Economic News Release

Productivity and Costs News Release



Transmission of material in this release is embargoed until       USDL 15-0324                  
8:30 a.m. (EST) Thursday, March 5, 2015

Technical information: (202) 691-5606    dprweb@bls.gov  www.bls.gov/lpc
Media contact          (202) 691-5902    PressOffice@bls.gov




                                PRODUCTIVITY AND COSTS
                   Fourth Quarter and Annual Averages 2014, Revised



Nonfarm business sector labor productivity decreased at a 2.2 percent annual 
rate during the fourth quarter of 2014, the U.S. Bureau of Labor Statistics 
reported today, as output increased 2.6 percent and hours worked increased 
4.9 percent. (All quarterly percent changes in this release are seasonally 
adjusted annual rates.) From the fourth quarter of 2013 to the fourth 
quarter of 2014, productivity decreased 0.1 percent reflecting increases in 
output and hours worked of 2.9 percent and 3.0 percent, respectively. (See 
table A.) Annual average productivity increased 0.7 percent from 2013 to 
2014. (See table C.)

Labor productivity, or output per hour, is calculated by dividing an index of
real output by an index of hours worked of all persons, including employees,
proprietors, and unpaid family workers. Measures released today were based on
more recent source data than were available for the preliminary report.

Unit labor costs in the nonfarm business sector increased 4.1 percent in the 
fourth quarter of 2014, reflecting a 1.9 percent increase in hourly 
compensation and a 2.2 percent decline in productivity. Unit labor costs 
increased 2.6 percent over the last four quarters. (See tables A and 2.) 


=============================================================================
Data in this release reflect the annual benchmark revision of BLS Current 
Employment Statistics program data on nonfarm employment and hours, and the 
revised seasonal adjustment of those data. More detail can be found in 
tables 1-6 and appendix tables 1-6. See Revised measures.
=============================================================================


BLS calculates unit labor costs as the ratio of hourly compensation to labor 
productivity; increases in hourly compensation tend to increase unit labor 
costs and increases in output per hour tend to reduce them.

Manufacturing sector productivity decreased 0.1 percent in the fourth quarter
of 2014, as output increased 4.3 percent and hours worked increased 4.4 
percent. Productivity increased 0.5 percent in the durable manufacturing 
sector and decreased 1.5 percent in the nondurable manufacturing sector. 
(See tables A, 3, 4, and 5.) Over the last four quarters, manufacturing 
productivity increased 2.4 percent, as output increased 4.5 percent and hours
increased 2.0 percent. Unit labor costs in manufacturing increased 1.5 
percent in the fourth quarter of 2014 and were unchanged from the same 
quarter a year ago. (See tables A and 3.) 

The concepts, sources, and methods used for the manufacturing output series 
differ from those used in the business and nonfarm business output series; 
these output measures are not directly comparable. See Technical Notes for a 
more detailed explanation. 


Revised measures

Quarterly and annual measures of hours and related series-including 
productivity-were revised back to 1990 for all major sectors. The revisions 
incorporate revised Current Employment Statistics (CES) program data 
published February 6, 2015. From 2010 forward the data were subject to 
revision as a result of annual benchmarking of CES data and revised seasonal 
adjustment of those data. Prior to 2010 there were small revisions due to 
CES coverage changes affecting two manufacturing industries. Index measures 
related to hours show full historical revisions because the 2009 base year 
values were revised; resulting revisions to percent changes are small. Third 
quarter, fourth quarter, and annual average data for 2014 were also revised 
for regular updates of source data on output and compensation.

Revised and previous measures for the third and fourth quarters of 2014 are 
shown in table B for the business, nonfarm business, and manufacturing 
sectors. Revised annual average measures for 2010 to 2014 are shown in table 
C for the nonfarm business and manufacturing sectors. Revised third quarter 
measures for the nonfinancial corporate sector are shown in table D. 
Quarterly and annual data for all sectors appear in tables 1-6 for 2012 
through 2014 and in appendix tables 1-6 for 2009 through 2011. Full 
historical annual and quarterly measures can be found on the labor 
productivity and costs home page at www.bls.gov/lpc/#data. 

In the fourth quarter of 2014, nonfarm business productivity decreased 2.2 
percent rather than 1.8 percent as reported February 5. The revised figure 
reflects a 0.6 percentage point downward revision to output and a 0.2 
percentage point downward revision to hours. The 4.9 percent increase in 
hours worked remains the largest increase in this series since a gain of 5.7 
percent in the fourth quarter of 1998. Unit labor costs increased 4.1 
percent, a larger increase than was previously reported. 

Manufacturing productivity declined 0.1 percent rather than increasing 1.3 
percent, a combination of a downward revision to output and a small upward 
revision to hours. This was the first decrease in the productivity measure 
since a 1.6 percent decrease in the fourth quarter of 2011. Because the 
downward revision to productivity was larger than a downward revision to 
hourly compensation, manufacturing unit labor costs increased 1.5 percent, 
rather than 0.2 percent as reported in the preliminary release. (See table 
B.) 

In the third quarter of 2014, nonfarm business productivity growth was 
little changed, at 3.9 percent, reflecting a slight downward revision to 
hours. Unit labor costs decreased 1.0 percent, as revised, reflecting the 
small upward revision to productivity and a 1.5 percentage point upward 
revision to hourly compensation. In the manufacturing sector, productivity 
increased 3.5 percent rather than 3.2 percent as previously reported. The 
revision reflected a small upward revision to output and a small downward 
revision to hours. (See table B.) Nonfinancial corporate sector productivity 
increased 1.8 percent in the third quarter of 2014. (See table D.)

When the annual average indexes of output per hour are compared, nonfarm 
business sector productivity rose 0.7 percent from 2013 to 2014 reflecting 
increases of 3.0 percent in output and 2.3 percent in hours worked. The 
increase in hours in 2014 was the largest increase in the annual measure 
since 1997 (3.5 percent). Since 2010, productivity has increased at an 
average annual rate of 0.7 percent, reflecting average annual growth rates 
of 2.8 percent in output and 2.1 percent in hours worked. Output per hour 
has increased at an average annual rate of 2.1 percent since 1990 as output 
increased 2.8 percent and hours increased 0.7 percent. Unit labor costs rose 
1.8 percent from 2013 to 2014 in the nonfarm business sector.

In the manufacturing sector, annual average productivity growth was revised 
down to 2.2 percent in 2014. Productivity growth over the last four years of 
1.5 percent per year on average reflects annual average rates of growth in 
output and hours of 3.2 percent and 1.7 percent, respectively. Manufacturing 
unit labor costs increased 0.1 percent in 2014 as the 2.2 percent increase 
in productivity was outpaced by the 2.3 percent increase in compensation per 
hour. Real hourly compensation increased 0.6 percent in 2014, after four 
consecutive years of decreases in the measure (See table C.)
______________  







The preliminary Productivity and Costs news release for first-quarter 2015 is 
scheduled to be released on Wednesday, May 6, 2015 at 8:30 a.m. (EDT).






=====================================================================================================
Table A. Revised fourth-quarter 2014 measures: percent change from previous quarter at annual rate
(Q to Q) and from same quarter a year  ago (Y to Y)

Sector                    Nonfarm                                        Durable         Nondurable
                          Business         Business      Manufacturing   Manufacturing   Manufacturing
                       Q to Q   Y to Y  Q to Q  Y to Y  Q to Q  Y to Y  Q to Q  Y to Y  Q to Q  Y to Y
-------------------------------------------------------------------------------------------------------  
Productivity           -2.2     -0.1    -2.3    -0.4    -0.1     2.4     0.5     2.8    -1.5     2.3
Output                  2.6      2.9     2.7     2.8     4.3     4.5     3.4     5.5     5.4     3.4
Hours                   4.9      3.0     5.2     3.2     4.4     2.0     3.0     2.6     7.0     1.1
Hourly 
 compensation           1.9      2.5     1.6     2.3     1.4     2.4     1.8     2.4     1.1     2.3
Real hourly 
 compensation           3.1      1.3     2.8     1.1     2.7     1.2     3.0     1.2     2.4     1.1
Unit labor 
 costs                  4.1      2.6     4.0     2.7     1.5     0.0     1.3    -0.4     2.7     0.1

=======================================================================================================
Table B. Revised and previous measures: fourth quarter and third quarter 2014

Sector            Nonfarm                                             Durable           Nondurable
                  Business         Business         Manufacturing     Manufacturing     Manufacturing
              Revised Previous  Revised Previous  Revised Previous  Revised Previous  Revised Previous
-------------------------------------------------------------------------------------------------------
                                Percent change, annual rate, fourth quarter 2014
Productivity    -2.2    -1.8     -2.3     -2.0     -0.1      1.3      0.5      1.5     -1.5      0.2
Output           2.6     3.2      2.7      3.3      4.3      5.7      3.4      4.5      5.4      7.0
Hours            4.9     5.1      5.2      5.3      4.4      4.3      3.0      3.0      7.0      6.8
Hourly 
 compensation    1.9     0.9      1.6      0.6      1.4      1.5      1.8      1.3      1.1      2.2
Real hourly 
 compensation    3.1     2.1      2.8      1.8      2.7      2.8      3.0      2.5      2.4      3.4
Unit labor 
 costs           4.1     2.7      4.0      2.6      1.5      0.2      1.3     -0.2      2.7      2.0
-------------------------------------------------------------------------------------------------------
                                Percent change, annual rate, third quarter 2014
Productivity     3.9     3.7      3.3      3.2      3.5      3.2      3.5      3.5      4.4      3.8
Output           6.3     6.3      6.4      6.4      4.9      4.8      6.7      6.7      2.9      2.7
Hours            2.4     2.5      2.9      3.1      1.4      1.5      3.1      3.1     -1.4     -1.1
Hourly 
 compensation    2.8     1.3      2.1      0.6      2.1      1.4      1.7      0.7      2.7      2.6
Real hourly 
 compensation    1.7     0.2      1.0     -0.5      1.0      0.3      0.6     -0.4      1.6      1.5
Unit labor
 costs          -1.0    -2.3     -1.2     -2.5     -1.3     -1.7     -1.8     -2.6     -1.6     -1.2
=======================================================================================================
Table C. Revised annual average changes in productivity and related measures: 2010-2014

Sector                            Nonfarm Business                         Manufacturing
                        2010    2011    2012    2013    2014  |  2010    2011    2012    2013     2014
--------------------------------------------------------------|----------------------------------------
                                                              | 
Productivity             3.3     0.2     1.0     0.9     0.7  |   6.2     0.8     1.0     1.9      2.2
Output                   3.2     2.2     3.2     2.6     3.0  |   6.2     2.9     3.3     2.7      3.8
Hours                   -0.1     2.0     2.2     1.7     2.3  |   0.0     2.1     2.3     0.8      1.6
Hourly                                                        |
 compensation            2.0     2.2     2.7     1.1     2.5  |   1.2     1.7     1.8     0.5      2.3
Real hourly                                                   |
 compensation            0.3    -0.9     0.6    -0.3     0.8  |  -0.4    -1.4    -0.3    -0.9      0.6
Unit labor                                                    |
 costs                  -1.3     2.1     1.7     0.2     1.8  |  -4.7     1.0     0.8    -1.4      0.1
=======================================================================================================
Table D.  Nonfinancial corporations: revised third-quarter 2014 productivity and cost measures
        
                                                        Real 
                                           Hourly       hourly        Unit                    Implicit
             Produc-                       compen-      compen-       labor       Unit        price
             tivity    Output     Hours    sation       sation        costs       profits     deflator
-------------------------------------------------------------------------------------------------------                                                 
                                Percent change, annual rate, third quarter 2014
                                
Revised        1.8      4.6        2.7       1.0          0.0          -0.8        5.7           0.7
Previous       1.7      4.6        2.9       0.9         -0.2          -0.8        5.7           0.7
======================================================================================================= 





			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, counting a 
person who is employed by two or more establishments at each place of 
employment. 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) for 2001 forward and data from the BLS Hours at Work survey, 
conducted for this purpose, 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 to estimate hours worked for farm labor, 
nonfarm proprietors, and nonfarm unpaid family workers. Using CPS 
information on employment and hours worked at primary jobs and all other 
jobs, separately, the BLS productivity measures assign all hours worked 
to the correct industrial sector. Hours 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.

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 76 percent of the value of GDP in 2013. Nonfarm business, which 
excludes farming, accounted for about 74 percent of GDP in 2013.
     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 indexes 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. 
     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 49 percent of the value of GDP in 2013.
     
Labor Productivity: The measure describes the relationship between real 
output and the labor time involved in its production. Measures of labor 
productivity growth show the changes from period to period in the amount 
of goods and services produced per hour worked. 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: The measure includes accrued wages and salaries, 
supplements, employer contributions to employee benefit plans, and taxes. 
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: These measures describe the relationship between 
compensation per hour and labor 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 percent changes from the previous quarter 
presented at a compound annual rate, as percent changes from the 
corresponding quarter of the previous year, and as index number series 
where 2009=100. 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, 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).

For a more detailed explanation of methodology see "Technical Information 
About the Major Sector Productivity and Costs Methods" at 
www.bls.gov/lpc/lpcmethods.pdf.
      
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
             Output                            Compen-    compen-               Unit       Implicit
 Year        per hour               Hours      sation     sation      Unit      nonlabor   price
 and         of all                 of all     per hour   per hour    labor     payments   deflator
 quarter     persons     Output     persons      (1)        (2)       costs       (3)        (4)
---------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)

2014 ANNUAL    0.5 r       2.9        2.4 r      2.3 r      0.7 r      1.8 r      0.6 r      1.3  

2014 IV       -2.3 r       2.7 r      5.2 r      1.6 r      2.8 r      4.0 r     -6.0 r     -0.5 r
     III       3.3 r       6.4        2.9 r      2.1 r      1.0 r     -1.2 r      4.2 r      1.1  
     II        2.9         5.7        2.7       -1.0 r     -4.0       -3.9       11.1        2.4  
     I        -5.2 r      -3.3        2.0 r      6.6 r      4.6 r     12.4 r    -11.5        1.3  

2013 ANNUAL    1.2         2.7        1.5        1.3 r     -0.1        0.2        3.1        1.4  

2013 IV        2.9 r       4.6        1.7 r      1.4 r      0.2 r     -1.4        4.0        1.0  
     III       3.3 r       5.9        2.6 r      0.1 r     -2.0 r     -3.1        7.9        1.6  
     II        1.1 r       2.1        1.0 r      4.3 r      3.8 r      3.1       -1.7        1.0  
     I         2.0 r       3.2        1.3 r     -5.8 r     -6.9 r     -7.6       14.6        1.4  

2012 ANNUAL    0.9         3.1        2.2        2.8        0.7        1.9        1.7        1.8  

2012 IV       -2.2 r      -0.1        2.1 r     10.5 r      7.8 r     13.0      -12.2 r      1.3  
     III       1.4 r       3.1        1.7 r      0.1 r     -1.5 r     -1.3        6.5        2.0  
     II        2.0 r       2.3        0.2 r      1.0 r     -0.4 r     -1.0        6.5        2.2  
     I        -0.3 r       3.1        3.4 r     11.4 r      9.1 r     11.7       -9.9 r      1.7  
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2014 ANNUAL    0.5 r       2.9        2.4 r      2.3 r      0.7 r      1.8 r      0.6 r      1.3  

2014 IV       -0.4 r       2.8 r      3.2        2.3 r      1.1 r      2.7 r     -1.0 r      1.1 r
     III       0.9 r       3.3        2.3        2.2 r      0.4 r      1.3 r      1.6 r      1.4  
     II        0.9 r       3.2        2.2 r      1.7 r     -0.3 r      0.8        2.5        1.5  
     I         0.5         2.3        1.8 r      3.1        1.6 r      2.6       -0.6        1.2  

2013 ANNUAL    1.2         2.7        1.5        1.3 r     -0.1        0.2        3.1        1.4  

2013 IV        2.3 r       4.0        1.6       -0.1 r     -1.3 r     -2.3        6.0        1.2  
     III       1.0 r       2.8        1.7        2.1        0.5 r      1.1        1.6        1.3  
     II        0.6 r       2.1        1.5        2.1        0.7 r      1.5        1.3        1.4  
     I         0.8         2.1        1.3        1.3       -0.4 r      0.5        3.3        1.7  

2012 ANNUAL    0.9         3.1        2.2        2.8        0.7        1.9        1.7        1.8  

2012 IV        0.2 r       2.1        1.9 r      5.6 r      3.6 r      5.4       -2.7        1.8  
     III       1.6         3.6        2.0        1.8        0.1        0.2        3.6        1.7  
     II        1.0         3.1        2.1        2.3        0.4        1.3        2.6        1.8  
     I         0.8         3.5        2.7        1.6       -1.2        0.8        3.8        2.1  
---------------------------------------------------------------------------------------------------
                                         Indexes 2009=100

2014 ANNUAL  106.0 r     114.8 r    108.3 r    110.9 r    100.5 r    104.7 r    112.9 r    108.1 r

2014 IV      106.1 r     116.7 r    109.9 r    111.5 r    100.9 r    105.0 r    112.9 r    108.3 r
     III     106.8 r     115.9      108.5 r    111.0 r    100.2 r    104.0 r    114.7 r    108.5  
     II      105.9 r     114.1      107.7 r    110.5 r    100.0 r    104.3 r    113.5 r    108.2  
     I       105.1 r     112.5      107.0 r    110.8 r    101.0 r    105.3 r    110.6 r    107.5  

2013 ANNUAL  105.5 r     111.6      105.8 r    108.4 r     99.8 r    102.8 r    112.2 r    106.7  

2013 IV      106.6 r     113.5      106.5 r    109.0 r     99.9 r    102.3 r    114.0 r    107.2  
     III     105.8 r     112.2      106.0 r    108.6 r     99.8 r    102.7 r    112.9 r    106.9  
     II      105.0 r     110.6      105.4 r    108.6 r    100.3 r    103.5 r    110.7 r    106.5  
     I       104.7 r     110.0      105.1 r    107.5 r     99.4 r    102.7 r    111.2 r    106.3  

2012 ANNUAL  104.3 r     108.6      104.1 r    107.0 r     99.9 r    102.6      108.9 r    105.2  

2012 IV      104.2 r     109.1      104.8 r    109.1 r    101.2 r    104.7 r    107.5 r    105.9  
     III     104.7 r     109.2      104.2 r    106.4 r     99.3 r    101.6 r    111.1 r    105.6  
     II      104.4 r     108.3      103.8 r    106.4 r     99.6 r    101.9 r    109.3 r    105.0  
     I       103.8 r     107.7      103.7 r    106.1 r     99.7 r    102.2 r    107.6 r    104.5  
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                      March 5, 2015
r=revised                                                        Source: Bureau of Labor Statistics





Table 2. Nonfarm business sector: Productivity, hourly compensation, unit labor costs, and prices,
seasonally adjusted
                                                          Real
             Output                            Compen-    compen-               Unit       Implicit
 Year        per hour               Hours      sation     sation      Unit      nonlabor   price
 and         of all                 of all     per hour   per hour    labor     payments   deflator
 quarter     persons     Output     persons      (1)        (2)       costs       (3)        (4)
---------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)

2014 ANNUAL    0.7 r       3.0 r      2.3 r      2.5 r      0.8 r      1.8 r      0.9 r      1.4 r

2014 IV       -2.2 r       2.6 r      4.9 r      1.9 r      3.1 r      4.1 r     -5.8 r     -0.3 r
     III       3.9 r       6.3        2.4 r      2.8 r      1.7 r     -1.0 r      5.3 r      1.7  
     II        2.9         5.5        2.5       -0.9       -3.8       -3.7       10.0 r      2.0  
     I        -4.7 r      -2.4        2.4 r      6.3 r      4.3 r     11.5 r    -11.7        0.8  

2013 ANNUAL    0.9         2.6        1.7        1.1       -0.3        0.2        2.9        1.4  

2013 IV        3.0 r       4.7        1.7 r      1.7 r      0.4 r     -1.3        5.0        1.4  
     III       3.4 r       5.6        2.1 r      0.4 r     -1.6 r     -2.9        8.5        1.9  
     II        0.9 r       2.0        1.1 r      4.2 r      3.7 r      3.2       -0.8 r      1.5  
     I         0.6 r       2.4        1.8 r     -6.5 r     -7.5 r     -7.1 r     12.8 r      0.9  

2012 ANNUAL    1.0         3.2        2.2        2.7        0.6        1.7        2.0        1.8  

2012 IV       -2.3 r       0.1        2.4 r     10.1 r      7.5 r     12.7      -12.8        1.0  
     III       1.8 r       3.7        1.9 r     -0.1 r     -1.7 r     -1.8        6.7        1.8  
     II        2.0 r       2.3        0.3 r      0.9 r     -0.5 r     -1.1 r      6.9 r      2.3  
     I         0.0 r       3.3        3.3 r     11.5 r      9.1 r     11.4       -9.9        1.6  
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2014 ANNUAL    0.7 r       3.0 r      2.3 r      2.5 r      0.8 r      1.8 r      0.9 r      1.4 r

2014 IV       -0.1 r       2.9 r      3.0 r      2.5 r      1.3 r      2.6 r     -0.9 r      1.0  
     III       1.2 r       3.5        2.2        2.4 r      0.6 r      1.2 r      1.8 r      1.5  
     II        1.1 r       3.3        2.2 r      1.8 r     -0.2 r      0.7        2.6        1.5  
     I         0.6 r       2.4        1.8 r      3.1 r      1.7 r      2.5        0.0        1.4  

2013 ANNUAL    0.9         2.6        1.7        1.1       -0.3        0.2        2.9        1.4  

2013 IV        2.0         3.7        1.6       -0.1       -1.3       -2.1        6.3 r      1.4  
     III       0.6 r       2.5        1.8        1.9        0.4        1.2        1.4        1.3  
     II        0.2         2.0        1.8        1.8 r      0.3        1.5        1.0        1.3  
     I         0.5 r       2.1        1.6 r      0.9 r     -0.7        0.4        2.9        1.5  

2012 ANNUAL    1.0         3.2        2.2        2.7        0.6        1.7        2.0        1.8  

2012 IV        0.4         2.3        2.0 r      5.5        3.5        5.1       -2.7        1.6  
     III       1.7         3.8        2.0        1.6        0.0       -0.1        4.1        1.7  
     II        1.0 r       3.1        2.1 r      2.3        0.3 r      1.2        2.8        1.9  
     I         0.9         3.7        2.7        1.5       -1.3 r      0.6        4.0        2.0  
---------------------------------------------------------------------------------------------------
                                         Indexes 2009=100

2014 ANNUAL  106.2 r     115.1 r    108.4 r    110.9 r    100.5 r    104.5 r    111.9 r    107.6 r

2014 IV      106.4 r     116.9 r    109.9 r    111.6 r    101.1 r    104.9 r    112.0 r    107.8 r
     III     107.0 r     116.1      108.5 r    111.1 r    100.3 r    103.9 r    113.7 r    107.9  
     II      106.0 r     114.4      107.9 r    110.3 r     99.9 r    104.1 r    112.2 r    107.5  
     I       105.2 r     112.9      107.2 r    110.6 r    100.8 r    105.1 r    109.5 r    106.9  

2013 ANNUAL  105.4 r     111.7      105.9 r    108.2 r     99.7 r    102.7 r    110.9 r    106.1  

2013 IV      106.5 r     113.5      106.6 r    108.9 r     99.8 r    102.3 r    113.0 r    106.7  
     III     105.7 r     112.2      106.2 r    108.5 r     99.7 r    102.6 r    111.6 r    106.4  
     II      104.8 r     110.7      105.6 r    108.3 r    100.1 r    103.4 r    109.4 r    105.9  
     I       104.6 r     110.2      105.3 r    107.2 r     99.2 r    102.5 r    109.6 r    105.5  

2012 ANNUAL  104.5 r     108.9      104.2 r    107.1 r    100.0 r    102.4 r    107.8 r    104.7  

2012 IV      104.4 r     109.5      104.9 r    109.1 r    101.1 r    104.4 r    106.3 r    105.2  
     III     105.0 r     109.5      104.3 r    106.5 r     99.3 r    101.4 r    110.0 r    105.0  
     II      104.6 r     108.5      103.8 r    106.5 r     99.8 r    101.8 r    108.3 r    104.5  
     I       104.0 r     107.9      103.7 r    106.3 r     99.9 r    102.1 r    106.5 r    103.9  
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                      March 5, 2015
r=revised                                                        Source: Bureau of Labor Statistics





Table 3. Manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
                                                                              Real
                 Output                                        Compen-        compen-
 Year            per hour                      Hours           sation         sation         Unit
 and             of all                        of all          per hour       per hour       labor
 quarter         persons        Output         persons           (1)            (2)          costs
---------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)

2014 ANNUAL        2.2 r          3.8 r          1.6 r          2.3 r          0.6 r          0.1 r

2014 IV           -0.1 r          4.3 r          4.4 r          1.4 r          2.7 r          1.5 r
     III           3.5 r          4.9 r          1.4 r          2.1 r          1.0 r         -1.3 r
     II            3.7            7.3            3.4           -1.9           -4.8           -5.4  
     I             2.6 r          1.6           -1.0 r          8.3 r          6.3 r          5.5  

2013 ANNUAL        1.9 r          2.7            0.8 r          0.5 r         -0.9 r         -1.4  

2013 IV            0.8 r          4.7            3.9 r          0.3 r         -0.9 r         -0.5  
     III           0.2 r          1.7            1.5 r          0.2 r         -1.8 r          0.0  
     II            3.9 r          1.5           -2.3 r          3.0 r          2.5 r         -0.9  
     I             2.4 r          4.8            2.3 r         -2.9 r         -4.0 r         -5.2  

2012 ANNUAL        1.0            3.3            2.3            1.8 r         -0.3            0.8  

2012 IV            2.3 r          2.4            0.1 r          4.7 r          2.2 r          2.4  
     III           0.6 r          1.2            0.6 r         -1.6 r         -3.2 r         -2.1  
     II            0.6 r          2.4            1.8 r         -0.1 r         -1.4 r         -0.7  
     I             2.9 r          6.1            3.0 r         10.8 r          8.5 r          7.6  
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2014 ANNUAL        2.2 r          3.8 r          1.6 r          2.3 r          0.6 r          0.1 r

2014 IV            2.4 r          4.5 r          2.0 r          2.4            1.2            0.0 r
     III           2.6 r          4.6            1.9 r          2.1 r          0.3 r         -0.5 r
     II            1.8 r          3.8            2.0 r          1.6 r         -0.4 r         -0.2  
     I             1.9 r          2.4            0.5 r          2.9 r          1.5 r          1.0  

2013 ANNUAL        1.9 r          2.7            0.8 r          0.5 r         -0.9 r         -1.4  

2013 IV            1.8 r          3.2            1.3 r          0.1 r         -1.1 r         -1.7  
     III           2.2 r          2.6            0.4 r          1.2 r         -0.3 r         -1.0  
     II            2.3 r          2.4            0.2 r          0.8 r         -0.7 r         -1.5  
     I             1.5            2.7            1.2 r          0.0           -1.6           -1.5 r

2012 ANNUAL        1.0            3.3            2.3            1.8 r         -0.3            0.8  

2012 IV            1.6 r          3.0            1.4 r          3.4 r          1.4 r          1.7  
     III           0.6            3.2            2.5 r          1.0 r         -0.7            0.4  
     II            1.4 r          4.0            2.5 r          1.7 r         -0.2 r          0.3  
     I             0.4            3.2            2.7 r          1.1 r         -1.6 r          0.7  
---------------------------------------------------------------------------------------------------
                                         Indexes 2009=100

2014 ANNUAL      112.6 r        120.3 r        106.9 r        107.8 r         97.6 r         95.7 r

2014 IV          113.3 r        122.5 r        108.2 r        108.2 r         98.0 r         95.5 r
     III         113.3 r        121.2 r        107.0 r        107.8 r         97.3 r         95.2 r
     II          112.4 r        119.8          106.6 r        107.3 r         97.1 r         95.5 r
     I           111.3 r        117.7          105.7 r        107.8 r         98.3 r         96.8 r

2013 ANNUAL      110.2 r        115.9          105.2 r        105.4 r         97.0 r         95.6 r

2013 IV          110.6 r        117.2          106.0 r        105.6 r         96.8 r         95.5 r
     III         110.4 r        115.9          105.0 r        105.6 r         97.0 r         95.6 r
     II          110.4 r        115.4          104.6 r        105.5 r         97.5 r         95.6  
     I           109.3 r        115.0          105.2 r        104.7 r         96.9 r         95.8 r

2012 ANNUAL      108.1 r        112.8          104.4 r        104.8 r         97.9 r         97.0  

2012 IV          108.7 r        113.6          104.6 r        105.5 r         97.9 r         97.1 r
     III         108.0 r        113.0          104.6 r        104.3 r         97.3 r         96.6  
     II          107.9 r        112.7          104.4 r        104.7 r         98.1 r         97.1 r
     I           107.7          112.0          104.0          104.7           98.5           97.2  
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                      March 5, 2015
r=revised                                                        Source: Bureau of Labor Statistics





Table 4. Durable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
                                                                              Real
                 Output                                        Compen-        compen-
 Year            per hour                      Hours           sation         sation         Unit
 and             of all                        of all          per hour       per hour       labor
 quarter         persons        Output         persons           (1)            (2)          costs
---------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)

2014 ANNUAL        3.0 r          5.3 r          2.3 r          1.9            0.3           -1.0 r

2014 IV            0.5 r          3.4 r          3.0            1.8 r          3.0 r          1.3 r
     III           3.5            6.7            3.1            1.7 r          0.6 r         -1.8 r
     II            4.4 r         10.2            5.5 r         -2.7 r         -5.6 r         -6.9  
     I             2.9 r          1.8           -1.1 r          9.4 r          7.3 r          6.3  

2013 ANNUAL        3.0 r          4.2            1.1 r          0.0 r         -1.4           -3.0  

2013 IV            2.0 r          6.9            4.8 r         -2.3 r         -3.4 r         -4.2  
     III           1.9 r          3.6            1.7 r          0.9 r         -1.1 r         -0.9  
     II            5.7 r          2.9           -2.6 r          3.1 r          2.6 r         -2.5  
     I             2.3 r          6.4            3.9 r         -4.4 r         -5.4 r         -6.6 r

2012 ANNUAL        3.0            6.0            2.9            1.4 r         -0.7           -1.6  

2012 IV            3.8 r          3.6           -0.2 r          5.6 r          3.0 r          1.8 r
     III           1.2 r          1.1            0.0 r         -2.8 r         -4.4 r         -4.0  
     II            2.9 r          5.3            2.3 r         -1.5 r         -2.8 r         -4.3  
     I             7.1 r         10.3            3.0 r         12.0 r          9.7 r          4.6  
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2014 ANNUAL        3.0 r          5.3 r          2.3 r          1.9            0.3           -1.0 r

2014 IV            2.8 r          5.5 r          2.6 r          2.4 r          1.2 r         -0.4 r
     III           3.2 r          6.3            3.0 r          1.4           -0.4           -1.8 r
     II            2.8 r          5.6            2.7 r          1.2 r         -0.8 r         -1.6 r
     I             3.1 r          3.8            0.7 r          2.7 r          1.3 r         -0.4  

2013 ANNUAL        3.0 r          4.2            1.1 r          0.0 r         -1.4           -3.0  

2013 IV            3.0 r          4.9            1.9 r         -0.7 r         -1.9 r         -3.6 r
     III           3.4 r          4.1            0.7 r          1.2 r         -0.3 r         -2.1  
     II            3.2 r          3.5            0.3 r          0.3 r         -1.1 r         -2.8 r
     I             2.6            4.1            1.5 r         -0.8 r         -2.5 r         -3.3  

2012 ANNUAL        3.0            6.0            2.9            1.4 r         -0.7           -1.6  

2012 IV            3.7 r          5.1            1.3 r          3.2 r          1.2 r         -0.5  
     III           2.5            5.8            3.2            0.2           -1.5           -2.3  
     II            4.0 r          7.3            3.3 r          1.5 r         -0.4 r         -2.4  
     I             1.9 r          5.9            3.9 r          0.8 r         -2.0 r         -1.1  
---------------------------------------------------------------------------------------------------
                                         Indexes 2009=100

2014 ANNUAL      123.1 r        135.6 r        110.2 r        106.6 r         96.6 r         86.6 r

2014 IV          124.0 r        138.4 r        111.6 r        107.0 r         96.8 r         86.2 r
     III         123.9 r        137.3 r        110.8 r        106.5 r         96.1 r         86.0 r
     II          122.8 r        135.1          110.0 r        106.1 r         96.0 r         86.4 r
     I           121.5 r        131.8          108.5 r        106.8 r         97.4 r         87.9 r

2013 ANNUAL      119.5 r        128.8          107.8 r        104.6 r         96.3 r         87.5 r

2013 IV          120.6 r        131.2          108.8 r        104.4 r         95.7 r         86.6 r
     III         120.0 r        129.1          107.5 r        105.0 r         96.5 r         87.5  
     II          119.5 r        127.9          107.1 r        104.8 r         96.8 r         87.7  
     I           117.8 r        127.0          107.8 r        104.0 r         96.2 r         88.3 r

2012 ANNUAL      116.0 r        123.7          106.6          104.6           97.7           90.2  

2012 IV          117.2 r        125.1          106.7 r        105.2 r         97.5 r         89.8 r
     III         116.1 r        124.0          106.8 r        103.7 r         96.8 r         89.4  
     II          115.7 r        123.6          106.8 r        104.5 r         97.9 r         90.3 r
     I           114.9 r        122.0          106.2 r        104.9 r         98.6 r         91.3  
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                      March 5, 2015
r=revised                                                        Source: Bureau of Labor Statistics





Table 5. Nondurable manufacturing sector: Productivity, hourly compensation, and unit labor costs,
seasonally adjusted
                                                                              Real
                 Output                                        Compen-        compen-
 Year            per hour                      Hours           sation         sation         Unit
 and             of all                        of all          per hour       per hour       labor
 quarter         persons        Output         persons           (1)            (2)          costs
---------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate(5)

2014 ANNUAL        1.6 r          2.2            0.5 r          2.8 r          1.2 r          1.1 r

2014 IV           -1.5 r          5.4 r          7.0 r          1.1 r          2.4 r          2.7 r
     III           4.4 r          2.9 r         -1.4 r          2.7 r          1.6 r         -1.6 r
     II            4.1 r          4.0            0.0 r         -0.6 r         -3.6 r         -4.5  
     I             2.3 r          1.4           -0.9 r          6.2 r          4.3 r          3.9  

2013 ANNUAL        1.1 r          1.3            0.2 r          1.4 r          0.0 r          0.4  

2013 IV           -0.1 r          2.3            2.4 r          5.2 r          3.9 r          5.3  
     III          -1.7 r         -0.4            1.2 r         -1.2 r         -3.2 r          0.4  
     II            1.7 r         -0.1           -1.8 r          2.9 r          2.4 r          1.2  
     I             3.4            3.1           -0.3           -0.5           -1.6           -3.8  

2012 ANNUAL        0.0            1.3            1.2 r          2.4            0.3            2.4  

2012 IV            0.8 r          1.2            0.4 r          3.1 r          0.7 r          2.3  
     III           0.1 r          1.7            1.6 r          1.1 r         -0.6 r          1.0  
     II           -0.9 r         -0.1            0.8 r          2.5 r          1.2 r          3.5  
     I            -0.5            2.6            3.1 r          8.4 r          6.2 r          8.9  
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2014 ANNUAL        1.6 r          2.2            0.5 r          2.8 r          1.2 r          1.1 r

2014 IV            2.3 r          3.4 r          1.1 r          2.3 r          1.1 r          0.1 r
     III           2.6 r          2.6            0.0 r          3.4 r          1.5 r          0.7 r
     II            1.1 r          1.8            0.7 r          2.3 r          0.3 r          1.2  
     I             0.5 r          0.8            0.2 r          3.2 r          1.8 r          2.7  

2013 ANNUAL        1.1 r          1.3            0.2 r          1.4 r          0.0 r          0.4  

2013 IV            0.8 r          1.2            0.4 r          1.5 r          0.3 r          0.7  
     III           1.1 r          0.9           -0.1 r          1.0 r         -0.5 r          0.0  
     II            1.5            1.5            0.0            1.6            0.2            0.1  
     I             0.8            1.5            0.6 r          1.5           -0.1            0.7  

2012 ANNUAL        0.0            1.3            1.2 r          2.4            0.3            2.4  

2012 IV           -0.1 r          1.4            1.5            3.8 r          1.8            3.9  
     III          -0.3 r          1.2            1.4 r          2.3 r          0.6 r          2.6  
     II            0.1 r          1.3            1.2 r          2.0            0.0 r          1.9  
     I             0.5 r          1.2            0.7 r          1.6 r         -1.2 r          1.1  
---------------------------------------------------------------------------------------------------
                                         Indexes 2009=100

2014 ANNUAL      106.9 r        108.5 r        101.5 r        109.3 r         99.0 r        102.3 r

2014 IV          107.4 r        110.3 r        102.6 r        109.9 r         99.5 r        102.3 r
     III         107.8 r        108.8 r        100.9 r        109.6 r         98.9 r        101.6 r
     II          106.7 r        108.1          101.3 r        108.8 r         98.5 r        102.0 r
     I           105.6 r        107.0          101.3 r        109.0 r         99.4 r        103.2 r

2013 ANNUAL      105.2 r        106.2          101.0 r        106.3 r         97.9 r        101.1 r

2013 IV          105.0 r        106.6          101.5 r        107.4 r         98.3 r        102.2 r
     III         105.1 r        106.0          100.9 r        106.0 r         97.4 r        100.9 r
     II          105.5 r        106.1          100.6 r        106.3 r         98.2 r        100.8 r
     I           105.0 r        106.2          101.1 r        105.6 r         97.6 r        100.5 r

2012 ANNUAL      104.1 r        104.9          100.8 r        104.8 r         97.9 r        100.7 r

2012 IV          104.2 r        105.4          101.1 r        105.7 r         98.0 r        101.5 r
     III         104.0 r        105.0          101.0 r        104.9 r         97.9 r        100.9 r
     II          103.9 r        104.6          100.6 r        104.6 r         98.0 r        100.7 r
     I           104.2 r        104.6          100.4 r        104.0 r         97.7 r         99.8 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                      March 5, 2015
r=revised                                                        Source: Bureau of Labor Statistics





Table 6. Nonfinancial corporate sector: Productivity, hourly compensation, unit labor costs, unit profits,
and prices, seasonally adjusted
                                                     Real               Unit
              Output                       Hourly    hourly             non-      Total   Unit   Implicit
 Year         per all-                     compen-   compen-   Unit     labor     unit    pro-   price
 and          employee          Employee   sation    sation    labor    costs     cost    fits   deflator
 quarter      hour     Output   hours       (1)       (2)      costs     (6)      (7)     (8)      (4)
---------------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate(5)

2014 III       1.8 r     4.6      2.7 r     1.0 r     0.0 r    -0.8      1.1     -0.2      5.7      0.7  
     II        2.0       6.5      4.4 r    -1.5      -4.4      -3.4     -6.1     -4.3     47.3      1.7  
     I        -1.3 r     0.7      2.0 r     6.3 r     4.3 r     7.6      2.3      5.9    -26.9      0.5  

2013 ANNUAL    0.3       2.3      2.0       1.3 r    -0.1       1.1      0.1      0.8      1.4      0.9  

2013 IV       -0.2 r     2.2      2.4 r     0.5 r    -0.7 r     0.8      0.7      0.7     -3.9      0.0  
     III      -2.2 r     0.4      2.6 r    -0.7 r    -2.6 r     1.6      2.3      1.8     -2.7      1.1  
     II        3.4 r     4.5      1.1 r     2.8 r     2.3 r    -0.6     -2.6     -1.3      8.5      0.1  
     I        -1.7 r     1.6      3.3 r    -2.1 r    -3.2 r    -0.4      2.7      0.6     -1.9      0.2  

2012 ANNUAL    1.9       4.3      2.4 r     2.8 r     0.7 r     0.9     -0.7      0.4      7.9      1.4  

2012 IV        3.7 r     5.6      1.7 r     7.6 r     5.0 r     3.7     -3.3      1.4      4.5      1.8  
     III      -3.5 r    -2.2      1.4 r    -0.1 r    -1.8 r     3.6      2.3      3.1     -5.7      1.8  
     II        1.8 r     2.4      0.6 r     0.5 r    -0.8 r    -1.3     -0.2     -0.9     15.5      1.3  
     I         6.0 r     9.6      3.5 r    13.3 r    10.9 r     6.9     -2.6      3.6     -1.4      2.9  
---------------------------------------------------------------------------------------------------------
                       Percent change from corresponding quarter of previous year

2014 III       0.6       3.5      2.9 r     1.5 r    -0.3 r     1.0     -0.6      0.5      2.3      0.7  
     II       -0.4 r     2.4      2.9 r     1.1 r    -0.9 r     1.6     -0.3      1.0      0.2      0.8  
     I        -0.1       1.9      2.0       2.2       0.8       2.3      0.7      1.7     -7.2      0.4  

2013 ANNUAL    0.3       2.3      2.0       1.3 r    -0.1       1.1      0.1      0.8      1.4      0.9  

2013 IV       -0.2 r     2.2      2.4 r     0.1 r    -1.1 r     0.3      0.7      0.5     -0.1      0.4  
     III       0.8       3.0      2.2 r     1.8 r     0.3 r     1.0     -0.3      0.6      2.0      0.8  
     II        0.4       2.3      1.9       2.0       0.5       1.5     -0.3      0.9      1.2      1.0  
     I         0.1       1.8      1.7       1.4 r    -0.2       1.4      0.4      1.0      2.8      1.3  

2012 ANNUAL    1.9       4.3      2.4 r     2.8 r     0.7 r     0.9     -0.7      0.4      7.9      1.4  

2012 IV        1.9 r     3.8      1.8       5.2       3.2       3.2     -1.0      1.8      2.9      2.0  
     III       1.8       3.8      2.0       2.1       0.5       0.3     -0.7      0.0      4.1      0.5  
     II        2.0       4.4      2.4       2.4       0.5       0.4     -0.5      0.1      8.8      1.3  
     I         2.0       5.3      3.2       1.7      -1.1      -0.4     -0.7     -0.5     17.3      1.7  
---------------------------------------------------------------------------------------------------------
                                            Indexes 2009=100

2014 III     108.0 r   119.7    110.9 r   109.8 r    99.1 r   101.7     97.5    100.3    150.3    105.5  
     II      107.5 r   118.4    110.1 r   109.5 r    99.1 r   101.9     97.3    100.3    148.2    105.3  
     I       107.0 r   116.5    108.9 r   109.9 r   100.2 r   102.8     98.8    101.4    134.6    104.9  

2013 ANNUAL  107.4 r   115.5    107.5 r   108.1 r    99.5 r   100.6     98.0     99.7    146.4    104.6  

2013 IV      107.3 r   116.3    108.4 r   108.3 r    99.2 r   100.9     98.2    100.0    145.5    104.8  
     III     107.4 r   115.7    107.7 r   108.1 r    99.4 r   100.7     98.1     99.8    147.0    104.8  
     II      108.0 r   115.6    107.1 r   108.3 r   100.0 r   100.3     97.5     99.4    148.0    104.5  
     I       107.1 r   114.3    106.8 r   107.6 r    99.5 r   100.5     98.2     99.7    145.0    104.4  

2012 ANNUAL  107.1 r   112.9    105.3 r   106.6 r    99.6 r    99.5     97.9     99.0    144.3    103.7  

2012 IV      107.5 r   113.9    105.9 r   108.1 r   100.3 r   100.6     97.5     99.6    145.7    104.4  
     III     106.5 r   112.3    105.4 r   106.2 r    99.1 r    99.7     98.3     99.2    144.1    103.9  
     II      107.5 r   113.0    105.1 r   106.2 r    99.5 r    98.8     97.8     98.4    146.2    103.4  
     I       107.0 r   112.3    104.9 r   106.1 r    99.7 r    99.1     97.8     98.7    141.1    103.1  
---------------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                            March 5, 2015
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. Hours and 
compensation 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 
-1.6 and 1.5 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 2014.

			      Table Footnotes
			      
(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 1978-2013 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 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
              Output                            Compen-    compen-               Unit       Implicit
  Year        per hour               Hours      sation     sation      Unit      nonlabor   price
  and         of all                 of all     per hour   per hour    labor     payments   deflator
  quarter     persons     Output     persons      (1)        (2)       costs       (3)        (4)
 ----------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

 2011 ANNUAL    0.1 r       2.1        2.0 r      2.2 r     -1.0        2.1        2.3        2.2  

 2011 IV        3.2 r       6.1        2.8 r     -4.8 r     -6.2 r     -7.7       13.0 r      0.8  
      III      -1.0 r       1.1        2.2        2.1       -0.5        3.2        2.1        2.7  
      II        1.3 r       3.8        2.5 r     -1.7 r     -6.4 r     -2.9       11.6 r      3.1  
      I        -3.3 r      -2.2        1.2 r      7.0 r      2.7 r     10.6       -9.1        1.7  

 2010 ANNUAL    3.3         3.2       -0.1        1.9        0.2       -1.4        4.7        1.1  

 2010 IV        1.2 r       3.4        2.1 r      1.6 r     -1.5 r      0.3        5.4        2.5  
      III       2.3 r       4.1        1.8 r      2.1 r      0.8 r     -0.2        4.4        1.7  
      II        1.6 r       5.0        3.4 r      4.5 r      4.5 r      2.9       -0.4 r      1.5  
      I         1.6 r       2.0        0.4 r     -3.0 r     -3.5 r     -4.5       10.6        1.7  

 2009 ANNUAL    3.3        -4.1       -7.1        1.0        1.4       -2.2        3.8        0.2  

 2009 IV        4.9         4.9       -0.1        2.4       -0.9       -2.4        6.4        1.2  
      III       6.7         1.5       -4.9        3.1       -0.3       -3.3        3.8       -0.4  
      II        7.9        -1.1       -8.4        9.9        7.8        1.9       -6.3       -1.6  
      I         3.1        -7.2      -10.0       -9.4       -7.0      -12.2       23.0        0.8  
 ----------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

 2011 ANNUAL    0.1 r       2.1        2.0 r      2.2 r     -1.0        2.1        2.3        2.2  

 2011 IV        0.0         2.2        2.2        0.6       -2.7        0.6        4.0        2.1  
      III      -0.5 r       1.5        2.0 r      2.2 r     -1.5 r      2.7        2.2        2.5  
      II        0.3         2.2        1.9        2.2       -1.2        1.8        2.8        2.2  
      I         0.4         2.5        2.1        3.8 r      1.6        3.3       -0.1        1.8  

 2010 ANNUAL    3.3         3.2       -0.1        1.9        0.2       -1.4        4.7        1.1  

 2010 IV        1.7         3.6        1.9        1.2        0.0       -0.4        4.9        1.9  
      III       2.6         4.0        1.4 r      1.4 r      0.2       -1.1        5.2        1.5  
      II        3.7 r       3.3       -0.3        1.7       -0.1       -1.9        5.1        1.0  
      I         5.2 r       1.8       -3.3        3.0        0.7       -2.1        3.5 r      0.2  

 2009 ANNUAL    3.3        -4.1       -7.1        1.0        1.4       -2.2        3.8        0.2  

 2009 IV        5.6        -0.6       -5.9        1.3       -0.2       -4.2        6.2        0.0  
      III       3.8        -4.6       -8.1        1.7        3.3       -2.1        1.8       -0.5  
      II        2.4        -5.8       -8.0        1.7        2.7       -0.6        1.7        0.3  
      I         1.4        -5.1       -6.4       -0.5       -0.3       -1.9        5.7        1.1  
 ----------------------------------------------------------------------------------------------------
                                          Indexes 2009=100

 2011 ANNUAL  103.4 r     105.3      101.9 r    104.1 r     99.2 r    100.7 r    107.0 r    103.3  

 2011 IV      103.9 r     106.9      102.9 r    103.3 r     97.6 r     99.4 r    110.5 r    104.0  
      III     103.1 r     105.3      102.2 r    104.6 r     99.2 r    101.4 r    107.2 r    103.8  
      II      103.4 r     105.1      101.6 r    104.0 r     99.3 r    100.6 r    106.6 r    103.1  
      I       103.1 r     104.1      101.0 r    104.5 r    100.9 r    101.4 r    103.7 r    102.3  

 2010 ANNUAL  103.3 r     103.2       99.9 r    101.9      100.2 r     98.6      104.7      101.1  

 2010 IV      103.9 r     104.7      100.7 r    102.7 r    100.3 r     98.8 r    106.2 r    101.9  
      III     103.6 r     103.8      100.2 r    102.3 r    100.7 r     98.7 r    104.8 r    101.3  
      II      103.0 r     102.8       99.7 r    101.8 r    100.5 r     98.8 r    103.7 r    100.9  
      I       102.6 r     101.5       98.9 r    100.7 r     99.4 r     98.1 r    103.8 r    100.5  

 2009 ANNUAL  100.0       100.0      100.0      100.0      100.0      100.0      100.0      100.0  

 2009 IV      102.2 r     101.0       98.8 r    101.4 r    100.3 r     99.2      101.2      100.1  
      III     101.0        99.8       98.8 r    100.8      100.5       99.9       99.7       99.8  
      II       99.4 r      99.4      100.1 r    100.1 r    100.6 r    100.7       98.7       99.9  
      I        97.5        99.7      102.3       97.7       98.7      100.2      100.4      100.3  
 ---------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                                                      March 5, 2015
 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
              Output                            Compen-    compen-               Unit       Implicit
  Year        per hour               Hours      sation     sation      Unit      nonlabor   price
  and         of all                 of all     per hour   per hour    labor     payments   deflator
  quarter     persons     Output     persons      (1)        (2)       costs       (3)        (4)
 ----------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

 2011 ANNUAL    0.2 r       2.2        2.0 r      2.2       -0.9        2.1        1.4        1.8  

 2011 IV        3.0 r       5.8        2.8 r     -5.0 r     -6.4 r     -7.7       14.3        1.3  
      III      -0.9         1.1        2.0        2.4       -0.3        3.3        1.5        2.5  
      II        1.5 r       4.5        2.9 r     -2.0 r     -6.7 r     -3.5       11.9 r      2.8  
      I        -3.3 r      -2.5        0.9 r      7.3 r      3.0 r     11.0      -11.2        0.9  

 2010 ANNUAL    3.3         3.2       -0.1        2.0        0.3       -1.3        4.2        1.0  

 2010 IV        1.6 r       3.8        2.1 r      1.8 r     -1.3 r      0.2 r      4.3        1.9  
      III       2.1 r       4.1        2.0 r      1.9 r      0.6 r     -0.2        3.8        1.5  
      II        1.5 r       4.7        3.2 r      4.8 r      4.8 r      3.2       -0.5        1.6  
      I         2.1 r       2.2        0.1 r     -2.7 r     -3.2 r     -4.8       10.8        1.6  

 2009 ANNUAL    3.2        -4.3       -7.2        1.1        1.5       -2.0        4.4        0.6  

 2009 IV        4.8         5.1        0.3        2.4       -0.8       -2.3        4.7        0.6  
      III       6.0         0.9       -4.8        2.8       -0.6       -3.0        4.2       -0.1  
      II        7.9        -1.2       -8.4       10.1        7.9        2.1       -6.7       -1.6  
      I         3.2        -7.3      -10.1       -9.5       -7.1      -12.3       25.1        1.3  
 ----------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

 2011 ANNUAL    0.2 r       2.2        2.0 r      2.2       -0.9        2.1        1.4        1.8  

 2011 IV        0.0 r       2.2        2.1        0.6       -2.7        0.5        3.6        1.9  
      III      -0.3         1.7        2.0        2.3 r     -1.4        2.6        1.3        2.0  
      II        0.4         2.4        2.0        2.2       -1.2        1.7        1.8        1.8  
      I         0.4         2.5        2.0 r      3.9        1.7        3.4       -1.1        1.5  

 2010 ANNUAL    3.3         3.2       -0.1        2.0        0.3       -1.3        4.2        1.0  

 2010 IV        1.8         3.7        1.9        1.4        0.2 r     -0.4        4.5        1.6  
      III       2.6         4.1        1.4        1.5 r      0.3       -1.1        4.6        1.3  
      II        3.6         3.2       -0.3        1.8 r      0.0 r     -1.8        4.7        0.9  
      I         5.2         1.8       -3.3        3.1        0.7 r     -2.0        3.0        0.1  

 2009 ANNUAL    3.2        -4.3       -7.2        1.1        1.5       -2.0        4.4        0.6  

 2009 IV        5.5        -0.7       -5.8        1.2       -0.3       -4.0        6.2        0.0  
      III       3.6        -5.0       -8.3        1.7        3.4       -1.8        2.4       -0.1  
      II        2.3        -6.0       -8.1        1.9        2.8       -0.5 r      2.4        0.7  
      I         1.4        -5.2       -6.5       -0.5       -0.3       -1.9        6.7        1.6  
 ----------------------------------------------------------------------------------------------------
                                          Indexes 2009=100

 2011 ANNUAL  103.5 r     105.5      101.9 r    104.2 r     99.4 r    100.7 r    105.7 r    102.8  

 2011 IV      104.0 r     107.0      102.9 r    103.4 r     97.7 r     99.4 r    109.3 r    103.5  
      III     103.3 r     105.5      102.2 r    104.7 r     99.3 r    101.4 r    105.7 r    103.2  
      II      103.5 r     105.2      101.7 r    104.1 r     99.4 r    100.6 r    105.3 r    102.6  
      I       103.1 r     104.1      100.9 r    104.7 r    101.1 r    101.5 r    102.4 r    101.9  

 2010 ANNUAL  103.3 r     103.2       99.9      102.0 r    100.3 r     98.7      104.2      101.0  

 2010 IV      104.0 r     104.7      100.7 r    102.8 r    100.4 r     98.9 r    105.5 r    101.6  
      III     103.6 r     103.8      100.2 r    102.4 r    100.7 r     98.8 r    104.4 r    101.2  
      II      103.0 r     102.7       99.7 r    101.9 r    100.6 r     98.9 r    103.4 r    100.8  
      I       102.7 r     101.5       98.9 r    100.7 r     99.4 r     98.1 r    103.6 r    100.4  

 2009 ANNUAL  100.0       100.0      100.0      100.0      100.0      100.0      100.0      100.0  

 2009 IV      102.1 r     101.0       98.9 r    101.4 r    100.2 r     99.3      100.9      100.0  
      III     100.9 r      99.7       98.8      100.8 r    100.4 r     99.9       99.8       99.9  
      II       99.5 r      99.5      100.0 r    100.1 r    100.6 r    100.7 r     98.8       99.9  
      I        97.6        99.8      102.3       97.7 r     98.7 r    100.1      100.5      100.3  
 ---------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                                                      March 5, 2015
 r=revised                                                        Source: Bureau of Labor Statistics




Appendix table 3.
 Manufacturing sector: Revised productivity, hourly compensation, and unit labor costs,
 seasonally adjusted
                                                                              Real
                  Output                                       Compen-        compen-
  Year            per hour                      Hours          sation         sation          Unit
  and             of all                        of all         per hour       per hour        labor
  quarter         persons        Output         persons          (1)            (2)           costs
 ----------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

 2011 ANNUAL        0.8            2.9            2.1            1.7           -1.4            1.0  

 2011 IV           -1.6            3.1            4.8           -4.7           -6.1           -3.1  
      III           3.9            4.3            0.4            1.3 r         -1.3           -2.5  
      II           -3.3 r         -0.7            2.6 r         -2.3 r         -6.9 r          1.0  
      I             0.8 r          2.7            1.9 r          3.7 r         -0.5 r          2.9  

 2010 ANNUAL        6.2            6.2            0.0            1.2 r         -0.4           -4.7  

 2010 IV            1.3 r          1.2           -0.1 r          4.7 r          1.6 r          3.4  
      III           0.7 r          5.5            4.8 r          0.7 r         -0.6 r          0.0  
      II            8.1 r         11.6            3.2 r          7.2 r          7.2 r         -0.8  
      I             5.0 r          7.3            2.2 r         -8.8 r         -9.3 r        -13.2  

 2009 ANNUAL       -0.3          -13.2          -12.9            3.4            3.8            3.7  

 2009 IV            7.1            6.7           -0.5 r          5.6 r          2.2           -1.4  
      III          12.5 r          7.5           -4.4            1.6           -1.7 r         -9.6  
      II            5.9          -10.4          -15.4           10.0            7.8            3.9  
      I            -3.4          -23.4          -20.7           -5.9           -3.4           -2.6  
 ----------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

 2011 ANNUAL        0.8            2.9            2.1            1.7           -1.4            1.0  

 2011 IV           -0.1            2.3            2.4           -0.5 r         -3.7 r         -0.4  
      III           0.7            1.9            1.2            1.8           -1.8            1.2  
      II           -0.1            2.2            2.3 r          1.7           -1.6            1.8  
      I             2.7            5.2            2.4            4.1            1.9            1.3  

 2010 ANNUAL        6.2            6.2            0.0            1.2 r         -0.4           -4.7  

 2010 IV            3.7 r          6.3            2.5 r          0.8           -0.4           -2.9  
      III           5.2            7.7            2.4            1.0           -0.3           -4.0  
      II            8.1            8.2            0.1            1.2           -0.6           -6.4  
      I             7.6 r          2.4           -4.8 r          1.9           -0.4           -5.3  

 2009 ANNUAL       -0.3          -13.2          -12.9            3.4            3.8            3.7  

 2009 IV            5.4           -5.8          -10.6            2.7            1.1           -2.6  
      III           1.7          -12.7          -14.2            3.7            5.4            2.0  
      II           -2.5          -17.2          -15.0            4.6            5.6            7.3  
      I            -5.1          -16.3          -11.8            2.6            2.8            8.1  
 ----------------------------------------------------------------------------------------------------
                                          Indexes 2009=100

 2011 ANNUAL      107.0 r        109.2          102.1 r        103.0 r         98.2 r         96.3 r

 2011 IV          107.0 r        110.4          103.2 r        102.1 r         96.5 r         95.5 r
      III         107.4 r        109.5          102.0 r        103.3 r         98.0 r         96.2  
      II          106.4 r        108.4          101.9 r        103.0 r         98.3 r         96.8 r
      I           107.3 r        108.6          101.2 r        103.6 r        100.1 r         96.6 r

 2010 ANNUAL      106.2 r        106.2          100.0 r        101.2 r         99.6 r         95.3  

 2010 IV          107.0 r        107.8          100.8 r        102.6 r        100.2 r         95.9 r
      III         106.7 r        107.5          100.8 r        101.5 r         99.8 r         95.1 r
      II          106.5 r        106.1           99.6 r        101.3 r        100.0 r         95.1 r
      I           104.4 r        103.2           98.8 r         99.5 r         98.2 r         95.3 r

 2009 ANNUAL      100.0          100.0          100.0          100.0          100.0          100.0  

 2009 IV          103.2 r        101.4           98.3 r        101.9 r        100.7 r         98.7  
      III         101.4 r         99.8           98.4 r        100.5 r        100.1 r         99.1  
      II           98.5 r         98.0           99.5 r        100.1 r        100.5 r        101.6 r
      I            97.1          100.8          103.8           97.7           98.7          100.7  
 ---------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                                                      March 5, 2015
 r=revised                                                        Source: Bureau of Labor Statistics




Appendix table 4.
 Durable manufacturing sector: Revised productivity, hourly compensation, and unit labor costs
 seasonally adjusted
                                                                              Real
                  Output                                       Compen-        compen-
  Year            per hour                      Hours          sation         sation          Unit
  and             of all                        of all         per hour       per hour        labor
  quarter         persons        Output         persons          (1)            (2)           costs
 ----------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

 2011 ANNUAL        2.3            6.2            3.8            1.8           -1.3           -0.5  

 2011 IV           -1.0 r          6.5            7.7 r         -6.1 r         -7.5 r         -5.1  
      III           7.0 r          7.2            0.2 r          2.2 r         -0.4 r         -4.5  
      II           -4.9 r         -0.3            4.9 r         -4.2 r         -8.8 r          0.7  
      I             3.1            7.1            4.0 r          5.6 r          1.4            2.5  

 2010 ANNUAL       10.1            9.9           -0.2            1.3           -0.3           -7.9  

 2010 IV            1.9 r          3.9            2.0 r          4.5 r          1.4 r          2.6  
      III           3.3 r         10.9            7.3 r         -1.4 r         -2.7 r         -4.6  
      II           16.2 r         19.1            2.4 r         12.1 r         12.1 r         -3.6  
      I            10.4 r         13.2            2.5 r        -11.9 r        -12.4 r        -20.2  

 2009 ANNUAL       -6.0          -20.4          -15.4            4.0            4.4           10.6  

 2009 IV            8.6 r          8.4           -0.2 r          6.8 r          3.4 r         -1.6  
      III          18.5 r         11.4           -6.0            1.1 r         -2.3 r        -14.7  
      II            0.7 r        -19.6          -20.1 r         14.1 r         11.8 r         13.3  
      I           -13.9          -35.0          -24.5           -6.4 r         -3.9 r          8.7  
 ----------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

 2011 ANNUAL        2.3            6.2            3.8            1.8           -1.3           -0.5  

 2011 IV            0.9            5.1            4.1 r         -0.7 r         -3.9 r         -1.6  
      III           1.7 r          4.4            2.7 r          2.0 r         -1.7 r          0.3  
      II            0.8 r          5.3            4.5 r          1.0 r         -2.3 r          0.3  
      I             6.0           10.1            3.9            5.1            2.9           -0.8  

 2010 ANNUAL       10.1            9.9           -0.2            1.3           -0.3           -7.9  

 2010 IV            7.8 r         11.6            3.5 r          0.4 r         -0.8 r         -6.8  
      III           9.5 r         12.8            3.0 r          1.0 r         -0.3 r         -7.8  
      II           13.4 r         12.9           -0.4 r          1.6 r         -0.2 r        -10.4  
      I             9.4 r          2.4           -6.4 r          2.1 r         -0.2 r         -6.7  

 2009 ANNUAL       -6.0          -20.4          -15.4            4.0            4.4           10.6  

 2009 IV            2.8          -10.9          -13.3            3.6            2.1            0.8  
      III          -4.4          -20.4          -16.7            4.1            5.8            8.9  
      II           -9.6          -25.8          -17.9            5.5            6.5           16.8  
      I           -11.4          -23.4          -13.5            2.6            2.8           15.8  
 ----------------------------------------------------------------------------------------------------
                                          Indexes 2009=100

 2011 ANNUAL      112.6 r        116.7          103.6 r        103.1 r         98.4 r         91.6 r

 2011 IV          112.9 r        119.0          105.4 r        101.9 r         96.3 r         90.3 r
      III         113.2 r        117.2          103.5 r        103.6 r         98.2 r         91.4  
      II          111.3 r        115.2          103.4 r        103.0 r         98.3 r         92.5 r
      I           112.7 r        115.2          102.2 r        104.1 r        100.6 r         92.3 r

 2010 ANNUAL      110.1 r        109.9           99.8 r        101.3 r         99.7 r         92.1  

 2010 IV          111.9 r        113.3          101.2 r        102.7 r        100.3 r         91.8 r
      III         111.4 r        112.2          100.7 r        101.6 r         99.9 r         91.2 r
      II          110.5 r        109.3           99.0 r        101.9 r        100.6 r         92.3 r
      I           106.4 r        104.7           98.4 r         99.1 r         97.8 r         93.1 r

 2009 ANNUAL      100.0          100.0          100.0          100.0          100.0          100.0  

 2009 IV          103.8 r        101.5           97.8 r        102.2 r        101.1 r         98.5  
      III         101.7 r         99.5           97.8 r        100.6 r        100.2 r         98.9  
      II           97.4 r         96.8           99.4 r        100.3 r        100.8 r        102.9  
      I            97.3 r        102.2          105.1 r         97.1           98.0           99.8 r
 ---------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                                                      March 5, 2015
 r=revised                                                        Source: Bureau of Labor Statistics




Appendix table 5.
 Nondurable manufacturing sector: Revised productivity, hourly compensation, and unit labor costs
 seasonally adjusted
                                                                              Real
                  Output                                       Compen-        compen-
  Year            per hour                      Hours          sation         sation          Unit
  and             of all                        of all         per hour       per hour        labor
  quarter         persons        Output         persons          (1)            (2)           costs
 ----------------------------------------------------------------------------------------------------
                       Percent change from previous quarter at annual rate(5)

 2011 ANNUAL        1.0            0.3           -0.7 r          1.2           -1.9            0.2  

 2011 IV            0.3 r          0.4            0.1 r         -2.6 r         -4.0 r         -2.8  
      III           1.4 r          2.2            0.8 r         -0.3 r         -2.8 r         -1.7  
      II            0.6 r         -0.4           -1.0 r          1.0 r         -3.8 r          0.4  
      I             0.3 r         -1.1           -1.4 r         -0.2 r         -4.2 r         -0.5  

 2010 ANNUAL        3.0            3.3            0.3 r          1.1 r         -0.5           -1.8  

 2010 IV            2.7 r         -0.6           -3.2 r          4.5 r          1.4 r          1.8  
      III           0.4 r          1.2            0.8 r          4.1 r          2.8 r          3.7  
      II            1.3 r          5.9            4.5 r         -0.9 r         -0.9 r         -2.1  
      I             1.8 r          3.5            1.6           -3.0           -3.5           -4.8  

 2009 ANNUAL        2.2           -6.7           -8.7            3.0            3.4            0.8  

 2009 IV            6.4            5.5           -0.8            3.4            0.1           -2.8  
      III           4.6            2.6           -1.9            3.1           -0.3           -1.4  
      II            5.0           -2.4           -7.1            4.0            1.9           -1.0  
      I             2.2          -12.1          -13.9           -4.0           -1.5           -6.1  
 ----------------------------------------------------------------------------------------------------
                     Percent change from corresponding quarter of previous year

 2011 ANNUAL        1.0            0.3           -0.7 r          1.2           -1.9            0.2  

 2011 IV            0.6 r          0.3           -0.4           -0.5           -3.7           -1.2  
      III           1.2 r          0.0           -1.2 r          1.2 r         -2.4 r          0.0  
      II            1.0           -0.2           -1.2            2.3 r         -1.0            1.3  
      I             1.2            1.3            0.1            1.9           -0.3            0.7  

 2010 ANNUAL        3.0            3.3            0.3 r          1.1 r         -0.5           -1.8  

 2010 IV            1.5            2.5            0.9            1.1           -0.1           -0.4  
      III           2.4 r          4.0            1.5 r          0.9 r         -0.4 r         -1.6 r
      II            3.5            4.4            0.8 r          0.6           -1.2           -2.8  
      I             4.4 r          2.2           -2.1            1.8           -0.5           -2.5  

 2009 ANNUAL        2.2           -6.7           -8.7            3.0            3.4            0.8  

 2009 IV            4.5           -1.8           -6.1            1.6            0.0           -2.8  
      III           4.4           -5.9           -9.8            3.7            5.4           -0.6  
      II            1.0           -9.1          -10.0            3.8            4.7            2.7  
      I            -0.8           -9.6           -8.8            3.1            3.2            3.9  
 ----------------------------------------------------------------------------------------------------
                                          Indexes 2009=100

 2011 ANNUAL      104.0 r        103.6           99.6 r        102.4 r         97.6 r         98.4  

 2011 IV          104.3 r        103.9           99.7 r        101.9 r         96.3 r         97.7 r
      III         104.2 r        103.8           99.6 r        102.6 r         97.3 r         98.4 r
      II          103.9 r        103.3           99.4 r        102.6 r         98.0 r         98.8 r
      I           103.7 r        103.4           99.7 r        102.4 r         98.9 r         98.7  

 2010 ANNUAL      103.0 r        103.3          100.3 r        101.1 r         99.5 r         98.2 r

 2010 IV          103.6 r        103.7          100.0 r        102.4 r        100.0 r         98.8  
      III         102.9 r        103.8          100.8 r        101.3 r         99.7 r         98.4 r
      II          102.8 r        103.5          100.7 r        100.3 r         99.0 r         97.5 r
      I           102.5 r        102.0           99.5 r        100.5 r         99.2 r         98.0  

 2009 ANNUAL      100.0          100.0          100.0          100.0          100.0          100.0  

 2009 IV          102.0          101.2           99.1          101.3          100.1           99.2  
      III         100.5           99.8           99.4          100.4          100.1           99.9  
      II           99.4           99.2           99.8           99.7          100.1          100.3  
      I            98.2           99.8          101.7           98.7           99.7          100.5  
 ---------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                                                      March 5, 2015
 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
                                                      Real               Unit
              Output                        Hourly    hourly             non-      Total   Unit   Implicit
  Year        per all-                      compen-   compen-   Unit     labor     unit    pro-   price
  and         employee           Employee   sation    sation    labor    costs     cost    fits   deflator
  quarter     hour      Output   hours       (1)       (2)      costs     (6)      (7)     (8)      (4)
 ----------------------------------------------------------------------------------------------------------
                          Percent change from previous quarter at annual rate(5)

 2011 ANNUAL   -0.2       2.5      2.7 r     2.1      -1.0       2.4      1.9      2.2      3.1      2.3  

 2011 IV        3.2 r     5.8      2.5 r    -4.4 r    -5.8 r    -7.4     -2.4     -5.8      9.5     -3.7  
      III      -3.0       0.1      3.1 r     1.0      -1.6       4.1      3.2      3.8     12.2      4.9  
      II        2.0 r     6.0      3.9 r    -2.4 r    -7.0 r    -4.3     -0.8     -3.2     56.3      3.1  
      I         1.9 r     3.3      1.3 r     9.9 r     5.4 r     7.8      4.0      6.5    -34.3      0.0  

 2010 ANNUAL    5.3       5.5      0.2       1.5      -0.1      -3.6     -3.2     -3.5     29.7      0.0  

 2010 IV       -5.5 r    -3.1      2.5 r     0.5 r    -2.5 r     6.3      6.0      6.2    -10.3      3.7  
      III       1.8 r     5.0      3.1 r     0.8 r    -0.4 r    -1.0     -2.2     -1.4     41.8      3.7  
      II       -1.1 r     2.9      4.0 r     3.0 r     2.9 r     4.1      0.0      2.7     12.7      4.0  
      I         8.8 r     9.8      0.9 r    -3.3 r    -3.8 r   -11.1     -5.7     -9.3     38.7     -4.4  

 2009 ANNUAL    0.7      -7.1     -7.8       1.7       2.1       1.0      6.0      2.6     -5.1      1.8  

 2009 IV       11.7      11.4     -0.3       2.6      -0.7      -8.1     -6.0     -7.4     75.6     -0.7  
      III       8.1 r     2.8     -4.9 r     3.9       0.4      -3.9     -6.9     -4.9     24.9     -2.3  
      II        6.4      -3.8     -9.6      11.7       9.5       5.0      2.5      4.1    -17.6      1.7  
      I        -9.9     -20.6    -11.8     -11.0      -8.7      -1.2     17.6      4.6    -16.3      2.2  
 ----------------------------------------------------------------------------------------------------------
                        Percent change from corresponding quarter of previous year

 2011 ANNUAL   -0.2       2.5      2.7 r     2.1      -1.0       2.4      1.9      2.2      3.1      2.3  

 2011 IV        1.0       3.8      2.7       0.9      -2.4      -0.2      0.9      0.2      6.0      1.0  
      III      -1.2 r     1.5      2.7 r     2.1      -1.5 r     3.3      3.0      3.2      0.8      2.9  
      II        0.0       2.7      2.7       2.1      -1.2 r     2.1      1.7      1.9      6.9      2.6  
      I        -0.8       2.0      2.7 r     3.5       1.3       4.3      1.9      3.5     -1.5      2.8  

 2010 ANNUAL    5.3       5.5      0.2       1.5      -0.1      -3.6     -3.2     -3.5     29.7      0.0  

 2010 IV        0.9       3.5      2.6 r     0.2      -1.0      -0.6     -0.6     -0.6     18.7      1.7  
      III       5.2       7.2      1.9       0.7 r    -0.5      -4.2     -3.5     -4.0     40.5      0.6  
      II        6.7       6.6     -0.1       1.5      -0.3      -4.9     -4.7     -4.8     36.1     -0.9  
      I         8.7 r     4.9     -3.6       3.6       1.3      -4.7     -4.1     -4.5     25.8     -1.4  

 2009 ANNUAL    0.7      -7.1     -7.8       1.7       2.1       1.0      6.0      2.6     -5.1      1.8  

 2009 IV        3.7      -3.3     -6.8       1.4      -0.1      -2.2      1.3     -1.0     10.9      0.2  
      III       0.0      -8.8     -8.8       2.5       4.2       2.5      6.1      3.7    -15.8      1.3  
      II        0.2      -8.5     -8.6       2.7       3.7       2.5      7.9      4.3     -9.5      2.8  
      I        -0.9      -7.7     -6.9       0.2       0.4       1.2      9.0      3.7     -4.5      2.8  
 ----------------------------------------------------------------------------------------------------------
                                             Indexes 2009=100

 2011 ANNUAL  105.1 r   108.2    102.9 r   103.7 r    98.9 r    98.6     98.6     98.6    133.7    102.3  

 2011 IV      105.5 r   109.7    104.0 r   102.8 r    97.1 r    97.5     98.5     97.8    141.6    102.4  
      III     104.6 r   108.2    103.4 r   104.0 r    98.6 r    99.3     99.1     99.3    138.4    103.4  
      II      105.4 r   108.2    102.6 r   103.7 r    99.0 r    98.4     98.3     98.3    134.5    102.1  
      I       104.9 r   106.6    101.6 r   104.3 r   100.8 r    99.5     98.5     99.1    120.2    101.3  

 2010 ANNUAL  105.3 r   105.5    100.2 r   101.5 r    99.9 r    96.4     96.8     96.5    129.7    100.0  

 2010 IV      104.4 r   105.8    101.3 r   101.9 r    99.5 r    97.6     97.6     97.6    133.6    101.4  
      III     105.9 r   106.6    100.7 r   101.8 r   100.1 r    96.1     96.1     96.1    137.2    100.4  
      II      105.4 r   105.3     99.9 r   101.6 r   100.3 r    96.4     96.7     96.5    125.8     99.5  
      I       105.7 r   104.6     98.9 r   100.8 r    99.5 r    95.4     96.7     95.8    122.1     98.6  

 2009 ANNUAL  100.0     100.0    100.0     100.0     100.0     100.0    100.0    100.0    100.0    100.0  

 2009 IV      103.5 r   102.1     98.7 r   101.7 r   100.5 r    98.2     98.1     98.2    112.5     99.7  
      III     100.7 r    99.4     98.8     101.0     100.7 r   100.4     99.7    100.1     97.7     99.9  
      II       98.7 r    98.7    100.0 r   100.1 r   100.5 r   101.3    101.5    101.4     92.4    100.4  
      I        97.2      99.7    102.6      97.3      98.3     100.1    100.8    100.4     97.0    100.0  
 ---------------------------------------------------------------------------------------------------------
 See footnotes following Table 6.                                                            March 5, 2015
 r=revised                                                              Source: Bureau of Labor Statistics

Last Modified Date: March 05, 2015
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