

(2) Compensation par "' ... n-hour adjuated lor chanles 1n the Consumer Prire Index_

0 ) Nonl .abor payments inClude profiu, depreciation, intere~t. Tent"l income And indirec t t . xes.

(4) Current dollar ~ro'~ p roduct divlde4 by conltant doll. r gross product.

(5) Percent cha nge c~pounded at annual r ate from origin.l data rather than index nWlbe rs.

(7) Qua~terly .... u~ •• adjusta4 t o annual estimat •• of output (g~os.

product orilioatins) fro. tho Bureau of Eeono~ic Analysis, U.S. Dep. rtment of COIIIIIIerce.

(8) Unit Donl.hor costs tnclud. depreci.t10n. intarest and tndl~ect [ . xu.

(10) Unit profits ~nc1ud. CorpOrAte profits and inventorY v.lua t1on adjustceent.

'.


CHART 1. COM PENSATI ON UNIT

PROOUCTIVITY . HOURLY COSTS AND PR I CES

ECONOMY PRECEDING RA T E )

TOTAL PRIVATE (PE RCEN T CHANGE FROM

QUA RTER AT ANNUAL

OU TP UT MANHOUR

, , , , , · . . . , , ------------_._-------,---------------_ ...•.. _ .. __ .. __ ..•... __ ._----_ .. -._-_. __ ._---.. -------------· , , . , . , . . , . , ". . .,. I I I ., . . --------- ---- .--- --- -------~-- --- .. _._-_._,--- ,-- --------- ... -------------,. .. . " ,. , . " , "

, , , · . . . . , ------------_._------------------- ------... -_ ... _._-_ ...•. _ .... _ .. _-_ .•.. _--- ---_ .. _--· . . . , , · ., . , " . , ,. , : COMPENSATION PER MANHOUR : : : , ,

-------------t------------

-3.0

---·nt·--10.5

: i'~~'~\ -------------.-------------.. ----------- : , '----'.'--~------- - - - ---~.- ------ - --.. : ~ , , , ,

, , , i UNIT LABOR COSTS , ,

-------------~-----------, , , , , , - .--.~ .. -. -.------ -1_---

, , , , , , , ,

, , ,

UNIT NONLA80R PA~MEN TS

, , , , , , , ,

, ...---', ... _--_ .. _---_ .. __ ._---_.-

• • • • • III -------------.-------------.--------------~-------------.---- _. __ ._---.-------_._---.. -------------• • • • • • • • • • • • · . . . . , · , . . . . 9,' • • • • • • ------------ -,-------------.-- --- -------- - ---- ---_ .. ----- ---- --- -,-- -----., " •• ••• -------------i-------------~----- ----- --~----- -------;------~,.,.,.,.:_j;,.,.:.:.:.: ________ ~----, . . . . , · .. , " , " , , ,

, : , , , . . -------------.----------_._,._--_ .. _--_._."_ ._------_.-- .. __ ._ ... _ ... -.-... __ . _ .. __ ... . --_ .. _--_ ... , , , . , · , , , . , ... III • ••• · ,., 1 Z. Z , , : IMPLICIT PRICE DEfLA TOR : , .. . ---_ ... -.... - .. _-----------. ------------- .. ------._- ---_. __ .-_._------.-------_. __ .-· , , . . · , , .

1968 \969 1970 1971 1972

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

1973 ,n 1 97~ 30 . \974

5

IS

5

IO

5

-5

IS

5


CHART 2. COMPENSATION

PRIVATE (PERCEN T

QUARTER

PRODUCTlVlTY, HOURLY COSTS AND PRlCES

NONFARM SECTOR CHANGE FROM PRECEDING

ANNUAL RRTE)

UNIT

AT i OUTPUT PER MRtll10UR , , , , , , ..........•..........•.. ~ .....

, , , ,,-, , , <"""O':"j-1;"O'''''>''''''-j-I··········+·······I.!} ..•

! ·2.4 , , , , · . , , , ,

............. i ............. i---••...•.•... ~·············,·············i···· ·· ······-1r , . , , , , , , , , , , , . , , . , : COMPEtlSRTIOtl PER MRNtiO UR : : , , . , . . , , , , , ,

III I 1 • I

................. ..... . ........ ........................ ....•..•..• . ........ .. . . .

: : i/--,_ ! , , ----... --.... j.--.------.--+---.... ----. ..••.• j ••••••...• . .. ~ ..••..••..••• , , ,

: : , , , ,

UNIT LRBOR COSTS

, , , , , , , , , , , , III

, i : , : ,13.9 . --------. --... --------. --. ~. -- ------. --.. --. --. ----. --, --.. --. ------ .--. -------------... --------, , , , , , · , . , , , , . " , , , , ,

... --...... --:--....... -- '--........ --..:..--.. --.... --~ .. --... --.. --~ ....... ----. , . , . , , , , . , · : ' : : , , , ,

·--·l--·------·--·i·--· ------------./ .--.--. ----+-- --.----.--. :: ' , , , ,

UNIT NONL RBOR PAYMENTS

, , , , , , , ,

III 10.7

----··--··--·i·--·--····--·+--··--······+----·--·--·--:·····----··-- ~··--"'--"--f','"'''' · , , . , , · . , , , , , , , . , , ·············l·············i········ ··········f·············l·············

" " " " " " " " ·------t·------------t---· ------· t· ------· . . j--.------•

" " " , " , , ,

, ""

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

! , ,

• •••••••••••• j ••••••••••••• { •••••••••••••• ~ ••••••••••• ··f············· l ·············,.············· , , , , , , , , , . , , , , , , , . , , . , , III : :: : 12.8 .----. ------+ ------... I M PL I C ! T PR I CE DEfL R T OR --.----.+--. ----. ---- t·,,,-, , , , , , , , , . , ... ................................................ .................... ............. , , . , , , , , , , , , ,

, , , "C':":":":'''''''' !""o'---r--V -· -r . -..... -----t·------------i·--· --. ---- +---. ----. --.--

1968 1969 1970 1971 197Z 1973 OC!

, , , ,

] 974 30. 1974

5

o

-5 IS

iO

5

o 20

IS

iO

5

o 20

IS

iO

5

o

-5 20

is

iO

o


PRODUCTIVITY . HOURLY UNIT COSTS RNO PRICES

NONFINANCIAL CORPORATIONS (PERCENT CHANGE FROM SAME

QURRT~R A YEAR AGO)

CHART 3. COMPENSAT I ON .

OUTPlJT

, , , , , ,

PER I1FlNI10UR : · . , , , , 1-

···· ......... i ............. ~·············_r·········· · ··!·············~·············i-············· I -, , , , , ,

t-:--:---:--:--:--:-'E--~--:--=--;--~--:·tt-=--=--~--~---;--~·~~-==::1':==j' =:-~-~~--~--1r~-~-=--=-_~~.~~I "'~9 : :

, , , . , , , ...................................................... -.............. --..... --........................ .. , . . , , , , . . , , . , . . , . , , . . , , , , , . , . . , , , : COI1PENSFlTiON PER MFlNIiOUR : : , , , , . , " '.6 .. --.. -- ........................................................ ...... --............... _ ..... --.--... , , . , , -' t :.......--+-- ' : :---.-, , . , , ,

·············l·············~············-+·············.· ··- · - · · - · ···l········ ··· · ·~············· , , , , , , , , , , , , , , , , , , , ,

UNIT LFl60R

, i COSTS

, • • , , , , , " 10.6

•••••.•...... , ..... -....... ~ ........••.•. -t •••••••• -... -t·---···--····i·············-t·· " '" " " , " , " , ...... --.......... . - ............ .. .................................. . . ............... . , " , " , " , ,

, ,

, , , , UNIT NONLABOR PFlYMENTS i 11

••••••.......•............. ~ ............ ~ .....•....... ~. - -. -- - --.. -.~ . ............ ~ ............ . : : : : : : • , , , , ,S. ~ · .. ··· .... ·_j ............ ·1 ...... ·A .......... · '·-·--------··1· .. · .. · .. · .. ·+ .... --... --.

, , , , , , . , , , •.•.•........•............. ~ ............. -.............•.............•............. _ ............ . · , , , , , · , . , , , , , , , , . · " " : " :: J I : IMPLICIT PRICE OEFUHOR : : 9.0

............. :-.-- ------.. - ~ ............. ~ ••••......... ~ - ............ ~ .......•..... ~ ............ . · , , , , , · , , , , , . . , . . , . , . , ·············I·············~·········· • ············/·············l············

" "

I 96 II 1969 1970 1971

,

1972 1973 OC T

1974 30. 1974

5

o

- 5

" 5

" 5

o

" "

5

o

-5

" "

5

o


UN 1 T CHART 4.

COSTS. UNIT PROFITS. AND PRICES I'WNF] NANC] AL CORPORAT IONS (PERCENT CHANGE FROM SAME

QUARTER A YEAR AGO) , ,

UNlT LABOR COSTS

, , , , , , , , , , , -------------.--------_ .. _-+--_ .. _------- .... -------------.-------------.-------------.... -, , , , , , , , , , , , , , , , _____________ :___ _ ___ +___________: _____________ ~-------- _____ ~-------- __ 1 ____________ _

, '-::::::d'2':J"~ , , , ,

'" " , , ; UNlT NONLABOR COSTS , , , ,

J J '_5 __ _______ ____ L ____________ L""~:::i ,: : , ------------:-------------~-------------.... ------------.

•'-c-,-:-:-:-:-:-:-:;' -~-'-7~'" , -------T------------T----: :

, ,

-----L------------J-------------: : , , , , , , ,

TOTAL UNIT COST: , , ," J J 10,2

------------:-------------_:_------------"t-------------:-------------~-------------_:_---, , , , , , , '" , " ------------;--- -----+------------ ------------:------------~----------: " , :: ,

, , , , , ,

, ; , , , , , , -------------:-------------"t ---------.----------------.-------------.... ------------ .... ---------, , , , , ,

: : : , , , , ,

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

, , , , : I J ----+------------

: : : ------------+--------- UN IT f'ROf I TS , , ,

------·----I------------- ~-------, , , -------------. , ,

; , , , ,

-------------1--------, , , , , , , , , , , IMf'LlCIt

-------------.-------------+--------,

1968 1969 1970

, , , , : : ,

, ,

I , -------------~-------------~-------------... , , , , , , , , ,

: : : , , , , , , , , , , , , , , , ,

-O.S

---t--·----------:-------------1--------------t-------------, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , f'RICE OEfLATOR : : ,

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

1971 1972 191')

'"

II 9_0

191 ~ 30. 1974

IS

lO

5

0 IS

lO

5

0 IS

lO

5

0 20

IS

lO

5

0

-5

-lO

-IS

-20

j lO

5

0


isli iiieil of liiiiilitiitlcs pul~,! .- d.c. (201) 961-4591 · 2018. 11. 7. · ~ploy=.nt incr...

Documents