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PRODUCTIVITY AND COSTS: 3rd Quarter 2000
                                     
                                      
                           PRODUCTIVITY AND COSTS
                             Third Quarter 2000
                                      
                                      
   The Bureau of Labor Statistics of the U.S. Department of Labor today
reported revised productivity data--as measured by output per hour of all
persons--for the third quarter of 2000.  The seasonally adjusted annual rates
of productivity growth in the third quarter were:
               2.8 percent in the business sector, and
               3.3 percent in the nonfarm business sector.
The increases in labor productivity for the business and nonfarm business
sectors are the result of increases in output combined with small declines in
the hours of all persons working in the sector.
   In manufacturing, revised productivity increases in the third quarter
were:
               7.3 percent in manufacturing,
              11.2 percent in durable goods manufacturing, and
               1.7 percent in nondurable goods manufacturing.
   The third-quarter productivity increase in manufacturing occurred as
output rose 4.1 percent and hours of all persons working in the sector
dropped 2.9 percent.  Output and hours in manufacturing, which includes about
17 percent of U.S. business sector employment, tend to vary more from quarter
to quarter than data for the more aggregate business and nonfarm business
sectors.  Third-quarter measures are summarized in table A and appear in
detail in tables 1 through 5.
   The data sources and methods used in the preparation of the manufacturing
series differ from those used in preparing the business and nonfarm business
series, and these measures are not directly comparable.  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 indexes of
industrial production independently prepared by the Board of Governors of the
Federal Reserve System.  See Technical Notes for further information on data
sources.
-----------------------------------------------------------------------------
Nonfinancial corporate measures were revised beginning with the first quarter
of 1997.
-----------------------------------------------------------------------------
-------------------------------------------------------------------------
Table A. Productivity and costs: Revised third-quarter 2000 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            2.8       2.6      -0.2       5.7      2.6       2.8
Nonfarm business    3.3       2.5      -0.8       6.3      3.1       2.9
Manufacturing       7.3       4.1      -2.9       6.5      3.4      -0.7
  Durable          11.2       7.6      -3.2       5.8      2.7      -4.8
  Nondurable        1.7      -0.8      -2.5       7.8      4.6       6.0
-------------------------------------------------------------------------
                      Percent change from same quarter a year ago
Business            4.7       6.0       1.2       5.0      1.5       0.3
Nonfarm business    4.8       6.0       1.1       5.1      1.6       0.2
Manufacturing       7.8       6.5      -1.2       4.9      1.5      -2.6
  Durable          11.3      10.3      -0.8       4.7      1.3      -5.9
  Nondurable        3.1       1.5      -1.6       5.2      1.7       2.0
-------------------------------------------------------------------------
                                      
                                      
Business
                                      
   From the second quarter to the third quarter of 2000, business sector
productivity rose at an annual rate of 2.8 percent, as output increased 2.6
percent and hours of all persons engaged in the sector decreased 0.2 percent
(table 1).  The drop in hours was due to a 1.3-percent decline in average
weekly hours at work; business sector employment rose 1.1 percent in the
third quarter (seasonally adjusted annual rates).
                                      
   Hourly compensation increased 5.7 percent during the third quarter of 2000.
This measure includes wages and salaries, supplements, employer contributions
to employee benefit plans, and taxes.  Real hourly compensation, which takes
into account changes in consumer prices, rose 2.6 percent in the third quarter
of 2000.
                                      
   Unit labor costs increased at an annual rate of 2.8 percent during the
third quarter of 2000.  The implicit price deflator for the business sector,
which reflects changes both in unit labor costs and in unit nonlabor payments,
increased at a 1.7 percent annual rate in the third quarter of 2000, after
rising 2.4 percent in the previous quarter.
                                      
Nonfarm business
                                      
   Output per hour of all persons in the nonfarm business sector increased
3.3 percent during the third quarter of 2000, after rising 6.1 percent in the
second quarter (table 2).  Output increased 2.5 percent and hours of all
persons declined 0.8 percent in the third quarter of 2000. This was the
largest decline in nonfarm business hours since the first quarter of 1992,
when hours fell 2.3 percent.  As in the larger business sector, the hours
decline was due entirely to a drop in average weekly hours at work (1.6
percent) as employment increased during the quarter (0.9 percent).
                                      
   Hourly compensation grew at a 6.3 percent annual rate in the third quarter
of 2000, faster than at any time since the first quarter of 1992 (when it rose
8.8 percent).  When the rise in consumer prices is taken into account, real
hourly compensation rose at a 3.1 percent annual rate in the third quarter.
                                      
   Unit labor costs rose 2.9 percent in the third quarter of 2000.  The
implicit price deflator for nonfarm business rose 1.9 percent, reflecting the
increase in unit labor costs as well as a 0.3-percent increase in unit
nonlabor payments.  In the second quarter, the implicit price deflator rose
2.0 percent, reflecting a 0.2-percent decline in unit labor costs and a 5.7
percent increase in unit nonlabor payments.
                                      
Manufacturing
                                      
   Productivity increased 7.3 percent in manufacturing in the third quarter of
2000, as output rose 4.1 percent and hours of all persons fell 2.9 percent
(seasonally adjusted annual rates).  In durable goods industries, productivity
grew 11.2 percent in the third quarter, reflecting a 7.6-percent increase in
output and a drop of 3.2 percent in hours.  In the nondurable goods
industries, third-quarter productivity increased 1.7 percent as output and
hours both declined, 0.8 and 2.5 percent, respectively (tables 3, 4, and 5).
                                      
   Hourly compensation of all manufacturing workers rose 6.5 percent during
the third quarter of 2000.  Hourly compensation increased more slowly in
durable goods manufacturing (5.8 percent) than in nondurable goods
manufacturing (7.8 percent).  When the increase in consumer prices is taken
into account, real hourly compensation for all manufacturing workers rose 3.4
percent in the third quarter.
                                      
   Unit labor costs in manufacturing declined 0.7 percent in the third quarter
of 2000.  The drop in unit labor costs occurred entirely in the durable goods
portion of manufacturing, where they fell 4.8 percent.  In nondurable goods
manufacturing, unit labor costs in the third quarter rose 6.0 percent.
                                      
Nonfinancial Corporations
                                      
   Third-quarter 2000 measures of productivity and costs also were announced
for nonfinancial corporations (tables B and 6).  Output per all-employee hour
rose at a 4.9 percent annual rate, compared with a 5.4 percent increase (as
revised) in the previous quarter.  Output grew 4.7 percent in the third
quarter of 2000, while hours of all employees declined 0.2 percent.  The
decline in hours was the largest decrease since the first quarter of 1992,
when they fell 1.2 percent (seasonally adjusted annual rates).  The sector
includes all corporations doing business in the United States, except those
classified as depository institutions, nondepository institutions, security
and commodity brokers, insurance carriers, regulated investment offices, small
business investment offices, and real estate investment trusts.
-----------------------------------------------------------------------------                                      
Table B.  Nonfinancial corporations: Third-quarter 2000 productivity and cost
measures
(Seasonally adjusted annual rates)
-----------------------------------------------------------------------------
                                           Real                     
                                  Hourly   hourly   Unit            Implicit
         Produc-                  compen-  compen-  labor   Unit    price
Period   tivity   Output  Hours   sation   sation   costs   profits deflator
-----------------------------------------------------------------------------
                 Percent change from preceding quarter
2000 III   4.9     4.7    -0.2     6.1      2.9      1.1     -5.6    0.6
-----------------------------------------------------------------------------
                 Percent change from same quarter a year ago
2000 III   4.8     6.5     1.7     4.7      1.3      0.0      6.7    1.4
-----------------------------------------------------------------------------
                                      
                                      
   Hourly compensation increased 6.1 percent in the third quarter, the same as
in the previous quarter.  When the rise in consumer prices is taken into
account, real hourly compensation increased 2.9 percent in the third quarter
and 2.3 percent in the second.
                                      
   Unit labor costs for nonfinancial corporations increased 1.1 percent in the
third quarter, and unit nonlabor costs rose 2.6 percent.  Unit profits, on the
other hand, declined at a 5.6 percent annual rate during the third quarter.
The implicit price deflator for the output of nonfinancial corporations rose
0.6 percent in the third quarter of 2000. In the previous quarter, it had
risen 2.4 percent.
                                      
                                      
Revised Measures
                                      
   Current and previous measures for the third quarter of 2000 for the
business, nonfarm business, and manufacturing sectors are compared in table C.
In the business and nonfarm business sectors, increases in productivity and
output are smaller than those reported on Nov. 2, based on the information
available at that time.  Unit labor cost measures for these sectors are
correspondingly higher.  Productivity and output were revised up in the
manufacturing sector; unit labor costs now show a slight decline rather than
a small increase.
                                      
                                      
-----------------------------------------------------------------------
Table C. 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
-----------------------------------------------------------------------
                             Third quarter 2000
Business:                                                         
  Previous          3.2       3.0     -0.2      5.8      2.7       2.5
  Current           2.8       2.6     -0.2      5.7      2.6       2.8
Nonfarm business:                                                 
  Previous          3.8       3.0     -0.8      6.4      3.2       2.5
  Current           3.3       2.5     -0.8      6.3      3.1       2.9
Manufacturing:                                                    
  Previous          6.4       3.1     -3.0      6.7      3.5       0.3
  Current           7.3       4.1     -2.9      6.5      3.4      -0.7
-----------------------------------------------------------------------
                                      
                                      
   On Nov. 29, the Bureau of Economic Analysis, U.S. Department of Commerce,
revised the price indexes used to calculate real output of nonfinancial
corporations back to the first quarter of 1997.  Appendix table 1 shows
revised 1997 measures for nonfinancial corporations.
                                      
                                      
                              Next release date
                                      
   The next release of Productivity and Costs is scheduled for 8:30 AM EST,
Wednesday, Feb. 7, 2001.  Preliminary fourth-quarter and annual 2000 measures
for the business, nonfarm business, and manufacturing sectors will be released
at that time.  The February release will incorporate the results of the 1999
Hours at Work Survey.  In addition, manufacturing sector productivity and
output measures will be revised to reflect the revisions of the index of
industrial production that were released on Dec. 5.
   Scheduled release dates for productivity and costs measures for major
sectors of the U.S. economy in 2001 are:
     --------------------------------------------------------
     Reference period                       2001 release date
     --------------------------------------------------------
     2000:                                  
     Fourth quarter, Annual                 February 7
     Fourth quarter, Annual (revised)       March 6
     2001:                                  
     First quarter                          May 8
     First quarter (revised)                June 5
     Second quarter                         August 7
     Second quarter (revised)               September 5
     Third quarter                          November 7
     Third quarter (revised)                December 6
     --------------------------------------------------------
   These dates are based on presently available schedules for the release of
underlying source data in 2001.  Each issue of Productivity and Costs contains
a "Next release date" paragraph that readers should use to confirm the dates
above.
                                      
                               TECHNICAL NOTES
Labor Hours: Hours data for the labor productivity and cost measures include
hours for all persons working in the sector-wage and salary workers, the self-
employed, and unpaid family workers.  The primary source of hours and
employment data is the BLS Current Employment Statistics (CES) program, which
provides monthly survey data on the number of jobs held by wage and salary
workers in nonfarm establishments.  The CES also provides average weekly paid
hours of production and nonsupervisory workers in these establishments.
Average weekly paid hours of nonproduction and supervisory workers are
estimated by the Office of Productivity and Technology.  Weekly paid hours
are adjusted to hours at work using the BLS Hours at Work survey, conducted
for this purpose.
     Data from the BLS Current Population Survey (CPS) are used for farm
labor; in the nonfarm sector, the National Income and Product Accounts (NIPA)
prepared by the Bureau of Economic Analysis (BEA) of the Department of Com
merce and the CPS are used to measure labor input for government enterprises,
proprietors, and unpaid family workers.
Output: Business sector output is an annual-weighted index constructed after
excluding from gross domestic product (GDP) the following outputs: General
government, nonprofit institutions, paid employees of private households, and
the rental value of owner-occupied dwellings. Corresponding exclusions also
are made in labor inputs. Business output accounted for about 77 percent of
the value of GDP in 1996. Nonfarm business, which also excludes farming,
accounted for about 76 percent of GDP in 1996.
     Annual indexes for manufacturing and its durable and nondurable goods
components are constructed by deflating current-dollar industry value of
production data from the U.S. Bureau of the Census with deflators from the
BEA.  These deflators are based on data from the BLS producer price program
and other sources.  The industry shipments are aggregated using annual
weights, and intrasector transactions are removed.  Quarterly manufacturing
output measures are based on the index of industrial production prepared
monthly by the Board of Governors of the Federal Reserve System adjusted to
be consistent with annual indexes of manufacturing sector output prepared by
BLS.  Durables include the following 2-digit SIC industries: Primary metal
industries; fabricated metal products; nonelectrical machinery; industrial
and commercial machinery and computer equipment; electronic and other
electrical equipment; transportation equipment; instruments; lumber and
lumber products; furniture and fixtures; stone, clay, and glass and concrete
products; and miscellaneous manufactures. Nondurables include: Food and
kindred products, tobacco products, textile mill products, apparel products,
paper and allied products, printing and publishing, chemicals and chemical
products, petroleum refining and related industries, rubber and plastic
products, and leather and leather products.
     Nonfinancial corporate output is an annual-weighted index constructed by
excluding from GDP the following outputs: General government; nonprofit
institutions; employees of private households; the rental value of owner-oc
cupied dwellings; unincorporated business; and those corporations which are
depository institutions, nondepository institutions, security and commodity
brokers, insurance carriers, regulated investment offices, small business
investment offices, and real estate investment trusts. Nonfinancial
corporations accounted for about 53 percent of the value of GDP in 1996.
Productivity: These productivity measures describe the relationship between
real output and the labor time involved in its production. They show the
changes from period to period in the amount of goods and services produced
per hour. Although these measures relate output to hours at work of all
persons engaged in a sector, they do not measure the specific contribution of
labor, capital, or any other factor of production. Rather, they reflect the
joint effects of many influences, including changes in technology; capital
investment; level of output; utilization of capacity, energy, and materials;
the organization of production; managerial skill; and the characteristics and
effort of the work force.
     Information in this release will be made available to sensory-impaired
individuals upon request. Voice phone: 202-691-5200; Federal Relay Service
number: 1-800-877-8339.
  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 1992=100
  1998       I     109.7      126.8     115.6     117.1       102.9      106.7       116.4      110.3
            II     110.0      127.7     116.1     118.5       103.8      107.7       115.1      110.5
           III     110.6      128.9     116.6     120.0       104.7      108.5       114.6      110.7
            IV     111.6      131.0     117.4     121.4       105.5      108.8       114.6      110.9
        ANNUAL     110.5      128.6     116.4     119.3       104.3      107.9       115.2      110.6
  1999       I     112.6      132.3     117.5     123.0       106.4      109.3       115.1      111.4
            II     112.8      133.1     118.0     124.5       106.9      110.4       114.1      111.8
           III     114.2      135.3     118.5     126.1       107.6      110.5       114.3      111.9
            IV     116.3      138.5     119.1     127.3       107.8      109.5       116.8      112.2
        ANNUAL     114.0      134.8     118.3     125.2       107.3      109.9       115.1      111.8
  2000       I     116.7      140.3     120.2     128.4       107.7      110.0       118.2      113.0
            II     118.7      142.4     120.0     130.6       108.5      110.0       120.0      113.7
           III    r119.5     r143.3     119.9     132.4       109.2     r110.8      r119.9     r114.1
  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)
  1998       I       4.7        7.9       3.1       6.2         5.5        1.5        -1.5        0.3
            II       1.1        2.9       1.7       5.1         3.5        3.9        -4.2        0.7
           III       2.1        3.7       1.5       5.1         3.6        3.0        -1.9        1.1
            IV       3.9        6.8       2.8       4.8         3.2        0.9         0.2        0.6
        ANNUAL       2.7        5.0       2.3       5.3         3.9        2.5        -1.7        0.8
  1999       I       3.3        3.8       0.5       5.2         3.6        1.9         1.8        1.9
            II       0.9        2.6       1.7       5.0         1.7        4.1        -3.5        1.2
           III       4.9        6.6       1.7       5.3         2.6        0.4         0.7        0.5
            IV       7.7        9.9       2.1       3.8         0.9       -3.6         9.0        1.0
        ANNUAL       3.1        4.8       1.6       5.0         2.9        1.8         0.0        1.1
  2000       I       1.6        5.3       3.7       3.5        -0.6        1.9         4.8        3.0
            II       6.9        6.3      -0.6       7.0         3.2        0.0         6.2        2.4
           III      r2.8       r2.6      -0.2      r5.7        r2.6       r2.8       r-0.2        1.7
  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year
  1998       I       3.2        5.8       2.5       4.5         3.1        1.2         0.9        1.1
            II       2.5        4.7       2.1       5.5         4.0        2.9        -2.4        0.8
           III       2.1        4.4       2.2       5.7         4.3        3.5        -3.3        0.8
            IV       2.9        5.3       2.3       5.3         4.0        2.3        -1.9        0.7
        ANNUAL       2.7        5.0       2.3       5.3         3.9        2.5        -1.7        0.8
  1999       I       2.6        4.3       1.6       5.1         3.5        2.4        -1.0        1.1
            II       2.5        4.2       1.6       5.0         3.0        2.4        -0.9        1.2
           III       3.2        4.9       1.7       5.1         2.8        1.8        -0.2        1.0
            IV       4.1        5.7       1.5       4.8         2.2        0.7         1.9        1.1
        ANNUAL       3.1        4.8       1.6       5.0         2.9        1.8         0.0        1.1
  2000       I       3.7        6.1       2.3       4.4         1.2        0.7         2.7        1.4
            II       5.2        7.0       1.7       4.9         1.5       -0.3         5.1        1.7
           III      r4.7       r6.0       1.2       5.0         1.5       r0.3        r4.9        2.0
  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       December 6, 2000
  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 1992=100
  1998       I     109.3      127.1     116.3     116.4       102.3      106.5       117.4      110.5
            II     109.8      128.1     116.7     117.9       103.2      107.5       116.3      110.7
           III     110.3      129.2     117.2     119.4       104.2      108.3       115.8      111.0
            IV     111.2      131.4     118.1     120.8       104.9      108.5       115.8      111.2
        ANNUAL     110.2      129.0     117.1     118.6       103.8      107.7       116.3      110.8
  1999       I     112.0      132.6     118.4     122.1       105.7      109.0       116.7      111.8
            II     112.1      133.4     118.9     123.6       106.1      110.2       115.7      112.2
           III     113.6      135.6     119.4     125.2       106.8      110.3       116.1      112.4
            IV     115.8      138.9     120.0     126.5       107.2      109.3       118.6      112.7
        ANNUAL     113.4      135.1     119.2     124.4       106.5      109.7       116.8      112.3
  2000       I     116.3      140.7     120.9     127.8       107.1      109.8       120.1      113.6
            II     118.1      142.9     121.0     129.6       107.7      109.7       121.8      114.1
           III    r119.1     r143.8     120.8     131.6      r108.5     r110.5      r121.9     r114.7
  ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)
  1998       I       4.5        8.2       3.5       6.1         5.3        1.5        -1.4        0.4
            II       1.6        3.1       1.5       5.3         3.8        3.6        -3.8        0.7
           III       1.8        3.7       1.8       5.2         3.7        3.3        -1.8        1.3
            IV       3.6        6.8       3.1       4.5         2.8        0.8         0.2        0.6
        ANNUAL       2.6        5.1       2.4       5.1         3.7        2.4        -1.4        0.9
  1999       I       2.6        3.6       1.0       4.5         2.8        1.8         2.9        2.2
            II       0.6        2.4       1.8       5.0         1.7        4.3        -3.1        1.5
           III       5.2        7.0       1.7       5.5         2.8        0.3         1.3        0.6
            IV       8.0       10.0       1.8       4.2         1.3       -3.5         8.9        1.0
        ANNUAL       2.9        4.8       1.8       4.8         2.7        1.8         0.4        1.3
  2000       I       1.9        5.2       3.2       3.9        -0.2        1.9         5.2        3.2
            II       6.1        6.5       0.4       5.9         2.2       -0.2         5.7        2.0
           III      r3.3       r2.5      -0.8      r6.3        r3.1       r2.9        r0.3       r1.9
  ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year
  1998       I       3.0        5.8       2.7       4.3         2.9        1.2         1.3        1.2
            II       2.5        4.8       2.3       5.3         3.8        2.8        -2.1        0.9
           III       2.1        4.6       2.4       5.7         4.2        3.5        -3.1        0.9
            IV       2.9        5.4       2.5       5.3         3.9        2.3        -1.7        0.8
        ANNUAL       2.6        5.1       2.4       5.1         3.7        2.4        -1.4        0.9
  1999       I       2.4        4.3       1.8       4.9         3.3        2.4        -0.7        1.2
            II       2.2        4.1       1.9       4.8         2.8        2.6        -0.5        1.4
           III       3.0        4.9       1.9       4.8         2.6        1.8         0.3        1.2
            IV       4.1        5.7       1.6       4.8         2.2        0.7         2.4        1.3
        ANNUAL       2.9        4.8       1.8       4.8         2.7        1.8         0.4        1.3
  2000       I       3.9        6.1       2.1       4.6         1.4        0.7         3.0        1.6
            II       5.3        7.2       1.8       4.9         1.5       -0.4         5.2        1.7
           III      r4.8       r6.0       1.1       5.1         1.6       r0.2        r5.0        2.0
  ---------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                       December 6, 2000
  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 1992=100
  1998       I            121.3        128.6        106.0        115.2          101.2          95.0
            II            123.0        129.9        105.6        116.6          102.1          94.8
           III            125.6        131.3        104.5        118.1          103.0          94.0
            IV            127.4        133.2        104.5        119.4          103.7          93.7
        ANNUAL            124.3        130.7        105.2        117.3          102.6          94.4
  1999       I            129.5        134.0        103.5        120.7          104.4          93.2
            II            131.1        135.6        103.5        122.4          105.1          93.4
           III            132.5        137.2        103.5        124.1          105.9          93.7
            IV            135.8        139.6        102.8        125.5          106.4          92.5
        ANNUAL            132.2        136.6        103.3        123.2          105.5          93.2
  2000       I            138.4        142.0        102.6        127.0          106.5          91.8
            II            140.3        144.6        103.1        128.2          106.6          91.4
           III           r142.8       r146.1        102.3        130.3          107.5         r91.2
  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)
  1998       I              5.1          5.2          0.1          6.8            6.0           1.6
            II              5.7          4.0         -1.6          5.0            3.4          -0.7
           III              8.7          4.3         -4.1          5.0            3.5          -3.4
            IV              5.9          6.0          0.1          4.6            2.9          -1.3
        ANNUAL              6.2          5.9         -0.3          5.3            3.9          -0.8
  1999       I              6.8          2.5         -4.0          4.5            2.8          -2.2
            II              4.8          4.9          0.1          5.7            2.5           0.9
           III              4.5          4.6          0.1          5.9            3.2           1.4
            IV             10.2          7.1         -2.8          4.6            1.7          -5.1
        ANNUAL              6.3          4.5         -1.7          5.0            2.9          -1.3
  2000       I              7.9          7.1         -0.7          4.6            0.5          -3.0
            II              5.7          7.7          1.9          4.0            0.4          -1.6
           III             r7.3         r4.1        r-2.9         r6.5           r3.4         r-0.7
  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
  1998       I              5.9          6.9          0.9          4.4            3.0          -1.4
            II              6.3          6.3          0.0          5.6            4.0          -0.7
           III              6.2          5.5         -0.7          5.9            4.4          -0.3
            IV              6.4          4.9         -1.4          5.3            4.0          -1.0
        ANNUAL              6.2          5.9         -0.3          5.3            3.9          -0.8
  1999       I              6.8          4.2         -2.4          4.8            3.2          -1.9
            II              6.6          4.4         -2.0          4.9            2.9          -1.5
           III              5.5          4.5         -0.9          5.2            2.9          -0.3
            IV              6.5          4.8         -1.7          5.2            2.5          -1.3
        ANNUAL              6.3          4.5         -1.7          5.0            2.9          -1.3
  2000       I              6.8          5.9         -0.8          5.2            2.0          -1.5
            II              7.0          6.6         -0.4          4.8            1.4          -2.1
           III             r7.8         r6.5         -1.2         r4.9            1.5         r-2.6
  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                December 6, 2000
  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 1992=100
  1998       I            129.6        144.6        111.5        112.6           99.0          86.9
            II            132.4        147.1        111.2        113.8           99.6          86.0
           III            136.8        150.7        110.2        115.1          100.4          84.1
            IV            139.7        154.5        110.5        116.6          101.3          83.4
        ANNUAL            134.6        149.2        110.8        114.5          100.1          85.0
  1999       I            142.8        155.6        109.0        118.1          102.2          82.7
            II            146.0        159.1        109.0        120.1          103.1          82.2
           III            148.0        162.5        109.8        121.9          104.0          82.3
            IV            151.6        165.3        109.0        123.6          104.7          81.5
        ANNUAL            147.1        160.6        109.2        120.9          103.6          82.2
  2000       I            156.2        170.0        108.8        124.8          104.6          79.9
            II            160.4        176.0        109.7        125.9          104.6          78.5
           III           r164.7       r179.3        108.8        127.7          105.3         r77.5
  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)
  1998       I              7.1          8.8          1.6          6.2            5.4          -0.8
            II              8.7          7.3         -1.2          4.2            2.6          -4.1
           III             14.2         10.1         -3.5          4.6            3.1          -8.4
            IV              8.8         10.2          1.3          5.3            3.7          -3.2
        ANNUAL              9.0          9.6          0.5          5.2            3.8          -3.5
  1999       I              8.9          3.1         -5.4          5.4            3.7          -3.3
            II              9.4          9.3         -0.1          6.8            3.5          -2.4
           III              5.6          8.7          2.9          6.2            3.5           0.6
            IV             10.0          7.1         -2.7          5.7            2.8          -3.9
        ANNUAL              9.3          7.6         -1.5          5.6            3.4          -3.4
  2000       I             12.7         11.8         -0.8          3.9           -0.3          -7.9
            II             11.1         14.9          3.4          3.5           -0.1          -6.8
           III            r11.2         r7.6        r-3.2         r5.8           r2.7         r-4.8
  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
  1998       I              8.2         10.3          1.9          4.5            3.1          -3.5
            II              8.7          9.5          0.8          5.5            4.0          -2.9
           III              9.5          9.4         -0.1          5.7            4.2          -3.5
            IV              9.7          9.1         -0.5          5.1            3.7          -4.2
        ANNUAL              9.0          9.6          0.5          5.2            3.8          -3.5
  1999       I             10.1          7.6         -2.2          4.9            3.3          -4.8
            II             10.3          8.1         -2.0          5.5            3.5          -4.3
           III              8.2          7.8         -0.4          5.9            3.6          -2.1
            IV              8.5          7.0         -1.4          6.0            3.4          -2.3
        ANNUAL              9.3          7.6         -1.5          5.6            3.4          -3.4
  2000       I              9.4          9.2         -0.2          5.7            2.4          -3.4
            II              9.8         10.6          0.7          4.8            1.5          -4.6
           III            r11.3        r10.3        r-0.8         r4.7            1.3         r-5.9
  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                December 6, 2000
  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 1992=100
  1998       I            115.4        113.9         98.7        118.3          104.0         102.5
            II            116.0        113.9         98.2        120.1          105.1         103.6
           III            116.6        113.1         97.0        121.8          106.2         104.4
            IV            117.4        113.3         96.6        122.7          106.6         104.6
        ANNUAL            116.3        113.6         97.6        120.7          105.6         103.8
  1999       I            118.5        113.8         96.1        123.7          107.1         104.4
            II            118.1        113.6         96.2        124.9          107.2         105.7
           III            119.2        113.5         95.2        126.4          107.8         106.0
            IV            122.2        115.5         94.5        127.2          107.8         104.1
        ANNUAL            119.5        114.1         95.5        125.5          107.5         105.0
  2000       I            122.6        115.7         94.4        129.0          108.2         105.2
            II            122.4        115.4         94.3        130.5          108.5         106.6
           III           r122.9       r115.1        r93.7       r133.0         r109.7         108.2
  --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)
  1998       I              2.9          0.7         -2.1          7.6            6.8           4.5
            II              1.9         -0.2         -2.0          6.2            4.7           4.2
           III              2.3         -2.6         -4.9          5.7            4.2           3.3
            IV              2.5          0.8         -1.7          3.1            1.5           0.6
        ANNUAL              3.0          1.5         -1.5          5.3            3.9           2.3
  1999       I              3.7          1.8         -1.8          3.2            1.6          -0.5
            II             -1.0         -0.8          0.3          3.9            0.7           5.0
           III              3.7         -0.5         -4.0          4.9            2.2           1.2
            IV             10.5          7.3         -2.9          2.6           -0.2          -7.2
        ANNUAL              2.7          0.5         -2.1          4.0            1.9           1.2
  2000       I              1.3          0.7         -0.6          5.9            1.7           4.5
            II             -0.7         -1.2         -0.4          4.6            1.0           5.4
           III             r1.7        r-0.8        r-2.5         r7.8           r4.6          r6.0
  --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year
  1998       I              3.5          3.1         -0.4          4.0            2.6           0.4
            II              3.7          2.5         -1.2          5.5            4.0           1.8
           III              2.3          0.6         -1.6          6.1            4.6           3.7
            IV              2.4         -0.3         -2.7          5.7            4.3           3.2
        ANNUAL              3.0          1.5         -1.5          5.3            3.9           2.3
  1999       I              2.6         -0.1         -2.6          4.6            3.0           1.9
            II              1.9         -0.2         -2.0          4.0            2.0           2.1
           III              2.2          0.3         -1.8          3.8            1.5           1.5
            IV              4.1          1.9         -2.1          3.6            1.1          -0.5
        ANNUAL              2.7          0.5         -2.1          4.0            1.9           1.2
  2000       I              3.5          1.6         -1.8          4.3            1.1           0.8
            II              3.6          1.5         -2.0          4.5            1.2           0.9
           III             r3.1          1.5         -1.6         r5.2           r1.7           2.0
  --------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                December 6, 2000
  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    costs    fits   deflator
      quarter   hour      Output  hours      (1)      sation(2)  costs    costs(6) (7)      (8)      (4)
  ----------------------------------------------------------------------------------------------------------
                                             Indexes 1992=100
  1998       I   r112.1   r132.1     117.9    115.2     101.2    r102.8   r100.7   r102.3   r150.8   r106.4
            II   r113.1   r133.8     118.3    116.6     102.1    r103.1   r101.2   r102.6   r147.7   r106.4
           III   r114.4   r136.0     118.9    118.0     103.0    r103.2   r100.7   r102.5   r152.0   r106.7
            IV   r115.2   r137.8     119.6    119.3     103.7    r103.6   r102.1   r103.2   r145.3   r106.8
        ANNUAL   r113.7   r134.9     118.6    117.4     102.7    r103.2   r101.2   r102.6   r148.9   r106.6
  1999       I   r116.3   r139.6     120.0    120.9     104.6    r103.9   r101.3   r103.2   r150.6   r107.2
            II   r117.3   r141.4     120.5    122.4     105.1    r104.3   r102.2   r103.7   r148.6   r107.5
           III   r118.7   r143.8     121.1    124.0     105.8    r104.5   r102.9   r104.0   r144.4   r107.5
            IV   r120.4   r146.9     122.0    125.3     106.1    r104.0   r103.4   r103.9   r147.0   r107.5
        ANNUAL   r118.2   r142.9     120.9    123.2     105.5    r104.2   r102.5   r103.7   r147.6   r107.4
  2000       I   r121.3   r149.1     122.9    126.1     105.8    r104.0   r104.2   r104.0   r152.2   r108.1
            II   r122.9   r151.4     123.2    128.0     106.4    r104.2   r104.9   r104.3   r156.3   r108.8
           III    124.4    153.2     123.2    129.9     107.1     104.4    105.5    104.7    154.1    108.9
  ----------------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)
  1998       I     r2.4     r5.9       3.4      5.4       4.6      r2.9     r0.5     r2.3   r-14.5     r0.1
            II     r3.7     r5.3       1.6      5.0       3.4      r1.3     r1.9     r1.4    r-8.0     r0.3
           III     r4.8     r6.9       2.0      5.0       3.5      r0.2    r-2.1    r-0.4    r12.4     r1.1
            IV     r2.9     r5.4       2.5      4.4       2.8      r1.5     r5.9     r2.7   r-16.6     r0.2
        ANNUAL     r3.3     r6.3       2.8      4.8       3.4      r1.4     r0.3     r1.1    r-5.1     r0.3
  1999       I     r4.0     r5.4       1.3      5.3       3.6      r1.2    r-3.2     r0.0    r15.6     r1.7
            II     r3.4     r5.1       1.7      5.0       1.8      r1.6     r3.4     r2.1    r-5.3     r1.2
           III     r4.8     r6.9       2.0      5.4       2.7      r0.6     r2.9     r1.2   r-10.8    r-0.3
            IV     r5.9     r8.8       2.8      4.1       1.2     r-1.7     r2.1    r-0.7     r7.3     r0.2
        ANNUAL     r4.0     r5.9       1.9      4.9       2.8      r1.0     r1.3     r1.0    r-0.9     r0.8
  2000       I      2.9      6.2       3.2      2.7      -1.4      -0.2      3.0      0.7     14.9      2.3
            II      5.4      6.4       0.9      6.1       2.3      r0.7      2.6      1.2    r11.4     r2.4
           III      4.9      4.7      -0.2      6.1       2.9       1.1      2.6      1.5     -5.6      0.6
  ----------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year
  1998       I     r3.1     r6.6       3.5      4.0       2.6      r0.9     r0.1     r0.7    r-2.6     r0.3
            II     r3.6     r6.5       2.8      5.0       3.5      r1.4    r-0.3     r0.9    r-5.0     r0.2
           III     r3.3     r6.1       2.7      5.3       3.8      r1.9    r-0.3     r1.3    r-5.3     r0.5
            IV     r3.4     r5.9       2.4      4.9       3.6      r1.5     r1.5     r1.5    r-7.3     r0.4
        ANNUAL     r3.3     r6.3       2.8      4.8       3.4      r1.4     r0.3     r1.1    r-5.1     r0.3
  1999       I     r3.8     r5.7       1.8      4.9       3.3      r1.0     r0.6     r0.9    r-0.1     r0.8
            II     r3.8     r5.7       1.9      4.9       2.9      r1.1     r0.9     r1.1     r0.6     r1.0
           III     r3.8     r5.7       1.9      5.0       2.7      r1.2     r2.2     r1.5    r-5.0     r0.7
            IV     r4.5     r6.5       1.9      5.0       2.4      r0.4     r1.3     r0.7     r1.2     r0.7
        ANNUAL     r4.0     r5.9       1.9      4.9       2.8      r1.0     r1.3     r1.0    r-0.9     r0.8
  2000       I     r4.2     r6.8       2.4      4.3       1.1      r0.1     r2.8     r0.8     r1.0     r0.8
            II     r4.7     r7.1       2.2      4.6       1.2     r-0.2     r2.6     r0.6     r5.2     r1.1
           III      4.8      6.5       1.7      4.7       1.3       0.0      2.6      0.7      6.7      1.4
  ----------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                        December 6, 2000
  r=revised                                                               Source: Bureau of Labor Statistics
SOURCES:  Output data are from the Bureau of Economic Analysis and the Census
Bureau of the U.S. Department of Commerce; the Bureau of Labor Statistics,
U.S. Department of Labor; and the Federal Reserve Board.  Compensation and
hours data are from the Bureau of Labor Statistics and the Bureau of Economic
Analysis.
RELIABILITY:  Productivity and cost measures are regularly revised as more
complete information becomes available.  The measures are first published
within 40 days of the close of the reference period; revisions appear 30 days
later, and second revisions after an additional 60 days.  In the business
sector, the third publication (second revision) of a quarterly index of
output per hour of all persons has differed from the initial value by between
-1.7 and +2.3 index points approximately 95 percent of the time.  This
interval is based on the performance of this measure between the fourth
quarter of 1995 and the second quarter of 2000.

                            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)  The change for recent quarters is based on the Consumer Price Index for
     all urban consumers (CPI-U).  The trend from 1978-1999 is based on the
     Consumer Price Index research series (CPI-U-RS).
(3)  Unit nonlabor payments include profits, capital consumption allowances,
     interest, rental income of persons, and indirect taxes.
(4)  Current dollar output divided by the output index.
(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)  Unit nonlabor costs include capital consumption allowances, interest,
     rental income of persons, and indirect taxes.  For nonfinancial
     corporations, rental income of persons is zero by definition.
(7)  Total unit costs are the sum of unit labor and nonlabor costs.
(8)  Unit profits include corporate profits with inventory valuation and
     capital consumption adjustments.
 Appendix table 1. Nonfinancial corporations:  Revised 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    costs    fits   deflator
      quarter   hour      Output  hours      (1)      sation(2)  costs    costs(6) (7)      (8)      (4)
  ----------------------------------------------------------------------------------------------------------
                                             Indexes 1992=100
  1997      I    108.7    123.8     113.9    110.8      98.7     101.9    100.6    101.6    154.8    106.1
           II    109.2    125.7     115.1    111.1      98.7     101.7    101.5    101.7    155.4    106.2
          III    110.7    128.2     115.8    112.1      99.2     101.3    101.0    101.2    160.5    106.2
           IV    111.4    130.2     116.9    113.7     100.1     102.1    100.6    101.7    156.8    106.3
       ANNUAL    110.1    127.0     115.4    112.0      99.3     101.8    100.9    101.5    156.9    106.2
  ----------------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)
  1997      I     -0.7      3.0       3.7      2.0      -0.5       2.7      1.9      2.5      0.6      2.3
           II      1.6      6.0       4.3      1.0      -0.1      -0.6      3.5      0.5      1.7      0.6
          III      5.7      8.4       2.5      3.9       2.2      -1.7     -2.1     -1.8     13.7      0.0
           IV      2.5      6.3       3.7      5.7       3.7       3.1     -1.5      1.8     -8.9      0.4
       ANNUAL      2.3      5.9       3.5      2.7       0.5       0.4      0.3      0.4      3.1      0.7
  ----------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year
  1997      I      2.4      5.9       3.4      3.0       0.2       0.6     -0.6      0.3      2.8      0.6
           II      1.9      5.5       3.5      2.3       0.1       0.3      0.8      0.5      2.4      0.7
          III      2.6      6.2       3.5      2.4       0.4      -0.2      0.6      0.0      5.6      0.7
           IV      2.3      5.9       3.6      3.1       1.3       0.8      0.4      0.7      1.4      0.8
       ANNUAL      2.3      5.9       3.5      2.7       0.5       0.4      0.3      0.4      3.1      0.7
  ----------------------------------------------------------------------------------------------------------
  See footnotes following Table 6.                                        December 6, 2000
                                                                          Source: Bureau of Labor Statistics

 

 

 
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