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PRODUCTIVITY AND COSTS
First Quarter 2002
The Bureau of Labor Statistics of the U.S. Department of Labor today
reported revised productivity data--as measured by output per hour of all
persons--for the first quarter of 2002. The revised seasonally adjusted
annual rates of productivity change in the first quarter were:
8.3 percent in the business sector and
8.4 percent in the nonfarm business sector.
In both sectors, the first-quarter productivity gains were slightly lower
than those reported initially on May 7.
In manufacturing, the revised productivity changes in the first quarter
were:
9.4 percent in manufacturing,
13.3 percent in durable goods manufacturing, and
4.6 percent in nondurable goods manufacturing.
Manufacturing productivity rose as first-quarter output increased while
hours of all persons working in the sector declined for the seventh
consecutive quarter. Output and hours in manufacturing, which includes about
16 percent of U.S. business-sector employment, tend to vary more from quarter
to quarter than data for the more aggregate business and nonfarm business
sectors. First-quarter measures are summarized in table A and appear in
detail in tables 1 through 5.
The data sources and methods used in the preparation of the
manufacturing series differ from those used in preparing the business and
nonfarm business series, and these measures are not directly comparable.
Output measures for business and nonfarm business are based on measures of
gross domestic product prepared by the Bureau of Economic Analysis of the
U.S. Department of Commerce. Quarterly output measures for manufacturing
reflect indexes of industrial production independently prepared by the Board
of Governors of the Federal Reserve System. See Technical Notes for further
information on data sources.
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Table A. Productivity and costs: Revised first-quarter 2002 measures
(Seasonally adjusted annual rates)
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Real
Hourly hourly Unit
Produc- compen- compen- labor
Sector tivity Output Hours sation sation costs
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Percent change from preceding quarter
Business 8.3 6.2 -2.0 2.9 1.4 -5.0
Nonfarm business 8.4 6.1 -2.1 2.8 1.4 -5.2
Manufacturing 9.4 2.9 -5.9 2.4 1.0 -6.4
Durable 13.3 4.8 -7.5 1.9 0.4 -10.1
Nondurable 4.6 1.0 -3.5 3.8 2.4 -0.7
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Percent change from same quarter a year ago
Business 4.1 1.2 -2.8 3.4 2.1 -0.7
Nonfarm business 4.2 1.2 -2.9 3.4 2.1 -0.8
Manufacturing 4.0 -3.7 -7.4 3.6 2.4 -0.3
Durable 4.6 -4.8 -9.0 4.0 2.7 -0.6
Nondurable 2.7 -2.3 -4.9 3.4 2.1 0.7
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Business
Productivity increased 8.3 percent in the business sector (seasonally
adjusted annual rate) from the fourth quarter of 2001 to the first quarter of
2002, as output increased 6.2 percent and hours worked by all persons
decreased 2.0 percent (table 1). The gain in output per hour was the largest
since the first quarter of 1973, when growth was 8.4 percent.
Hourly compensation increased 2.9 percent during the first quarter of
2002. This measure of compensation includes wages and salaries, supplements,
employer contributions to employee benefit plans, and taxes. Real hourly
compensation, which takes into account changes in consumer prices, increased
1.4 percent in the first quarter.
Unit labor costs, which reflect changes in both hourly compensation and
productivity, dropped 5.0 percent during the first quarter of 2002. The
decline in unit labor costs was the largest since a fall of 7.5 percent in
the first quarter of 1955. The implicit price deflator for business output,
which reflects changes in both unit labor costs and unit nonlabor payments,
was unchanged between the fourth quarter of 2001 and the first quarter of
2002.
Nonfarm business
Productivity rose 8.4 percent in the nonfarm business sector during the
first quarter of 2002, reflecting a 6.1-percent rise in output and a 2.1-
percent decrease in working hours of all persons. The increase in output per
hour was the largest since the second quarter of 1983, when growth was 9.9
percent. Hours worked in the nonfarm business sector now have declined in
seven of the last eight quarters (table 2).
Hourly compensation increased 2.8 percent in the first quarter of 2002.
When the rise in consumer prices is taken into account, real hourly
compensation gained 1.4 percent in the first quarter.
The 5.2-percent decrease in unit labor costs during the first quarter of
2002 was the largest posted since the second quarter of 1983, when these
costs fell 6.5 percent. The implicit price deflator for nonfarm business
output declined 0.6 percent in the first quarter of 2002.
First Quarter 2002
The Bureau of Labor Statistics of the U.S. Department of Labor today
reported revised productivity data--as measured by output per hour of all
persons--for the first quarter of 2002. The revised seasonally adjusted
annual rates of productivity change in the first quarter were:
8.3 percent in the business sector and
8.4 percent in the nonfarm business sector.
In both sectors, the first-quarter productivity gains were slightly lower
than those reported initially on May 7.
In manufacturing, the revised productivity changes in the first quarter
were:
9.4 percent in manufacturing,
13.3 percent in durable goods manufacturing, and
4.6 percent in nondurable goods manufacturing.
Manufacturing productivity rose as first-quarter output increased while
hours of all persons working in the sector declined for the seventh
consecutive quarter. Output and hours in manufacturing, which includes about
16 percent of U.S. business-sector employment, tend to vary more from quarter
to quarter than data for the more aggregate business and nonfarm business
sectors. First-quarter measures are summarized in table A and appear in
detail in tables 1 through 5.
The data sources and methods used in the preparation of the
manufacturing series differ from those used in preparing the business and
nonfarm business series, and these measures are not directly comparable.
Output measures for business and nonfarm business are based on measures of
gross domestic product prepared by the Bureau of Economic Analysis of the
U.S. Department of Commerce. Quarterly output measures for manufacturing
reflect indexes of industrial production independently prepared by the Board
of Governors of the Federal Reserve System. See Technical Notes for further
information on data sources.
-------------------------------------------------------------------------
Table A. Productivity and costs: Revised first-quarter 2002 measures
(Seasonally adjusted annual rates)
-------------------------------------------------------------------------
Real
Hourly hourly Unit
Produc- compen- compen- labor
Sector tivity Output Hours sation sation costs
-------------------------------------------------------------------------
Percent change from preceding quarter
Business 8.3 6.2 -2.0 2.9 1.4 -5.0
Nonfarm business 8.4 6.1 -2.1 2.8 1.4 -5.2
Manufacturing 9.4 2.9 -5.9 2.4 1.0 -6.4
Durable 13.3 4.8 -7.5 1.9 0.4 -10.1
Nondurable 4.6 1.0 -3.5 3.8 2.4 -0.7
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Percent change from same quarter a year ago
Business 4.1 1.2 -2.8 3.4 2.1 -0.7
Nonfarm business 4.2 1.2 -2.9 3.4 2.1 -0.8
Manufacturing 4.0 -3.7 -7.4 3.6 2.4 -0.3
Durable 4.6 -4.8 -9.0 4.0 2.7 -0.6
Nondurable 2.7 -2.3 -4.9 3.4 2.1 0.7
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Business
Productivity increased 8.3 percent in the business sector (seasonally
adjusted annual rate) from the fourth quarter of 2001 to the first quarter of
2002, as output increased 6.2 percent and hours worked by all persons
decreased 2.0 percent (table 1). The gain in output per hour was the largest
since the first quarter of 1973, when growth was 8.4 percent.
Hourly compensation increased 2.9 percent during the first quarter of
2002. This measure of compensation includes wages and salaries, supplements,
employer contributions to employee benefit plans, and taxes. Real hourly
compensation, which takes into account changes in consumer prices, increased
1.4 percent in the first quarter.
Unit labor costs, which reflect changes in both hourly compensation and
productivity, dropped 5.0 percent during the first quarter of 2002. The
decline in unit labor costs was the largest since a fall of 7.5 percent in
the first quarter of 1955. The implicit price deflator for business output,
which reflects changes in both unit labor costs and unit nonlabor payments,
was unchanged between the fourth quarter of 2001 and the first quarter of
2002.
Nonfarm business
Productivity rose 8.4 percent in the nonfarm business sector during the
first quarter of 2002, reflecting a 6.1-percent rise in output and a 2.1-
percent decrease in working hours of all persons. The increase in output per
hour was the largest since the second quarter of 1983, when growth was 9.9
percent. Hours worked in the nonfarm business sector now have declined in
seven of the last eight quarters (table 2).
Hourly compensation increased 2.8 percent in the first quarter of 2002.
When the rise in consumer prices is taken into account, real hourly
compensation gained 1.4 percent in the first quarter.
The 5.2-percent decrease in unit labor costs during the first quarter of
2002 was the largest posted since the second quarter of 1983, when these
costs fell 6.5 percent. The implicit price deflator for nonfarm business
output declined 0.6 percent in the first quarter of 2002.