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TABLE 2. RATES OF CHANGE IN HOURLY COMPENSATION AND OUTPUT PER MAN-HOUR IN MANUFACTURING,

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Note: Percent changes computed from the least squares trend of the logarithms of the index numbers. Data relate to all employees in manufacturing (wage earners only in Switzerland, mining and manufacturing in Sweden). All 1972 figures and some of the figures for earlier years are estimates derived from preliminary or partial year data or from current statistical series that are less complete than those used for the longer term trends.

TABLE 3.-RELATIVE UNIT LABOR COSTS, HOURLY LABOR COSTS, AND OUTPUT PER MAN-HOUR IN THE IRON AND STEEL INDUSTRIES OF FIVE COUNTRIES 1964, 1969, 1970, AND 1971 1

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1 Excluding wire and wire products in the United Kingdom and wheels and axles in West Germany. The ranges in estimates do not allow for differences between the countries in the degree of verticle integration or the quality of steel produced. 2 Indexes in national currencies adjusted for changes in prevailing exchange rates. The British pound was devalued by 14 percent in November 1967, the French franc was devalued by 11 percent in August 1969, and the German mark was revalued upward by 9 percent in August 1969. In May 1971, the German mark was floated and in August 1971 the U.S. dollar convertibility to gold was suspended and the currencies of other nations were allowed to float relative to the dollar. In December 1971, there was a realinement of currencies. The effect of the realinement relative to the U.S. dollar was to increase the values of the French franc and British pound by 8.6 percent, the German mark by 13.6 percent, and the Japanese yen by 16.9 percent. The changes in currency exchange rates since 1971 are, of course, not taken into account. Preliminary estimates.

Sources: Bureau of Labor Statistics, "An International Comparison of Unit Labor Cost in the Iron and Steel Industry, 1964: United States, France, Germany, United Kingdom," Bulletin 1580, 1968. Data for Japan are preliminary estimates from an unpublished study.

Chart 1. Rates of Change in Unit Labor Costs in Manufacturing, National Currency Basis, 1950-72

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U.S. Can. Japan Belg. Fr. Ger., Italy Neth. Swed. Switz. U.K.

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U.S. Can. Japan, Belg. Fr. Ger. Italy Neth. Swed. Switz. U.K.

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Chart 4. Rates of Change in Hourly Compensation
in Manufacturing, 1960-72

Percentage change per year

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1960 to 1972

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U.S. Can. Japan Belg. Fr. Ger. Italy Neth. Swed. Switz. U.K.

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U.S. Can. Japan Belg. Fr. Ger. Italy Neth. Swed. Switz. U.K.

Secretary DENT. Mr. Chairman, rarely do you find this degree of
confidence by Labor, that they leave Commerce to take care of their
interests.

Secretary BRENNAN. We trust you, Fred. I will leave my shillelagh
here.

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