Finance, Insurance, & Real Estate ex housing
                Productivity: Output per hour of all persons, by industry /1


                        Depos.                           Insurance              Holding
                      & nondepos.  Security               agents,               & other
                        insts.     & commod.  Insurance   brokers     Real     investment
             FIRE      SIC 60_61    brokers   carriers   & service   estate     offices
          ex housing      /2        SIC 62     SIC 63     SIC 64    SIC 65_66    SIC 67
          ----------  -----------  ---------  ---------  ---------  ---------  ----------
    1977       46.19        54.00      34.36      36.17      32.50      59.04       30.77
    1978       45.58        53.80      38.82      35.16      28.81      58.32       30.64
    1979       45.92        53.90      38.48      35.21      27.25      59.58       30.94
    1980       45.39        54.30      38.85      35.94      28.09      56.23       30.52
    1981       44.70        54.55      39.59      33.46      28.03      56.05       30.05
    1982       44.08        55.13      32.63      29.84      29.25      58.09       31.08
    1983       45.02        54.99      36.59      29.29      28.45      60.11       31.33
    1984       45.20        53.82      33.36      32.35      29.52      59.93       30.64
    1985       43.40        52.54      35.67      29.59      27.07      56.31       29.61
    1986       41.44        52.72      32.24      24.52      26.38      53.49       30.79
    1987       42.11        52.48      38.92      22.12      28.49      54.47       28.38
    1988       45.00        53.46      39.65      26.16      28.16      60.47       34.34
    1989       45.84        53.36      45.69      27.46      26.84      61.22       34.72
    1990       45.84        54.05      43.85      26.67      27.40      62.13       35.74
    1991       45.22        54.26      41.58      28.09      25.96      60.33       35.57
    1992       47.11        53.36      51.01      30.70      26.65      63.72       35.43
    1993       46.77        52.65      61.48      27.04      26.05      63.84       34.75
    1994       47.47        53.05      65.84      27.94      27.36      62.64       35.32

    /1 Output is chained 1992 dollar gross product originating by industry
    published by the Bureau of Economic Analysis (BEA) in Table 14 (page 154) of
    the August 1996.  Hours of all persons are constructed by assuming that
    self-employed workers work the same number of hours annually as full-time
    employees.  Annual hours of full-time employees are constructed by dividing
    hours worked by full-time and part-time employees by the number of
    full-time-equivalent employees.  Self-employed workers are constructed by
    subtracting full-time-equivalent employees from persons engaged in
    production.  See Tables 6.5c, 6.8c, 6.9c in the National Income and Product
    Accounts.  Data for 1987 to 1994 are reported using 1987 SIC definitions;
    data for 1977 to 1986 are reported using 1972 SIC definitions.  Productivity
    levels in the earlier period are adjusted by setting the 1987 levels of
    productivity equal for the two definitions.  Where the two sets of SIC codes
    were not comparable, we followed BEAs instructions and merged series.  These
    are indicated by footnotes.  Finally, there are some series breaks for the
    number of self-employed workers in the two-digit industries between 1991 and
    1992.

    /2 As described in the footnote on Table 15 (page 155) of the August 1996
    Survey of Current Business, 'The combination of 1987 industries depository
    institutions (SIC 60) and nondepository instituitions (SIC 61) are the
    equivalent of the 1972 SIC industries banking and credit agencies other than banks.'