Business Operation and Labor's Share
  Total sales Current Profit
to Sales Ratio		 Ratio. personnel
expenses to sales		 Labor's share
 Annual percent
 change
Fiscal year
2005
06
07
08
09
10
 %
6.2
3.9
0.9
-4.6
-9.3
1.3
 %
3.4
3.5
3.4
2.4
2.3
3.2
 %
13.1
12.9
12.5
13.1
14.4
14.1
 %
r 67.9
r 67.6
r 67.1
r 71.7
r 71.0
69.9
Oct-Dec/08
Jan-Mar/09
Apr-Jun
Jul-Sep
Oct-Dec
Jan-Mar/10
Apr-Jun
Jul-Sep
Oct-Dec
Jan-Mar/11
Apr-Jun
Jul-Sep
Oct-Dec
Jan-Mar/12
 -11.6
-20.4
-17.0
-15.7
-3.1
10.6
20.3
6.5
4.1
0.3
-11.6
-1.9
-1.3
0.6
 1.5
1.4
2.4
2.2
3.1
3.3
3.7
3.2
3.8
3.6
3.6
3.0
3.4
3.9
 13.2
13.1
14.2
13.7
13.3
12.0
11.9
12.9
12.9
12.5
13.7
13.3
13.2
12.1
 r 79.8
r 65.5
r 74.5
r 68.9
r 76.7
r 63.0
72.9
68.1
76.0
62.1
Source MOF "Financial Statements Statistics of Corporations by Industry" CAO "SNA"
 NOTES: Labor's share = Compensation of employees / National income ×100



CONTENTS