News. Productivity and Costs - St. Louis Fed · v U. S. DEPARTMENT OF LABOR ~ IUIEIU IF Lilli...

v U. S. DEPARTMENT OF LABOR ~ IUIEIU IF Lilli S1I11STICS

USOL J4-)9 I'OR RELEASE, Il,OO A.It. l.D.T.

T" •• day, J a nuary 29, 1914

llu,u" of ~.~o~ ~"'lot1<o L.J. P\I\eo (202) 961-4597 x. D. Hoyt. (2 02 ) 9U-Hl.3

H=- 333-11h

Produ.tivity and Coot. In the P,lvate lcona.y , fourth quort.T 1913 and Annual Ave"le. for 1~13

deau .. In productivity "flooted a r1 .. In """-Ito,, .. (2 . 5 J>ere~t) .ha t " ••

Incr •••• of 1.8 percent In tho third quo.'. " ~.put docllnod 0.4 porcon. vhl l.

dudo, th fouull qun.OT, cOlII'oud with . 5.S POTcont ,.In In ,h. prevlou.

qua« ...

Ovtr tho p .. t four quon ... , tho incr ...... In output po. un-hQur for tho

PTlv.to .'<mQ"" and nonf.,.,. .. eton "OTO '!i,Il.ly 10 ... h.on 1 POTCOn<, bu, for

""'''ofoct"r!", .h. Jain v" 2.3 pOTcont. (5 .. ,.bl. II.)

fOT oil of 1913, productivity In tho prlvato UO!IQ"l' ,ro .. at on overol\o ran

of 2.9 percent ov" 191:/, .bout th sa ..... tho lonc-tu," trond. (s .. ubi. &. )

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

TabJ. ,. Percent Clan,. in Product1vit, aDd (Puli.i"...., IlaU; S ... ""..U, AdJ".ud

Totd Private

~tput po. ~n-hour Compen.atlon per man-hour Iinl t labor eo ... ~.I ca.pen •• tloD per man-hour

~tput per =-n-hour Ca.pon •• tlon per san-hOUT Iinit labor CQ", ~al c~en .. tlon per .. n-hour

!U.nuh«urhg

Output per tan-hour Co~ .. tIO~ POt lUn-oouT Unit lobo. 0<>'" Real <~en .. 'lon .er un- bour

". ". ~ .. tU

" C/Uor ter

-I. 3

••• .., -1. 7

-2.1, U

10.9 -1.'

-].8 , .. .. , - 4.1

CoOh .. Annud ~t .. at Annual Ilate)

19H '" 1973 '"

!?Uartor ., Quarter

••• .. , , ., -0.2

••• ••• U ~.,

>.;

••• , .. -0.1

1912

1973

."..ll incru .. In output - - l.l percent in the fourth quo«et -- "hll ~ un- houn


Tha da cllna In output pu ,...~-hour In the ,"""ufaeturlns sector -- 3.8 p.rc.nt.

a t a ... sonally adjun.d annual rata -- caM about b.ta" .. of .n unUAually .10"

rat. of ,rw,h of outP'o" In ,ha Hul quaTUT o f 1973 . Althou,h ,Ita 4-quutu

ri •• for output "a. 6.1 paree"t, In the I •• t quart.r It incr •••• d only 0.9 p . rcont .

Eaploy.ont. on tho othor ",""d. ,""vad ahead durinl tha fourth <luartn at a~"'" the

s.,.. rata •• It h . d for th. yaar •• a ""01 • .

Durinl tha fou<th <I".«ar, hourly emopan .. t1on roo& .t &11 omrual rata of

8.0 p.rc."t In tho privat •• eon~, co.parod wi,h an incr •••• of 7,3 p. rc."t In

tha thhd quarter . Sineo tho fourth <luorur of 1912, h""riy cOIIIponut lon baa

in ...... d 8.2 p . « o"t.

In th ""nh .... "ctor. hou~ly Co.p.,..otI011 Incr .... d 8.3 percent In tho

fourth quartor. co.p.nd with . 8.0 p. re.,,' rls. on. quartor .. rHor. Th.

4-quartar rl .o in h""rly <¢:pon.ation v a . 8.0 p. rc.n t In the nonfo .... ector.

In 'ho " . "ulootud"l •• ctOr. eClIponlati"" ,or IU,,-hour vent up S. 4 pore. "t,

=lII'and "Ith on inc ro.o& cf 9.2 p.rcont in tho third quarter. Co:por.d "ith

the fourth quartor of 1912. hou~ly ~c"",on .. tion " .. a.1i porcont hilher.

Rod hourly c""ponution (i.o ., hc".ly c""'P.r. .. tion adj u ... d for ~~an& .. ~n

tho Con.~.r Price !nd. x) d.ellned 1.7 porcont in tho privato .con~ in <h.

fourthquutor. In the n=f .. "" o&etcr. tho doo ...... vSO 1.4 pa roent . "d, in

_nuf actu<1n" tho d. or .... " U •• 1 pore.nt. Fr"", .h. fourth quortor of 1972

to tho fourth quu'or of 191]. tho ~~¢l1n ........ 0.3 and 0.1 parc."t ,.o.po"lvdy.


eo ... and Prl~ ..

IInit labor ooot. , ,,!doh uft.« t~o ..",.,.oat of p~oduot1v1ty .nd b""rly

o~n .. tlon, ro .. at on .. ",ud rato of 9,) porcont In tho fouuh qu.nar In tho

,o,al privoto o<ono.)'.

I" tho nonf .. ·" .. etor, unit labor eooU to •• 10. 9 poreo"t In ,he 1ou<th

q~.u .. boc.~ .. of tho doeHno j" producthlty and tho eontin"ed oHon. lnc r ....

In oOIll'." .. tlon per ... n-hour. In .."uheturlns. tho .. coot. ro .. 9.~ puce", .

eo.p .. ed " ith the fourth quarter of 1972, the lncru .. 1" "nit bbor 000" " ..

7.3 parc.n, \n thot total privata ocon".,.. 7.1 pt.r,o"t In tho non""" ooctor, and

5.9 perco'" In .. nuhcturl". (at anoual ut .. ) .

n.o rat e of Iocr .... In ,-",I< noolabot p&)'lOOn •• (wleh lnoludo capital

c""s"",p,lon allow""c ... " ot Intarut . ind!te .. bUslnu. ' ... eo, and proflu) alo .... d

,n the prlvat. ~c""o.y - - S.O percent <",""orod with. 7.9 p .. c~nt Incr .... In tho

'hird quorter. In thot """'fa ...... etor . unit """labor pa,..,ents dH11nod 0.2 porcent

down ho .. a 2.2 panon< Inc ..... in thot thlrd q"artor.

The d .. in prlc •• a. _aourad by th. 1...,11clt price ddbtor lor th ero ..

Sulonal Product (Which reUee .. chanses In unit lobor coo<. nonbbor co ....

and profit.) ""u 1.1 porcent for th prlv&u ocon""y 10 'he fourth qu.rter and

6.9 pucant for thot nonfa". .ector. Th ... lnpease. wero greater thon thou

poo<.d In tho uwnd on'; ,hlrQ quarter •.


-,-

• An"""l ~vl.,. of PNduc<1vlty and Co",s In the Priv.u to""?!)" 19))

For 1973, productivity i U" at au'. ot 2 . 9 porcent ""u 1912, nurly oquaUlnK

th 1001-tO ... Irow'!> rat. of 3.0 pt.,.c,"" , for tho I a n tv<> docadu. ~""",·.r . 'M

lncr .... " .. lovu th.on tho .. ",hleh attuned in 1911 and 1912, "he" output pH

.an-hour ro .. 4.1 puco". and 3.8 putan. respectively.

Althou,h tho r ••• ot Irovtb In ",,'pu, In 1913 "as 00.&"".' slov .. than tho YUt

be fore (6.2 porcont vonu' 6.~ poroon. in 1972), -man - h"",.. !ncre ... d ot 0 is", ..

poco (up 3.1 poreent c<>=;>uod "Hh 2.7 poreon' in 1972). ".,. a&n-hou< lotru ..

largely nflocud ."".hued " IP.noion of .b& labor force , and pdvou ""plo~"t

h .. iona up .oro ,hOll 1 percent ( .... on.lly odJuuod , at onnual ute) for tho

p •• ' 8 quor.o.. . Av.ro,. " •• kly hour. r~in.d about tho .... .

• Yearly cQ=p.rioono In .hl •••• tioo oro b •• ed on tho o"n".l overaso. for 1972

and 1973. In tho proc odlns .. ction., lho yudy co:p3doono on baud on

cbongu htwoo" th f""rth q~ortor of 1972 .nd tho f ourth ~uortH of 1913. Thu.,

the onnud .vous. Ind"" for output por .... n~bo"r in tho to .. 1 ?rlv.to ocono"l'

"ao 112 . 8 In 1972 and 116.1 In 1913 fer on OVOUS_ 0"",, 01 incu •• o of 2.9

porent. for thi •• _ .. d ... tho Ina .. woo illi . 8 I" tl>o fourth qua,..&< of

1972 and US,S In tho fourth quatt&< of 1973 for on evor~th~y .. r In<ro ...

d 0.9 pocer"o.


-.-

II",HI. ~O!O.p.~oat1on ·..,nt U? 7.8 puc"", 1:1 19]) , a full poroontag. PQb1- ..oro

thl" tho rio. f or the pu<.dln~ yur. TIt. !nc-ru .. In h""ely C~"'i'en .. 'i"", ,h.

gn"'" annual rlU ol nco 19~1 , " .. ufl.ctld In th.o. ~ .J percent ,I .. In unit

hber coou. Unit labor COHO , ...nleh un., .. chanlU In c""'l":I .. 'I~n .. ",,11

a. chong,," In output plr "..,,-1>00" , ........ 0"""" on .......... roU of Incre ... of

•. 7 PUton< per yur ovu thO 1965- 1911 po<io4 . Tho bet thot u.~lt l.bor COIU

.oayed •• thh lovol In 1973 In spit. of tho lug. inc"",,o. In <""'Pen .. ,!on

PH .... n-hou" thenfon uflo.'. ,h • .aderotl0l influence o f 'he pr<><!uct;vl<y

In" .....

Rui houd1 '""pon",\o" (boudy co,""."u'l~n .dj".ud for chO"BU In 'he

0'1) '_en< up 1. " percen' 10 1971, the ..... !les. Incnaso sinco ass. The ... ll

rl •• 'n ual houdy """pon",!on, "hleh otcuru~ "hHe dollor <o""" ..... a,!"" wa.

rio~ni at • bdok ~.c., to • c .. ult of the II.I~h roto of Increan d ,b.

Cano ... _, Price IndeK (6 . , porc.nt). 1"1\0 ann"ol iotoroue in Co.! ho~rly

co"-po,,utlen h o"dbutabl. pd.macUy (0 tho ri •• "hlcb o<Cu".d in the fin'

quuur of un.

Nenlo,.,. output pOT <Nn-hour rot . 3.1 porc.n<. CCllp"rod ... ith. ~. 2 ~ercent

<\ .. tho Y •• ' hfe .. . In this yur •• In 1912 . n""fulII productivity rO" 1II<>r<'

tluon f~r ,n.. en,iro p r ivata .c~.""Y bocau ... dot lin. occucrod In fa,.."

pH.duct I vi ty .


Son!~r:III hourlY e<>=ponu<l,n re • • 7.6 p. rcont <=puod vlth 6.9 ;>&«&nt tho

yUr beton, " h11o ro .. I>o"rly <=pan",!"" ron 1.3 p orc ont (t=porod .. 1th

3 . 5 porco"t In 1972) . A. In tho privou 0'''''='' ~ .. holo, ,"00' of tho incru.o

In hourly c","puntl"" .... oHut ~y tho rlu 10 tho CPI. \.."H bbor eo", 10

tho nonf.~ .. etOr ro .. 4.4 porco"t In 1973 . In contu.t to tho priv.ta 000""'"1,

thl. "u • .,.. .. I:..t l""or thoo tho 1965-1972 avar.,o rUo of 4.7 porcon,.

In tho ...""foctur!o, .ootor, O\Itp"t por ... ,,-h""t to .. 4.7 poreont In 1973,

.ub.o.nclo11y :ooro thon tho 1"",-o.no roto 01 3.0 porcont .

Outp"t in tho ... nuhctur1n, ooetor v.,,, "P 9.7 potcont -- tho l ..... t

annual Inor .... olnco 1965 . At tho ."". tlM , zonuhot"ri", = ... ~-h""rs

contln""d to ..,"" ah.ad .t • f .... r rato thon In rocont y .... .

IIc"Tly c","p.,...otlon "Ont up 7.9 porc.nt In 1973 (ccgp ... d " Ith 6.3 porcont

In IH2), " hll. rul ho .. dy cospan .. :!on ro .. 1.5 p.rcoot (c""Porod v lth

2.9 porcont In 1972). Unit I.bor co ... In :an"factutlo, ro •• 3.1 porc.nt In

1913, cO"'i'u"d "i.h a 0.9 porcont rioo 'n 1972. Th. =ro uplcl roto of

i~<ro .. o In th . .. co.u refloct.d tho hj,hor rate of Iro",h In hourl,

<cepen •• tlon and tho .Iovinj of prod~ct1v1ty ,alo ••


ToHo ! . AAn~al Parcen. Chana& in Produotivity and Co ••• (p .. ol11111nary Dan)

total frlvau

OutP~t par ..... n-hou. ColII'onu, Ion po • ..,,-hour Unit labor co ... Ileal co.p ... utlon p • • _n-hcur

Output p.r ~-h""r eo.p . nutlon par :an-hcur UtI!. labor co.t. Ileal <o=pensa,lon po. ~-hour

Output pOT ...,,-hour Co:pon •• tlon pcr Q4n-hQur Unit labor co. .. !luI c<>=penuUon po .. "...n-ho".

••• • •• ; .. ,. ,

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CHAR T I . PRODUCTIVIT Y. HOURLY COMPENSATION . UNIT COSTS AND PRICES

TOTAL PRIVATE ECONOM Y [PERCENT CHANGE FROM PRECEDING

QUA RTER RT ANNUAL RATE)

OUTPUT PfR ~ANKOUR · . • • • . . .. . . --.... ~ .. ............ ~ ........... : ..... . , . /,,,

• • • •• • · . . , . · . . . ,

" -\ · 3

············-t·-- ..... . ---. --. · ··· · ·····~·············I·············t·············7· ........... . :. i i IV

co~prNSR T lON PER ~ANKOUR ! ! 8.0 • • • • , . • · . /'~, '

:::,.../,; ............. ~ .............. ~ ........... . · . , • • • · . . · .

•

UNIT LRBOR COSTS

... - -~-- . . .. .. .. . _. , • •

UNIT NONLRBOR PAYMENTS

, · . ·············l·············;··············~····

• • • • • • • • , . • •

• • • , • , " '.0 ;

.... -1 ..... r-~.C. TF'~"~"~'-=-::'---: : • •

• : t

" , o

-, " , o

" " , o

" " , o

· . . . , .......... ... : .. ........................... :- ........... ··:··········--:-···········-:-········'V- -5

~~E; ~±' ;;;' ;;~' ~~:I~~'~'d·' j ": i PR,ICf OffLATOR i ... . _. __ ._ - . ; ... . _---- .. '. .. ..... .. . .......... .

196? 1968 IS6S 1970 19?1 1972 1973 JRNUARY 29 . 1 S13


CHART 2 . COMPENSATION

PROOUCTIVI-TY . HOURLY UNIT COSTS AND

PRIVATE NONFARM SECTOR (PERCENT CHANGE FROM PRECEDING

PRICES

QUARTER AT ANNUAL RATE) , ,

OUTPUT PER M~NHOU

, , , , , , , , i I V

, , ... , , , ,

, , ....•... , , , ,

---, , , , (;; ... ", ... ", .. (1../" =+ .... :': ..

, , , , • • • • •

·············l·············~··············~············· t ·············j·········· • • • • • • • • • • • • • • • • • • • • i COMPENS~TlON PER M~NHOUR i , , ,

......... ; ............. ~ .............. ~ .......... . , , , , ,

UN!T l~BOR COSTS

UN!T NONl~BOR , , , , , , , , , , , ,

, , , , .. -:-- , , ,

- -I ••••••••••••• ~ •••• , , , , , , . ...... t· .. ;· ·c·c·c·"',,;

, , ,

, ,

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

,

" S· '

" 10.9

" -0.2

" o

" o

"

o

"

o

., , "

~~!~~~dj": PR!CE DEFl~TOR : 6.9 , , ............. ; ............. '. - ........... ; ........ . ,

1967 1968 I 969 1970 1 911 1972 1913


CH AR T 3 . PROD UC TIVI TY . HOUR LY CO MPENSA TION . UNIT COS TS AND PRICES

NO NFINANCIRL CO RPORA TIO NS ( PER CEN T CHANGE FROM SRM E

QUA RTER R YEAR RGO)

'" ~", OUTPut PE R H~NHOUR

-- -- --------- ------------- --------------------------r-~l'_~-""---=-- -:::- - F--"'---=---· --O-

~ __ ____ _ _ 4=__ _ ____ =t __ __ ____ s___ _t= ___ __ __ _ ~ ____ ___ ==-________ !=: _________ =t' _____ _____ ~_I ] _: CO HPENS~T10N PE R H ~NHOUR '" " . , "

-----1-=-------:::1------=-------=f----- -::::::::-------=::+-----:::::::-------=1------ =-------=1------~---- --- - . ,

UNIT UleOR COSTS

'" t=-1=----- ---±----- --- ::t---- ----=:j--------~------------- ------------- --------,---,-

UNII ~ONL~BOR P~ T HENTS

I/""- III

~-------~------ ~---~-----·~· ·-- -~- · - --~·- - --T7~-- - - =---- - ---~- t-~----=-----4-·- --~··· --·~"1

o

"

o

" " o

------ --- --..................................... -. .. -- . . -- . .. ..... -........... ............. ·5

~~~~dj": PRICE OEFL~TOR III ,-, ...................... _- -- . --- ... ...... ......... . ................................. - - . -

1967 1968 19 69 1970 197 1 1972 1913


CHRRT 4. UNIT COSTS . UNI T PROFITS . RNO PR IC ES

NONFINRNCIRL CORPORRTIONS (PE RCEN T CHR NGE FROM SRME

QURRTER R YERR RGO)

LRSORCOSTSPERUNI T III , , ; : 3.9 .......... ; ............. +.-- --- --r -------.-.-,. -.... -.... r ............ -i·' .. -----.----

" , , , , ,

NONLRSOR COSTS PER UNI T : : , -", ' ,

·····-- ·-----1-- • .~. ! ! '" --··i···· ······~·············I··· ········i·····-· -····-·:····· - .. ---. . . , . : .' i : 0 . 2

, , , , , , TO,TRL COST PER UNIT i III

, '2.9 .. ---... ---- . .:---- -- ··- -f- ···----· --k--"" -- .~- ---... -- .... :--... ---...

, " , " , "

'" 1 1 . 5

, , , , . . . . , " , , , , . , , . , PROFITS PER UNIT i i : . , . , ,

_1 , .............•.............•.... -_ .... _- -•... _-- _._- --, , , ' , , , , , , , , , , , , , , , , , , , , , ,

i II'IPLlClT PR CE OEfLRTOR ~~~ ............. 1. __ . . .. . ___ _ , ____ .. _ ............ " .. 0 .. _ . • "-+· ..... 00000000 ' ..... 00000000.,.00 ... 00 noon

- ' '':-- r---..-: - ; -1951 1956 1959 1910 1971 ]972 1973

j " , , " " , , " " , , 20

" " , , -,

-" -" - 20

j " , ,


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Transcript of News. Productivity and Costs - St. Louis Fed · v U. S. DEPARTMENT OF LABOR ~ IUIEIU IF Lilli...