Economic News Release

Productivity and Costs News Release




Internet address:    http://www.bls.gov/lpc/             USDL 08-1123
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  information: (202) 691-5606                            MATERIAL IS EMBARGOED
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                           PRODUCTIVITY AND COSTS
                           
                       Second Quarter 2008, Preliminary
                      

   The Bureau of Labor Statistics of the U.S. Department of Labor today 
reported preliminary productivity data--as measured by output per hour of all 
persons--for the second quarter of 2008.  The seasonally adjusted annual 
rates of productivity change in the second quarter were:

               2.3 percent in the business sector and
               2.2 percent in the nonfarm business sector.
     
Productivity gains in both sectors reflected output increases and small 
declines in hours worked.

   In manufacturing, the preliminary productivity changes in the second 
quarter were:

              -1.4 percent in manufacturing,
              -3.5 percent in durable goods manufacturing, and            
               0.7 percent in nondurable goods manufacturing.
   
   Productivity in the total manufacturing sector fell 1.4 percent in the 
second quarter of 2008, as  both output and hours worked decreased.  The 
decline in productivity was concentrated in the durable goods subsector.  
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.  Second-quarter 
measures are summarized in table A and appear in detail in tables 1 through 5.

    The data sources and methods used in the preparation of the 
manufacturing series differ from those used in preparing the business and 
nonfarm business series, and these measures are not directly comparable.  
Output measures for business and nonfarm business are based on measures of 
gross domestic product prepared by the Bureau of Economic Analysis of the 
U.S. Department of Commerce.  Quarterly output measures for manufacturing 
reflect indexes of industrial production independently prepared by the Board 
of Governors of the Federal Reserve System.  See Technical Notes for further 
information on data sources.


==============================================================================
Data in this release reflect the regular multi-year revision to the national 
income and product accounts released by the Bureau of Economic Analysis of 
the U.S. Department of Commerce on July 31.  See Revised Measures. 
==============================================================================



------------------------------------------------------------------------------
Table A. Productivity and costs: Preliminary second-quarter 2008 measures
(Seasonally adjusted annual rates)
------------------------------------------------------------------------------
                                                               Real
                                                     Hourly    hourly    Unit
                        Produc-                      compen-   compen-   labor
Sector                  tivity    Output   Hours     sation    sation    costs
------------------------------------------------------------------------------
                        Percent change from preceding quarter
                        
Business                  2.3      1.5     -0.7       3.8      -1.2        1.5
Nonfarm business          2.2      1.7     -0.5       3.6      -1.4        1.3
Manufacturing            -1.4     -3.5     -2.0       4.6      -0.4        6.1
  Durable                -3.5     -5.5     -2.1       5.0       0.0        8.8
  Nondurable              0.7     -1.3     -2.0       3.8      -1.2        3.0
------------------------------------------------------------------------------
                        Percent change from same quarter a year ago
      
Business                  2.7      1.7     -0.9       4.2      -0.1        1.5
Nonfarm business          2.8      1.8     -1.0       4.3       0.1        1.5
Manufacturing             2.6     -0.1     -2.7       4.6       0.3        1.9
  Durable                 2.7      0.2     -2.5       4.3       0.0        1.6
  Nondurable              2.6     -0.5     -3.1       5.0       0.7        2.3
------------------------------------------------------------------------------


Business

   Business sector output per hour increased 2.3 percent from the first 
quarter to the second quarter of 2008, as output increased 1.5 percent and 
hours of all persons engaged in the sector--employees, proprietors, and 
unpaid family workers--fell 0.7 percent (seasonally adjusted annual rates).  
The increase in output was greater and the decline in hours was smaller than 
in the first quarter, when productivity rose 2.2 percent, as revised (tables 
A, B, and 1).  Historically, from 2000 through 2007, business sector 
productivity had grown at an average annual rate of 2.5 percent.

   Hourly compensation increased 3.8 percent in the second quarter of 2008, 
less than the 5.0 percent gain in the first quarter.  This measure of 
compensation includes wages and salaries, supplements, employer contributions 
to employee benefit plans, and taxes.  Real hourly compensation, which takes 
into account changes in consumer prices, fell 1.2 percent during the second 
quarter of 2008 as consumer prices increased 5.0 percent (seasonally adjusted 
annual rates).

   Unit labor costs, which reflect changes in both hourly compensation and 
productivity, increased at an annual rate of 1.5 percent during the second 
quarter of 2008.  The implicit price deflator for the business sector, which 
reflects changes in both unit labor costs and unit nonlabor payments, 
increased 0.6 percent in the second quarter of 2008 and 2.0 percent one 
quarter earlier.


Nonfarm Business

   Productivity increased 2.2 percent in the nonfarm business sector during 
the second quarter of 2008 as output grew 1.7 percent and hours at work 
declined 0.5 percent.  Revised results for first-quarter 2008 show that 
productivity increased 2.6 percent, output rose 0.9 percent, and hours fell 
1.6 percent (tables A, B and 2).  Nonfarm business output per hour had 
increased at an average annual rate of 2.5 percent from 2000 through 2007.

   Hourly compensation in the nonfarm business sector increased 3.6 percent 
in the second quarter of 2008, compared to a 5.2 percent rise one quarter 
earlier.  When the 5.0 percent annual rate of increase in consumer prices is 
taken into account, real hourly compensation fell 1.4 percent in the second 
quarter of 2008.  This measure rose 0.8 percent in the first quarter.

   Unit labor costs increased 1.3 percent in the second quarter of 2008 and 
1.5 percent over the last four quarters.  The implicit price deflator for 
nonfarm business output rose 0.5 percent in the second quarter of 2008 and 
2.1 percent in the first quarter.


Manufacturing

   Productivity decreased 1.4 percent in manufacturing in the second 
quarter, as output fell 3.5 percent and hours of all persons declined 2.0 
percent.  In durable goods industries, productivity fell 3.5 percent--the 
largest drop since fourth-quarter 1990, when output per hour fell 4.6 
percent.  In nondurable goods industries, productivity grew 0.7 percent in 
the second quarter as hours fell faster than output (tables A, 3, 4, 5).  In 
total manufacturing, output per hour increased 2.6 percent from the second 
quarter of 2007 to the second quarter of 2008; output declined slightly over 
the four quarters, 0.1 percent, whereas hours fell by 2.7 percent.  For the 
entire 2000-2007 period manufacturing productivity increased at a 3.7 percent 
annual rate.

   During the second quarter of 2008, hourly compensation grew 4.6 percent 
in total manufacturing, 5.0 percent in durable manufacturing and 3.8 percent 
in nondurable manufacturing (seasonally adjusted annual rates).  
Manufacturing hourly compensation also increased 4.6 percent over the last 
four quarters.  When the increase in consumer prices is taken into account, 
the real hourly compensation of all manufacturing workers fell 0.4 percent in 
the second quarter.

   Unit labor costs in manufacturing jumped 6.1 percent in the second 
quarter of 2008.  The growth in unit labor costs from the second quarter of 
2007 was 1.9 percent, reversing the 0.8 percent decline from the first 
quarter of 2007 to the first quarter of 2008.  The 2000-2007 long-term 
average annual rate of growth for unit labor costs is 0.3 percent.


Revised Measures

   Output data for the business and nonfarm business sectors, and the 
compensation series for all sectors, incorporate the revised national income 
and product accounts (NIPA) data released by the Bureau of Economic Analysis, 
U.S. Department of Commerce, on July 31.  Revisions for these sectors go back 
to the first quarter of 2005.  Table B presents previous and revised 
productivity and related measures for the major sectors: business, nonfarm 
business and manufacturing, for the first quarter of 2008 and for the years 
2007 through 2005.

   In the first quarter of 2008, output and hours were revised up in all 
three sectors.  In both the business and manufacturing sectors the revisions 
to hours were greater than to output, resulting in downward revisions to 
productivity.  In nonfarm business the revision to hours offset the revision 
to output, and productivity increased at the same 2.6 percent rate reported 
June 4.  In business and nonfarm business there were small upward revisions 
to hourly compensation and unit labor costs.  In manufacturing, hourly 
compensation growth was revised down much more than productivity; the 
downward revision to unit labor costs was due solely to the downward revision 
to hourly compensation.  

   Growth in output and output per hour were revised down in the business 
and nonfarm business sectors in 2007 and 2005, and were little changed in 
2006.  In both sectors, the average annual rate of productivity growth from 
2004 to 2007 was 1.4 percent, compared to 3.3 percent from 2000 to 2004.  
Manufacturing sector output per hour was not revised historically.  

   For the year 2007, hourly compensation was revised down in all three 
sectors, leading to downward revisions to unit labor costs.  For 2006, 
manufacturing hourly compensation and unit labor costs were revised up; for 
2005 these same measures were revised down.  Revised quarterly series appear 
in tables 1-5 and appendix tables 1-5.  The full historical revisions 
including the quarterly measures can be found on the productivity and costs 
home page http://www.bls.gov/lpc/#data.



------------------------------------------------------------------------------
Table B. Previous and revised productivity and related measures
Percent changes at annual rates
------------------------------------------------------------------------------
                                                               Real
                                                     Hourly    hourly    Unit
                        Produc-                      compen-   compen-   labor
Sector                  tivity    Output   Hours     sation    sation    costs
------------------------------------------------------------------------------
                              First Quarter 2008

Business:
  Previous              2.4       0.6      -1.7       4.8      0.4         2.3
  Revised               2.2       0.7      -1.5       5.0      0.6         2.7
Nonfarm business:
  Previous              2.6       0.7      -1.8       4.9      0.6         2.2
  Revised               2.6       0.9      -1.6       5.2      0.8         2.5
Manufacturing:
  Previous              3.6      -1.2      -4.7       7.9      3.5         4.2
  Revised               3.4      -0.8      -4.0       6.2      1.8         2.8
  
                              Annual average 2007

Business:
  Previous              1.9       2.3       0.4       5.1      2.2         3.2
  Revised               1.5       2.0       0.5       4.2      1.3         2.6
Nonfarm business:
  Previous              1.8       2.3       0.5       5.1      2.2         3.2
  Revised               1.4       2.0       0.5       4.1      1.3         2.7
Manufacturing:
  Previous              3.4       1.6      -1.7       5.6      2.7         2.1
  Revised               3.4       1.6      -1.7       3.5      0.7         0.1
  
                              Annual average 2006

Business:                  
  Previous              1.0       3.1       2.1       4.0      0.7         2.9
  Revised               0.9       3.0       2.1       3.8      0.5         2.9
Nonfarm business:
  Previous              1.0       3.2       2.2       3.9      0.6         2.9
  Revised               1.0       3.2       2.2       3.8      0.5         2.8
Manufacturing:
  Previous              1.1       1.8       0.8       2.8     -0.5         1.7
  Revised               1.1       1.8       0.8       4.1      0.8         3.0
  
                              Annual average 2005

Business:                  
  Previous              2.0       3.6       1.6       4.0      0.6         2.0
  Revised               1.8       3.5       1.6       4.0      0.6         2.1
Nonfarm business:
  Previous              1.9       3.6       1.7       4.0      0.6         2.1
  Revised               1.7       3.4       1.7       4.0      0.6         2.2
Manufacturing:
  Previous              4.9       3.7      -1.2       4.2      0.9        -0.6
  Revised               4.9       3.7      -1.2       1.9     -1.4        -2.8
------------------------------------------------------------------------------
  
  
Revised Measures: Nonfinancial Corporations 

   Output, based on the income side of the NIPA for nonfinancial 
corporations, was revised down sharply in the first quarter to -0.1 percent, 
leading to a corresponding downward revision to productivity (table C).  Unit 
labor costs were revised up as the revision to productivity was greater than 
a downward revision to hourly compensation.  Unit profits fell 14.7 percent, 
rather than 1.5 percent as reported June 4.  From the first quarter of 2007 
through the first quarter of 2008, productivity increased 2.1 percent (table 
6).  Productivity had increased at an average annual rate of 2.7 percent from 
2000 through 2007.


------------------------------------------------------------------------------
Table C.  Nonfinancial corporations: Previous and revised productivity and 
cost measures
Percent changes at annual rates
------------------------------------------------------------------------------
                                           Real                      
                                  Hourly   hourly   Unit              Implicit
         Produc-                  compen-  compen-  labor   Unit      price
         tivity   Output  Hours   sation   sation   costs   profits   deflator
------------------------------------------------------------------------------ 
                              First quarter 2008
                              
Previous   4.6     3.2    -1.4      5.9      1.5     1.2     -1.5       0.5
Revised    1.0    -0.1    -1.1      4.9      0.6     3.9    -14.7       0.5

                              Annual average 2007
   
Previous   1.5     2.2     0.7      4.8      1.9     3.2     -5.8       1.6
Revised    0.9     1.6     0.7      4.1      1.3     3.2     -9.0       1.5

                              Annual average 2006
   
Previous   0.7     3.0     2.2      3.5      0.2     2.8      5.5       2.8
Revised    2.1     4.4     2.2      3.6      0.3     1.5     12.2       2.8

                              Annual average 2005
   
Previous   1.4     3.1     1.7      3.8      0.4     2.4      6.6       2.9
Revised    2.6     4.3     1.7      3.7      0.4     1.1     12.7       2.9
------------------------------------------------------------------------------


                              Next release date

   The next release of Productivity and Costs is scheduled for 8:30 a.m. 
EDT, Thursday, Sept. 4, 2008.  Revised second-quarter measures for business, 
nonfarm business, and manufacturing will be released at that time, along with 
preliminary measures for nonfinancial corporations.






                          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 a chain-type, current-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 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 
manufacturing; 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 a chain-type, current-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

2006       I    r136.1     r162.8    r119.7    r168.0      r120.6     r123.5      r133.4     r127.2
          II    r136.6     r164.0    r120.1    r168.1      r119.6     r123.1      r136.2     r128.0
         III    r135.9     r164.1    r120.8    r168.9      r119.1     r124.3      r136.2     r128.8
          IV    r135.9     r164.8    r121.2    r172.6      r122.1     r127.0      r133.4     r129.4

      ANNUAL    r136.1     r163.9    r120.4    r169.4      r120.3     r124.5      r134.8     r128.3

2007       I    r135.9     r164.5    r121.0    r174.7      r122.4     r128.5      r134.3     r130.7
          II    r137.6     r166.8    r121.2    r175.5      r121.7     r127.5      r137.4     r131.2
         III    r139.7     r169.0    r121.0    r177.1      r121.9     r126.8      r139.7     r131.6
          IV    r139.7     r168.8    r120.8    r179.0      r121.7     r128.1      r139.2     r132.2

      ANNUAL    r138.2     r167.3    r121.0    r176.5      r121.9     r127.7      r137.7     r131.4

2008       I    r140.5     r169.1    r120.3    r181.2      r121.9     r128.9      r139.5     r132.9
          II     141.3      169.7     120.1     182.9       121.6      129.4       139.2      133.1
---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

2006       I      r2.6       r5.6       3.0      r5.5        r3.6       r2.8        r3.1       r3.0
          II      r1.4       r2.9       1.5      r0.2       r-3.3      r-1.2        r8.6       r2.6
         III     r-2.0       r0.3      r2.4      r2.0       r-1.9       r4.1       r-0.1       r2.4
          IV      r0.2       r1.7      r1.5      r9.0       r10.7       r8.8       r-8.0       r1.9

      ANNUAL      r0.9       r3.0       2.1      r3.8        r0.5        2.9        r3.3       r3.0

2007       I      r0.0      r-0.7     r-0.7      r4.8        r1.1       r4.8        r2.8       r4.0
          II      r5.0       r5.6      r0.6      r1.9       r-2.6      r-2.9        r9.6       r1.7
         III      r6.2       r5.5      -0.7      r3.6        r0.8      r-2.4        r6.9       r1.1
          IV      r0.1      r-0.6      -0.7      r4.4       r-0.6       r4.3       r-1.6       r2.0

      ANNUAL      r1.5       r2.0      r0.5      r4.2        r1.3       r2.6        r2.1       r2.4

2008       I      r2.2       r0.7     r-1.5      r5.0        r0.6       r2.7        r1.0        2.0
          II       2.3        1.5      -0.7       3.8        -1.2        1.5        -0.8        0.6
---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

2006       I      r1.3       r3.6       2.3       4.2         0.5       r2.9        r3.9       r3.3
          II      r1.7       r3.5       1.8       4.0        r0.1       r2.3         5.2       r3.4
         III       0.2        2.4       2.2      r2.9       r-0.4       r2.7         3.5        3.0
          IV      r0.5       r2.6       2.1      r4.1        r2.1       r3.6        r0.7       r2.5

      ANNUAL      r0.9       r3.0       2.1      r3.8        r0.5        2.9        r3.3       r3.0

2007       I     r-0.1       r1.0      r1.2      r3.9        r1.5       r4.1        r0.7       r2.7
          II      r0.8       r1.7       0.9      r4.4        r1.7       r3.6        r0.9       r2.5
         III      r2.8       r3.0      r0.2      r4.8        r2.4       r1.9        r2.6       r2.2
          IV      r2.8       r2.4      -0.4      r3.7       r-0.3       r0.9        r4.3       r2.2

      ANNUAL      r1.5       r2.0      r0.5      r4.2        r1.3       r2.6        r2.1       r2.4

2008       I       3.4       r2.8     r-0.6      r3.7       r-0.4       r0.4        r3.9       r1.7
          II       2.7        1.7      -0.9       4.2        -0.1        1.5         1.3        1.4
---------------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                       August 8, 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

2006       I    r135.1     r163.2    r120.8    r166.8      r119.7     r123.5      r135.5     r127.9
          II    r135.7     r164.3    r121.1    r167.1      r118.9     r123.1      r138.6     r128.8
         III    r134.9     r164.4    r121.9    r167.9      r118.3     r124.4      r138.3     r129.5
          IV    r135.0     r165.0    r122.2    r171.7      r121.4     r127.1      r134.9     r130.0

      ANNUAL    r135.2     r164.2    r121.5    r168.3      r119.6     r124.5      r136.8     r129.1

2007       I    r135.0     r164.7    r122.0    r173.7      r121.8     r128.7      r135.2     r131.1
          II    r136.4     r167.0    r122.4    r174.1      r120.7     r127.7      r138.2     r131.5
         III    r138.3     r169.2    r122.3    r175.5      r120.9     r126.9      r140.3     r131.8
          IV    r138.6     r168.9    r121.9    r177.8      r121.0     r128.3      r139.8     r132.5

      ANNUAL    r137.1     r167.5    r122.2    r175.3      r121.1     r127.9      r138.4     r131.7

2008       I    r139.5     r169.3    r121.4    r180.1      r121.2     r129.1      r140.3     r133.2
          II     140.3      170.0     121.2     181.7       120.8      129.5       140.0      133.4
---------------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

2006       I      r2.5       r6.0      r3.3      r5.2        r3.3       r2.6        r3.9       r3.1
          II      r1.8       r2.9       1.1      r0.7       r-2.8      r-1.1        r9.4       r2.9
         III     r-2.1       r0.3       2.4      r2.0       r-2.0       r4.1       r-0.9       r2.1
          IV      r0.2       r1.4      r1.2      r9.4       r11.0       r9.1       r-9.5       r1.5

      ANNUAL       1.0        3.2       2.2      r3.8        r0.5       r2.8        r3.6       r3.1

2007       I      r0.0      r-0.9      -0.9      r4.9        r1.2       r4.9        r0.9       r3.4
          II      r4.1       r5.8      r1.6      r0.8       r-3.6      r-3.2        r9.4       r1.5
         III      r5.8       r5.5     r-0.3       3.3        r0.5      r-2.4        r6.3       r0.9
          IV      r0.8      r-0.7      -1.6      r5.4        r0.4       r4.5       r-1.6       r2.1

      ANNUAL      r1.4       r2.0       0.5      r4.1        r1.3       r2.7        r1.2       r2.1

2008       I       2.6       r0.9     r-1.6      r5.2        r0.8       r2.5        r1.5       r2.1
          II       2.2        1.7      -0.5       3.6        -1.4        1.3        -0.9        0.5
---------------------------------------------------------------------------------------------------------
                      Percent change from corresponding quarter of previous year

2006       I      r1.3       r3.7       2.4       4.2        r0.5       r2.9        r4.3       r3.4
          II      r1.7       r3.7       2.0      r3.9        r0.0        2.2        r5.9       r3.6
         III      r0.3       r2.6       2.3      r2.9       r-0.5        2.6        r3.8       r3.1
          IV      r0.6       r2.6       2.0      r4.3        r2.2       r3.6        r0.5       r2.4

      ANNUAL       1.0        3.2       2.2      r3.8        r0.5       r2.8        r3.6       r3.1

2007       I      r0.0       r0.9       0.9      r4.2        r1.7       r4.2       r-0.2       r2.5
          II      r0.5       r1.6      r1.1      r4.2        r1.5       r3.7       r-0.2       r2.1
         III      r2.5       r2.9      r0.4      r4.6        r2.2       r2.0        r1.5       r1.8
          IV      r2.7       r2.4     r-0.3      r3.6       r-0.4       r0.9        r3.7       r2.0

      ANNUAL      r1.4       r2.0       0.5      r4.1        r1.3       r2.7        r1.2       r2.1

2008       I       3.3       r2.8     r-0.5      r3.6       r-0.5       r0.3        r3.8       r1.6
          II       2.8        1.8      -1.0       4.3         0.1        1.5         1.3        1.4
---------------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                       August 8, 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

2006       I            172.6        147.2         85.3       r170.9         r122.7         r99.0
          II            172.7        147.4         85.4       r169.5         r120.7         r98.2
         III            174.5        148.0         84.8       r170.3         r120.0         r97.6
          IV            175.4        147.4         84.0       r174.6         r123.5         r99.5

      ANNUAL            173.8        147.5         84.9       r171.3         r121.7         r98.6

2007       I            177.0        147.8         83.5       r176.9         r124.0        r100.0
          II            178.7        149.6         83.7       r176.4         r122.3         r98.7
         III            180.6        151.2         83.7       r176.4         r121.4         r97.6
          IV           r182.5       r151.0         82.8       r179.7         r122.2         r98.5

      ANNUAL           r179.7       r149.9         83.4       r177.3         r122.5         r98.7

2008       I           r184.0       r150.7        r81.9       r182.4         r122.8         r99.1
          II            183.3        149.4         81.5        184.5          122.7         100.6
--------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

2006       I             -0.6          1.8          2.4        r14.3          r12.3         r15.0
          II              0.2          0.6          0.4        r-3.1          r-6.5         r-3.3
         III              4.3          1.6         -2.5         r1.8          r-2.1         r-2.3
          IV              2.2         -1.7         -3.8        r10.4          r12.1          r8.0

      ANNUAL              1.1          1.8          0.8         r4.1           r0.8          r3.0

2007       I              3.6          1.2         -2.3         r5.5           r1.8          r1.8
          II              3.8          4.9          1.0        r-1.1          r-5.5         r-4.8
         III              4.5          4.3         -0.2        r-0.1          r-2.8         r-4.4
          IV              4.2         -0.4         -4.4         r7.8           r2.7          r3.4

      ANNUAL              3.4          1.6         -1.7         r3.5           r0.7          r0.1

2008       I             r3.4        r-0.8        r-4.0         r6.2           r1.8          r2.8
          II             -1.4         -3.5         -2.0          4.6           -0.4           6.1
--------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

2006       I              1.5          2.4          0.9         r5.4           r1.6          r3.8
          II              0.4          2.1          1.7         r3.3          r-0.6          r2.9
         III              0.9          2.3          1.4         r2.3          r-1.0          r1.4
          IV              1.5          0.6         -0.9         r5.6           r3.6          r4.1

      ANNUAL              1.1          1.8          0.8         r4.1           r0.8          r3.0

2007       I              2.6          0.4         -2.1         r3.5           r1.1          r0.9
          II              3.5          1.5         -1.9         r4.1           r1.4          r0.6
         III              3.5          2.1         -1.3         r3.6           r1.2          r0.0
          IV              4.0          2.5         -1.5         r2.9          r-1.0         r-1.1

      ANNUAL              3.4          1.6         -1.7         r3.5           r0.7          r0.1

2008       I              4.0         r2.0        r-1.9         r3.1          r-1.0         r-0.8
          II              2.6         -0.1         -2.7          4.6            0.3           1.9
--------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                August 8, 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

2006       I            198.8        179.6         90.3       r166.0         r119.2         r83.5
          II            198.9        180.5         90.7       r164.6         r117.1         r82.7
         III            201.7        181.1         89.8       r165.3         r116.5         r81.9
          IV            202.4        180.1         89.0       r170.2         r120.4         r84.1

      ANNUAL            200.4        180.3         90.0       r166.5         r118.3         r83.1

2007       I            204.4        180.3         88.2       r173.0         r121.3         r84.7
          II            207.9        183.9         88.4       r172.5         r119.6         r83.0
         III            210.9        186.9         88.6       r172.2         r118.6         r81.7
          IV           r214.3       r187.0         87.3       r175.5         r119.4         r81.9

      ANNUAL           r209.4       r184.5         88.1       r173.3         r119.7         r82.8

2008       I           r215.4       r186.8        r86.7       r177.8         r119.7         r82.5
          II            213.5        184.2         86.3        180.0          119.7          84.3
--------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

2006       I             -1.8          0.4          2.3        r13.7          r11.7         r15.9
          II              0.3          2.1          1.8        r-3.3          r-6.6         r-3.6
         III              5.7          1.2         -4.3         r1.6          r-2.3         r-3.9
          IV              1.4         -2.1         -3.4        r12.6          r14.4         r11.1

      ANNUAL              2.2          3.3          1.1         r3.9           r0.6          r1.7

2007       I              3.9          0.4         -3.4         r6.7           r3.0          r2.7
          II              7.1          8.2          1.0        r-1.2          r-5.5         r-7.7
         III              6.0          6.8          0.8        r-0.7          r-3.3         r-6.2
          IV              6.6          0.3         -6.0         r7.9           r2.8          r1.2

      ANNUAL              4.5          2.3         -2.0         r4.1           r1.3         r-0.3

2008       I             r2.1        r-0.4        r-2.5         r5.2           r0.9          r3.0
          II             -3.5         -5.5         -2.1          5.0            0.0           8.8
--------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

2006       I              3.2          4.8          1.6         r4.9           r1.1          r1.6
          II              2.0          4.6          2.5         r3.1          r-0.8          r1.1
         III              2.2          3.6          1.4         r1.9          r-1.5         r-0.4
          IV              1.4          0.4         -1.0         r5.9           r3.9          r4.5

      ANNUAL              2.2          3.3          1.1         r3.9           r0.6          r1.7

2007       I              2.8          0.4         -2.4         r4.3           r1.8          r1.4
          II              4.5          1.8         -2.5         r4.8           r2.1          r0.3
         III              4.6          3.2         -1.3         r4.2           r1.8         r-0.3
          IV              5.9          3.9         -1.9         r3.1          r-0.8         r-2.6

      ANNUAL              4.5          2.3         -2.0         r4.1           r1.3         r-0.3

2008       I             r5.4         r3.6        r-1.7         r2.7          r-1.4         r-2.5
          II              2.7          0.2         -2.5          4.3            0.0           1.6
--------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                August 8, 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

2006       I            148.0        115.0         77.7       r178.0         r127.8        r120.2
          II            148.4        114.8         77.3       r176.6         r125.7        r119.0
         III            149.0        115.4         77.4       r177.8         r125.3        r119.3
          IV            150.3        115.1         76.6       r180.4         r127.6        r120.0

      ANNUAL            148.9        115.1         77.2       r178.2         r126.6        r119.6

2007       I            151.2        115.6         76.5       r181.9         r127.5        r120.3
          II            151.4        116.0         76.6       r181.4         r125.8        r119.9
         III            152.7        116.4         76.3       r181.8         r125.2        r119.1
          IV           r152.9       r116.1         75.9       r185.3         r126.0        r121.2

      ANNUAL           r152.0       r116.0         76.3       r182.6         r126.1        r120.1

2008       I           r155.1       r115.8        r74.6       r188.8         r127.1        r121.8
          II            155.4        115.4         74.3        190.6          126.7         122.7
--------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

2006       I              1.0          3.6          2.6        r15.5          r13.4         r14.4
          II              1.1         -0.9         -1.9        r-3.1          r-6.5         r-4.1
         III              1.5          2.2          0.6         r2.6          r-1.4           1.1
          IV              3.5         -1.1         -4.4         r6.1           r7.7          r2.5

      ANNUAL              0.2          0.3          0.1         r4.5           r1.1          r4.3

2007       I              2.5          2.0         -0.5         r3.3          r-0.3          r0.8
          II              0.4          1.3          0.9        r-1.0          r-5.3         r-1.4
         III              3.5          1.6         -1.9         r0.7          r-2.0         r-2.7
          IV              0.6         -1.1         -1.7         r7.9           r2.8          r7.3

      ANNUAL              2.1          0.9         -1.2         r2.5          r-0.3          r0.4

2008       I             r5.9        r-1.2        r-6.7         r7.9           r3.5          r1.9
          II              0.7         -1.3         -2.0          3.8           -1.2           3.0
--------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

2006       I              0.2         -0.1         -0.3         r6.2           r2.4          r6.0
          II             -0.7         -0.6          0.1         r3.5          r-0.4          r4.2
         III             -0.4          1.0          1.4         r3.1          r-0.2          r3.6
          IV              1.8          0.9         -0.8         r5.1           r3.0          r3.2

      ANNUAL              0.2          0.3          0.1         r4.5           r1.1          r4.3

2007       I              2.1          0.5         -1.6         r2.2          r-0.2          r0.0
          II              2.0          1.1         -0.9         r2.7           r0.1          r0.7
         III              2.5          0.9         -1.5         r2.3          r-0.1         r-0.2
          IV              1.7          0.9         -0.8         r2.7          r-1.2          r1.0

      ANNUAL              2.1          0.9         -1.2         r2.5          r-0.3          r0.4

2008       I             r2.6         r0.1         -2.4         r3.8          r-0.3          r1.2
          II              2.6         -0.5         -3.1          5.0            0.7           2.3
--------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                August 8, 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

2006       I   r146.3   r176.2    r120.4   r164.5    r118.1    r112.4   r112.9   r112.5   r182.5   r118.8
          II   r146.0   r176.5    r120.9   r164.5    r117.0    r112.6   r114.4   r113.1   r183.1   r119.4
         III   r147.0   r178.5    r121.5   r165.1    r116.3    r112.3   r114.2   r112.8   r193.0   r120.0
          IV   r146.0   r177.8    r121.8   r167.8    r118.7    r114.9   r116.2   r115.3   r173.9   r120.5

      ANNUAL   r146.3   r177.3    r121.1   r165.5    r117.5    r113.1   r114.4   r113.4   r183.1   r119.7

2007       I   r146.2   r177.8    r121.7   r170.3    r119.4    r116.5   r117.2   r116.7   r171.8   r121.6
          II   r147.4   r179.7    r121.9   r171.3    r118.7    r116.2   r117.4   r116.5   r172.5   r121.5
         III   r148.1   r180.9    r122.1   r172.5    r118.7    r116.5   r117.8   r116.8   r166.8   r121.3
          IV   r148.8   r181.7    r122.1   r175.0    r119.0    r117.6   r118.9   r117.9   r155.9   r121.3

      ANNUAL   r147.6   r180.0    r122.0   r172.3    r119.0    r116.7   r117.9   r117.0   r166.7   r121.4

2008       I   r149.2   r181.7    r121.8   r177.1    r119.2    r118.7   r118.7   r118.7   r149.8   r121.5
----------------------------------------------------------------------------------------------------------
                             Percent change from previous quarter at annual rate(5)

2006       I     r4.4     r7.0       2.4     r8.3      r6.3      r3.7    r-0.6     r2.5    r12.1     r3.7
          II    r-0.9     r0.8       1.7     r0.0     r-3.5      r0.9     r5.3     r2.1     r1.4     r2.0
         III     r2.7     r4.7       1.9     r1.5     r-2.5     r-1.2    r-0.5    r-1.0    r23.3     r2.1
          IV    r-2.6    r-1.6      r1.0     r6.9      r8.5      r9.7     r6.9     r9.0   r-34.1     r1.7

      ANNUAL     r2.1     r4.4       2.2     r3.6      r0.3      r1.5      1.4     r1.4    r12.2      2.8

2007       I     r0.4     r0.0      -0.3     r6.1      r2.4      r5.7     r3.6     r5.1    r-4.7     r3.8
          II     r3.4     r4.3       0.8     r2.2      -2.3     r-1.2     r0.8    r-0.7     r1.7    r-0.4
         III     r1.8     r2.6       0.7      2.8       0.1      r1.0     r1.3     r1.0   r-12.5    r-0.8
          IV     r1.9     r1.9       0.0      5.9      r0.9      r3.9     r3.9     r3.9   r-23.7     r0.2

      ANNUAL     r0.9     r1.6       0.7     r4.1      r1.3       3.2     r3.0     r3.2    r-9.0     r1.5

2008       I     r1.0    r-0.1     r-1.1     r4.9      r0.6      r3.9    r-0.9     r2.6   r-14.7      0.5
----------------------------------------------------------------------------------------------------------
                          Percent change from corresponding quarter of previous year

2006       I     r3.2     r5.9       2.6     r4.1      r0.4      r0.9     r1.4     r1.0    r17.1     r3.0
          II     r1.6     r3.9       2.3     r3.7     r-0.2      r2.0     r2.7     r2.2     r9.8      3.2
         III     r2.9     r5.2      r2.2     r2.6     r-0.7     r-0.3    r-1.3    r-0.6    r26.8     r2.6
          IV     r0.9     r2.7       1.8     r4.1      r2.1      r3.2     r2.7     r3.1    r-2.0      2.4

      ANNUAL     r2.1     r4.4       2.2     r3.6      r0.3      r1.5      1.4     r1.4    r12.2      2.8

2007       I    r-0.1     r1.0       1.1     r3.6      r1.1      r3.7     r3.8     r3.7    r-5.9     r2.4
          II     r1.0     r1.8      r0.8     r4.1      r1.4      r3.1     r2.7     r3.0    r-5.8     r1.8
         III     r0.7     r1.3       0.6     r4.5      r2.1       3.7     r3.1     r3.6   r-13.6      1.1
          IV     r1.9     r2.2       0.3     r4.3      r0.3      r2.3     r2.4     r2.3   r-10.3     r0.7

      ANNUAL     r0.9     r1.6       0.7     r4.1      r1.3       3.2     r3.0     r3.2    r-9.0     r1.5

2008       I     r2.1     r2.2      r0.1     r4.0     r-0.2      r1.9     r1.3     r1.7   r-12.8    r-0.1
----------------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                        August 8, 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 +1.3 index points approximately 95 percent of the time.  This 
interval is based on the performance of this measure between the fourth 
quarter of 1995 and the first quarter of 2008.


                          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 1978-2007 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

 2005       I    r134.3     r157.1    r117.0    r161.2      r120.1     r120.0      r128.5     r123.2
           II    r134.2     r158.4    r118.0    r161.6      r119.5     r120.4      r129.5     r123.8
          III    r135.6     r160.2    r118.2    r164.1      r119.6     r121.1      r131.6     r125.0
           IV    r135.2     r160.6    r118.8    r165.8      r119.6     r122.6      r132.4     r126.3

       ANNUAL    r134.8     r159.1    r118.0    r163.2      r119.7     r121.0      r130.5     r124.6

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

 2005       I      r2.7        3.7       0.9      r2.3        r0.5      r-0.4       r10.2       r3.6
           II     r-0.3       r3.2       3.5      r1.0       r-1.8       r1.3        r3.0       r2.0
          III      r4.1       r4.8       0.7      r6.5        r0.2       r2.3        r6.9       r4.1
           IV      -1.0        1.0       2.0      r4.2        r0.1       r5.2        r2.4       r4.1

       ANNUAL      r1.8       r3.5       1.6       4.0         0.6       r2.1        r4.7        3.1

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

 2005       I      r2.4        3.8       1.3      r4.7        r1.7       r2.3        r4.4        3.1
           II      r1.4        3.5       2.0       3.8        r0.8        2.3        r3.3       r2.7
          III      r2.1       r3.7       1.5       4.0        r0.3       r1.8        r5.5       r3.3
           IV      r1.4       r3.1      r1.7      r3.5       r-0.3       r2.1        r5.6       r3.4

       ANNUAL      r1.8       r3.5       1.6       4.0         0.6       r2.1        r4.7        3.1

 --------------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                      August 8, 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

 2005       I    r133.3     r157.3    r118.0    r160.0      r119.2     r120.0      r129.9     r123.7
           II    r133.4     r158.4    r118.8    r160.8      r118.9     r120.5      r130.8     r124.3
          III    r134.6     r160.3    r119.1    r163.2      r118.9     r121.2      r133.2     r125.6
           IV    r134.2     r160.8    r119.8    r164.7      r118.8     r122.7      r134.2     r126.9

       ANNUAL    r133.9     r159.2    r118.9    r162.2      r118.9     r121.1      r132.0     r125.1

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

 2005       I      r3.2       r3.7       0.5      r2.8        r1.0      r-0.5       r11.2       r3.9
           II      r0.3       r2.9       2.7      r1.9       r-0.9       r1.6        r3.0       r2.2
          III      r3.7       r4.8       1.0      r6.2       r-0.1       r2.4        r7.4       r4.3
           IV     r-1.1       r1.3       2.5      r3.7       r-0.4       r4.9        r3.1       r4.2

       ANNUAL      r1.7       r3.4       1.7       4.0         0.6       r2.2        r5.2        3.4

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

 2005       I      r2.3        3.8       1.4      r4.6        r1.6       r2.2        r5.0        3.3
           II      r1.3       r3.3       2.0      r3.8        r0.9        2.5        r3.9       r3.1
          III      r1.9       r3.5       1.6       4.0         0.2       r2.0        r5.9        3.5
           IV      r1.5       r3.2       1.7      r3.6       r-0.1       r2.1        r6.1       r3.6

       ANNUAL      r1.7       r3.4       1.7       4.0         0.6       r2.2        r5.2        3.4

 --------------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                                      August 8, 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

 2005       I          170.0        143.7         84.5       r162.2         r120.8         r95.4
           II          172.0        144.5         84.0       r164.2         r121.4         r95.5
          III          172.9        144.7         83.7       r166.5         r121.3         r96.3
           IV          172.8        146.5         84.8       r165.3         r119.2         r95.6

       ANNUAL          171.9        144.8         84.3       r164.5         r120.7         r95.7

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

 2005       I            7.1          5.7         -1.4        r-8.3          r-9.9        r-14.4
           II            4.7          2.0         -2.5         r5.0           r2.1          r0.3
          III            2.2          0.6         -1.5          5.8          r-0.5          r3.5
           IV           -0.2          5.3          5.5        r-2.9          r-6.7         r-2.8

       ANNUAL            4.9          3.7         -1.2         r1.9          r-1.4         r-2.8

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

 2005       I            5.2          3.9         -1.3         r3.4           r0.4         r-1.7
           II            5.6          4.0         -1.5         r2.7          r-0.2         r-2.7
          III            5.3          3.4         -1.8         r1.8          r-1.9         r-3.4
           IV            3.4          3.4          0.0        r-0.3          r-3.9         r-3.6

       ANNUAL            4.9          3.7         -1.2         r1.9          r-1.4         r-2.8

 -------------------------------------------------------------------------------------------------
See footnotes following Table 6.                               August 8, 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

 2005       I          192.6        171.4         88.9       r158.3         r117.9         r82.1
           II          195.0        172.6         88.5       r159.7         r118.1         r81.9
          III          197.3        174.7         88.5       r162.2         r118.2         r82.2
           IV          199.7        179.4         89.8       r160.7         r115.9         r80.5

       ANNUAL          196.2        174.5         89.0       r160.2         r117.5         r81.7

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

 2005       I            7.1          7.1         -0.1        r-7.1          r-8.7        r-13.2
           II            5.1          3.0         -2.0         r3.7           r0.8         r-1.4
          III            4.8          4.9          0.1         r6.6           r0.3          r1.7
           IV            4.9         11.2          6.0        r-3.7          r-7.4         r-8.2

       ANNUAL            5.4          5.2         -0.2         r1.9          r-1.4         r-3.3

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

 2005       I            4.4          4.1         -0.3         r3.9           r0.9         r-0.5
           II            5.4          4.9         -0.6         r2.6          r-0.3         r-2.7
          III            6.1          5.2         -0.9         r1.6          r-2.1         r-4.3
           IV            5.5          6.5          1.0        r-0.3          r-3.9         r-5.4

       ANNUAL            5.4          5.2         -0.2         r1.9          r-1.4         r-3.3

 -------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                               August 8, 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

 2005       I          147.8        115.1         77.9       r167.6         r124.9        r113.4
           II          149.5        115.4         77.2       r170.7         r126.3        r114.2
          III          149.6        114.3         76.4       r172.3         r125.5        r115.2
           IV          147.7        114.0         77.2       r171.7         r123.9        r116.3

       ANNUAL          148.7        114.7         77.2       r170.6         r125.1        r114.8

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

 2005       I            7.8          4.0         -3.6       r-10.8         r-12.4        r-17.3
           II            4.6          0.9         -3.5         r7.5           r4.5          r2.8
          III            0.4         -3.9         -4.3         r3.9          r-2.2          r3.4
           IV           -5.1         -0.8          4.5        r-1.5          r-5.3          r3.9

       ANNUAL            4.9          2.0         -2.8         r1.6          r-1.6         r-3.1

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

 2005       I            6.8          3.8         -2.9         r2.4          r-0.5         r-4.1
           II            6.3          3.0         -3.1         r2.8          r-0.1         r-3.3
          III            5.0          1.4         -3.4         r1.9          r-1.8         r-2.9
           IV            1.8          0.0         -1.8        r-0.5          r-4.0         r-2.2

       ANNUAL            4.9          2.0         -2.8         r1.6          r-1.6         r-3.1

 -------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                       August 8, 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

 2005       I   r141.8   r166.4    r117.3   r158.0    r117.7    r111.4   r111.3   r111.4   r155.9   r115.3
           II   r143.7   r169.9    r118.2   r158.6    r117.3    r110.4   r111.4   r110.6   r166.8   r115.7
          III   r142.8   r169.7    r118.8   r160.8    r117.2    r112.6   r115.7   r113.5   r152.2   r116.9
           IV   r144.8   r173.2    r119.7   r161.2    r116.3    r111.4   r113.1   r111.8   r177.4   r117.7

       ANNUAL   r143.3   r169.8    r118.5   r159.7    r117.1    r111.4   r112.9   r111.8   r163.2    116.4

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

 2005       I     r3.0     r3.2       0.2     r2.5      r0.7     r-0.4     r7.6     r1.7    r23.6      4.0
           II     r5.5     r8.7       3.0     r1.7     r-1.1     r-3.6     r0.1    r-2.6    r31.1     r1.1
          III    r-2.5    r-0.5      r2.0     r5.6     r-0.6      r8.4    r16.7    r10.6   r-30.6     r4.4
           IV     r5.6     r8.7       3.0     r1.0     r-2.9     r-4.3    r-8.9    r-5.6    r84.3     r2.7

       ANNUAL     r2.6     r4.3       1.7     r3.7       0.4      r1.1     r3.3     r1.7    r12.7      2.9

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

 2005       I     r3.2     r4.4       1.1      4.7      r1.6      r1.4     r1.6     r1.5    r15.3      3.0
           II     r3.4     r5.1       1.7     r3.8      r0.9      r0.4     r1.9     r0.8    r14.5     r2.4
          III     r1.2     r3.0       1.7      3.8       0.0      r2.5     r6.2     r3.5     r1.3      3.2
           IV     r2.8     r4.9       2.1     r2.7     r-1.0     r-0.1     r3.4     r0.8    r20.0     r3.1

       ANNUAL     r2.6     r4.3       1.7     r3.7       0.4      r1.1     r3.3     r1.7    r12.7      2.9

 ---------------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                                       August 8, 2008
 r=revised                                                              Source: Bureau of Labor Statistics



Last Modified Date: August 08, 2008
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