United Slates Department 01 Labor - FRASER · News Office of Information Bu""a~ of Labor Su,b,ioo...

News Office of Information

Bu""a~ of Labor Su,b,ioo llaohinSton, D.C. 20112 L.J . Fulco (202) 51-)-9261 K. D. Hoyle (202) 521- 1911

H"",e (l02) 333- 1380

United Slates Department 01 Labor Washington, D.C . 20210

USDL-76-~72

FOR RfL~A5E ' 11 , 00 A.'l . EDT ThurS<lay, ~ay 21, 19J6

flut ~uartor of 1976 at a .... "" .... Uy ad1ust"" H.nual ute, th~ Sure~u Qf

reflectod an B.3 p~runt lototuoe In output and a 5 . 8 ?HCent 1ncrun in

bour. of a ll _ployus . In the PHHdJng ~uar(er, productivity declloed 2.1

perc.nt In 'hio o""tOt. which includes all oorpoutior.. "ojog huOioUo In 'h~

United Sate< ",!th the exoeption <>f tanks, Hock and COI!'OOdHy ~roku •• ond

Since tho ...,.e qu.artu a you a~o , productivity iOOTUS'" 6.7 percent

while OUtput ("cu ... ed 9.3 rere~nt ~nd bouro of IoMr input inoreased 2 . S

poro<nt. Rovlolons In productivity ,"eas"e •• In 1975 antl in "" ,. lIer yur< re _

fl~"t the incQ<pontiQn of thO "",.t U"""t .. visions In the nonfl""ncu l cO"PO"H~

output ",euur~ publlohed by the Buroau o f ECOOOl>. l c Analy.l • • U.S. O~pHt",ent of

C~uc* . first ~u.arter aov ... enU uo "lmIUTlzod in tabl e ,,; dual!. aro in

table. 1-4.

P.ourly c01Openoa.Uon (1.Ihich include. both ~·ag .. And , uprl=en<o ) ir. the

firs' ~uut<r of 1976, after havln.o: iocru.ed J.J petc~nt In uch of 'be 'h,e~

pueediOl; G".uteu . n,e fi,,, qu,uur In~r .... I~ hourly c<>1Open .. Uon. CQ~Mn.d

with thQ i~"u .. e In prodoctlvlq, r<sultO<! In" 4.8 perunt Incr ... e ie. unit

labor 00,< , exactly hal! <h. roU M Inc.eaoe In t he preceding ~"n, ur .

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

Tahle A. PerCent Change at Annual Rote. In Pt~uctl¥lty and Co.t. (~~asonally A<ljustedl

." Quarter 1915 ,,, Qu.r<u

'" '" ,,, Qu.net 1976 ... qua« ..

':~nfln~ncl~l Cot£ontlon~ (P .. ll~lnaty)

Outf>U' '" all-... p!oyu ,-, , .. .., C""pcn'~t Ion ~, ~"' U U l'nlt labot eoot ••• ". , hal <""'p~noH1M "" ~"'

.., " .. Output .., .., Ilou'O of '" ""plo)'ces U ..,

Outf>Ut .. ' ,-, ., .n peroo". ... , .. C""penutlon per hour .., U Unit labot ~o.' ,., .., .u' <o"Venution ~, ~"' , .. " .. (lutput • •• , .. ~""t. of all petOCns .., ... (lut!"'t pu bout .. '" perso"s ••• ... CooIp"n ... ,lco ." ~"' L. L' Unit hbor eo"t ,." ,., R~31 cocpe" •• tlon pet ,-, .., LO (lutput .. , ,., 110,,"" <>f ... per"""s U ... Ou'f'Ut ~, hour of all p"tsons ,. " ... C""pensat {on per -, .. , ... Unit lal". <"s. ,. , L. 'u' conpenat1on per ~, ... ,.. Out!"'t 11.9 .., >'''"to 0' all p~ .. "".

.., ..,

1975

1976


,

Real cO:Rj>~n .. t1on 1'<'" """t (houtly <""Pens.Uon oJju .. ed fot c han~u I,..

t~e CoUUUT Pt !ce It>dexl t""uu-.l at an '"DUal nte 01 2.7 percent In t he £iut

q~.ne., .""puod ~'Uh a 0.7 percent increne in t~e fDUroh quane" of 1~7~.

Th. fuur Ute of {"".UIe , .. ad t.ourly .""penu.<1on In .he fi . .. quaneT of

191~ r eflect. the 01",",,,< eo .. o f I"" ...... " In the CP I olnce hourly cooopen ... Uon

roO" .. vlrtu.lly the S;lU raU In both p" ttod ••

Unit proft,. !ncruMd U In onnu&i rot. of 25.0 pe<oen< I n the tirot

~uartet, O(lfl>pued "Ith . 7.~ per cont decl1no one quutoOc UTUO •• UnH "",,

labor pa_en .. , .mich l ""lud. profits •• ""ll u .11 other nonlabo r CO",,

{""rene<! 3.9 percent In the tlUt q .... ner, w1>lh III othn unit """lobor coltl

( .. hleh ududu unH profit.) decltl'ed 1 .9 percent . nu .. nonlabo. COnI, which

1""IOCI "oplod con ..... pt !"'" 0110 .... 1'." , net Int u ... , IDd taUI, had Inuu.ud

6 . 0 penut 10 the lut quarter of 1915.

the lIop11<:it price deflator ( .. hleh nfl"" •• clte0Su In unit labor co .. ,

udt nonbbor con. and unit proU t .) increase;! at an annual u t .. o f 4.5 percent

I" the Hro. q"nter. the .. cond .... Uut quarterl y incrcuc 01",," t he fourth

quarter of 1912 .

Re~l ... d Hut Qu,'lne. ll .... ur ... tor the Pd~.t. £COnollY

Rcvi.1oII ...... uu. of hloor produc tivity • ..:1 ubted ..orin for tlte private

eco"".,. , ."" ..,,,ian> uct.Or and tM CIOnufoc turi Q uctor are ._rhed in

,able B. the revi.ed ...... ure. oh"" th.t productivity in t"" fin, quarter--

at .nn .... l •• tU-inetH .... 6.1 putont in tlte toul private ecoDOty, 4.8 perc...,t

In the nonfor= .ector . and 1,0 percent in ~nuf.cturins . th .... .aveaent •

.... lI .. r hod been report'" at 4.6 puc."t , l.l perceM, and 1.4 percen., respec

tively, booed on prel1ll1 .... ., __ .urn . In .... ch .. «or, the up""rd r tvhion in

the productl~lty growth rate reflected the ht&her output m&a.ur e. in t he revi.ed


,

.ules . the prellDlnary .nd <ovl .. d "",nuna a~p .... r In ,.ble B.

App~ndh <sblu ~ ."" D conuln productivity and rdated rovls~ ,"UOUTU

fOT the manufacturing .eetor (19~7-191') and the nonf!nonc\al corpora te •• e.or

(l9'18-1914). rru. .. tabl .. nterl<! the rev1s1ona In output ancl co.pe" .. tlon pub

U.h..:! by tho !uruu of Eco"""\c ""-'yah boc'- to the b.,loninK of the productivity

and eoot aedu.


,

Tabh B. Pull",j",,-,y on<! Re~lol!<l IIU.~U" Fir£< Quutu 1~76 rereent Chan~. froc Previous Quarte. at Annual Rate

(S""o..".aUy Adj .. atobi)

TOto) Private Econ2!!l PTelh,!n.aty hy!.,."

Outl'" ,., hour of .n !>f',.son. ... .. , Compensation ,,, 00., .., ,. , Unit bbor COot ,., U ._,

tOllpen&1It ion ,., ~, U ,., Output ... • •• !lours of all puoon. ,., ,. , Nonfan. Sector

Output "". -, -, • n p~ro(m. ,., ...

C""'p." .... I"" ,., 00"' 1,$ ... ~nlt labor coot U '.0 P.ul <c"'pe"aa tlon ,., 00", '.0 U Output .., .., Houu of oll peuon. U U

Manufacturins Sector

OUtput peT hour of all puson. , .. '-' Co~.naa'ion per ~, ,., .., UnH bl><>r coot .. , U oul <o=pen •• tlon per -, '.0 ,., Output 10.2 11.9 1I0uu of .n puso"s .., ..,


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'" ,~ , ~ . , , , "~, \ ,~,~ AO . " A •• S .. 1~ . b ~~ . ] "~ ... ,~. ] ~ I ,~ 9" . ~

'~~U'l ,~ . " " • • 1 "" . I ,~ . I ~o . e 90.~

19S. , 11 . l ~~d ~ , . ,; , ~ . " 8 I . 0 9 • • 0

" 7i!..~ ~ r . " 1~, 0 T(' , , " \ ... 91 . "

'" f~ . " ~,.c "'" ~ 11 , , ~?" Q< . ~ .. 10 • J ~' . ' "l . , 12 . ~ ' 3 . 7 n.7

'N~U'L /_ • b M.~ "0 , <, "" 81.2 q~ . -

1 ·5~ , I b, • b'.O •• • Q H.l M . 2 9~.5

" I h. " M .I ",,' n," ~ .. " ~] . ~

'" 11 • , ,,,." "" , " ,~ .< •• 9~. 1 ,. I ~,~ ~ I , , ,~, I H,~ 85 .1 95 . '

' ~~"'l r~ .. "/ • 7 "~ • n ,. • 0 "_.6 ~'."


APP t .. " " , ' ~L ' ' . ~ ''''''' 'C'U~'Nr. ~(C ' O~' "",,,,,, .,. "~. " ." Pt "SOH~ • .. OUWl · ,C(lN ' INOl D,

CO"~l"~"'''~ ' Uhl1 l.MOW en" . SF. ~nh'"l· '~JU~' f O

~( .. or .w '"0 D(I' I' UI ." '}IJ , pu l ~n"p~ CO"P'HS. - r(l .. pEt,s. _ " HI T

Q"' '' Tf~ ~ .. "" "' ." rro~ ." 1! O~ ' '" " ,~O"

". ·I.l "r.~~<)~~ '" h~(IH~ ~n ' " , I , .. ,,""'?, COS TS

--- ----- ------ ---------'Nllf 't S I"~"'UO

I ~"G , l b . ' ~ •• 5 .~ . ~ lb . ~ ~~ . ~ 9~ . ~

" I ~ . J bd . a .b . ~ 11 . 0 8~ . " ~~ . , '" 1~ . o ~, . l ~~ . ~ ' o .~ ~~ .~ U." ,. 19 . ~ b OO. " ., .9 11 . 9 H . 4 ~ • • I

.N ..... . L I • • ~ ~ 1 • , . ~ . 9 11 . 0 "~ . q 9' . , L q ~ 1 , " ., ~J . I ., . ~ ,~ . ~ ~ .. " 1 U I • ,

" '" . ~ ~~ ol ~~ . ~ 1 ~ . , H' . ~ ~ .. ' '" ~, . ~ ~ .. " ~ '. " 19 • • ~~ . ~ ~' .. " . J • , " . ~ ~~ . ~ OQ . 1 " ~,J q~ . Q

' ~"""\ "~. , .. , .. ~J . ~ '~ . J ~~ . ~ ~ .. ' ,,, .... , ~l • • 11 .~ b .. . . " . ~ ~o . ~ ~1" ."

" U . l 1~ . 6 ., .J 0 2 . , 90 . , ~" . , '" e •• J> ,~ . ~ bl . ' '~ . b 91 . Q Q, . "

" eb . t , • • 8 .. ~.~ . J.' 9' . , ~~. q

'''~(''L ~' . ~ 1J . J ~ ~. " .~ . ~ q , . 1 ~ I • 1

,""3 , ~ , . ~ H •• , x , . " ... , ~? I ~~ . 1

" ..... r H . , ~ , . ~ . .. ~ ~' .' .. " '" ~O . ' ,~ .. ~ , ." "~ . t -'.' ... , '" 9/ . 1 "J • , ~ . ,J .~ . ~ QJ. , ,n. ?

.......... l n .' , ~ . L ~ , .. .~ .. q, . , h._ IQ,, · , 9' . ~ d L • • ~' . o • 1 • b Q • • ~ ~4 . 1

" .' . J ~ J . Q '"d .~ . ~ ~~ . ' ~ '.' '" ·".U ~b. L ,9 . , .~ . " Q ~. 1 "1 . ' '" q I . ' H.'" Qo . ~ ... ~ . ~ . , ~? 1

• ... ~V. l ~~.I 6 _ • • "Q . ~ " .. " .~ . 7 9, .,

I H~ , ~~ . 1 & " . ~ " ~ . ~ 90 . 2 . ~ . > ~ •• ?

" ~ , . ~ ~ " . 6 .. J • • Qu .' q,,, .3.' '" QQ ., .J. 1 " ." q, . , 9" • • 9?.

'" 1 ~o . , "" .3 .. ~ .. , 91 •• .'. " ., . ~ • ........ l ~ ~.~ 9 ': . " ~ • • l · o.~ ~ .. , ql .~


•

FOOTNOTES, TABLES 1 TO 4

SOURCE: Output data from the Bureau of Economic Analysis, U.S. Depart"'~nt of COOl.lllerce and the Federal Reserve Board. COlOpensation and hours data fro"" the Bureau of Labor Stati~tie$ . U.S . Depart~nt of Labor and the Bureau of Economic Analysis.

(1) Wages and salaries of employees plus emp l oyer s' contributions for social insurance and privat e benefit ~ lans. Except for nonfinancial corporations, "'here there are no self-employed, data also includes an est~ate of ",ages, salaries, and supplemental pa~ent$ for the self-employed.

(2) Compensation per hour adjusted for changes 1n the Consumer Price Index.

(3) Nonlabor payments include profits , depreciation, interest, rental income and indirect taxes .

(4) Current dollar gross pr oduct divided by constant dollar gross product.

(5) Percent change co.,pounded a t annual rate fro., original data rather t~an index nu:bers .

(6) Curre~t quarter divided by co.,parable quarter a yea r ago.

(7) Quarterly .,eaSures adjUSted to annual estimate s of output (gross product or iginating) from the But eau of Economic Analysis. U.S. Department of COmQerce.

(8) Unit non labor costs include depreciation, interest, and indirect taxeS.

(9) Total unit costs is the sun of labor and non-labor costs.

(10) Unit profits include corporate profits and inventory valuation • adjustment.


CHRRT 1 . COMPENSATION

PRODUCTIVITY . HOURLY UNIT COSTS RND

TOTAL PRIV RTE ECONOMY (PERCEN T CHANGE FRO M PRECEDING

PR ICES

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

QUARTER AT ANN UAL RATE] OUTPU T PER HOUR Of RLL PERSONS

: ~ .. .,,"'",.'1.,---.---.---:------------ - ~- - - -, , , , , , , ,

, : . , , , , ,

, " ,

••• ••••••• ---j • • --.-- -.- ••• ~ ••••••••• ---. 4C ---...•••••• ·1· ···-· ·· .- ·l -------------~-------------, , , , : : : : i CO,MPENSRT I ON HOUR Of RLL PER SO NS i I

"~"~ .. ~"~ .. '".l- __ _ ....... 1. ...... .. ~.'_? , , -----------t-------------~-, , , ,

, , , ,

, , , , -"'"'--~-------------:----.------ • • j -- . -+-.- ••• --~-.-- •••• • _---, . , , , , , , , , , , ,

: , UN I T COST : , LRBOR , " , ---- --- ------.- ------ --- --- .----- ---_ .. ---. -- -- . --_. ---. -----"-, , , , , , , , , , , , , , , , , , , , , , , , ,

, : , ! 1 ----------_ ... _._-------.-: , ,

, ---- --_. -_. --_. -- -_. ---- ----, --- -_ .. ------.---I ' , , , , ,

o

-, :s

:0

o :s

o , ,'" ...... -- -----t------ --- --- -~- -- ---. -------:-- --- --------- : -- -----------t----- ...•.. -. 't .... . -. --- . -. - S , , . , , , ! UN! r NOHLRBOR PRYMENTS i i 30 , , , , , ,

-- - -- --. - •• •• j - • • --- ••••• , .~ ••• -.-.... - -- -~ - -- ••••• ••• -- : ••••• - •• • - - .-j . ------- - --~. --. ----- ---- 2S , , , , , , , , , , , , , , , , , , , , , , , , -- --- --. -. -' -1-' -•• -•• ••••• j ••••••••• - - - - .~ -- - - . -- - •• -- -I ' .-. --••. --- ' 1- -.-. -- --+ --..... -. ---- 20

" '" " , " " '" , , , , , ,

- --- --. -••••• : . - •• _ •••••••• ~ ••••••••••• ---~ --- -.- -- ••• •• : ••••••• . ---- .:. --. -- --:- -. --. -•• ---. - 1 5 , , , . , , . " , , , . , --- .--- -- ~-- --- --- ---. -..:. --- ---. --- ---!. --. ---- !. .. _.- . -- --- - ! 0 , ,

, , , , I MPLICIT PRICE OEFL RTOR , , , ,

, , -. - - . - ~ . . -.-.. ------

, , , ,

. ". ...... _-- --- -.-----_. __ . __ .. --_._--_ .. _- ---_. _._--_ .. ---.-.. ---- ------- .. ---- ---- -----

! 970

, , , , , , , , , , , , "' , , ,

, , ------,------------_.

1971 19'1Z

, ,

, , , , ·------·----I------------ -~----, , , , , , ,

1973 197 4

, , ,

1975 1976 MRY 27 , 19 76

, o

:s

o


CHRRT 2. COMPENSRTION UNIT

PRODUCTIVI TY. HOURLY COSTS AND PRICES

SECTOR PRECEDING RATE]

PRIVRTE NONFRRM (PERCENT CH ANGE FROM

QuARTER AT RNNUAL OUTPUT HOUR OF ALL PERSONS ,

,,""">..i~·············f····· ········j···· , , , , , , , ,

,

, , , , , , ~.~ , , ,

· . . . , ,

I ... · · ···········I·············i-·············~· ··--· --- -- ·-1 - -- - ......... ,.-... -----... '" . ..... -..... . , , , , , . · . . . . , · .. ,

: COHPE NSA T JON PER HOUR OF ALL PERSONS : , .. . , ., . I 7,'

..........•. ------ .- ---- ~-....... ....... ......... . ......................... . , .. , . , . . " , , ' "~~-~-~C~: __ ~ ............. l ............. ~ ............. ~ ........... .. . , , . , , , , , , , , ,

• ••• , . , . l UNIT LABOR COST i 1 i : : : : : :

------·--····1·············::·········-···: ·--------·-·-: -... ""''''''"~ •.... -.. - -.... :-.-.... -..... . , , ,. . , .. .

· ··· -· ------- l ---- ··_······,··············~···· __________ ~ ____ _ , , , , , , , , , , , ,

UNIT NONUlBOR PAYMENTS

, , , , , , , . . , , , , , , , I

- , ---... -...... . " .............•.............•. .. ~ . ........... . . . . , , , , . , i 7 .3 , , , , , ..... -.-- ~- --- ---- .. -.. + ............ ·1 .. ·· , , , , , , , ,

........ ; ......... .. , , , '" ............ . ,

, , .. - ~-.. ·~''''~~i ' ... _ ......... _ ....................... _ .. , , , , , ,

, , , , , , . , . -- .-- ---- ---·1 .... ·· .. · .... ~ .......... . -. +-- ---- ---- ---; -----

, , , , - , ---

, , , , - --- y -- - - - - - - -- - --, . , , , . , , , , , , , ,

. ---- . -- --... ~ .......... IMPLICIT PRICE OEfLATOR , , , , , , , , , .... _ .. _- .. _ .•... .......... •.......... _- -'" . __ .. _.-, , , , , , , , , , , ~" .. "'~'· ···· i· ·············~·-·

1970 1 971 1972 1973

, ,

,

, ,

-- . --- ~ --- ---- --- ~- -------, ,

, , --------.-_ ..

1974

, I I ._. __ . _ .. ,.._-. -. __ .-...

,97S

, ,

1976 :1RY 27 . 1976

o 20

!O

o 20

!O

10

o


CHRR T 3 PRODUCTIVITY . HOURLY COMPENSRTION UNIT

NONFINRNCIRl CORPORP.iIONS (PERCENT CHRNGE FROM

QURRTER R YERR

RNO PRICES COSTS

SRME RGO)

i :./ i , , , , , , ....... _ .....•.............•....... _--- --~ ._-- ._-- ._--_. ---_. ---- .. _ ... - ---- - ... --_ .. __ ... __ . , , , , , , , , , , , , : : : : : : ! i COI1PENSATION PER ALL-E I1 PLOYEE HOUR i 1 .3

·--·- - ------ -j - ·· --- ·· - · - -- i- ·· -·- · --- ·-· -t ---- · -· - ···. - ~ -- --~--.--------, ," ,

.-++-- - •• --- ·1-- . --- -. --- -1- ----- ---- -.-, , , , , , , ,

UN I T LABOR

, , , ~ --- . -- --.. - -f·- - - ---. -1- .... -.-.- .. -+ ---. ---. -----

COST

, , , , , , , , , , , , , ,

,

, , , , , , -- .. ---- .. -..•. -.--.-... -.. ~ ... -. -.... -.. '" ... --.. --... -.. . .........•............ ,-.. _----_ ..... , , , , - ' , , , , , , , ... _=.:.:.:.,.,.,.,.,.-J 'K: . --- .--- -----~. ---- ---- ---- t-··- ·····-1-···········-1- ···· · · ..... + ...... -

, ,

UN ! T

, , , , , , , , , ,

NONLABOR PA YMENT S

, , : , , , , , , , ,

,,6

I -... -.--.---- . ----.-----.--~------------.-.-.----.------ . -_._-_._--_.-•.... _.-. -. .---_. -.------ . , , . . . , " , " , , , , , ·-· · - ··-··- --1-··-·--·---·-,·-----------·-~-·----------- 1 -··--------·-1- · --, . , . , , , , . , , . , , , , . , . ,

, ,

------+ , 1 4 • Z

-- ··-·-- - ·-··l·~·--·--··-~---·----·----·~-·---··---·--:.-.--- .. ----.: --- .----.--- 1"------ -

-... ... -)1.----. ------1- .---- _____ 1 .. --- .----. --1-- -- ···--·'1---------.-.-t--....... -.. . / , , , . , . , , , , , ,

._-_._-_._-_ •••••• _ -_ •• _ + _ .j-_ ••• __ •• __ • __ •• _. __ •• _-- + - _ ._ ••••• • •• __ ._._--_._--_._-----_._-_ ••• _---, , , , . , , . " , , , " . " , , , , : I MPLICIT PRICE OE f LATOR : , , , .-.. -... ---.-.-.... --.-. ... ~-.. -.... -.. -..• .. --- .. --.. - -... -- ---_ .. -•..... -- ._-- ---_ .. __ . --_.-

1970

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

1971 1972 1973 1914 1975 1976 MAY 27 . 1976

-5

"

, Z5

15


CHRRT 4 . UNIT COSTS . UNIT PROFITS RNO PRICES

NONFINRNCIAL CORPORATIONS (PERCENT CHRNGE FROM SRME

QURR TER R YERR RGOl

UN I r LABOR COST , , , , , , , , , ,

, , , , : , : , --_ .. _._-•.... _._ .. _._-.. ---_._. __ ._--"_._-_. __ ._ .. -. ·---------1--- ---------""------------+ , , , , , , , , , , , , , , ,

, , , , , --- --- --.--. -.- ------------~---- -------,._-----------.- .. _--

: , , , , , ...... _ ......• -_ .. _ ..... , ,

, ,

UNIT NONLABOR C.OS T

, , , , , , , ,

, , , , , , ... -----, , , , , , , ,

, , , , , I -----""-------------, ,

, , : , , ,

0,6

---_._----_. __ ... _----, , , , , -----------.--.----------~-----------.- ------_ .. _---.---_._ .. •• _.r ___ •• _______ • , , , , , , , , , , , , , ,

, , , , ..... ---.----,--.----.- ·-·i-------------·}-·--·· .--.-,----.-.------,---.--.---.. , , , , ,

, " , , , , , , , , , , ,

, TOTR L UNIT COST : ,. ,

, , , , , , : :

1 . 0

-.-----.--.--.- .. --- ..... -.. --.-.. -.---.. ~ ... ---... -- . - -- . .. _-- --_ .. -- -- -- --- --~'-- -- .. -- --_. , , , , , : : I

·--~--,i i i , ,

, ,

. --.. -- .... 1-· -- --... . -- .+.--- ------, ... ------_._-,_ ... _--- ----~------------. : 0.7

, , , , , ,

, 63.7

-----· .. • .. .. 1 .. •• .. ---- ~ . ----.. ------, .. -- --- . .....•... - ---- ---../-- ------- --.--, , , , , , , , , , .... ----.----.-,

, , , , , , ,

, , , ,

, , , , _ .. _-_ .... _ •.. _-_ .. _----_ ... , , , , , , , , UNIT PROfITS , , , , ,

, , , , , , , : , , , , . __ .. _----_. __ . __ . __ .... -.-.. , , , , ,

, , ,

._---_ ... ----_ ... _ ... .. -, ,

, , , -- --- ------ -- --.-- --- -- --- ,-- --- --------+- .-----.- --1------_······,·· .. ---.-... ../- ----....... -.

, , ,

, , , , , , , , , , , , , ,

, , , , , , . _---.. _--_ .. ---_._-------.-------------.. -._------_._-.. _-----, , , , , , , , , ,

, , , ,

, .. _------_ ...... _ ........ _ . , , , , , , , , , , , . ... __ . __ . __ •... _. __ ......• _ ... .. _ ..... ..• _ .. _-_ ...... -._ .... _ ... _. __ .. _._------------_._---------

1970 1971 19n 1973 191 4 1915 1976 MY :n. 1976

IS

JO

5

0 20

IS

JO

5

0 IS

JO

5

0

20

IS

JO

5

0

-5

-JO

-IS

-20

-25


".'.""" .. ~ .. , '. ".~" , .c'u.,"" ,"c'''''' ,,'" .\1 ' .,. 0" " ." "'"SOHS , ~"UR'" CO~.t"S" , ,,,, . ~" l'~~. C'"" , "'''''''le' '~J .. "'[O

~"l ., .. ' .~ ""'~O, .,. "u '.u' ~'KJ.' (0·0, ""_ CO""."- ""IT Ou.",,~ M"U_ "' ." ' 10" ~l~ TlO" p'.~ ... . 0.

"' ." ~'" .... "" .("",,"" """.," """~" , COSTS

---- ~.----------""U"' <M'.O •. '.0" "'"",,,,,. OO>" ' "~" .~"", .. .. ,,'" ,,, , , '.' ••• •• • •• • •• • ••• " ' •• J ,_. I -0 .' ' .. , .' .' . ~ ," ?o. , ,> •• -... " , > ••• -' .' " ". , , .. ' '. ' , >. ~ , .. .. ' ._U ... ' .. ' .' •• • ••• ' .. ' .. ,.., , -to., ..... , .. ,0 •• ••• Z_ . '

" ••• , .. -1.0 ,.' ... ~ ' .' m ,~ . J " . 0 - J • , .... , .. •••

" ". , " .' -'" .. , 'I . l . ' . J

"'"U'" ' .' , .. -.. ~ " .' ••• .. ' " .. , -J) •• - '! .j -" ." .. , ••• ". ,

" ,..~ '. , ., .. ' .. , ••• ." ... '" ~ •• l " . 1 ., . , , . , ••• ., .. ~ " 'l.' ' .' -... . , ." -.. - - ,~ .. . ""~ ... '.' -~ .. -" ." '.' • •• '.'

" .. , .]l •• .... , 1 '" . " ..' ' • • 1 Jl • ~

" , .. j'. , ~ , . 0 '.' ' .. ., .. '" ".' 0'. ) "'.' , .0 -, ., ".' " ' .. " .. '"., " ,0 ' . > '.'

.""" ... ,. , 10. , ' .' .. , ... " .. ,U' , -U ." -" . l ' .' '.' -.. ' ".' " II • , J •• _ > • • '0 ." ••• -' .'

'" Il • • .. ' _ "I • • .. , ' . , " .' " l~ • • , .... ". ' e •• ••• -...

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" ' .' .. ' -l.' > . ' ••• '.>

'" ,.. , " .' > • • "' .. , .. \ .,..& " ".J ". , n .] ".' II .' -.. ,

'N."", ,. , '" , .. .. ' . . , > • •

" ~3 , -JO •• -to ., '"' ' .. >. , ".J " , ... ... " '. " >. , ••• -".'

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REAL

"'N '" OUl",J] ~(U I,I.H~I,II "I,IUR~ CO~". N$ . _ CO MP(O<SO- UNIT ~U'HIfR ~O"~ "' ." 110" ~t: H 11 ON ". L'80W

" '" ' E"SON~ P~~SO~S "0(·°111 ~Ou"r?' COSTS

---- ~------ -----~t~ClNT c ..... m. ~HO" P~l. J ~U' OU'H f[H " lNNull ~"[r!>1

I ~S' , - l~ . l - J' .r ·r ~ . 3 ' .. J. S H.b

" I ~.<, , . , -8 . 1 '.' • •• - 5 ••

'" 1 ~. ~ r" • ~ -.. ~ '.' l . ~ - I 1 • ~

" I ) . , ~-.I ••• '" '" _ ~.9

aNNu'L I.S • , . l -8 • b " , · .' , .. 1 95~ , -~".I -I~.~ r \ .0 ,. , , .. l~ .f<

" I ~ . 0 ], .' I ) • b ~.l .. , _Il . ~

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" "" II . b '.' .. , ••• -303

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1 4~ " , _ 2~ . 9 _lb. 1 - \ . 0 '" ' .' . ) . )

" '" ,. , _~.J .. , · ., , .. '" '. ' ". , -'.\ '" · ., .. , " I_ • I 'J.' '.' '. , '.' _ 5.)

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" , .' ,., -.. " ••• ••• _J . T

'" 1 I •• , .. _'.0 ~ .. , .. -5 . ~

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1~~8 , - ~ ~ .. - 31 .1 _ 16 . ~

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~EAL

Vf'~ ." uu ' ~"l ." OU'",,' MO"~:; COM~FN;' _ CO~P(~S. - ION IT ~"'~ T (" ~~,,~ "' '" IIO~ ". lION ". L'~OP

"," '" ~r~SU~' P[~SO~' ~O" "' ll "OU~,?\ COS TS

----.. ----------------------------------------------------------..-~ ' ~~t~ T C~.h~." '~n~ P"t" I ')~~ "u'''l f ~ '1 '~~UH Q"E'~ '

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