Economic News Release

Productivity and Costs News Release




Internet address: http://www.bls.gov/lpc           USDL 08-0293
Historical, technical                              TRANSMISSION OF THIS
  information: (202) 691-5606                      MATERIAL IS EMBARGOED
Current data:  (202) 691-5200                      UNTIL 8:30 A.M. EST,
Media contact: (202) 691-5902                      WEDNESDAY, MARCH 5, 2008




                        PRODUCTIVITY AND COSTS
             Fourth Quarter and Annual Averages, 2007 Revised
     
     
   The Bureau of Labor Statistics of the U.S. Department of Labor today 
reported revised fourth-quarter seasonally-adjusted annual rates of 
productivity change--as measured by output per hour of all persons--and 
revised changes for calendar year 2007.  Percent changes in business and 
nonfarm business productivity were:

                                          Fourth   Annual averages 
                                          quarter    2006-2007
                                          
         Business sector                    1.0         1.9 
         Nonfarm business sector            1.9         1.8 

   Productivity growth for the fourth quarter of 2007 was revised up by 0.4 
percentage points in the business sector from the estimates published 
February 6, due primarily to a downward revision to hours.  Nonfarm business 
productivity was revised up by 0.1 percentage points, with small downward 
revisions to both output and hours.  Unit labor costs also were revised up, 
to 2.7 percent in the business sector and 2.6 percent in nonfarm businesses, 
reflecting upward revisions in hourly compensation that more than offset the 
productivity increases.  Productivity growth during calendar year 2007 also 
was higher than previously reported in both sectors.

   In the manufacturing sector, increases in productivity were:

                                          Fourth   Annual averages 
                                          quarter    2006-2007
                                          
         Manufacturing                      2.3         3.7 
          Durable goods manufacturing       4.2         4.9 
          Nondurable goods manufacturing   -0.5         2.2
          
          
==============================================================================
Data in this release reflect the annual benchmark revision of BLS Current 
Employment Statistics program data on nonfarm employee hours, and revised 
seasonal adjustment of those data.  Also, hours of other nonfarm and farm 
workers based on the BLS Current Population Survey incorporate new seasonal 
adjustment factors.  Due to these revisions, hours measures for all major 
sectors were revised back to the first quarter of 2003.  A conversion of 
nonfarm employee hours series to NAICS 2007 classification further revised 
all major sector series back to 1990.  Revised seasonally-adjusted values of 
the BLS Consumer Price Index for all urban consumers are reflected in 
measures of consumer prices and real hourly compensation beginning with data 
for the first quarter of 2007.  See Revised Measures.
==============================================================================


------------------------------------------------------------------------------
Table A. Productivity and costs: Revised fourth-quarter 2007 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                 1.0       0.2    -0.7       3.6      -1.3       2.7
 Nonfarm business         1.9       0.3    -1.6       4.6      -0.5       2.6
 Manufacturing            2.3      -1.7    -3.9       4.4      -0.6       2.1
   Durable                4.2      -0.7    -4.7       5.2       0.1       0.9
   Nondurable            -0.5      -2.9    -2.4       3.0      -1.9       3.5
   
                           Percent change from same quarter a year ago
                           
 Business                 3.0       2.6    -0.4       4.0       0.1       1.0
 Nonfarm business         2.9       2.6    -0.3       3.9       0.0       0.9
 Manufacturing            3.2       1.9    -1.3       3.7      -0.2       0.5
   Durable                4.6       3.0    -1.5       3.5      -0.4      -1.0
   Nondurable             1.5       0.5    -0.9       4.0       0.1       2.5
------------------------------------------------------------------------------        


   Productivity in total manufacturing grew at a 2.3 percent annual rate in 
the fourth quarter of 2007, slightly less than the preliminary estimate of 
2.5 percent.  The fourth-quarter increase in productivity resulted when hours 
fell faster than output.  When revised annual averages for 2006 and 2007 were 
compared, productivity increased more in each of the manufacturing sectors 
than reported Feb. 6.  Output and hours in manufacturing, which includes 
about 12 percent of U.S. business-sector employment, tend to vary more from 
quarter to quarter than data for the aggregate business and nonfarm business 
sectors. Fourth-quarter productivity and related measures are summarized in 
table A and appear in detail in tables 1 through 5.  Preliminary and revised 
fourth-quarter and annual data appear in table C.

   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 prepared by the Board of Governors 
of the Federal Reserve System.  See Technical Notes for further information 
on data sources.


THIRD-TO-FOURTH QUARTER CHANGES, 2007


Business

   Labor productivity in the business sector increased 1.0 percent in the 
fourth quarter of 2007, as output increased 0.2 percent and hours of all 
persons engaged in the sector decreased 0.7 percent (seasonally adjusted 
annual rates).  When the fourth quarter of 2007 is compared to the fourth 
quarter of 2006 output per hour increased 3.0 percent (table 1).

   Hourly compensation grew at a 3.6-percent annual rate in the fourth 
quarter after rising 3.7 percent in the third quarter of 2007, as revised.  
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, decreased 1.3 percent in the fourth 
quarter because consumer prices rose 5.0 percent (seasonally adjusted annual 
rates).

   Unit labor costs, which reflect changes in hourly compensation and 
productivity, increased 2.7 percent during the fourth quarter of 2007, after 
falling 2.8 percent in the third quarter.  The implicit price deflator for 
business output, which reflects changes in unit labor costs and unit nonlabor 
payments, increased 2.3 percent in the fourth quarter and 0.3 percent in the 
third quarter.


Nonfarm business

   In the nonfarm business sector, productivity increased at an annual rate 
of 1.9 percent in the fourth quarter of 2007, as output increased 0.3 percent 
and hours of all persons--employees, proprietors, and unpaid family workers--
decreased 1.6 percent.  The decline in hours was the largest since the first 
quarter of 2003, when they fell 2.1 percent.  From the fourth quarter of 2006 
to the fourth quarter of 2007 productivity increased 2.9 percent (table 2).

   Hourly compensation grew 4.6 percent in the fourth quarter.  When the 
increase in consumer prices was taken into account, real hourly compensation 
decreased 0.5 percent.  Real hourly compensation had grown 0.6 percent during 
the third quarter of 2007.

   Unit labor costs increased at a 2.6 percent annual rate in the fourth 
quarter after falling 2.7 percent in the third quarter, as revised.  The 
implicit price deflator for nonfarm business increased 2.0 percent in the 
fourth quarter and 0.1 percent in the third quarter of 2007.


Manufacturing

   Manufacturing productivity increased 2.3 percent in the fourth quarter 
of 2007, as output decreased 1.7 percent and hours fell 3.9 percent 
(seasonally adjusted annual rates).  In durable goods industries, 
productivity increased 4.2 percent as both output and hours decreased, 0.7 
percent and 4.7 percent, respectively.  The decline in durable goods hours 
was the largest since the third quarter of 2003, when hours fell 6.9 percent.  
In nondurable goods industries, output per hour fell 0.5 percent, reflecting 
decreases of 2.9 percent in output and 2.4 percent in hours.  In the third 
quarter of 2007, productivity increased 4.1 percent in total manufacturing, 
5.4 percent in durable goods industries, and 3.2 percent in nondurable goods 
industries, as revised (tables 3, 4, and 5).

   Manufacturing hourly compensation grew at a 4.4 percent annual rate 
during the fourth quarter of 2007.  Durable goods manufacturing and 
nondurable goods manufacturing posted increases in hourly compensation of 5.2 
percent and 3.0 percent, respectively.  When the 5.0 percent fourth-quarter 
increase in consumer prices was taken into account, real hourly compensation 
declined 0.6 percent in total manufacturing, edged up 0.1 percent in durable 
manufacturing, and fell 1.9 percent in nondurable manufacturing (seasonally 
adjusted annual rates). 

        Unit labor costs in manufacturing increased 2.1 percent in the fourth 
quarter of 2007 after falling 3.3 percent in the third quarter, as revised.  
These costs increased 0.9 percent in durable goods industries and 3.5 percent 
in nondurable goods industries during the fourth quarter of 2007.


ANNUAL AVERAGE CHANGES, 2006-2007


Business and Nonfarm business

   Business sector productivity increased 1.9 percent when the revised 
annual average for 2007 was compared with the revised annual average for 
2006--the same as the average rate of productivity growth over the past four 
years, from 2003 to 2007.  Nonfarm business sector productivity grew 1.8 
percent in 2007 (table B).  In both sectors, the modest productivity 
improvement reflected output growth of 2.3 percent combined with small 
increases in hours worked: business sector hours increased 0.4 percent, and 
hours increased 0.5 percent in the nonfarm business sector.


------------------------------------------------------------------------------
Table B. Productivity and costs: Revised 2007 annual averages
(Seasonally adjusted annual rates)
------------------------------------------------------------------------------
                                                               Real
                                                     Hourly    hourly    Unit
                        Produc-                      compen-   compen-   labor
Sector                  tivity    Output   Hours     sation    sation    costs
------------------------------------------------------------------------------
                           Percent change from previous year
                           
Business                  1.9      2.3      0.4        5.0       2.3      3.1
Nonfarm business          1.8      2.3      0.5        4.9       2.3      3.1
Manufacturing             3.7      2.0     -1.7        5.4       2.7      1.6
  Durable                 4.9      2.9     -1.9        5.5       2.9      0.6
  Nondurable              2.2      0.9     -1.2        5.1       2.5      2.9
------------------------------------------------------------------------------
  
   Hourly compensation increased 5.0 percent in the business sector and 4.9 
percent in the nonfarm business sector.  Real hourly compensation increased 
2.3 percent during 2007 in both the business and nonfarm business sectors.  
Unit labor costs increased 3.1 percent in the business and nonfarm business 
sectors in 2007, faster than in any year since 2000, when unit labor costs 
grew 4.1 percent in the business sector and 4.2 percent in the nonfarm 
business sector. 


Manufacturing

   Manufacturing productivity grew 3.7 percent in 2007, reflecting an 
increase in output of 2.0 percent and a decrease in hours of 1.7 percent.  In 
2006, output per hour had increased 4.3 percent, as output grew 4.9 percent 
and hours rose 0.6 percent.  Productivity also grew at a 4.3 percent average 
annual rate from 2000 to 2005.  Labor productivity increased 4.9 percent in 
durable goods manufacturing during 2007, as output rose 2.9 percent and hours 
fell 1.9 percent.  Productivity in nondurable goods manufacturing increased 
2.2 percent in 2007, reflecting a 0.9 percent increase in output and a 1.2 
percent drop in hours (tables B, 3, 4, and 5).

   Hourly compensation of manufacturing workers increased 5.4 percent in 
2007, compared to a 2.8 percent increase one year earlier.  Hourly 
compensation increased 5.5 percent in durable manufacturing and 5.1 percent 
in nondurable goods industries.  Real hourly compensation in the 
manufacturing sector increased 2.7 percent in 2007 after decreasing 0.5 
percent in 2006.

   From 2006 to 2007, unit labor costs rose 1.6 percent in manufacturing--
the largest increase in this measure since 2000, when unit labor costs 
increased 4.9 percent.  During 2007, unit labor costs increased 0.6 percent 
in durable manufacturing and 2.9 percent in nondurable manufacturing.


------------------------------------------------------------------------------
Table C. Previous and revised productivity and related measures:
Fourth-quarter 2007, third-quarter 2007, and annual averages 2007
(Seasonally adjusted annual rates)
------------------------------------------------------------------------------
                                                               Real
                                                     Hourly    hourly    Unit
                        Produc-                      compen-   compen-   labor
Sector                  tivity    Output   Hours     sation    sation    costs
------------------------------------------------------------------------------
                           Percent change, fourth quarter 2007
Business:                  
  Previous               0.6        0.2     -0.5       2.8      -1.4      2.2
  Revised                1.0        0.2     -0.7       3.6      -1.3      2.7
Nonfarm business:
  Previous               1.8        0.4     -1.5       3.9      -0.3      2.1
  Revised                1.9        0.3     -1.6       4.6      -0.5      2.6
Manufacturing:
  Previous               2.5       -1.9     -4.3       4.2      -0.1      1.7
  Revised                2.3       -1.7     -3.9       4.4      -0.6      2.1
------------------------------------------------------------------------------
                           Percent change, third quarter 2007
Business:                  
  Previous               6.5        5.7     -0.7       4.4       2.4     -2.0
  Revised                6.6        5.7     -0.9       3.7       0.8     -2.8
Nonfarm business:
  Previous               6.0        5.6     -0.3       4.0       2.0     -1.9
  Revised                6.3        5.6     -0.6       3.4       0.6     -2.7
Manufacturing:
  Previous               4.0        3.9     -0.1       1.0      -0.8     -2.9
  Revised                4.1        3.9     -0.2       0.7      -2.0     -3.3
------------------------------------------------------------------------------
                           Percent change, 2006 - 2007
Business:                  
  Previous               1.6        2.3      0.7       4.8       1.9      3.1
  Revised                1.9        2.3      0.4       5.0       2.3      3.1
Nonfarm business:
  Previous               1.6        2.3      0.7       4.8       1.8      3.1
  Revised                1.8        2.3      0.5       4.9       2.3      3.1
Manufacturing:
  Previous               2.9        2.0     -1.0       4.6       1.7      1.6
  Revised                3.7        2.0     -1.7       5.4       2.7      1.6
------------------------------------------------------------------------------


REVISED MEASURES


        Quarterly and annual measures for all sectors were revised back to 2003 
to incorporate the annual benchmark adjustment and updated information on 
seasonal trends from the BLS nonfarm payroll series, and were also revised 
back to 1990 to convert all employee-hours series to NAICS 2007 
classification (appendix tables 1-5).  Hours and related measures for the 
business and nonfarm business sectors were revised to incorporate updated 
information on seasonal trends in Current Population Survey data on hours 
worked.  Quarterly measures of consumer prices and real hourly compensation 
during 2007 also reflect the recalculation of seasonal factors for the 
Consumer Price Index for All Urban Consumers (CPI-U).  Full quarterly and annual 
historical series are available on the BLS website, 
http://www.bls.gov/data/home.htm or by contacting the BLS Division of Major 
Sector Productivity at (202) 691-5606. 

   Previous and revised productivity and related data for the third 
quarter, fourth quarter, and full year 2007 for business, nonfarm business, 
and manufacturing are displayed in Table C.  In the fourth quarter of 2007, 
productivity growth was revised up from 0.6 percent to 1.0 percent in the 
business sector, and from 1.8 percent to 1.9 percent in the nonfarm business 
sector.  In both sectors the upward revisions resulted from downward 
revisions to hours, with output little changed.  The upward revisions to 
productivity were less than the upward revisions to hourly compensation, so 
unit labor costs were revised up in both sectors, by 0.5 percentage points.  
In the manufacturing sector, fourth-quarter productivity growth was revised 
down from 2.5 percent to 2.3 percent; both output and hours were revised up 
slightly.  The combination of the downward revision to productivity and a 
small upward revision to hourly compensation led to an upward revision in 
unit labor costs from 1.7 percent to 2.1 percent.
         
   Productivity growth was revised up in all major sectors for the third 
quarter, due solely to downward revisions to hours; output was not revised.  
Hourly compensation growth was revised down in all sectors, contributing to 
downward revisions in unit labor costs.  
        
   After revisions to annual averages, productivity grew more in 2007 in 
all major sectors than previously reported.  These upward revisions to 
productivity were offset by upward revisions to hourly compensation, and as a 
result unit labor costs grew at the same rates reported Feb. 6.  
        
        
Revised measures: Nonfinancial corporations
       
       
   Measures for the nonfinancial corporate sector also were revised today 
to incorporate new information regarding output and compensation in the third 
quarter of 2007.  Productivity in nonfinancial corporations in third-quarter 
2007 was revised down from the preliminary estimate as output was revised 
down more than hours worked.  Hourly compensation was revised down by more 
than productivity, and so unit labor costs edged down, rather than increasing 
as reported Feb. 6.  Unit profits posted a slightly smaller decrease than 
originally reported.  


------------------------------------------------------------------------------
Table D.  Nonfinancial corporations:  Previous and revised productivity and 
cost measures
Quarterly percent changes at seasonally adjusted annual rates
------------------------------------------------------------------------------
                                           Real 
                                  Hourly   hourly   Unit              Implicit
         Produc-                  compen-  compen-  labor   Unit      price
         tivity   Output  Hours   sation   sation   costs   profits   deflator
------------------------------------------------------------------------------
                              Third quarter 2007
                                 
Previous  3.7      4.6     0.8      4.1      2.2     0.4    -11.0       -1.6
Revised   2.9      3.7     0.7      2.8      0.1    -0.1    -10.2       -1.6
------------------------------------------------------------------------------
       
       
                              Next release date

   The next release of Productivity and Costs is scheduled for 8:30 A.M. 
EDT, Wednesday, May 7, 2008, and will present preliminary first-quarter 2008 
measures for business, nonfarm business, and manufacturing.  Fourth-quarter 
2007 and annual average data for 2007 for nonfinancial corporations will be 
released at that time.




			   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.  
Weekly paid hours are adjusted to hours at work using data from the National 
Compensation Survey (NCS).  The BLS Hours at Work survey, conducted for this 
purpose, was used for earlier years.  The Office of Productivity and 
Technology estimates average weekly hours at work for nonproduction and 
supervisory workers using information from the Current Population Survey 
(CPS), the CES, and the NCS.
      Data from the CPS are used for farm labor, nonfarm proprietors, and 
nonfarm unpaid family workers.  Estimates of labor input for government 
enterprises are derived from the CPS, the CES, and the National Income and 
Product Accounts (NIPA) prepared by the Bureau of Economic Analysis (BEA) of 
the Department of Commerce.
      The CES measures jobs, counting a person who is employed by two or more 
establishments at each place of employment. In contrast, the CPS features 
measures of employment that count each person only once and classify each 
person according to his or her primary job; hours worked at all jobs by that 
person accrue to his or her primary job.  However, the CPS also collects more 
detailed information on employment and hours worked at primary jobs and all 
other jobs, separately.  The BLS productivity measures use the more detailed 
information on employment and hours to assign all hours worked to the correct 
industrial sector and avoid duplicating hours data from the CES.

Output: Business sector output is an annual-weighted index constructed after 
excluding from gross domestic product (GDP) the following outputs: general 
government, nonprofit institutions, and private households (including owner-
occupied housing). Corresponding exclusions also are made in labor inputs. 
Business output accounted for about 78 percent of the value of GDP in 2000. 
Nonfarm business, which also excludes farming, accounted for about 77 percent 
of GDP in 2000.
      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 
BLS.  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 3-digit NAICS industries: wood product 
manufacturing; nonmetallic mineral product manufacturing; primary metal 
manufacturing; fabricated metal product manufacturing; machinery 
manufacturing; computer and electronic product manufacturing; electrical 
equipment and appliance manufacturing; transportation equipment manu-
facturing; furniture and related product manufacturing; and miscellaneous 
manufacturing. Nondurables include: food manufacturing; beverage and tobacco 
product manufacturing; textile mills; textile product mills; apparel 
manufacturing; leather and allied product manufacturing; paper manufacturing; 
printing and related support activities; petroleum and coal products 
manufacturing; chemical manufacturing; and plastics and rubber products 
manufacturing.
      Nonfinancial corporate output is an annual-weighted index calculated on 
the basis of the costs incurred and the incomes earned from production.  The 
output measure excludes the following outputs from GDP: general government; 
nonprofit institutions; private households; unincorporated business; and 
those corporations classified as offices of bank holding companies, offices 
of other holding companies, or offices in the finance and insurance sector. 
Nonfinancial corporations accounted for about 54 percent of the value of GDP 
in 2000.
      
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.

Labor Compensation: Estimates of labor compensation by major sector, required 
for measures of hourly compensation and unit labor costs, are based primarily 
on employee compensation data from the NIPA, prepared by the BEA.  The 
compensation of employees in general government, nonprofit institutions and 
private households are subtracted from compensation of domestic employees to 
derive employee compensation for the business sector. The labor compensation 
of proprietors cannot be explicitly identified and must be estimated.  This 
is done by assuming that proprietors have the same hourly compensation as 
employees in the same sector.  The quarterly labor productivity and cost 
measures do not contain estimates of compensation for unpaid family workers.  
        
Unit Labor Costs:  The measures of unit labor costs in this release describe 
the relationship between compensation per hour and productivity, or real 
output per hour, and can be used as an indicator of inflationary pressure on 
producers.  Increases in hourly compensation increase unit labor costs; labor 
productivity increases offset compensation increases and lower unit labor 
costs. 

Presentation of the data:  The quarterly data in this release are presented 
in three ways; as index number series where 1992=100, as percent changes from 
the corresponding quarter of the previous year, and as percent changes from 
the previous quarter presented at a compound annual rate.  Annual data are 
presented both as index number series and percent changes from the previous 
year.  
	The index numbers and rates of change reported in the productivity and 
costs news release are rounded to one decimal place.  All percent changes in 
this release and on the BLS web site are calculated using index numbers to 
three decimal places.  These index numbers are available at the BLS web site, 
http://www.bls.gov/data/home.htm, or by contacting the BLS Division of Major 
Sector Productivity.  (Telephone 202-691-5606 or email DPRWEB@BLS.GOV)
        
        Information in this release will be made available to sensory-impaired 
individuals upon request. Voice phone: 202-691-5606; 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

2005       I    r134.3      157.2    r117.0    r161.5      r120.4     r120.2      r128.1      123.1
          II    r134.3      158.5    r118.0    r161.7      r119.4     r120.4      r129.9      123.9
         III    r135.9      160.6    r118.2    r164.1      r119.5     r120.8      r132.0      125.0
          IV    r135.6      161.0    r118.8    r165.4      r119.5     r122.0      r133.0      126.1

      ANNUAL    r135.0      159.3    r118.0    r163.2      r119.7     r120.9      r130.8      124.5

2006       I    r136.3      163.2    r119.7    r168.3      r121.0     r123.4      r132.9      127.0
          II    r136.7      164.2    r120.1    r168.1      r119.4     r123.0      r136.5      128.0
         III    r136.1      164.4    r120.8    r168.7      r118.9     r123.9      r136.7      128.7
          IV    r136.6      165.5    r121.1    r173.5      r122.9     r127.0      r132.1      128.9

      ANNUAL    r136.4      164.3    r120.4    r169.7      r120.5     r124.3      r134.6      128.2

2007       I    r136.8      165.6    r121.0    r176.1      r123.7     r128.7      r132.7      130.2
          II    r138.1      167.3    r121.2    r177.2      r123.1     r128.3      r135.3      130.9
         III    r140.3      169.7    r120.9    r178.8      r123.4     r127.4      r137.2      131.0
          IV    r140.7     r169.8    r120.7    r180.4      r122.9     r128.2      r137.8     r131.8

      ANNUAL    r139.0     r168.1    r121.0    r178.1      r123.3     r128.2      r135.8     r131.0

---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

2005       I      r2.8        3.7      r0.9       3.0        r1.0       r0.2        r8.9        3.4
          II      r0.0        3.3      r3.3      r0.6       r-3.2       r0.6        r5.7        2.6
         III      r4.6        5.5      r0.9      r6.1        r0.5       r1.4        r6.8        3.5
          IV     r-0.9        1.0      r1.9      r3.2       r-0.2       r4.1        r2.9        3.7

      ANNUAL       2.0        3.6       1.6       4.0         0.6        2.0         4.9        3.1

2006       I      r2.3        5.5      r3.1      r7.1         5.1       r4.7       r-0.2        2.8
          II      r1.1        2.5      r1.5     r-0.5       r-5.2      r-1.5       r11.3        3.3
         III     r-1.6        0.6      r2.3      r1.5       r-1.7        3.1         0.5        2.1
          IV      r1.4        2.6      r1.2     r11.8       r14.2      r10.4      r-12.7        0.8

      ANNUAL       1.0        3.1       2.1      r4.0        r0.7        2.9         2.9        2.9

2007       I      r0.6        0.2     r-0.4      r6.1        r2.8       r5.5        r1.8        4.1
          II      r3.8        4.4      r0.5      r2.5       r-2.0      r-1.3        r8.1        2.2
         III      r6.6        5.7     r-0.9      r3.7        r0.8      r-2.8        r5.5        0.3
          IV      r1.0        0.2     r-0.7      r3.6       r-1.3       r2.7        r1.9       r2.3

      ANNUAL      r1.9        2.3      r0.4      r5.0        r2.3        3.1        r0.9        2.2

---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

2005       I       2.5        3.8      r1.3      r4.9         1.9        2.4         4.1        3.1
          II       1.5        3.5       2.0       3.8         0.9        2.3         3.6        2.8
         III       2.4        3.9       1.5       4.0        r0.2        1.6        r5.9        3.2
          IV       1.6        3.4       1.7       3.2        -0.5        1.6         6.1        3.3

      ANNUAL       2.0        3.6       1.6       4.0         0.6        2.0         4.9        3.1

2006       I       1.5        3.8       2.3       4.2         0.5        2.7         3.8        3.1
          II      r1.8        3.6       1.8      r4.0         0.0        2.2         5.1        3.3
         III       0.2        2.4       2.2       2.8        -0.6        2.6         3.5        3.0
          IV      r0.8        2.8      r2.0      r4.9        r2.9        4.1        -0.6        2.2

      ANNUAL       1.0        3.1       2.1      r4.0        r0.7        2.9         2.9        2.9

2007       I      r0.3        1.5      r1.1      r4.6        r2.3        4.3        -0.1        2.6
          II      r1.0        1.9      r0.9      r5.4        r3.1        4.3       r-0.9        2.3
         III      r3.1        3.2      r0.1      r6.0        r3.8       r2.8        r0.4        1.8
          IV      r3.0        2.6     r-0.4      r4.0        r0.1       r1.0        r4.3        2.2

      ANNUAL      r1.9        2.3      r0.4      r5.0        r2.3        3.1        r0.9        2.2

---------------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                       March 5, 2008
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

2005       I    r133.3      157.4    r118.0    r160.3      r119.5     r120.2      r129.6      123.6
          II    r133.6      158.6    r118.7    r160.9      r118.8     r120.4      r131.3      124.5
         III    r135.0      160.8    r119.1    r163.2      r118.9     r120.9      r133.8      125.6
          IV    r134.5      161.2    r119.8    r164.3      r118.6     r122.1      r134.8      126.8

      ANNUAL    r134.1      159.5    r118.9    r162.2      r118.9     r120.9      r132.4      125.1

2006       I    r135.2      163.4    r120.8    r167.0      r120.0     r123.5      r134.9      127.7
          II    r135.7      164.4    r121.2    r167.0      r118.6     r123.1      r138.8      128.9
         III    r135.2      164.7    r121.8    r167.6      r118.1     r124.0      r138.6      129.4
          IV    r135.7      165.7    r122.1    r172.5      r122.2     r127.2      r133.5      129.5

      ANNUAL    r135.4      164.5    r121.5    r168.6      r119.7     r124.5      r136.4      128.9

2007       I    r136.0      165.9    r121.9    r175.2      r123.1     r128.8      r133.8      130.6
          II    r136.9      167.6    r122.4    r175.8      r122.1     r128.4      r136.3      131.3
         III    r139.0      169.9    r122.2    r177.3      r122.3     r127.5      r137.9      131.3
          IV    r139.7     r170.0    r121.8    r179.2      r122.2     r128.3      r138.3     r132.0

      ANNUAL    r137.9     r168.4    r122.1    r176.9      r122.4     r128.3      r136.6     r131.3

---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

2005       I      r3.4        3.9      r0.5      r3.4        r1.4       r0.0       r10.2        3.8
          II      r0.7        3.2      r2.5      r1.6       r-2.3       r0.8        r5.7        2.7
         III      r4.3        5.6      r1.2      r5.8        r0.3       r1.4        r7.5        3.8
          IV      -1.4        0.9       2.4      r2.7       r-0.7       r4.2        r3.0        3.7

      ANNUAL       1.9        3.6      r1.7       4.0        r0.6        2.0         5.5        3.4

2006       I      r2.1        5.7      r3.5      r6.9        r4.8       r4.7        r0.3        3.0
          II      r1.3        2.4      r1.1      r0.0       r-4.8      r-1.3       r12.1        3.7
         III     r-1.5        0.8      r2.3      r1.5       r-1.7       r3.0        -0.4        1.6
          IV      r1.6        2.6      r1.0     r12.3       r14.7      r10.5      r-13.9        0.3

      ANNUAL       1.0        3.2       2.2       3.9         0.6        2.9         3.1        3.0

2007       I      r1.0        0.3     r-0.6      r6.4        r3.1       r5.4        r0.7        3.6
          II      r2.6        4.2      r1.6      r1.3       r-3.1      r-1.3        r7.8        2.1
         III      r6.3        5.6     r-0.6      r3.4        r0.6      r-2.7        r4.8        0.1
          IV      r1.9       r0.3     r-1.6      r4.6       r-0.5       r2.6         1.0       r2.0

      ANNUAL      r1.8        2.3      r0.5      r4.9        r2.3        3.1        r0.1        1.9

---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

2005       I      r2.4        3.8       1.4      r4.8         1.8       r2.4        r4.7        3.3
          II       1.4        3.4       2.0       3.9        r1.0        2.5         4.3        3.2
         III       2.2        3.8      r1.6       4.0        r0.2        1.7         6.4        3.5
          IV       1.7        3.4      r1.6      r3.4       r-0.3        1.6         6.6        3.5

      ANNUAL       1.9        3.6      r1.7       4.0        r0.6        2.0         5.5        3.4

2006       I       1.4        3.8       2.4       4.2         0.5        2.8         4.1        3.3
          II      r1.6        3.6       2.0       3.8        -0.2        2.2         5.7        3.5
         III       0.1        2.4      r2.3       2.7       r-0.6        2.6         3.6        3.0
          IV       0.9        2.8      r1.9       5.0         3.0        4.1        -0.9        2.2

      ANNUAL       1.0        3.2       2.2       3.9         0.6        2.9         3.1        3.0

2007       I      r0.6        1.5      r0.9      r4.9        r2.6        4.3        -0.8        2.3
          II      r0.9        2.0      r1.0      r5.3        r3.0       r4.3       r-1.8        1.9
         III      r2.9        3.2      r0.3      r5.8        r3.6       r2.8       r-0.5        1.5
          IV      r2.9        2.6     r-0.3      r3.9        r0.0       r0.9        r3.5       r1.9

      ANNUAL      r1.8        2.3      r0.5      r4.9        r2.3        3.1        r0.1        1.9

---------------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                       March 5, 2008
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

2005       I           r168.3        142.7        r84.8       r166.2         r123.9          98.7
          II           r171.1        143.8        r84.0       r168.0         r124.1         r98.2
         III           r172.7        144.5        r83.7       r170.4         r124.1         r98.7
          IV           r173.6        147.3        r84.8       r168.7         r121.9         r97.2

      ANNUAL           r171.4        144.6        r84.3       r168.3         r123.5         r98.2

2006       I           r175.2        149.5        r85.3       r172.4         r123.9         r98.4
          II           r177.4        151.6        r85.4       r170.5         r121.1         r96.1
         III           r180.8        153.4        r84.8       r171.6         r120.9         r94.9
          IV           r181.7        152.6        r84.0       r177.4         r125.6         r97.6

      ANNUAL           r178.7        151.7        r84.9       r173.0         r122.8         r96.8

2007       I           r183.0        152.9        r83.6       r181.8         r127.7         r99.3
          II           r184.5        154.6        r83.8       r181.6         r126.2         r98.4
         III           r186.4        156.1        r83.7       r181.9         r125.5         r97.6
          IV           r187.5       r155.4        r82.9       r183.9         r125.3         r98.1

      ANNUAL           r185.3       r154.7        r83.5       r182.3         r126.2         r98.3

--------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

2005       I             r4.7          4.6        r-0.1         r1.1           -0.9         r-3.5
          II             r6.8          3.1        r-3.5         r4.5           r0.5          -2.2
         III             r3.6          2.1        r-1.5         r5.8           r0.3           2.1
          IV             r2.3          7.9         r5.5        r-3.9          r-7.1          -6.0

      ANNUAL             r4.7          3.5        r-1.1          4.2           r0.9         r-0.4

2006       I             r3.7          6.0         r2.2         r9.1           r6.9           5.1
          II             r5.1          5.7         r0.6        r-4.4          r-8.9          -9.1
         III             r7.9          4.8        r-2.8         r2.7          r-0.5          -4.8
          IV             r1.9         -2.1        r-3.9        r14.1          r16.5          12.0

      ANNUAL             r4.3          4.9         r0.6         r2.8          r-0.5          -1.5

2007       I             r3.0          0.9        r-2.0        r10.3           r6.8          r7.1
          II             r3.4          4.4         r1.0        r-0.4          r-4.7         r-3.6
         III             r4.1          3.9        r-0.2         r0.7          r-2.0         r-3.3
          IV             r2.3        r-1.7        r-3.9         r4.4          r-0.6          r2.1

      ANNUAL             r3.7          2.0        r-1.7         r5.4           r2.7           1.6

--------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

2005       I             r4.2          3.1        r-1.0          6.0            2.9          r1.7
          II             r4.9          3.4        r-1.5         r5.1           r2.2          r0.2
         III              5.2          3.3        r-1.8         r4.2           r0.4         r-1.0
          IV              4.4          4.4          0.0          1.8           -1.8         r-2.4

      ANNUAL             r4.7          3.5        r-1.1          4.2           r0.9         r-0.4

2006       I             r4.1          4.7         r0.6         r3.8           r0.0          -0.3
          II             r3.7          5.4         r1.6         r1.5          r-2.4          -2.1
         III             r4.7          6.1         r1.3         r0.7          r-2.6          -3.8
          IV             r4.6          3.6        r-1.0         r5.1           r3.1           0.5

      ANNUAL             r4.3          4.9         r0.6         r2.8          r-0.5          -1.5

2007       I             r4.4          2.3        r-2.1         r5.4           r3.0           0.9
          II             r4.0          2.0        r-1.9         r6.5           r4.2           2.4
         III             r3.1          1.8        r-1.3         r6.0           r3.8          r2.8
          IV             r3.2         r1.9        r-1.3         r3.7          r-0.2           0.5

      ANNUAL             r3.7          2.0        r-1.7         r5.4           r2.7           1.6

--------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                March 5, 2008
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

2005       I           r189.7        169.7        r89.4       r161.3         r120.3         r85.0
          II           r193.6        171.6        r88.6       r162.7         r120.1         r84.0
         III           r196.8        174.5        r88.7       r165.5         r120.6         r84.1
          IV           r200.6        180.5        r90.0       r163.5         r118.1         r81.5

      ANNUAL           r195.2        174.1        r89.2       r163.3         r119.7         r83.6

2006       I           r202.3        182.9        r90.4       r168.1         r120.8         r83.1
          II           r205.9        187.1        r90.9       r166.1         r117.9         r80.7
         III           r211.1        189.6        r89.8       r167.3         r117.8         r79.2
          IV           r212.3        188.9        r89.0       r173.6         r123.0         r81.8

      ANNUAL           r207.9        187.2        r90.0       r168.7         r119.8         r81.2

2007       I           r213.6        188.7        r88.3       r177.6         r124.8         r83.2
          II           r216.9        192.1        r88.6       r177.5         r123.3         r81.8
         III           r219.8        195.0        r88.7       r177.5         r122.5         r80.8
          IV           r222.1       r194.7        r87.7       r179.8         r122.5         r80.9

      ANNUAL           r218.1       r192.6        r88.3       r178.1         r123.3         r81.7

--------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

2005       I             r3.8          5.5         r1.7         r0.3          r-1.6         r-3.3
          II             r8.5          4.7        r-3.5         r3.4          r-0.5          -4.7
         III             r6.8          6.8         r0.1         r7.2           r1.5           0.4
          IV             r8.0         14.5         r6.1        r-4.7          r-7.9         -11.7

      ANNUAL             r5.1          5.0        r-0.1          3.8            0.5         r-1.1

2006       I             r3.5          5.5         r2.0        r11.6           r9.4           7.9
          II             r7.2          9.4         r2.1        r-4.7          r-9.2        r-11.1
         III            r10.5          5.5        r-4.6         r2.9          r-0.3          -6.9
          IV             r2.3         -1.4        r-3.6        r16.1          r18.5          13.5

      ANNUAL             r6.5          7.5         r1.0         r3.4           r0.1          -2.9

2007       I             r2.5         -0.5        r-2.9         r9.6           r6.1           6.9
          II             r6.2          7.3         r1.0        r-0.4          r-4.7          -6.2
         III             r5.4          6.3         r0.8         r0.1          r-2.6         r-5.1
          IV             r4.2        r-0.7        r-4.7          5.2           r0.1          r0.9

      ANNUAL             r4.9          2.9        r-1.9         r5.5           r2.9           0.6

--------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

2005       I             r2.8          3.0         r0.1         r5.9           r2.8          r3.0
          II             r4.6          4.0        r-0.5         r4.5           r1.6         r-0.1
         III             r6.0          5.1        r-0.9         r3.6          r-0.1         r-2.2
          IV             r6.7          7.8         r1.0          1.5          r-2.2         r-4.9

      ANNUAL             r5.1          5.0        r-0.1          3.8            0.5         r-1.1

2006       I             r6.6          7.8         r1.1         r4.2           r0.5          -2.3
          II              6.3          9.0         r2.5         r2.1          r-1.8          -4.0
         III             r7.3          8.7         r1.3         r1.1          r-2.3          -5.8
          IV             r5.8          4.7        r-1.1         r6.2           r4.1           0.3

      ANNUAL             r6.5          7.5         r1.0         r3.4           r0.1          -2.9

2007       I             r5.6          3.2        r-2.3         r5.7           r3.3           0.1
          II             r5.3          2.6        r-2.6         r6.9           r4.6           1.4
         III             r4.1          2.8        r-1.2         r6.1           r3.9          r1.9
          IV             r4.6         r3.0        r-1.5         r3.5          r-0.4          -1.0

      ANNUAL             r4.9          2.9        r-1.9         r5.5           r2.9           0.6

--------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                March 5, 2008
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

2005       I           r147.4        114.7        r77.8       r173.4         r129.3        r117.6
          II           r149.2        115.1        r77.1       r176.2         r130.1        r118.1
         III           r149.7        114.2        r76.3       r177.6         r129.3        r118.6
          IV           r148.4        114.4        r77.1       r176.4         r127.4        r118.9

      ANNUAL           r148.7        114.6        r77.1       r175.9         r129.0        r118.3

2006       I           r149.8        116.3        r77.6       r178.3         r128.2         119.0
          II           r151.2        116.8        r77.2       r176.4         r125.3        r116.7
         III           r152.6        117.9        r77.3       r177.6         r125.1        r116.4
          IV           r153.1        117.1        r76.4       r181.9         r128.9        r118.8

      ANNUAL           r151.6        117.0        r77.2       r178.6         r126.8        r117.8

2007       I           r154.3        117.8        r76.4       r187.1         r131.5        r121.3
          II           r154.4        118.2        r76.6       r187.0         r129.9        r121.1
         III           r155.6        118.6        r76.2       r187.7         r129.5        r120.7
          IV           r155.4       r117.7        r75.7       r189.1         r128.9        r121.7

      ANNUAL           r154.9       r118.1        r76.2       r187.7         r130.0        r121.2

--------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

2005       I             r6.8          3.3        r-3.3         r2.2           r0.2          -4.3
          II              4.9          1.3        r-3.5         r6.6            2.5           1.6
         III             r1.3         -3.0        r-4.3         r3.1          r-2.3           1.7
          IV            r-3.5          0.8         r4.5        r-2.5          r-5.8           1.0

      ANNUAL              4.8          1.9        r-2.8          4.8            1.4           0.0

2006       I              3.9          6.6         r2.6         r4.4            2.3           0.4
          II             r3.7          1.7        r-1.9        r-4.2          r-8.7          -7.6
         III             r3.8          4.1         r0.3         r2.7          r-0.5         r-1.1
          IV             r1.4         -2.9        r-4.3        r10.2          r12.5           8.6

      ANNUAL             r2.0          2.1         r0.1         r1.5          r-1.7          -0.5

2007       I             r3.1          2.6        r-0.5        r11.9           r8.4          r8.6
          II             r0.2          1.2         r1.1        r-0.4          r-4.8          -0.6
         III             r3.2          1.3         -1.9         r1.7          r-1.0         r-1.4
          IV            r-0.5        r-2.9        r-2.4         r3.0          r-1.9           3.5

      ANNUAL             r2.2          0.9        r-1.2         r5.1           r2.5          r2.9

--------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

2005       I             r6.4          3.3        r-2.9         r6.0           r2.9          -0.4
          II             r5.9          2.5        r-3.2          6.1           r3.1           0.2
         III             r4.8          1.2        r-3.4         r5.0           r1.2           0.1
          IV              2.3          0.6         -1.7          2.3           -1.4           0.0

      ANNUAL              4.8          1.9        r-2.8          4.8            1.4           0.0

2006       I             r1.6          1.4        r-0.2         r2.8          r-0.9           1.2
          II             r1.3          1.5         r0.1         r0.1          r-3.7          -1.2
         III             r1.9          3.3         r1.3         r0.0          r-3.3          -1.9
          IV             r3.2          2.3        r-0.9         r3.1           r1.1          -0.1

      ANNUAL             r2.0          2.1         r0.1         r1.5          r-1.7          -0.5

2007       I             r3.0          1.3        r-1.6         r5.0           r2.6           1.9
          II             r2.1          1.2        r-0.9         r6.0           r3.7          r3.8
         III             r2.0          0.5        r-1.4         r5.7           r3.5          r3.7
          IV             r1.5         r0.5        r-0.9         r4.0           r0.1          r2.5

      ANNUAL             r2.2          0.9        r-1.2         r5.1           r2.5          r2.9

--------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                March 5, 2008
r=revised                                                       Source: Bureau of Labor Statistics






Table 6. Nonfinancial corporate sector: 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

2005       I    140.3    164.6     117.3    158.0     117.8     112.6    111.5    112.3    151.9    115.9
          II   r141.1    166.8    r118.2   r158.5    r117.0     112.3    111.7    112.1    161.7    116.6
         III   r140.5    166.9    r118.8   r160.8    r117.2     114.4    115.1    114.6    147.5    117.6
          IV   r141.4    169.2    r119.7   r161.8    r116.9     114.5    112.8    114.0    159.5    118.1

      ANNUAL   r140.8    166.9    r118.5   r159.8    r117.2     113.5    112.8    113.3    155.2    117.0

2006       I   r142.4    171.5    r120.4   r163.8    r117.8     115.0    112.5    114.4    164.4    118.8
          II   r141.8    171.5    r120.9   r163.9    r116.4     115.6    114.3    115.2    164.8    119.7
         III   r142.9    173.6    r121.5   r164.6    r115.9     115.2    113.8    114.8    172.6    120.0
          IV   r143.4    174.6    r121.8   r169.3    r119.9     118.1    114.5    117.1    150.0    120.1

      ANNUAL   r142.6    172.8    r121.1   r165.4    r117.5     116.0    113.8    115.4    162.9    119.6

2007       I   r143.8    175.0    r121.7   r171.4    r120.4     119.2    114.6    118.0    154.3    121.2
          II   r144.6    176.3    r121.9   r172.4    r119.8     119.3    114.8    118.0    158.2    121.6
         III   r145.6   r177.9    r122.2   r173.6    r119.8    r119.2   r114.4   r117.9   r153.9    121.2
----------------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)

2005       I     r0.2      0.3      r0.2     r2.6      r0.6       2.4      6.8      3.6      9.8      4.3
          II     r2.3      5.4      r3.0      1.2      -2.6      -1.0      0.5     -0.6     28.4      2.5
         III     -1.6      0.4      r2.1     r6.0       0.5       7.8     12.7      9.1    -30.8      3.4
          IV     r2.5      5.6      r3.0     r2.6     r-0.9       0.0     -7.6     -2.1     36.9      1.8

      ANNUAL      1.1      2.7      r1.7      3.8      r0.4       2.7      3.0      2.8      7.0      3.3

2006       I     r2.9      5.5      r2.5     r5.0      r3.0       2.0     -1.0      1.2     12.7      2.6
          II    r-1.7     -0.1       1.7      0.2     r-4.5       2.0      6.4      3.1      1.2      2.9
         III      3.1      5.0       1.9      1.6     r-1.6      -1.4     -1.5     -1.5     20.1      1.0
          IV     r1.4      2.4      r1.0    r12.1     r14.4      10.5      2.2      8.3    -42.9      0.3

      ANNUAL      1.3      3.5       2.2      3.5       0.2       2.2      0.9      1.9      5.0      2.2

2007       I     r1.2      0.9     r-0.3     r5.1      r1.7       3.8      0.5      2.9     11.8      3.9
          II      2.1      2.9       0.8      2.3     r-2.2       0.2      0.5      0.3     10.4      1.4
         III     r2.9     r3.7      r0.7     r2.8      r0.1     r-0.1    r-1.2    r-0.4   r-10.2     -1.6
----------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year

2005       I     r2.1      3.3       1.1     r4.7       1.7       2.5      1.8      2.3     12.4      3.4
          II      1.6      3.3       1.7      3.7       0.7       2.1      2.1      2.1     10.9      3.1
         III    r-0.2      1.5       1.7      3.8      r0.0       4.0      5.4      4.3     -2.1      3.6
          IV      0.8      2.9       2.1      3.1      -0.6       2.3      2.8      2.4      7.5      3.0

      ANNUAL      1.1      2.7      r1.7      3.8      r0.4       2.7      3.0      2.8      7.0      3.3

2006       I      1.5      4.2       2.6      3.7       0.0       2.2      0.9      1.8      8.2      2.6
          II      0.5      2.8       2.3      3.4      -0.5       2.9      2.3      2.8      1.9      2.7
         III      1.7      4.0       2.3      2.3      -1.0       0.6     -1.1      0.2     17.0      2.1
          IV      1.4      3.2       1.8      4.6       2.6       3.2      1.5      2.7     -5.9      1.7

      ANNUAL      1.3      3.5       2.2      3.5       0.2       2.2      0.9      1.9      5.0      2.2

2007       I     r1.0      2.1      r1.1     r4.6      r2.3       3.6      1.8      3.2     -6.1      2.0
          II     r1.9      2.8      r0.9     r5.2      r2.9       3.2      0.4      2.4     -4.1      1.6
         III      1.9     r2.5      r0.6     r5.5      r3.3      r3.5     r0.5      2.7   r-10.8      1.0
----------------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                        March 5, 2008
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 
-1.5 and +1.4 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 third quarter of 2007.

	

			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 1978-2006 is based on the 
Consumer Price Index research series (CPI-U-RS).

(3)  Unit nonlabor payments include profits, consumption of fixed capital, 
taxes on production and imports less subsidies, net interest and 
miscellaneous payments, business current transfer payments, rental 
income of persons, and the current surplus of government enterprises.

(4)  Current dollar output divided by the output index.

(5)  Quarterly changes:  Percent change compounded at annual rate is 
calculated using index numbers to three decimal places.  Indexes 
published in the news release are rounded to one decimal place for 
convenience.  Annual changes:  Percent change is calculated using annual 
average indexes to three decimal places.

(6)  Unit nonlabor costs include consumption of fixed capital, taxes on 
production and imports less subsidies, net interest and miscellaneous 
payments, and business current transfer payments.

(7)  Total unit costs are the sum of unit labor and nonlabor costs.

(8)  Unit profits include corporate profits before tax with inventory 
valuation and capital consumption adjustments.




Appendix table 1.
 Business sector: Revised 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

 2003       I    r125.8      144.4    r114.8    r148.1      r115.8     r117.7      r116.5      117.3
           II    r128.0      146.0    r114.1    r150.8      r117.8     r117.8      r116.8      117.4
          III    r130.7      149.7    r114.5    r152.4      r118.4     r116.6      r120.2      118.0
           IV    r130.3      150.1    r115.1    r153.7      r119.0     r117.9      r119.5      118.5

       ANNUAL    r128.7      147.5    r114.6    r151.2      r117.7     r117.5       118.3      117.8

 2004       I    r131.1      151.4    r115.5    r153.9      r118.2     r117.4      r123.0      119.5
           II    r132.4      153.1    r115.6    r155.7      r118.4     r117.6      r125.4      120.5
          III    r132.7      154.6    r116.5    r157.8      r119.3     r118.9      r124.7      121.1
           IV    r133.4      155.7    r116.7    r160.3      r120.1     r120.1      r125.4      122.1

       ANNUAL    r132.4      153.7    r116.1    r156.9      r119.0     r118.5      r124.6      120.8

 ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

 2003       I      r3.4        1.1      -2.2      r5.6        r1.9       r2.2        r1.5        1.9
           II      r7.2        4.6     r-2.4       7.5         7.2       r0.3        r1.0        0.6
          III      r8.8       10.4      r1.5      r4.5        r2.0      r-3.9       r12.1        1.8
           IV     r-1.1        1.1      r2.2      r3.2        r2.2       r4.4       r-2.2        1.8

       ANNUAL       3.8        3.1      -0.7       4.1         1.7        0.2         3.6        1.5

 2004       I       2.4        3.7       1.2       0.6       r-2.8      r-1.7       r12.3        3.4
           II       3.9        4.4      r0.4      r4.9        r0.7       r0.9        r8.1        3.6
          III      r1.1        4.0      r2.9      r5.4        r3.1       r4.3       r-2.2        1.8
           IV       2.0        3.0       1.0      r6.4        r2.7       r4.3        r2.1        3.5

       ANNUAL       2.9        4.2       1.3      r3.8         1.1        0.9         5.4        2.6

 ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

 2003       I       2.4        1.8      -0.6       3.0         0.1        0.6         2.9        1.4
           II       3.7        2.4      -1.3       3.7         1.5        0.0        r3.7        1.3
          III       4.7        4.0     r-0.6      r4.3        r2.0       -0.4         4.7        1.5
           IV      r4.5        4.2     r-0.3      r5.2        r3.3        0.7         3.0        1.5

       ANNUAL       3.8        3.1      -0.7       4.1         1.7        0.2         3.6        1.5

 2004       I       4.2        4.9      r0.6       3.9        r2.1       -0.3         5.6        1.9
           II       3.4        4.8      r1.3       3.3         0.5       -0.1         7.4        2.6
          III      r1.6        3.3       1.7       3.5        r0.8        1.9         3.8        2.6
           IV       2.4        3.8       1.4       4.3         0.9        1.9         4.9        3.0

       ANNUAL       2.9        4.2       1.3      r3.8         1.1        0.9         5.4        2.6

 --------------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                                      March 5, 2008
 r=revised                                                             Source: Bureau of Labor Statistics







Appendix table 2.
 Nonfarm business sector: Revised 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

 2003       I    r125.1      144.6    r115.5     147.3       115.2     r117.7      r118.2      117.9
           II    r127.0      146.1    r115.1    r149.7      r116.9     r117.9      r118.2      118.0
          III    r130.1      150.0    r115.3    r151.7      r117.8     r116.6      r121.5      118.4
           IV    r130.0      150.6    r115.9    r153.0      r118.5     r117.7      r120.4      118.7

       ANNUAL    r128.0      147.8    r115.4    r150.4      r117.1     r117.5      r119.6      118.3

 2004       I    r130.2      151.5    r116.4    r152.9      r117.4     r117.4      r123.7      119.7
           II    r131.8      153.4    r116.4    r154.8      r117.7     r117.5      r126.0      120.6
          III    r132.1      154.9    r117.3    r156.9      r118.6     r118.8      r125.7      121.4
           IV    r132.2      155.9    r117.9    r158.9      r119.1     r120.2      r126.5      122.5

       ANNUAL    r131.6      153.9    r117.0    r155.9      r118.2     r118.5      r125.5      121.1

 ---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

 2003       I       3.4        1.2      -2.1      r5.6        r1.8       r2.1        r1.6        2.0
           II      r5.9        4.3     r-1.5       6.7        r6.3       r0.7       r-0.1        0.4
          III     r10.2       11.0      r0.8       5.4        r2.8      r-4.4       r11.6        1.3
           IV     r-0.4        1.6      r2.0      r3.5        r2.5       r3.9       r-3.3        1.1

       ANNUAL       3.7        3.1      -0.6       4.0         1.7        0.3         3.1        1.3

 2004       I      r0.8        2.6      r1.8      -0.2        -3.6       -1.0       r11.2        3.4
           II      r4.8        5.0      r0.2      r5.1        r0.9       r0.2        r7.7        3.0
          III       0.9        3.8      r2.9      r5.5        r3.1       r4.5       r-0.8        2.4
           IV      r0.5        2.6      r2.1      r5.3        r1.6        4.7        r2.3        3.8

       ANNUAL      r2.8        4.1      r1.3       3.6         0.9        0.9         4.9        2.4

 ---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

 2003       I       2.0        1.5     r-0.5       3.0         0.1        0.9         2.8        1.6
           II       3.3        2.2     r-1.1       3.5         1.3        0.2        r3.0        1.2
          III      r4.7        4.1      -0.6       4.4         2.1       -0.4         4.2        1.3
           IV       4.7        4.5      -0.2      r5.3        r3.4        0.5         2.3        1.2

       ANNUAL       3.7        3.1      -0.6       4.0         1.7        0.3         3.1        1.3

 2004       I      r4.1        4.8       0.8       3.8         1.9      r-0.2         4.6        1.6
           II       3.8        5.0       1.2       3.4         0.6      r-0.4         6.6        2.2
          III       1.5        3.3      r1.7       3.4        r0.7        1.9         3.5        2.5
           IV      r1.7        3.5       1.7       3.9         0.5        2.1         5.0        3.2

       ANNUAL      r2.8        4.1      r1.3       3.6         0.9        0.9         4.9        2.4

 --------------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                                      March 5, 2008
 r=revised                                                             Source: Bureau of Labor Statistics







Appendix table 3.
 Manufacturing sector: Revised 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

 2003       I         r157.4        137.3        r87.3       r154.6         r120.8         r98.2
           II         r159.2        136.5        r85.8       r157.3         r122.8         r98.8
          III         r162.5        137.2        r84.4       r159.5         r123.8         r98.1
           IV         r161.7        138.0        r85.4       r161.7         r125.2        r100.0

       ANNUAL         r160.2        137.3        r85.7       r158.2         r123.2          98.8

 2004       I         r161.6        138.4        r85.7       r156.8         r120.4         r97.0
           II         r163.1        139.1        r85.3       r159.8         r121.4         r98.0
          III         r164.1        140.0        r85.3       r163.6         r123.7         r99.7
           IV         r166.4        141.1        r84.8       r165.7         r124.2         r99.6

       ANNUAL         r163.8        139.7        r85.3       r161.5         r122.4         r98.6

 --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

 2003       I           r8.8          2.1        r-6.2        r12.4           r8.4           3.3
           II            4.7         -2.3        r-6.6          7.2            6.9           2.4
          III           r8.7          1.9        r-6.3         r5.8           r3.2          -2.7
           IV          r-2.1          2.6         r4.7         r5.7           r4.7           8.0

       ANNUAL            6.2          1.0         -4.9          7.0            4.7           0.8

 2004       I          r-0.2          1.1         r1.3       r-11.6         r-14.6        r-11.4
           II           r3.7          2.1        r-1.5         r7.9           r3.6          r4.0
          III           r2.7          2.4        r-0.3         r9.9           r7.5          r7.0
           IV           r5.6          3.3        r-2.1         r5.3           r1.6         r-0.3

       ANNUAL           r2.3          1.8        r-0.5          2.0           -0.6         r-0.2

 --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

 2003       I           r7.1          2.4        r-4.4         r7.0           r4.0          -0.1
           II            6.1          0.4         -5.4          6.5            4.3           0.4
          III            6.6          0.2         -6.0         r6.8           r4.5           0.3
           IV           r4.9          1.0        r-3.7         r7.7            5.8           2.7

       ANNUAL            6.2          1.0         -4.9          7.0            4.7           0.8

 2004       I           r2.7          0.8        r-1.8          1.5           -0.4         r-1.2
           II           r2.4          1.9        r-0.5          1.6           -1.1         r-0.8
          III           r1.0          2.0         r1.0          2.6           -0.1          r1.6
           IV           r2.9          2.2        r-0.7         r2.5           -0.9          -0.4

       ANNUAL           r2.3          1.8        r-0.5          2.0           -0.6         r-0.2

 -------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                               March 5, 2008
 r=revised                                                      Source: Bureau of Labor Statistics







Appendix table 4.
 Durable manufacturing sector: Revised 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

 2003       I         r179.1        161.7        r90.3       r153.1         r119.7         r85.5
           II         r180.9        160.5        r88.7       r155.7         r121.7          86.1
          III         r186.1        162.2        r87.1       r158.2         r122.8         r85.0
           IV         r184.8        163.7        r88.6       r160.3         r124.2         r86.8

       ANNUAL         r182.7        162.0        r88.7       r156.8         r122.1          85.8

 2004       I         r184.5        164.8        r89.3       r152.4         r117.0         r82.6
           II         r185.1        165.0        r89.1       r155.6         r118.2         r84.1
          III         r185.7        166.1        r89.5       r159.7         r120.7         r86.0
           IV         r188.0        167.4        r89.1       r161.2         r120.7         r85.7

       ANNUAL         r185.8        165.8        r89.2       r157.2         r119.2         r84.6

 --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

 2003       I           r7.7          1.0        r-6.1        r17.0          r12.8           8.7
           II           r4.2         -3.0        r-6.9         r7.1           r6.7           2.7
          III          r11.9          4.2        r-6.9         r6.4           r3.9          -4.9
           IV          r-2.8          3.9         r6.8         r5.6           r4.5           8.6

       ANNUAL            7.1          1.4         -5.3          8.1            5.7           0.9

 2004       I          r-0.6          2.7         r3.4       r-18.5         r-21.3        r-18.0
           II           r1.4          0.4        r-1.0          8.8            4.5          r7.3
          III           r1.2          2.7         r1.5        r10.9           r8.5          r9.6
           IV           r5.1          3.2        r-1.8         r3.8           r0.2         r-1.2

       ANNUAL           r1.7          2.3         r0.6          0.2           -2.4         r-1.4

 --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

 2003       I           r8.6          3.2        r-4.9         r8.0           r5.0          -0.5
           II           r7.0          0.5         -6.1          7.4           r5.1           0.3
          III            7.8          0.5         -6.7         r8.2            5.8           0.4
           IV           r5.1          1.5         -3.5         r8.9           r6.9           3.6

       ANNUAL            7.1          1.4         -5.3          8.1            5.7           0.9

 2004       I           r3.0          1.9        r-1.1         -0.5           -2.3         r-3.4
           II           r2.3          2.8         r0.5         -0.1           -2.8         r-2.4
          III          r-0.2          2.4         r2.7          1.0           -1.7          r1.2
           IV           r1.7          2.3         r0.5          0.5           -2.8         r-1.2

       ANNUAL           r1.7          2.3         r0.6          0.2           -2.4         r-1.4

 -------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                               March 5, 2008
 r=revised                                                      Source: Bureau of Labor Statistics







Appendix table 5.
 Nondurable manufacturing sector: Revised 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

 2003       I         r134.9        111.5        r82.7       r155.8         r121.8         115.5
           II         r136.6        111.1        r81.3       r158.6         r123.9        r116.2
          III         r138.1        110.9        r80.3       r160.5         r124.6         116.2
           IV         r138.0        111.2        r80.5       r162.6         r126.0        r117.8

       ANNUAL         r136.9        111.1        r81.2       r159.4         r124.0         116.4

 2004       I         r138.5        111.0        r80.1       r163.7         r125.6        r118.1
           II         r140.9        112.2        r79.6       r166.1         r126.2         117.9
          III         r142.8        112.8        r79.0       r169.2         r127.8         118.4
           IV         r145.0        113.8        r78.5       r172.5         r129.2        r119.0

       ANNUAL         r141.8        112.4        r79.3       r167.8         r127.2         118.3

 --------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

 2003       I           r9.9          3.1        r-6.2         r4.2           r0.4          -5.2
           II           r5.1         -1.5        r-6.2         r7.5           r7.2           2.3
          III           r4.6         -0.8        r-5.2         r4.8           r2.3           0.1
           IV          r-0.2          1.2         r1.3         r5.5           r4.4          r5.6

       ANNUAL            4.8          0.4         -4.2          5.1            2.8           0.3

 2004       I           r1.4         -0.6        r-2.0         r2.5          r-1.0           1.0
           II           r7.0          4.4        r-2.4         r6.0           r1.8          -0.9
          III           r5.5          2.1         -3.2         r7.7           r5.3           2.0
           IV           r6.3          3.5        r-2.6         r8.1           r4.4           1.7

       ANNUAL            3.6          1.2        r-2.4          5.3           r2.6           1.6

 --------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

 2003       I            5.0          1.3        r-3.6          5.2            2.3           0.2
           II           r4.6          0.1        r-4.4         r5.2            2.9           0.5
          III           r4.6         -0.3        r-4.7         r4.6           r2.3           0.0
           IV           r4.8          0.5        r-4.1         r5.5           r3.5           0.6

       ANNUAL            4.8          0.4         -4.2          5.1            2.8           0.3

 2004       I            2.7         -0.4        r-3.1         r5.1           r3.2           2.3
           II            3.2          1.0         -2.1          4.7           r1.8           1.4
          III            3.4          1.8         -1.6          5.4            2.6           1.9
           IV            5.0          2.3        r-2.6         r6.1           r2.6           1.0

       ANNUAL            3.6          1.2        r-2.4          5.3           r2.6           1.6

 -------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                               March 5, 2008
 r=revised                                                      Source: Bureau of Labor Statistics







Appendix table 6.
 Nonfinancial corporate sector: 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

 2003       I   r132.1    152.3    r115.3   r146.3    r114.3     110.7    112.6    111.2    102.9    110.5
           II   r133.8    153.6    r114.8   r148.8    r116.3     111.2    111.0    111.2    105.7    110.7
          III   r135.8    155.9    r114.8   r150.8    r117.1     111.0    110.7    110.9    112.8    111.1
           IV   r136.7    157.5    r115.3   r152.0    r117.7     111.2    110.0    110.9    117.8    111.5

       ANNUAL   r134.6    154.8    r115.0   r149.5    r116.3     111.0    111.1    111.0    109.9    110.9

 2004       I   r137.5    159.4    r116.0   r150.9    r115.9     109.8    109.6    109.7    135.2    112.0
           II   r138.9    161.5    r116.2   r152.8    r116.1     110.0    109.4    109.8    145.8    113.1
          III   r140.8    164.4    r116.8   r155.0    r117.1     110.1    109.2    109.8    150.6    113.5
           IV   r140.3    164.5    r117.3   r157.0    r117.6     111.9    109.7    111.3    148.4    114.6

       ANNUAL   r139.4    162.4    r116.6   r153.9    r116.7     110.5    109.5    110.2    145.1    113.3

 ----------------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)

 2003       I     r1.7     -1.8     r-3.5     r4.1      r0.3       2.3     11.4      4.7    -26.5      1.5
           II     r5.2      3.6      -1.6     r7.2       6.9       1.9     -5.6     -0.2     11.3      0.7
          III     r6.2      6.1     r-0.1     r5.3      r2.8      -0.8     -1.2     -0.9     29.4      1.4
           IV     r2.5      4.3      r1.8     r3.4      r2.3       0.9     -2.5     -0.1     18.9      1.6

       ANNUAL      3.8      2.2      -1.5      4.1       1.8       0.3      0.2      0.3     12.1      1.2

 2004       I     r2.3      4.8      r2.5    r-2.9     r-6.2      -5.0     -1.5     -4.1     73.6      1.8
           II     r4.4      5.3      r0.8     r5.2      r1.0       0.8     -0.6      0.4     35.4      3.8
          III     r5.5      7.5      r2.0     r5.7      r3.4       0.3     -0.8      0.0     13.8      1.5
           IV    r-1.5      0.1      r1.6      5.3      r1.6       6.9      2.0      5.5     -5.7      4.1

       ANNUAL      3.5      4.9      r1.3      3.0       0.3      -0.5     -1.4     -0.8     32.0      2.1

 ----------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year

 2003       I      3.8      2.0      -1.7      3.3       0.4      -0.5     -0.4     -0.4     20.0      1.0
           II      3.5      1.5      -1.9      3.7       1.5       0.2      0.3      0.2     11.9      1.1
          III     r4.0      2.4     r-1.5      4.4       2.1       0.3      0.6      0.4     12.4      1.4
           IV     r3.9      3.0     r-0.9     r5.0      r3.1       1.0      0.3      0.8      5.9      1.3

       ANNUAL      3.8      2.2      -1.5      4.1       1.8       0.3      0.2      0.3     12.1      1.2

 2004       I      4.0      4.7      r0.6     r3.2       1.3      -0.8     -2.7     -1.3     31.3      1.4
           II      3.8      5.1       1.2      2.7      -0.1      -1.1     -1.4     -1.2     37.9      2.2
          III      3.6      5.5       1.8     r2.8      r0.1      -0.8     -1.4     -1.0     33.5      2.2
           IV      2.6      4.4       1.7      3.3      -0.1       0.6     -0.2      0.4     26.0      2.8

       ANNUAL      3.5      4.9      r1.3      3.0       0.3      -0.5     -1.4     -0.8     32.0      2.1

 ---------------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                                       March 5, 2008
 r=revised                                                              Source: Bureau of Labor Statistics. 




Last Modified Date: March 05, 2008
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