Full text of Business Conditions Digest : March 1967
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
. ^i^fSVWW^^^Ij^f!!^ BUSINESS DEVELOP March m '^^mm DA^%IROU0< '^fei >• •- -•••<,-.-'•• ''•'.&*-*P'M v ' ;• &sJM&d& ' ^ / l^t % ,-../• ovpt" *r if fvV.IS //"V'j^f^v•': I-****!* m m-< fn; m ^Mf^ „' •# • t\; —! f U.S. DEPARTMENT OF COMMERCE Alexander B. Trowbridge, Acting Secretary William H. Shaw, Asst. Secy., Economic Affairs BUREAU OF THE CENSUS A. Ross Eckler, Director Howard C. Grieves, Deputy Director Morris H. Hansen, Asst. Director for Research and Development JULIUS SHISKIN, Chief Economic Statistician '1ft- PREFACE This report brings together many of the available economic indicators in convenient form for analysis and interpretation. The presentation and classification of series follow the business indicators approach. The classification of series and the business cycle turning dates are those designated by the National Bureau of Economic Research (NBER) which, in recent years, has been the leader in this field of investigation. However, this publication is not to be taken as implying acceptance or endorsement by the Bureau of the Census or any other government agency of any particular approach to business cycle analysis. It is intended only to supplement other reports of the Department of Commerce that provide data for analyzing current business conditions. The unique features are the arrangement of data according to their usual timing relations during the course of the business cycle and the inclusion of special analytical measures and historical cyclical comparisons that help in evaluating the current stage of the business cycle. In addition the movements of the series are shown against the background of the expansions and contractions of the general business cycle so that "leads" and "lags" can be readily detected and unusual cyclical developments spotted. About 90 principal series and over 300 components are included in preparing the report. The exact number of series included for the total and important classes of series may vary from month to month because of additions of new series and revisions in the composition of indexes. Almost all of the basic data are available in published reports. A complete list of series and the sources of data is shown on the back cover of this report. Series are seasonally adjusted except those that do not appear to contain seasonal movement. The chief merits of this report are the speed with which the data are collected, assembled, and published and the arrangement of the series for business cycle studies. Publication is scheduled for around the 22d of the month following the month of data. March 1967 DATA THROUGH FEBRUARY Series ESI No. 67-3 New Features and Changes for This Issue 3 Census Projects on Economic Fluctuations iii iv Descriptions and Procedures Introduction Method of Presentation Designation of Business Cycle Turning Points Seasonal and Related Statistical Adjustments MCD Moving Averages Analytical Measures of Current Change Comparisons of Cyclical Patterns Charts How to Read Charts 1 and 2 1 1 2 2 2 3 4 5 6 Data TABLE 1. Changes Over 4 Latest Months CHART 1. Business Cycle Series From 1948 to Present TABLE 2. Latest Data for Business Cycle Series 8 10 24 Analytical TABLE CHART TABLE TABLE 3. 2. 4. 5. Distribution of "Highs" for Current and Comparative Periods _ _ Diffusion Indexes From 1948 to Present Latest Data for Diffusion Indexes Selected Diffusion Indexes and Components ABOUT THE COVER— Series in this publication are grouped according to their usual timing and shown against the background of contractions and expansions in general business activity. The cover design illustrates this concept. The black vertical bar represents a contraction; the top curve, the Leading Series which usually fall before a contraction has begun and rise before it has ended; the middle curve, the Coincident Series which usually fall with the contraction period; the bottom curve, the Lagging Series which fall after a contraction has begun and rise after it ends. 38 39 42 46 CONTENTS CONTINUED CycHcai Comparisons CHART 3. Comparisons of Reference Cycles TABLE 6. Comparisons From Reference Peak Levels and Reference Trough Dates TABLE 7. Comparisons From Reference Trough Levels and Reference Trough Dates _^ 58 62 63 Appendixes Appendix A. Business Cycle Expansions and Contractions in the United States: 1854 to 1961 Appendix B. Specific Trough and Peak Dates for Selected Business Indicators Appendix C. Average Changes and Related Measures for Business Cycle Series Appendix D. Current Adjustment Factors for Business Cycle Series Appendix E. Percent Change for Selected Series Over Contraction and Expansion Periods of Business Cycles: 1920 to 1961 65 66 67 7C 71 Index Series Finding Guide 73 11 ^ A limited number of changes are made from time to time to reflect the change from one stage of the business cycle to another, to show new findings of business cycle research and newly available economic series, or to emphasize the activity of a particular series or series group. Such changes may involve additions or deletions of series used, changes in placement in relation to other series, changes in components of indexes, etc. Changes in this issue are as follows: The series on foreign trade (series 86, 87, and 88) have been revised for the period 1953 to date. Revisions are shown in this issue for the period beginning January 1965. Revisions for the earlier period will be shown in a subsequent issue. These revisions take into account all corrections which have come to light since the figures were originally published and reflect new seasonal adjustment factors which have been updated to include monthly information through 1966. Further information concerning these revisions may be obtained from the Bureau of the Census, Foreign Trade Division. ANNOUNCEMENT: REVISED LIST OF INDICATORS A revised list of leading, roughly coincident, and lagging indicators and other selected series will be shown in the April issue of BUSINESS CYCLE DEVELOPMENTS. All of the series within each of the above timing groups will also be classified under eight economic processes (i.e., employment and unemployment; production, income, consumption, and trade; fixed capital investment; inventories and inventory investment; prices, costs, and profits; money and credit; foreign trade and payments; and Federal Government activity). Research work for the revised list was carried out by the National Bureau of Economic Research, Inc. (NBER), a private, nonprofit organization which has been conducting research studies in the field of business cycle analysis and compiling lists of economic indicators for nearly 50 years. Their 1966 list is the result of a periodic review of available indicators of aggregate economic r^tivity. The method of preparing the new list, the reasons for adding certain series and dropping others, and an explanation of the expanded classification system used are described in a new publication, INDICATOP£ OF BUSINESS EXPANSIONS AND CONTRACTIONS, published by the National Bureau of Economic Research, Inc., 261 Madison Avenue, New York, N.Y., 10016. The April issue of BUSINESS CYCLE DEVELOPMENTS will be released on April 26—a little later than usual—to provide time to make changes necessary to show the revised list of indicators. (See above.) in CENSUS METHOD !i ADJUSTMENT PROGRAM. A time series computer program for measuring and analyzing seasonal, trading-day, cyclical, and irregular fluctuations and the relations among them. This program is particularly useful in analyzing economic fluctuations which take place within a year. The latest variant, X - l l , has greater generality and scope than any of the earlier programs. It can adjust quarterly as well as monthly series and series with negative and positive numbers as well as those with positive numbers alone. The X-ll version measures and adjusts not only for seasonal variations, but also for trading-day variations. Further, it computes many summary and analytical measures of the behavior of each series. The program includes various techniques, such as F tests and variance analysis, for use in extending the scope of time series studies and is written in a simplified computer language—Fortran IV. The program deck can be purchased from the Census Bureau at cost. I 1 | I BUSINESS CYCLE DEVELOPMENTS. A monthly report for analyzing economic fluctuations over a short span of years. i This report brings together several hundred monthly and quarterly "economic indicator" series for the analysis of short-term economic trends and prospects. These series have been selected, tested, and evaluated, after half a century of continuing research, as the most useful and reliable for this purpose. The publication provides not only the basic data, but also various charts and analytical tables to facilitate such studies. In addition, a time series punch-card file, a diffusion index program, and a separate summarymeasures computer program are available for those who wish to carry on further research in business cycle analysis. LONG TERM ECONOMIC GROWTH. An annual report for the study of economic fluctuations over a long span of years. This report has been developed from available statistics to provide a comprehensive, long-range view of the U.S. economy. It has been planned, prepared, and published as a basic research document for economists, historians, investors, teachers, and students. It brings together for the first time under one cover, in meaningful and convenient form, the complete statistical basis for a study of long-term economic trends. It is a unique presentation of the full range of factors required for an understanding of our country's economic development. Some of the statistical series go back to 1860. IV INTRODUCTION Students of economic conditions describe the business cycle as consisting of alternating periods of expansion and contraction in production, employment, income, money flows, prices, and other economic processes. The fluctuations take place in a concerted manner, but not simultaneously. Once an expansion gets underway, it spreads from firm to firm, from industry to industry, from area to area, and from process to process, cumulating until a cyclical peak in aggregate activity is reached. Even while expansion is widespread during the upward phase of the business cycle, some activities continue to move in the opposite direction. Declines begin to spread as the expansion nears its peak and continue to spread even faster after the peak has been passed. But some activities continue to expand during the general contraction. Before long these expansions become stronger and more widespread. When they begin to dominate the situation, the upturn in aggregate activity has arrived and a new expansion is underway. This sequence is recurrent, but not periodic. The causal relations among these various economic processes are primarily responsible for the cumulative nature of cyclical forces, and explain why expansion eventually turns into recession and recession into expansion. Cyclical fluctuations in production and employment are preceded by fluctuations in measures which relate to future rather than to current production—measures such as new orders for durable goods, the formation of new business enterprises, and accessions to payrolls. They are followed by fluctuations in various types of economic costs, such as labor costs, interest rates, fulfillment of long-term commitments, and holdings of inventories and of debts. tivity. The series have been grouped and classified by the NBER as "leading", "roughly coincident", or "lagging" indicators. These indicators are defined as follows: fa NBER Leading Indicators.—Series that usually reach peaks or troughs before those in aggregate economic activity as measured by the roughly coincident series (see below). One group of these series pertains to activities in the labor market, another to orders and contracts, and so on. I** NBER Roughly Coincident Indicators.—Series that are direct measures of aggregate economic activity or move roughly together with it; for example, nonagricultural employment, industrial production, and retail sales. $*• NBER Lagging Indicators.—Series, such as new plant and equipment expenditures and manufacturers' inventories, that usually reach turning points after they are reached in aggregate economic activity. Other U.S. series with business cycle significance are included in this report. Some of these series, such as change in money supply, merchandise trade balance, and cash surplus or deficit, represent important factors in the economy, but they have not qualified as indicators for various reasons, such as irregularity in timing. Finally, industrial production indexes for several countries which have important trade relations with the United States are presented. The list of series covered and sources of the basic data are shown on the back cover of this report. Series numbers are for identification only and do not reflect series relationships or order. Although this pattern has been characteristic of American economic history, today many economists do not consider it inevitable. Intensive research by the National Bureau of Economic Research (NBER) over many years has provided a list of those significant series that usually lead, those that usually move with, and those that usually lag behind cyclical movements in aggregate economic ac Data are shown in this report in three general categories, as follows: Basic Data (chart 1 and tables 1 and 2).—Data are shown for business cycle indicators, additional U.S. series with business cycle significance, and industrial production indexes for selected countries. Together, they provide a broad view of current and prospective business cycle fluctuations in the economy as well as the basis for making an economic interpretation of these fluctuations. ^ Analytical Measures (chart 2 and tables 3 to 5).— These are measures that aid in forming a judgment of the imminence of a turning point in the business cycle, determining the extent of current changes in different parts of the economy, and pointing to developments in particular industries and places. ^ Cyclical Patterns (chart 3 and tables 6 and 7).— Current cyclical levels are compared with levels at corresponding stages of earlier cycles. These comparisons are made in different ways depending upon the phase of the business cycle. In addition to the data shown as part of the regular report, certain appendix materials are presented. These materials include historical data, key information, and adjustment factors. TUHNNG The business cycle turning dates used in this report are those designated by the NBER. They mark the approximate dates when aggregate economic activity reached its cyclical high or low levels. As a matter of general practice, a business cycle turning date will not be designated until at least 6 months after it has occurred. Monthly business cycle peaks and troughs have been dated by the NBER for the period 1854-1961. Over this span, expansion has prevailed 61 percent of the time and contraction, 39 percent. If war periods are disregarded, expansion has prevailed 56 percent of the time and contraction, 44 percent. SEASONAL AND STATISTICAL ADJUSTMENTS Adjustments for normal seasonal fluctuations are often necessary to bring out the underlying cyclical trends of a series. Such adjustments allow for periodic intrayear variations resulting chiefly from normal differences in weather conditions during the year and from various institutional arrangements. Some series contain considerable variation attributable to the number of working or trading days in each month. An additional adjustment is necessary in such cases to reduce this variation. Variations due to holidays are usually accounted for by the seasonal adjustment process; how- ever, there are some cases in which a separate holiday adjustment is necessary for holidays with variable dates. Such a case is retail sales of apparel which is affected strongly by the date of Easter and, to a lesser degree, by the dates of Labor Day and Thanksgiving. In general, the seasonal adjustment process is designed to adjust for average weather conditions but not for the dispersion about that average. Thus, some seasonally adjusted series, such as housing starts, will tend to be low in months of unusually bad weather and high during unusually good weather. At the Bureau of the Census, studies have been started on some series to determine the effects of abnormal weather. Although it eventually may be possible, Census methods do not at present make any adjustments for such variations. Most of the series contained in this report are presented in seasonally adjusted form. Unadjusted data are used only for those series which appear to have no pattern of seasonal variation. (Unadjusted series are identified in table 2.) In most cases, the seasonally adjusted data used for a series are the official figures released by the source agency; therefore, several different methods of seasonal adjustment are involved. In addition, for the special purposes of business cycle studies, a number of series that are not ordinarily published in seasonally adjusted form are shown on a seasonally adjusted basis in this report. For these series, seasonal adjustments have been developed by either the NBER or the Census Bureau. The adjustment factors for these series, derived by Census Method II, are shown in appendix D. Factors for series which are the sums of seasonally adjusted components or which are based on unpublished source data are not shown. MCB MOVING MCD (months for cyclical dominance) is an estimate of the appropriate span over which to observe the cyclical movements in a monthly series. This span is usually longer than a single month because month-to-month changes are often dominated by erratic movements, but shorter than the frequently used 12-month span (change from the same month a year ago), and is different for different series (see appendix C for .MCD values and method of computation). MCD is, on average, the first span of months for which the average change for the cyclical factor is greater than that of the irregular factor and remains so. It is small for smooth series and large for irregular series. The month-to-month differences between moving averages of the period equal to MCD are commensurate with the differences between seasonally adjusted values separated by the same MCD span; thus, the month-to-month differences in a 3-month moving average are commensurate with differences in seasonally adjusted values over 3-month spans. MCD moving averages all have about the same degree of smoothness. Consequently, MCD moving averages of highly irregular series, such as business failures and Federal cash payments, will show their cyclical movements about as clearly as the seasonally adjusted data for such smooth series as industrial production. MCD moving averages are shown in chart 1 for all series with an MCD of "5" or more. To provide an indication of the variation about these moving averages, seasonally adjusted data are also plotted beginning with 1958. Although not so smooth as more powerful moving averages (such as the weighted 13-term Henderson curve), the MCD curve is more current and has a smaller rounding bias around business cycle peaks and troughs. On balance, the MCD curve seems to offer a reasonable compromise in terms of currency, smoothness, and fidelity to the patterns of business cycle fluctuations. Because of advance reporting and preliminary seasonal factors, the MCD's for current data are usually larger than those computed from historical series and shown in appendix C. MCD is usually computed for a fairly long period, one covering both expansions and contractions. Since the pace of change varies from phase to phase of the business cycle, such a measure will not provide an accurate estimate of the span over which to estimate cyclically significant changes at all times. Thus, MCD computed for the period 1953-63 is likely to be too high during the early stages of recovery when expansion has usually been rapid and too low during the late stages of expansion when the rate of advance has usually been small. This limitation should be borne in mind when making use of this measure.1 ANALYTICAL MEASURES OF CURRENT CHANGE Three kinds of analytical measures are presented—timing distributions, diffusion indexes, and directions of change. These measures aid in forming a judgment of the current changes compared to previous changes, the imminence of a turning point in the business cycle, and the extent of current changes in different parts of the economy. They also point to developments in particular industries and places. 1 For a more complete description of MCD and its use in studying economic series, see Business Cycle Indicators, Geoffrey H. Moore, editor; National Bureau of Economic Research, Inc., vol. 1, ch. 18, "Statistics for Short-Term Economic Forecasting," by Julius Shiskin (Princeton University Press: 1961). Timing Distributions Distributions of current "highs" appear to be helpful in appraising the evidence for a prospective business cycle turning point. Each month a timing distribution is constructed. This timing distribution shows the number of series reaching new highs and the percent currently high for each of several recent months (see table 3). Similar distributions of "lows" will be presented during contractions. To provide historical perspective for interpreting the distribution of current highs, such distributions are also shown for leading and coincident series as they appear 3 months and 6 months before the peak of each of the earlier post-World War II expansions and at their peaks. To compile timing distributions for the current cyclical phase, the data for the leading and roughly coincident business cycle indicators are scanned each month. During a business cycle expansion, the date of the high value for each series is recorded. (For inverted series—that is, series with negative conformity to the business cycle—dates of low values are taken.) If the values for 2 or more months are equal, the latest date is taken as the high month. In selecting these values, erratic values may be disregarded, although it is, of course, difficult to identify an erratic value, particularly for the current month. The letter "H" is used in table 2 to identify and highlight the current high values during the expansion. The highs designated during the current cyclical phase will not necessarily be the specific cycle peaks. (See appendix B.) As new high levels are reached during the expansion, the current highs will be moved ahead. Comparisons of the current timing distributions with those for periods around earlier business cycle peaks are helpful for appraising the evidence of a prospective business cycle turning point. Interpretations of timing distributions must be made in light of the fact that a contraction following a high value reached several months ago may be the result of an erratic fluctuation and that a new high may be reached in some future month. In short, when the percent currently high falls below 50 percent for both the leading and roughly coincident series, this does not necessarily signify that a business cycle peak has occurred. It may do so, but it may simply reflect a short reversal in the upward movement. Diffusion Indexes Diffusion indexes are simple summary measures of groups of economic series. They express, for a given aggregate series the percent of the series components which have risen over given spans of time. Their turning points tend to lead the turning points of the aggregate and they measure how widespread a business change is. They vary between the limits of 100 (all components rising) and zero (all components falling). Widespread increases are often associated with rapid growth and widespread declines with sharp reductions in aggregate activity. The diffusion indexes in this report are grouped according to the timing classification of the NBER. For monthly series, comparisons are made over 1month spans (January-February, February-March, etc.) and generally for either 6- or 9-month spans, depending upon the irregularity of the series. The indexes based on 1-month spans are more "current" but they are also more irregular than the 6- or 9month indexes. (See chart 2.) Quarterly series are compared over 1-quarter spans, 3-quarter spans, and 4-quarter spans. Recent research has shown that the longer-span diffusion indexes are not only smoother, but have systematically larger amplitudes than the 1-month indexes. The 1-month indexes generally have large irregular fluctuations, but the movements may be significant when important changes are taking place, particularly around cyclical turning points. Since the longer-span diffusion indexes are centered, there is an apparent loss in currency equal to one-half the span; for example, 3 months in the case of a 6-month diffusion index. However, the most recent figure for a 6-month or longer-span index does provide the latest available information on changes over that span. If a significant reversal has taken place within that span, the 1-month indexes are likely to reveal it. Presentation of both 1-month and longer-span diffusion indexes provide^ an opportunity for the user to take advantage of the best features of each in interpreting current changes. Series numbers preceded by the letter "D" designate diffusion indexes. When one of these numbers corresponds to the number of a basic indicator series, it means that the diffusion index has been computed from components of the indicator series; for example, the diffusion index numbered "D6" is computed from components of series 6. Diffusion indexes not computed from basic series components are assigned new numbers. Diffusion indexes that are based on business expectations show what proportion of business enterprises (or industries) are forecasting a rise in activity. Comparisons with indexes based on actual changes show whether there is a generally optimistic bias or a lag in recognition of actual developments. Diffusion-Index Components Many of the component series used to make up the diffusion indexes are shown in table 5. Where possible, recent basic data for the components are shown in part A. In part B, directions of change in these components are indicated for consecutive months and, depending upon the irregularity of the diffusion index, for either 6- or 9-month spans. The directions of change are indicated by " + " for rising, "o" for unchanged, and "—" for falling. (In counting the number of components rising, a "o" is counted as onehalf.) This table provides a convenient view of changing business conditions and is helpful in making an economic interpretation of the movements in the more highly aggregated statistical measures. That is, it shows which economic activities went up, which went down, and how long such movements have persisted. The table also helps to show how a recession or recovery spreads from one sector of the economy to another. COMPARISONS OF CYCLICAL In forming a judgment about the current intensity and probable ultimate character of a cyclical fluctuation, some economists find it helpful to compare the behavior of the various series in the current business cycle phase with their behavior during the corresponding phase of previous business cycles. These comparisions are made in different ways depending upon whether the current cyclical phase is an expansion or contraction. Expansions are compared in one way by measuring changes from the immediately preceding peak levels. In table 6 of this report, data for the latest month in the current expansion (shown by number of months from the February 1961 trough) are compared with the May 1960 reference peak. For each earlier expansion, data for a like period (same number of months from the trough of the expansion) are compared with the preceding reference peak. This type of comparison js designated as changes computed from reference peak levels and reference trough dates. This type of comparison shows whether, and by how much, the current level of activity exceeds or falls short of the level at the preceding business cycle peak, and how the current situation compares, in this respect, with earlier expansions. For those earlier periods of expansion that were shorter than the current one, the comparisons reflect status at reference peak levels. Expansions are also compared by computing changes from reference trough levels and reference trough dates (table 7). For the current expansion, this type of comparison measures the extent of the rise from the trough level (February 1961) to the level at the current month. For each earlier expansion, data for a like period (same number of months from the trough of the expansion) are compared with the level at the trough. The same situation exists here as for the comparisons shown in table 6: For earlier expansions that were shorter than the current one, the comparisons show the status at reference peak ;levels. Contractions can be compared by computing changes over the span from the most recent business cycle peak to the current month and over equal spans from previous reference peaks. This type of comparison is designated as changes from reference peak levels and reference peak dates. These comparisons will be made during a contraction period. In addition to comparing cyclical fluctuations on the basis of reference dates, which are the same for all series, similar comparisons may be made using the specific peak and trough dates identified for each series. (Appendix B lists specific dates for a selected group of series.) Such comparisons would be based on changes from specific peak levels and specific trough dates and on changes from specific trough levels and specific trough dates. Although these specific cycle comparisons are not currently included in this report, they have been shown in previous issues. Nearly all series have undergone changes in definition, coverage, or estimation procedure since 1919; therefore, the historical comparisons are to be considered only approximate. Furthermore, it is sometimes necessary to use data for a closely related series for cycles prior to the period covered by the series used currently. The principal substitutions of this type are as follows: 7. New private nonfarm dwelling units started (prior to 1948: Residential building contracts, floor space, by F. W. Dodge Corp.) 41. Number of employees in nonagricultural establishments (prior to 1929: Factory employment) 52. Personal income (prior to 1929: Quarterly data as published by Barger and Klein) 54. Sales of retail stores (prior to 1929: Department store sales) 62. Index of labor cost per unit of output, total manufacturing (prior to 1948: Production worker wage cost per unit). Two types of charts are used to highlight the cyclical patterns of the business cycle series: Historical time series and cyclical comparisons. Historical Time Series (charts 1 and 2) These charts show cyclical fluctuations against the background of expansions and contractions in general business activity from 1948 to the current month. Shaded areas on the charts indicate periods of business cycle contractions between business cycle peak dates (beginnings of shaded areas) and business cycle trough dates (ends of shaded areas). The shading for a new contraction will be entered only after a trough has been designated. Several different ratio and arithmetic scales are used to highlight the cyclical movements of the various series. The scale selected for each series is identified in the margin of the chart. Rates of change of various series can be compared with each other only where scales are identical. See the diagram, page 6, for additional help in using these charts. Cyclical Comparisons (chart 3) This chart compares the movements of selected series during the current business cycle with their movements through the corresponding phases of previous business cycles. Actually, it is an extension of the concept behind table 6. While table 6 makes a comparison at one point in time, chart 3 shows these comparisons over the course of the whole business cycle. These comparisons facilitate judgments on the vigor of the current expansion relative to behavior during the expansions of earlier cycles. Instead of following the usual date sequence, as in charts 1 and 2, the data in this chart are alined according to the strategic points of the business cycle. Each of the included series is separated into four segments which encompass the three complete business cycles since 1948 and the current expansion. These segments are alined so that the trough dates all fall at the same point on the horizontal scale and so that the levels of the preceding peaks all fall at the same point on the vertical scale. A similar chart, based on specific cycle dates, was previously included in this report but has been discontinued for the present. Peak (P) of cycle indicates end of expansion and beginning of Recession (shaded areas) as designated by NBER. Trough (T) of cycle indicates end of recession and beginning of Expansion (white areas) as designated by NBER. CHART 1 - Business Cycle Series See back cover for complete titles and sources of series. Arabic number indicates latest month for which data are plotted. ("12" = December) Solid line indicates monthly data, v (Data may be actual monthly fig- >^ ures or MCD moving averages.*) Roman number indicates latest quarter for which data are plotted. ("II" = second quarter) Broken tine indicates actual monthly data for series where an MCD moving average * is plotted. Dotted line indicates anticipated data. Parallel lines indicate a break in continuity (data not available, changes in series definitions, extreme values, etc.) 30 § Solid line with plotting points indicates quarterly data. Various scales are used to highlight the patterns of the individual series. "Scale A" is an arithmetic scale, "scale L'l" is a logarithmic scale with 1 cycle in a given distance, "s'jale L'2" is a logarithmic scale with 2 cycles in that distance, etc. The scales should be carefully noted because they show whether or not the plotted lines for various series are directly comparable. CHART 2 - Diffusion Indexes Solid line indicates monthly data over 6- or 9-month spans. *P Broken line indicates monthly data over 1-month spans. Solid line with plotting points indicates quarterly data over various spans. * Many of the more irregular series are shown in terms of their MCD moving averages as well as their actual monthly data. In such cases, the 4-, 5-, or 6-term moving averages are plotted IVfc, 2, or 2l/2 months, respectively, behind the actual data. See page 2 for a description of MCD moving averages. Scale shows percent of components rising. Arabic number indicates .latest month for which data are used in computing the indexes. ("12" = December) Roman number indicates latest quarter for which data are used in computing the indexes. ("111" = third quarter) Broken line with plotting points indicates quarterly data over various intervals. This line is also used to indicate anticipated quarterly data. Section ONE charts and tables LEADING INDICATORS Sensitive employment and unemployment New investment commitments New businesses and business failures Profits and stock prices Inventory investment, buying policy, and sensitive prices ROUGHLY COINCIDENT INDICATORS Employment and unemployment Production Income and trade Wholesale prices LAGGING INDICATORS Investment expenditures Cost per unit of output Inventories Debt Interest rates OTHER U.S. SERIES Federal budget and military commitments Reserves, money supply, and financing Interest rates Foreign trade INTERNATIONAL COMPARISONS Industrial production indexes for selected foreign countries TABLE BAS|C DATA f^ MARCH 1967 CHANGES OVER 4 LATEST MONTHS Basic data1 Series (See complete titles and sources on back cover) NBER LEADING INDICATORS 1. Avg. workweek, prod, workers, mfg 2 Accession rate, manufacturing 30. Nonagri. placements, all industries 3 3. Layoff rate, manufacturing (inverted ). . 4. Temporary layoff, all industries (inv.3) • • 5. Avg. weekly initial claims, State 3 unemployment insurance (inverted ) . . 6. New orders, durable goods indus ...... 24. New orders, mach. and equip, indus 9. Construction contracts, commercial and industrial 10. Contracts and orders, plant, equip7 11. New capital appropriations, mfg 7. Private nonfarm housing starts 29. New bldg. permits, private housing 38 Index of net business formation 13. New business incorporations 14. Liabilities of business failures (inv. 3 ). 3 15 Large business failure^ (inverted ) 16 Corporate profits after taxes 7 17. Ratio, price to unit labor cost,7 mfg 18 Profits per dol of sales mfg' 22. Ratio, profits to income originating, corporate all industries7 19. Stock prices, 500 common stocks* 21. Change in business inventories, all industries7 8 31. Change in book value, manufacturing and trade inventories8 20. Change in book value, mfrs.' inven-8 tories of materials and supplies 37. Purchased materials, percent reporting higher inventories 26. Buying policy, prod, mtls., commitments 60 days or longer * 32. Vendor performance, percent reporting slower deliveries* 25. Change in unfilled 8orders, durable goods industries 23. Industrial materials prices* . NBER ROUGHLY COINCIDENT INDICATORS 41. Employees in nonagri. establishments .. 42. Total nonagricultural employment 3 43. Unemployment rate, total (inverted ). .3 . 40. Unemployment rate, marriedmalesfinv. ) 45. Avg. weekly insured unemploy. rate, State (inverted3) 46. Help- wanted advertising 47. Industrial production 7 50 GNP in 1958 dollars Unitof measure Hours Per 100 empl . . Thous Per 100 empl . . Thous do Bil. dol do Mil. sq. ft. floor space . . Bil. dol ... .do Ann. rate, thous . ... 1957-59-100.. do Number Mil. dol No. per week . . Ann. rate, bil dol 1957-59=100 . . Cents Percent 1941-43-10 . . . Ann. rate, bil. dol Average percent change 2 Dec. 1966 Nov. 1966 41.3 4.9 530 1.1 78 40.9 4.5 524 1.3 88 Feb. '66 Feb. '66 1953 to to date to date 1965 (with4 (without5 (without sign) sign) sign)5 6 Feb. 1967 Jan. 1967 3 r41.0 P40.3 P4.4 (NA) 534 pi. 4 p519 (NA) -0.2 -0.7 -1.1 -3.3 0.0 (NA) 0.5 6.0 4.0 13.9 13.7 0.5 4.6 1.8 8.8 17.1 Current percent change3 Nov. to Dec. 1966 -1.0 -8.2 -1.1 Dec. to Jan. 1967 Jan. to Feb. 1967 -18.2 -12.8 +0.2 -2.2 +1.9 -7.7 (NA) -1.7 (NA) -2.8 (NA) 194 212 203 242 -1.5 8.8 5.0 -9.3 +4.2 -19.2 23.03 r23.96 r4.60 r22.36 r4.56 p22.19 P4.27 -0.5 -0.5 3.5 3.0 3.8 4.2 +4.0 -1.1 -6.7 -0.9 -0.8 60.21 r5.45 49.09 P5.41 -2.8 6.9 4.2 9.3 4.7 -6.5 -1.3 -18.5 -0.7 (NA) (NA) +7.4 +6.2 +0.8 +2.3 +17.4 +24.0 -14.2 -10.1 +0.8 +0.7 4.65 64.42 5.52 (NA) (NA) p6.32 993 rl,066 100.6 16,206 116.90 101.4 16,583 194.09 rl,251 r83.1 102.2 16,703 118.61 43 68 47 P48.2 r!03.6 103.7 T102.6 63.1 67.0 pi, 073 P74.7 43 (NA) (NA) 111.23 -0.4 +0.4 10.1 -1.0 11.1 -2.4 -0.6 8.4 1.0 1.8 -6.4 10.4 7.2 3.7 0.8 2.5 -10.2 31.9 18.7 -66.0 +38.9 (NA) (NA) +6.2 -3.0 12.0 12.3 -58.1 +30.9 +8.5 +0.1 -1.1 (NA) +0.4 +3.8- +3.4 -0.4 (NA) -0.3 -0.2 -2.6 0.3 0.5 2.6 5.6 0.6 6.0 p!2.6 -1.8 1.8 4.2 -0.4 3.1 2.5 +2.5 4.1 2.3 3.8 3.7 +2.9 -9.1 (NA) +0.2 1.7 1.5 -0.4 +2.0 (NA) -0.5 5.7 6.5 -1.8 -16.1 -8.5 2.6 5.3 -4.1 +2.9 -6.9 6.1 7.5 -10.9 -15.8 +6.2 0.48 80.99 81.33 84.45 (NA) 87.36 +16.4 do +17.6 r+20.5 p+11.4 (NA) do +2.0 r+1.6 JH-3.6 (NA) 57 56 47 do 73 70 72 67 do 64 57 48 51 r-0.90 106.8 p-0.56 105.2 -0.16 +0.45 -1.14 +0.34 -1.3 1.6 1.3 -0.1 +0.9 -1.5 r65,372 70,240 3.7 1.7 p65,495 70,247 3.7 1.6 +0.3 +0.2 -0.1 0.4 0.3 2.7 3.1 0.3 0.4 3.9 5.1 +0.4 -0.2 -5.7 +0.5 +0.5 +0.2 2.4 +0.3 5.9 4.2 -14.3 1.'9 -0.5 +0.3 Percent Bil. dol 1957-59-100 . . Thous do Percent do do 1957-59-100 . . do Ann. rate, bil. dol do 49 GNP in current dollars 7 7 .. do ... 57 Final sales do 51. Bank debits, all SMSA's except N.Y. . . . do 52 Personal income do 53. Wages salaries in mining mfg. constr. . 54 Sal es of retail stores Mil. dol 55. Wholesale prices, except farm products and foods* .... 1957-59=100.. bed -0.21 105.9 64,823 70,005 3.5 1.7 r+0 . 24 105.8 r65,076 69,882 3.7 1.7 2.1 2.4 2.4 194 158.6 193 r!59.0 189 r!58.0 43 p!90 p!55.9 657.2 759.3 742.9 3,511.9 598.5 159.7 25,610 3,561.9 601.8 160.2 r25,368 105.5 105.5 3,561.8 p3,570.2 r607.5 p609.9 161.2 pl60.2 r25,703 P 25,277 105.8 106.0 0.0 0.0 -4.0 +1.3 0.0 0.68 +0.2 0.6 3.0 1.0 +0.9 +1.7 +1.4 0.9 1.7 1.4 1.3 1.5 1.4 +0.7 +0.6 +0.5 +0.1 0.9 0.6 0.6 1.3 1.6 0.5 0.8 1.0 +0.2 0.2 0.2 0.0 +1.4 +0.6 +0.3 -0.9 0.0 0.0 0.0 0.0 0.0 0.0 +5.9 0.0 -2.1 -0.6 +0.5 -1.3 0.0 +0.2 +0.9 +0.6 +1.3 +0.4 -0.6 -1.7 +0.3 +0.2 bed TABLE BASIC DATA MARCH 1967 CHANGES OVER 4 LATEST MONTHS—Continued Average percent change2 Basic data1 Series (See complete titles and sources on back cover) Unit of measure Nov. 1966 Dec. 1966 Jan. 1967 Feb. 1967 3 Feb. '66 Feb. '66 1953 to 1965 to date to date (with4 (without5 (without sign) sign)5 6 sign) Current percent change3 Nov. to Dec. 1966 Dec. to Jan. 1967 Jan. to Feb. 1967 NBER LAGGING INDICATORS 61. Business expenditures, new plant and equipment7 62. Labor cost per unit of output, mfg 68. Labor 7cost per dollar of real corporate GNP 64. Book value of mfrs.' inventories 65. Book value of mfrs.' inventories of finished goods 66. Consumer installment debt 67. Bank rates on short-term business loans* Ann. rate, bil dol 1957-59-100 . . do Bil. dol do Mil. dol 62.80 rl02.5 102.4 r!03.8 76.9 r77.9 P78.9 25.5 r26.0 73,466 P26.3 73,746 +1.9 +0.4 2.1 0.5 3.2 0.5 -0.1 +1.4 -0.3 +0.8 (NA) +1.0 +1.2 1.0 1.2 0.8 0.5 +1.3 +1.3 (NA) (NA) (NA) +1.0 +0.7 1.0 0.7 0.6 0.8 +2.0 +0.4 +1.2 +0.4 (NA) (NA) +4.4 4.4 2.0 +0.2 9.2 4.4 3.9 4.3 -11.1 +15.7 +39.1 +4.7 -1.4 +11.6 +10.8 -22.7 -36.5 +12.4 +18.5 (NA) +0.6 +8.2 +18.0 +23.1 +57 -11.2 -14.6 (NA) (NA) +8.0 ra62.60 p!04.6 p.110.1 73,145 Percent 6.31 OTHER SELECTED U.S. SERIES Ann. rate, bil. dol do do 164.2 132.1 -32.1 ... .do. .. Mil dol p-3.6 1,723 do do Bil. dol Mil. dol Ann. rate, percent 5,989 2,967 -2.88 +7.80 r-4.92 do Ann. rate, mil dol do Corporate gross savings 87 Change business loans Ann. rate, bil. dol do Change, consumer installment debt 8 . . . Treasury bill rate* Percent do Treasury bond yields * do Corporate bond yields* do Municipal bond yields*. -1.44 +8.52 +6.60 82 Federal cash payments to public 83. Federal cash receipts from public 84. Federal cash surplus or deficit 8 95. Balance, 7National income and product account 8 90 Defense Dept oblig procurement 91 Defense Dept obligations total 92 Mil itary contract awards in U S 99. New orders, defense products 93. Free reserves*8 85 Change in money supply 8 . 98. Change in 8money supply and time deposits 110 Total private borrowing 7 Ill 112 113. 114 115 116 117 118 Mortgage yields * 86. Exports, excluding military aid 87 General imports 88 Merchandise trade balance 89. U.S. balance of payments:7 8 a Liquidity balance basis b Official settlements basis 81 Consumer prices^ . 94 Construction contracts value 96. Unfilled orders, dur. goods indus 97 Backlog of capital appro mfg.^ do Mil. dol do do 2.73 -222 145.9 152.9 +7.0 P152.8 p!70.6 p+17.8 p!50.6 P131.9 p-18.7 -2.0 +4.9 19.2 27.4 r6,023 3,501 r3.36 6,518 3,109 r2.87 (NA) (NA) +4.0 +1.9 +2.2 15.4 13.0 17.2 13.9 24.5 22.5 -165 r-0.20 +3.85 6.81 6.77 r2,486.2 r2,414.7 r2,191.5 r2,231.2 r+294.7 r+183.5 1957.59-100 . . do Bil. dol do 114.6 130 76.17 2.5 (NA) 5.01 4.65 5.98 3.86 r-558 r-244 3.0 2,296 5.34 4.74 6.11 3.86 do do 14.8 30.5 1,937 r-16 P3.10 P-5 r+9.06 +3.36 4.76 4.40 5.53 3.54 6.62 2,620.2 2,295.6 +324.6 66 p+6.36 +0.41 10.17 3.15 p+13.08 +0.81 5.99 2.56 -6.3 +1.7 16.5 10.7 -0.47 -0.28 5.10 0.90 p-0.25 (NA) 4.55 4.47 5.35 3.52 6.46 P2,601.2 P 2, 204.1 p+397.1 -0.1 -0.2 +0.5 -0.2 +0.8 +0.9 +0.9 +2.4 -5 -3 114.7 133 r76.42 p22.50 114.7 126 r75.52 98 +8 p51,192 p60,776 +0.53 +5.33 +1.0 +1.1 -1.1 114.8 (NA) P74.96 +0.2 -1.9 +1.2 +3.5 1.7 +149 +11 +10.68 -12.72 +11.28 +9.96 -1.92 +6.48 -0.73 -1.48 +9.26 -0.49 -9.31 -5.0 4.1 1.39 0.87 3.2 1.6 2.9 3.1 6.7 1.6 1.6 2.5 -6.2 -1.9 -2.1 1.7 3.7 3.4 101.2 0.1 3.8 3.0 -0.6 -2.9 +1.8 58.4 286 794 341 492 0.2 3.7 1.6 3.5 0.2 6.6 1.4 6.6 0.0 -5.4 -7.5 -8.3 (NA) -4.4 +1.6 -3.3 -0.6 -2.2 +8.5 +2.9 -2.4 -0.7 -4.0 -111.2 +141.1 +72.5 +0.1 +2.3 +0.3 +0.9 0.0 -5.3 -1.2 +0.1 (NA) -0.7 r=revised; p=preliminary; e=estimated; a=anticipated; NA=Not available. Series are 2seasonally adjusted except for those series, indicated by an asterisk (*), that appear to contain no seasonal movement. See additional basic data and notes in table 2. Average percent changes are based on month-to-month (or quarter-to3 quarter) percent changes for the specified periods. To facilitate interpretations of cyclical movements, those series that usually fall when general business activity rises and rise when business falls are inverted so that rises are shown as declines and declines as rises (see series 3, 4,5, 14, 15, 40, 43, and 45). Percent changes are computed in the usual way but the signs are reversed. (See footnote 8 for other "change" qualifications.) ^Average computed with 7regard to sign. Average com6 puted without regard to sign. The period varies among the series; however, for most series, the period covered is 1953-65. Qu'arterly series; figures are placed 8 in the middle month of quarter. Since basic data for this series are expressed in plus or minus amounts, the changes are month-to-month (or quarter-to-jquarter)differ9 ences expressed in thesameunit of measure as the basic data, rather than in percent. Figures are placed in the last month of quarter. http://fraser.stlouisfed.org/ 10 Federal Reserve Bank of St. Louis BASIC DATA MARCH 1967 bed BUSINESS CYCLE SERIES FROM 1948 TO PRESENT NBER Leading Indicators 42 1. Avg. workweek, prod, wkrs., mfg. (hours) 41 40 39 2. Accession rate, mfg. (per 100 employees) 6 5 3 30. 700 600 500 Nonagri. placements, aft Indus, (thous.) 400 0 3. Layoff rate, mfg. (per 100 employeesinverted scale) 1 3 4. Temp, layoff, all indus. J(thpus.-inverted 75 scale. MCD moving avg.-5 term) 125 150 175 200 150 5. Avg. weekly initial claims, State unempl. insur. (thous.-inverted scale) 200 250 300 350 400 *&• ••""'^•rimm - bed CHART MARCH 7967 BASIC DATA BUSINESS CYCLE SERIES FROM 1948 TO PRESENT-CONTINUED NBER Leading Indicators—Continued 6. New orders, dur. goods Indus, (bil 30 25 dol.) 20 J 15 24. New orders, mach. and equip, indus. (bil. dol.) -I 3 9. Constr, contracts, com. and maW(mil. sq.ft. of floor area. MCD moving avg.-6 term) 90 80 70 60 50 J 40 10. Contracts and orders, plant and equip, (bil. dol.) 7 cv, 6 -f1 - 5 4 10 - 6 11. New capital appropriations, mfg., Q (bil, dol.) - 4 -1 2 7. Private nonfarm housing starts (ann. rate, millions MCD movtlig avg.-6 term) 1,8 1.6 14 V H °? ^l 1.2 - 1.0 29. New bldg. permits, private housing units (index: 1:957-59=100) -J 0.8 140 120 WO 2 80 60 | BASIC DATA MARCH 7967 BUSINESS CYCLE SERIES FROM 1948 TO PRESENT—Continued NBER Leading Indicators—Continued 38. Index of net business formation (1957-59=100) 13. New bus. incorporations (thous.) 14. Liab. pf bus. failures (mil. dal, MCDmQyJnfl.oSfg.-6 term) 15. Large:bus. failures (no. per wk.inverted scale. MCD moving avg.-6 term) bed bed MARCH 1967 BASIC DATA CHART BUSINESS CYCLE SERIES FROM 1948 TO PRESENT—Continued NBER Leading Indicators—Continued 455° 40 16. Corporate profits after taxes, Q (ann. rate, bil. dol.) 35 „ 30 t 25 § 20 15 110 17. Ratio, price to unit labor cost, mfg. (index: 1957-59=100) 105 ^ —J 100 I 95 14 12 18. Profits per dollar of sales, mfg., Q (cents) 10 22. Ratio, profits to income originating, CO -^ 16 14 12 10 corporate, oft industries, Q (percent) 8 6 110 100 90 80 70 19. Stock pnces. 500 common stocks (index: W41-43=10)." 60 50 2 40 § 30 20 Digitized fori#.>4 FRASER irf^^'^]ix'^*': vV':^i.^^^t ' - "A IS iS 13 BASIC DATA MARCH 1967 bed BUSINESS CYCLE SERIES FROM 1948 TO PRESENT —Continued NBER Leading Indicators—Continued +20* 21. Change in bus. inventories, all Indus., Q| (ann. rate, bil. dol.) +10 0 -10 +20 31; Change in book value, mfg. end trade inventories (ann. rate, bil. dol. .MCD moving qvg.-5 term) ; + 10 20. Change in book value, mfrs.' inventories of materials and supplies (ann.irate, bil. dol. g.—6 term) ! -10 +R ,4 /' +4 0 V II " \i V : -4 V 37. Purchased materials, percent reporting higher inventories -4 75 50 25 100 2l6. Buying policy, prod, mtls., percent reporting commitments 60 days or longer 75 50 32. Vendor performance, percent reporting slower deliveries 75 50 bed MARCH 1967 BASIC DATA CHART BUSINESS CYCLE SERIES FROM 1948 TO PRESENT—Continued NBER Roughly Coincident Indicators "-] 41. Employees in nonagri. establishments (millions) 65 ; 60 t 5& 70 ' 42. Total nonagri. employment (millions) ' ---I'- '—•*-" *• ' _„„„,*„»«. . ..., 65 ; 60 55* 43. Unemployment rate, total (percent—inverted scale) 3 w 4 5 6 7 8 40. Unemployment rate, married males (percent-inverted scale} 45. Avg. weekly insured unemployment rate, State '-inverted 1 2 3 4 5 , • 1 2 3 4 5 6 220 200 180 160 140 co 120 t 100 § 80 •n 46. Help-wanted advertising (index: 1957-59=100) 15 CHART BASIC DATA MARCH 1967 bed BUSINESS CYCLE SERIES FROM 1948 TO PRESENT-CONTINUED NBER Roughly Coincident Indicators—Continued 47. Industrial production (index: 1957-59=100) 50. 6NP in 1958 dollars, Q (ann. rate, bil. dol.) 49. GNP in current dollars. Q (ann. rate, bil. dol - 300 J 250 bed CHART MARCH 1967 BASIC DATA [BUSINESS CYCLE SERIES FROM ms TO PRESENT —continued NBER Roughly Coincident Indicators—Continued 3.8 3.6 3.4 3.2 3.0 2.8 2.6 51. Bank debits, all SMSA's except Hew York (ann. rate, tril. dol.) 24 650 600 S50 500 450 170 160 150 140 130 52. Personal income ann. rate, bil. dol.) 120 53. Wages and salaries in mining, mfg., constr ann. rate, bit. dol.) 28 26 24 22 54. Sales of retail stores (bil. dol.) 20 18 16 J 14 120 55. Wholesale prices exc. farm prod, and foods (index: 1957-59=100) 110 100 Wholesale prices 90 80 .Jj 67 CHART http://fraser.stlouisfed.org/ Federal Reserve18 Bank of St. Louis BAS|c bed MARCH 7967 BUSINESS CYCLE SERIES FROM 1948 TO PRESENT—Continued NBER Lagging Indicators 65. Book value of mfrs.' inventories, finished goods (bil. dol.) 20 | 15 80 70 60 50 66. Consumer installment debt (bil. dol.) 40 7 J 3 f ill 67 co t 1 bed CHART MARCH 1967 BASIC DATA BUSINESS CYCLE SERIES FROM 1948 TO PRESENT—Continued Other Selected U.S. Series Federal budget and military commitments 82. Fed. cash poyinents to public (ann. rate, bil. dol MOD movin 83. 84. v . — 6 term) Fed. cash receipts from public (ann. rate, bil. dol MOD moving avg.—6 term) Fed. cash surplus or deficit (ann. rate, bit. dol 6—term moving avg.) 95. Surplus or deficit, National income and ., Q (ann, rate, bil, doU 90. Defense Dept oblig., procurement (bil. dot MCD moving avg.—6 term) 9K Defense Dept. oblig., total (bil. MCDImoving avg.-6 term) dol: ; m fs:. : 19 BASIC DATA MARCH 1967 bed BUSINESS CYCLE SERIES FROM 1948 TO PRESENT—Continued Other Selected U.S. Series—Continued 20 93. Free reserves (bil. dol.) 85. -i+1 -1 +15 Change in money supply ( a n n . rate, percent, MCD moving avg.—6 term) +10 +5 «* 0 § -5 98. -10 +15 Change in money svpply and time deposits (ann. rate, percent. MCD moving avg.—6 term) H +5 " 0 80 60 50 110. Total private borrowing/ Q (ann. rate, bil. dot.) 3' 1 40 70 60 2 50 | 111. Corporate gross savings, Q (ann. rate, bill dol.) 40 +20 +15 112. Change in brines? loans (ann, rate, fail. dol. MCD moving avg.—5 term) +5 113. Change in consumer installment debt (and. rate, bil. dpi.) -1-5 J 0 ^ ^^Vr:"'i7 Nfferru^ bed MARCH 1967 BASIC DATA CHART BUSINESS CYCLE SERIES FROM 1948 TO PRESENTr—Continued Other Selected U.S. Series—Continued 6- - 5 114. Treasury bill rate (percent) .-.._ _ 4 J 3* I - 5 115. Treasury bond yields (j«rcent) 4-J H - 6 J 4, 117. Municipal bond yields (percent) - 4 - 7 - 6 - 5 s,,r H 4= 21 CHART http://fraser.stlouisfed.org/ 22 Federal Reserve Bank of St. Louis BASIC DATA bed MARCH 1967 BUSINESS CYCLE SERIES FROM 1948 TO PRESENT-IContinued Other Selected U.S. Series—Continued 86. Exports, exc. military aid (bil. dot. MCD moving avg.-4 term) 87. General imports (bi MCD moving avg.-4 trerm) 88. Mercftondise trade balance (bil. do 4—term moving avg.) 89. U.S. balance of payments, Q (bil. dol.) a. Liquidity balance basis b. Official settlements basis / 115 110 105 100 81. Consumer prices (index: 1957-59=100) 94. Construction contracts, value (index: 1957-59=100. MCt> moving avg.-5 term) 96. Mfrs.' unfilled orders, dur. goods Indus, (bil. dol.) 97. Backlog of cap. appropriations, mfg., Q (bit. dol.) V'i"'i j( <it* jf, •*> ¥ ^ -^ ••§ " bed CHART MARCH 1967 BASIC DATA BUSINESS CYCLE SERIES FROM 1948 TO PRESENT-Continued International Comparisons I7«h 150 130 '* 150 130 IN-1 120 140 120160 125. West Germany jfindex: (957-59=100) 220 200 180. 160 i 128. Japan (index: 1?57-59=100) 18*"! 160 140 120-' 126. frlattce (index: 1957*59=WlO 180 | 160 ! 140 i 120 100 I I 80 I ,V :*^-^'4 ,R • 23 BASIC DATA MARCH 7967 bed LATEST DATA FOR BUSINESS CYCLE SERIES NBER Leading Indicators Year and month 1. Average workweek of production workers, manufacturing (Hours) 30. Nonagricul- I. Layoff rate, tural placements, manufacturing all industries 2. Accession rate, manufacturing (Per 100 employees) 4. Number of persons on temporary layoff, all industries (Per 100 employees) (Thous.) 5. Average weekly initial claims for unemployment insurance, State programs1 (Thous.) (Thous.) 6. Value of man- 24. Value of manufacturers' new ufacturers' new orders, durable orders, machinery goods industries and equipment industries (Bil. dol.) (Bil.dol.) 1963 July August September October November December 1964 January February March /\prj| May June July August September October November December 1965 January February March April May. June July August September October November December 4.0.5 4.0.4. 4.0.6 40.7 4.0.5 40.6 40.1 40.5 40.5 40.7 4,0.6 40.7 40.7 40.9 4.0.6 40.7 4.0.9 41.2 3 9 3 8 3 9 3 9 3 7 3 9 3 8 L 0 3.9 3 c 3.8 4.1 4.0 4.0 3.9 /.O 4.0 4.1 4.1.1 41.2 4.1.3 41.0 41.2 41.0 41.0 41.1 / 0 / 1 4.3 4 0 / .1 41.0 i i L 1 / 3 541 543 553 575 533 525 18 18 1 31 1 Q 108 1 35 7 1 3/ Q7 534 532 523 522 529 518 523 507 518 51 /, 533 5?/ 18 116 1 9 125 98 122 111 121 118 91 121 92 89 109 522 549 528 l 5 1 / 535 533 5/8 5/1 18 18 "1 18 1 7 1.8 17 18 1.3 16 17 l 5 16 1.4 1 5 1 / 1 i 16 537 "l r 4. 5 529 L I./ 1 "3 41.2 41.4, 41.3 *> 5/7 4.9 4.8 544 41.4 41.5 41.5 41.5 41.5 41.3 41.0 41.4 g> 41.5 41.3 41.3 40.9 4.9 4.9 5.2 4.8 5.1 fi> 5.3 V>^ 4.0 , , 5.1 5.0 5.1 4.9 4.5 570 §£> 600 589 522 513 567 542 543 509 533 530 524 C^. 0 9OJ5 1 30 28] 290 P£5 282 276 301 18 28 18 06 284 270 277 265 262 257 260 244 245 249 262 251 rtT 81 P/3 115 ~\ on 248 237 i 11n0n i pip 1US 237 oo/ 224 117 111 112 in/ 224 O "21 •ol 92 209 010 248 01 & 1£ o/ 3 33 3 31 3 .L±<L /9 J 18 62 18 11 3 1 1 1 7 Q7 3 1 Q 7/ 1 9 50 19 26 3 h9 3 /A 20 19 20 21 19 46 94 02 25 34 3 3 3 3 Al 93 Q? 77 19 19 19 20 91 62 45 72 21 27 ?1 1 3 21 71 22.04 20.99 21.31 22.20 21.51 22 . 16 22.42 22.39 23.40 3 P7 6l 3 / 1 3 77 3 69 3 79 3 88 3 92 3 9^ 3 80 4 02 4.08 4.07 4.09 4.35 4.16 4.15 4.25 4.32 4.58 13 1 / 122 -i -i rj lie 1.2 1.2 1.2 1.2 1.1 113 104 96 100 £>> 76 115 109 102 92 89 78 88 222 219 182 E> 179 185 186 230 196 183 186 194 212 23.58 23.74 24.89 24.20 24.28 24.59 24.37 23.51 E> 25.27 24.24 r23.96 4.45 4.58 4.59 4.79 4.84 4.75 §£> 5.09 4.81 4.91 4.82 4.65 r4.60 (NA) 203242 r22.36 P22.19 r4.56 P4.27 -1 ^ Q 206 1966 January February March April May. June July August September October November December 1.3 1.7 1.0 1.1 E> i.o 1.1 1 .3 23. 03 1967 January February March April May. June r41.0 P40.3 p4.4 (NA) 534 P519 pl.4 (NA) NOTE: Series are seasonally adjusted except those that appear to contain no seasonal movement. Unadjusted series are indicated by an asterisk (*), Current high values are indicated by§C>; for series that move counter to movements in general business activity (series 3, 4,5, 14,15, 40, 43, and 45), current low values are indicated by§C^ Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown on the back cover. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. •"•Data exclude Puerto Rico which is included in figures published by source agency. bed BASIC DATA MARCH 7967 TABLE LATEST DATA FOR BUSINESS CYCLE SERIES—Continued NBER Leading Indicators—Continued Year and month 1963 9. Construction contracts, commercial and industrial buildings 10. Contracts and orders for plant and equipment (Mil. sq.ft. floor snacel (Bil. dol.) 45.78 44.93 43.88 50.81 A3. 73 45.43 3.94 3.91 4.08 4.17 4.32 4.56 50.88 49.10 48.65 49.12 46.86 49.99 53.40 49.28 51.21 53.46 52.57 57.91 4.38 4.14 4.11 4.36 4.63 4.64 4.52 4.53 4.51 4.56 4.92 4.94 52.94 54.89 54 41 57.74 57.52 57.72 56.68 52.00 62.97 60.55 61.74 64.13 4.72 4.67 4.84 4.98 5.02 4.81 5.16 4.90 5.15 5.13 5.05 5.35 62.29 E> 70.42 67.99 68.28 64.00 65.85 63.54 63.52 64.40 54.76 64.42 60.21 5.46 5.71 5.66 5.91 5.77 5.57 6.10 5.87 |£>6.28 5.76 5.52 r5.45 49.09 (NA) p5.41 July August September October November December 1964 January February March April May June July August September October November December 1965 January March April May June Julv August September October November December 1966 January February March April May , J June July August September October November December 1967 January February March April May June (NA) 11. Newly approved 1. New private capital appropria- nonfarm housing tions, 1,000 manu- units started facturing corporations 1 (Bil. dol.) 3.72 4.10 4.39 4.81 5.00 4.52 5.00 5.79 5.85 6.32 6.36 |H> P-—^ 7.ii 6.08 p6.32 (Ann. rate, thous.) 29. Index of new private housing units authorized by local building permits 38. Index of net business formation 13. Number of new business incorporations 14. Current liabilities of business failures (1957-59400) (1957-59=100) (Number) (Mil. dol.) 116.5 113.5 100.7 101.7 101.4 101.7 101.4 101.8 15,431 16,093 15,689 16,275 15,759 15,867 144.50 6> 52.86 94.52 99.92 255.72 87.17 116.8 121.7 113.6 112.9 115.1 111.5 113.4 109.7 109.1 110.8 105.4 102.4 103.1 103.1 104.2 105.4 103.6 103.5 103.9 106.4 107.0 105.4 106.1 15,993 16,326 15,917 16,132 16,473 16,282 16,550 15,692 16,948 16,728 16,804 17,021 91.69 119.29 110.67 107.10 97.92 136.19 125.14 90.99 118.59, 97.98 111.00 126.49 1,417 1,468 1,465 1,532 1,501 1,539 1,447 1,409 1,436 1,380 1,531 1,735 112.3 108.2 109.9 106.2 109.7 109.9 108.9 108.4 104.1 109.8 112.9 114.0 106.5 106.6 106.1 104.7 105.4 106.2 106.5 105.7 106.1 105.5 106.1 106.9 16,784 16,854 17,131 16,664 16,580 17,017 16,844 16,901 17,136 16,994 17,606 17,625 84.54 107.57 146 . 29 79.51 139.09 135.66 120.64 128.98 108.56 85.67 66.65 128.06 1,585 1,349 1,538 1,481 1,287 1,261 1,068 1,084 1,050 826 993 rl,066 110.7 105.6 111.9 104.6 96.9 84.2 81.3 74.5 64.7 63 0 63 1 67.0 109.1 109.6 g>109.6 107.6 106.8 106.2 104.8 103.9 102.7 103 3 100 6 101 4 0> 18,087 17,451 17,266 17,057 16,644 16,577 16,074 16,343 15,764 16,233 16,206 16,583 111.67 94.59 98.73 106.93 92.41 111.23 62.84 159.29 128 77 128 02 116 90 194 09 rl 251 pi 073 r83 1 P74.7 102.2 (NA) 16,703 (NA) 118.61 111.23 1,574 1,522 1,676 1,706 1,592 1,522 101,753 1,706 1,571 1,506 1,496 1,593 1,475 1,489 1,422 1,495 1,480 1,575 121.0 123.6 119.9 123.7 |rT>124.6 NOTE: Series are seasonally adjusted except those that appear to contain no seasonal movement. Unadjusted series are indicated by an asterisk (*). Current high values are indicated byjj£>;for series that move counter to movements in general business activity (series 3, 4, 5, 14, 15, 40, 43, and 45), current low values are indicated by|j£> Series numbers are for identification only and dp not reflect series relationships or order. Complete titles and sources are shown on the back cover. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. data from 196l o"n have been adjusted to reflect a change in the seasonal adjustment of appropriations for the petroleum and coal products industry and a change in the reporting basis of nonelectrical machinery. These revisions do not materially affect comparability with the data before 1961. (See NICE publication, Investment Statistics— Capital Appropriations: First Digitized for Quarter FRASER1965.) TABLE BASIC DATA MARCH 1967 bed LATEST DATA FOR BUSINESS CYCLE SERIES—Continued NBER Leading Indicators—Continued Year and month 16. Corporate 15. Number of profits after taxes business failures with liabilities $100,000 and over1 (Ann. rate, bil. dol.) (Number per week) 17. Ratio, price to unit labor cost index, manufacturing 18. Profits (before taxes) per dollar of sales, all manufacturing corporations 22. Ratio of profits to income originating, corporate, all industries (1957-59=100) (Cents) (Percent) 19. Index of stock 21. Change in prices, 500 common business inventories after valuation adstocks* justment, all industries (1941-43=10) (Ann. rate, bil. dol.) 1963 July 39 August September October November December 1+2 LI 1*2 38 38 33.5 34.9 102.0 101.6 101.1 101.0 . 100.4 100.7 8 6 11.3 8 9 11.7 69.07 70.98 72.85 73.03 72.62 74.17 +6.0 +8.1 1964 January February March April May June July August September October November December 41 4-1 38 ii 39 39 38,5 // 40 /p 42 42 39.1 39.0 /n 1965 January February March April May. June July August September October November December 35 40 42 33 47 47 39 45 43 35 40 48 1966 January February March April May. June July August September October November December 38 37 37 37 38 39 42 48 46 48 43 68 1967 January February March April May June 38 o 47 43 43.8 43.8 44.1 46.3 48.7 |£>*48.7 48.2 p48.2 101.8 101.5 101.1 101 . K 101.8 101.4 101.9 101.4 100.4 100.0 101.6 102.2 102.9 102.9 103.1 103.5 103.5 104.4 104.8 104.7 103.9 103.8 103.8 104.8 104.8 105.0 105.2 104.8 105.2 105.3 B> 105.9 105.3 104.7 104.6 r!03.6 103.7 8.9 76.45 77.39 78.80 79.94 80.72 80.24 83.22 82.00 83.41 84.85 85.44 83.96 12 2 • •• 8 9 12 2 Q 0 1P P ... ... 8.8 1? 1 9.5 ion 86.12 86.75 86. S3 87.97 89.28 85.04 84.91 86.49 89.38 91.39 92.15 91.73 ... 9 3 ~\ o Q 9 4 12 Q 9 5 11 1 g>9.7 R> 13.3 9.3 13.1 9.2 12.8 (NA) p!2.6 E> 93.32 92.69 88.88 91.60 86.78 86.06 85.84 80.65 77.81 77.13 80.99 81.33 r!02.6 (NA) 2 C -LQ ... H P 4-1 A ... +7 / +Q 5 ... +7 6 +8 7 +10 4 +8.9 +12.3 +9.9 §£>• +16.4 84.45 87.36 90.18 NOTE: Series are seasonally adjusted except those that appear to contain no seasonal movement. Unadjusted series are indicated by an asterisk (*), Current high values are indicated byg>; for series that move counter to movements in general business activity (series 3, 4, 5,14,15, 40, 43, and 45), current low values are indicated by|[£>. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown on the back cover. The "r" indicates revised; "D", preliminary; "e", estimated; "a", anticipated; and "NA", not available. •"•High value (32) was reached in February 1962. 3 Average for. March, Ib, 17, and 20. bed BASIC DATA MARCH 1967 TABLE LATEST DATA FOR BUSINESS CYCLE SERIES—Continued NBER Leading Indicators—Continued Year and month 1963 31. Change in book value of manufacturing and trade inventories, total August September October November December 1964 January February March April May June Julv August September October November December 1965 January _L£ Q +2 2 + *> L +7 1 +10 1 +7 1 i / 9 i 0 C , 0 - 7 .7 o i / C +4. j i O Q 4-i n i O C + J» J 4-i n 9 4_ n ^ , Q C> • n/ o o-i o A . 0 March April May June JulyAugust September October November December 1966 January February March April May June July August September October November December rt +3.o ,-\ I Q +14. v +8 8 ,£ / 4-7 & ,-t1i1. c0 + 4-1 0 9 4-9 ? 4-A ? 4-1 D 9 4-1 Q / +17.4 +8.1 +11.7 +13.1 +12.8 +17.7 +16.9 +13.6 +15.9 +9.6 SO 1967 January. ......... February March April May June (Percent reporting) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) July 20. Change in 37. Purchased book value of man- materials, percent ufacturers' inven- reporting higher tories of materials inventories and supplies1 -0.5 +1.7 -0.4 +1.7 -0.2 -0.7 49 -1.9 -0.5 42 50 0.0 -1.0 -0.1 -0.7 -1.6 +1.3 +2.6 +4.3 +3.5 +2.0 +1.0 +0.4 +2.5 +5.3 +1.5 -0.5 +0.7 +1.4 +3.1 +0.9 +1.0 +2.0 +0.9 +1.2 +0.8 +3.8 +3.4 +4.0 +1.1 +5.4 +3.3 +1.4 +2.0 +18.6 +17.6 r+20.5 r+1.6 P+-11.4 p+3.6 (NA) (NA) 55 50' 46 43 43 55 53 so 54 55 ^L 59 59 RJ^> 63 ^60 61 A9 C7 61 59 56 5/ 58 57 47 49 /Q 49 47 52 51 53 54 58 58 54 58 57 56 47 43 26. Production materials, percent reporting commitments 60 days or longer* 32. Vendor performance, percent reporting slower deliveries* (Percent reporting) (Percent reporting) 25. Change in unfilled orders, durable goods industries (Bil. dol.) 23. Index of industrial materials prices* (1957-59=100) 54 55 56 53 54 55 42 48 52 48 48 46 -U.54 -0.05 +0.38 +0.10 0 09 53 54 56 59 58 59 58 58 61 60 64 65 55 54 60 60 63 55 59 65 74 72 70 66 +0.40 +0.57 +0.16 +1.04 +0.38 +0.81 +1.26 +0.06 +0.77 +1.00 +0.27 +0.55 102.4 100.9 101.4 102.5 105.7 108.2 112.0 113.2 112.5 ' 65 65 68 67 65 62 62 63 61 63 63 63 68 72 66 72 70 66 62 64 62 60 66 72 +0.32 +0.81 +0.44 +0.84 +0.50 +0.58 +0.38 +0.32 +1.24 +1.28 +0.78 +1.09 110.6 110.7 113.2 116.7 116.9 115.3 114.6 115.2 114.8 115.0 115.5 117.1 68 67 68 69 70 72 73 73 72 B> 75 73 70 72 67 74 85 g>86 82 75 69 70 73 72 70 64 57 48 51 94 2 94 2 94.1 96.3 97 3 97 7 o 40 +1.27 +1.31 +1.65 +1.49 +1.36 +1.70 +1.34 +0.64 g> +2.30 +0.79 -0.21 r+0 . 24 98.5 98.5 98.9 120.5 122.9 B> 123.5 121.5 118.3 118.4 118.8 111.7 108.9 106.3 105.9 105.8 r-0.90 p-0.56 106. b 2 105.2 102.3 NOTE: Series are seasonally adjusted except these that appear to contain no seasonal movement. Unadjusted series are indicated by an asterisk (*). Current high . values are indicated by|j>; for series that move counter to movements in general business activity (series 3, 4, 5,14,15, 40, 43, and 45), current low values are indicated by§£>. Series numbersaTe for identification only and dp not reflect series relationships or order. Complete titles and sources are shown on the back cover. The V indicates revised; V, preliminary; V, estimated; "a", anticipated; and "NA", not available. 1 High value (+6.6) was reached in December 1961. Average for March 16, 17, and 20. 2 BASIC DATA MARCH 7967 bed LATEST DATA FOR BUSINESS CYCLE SERIES—Continued NBER Roughly Coincident Indicators Year and month 41. Number of employees, in nonagricultural establishments (Thous.) 43. Unemployment 42. Total nonagricultural employ- rate, total ment, labor force survey (Thous.) 40. Unemployment rate, married males (1957-59=100) (Percent) (Percent) (Percent) 46. Index of help45. Average wanted advertising weekly insured in newspapers unemployment rate, 1 State programs 47. Index of industrial production (]957-59blOO) 1963 July August September October November December 56,761 56,836 56,983 57,168 57,157 57,303 63,182 63,281 63,548 63,558 63,613 63,601 5.6 5.4 5.5 5.5 5.7 5.5 3.2 3.1 3.0 3.0 3.3 3.3 4.2 4.2 4.1 4.1 4.1 4.1 109 105 107 111 112 118 125.6 125.4 125.7 126.1 126.1 127.0 57,336 57,676 57,800 57,942 58,061 58,211 58,369 58,521 58,74-7 58,6^9 59,118 59,387 63,789 64,249 64,373 64,854 64,920 64,647 64,784 64,866 65,008 64,986 65,261 65,557 5.5 5.4 5.4 5.3 5.1 5.3 5.0 5.0 5.1 5.1 4.8 4.9 3.1 2.9 2.9 2.9 2.6 2.8 2.7 2.6 2.8 2.9 2.4 2.6 4.0 3.9 3.9 3.8 3.8 3.7 3.6 3.5 3.4 3.4 3.4 3.4 116 117 118 120 118 121 124 123 126 127 134 137 128.1 128.7 129.3 131.1 132.0 132.3 133.5 134.2 133.8 131.7 135.5 137.9 59,489 59,777 60,072 60,152 60,363 60,623 60,841 61,021 61,180 61,437 61,864 62,241 65,841 65,863 66,150 66,109 66,169 66,582 67,061 66,961 67,017 67,197 67,681 67,950 4.8 5.0 4.7 4.8 4.6 4.6 4.5 4.4 4.4 4.3 4.1 4.0 2.7 2.6 2.5 2.5 2.5 2.4 2.3 2.5 2.2 2.1 2.0 1.9 3.3 3.3 3.2 3.1 3.0 2.9 3.0 3.0 2.9 2.7 2.6 2.6 137 145 148 143 145 146 145 152 160 168 181 186 138.8 139.6 140.9 141.0 141.8 143.1 144.3 144.9 144.1 145.5 146.7 149.0 62,469 62,811 63,247 63,350 63,517 63,983 64,072 64,199 64,168 64.466 64,823 r65,076 68,266 68,186 68,153 68,343 68,351 68,749 68,920 69,206 69,309 69,420 70,005 69,882 3.9 3.7 3.8 3.7 3.9 3.9 3.9 3.8 3.7 3.8 K>3.5 3.7 1.9 1.9 1.9 1.8 1.8 1.9 2.0 2.0 1.9 1.9 1.7 1.7 184 191 185 184 186 189 189 193 194 193 150.6 152.4 153.7 153.9 155.3 156.5 157.2 158.0 157.7 158.9 158.6 g>r!59.0 r65,372 (»£> p65,495 70,240 Br^ 70,247 3.7 3.7 189 r!58.0 p!90 P155.9 1964 January February March April May June July August September October. November December 1965 January February March . . . . r April May. June. ......... . July August September October November December 1966 January February March April May. June July August September October November December 1967 January February March April May. June 1.7 > i-6 li£> y^ 2.6 2.6 2.3 2.1 2.1 2.1 2.4 2.4 2.1 R>- 2.0 ^ 2.1 2.4 2.4 2.4 H£>201 ' " 1 89 NOTE: Series are seasonally adjusted except those that appear to contain no seasonal movement. Unadjusted series are indicated by an asterisk (*), Current high values are indicated bygO for series that move counter to movements in general business activity (series 3, 4, 5, 14, 15,, 40, 43, and 45), current low values are indicated sources are shown on the back cover. The "r" indibyf£> Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sour cates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. •'•Data exclude Puerto Rico which is included in figures published by source agency. http://fraser.stlouisfed.org/ Federal Reserve28 Bank of St. Louis bed BASIC DATA MARCH 1967 TABLE LATEST DATA FOR BUSINESS CYCLE SERIES—Continued NBER Roughly Coincident Indicators—Continued Year and month 50. Gross national product in 1958 dollars 49. Gross national product in current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 57. Final sales 51. Bank debits, 52. Personal (series 49 minus allSMSA's exincome series 21) cept New York1 (224 SMSA's) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1963 July August September October November December 1964 January February March April May June July August September October November December 1965 January February March April May June July August September October November December 1966 January February March April May June July August September October November December 594.7 588.8 ... 605.8 597.7 569.7 616.8 613.3 578.1 627.7 623.5 585.0 637.9 634.4 587.2 644.2 636.8 600.3 660.8 651.4 554.7 • •• • •• 562.1 • •• 607.8 672.9 665.3 618.2 686.5 677.8 631.2 704.4 694.0 64.0 5 72"! 2 712 3 6^3.5 732.3 720.0 649.9 745.3 735.4 |jT>. 657.2 GT^> 759.3 |D^> 742 . 9 1967 January February March April May June 53. Wages and salaries in mining, manufacturing, and construction (Ann. rate, bil. dol.) 54. Sales of retail stores (Mil. dol.) 55. Index of wholesale prices [except farm , products and 'foods* (1957-59400) 2,5bl.O 2,463.1 2,559.0 2,605.5 2,527.4 2,610.2 465. b 467.8 470.0 473.4 474-9 479.1 123.5 123.5 124.6 125.3 125.7 126.8 20,634 20,581 20,489 20,774 20,727 20,952 100.8 100.8 100.7 100.9 100.9 101.2 2,571.5 2,590.3 2,597.3 2,693.8 2,688.4 2,607.4 2,746.7 2,681.7 2,755.9 2,771.5 2,730.3 2,803.5 482.3 483.8 486.1 489.3 492.6 494.1 497.3 500.8 502.7 503.5 506.8 512.3 126.2 127.8 128.7 129.8 130.0 130.8 131.7 133.0 134.0 132.7 134.7 136.9 21,023 21,408 21,305 21,442 21,701 21,797 21,862 22,227 22,333 21,429 21,690 22,766 101.3 101.2 101.1 101.1 101.1 100.9 101.1 101.1 101.1 101.5 101.6 101.8 2,803.3 2,845.1 2,923.8 2,962.0 2,871.5 3,019.4 3,021.0 3,018.8 3,022.6 3,068.9 3,178.9 3,249.6 516.7 517 1 522.5 528.0 532.2 535.4 537.8 552.5 547.2 553.2 558.2 137.0 138.5 139.3 138.5 140.0 141.0 141.3 142.4 142.7 144-2 146.5 147.8 22,936 23,076 22,856 22,849 23,317 23,322 23,668 23,585 23,753 24,330 24,647 r 24, 704 101.9 101.9 102.0 102.1 102.3 102.5 102.5 102.7 102.7 102.8 103.2 103.2 3,258.4 3,297.4 3,372.9 3,356.5 3,395.7 3,414.2 3,474.2 3,495.4 3,546.1 3,513.6 3,511.9 3,561.9 560.2 564.7 569.0 570.5 573.0 577.2 580.0 585.4 590.0 594.4 598.5 601.8 149.3 151.1 152.6 153.2 154.0 155.3 155.4 157.1 158.0 158.9 159.7 160.2 r25,08l 25,049 25,536 24,949 24,475 25,394 25,362 25,572 25,703 25,550 25,610 r25,368 103.5 103.8 104.0 104.3 104.7 104.9 105.2 105.2 105.2 105.3 105.5 105.5 3,561.8 g>p3,570.2 r607.5 BT>P609.9 m^-^ *• E£> 161.2 0>r25,703 p25,277 105.8 §£> 106.0 Z0(~) 1 P160.2 NOTE: Series are seasonally adjusted except those that appear to contain no seasonal movement. Unadjusted series are indicated by an asterisk (*). Current high values f are indicated by|JI>; for series that move counter to movements in general business activity (series 3, 4, 5,14, 15, 40, 43, and 45), current low values are indicated by j>. Series numbers are for identification only and dp not reflect series relationships or order. Complete titles and sources are shown on the back cover. The V indicates revised; "p"> preliminary; "e", estimated; "a", anticipated; and "NA", not available. 1 Includes 232 SMSA's beginning with January 1966. TABLE BASIC DATA MARCH 1967 bed LATEST DATA FOR BUSINESS CYCLE SERIES—Continued NBER Lagging Indicators Year and month 61. Business expenditures on new plant and equipment, total 62. Index of labor cost per unit of output, manufacturing (Ann. rate, bil. dol.) (1957-59=100) 68. Index of labor 64. Book value of cost per dollar of manufacturers' real corporate GNP inventories (1957-59=100) (Bil. dol.) 65. Book value of manufacturers' inventories of finished goods 67. Bank rates on short-term business loans, 19 cities* 66. Consiper installment debt (Percent) (Mil. dol.) (Bil. dol.) 1963 July August September October November December 1964 January February March April May June July August September October. November December 1965 January February March April May June July August September October November December 1966 January February March April May. June July August September October November December 1967 January February March April May June 40.00. • •• 99.0 99.2 99.6 99.9 103.7 ... ... 41.20 • •• 100.5 100.2 104.1 .. . 42.55 99.5 99.6 99.8 103.8 .. . 99.4 99.0 104.2 43.50 • •• • •• 45.65 • •• 47.75 • •• 49.00 . 50.35 52.75 55.35 99.4 99.2 99.6 ... 104.5 100.8 101.4 99.8 105.6 99.3 98.9 98.9 98.7 98.6 98.9 98.7 98.4 98.6 99.3 99.6 99.9 99.3 104.5 ... ... 105.3 ... 105.3 ... •.. 105.4 ... 58.9 58.9 59.1 59.3 59.8 60.1 20.3 20.4 20.6 20.6 21.0 21.2 5U,655 51,207 51,631 52,194 52,648 53,202 60.0 60.1 60.3 60.5 60.5 60.4 60.5 60.8 61.0 61.8 21.2 21.4 21.6 21.6 21.6 21.8 62.4 62.9 21.9 22.2 53,689 54,259 54,865 55,333 55,907 56,375 56,911 57,410 58,004 58,475 58,836 59,454 63.2 22.4 22.4 22.5 22.3 22.4 22.3 22.5 22.5 22.6 22.7 22.9 23.1 60,069 60,666 61,308 62,053 62,709 63,304 64,028 64,684 65,370 65,990 66,689 67,323 23.5 67,920 68 458 69,107 69,638 70,131 70,680 71,244 71 , 846 72,321 72,701 73,145 73 , 466 63.4 63.7 64.0 64.3 64.6 65.4 65.8 66.3 66.6 67.2 68.0 21.4 21.6 21.6 21.5 ... 5.01 ... 5.00 ... 4.99 ... • •• 4.99 ••. • •• 4.98 •.• 5.00 4.97 ... ... 4.99 ... 5.00 5.27 58.00 60.10 61.25 E>62.80 ra62.60 99.6 99.9 99.8 100.3 100.3 100.3 100.1 101.0 101.6 101.6 r!02 5 102.4 r!03.8 (T>.pl04.6 106.8 108.4 109.6 §£> piio i 68.6 69.0 69.6 70.3 71.1 71.9 73.0 74.1 74.9 75.8 76 9 r77.9 ^w Ifi^>p78.9 23 6 23.8 23.8 24.1 24 1 24.5 24 7 24.9 25.1 25 5 r26 0 fi^>-p26 3 5.55 5 82 6 30 |T>> 6.31 |£> 73,746 (NA) ra62.25 NOTE: Series are seasonally adjusted except those that appear to contain no seasonal movement. Unadjusted series are indicated by an asterisk (*), Current tTigrr values are indicated by(£>; for series that move counter to movements in general business activity (series 3, 4, 5, 14,15, 40, 43, and 45), current low values are indicated byf£>. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown on the back cover. The "r" indicates revised; "p", preliminary; 4<e", estimated; "a", anticipated; and "NA", not available. http://fraser.stlouisfed.org/ Federal Reserve 30 Bank of St. Louis bed BASIC DATA MARCH 1967 TABLE LATEST DATA FOR BUSINESS CYCLE SERIES—Continued Other Selected U.S. Series Year and month 82. Federal cash payments to the public (Ann. rate, bil. doU 1963 83. Federal cash receipts from the public (Ann. rate, bil. dol.) 84. Federal cash surplus (+) or deficit (-)• (Ann. rate, bil. dol.) August September October November December 120.2 121.6 119.7 122.1 119.3 117.2 113.7 117.3 113.4 115.3 115.4 118.7 -6.5 -4.3 -6.3 -6.8 -3.9 +1.5 1964 January February March April May June July August September October November December 126.5 119.7 121.0 122.4118.9 116.5 122.2 121.0 117.3 118.4 112.9 126.6 115.1 119.6 116.3 121.1 108.4 113.5 114.7 112.4 113.7 115.7 115.4 115.1 -11.4 -0.1 -4.7 -1.3 -10.5 -3.0 -7.5 -8.6 -3.6 -2.7 +2.5 -11.5 1965 January February March • • • April May June Julv August September October November December 122.0 122.2 117.8 125.6 129.3 133.9 119.5 128.8 136.9 124.3 146.3 126.6 110.9 117.6 128.2 144.4 118.1 129.3 116.1 125.0 126.6 113.6 129.6 125.0 -11.1 -4.6 +10.4 +18.8 -11.2 -4.6 -3.4 -3.8 -10.3 -10.7 -16.7 -1.6 146.9 142.5 153.5 139 . 4 153 9 138.5 164.3 154.2 162.0 143.8 164.2 145.9 124.3 137.1 142.8 155.2 137.7 182.9 154.8 127.7 153.5 156.6 132.1 152.9 -22.6 -5.4 -10.7 +15.8 -16.2 +44.4 -9.5 -26.5 -8.5 +12.8 -32.1 +7.0 p!70.6 p!31.9 pf!7.8 p-18.7 July 1966 January February March April May June July August September October November December 1967 January ! • 1 p!52.8 p!50.6 95. Surplus (+) or deficit (-), National income and product account (Ann. rate , bil. dol.) 91. Defense 90. Defense Department obliga- Department obligations, procurement tions, total (Mil. dol.) +1.2 ... ... +2.1 .. . -1.9 ... -6.7 ... ... -3.0 ... ... -0.5 +4-5 ... +4.4 ... -2.5 ... ... -0.2 .. . +2.3 +3.8 -0.5 P-3.6 (Mil. dol.) 92. Military prime contract awards to U.S. business firms (Mil. dol.) 2,419 1,132 1,700 1,207 2,010 1,094 1,273 4,349 4,580 4,160 5,112 4,093 4,371 2,733 2,578 2,086 1,681 2,079 1,075 1,843 1,237 1,389 1,910 1,079 1,494 803 1,141 889 -1,089 1,747 4,351 5,317 4,133 4,544 4,818 4,349 4,677 4,237 4,405 3,773 4,228 5,325 2,149 2,689 1,598 2,508 2,454 1,879 2,904 1,926 2,191 1,745 2,008 1,883 1,005 700 1,355 1,444 1,402 1,254 1,128 1,741 1,732 1,733 1,212 1,882 4,278 3,839 4,624 4,593 4,630 4,520 4,258 5,223 5,276 4,962 4,896 5,669 1,830 1,628 1,874 2,926 2,025 2,438 2,699 2,770 2,465 2,566 2,679 2,938 1,639 1,736 1,904 2,109 1,620 2,415 1,753 2,251 1,866 1,931 1,723 1,937 5,100 5,179 5,879 6,444 5,447 7,084 4,998 7,215 6,579 6,059 5,989 r6,023 2,296 (NA) 6,518' (NA) 1 2,755 2,830 2,640 3,183 2,968 3,545 3,912 2,978 3,379 3,303 2,967 3,501 3,109 (NA) March April May June NOTE: Series are seasonally adjusted except those that appear to contain no seasonal movement. Unadjusted series are indicated by an asterisk (*). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown on the back cover. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. 31 TABLE BASIC DATA bed MARCH 1967 LATEST DATA FOR BUSINESS CYCLE SERIES—Continued Other Selected U.S. Series—Continued 99. New orders, defense products Year and month (Bil. dol.) 93. Free reserves* 85. Change in total U.S. money supply (Mil. dol.) (Ann. rate, percent) 98. Change in money supply and time deposits (Ann. rate, percent) 110. Total private borrowing (Ann. rate, mil. dol.) 111. Corporate gross savings 112. Change in business loans (Ann. rate, mil. dol.) (Ann. rate, bil.dol.) 1963 July August September October November December 1964 January February March April May ; 3' June July August September ........ October November December 1965 January February March April May. June July August September October November December 1966 January February March April May. June July August September October November December 1967 January February March April May June 2.4.0 +161 2.36 2.47 1.92 1.97 1.48 +133 +91 +94+33 +209 +4.80 +1.56 +2.40 +6.36 +7.08 -0.84 +6.96 +6.96 +9.24 +11.04 +4-56 51,980 ... ... 54,508 ... 44,964 2.67 2.40 2.18 2.37 2.48 2.34 3.29 1.86 1.98 2.41 1.79 1.87 +175 +89 +99 +167 +82 +120 +135 +83 +89 +106 -34 +168 +3.96 +3.12 +0.72 +3.12 +3.84 +4-68 +7.68 +4-56 +7.68 +4-56 +1.56 +5-28 +7.68 +6.24 +4.08 +5-76 +7.56 +8.40 +9.24 +7.80 +9.48 +8.52 +7.68 +9.24 48,136 ... ... 61,680 ... ... 56,048 ... ... 56,436 ... 49,496 .. . ... 50,516 .. . 2.37 2.44 2.^6 3.242.4-6 2.58 2.62 2.81 3.45 3.28 2.57 2.53 +106 +36 -75 -105 -180 -182 -174 -134 -144 -146 -83 -2 0.00 +0.72 +3.72 +5-28 -2.28 +7.44 +5.16 +4-44 +8.04 +8.04 +2.88 +11.64 +8.76 +8.76 +7.44 +8.16 +4.08 +10.56 +9.72 +10.80 +10.68 +12.60 +8.52 +11.52 62,100 ... ... 69,232 ... ... 64,688 ... .. . 67,836 54,984 ... .. . 54,496 .. . ... 55,524 ... ... 56,352 3.40 3.04 3.38 3.30 2.91 3.68 3.50 3.16 4.67 3.31 2.73 r3.36 -44 -107 -246 -268 -352 -352 -358 -390 -368 -431 -222 -165 +5.76 +1.44 +7.80 +11.28 -4.92 +6.36 -10.56 0.00 +6.36 -6.36 -2.88 +7.80 +6.48 +3.36 +7.92 +13.20 +3.36 +10.08 +0.36 +4.80 +5.16 -4.44 -1.44 +8.52 64,796 57,744 74,708 57,792 57,776 ... ... 57,916 p51,192 p60,776 r2.87 p3.10 r-16 P-5 r-4.92 p+6.36 +6.60 p+13.08 +8.52 4-1:97 +2.04 +2.08 +4.66 +5.22 +5.78 .. . 45,128 +1.79 +3.48 +1.42 +3.17 +4.25 +3.89 +4.31 +4.78 +4.28 +1.43 +0.32 +8.62 51,996 ... .; . 51,312 ... +10.00 +12.18 +9.86 +7.88 +9.42 +10.22 +9.36 +6.06 +6.30 +7.66 +4.93 +5.65 +14.27 +5.39 +8.87 +8.46 +9.05 +17.70 X (NA) +4.90 -0.19 +5.58 +0.53 r-0.20 r+9.06 p-0.25 NOTE: Series are seasonally adjusted except those that appear to contain no seasonal movement. Unadjusted series are indicated by an asterisk (*). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown on the back cover. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. 1 Because of a change in coverage, data beginning with July 1966 are not comparable with data for the earlier period. http://fraser.stlouisfed.org/ 32 Federal Reserve Bank of St. Louis bed MARCH BASIC DATA 7967 TABLE LATEST DATA FOR BUSINESS CYCLE SERIES—Continued Other Selected U.S. Series—Continued Year and month 1963 113. Net change in 114. Treasury bill consumer install- rate* ment debt (Ann. rate, bil.dol.) July August September October November December 1964 January February March April May June July August September October November December 1965 January February March April May June July August September October November December 1966 January February March April May June July August September October November December 1967 January February March April May (Percent) (Percent) 86. Exports excluding military aid shipments, total 115. Treasury bond 116. Corporate bond 117. Municipal bond 118. Mortgage yields* yields* yields* yields* (Percent) / ?/ (Percent) (Mil. dol.) t (Percent) +6 91 +6.62 +5.09 +6.76 +5.45 +6.65 3 ]L 3.32 3.38 3.45 3.52 3.52 4 01 3 99 4.04 4.07 4.11 4.14 +5.84 +6.84 +7.27 +5.62 +6.89 +5.62 +6.43 +5.99 +7.13 +5o65 +4.33 +7.42 3.53 3. 53 3.55 3.48 3.48 3.48 3.48 3.51 3.53 3.58 3.62 3.86 4.15 4.14 4.18 4.20 4.16 4.13 4.13 4.14 4.16 4.16 4.12 4.14 +7.38 +7 16 +7 70 +8.94 +7.87 +7.14 +8.69 +7.87 +8.23 +7.44 +8.39 +7.61 3.83 4.14 4 16 3.93 3.90 3.81 3.83 3.84 3.91 4.03 4.08 4.36 4.15 4.14 4.14 4.15 4.19 4.25 4.28 4.34 4.43 4.48 4.52 4.57 4.57 4.66 4.71 4.70 4.75 +7.16 +6.46 +7.79 +6.37 +5.92 +6.59 +6.77 +7.22 +5.70 +4.56 +5.33 +3.85 4.60 4.67 4.63 4.61 4.64 4.54 4.86 4.93 5.36 5.39 5.34 5.01 5.70 (NA) 6.00 +3.36 (NA) 4.76 . 4.55 3 Q^ 1 Q/ 4 34 4 40 4 37 4.42 4 49 ? 2? 3 1? 3 20 3.20 3.30 3.27 C. 1 K 5 /*> Revised* 1 841 1 1 Q?? 1 5 45 5.45 5 45 1 958 1 1 967 7 1,965 3 2 093 2 2 039.6 2 057 8 2 075.2 2 061.0 2 OA7.3 2 076.5 2 118.6 2,099.8 2,261.0 2,156.4 2,206.2 2 426.1 1 227 5 1 622 7 ? 7"3# Q 2,406.3 2,299.3 2,234.7 2,299.5 2,328.9 2,291.3 2 , 349 . 3 2,378.1 2,362.2 5 /5 4.50 4 39 4 45 4 48 4 48 4. 50 4 44 4.44 4.49 4.49 4.48 4 49 3.22 3.13 5.45 5 /s 5.45 5.45 5.45 5.45 5 46 5.46 5.46 5.45 5.45 5.45 / Lc 3 06 1 OQ 5.45 5 /*> 318 £ /£ 4«92 3.15 3.17 3.24 3.27 3.24 3.35 3.40 3.46 3.54 5.45 5.45 5.44 5.44 5.45 5.46 5.49 5.51 5.62 4.43 4.61 4.63 4.55 4.57 4.63 4.75 4.80 4.79 4.70 4.74 4.65 4.93 5.09 5.33 5.38 5.55 5.67 5.81 6.04 6.14 6.04 6.11 5.98 3.52 3.64 3.72 3.56 3.65 3.77 3.95 4.12 4.12 3.94 3.86 3.86 6.32 6.45 6.51 6.58 6.63 6.81 6.77 2,274.2 2,373.7 2,568.6 2,358.9 2,410.8 2,489.5 2,456.0 2,455.0 2,541.6 2,582.7 2,486.2 2,414.7 4.40 4.47 5.53 5.35 3.54 3.52 6.62 6.46 2,620.2 p2,601.2 / "I c. L /5 / /Q 1 1L 3.28 3.28 3.20 3.20 3.18 3.19 3.23 3.25 3d8 (NA) (NA) JllflG NOTE: Series are seasonally adjusted except tnose that appear to contain no seasonal movement. Unadjusted series are indicated by an asterisk (*). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown on the back cover. The "r" indicates revised; "p"f preliminary; "e", estimated; "a", anticipated; and "NA", not available. •"•See "New Features and Changes for This Issue," page iii. 33 TABLE BASIC DATA MARCH 1967 bed LATEST DATA FOR BUSINESS CYCLE SERIES—Continued Other Selected U.S. Series—Continued Year and month 87. General im- 88. Merchandise trade balance ports, total (series 86 minus series 87) 1963 J U |y August September October November December 1964 January February March April May June July August September October November December 1965 January February March April May. June July August September October November December 1966 January February March April May. June July August September October November December 1967 January February March April May June ! (Mil.dol.) 2 Revised 1,449.6 1,497.4 1,442.9 1,454.5 1,465.2 1,477.8 (Mil.dol.)2 Revised +391.5 +424.7 +515.2 +513.2 +500.1 +615.4 1,418.1 1,458.8 1,518.0 1,537.2 1,530.1 1,514.0 1,573.2 1,608.1 1,563.4 1,550.5 1,697.7 1,641.9 +621.5 +599.0 +557.2 +523.8 +517.2 +562.5 +545.4 +491.7 +697.6 +605.9 +508.5 +784.2 1,199.0 1,606.0 1,860.9 1,811.3 1,796.6 1,848.2 1,741.8 1,825.3 1,858.0 1,884.8 1,940.6 1,911.1 +28.5 +878.0 +595.0 +502.7 +386.5 +557.7 +503.6 +433.3 +464.5 +437.5 +451.1 1,947.6 2,005.1 2,067.7 2,108.9 2,062.6 2,135.0 2,204.6 2,112.6 2,301.2 2,262.4 2,191.5 2,231.2 +326.6 +368.6 +500.9 +250.0 +348.2 +354.5 +251.4 +342.4 +24U.4 +320.3 +294.7 KL83.5 2,295.6 £2, 204.1 +324.6 p+397.1 +16.7 89. Excess of receipts (+) or pay- 81. Index of ments (-) in U.S. balance of payments consumer prices* a. Liquidity b. Official settlements balance basis basis (Mil. dol.) -200 -138 -248 ... -552 -617 -1,381 (1957-59= 100) (Mil. dol.) 0 -92 -144 -326 -231 -845 -697 -618 +226 +239 -534 +232 -332 -1,158 r-544 r-234 r-122 r-203 r-200 r+952 r-558 r-244 94. Index of con- 96. Manufacturers' unfilled struction conorders, durable tracts, value goods industries (1957-59= 100) (Bil. dol.) 107.1 107.1 107.1 107.2 107.4 107.6 126 132 128 146 144 148 46.74 46.70 47.07 47.17 47.08 46.68 107.7 107.6 107.7 107.8 107.8 108.0 108.3 108.2 108.4 108.5 108.7 108.8 147 143 140 138 138 138 140 121 131 136 143 154 47.07 47.64 47.80 48.84 49.22 50.04 51.30 51.37 52.14 53.14 53.41 53.96 108.9 108.9 109.0 109.3 109.6 110.1 110.2 110.0 110.2 110.4 110.6 111.0 137 140 141 152 145 139 149 139 147 147 Ul 153 54.28 55.09 55.53 56.37 56.88 57.45 57.83 58.15 59.38 60.66 61.44 62.53 111.0 111.6 112.0 112.5 112.6 112.9 113.3 113.8 114.1 114.5 114.6 114.7 152 157 158 161 156 147 147 139 146 139 130 133 63.80 65.11 66.76 68.25 69.61 71.31 72.65 73.29 75.59 76.38 76.17 r76.42 114.7' 114.8 126 (NA) r75.52 p74.96 97. Backlog of capital appropriations, manufacturing! (Bil. dol.) 10.05 11.02 12.08 13 '.23 14.54 14.97 15^66 17^05 18.17 19-48 20 !34 22.07 22.30 p22*.50 NOTE: Series are seasonally adjusted except those tnat appear to contain no seasonal movement. Unadjusted series are indicated by44an asterisk (*). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown on the back cover. The r" indicates revised; "p", preliminary; "eM, estimated; "a", anticipated; and "NA", not available. 1 The data from 1961 on have been adjusted to reflect a change in the seasonal adjustment of appropriations for the petroleum and coal products industry and a change in the reporting basis of nonelectrical machinery. These revisions do not materially affect comparability with the data before 1961. (See NICE publication, Investment Statistics—Capital Appropriations; First Quarter 1965.) 2 See "New Features and Changes for This Issue," page iii. http://fraser.stlouisfed.org/ 34 Federal Reserve Bank of St. Louis bed BASIC DATA MARCH 1967 TABLE LATEST DATA FOR BUSINESS CYCLE SERIES—Continued International Comparisons Year and month 47, United 123. Canada, States, index of index of indusindustrial produc- trial production tion 1963 (1957-59= 100) August March April May June July August September October November December 1966 January February March April May June July August September ........ October November December 1967 January February March April May June -j 126. France, index of industrial production (1957-59= 100) (1957-59= 100) (1957-59= 100) (1957-59= 100) 132 132 126 126 126 127 128 129 129 131 132 132 134 134 134 132 136 138 133 134 133 135 133 133 134 135 135 136 139 140 123 123 123 l 3Q 142 1 /l "1/n 142 142 143 144 147 148 149 151 153 130 140 l/l 141 142 143 144 145 144 146 147 149 151 152 154 154 155 156 157 158 158 159 159 159 153 155 156 156 156 156 154 156 157 159 159 pl59 158 (NA) 125 September October November December 1965 January 125. West Germany, index of industrial production 116 118 117 120 121 121 12b August J U |y 121. OECD, 1 European countries, index of industrial production 121 123 125 126 128 131 July September October November December 1964 January February March April May June (1957-59= 100) 122. United Kingdom, index of industrial production 127. Italy, index 128. Japan, index of industrial of industrial production production (1957-59= 100) (1957-59= 100) 129 163 202 134 135 136 136 136 136 138 140 139 129 136 137 136 138 166 171 171 173 170 202 206 211 215 216 139 139 140 139 141 139 138 137 140 143 143 143 142 144 145 140 150 143 147 145 145 149 149 149 140 139 139 141 140 141 132 132 141 142 142 138 172 169 173 168 166 164 166 156 165 166 168 168 220 225 223 225 228 232 234 231 241 241 236 242 146 146 1// 146 148 148 148 148 149 150 150 151 156 137 1 55 1 /Q 154 154 155 151 153 155 156 154 154 1 ^Q 1 3Q 139 142 144 144 144 147 147 150 166 169 166 169 175 176 178 176 178 179 184 183 239 239 244 241 238 244 243 240 247 241 244 246 p!28 151 151 153 153 153 154 154 153 153 152 152 p!52 156 155 160 160 157 161 r!57 151 155 r!55 153 151 r!46 149 r!51 150 150 152 •154 154 154 153 156 p!56 185 186 188 189 196 196 195 199 201 199 201 P205 252 251 255 259 262 268 274 277 283 284 290 r296 (NA) (NA) p!49 (NA) (NA) (NA) P306 (NA) 124 123 123 1?2 123 123 127 128 129 1 PQ 128 128 129 128 130 129 128 130 130 131 131 130 133 131 130 129 132 132 129 128 127 p!56 134 140 NOTE: Series are seasonally adjusted except those that appear to contain no seasonal movement. Unadjusted series are indicated by an asterisk (*). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown on the back cover. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. •"•Organization for Economic Cooperation and Development. Section TWO charts and tables DISTRIBUTION OF 'HIGHS' FOR CURRENT AND COMPARATIVE PERIODS DIFFUSION INDEXES BASED ON HUNDREDS OF COMPONENTS Average workweek—21 industries New orders—36 industries Capital appropriations—17 industries Profits—700 companies Stock prices—80 industries Industrial materials prices—73 materials State unemployment claims—47 areas Nohagricultural employment—30 industries Production—24 industries Wholesale prices—23 industries Retail sales—24 fypes of sfores Nef sales—800 companies New orders—400 companies Carloadings—19 commocfify groups Plant and equipment expenditures—22 industries DIRECTIONS OF CHANGE FOR COMPONENTS OF DIFFUSION INDEXES 37 ANALYTICAL MEASURES **«* i967 DISTRIBUTION OF "HIGHS" FOR CURRENT AND COMPARATIVE PERIODS Number of series that reached a high before benchmark dates* Number of months before benchmark date that high was reached Current expansion Nov. 1966 Dec. 1966 Business cycle peak Jan. 1967 Nov. 1948 Feb. 1967 July 1953 May 1960 July 1957 NBER LEADING INDICATORS 8 months or more 7 months 6 months 5 months 4 months 3 months 2 months 1 month Benchmark month 13 1 1 1 2 Number of series used Percent of series high on benchmark date 24 0 13 1 1 2 "3 I 4 2 4 2 I* 2 9 1 13 1 2 15 9 1 5 1 2 '*4 "i 24 16 2 1 2 3 24 24 0 2 1 "i 1 24 4 23 0 14 0 1 20 0 2 21 5 0 NBER ROUGHLY COINCIDENT INDICATORS 1 1 1 2 2 6 1 1 2 6 "l 1 2 6 1 1 1 2 5 11 55 11 55 11 55 11 45 8 months or more 7 months 6 months 5 months 4 months 3 months 2 months 1 month Benchmark month Number of series used Percent of series high on benchmark date Number of months before benchmark date that high was reached 1 2 **i 1 3 4 Apr. 1953 Apr. 1957 1 2 1 3 "3 1 2 3 "3 3 "i 4 "2 3 11 27 11 36 11 27 11 0 6th month before business cycle peak 3d month before business cycle peak Aug. 1948 1 May 1948 Feb. 1960 Jan. 1953 Nov. 1959 Jan. 1957 NBER LEADING INDICATORS 8 months or more 7 months 6 months 5 months 4 months 3 months 2 months 1 month Benchmark month Number of series used Percent of series high on benchmark date 4 13 2 "4 1 X 20 5 4 "2 2 5 1 2 1 2 21 5 21 "i 2 9 i 13 2 1 2 1 2 3 1 l 1 l 4 1 2 3 7 "5 2 3 24 0 24 0 X 20 15 2 21 33 18 "i 2 1 2 6 7 3 2 2 "i 2 1 24 0 24 4 NBER ROUGHLY COINCIDENT INDICATORS 8 months or more 7 months 6 months 5 months 4 months 3 months 2 months 1 month Benchmark month Number of series used Percent of series high on benchmark date 2 1 2 1 1 1 2 i 1 "i 1 i "3 "i 2 6 "5 4 3 2 "4 5 3 5 11 55 11 36 11 18 11 45 11 45 "i 1 3 6 11 55 "4 4 2 1 "i 4 3 11 36 n 27 NOTE: All quarterly series and 2 monthly series (series 15, a leading indicator, and series 40, a roughly coincident indicator) are omitted from the distribution. series were not available. 1 series was not available and 2 series were omitted because their peaks were reached during the Korean War and such peaks were disregarded in this distribution. X 4 2 38 bed MARCH 1967 ANALYTICAL MEASURES DIFFUSION INDEXES CHART FROM 1948 TO PRESENT NBER Leading Indicators Percent til. Avg.: workweek, prodi wkrs., ;mfg.-21 1 D6. New ordejrs, dur. goods indus.-36 indus. Dll. Newly approved capital appropriations i7~4wlwi,r NICE span,! — — 1-Q span;) D34. Profits, FNCB of NY, percent reporting [1-Q span;)! D19. Stock (prices, 500 common stocks-80 indus ials prices-13 indus. mtls. D5. Initial claims, Sfate unempl. bs|ir.~47 areas j (inverted) 39 CHART ANALYTICAL MEASURES MARCH 7967 bed DIFFUSION INDEXES FROM 1948 TO PRESENT-Continued B 40 NBER Roughly Coincident Indicators Percent D41. Employees in nonagr. establishments-30 indus. (6-mo. span — 1-mo. span —) 100 50 0 047. Industrial production-24 indus. (6-mo. span — 1-mo. span —) 100 50 0 D58. Wholesale prices, mfrd. goods-23 indus. (6-mo. span — 1-mo. span —) 100 50 0 D54. Sales of retail stores -24 (9-mo. span — types of stores 1-mo. span —) 100 50 0 .JJJ bed CHART ANALYTICAL MEASURES MARCH 1967 DIFFUSION INDEXES FROM 1948 TO PRESENT—Continued Actual and Anticipated Indexes Percent D35. Net sales, all mfrs.-800 cos. (4-Q span) 100 SO 0 D36. New orders, dur. goods mfrs.-400 cos. (4-Q span) 100 50 0 D48. Carloadings-19 mfrd. commodity groups (4-Q span) 100 50 0 D48. Change in total carloadings (millions of cars-4-Q span) +0.5 0 < v-0.5 D61. New plant and equipment expend.-17-22 Indus. (1-Q span) 100 50 0 Data are centered within spans. Latest data are as follows: Series number and date of survey D35.D36, (Jan. 1967) D48 (Dec. 1966) D61 (Feb. 1967) Actual 4th Q 1965-4th Q 1966 1st Q 1965-lst Q 1966 3d Q 1966-4th Q 1966 • • M$' Anticipated 2d Q 1966-2d Q 1967 1st Q 1966- 1st Q 1967 1st Q 1967-2d Q 1967 '67 41 TABLE ANALYTICAL MEASURES MARCH 1967 bed LATEST DATA FOR DIFFUSION INDEXES NBER Leading Indicators Dl. Average workweek, manufacturing (21 industries) D6. Value of manufacturers' new orders, durable goods industries (36 industries) 1-month span 1-month span Year and month 9-month span 9-month span Dll. Newly approved capital appropriations, NICB (17 industries)* 1-quarter span 3-quarter span 1963 July August September October November December 1964 January February March April May June July August September October November December 1965 January February March April May. June July August September October November December 1966 January February March April May. June July August September October November December 61.9 45.2 71.450.0 33.3 64.3 71.4 69.0 57.1 61.9 57.1 78.6 51.4 52.8 52.8 69.4 33.3 62.5 62.5 72.2 69.4 58.3 83-3 77.8 0.0 85.7 47.6 78.6 31.0 31.0 69.0 73.8 14.3 61.9 69.0 90.5 69.0 52.4 61.9 81.0 50.0 85.7 78.6 92.9 85.7 88.1 95.2 57.1 55.6 44.4 58.3 61.1 44.4 50.0 63.9 40.3 54.2 58.3 55.6 68.1 76.4 83-3 80.6 75.0 72.2 58.3 63.9 83.3 72.2 63.9 61.1 68.1 61.9 57.1 76.2 19.0 81.0 28.6 52.4 59-5 40.5 71.4 81.0 54.8 83.3 81.0 78.6 61.9 47.6 54-8 71.4 64.3 81.0 95.2 92.9 83.3 48.6 38.9 63.9 50.0 44-4 58.3 59.7 41.7 61.1 61.1 55.6 76.4 57.1 69.0 40.5 50.0 50.0 33.3 21.4 61.9 64.3 45.2 40.5 rl9.0 • 83.3 76.2 31.0 35.7 45.2 35.7 38.1 9.5 rll.9 pO.O 30.6 50.0 84.7 41.7 50.0 51.4 50.0 59.7 37.5 50.0 44.4 r'55.6 53 65 *65 ... 76 53 76 *56 71 *53 44 32 59 77.8 75.0 77.8 68.1 66.7 68.1 91.7 83.3 80.6 81.9 86.1 83.3 76 ... 65 71 *76 53 *82 *59 71 75.0 75.0 66.7 72.2 58.3 59.7 55.6 r44./ r43.1 P33.3 65 76 *53 *53 *32 P41 p47 1967 January February March April May. June r66.7 P4.8 r36.1 P36.1 NOTE: Figures are tne percent of series components rising„ and 1-mpntn indexes are^laced ....are. centered. within spans: . . i latest month and 9-month indexes are placed r A : onth of of span; 1-quarter indexes are " 1st month of the 2nd ~ quarter ' and"*3-quarter -- indexes - j , —are_ placed - . . . on. the 1st month of the 3d quarter. Seasonally adon the 6th month are p" placed' on the itifies 1the components for most of the indexes shown. The V indicates revised; "p", preliminary; and "NA", not available. justed components are used. Table 5 identifies •"•The data from 1961 on have been adjusted to reflect a change in the seasonal adjustment of appropriations for the petroleum and coal products industry and a change in the reporting basis of nonelectrical machinery. These revisions do not materially f.ffect comparability with the data before 1961. (See NICB publication, Investment Statistics—Capital Appropriations: First Quarter 1965.) http://fraser.stlouisfed.org/ 42 Federal Reserve Bank of St. Louis bed TABLE ANALYTICAL MEASURES MARCH 7967 LATEST DATA FOR DIFFUSION INDEXES—Continued NBER Leading Indicators—Continued Year and month )34. Profits, manufacturing, FNCB around 700 corporations) 1-quarter span D19. Index of stock prices, 5001 common stocks (80 industries) 1-month span 9-mcnth span D23. Index of industrial materials prices (13 industrial materials) 1-month span 9-month span D5. Initial claims for unemployment insurance, State programs, week including the 12th (47 areas) 1-month span 9-month span 1963 JUly 56 August September October November December 55 1964 January February March April May June July August September October November December 1965 January February March April May June July August September October November December 1966 January February . ... March April May June July August September October November December 1967 January February March April May June 59 *58 59 ... 56 57 '*56 57 ... 60 59 *59 "56 '54 29.4 75.0 76.9 44.9 44.9 68.4 78.2 79.5 77.6 69.2 71.2 84-4 46,2 38.5 69.2 69.2 50.0 57.7 61.5 61.5 61.5 53.8 61.5 76.9 44.7 44.7 44.7 59.6 40.4 23.4 46.8 31.9 85.1 60.6 53.2 73.4 74.7 65.2 78.5 75.6 52.6 35.3 89.7 41.0 76.3 73.1 59.6 24.0 83.1 78.2 86.5 85.9 84.6 84.6 81.8 68.8 65.6 75.3 76.6 76.6 53.8 53.8 46.2 65.4 30.8 53.8 46.2 76.9 69.2 73.1 61.5 38.5 61.5 69.2 69.2 76.9 76.9 80.8 84.6 76.9 69.2 69.2 76.9 69.2 89.4 27.7 57.4 77.7 48.9 48.9 63.8 51.1 53.2 34.0 31.9 83.0 73.4 72.3 70.2 74.5 89.4 60.6 61.7 89.4 61.7 70.2 74.5 72.3 92.2 81.8 64-3 70.8 66.9 0.0 24.7 79.9 81.2 66.9 70.1 57.1 80.5 58.4 51.9 58.4 72.7 67.5 61.0 59.1 63.6 60.4 67.5 70.1 53.8 30.8 69.2 76.9 53.8 57.7 46.2 42.5 50.0 15.4 34.6 61.5 69.2 76.9 61.5 69.2 53.8 53.8 46.2 46.2 46.2 46.2 38.5 53.8 24.5 57.4 66.0 61.7 59.6 51.1 34.0 38.3 78.7 57.4 44.7 51.1 78.7 78.7 59.6 66.0 61.7 78.7 80.9 87.2 70.2 62.8 91.5 95.7 74.0 48.7 14.3 63.6 3.9 23.4 38.3 6.5 3.9 25.3 88.3 59.7 51.9 43.5 37.7 22.1 11.7 6.5 9.7 22.1 20.1 47.4 61.5 76.9 46.2 30.8 42.3 46.2 61.5 26.9 0.0 19.2 30.8 57.7 53.8 61.5 61.5 53.8 30.8 15.4 7.7 7.7 7.7 0.0 2 0.0 38.3 44.7 83.0 53.2 45.7 57.4 17.0 72.3 80.9 36.2 46.8 27.7 91.5 74.5 44.7 68.1 76.6 78.7 80.9 34.0 34.0 23.4 90.9 92.2 46.2 53.8 2 23.1 55.3 17.0 NOTE: Figures are the percent of series components rising and are centered within spans: 1-month indexes are placed on latest month and 9-month indexes are placed on the 6th month of span; 1-quarter indexes are placed on thelst month of the 2d quarter. Seasonally adjusted components are used except in indexes D19 which requires no adjustment and D34 which is adjusted only for the index. Table 5 identifies the components for most of the indexes shown. The V indicates revised; "p", preliminary; and "NA", not available. •"•The diffusion index is based on 80 components through August 1963; on 79 components, September 1963 to March 1964; ponents, April 1964 to November 1964; and on 77 components thereafter. 2 Average for March 16, 17, and 20. on 78 com- 43 TABLE ANALYTICAL MEASURES MARCH 1967 bed LATEST DATA FOR DIFFUSION INDEXES—Continued NBER Roughly Coincident Indicators Year and month D41. Number of employees in nonagricultural establishments (30 industries) 1-month span D47. Index of industrial production (24 industries) D54. Sales of retail stores (24 types of stores)1 D58. Index of wholesale prices (23 manufacturing industries) 6-month span 1-month span 6-month span 1-month span 9-month span 73.3 53.3 55.0 73.3 45.0 66.7 66.7 51.7 55.0 53.3 65.0 70.0 72.9 68.8 58.3 64.6 50.0 77.1 91.7 77.1 79.2 77.1 83.3 85.4 66.7 64.6 25.0 58.3 54.2 77.1 52.5 87.5 70.8 91.7 83.3 77.1 50.0 58.7 52.2 69.6 63.0 71.7 71.7 78.3 71.7 69.6 67.4 82.6 45.0 75-0 73.3 68.3 65.0 73.3 63.3 65.0 83.3 61.7 86.7 73.3 68.3 70.0 73.3 83.3 78.3 76.7 76.7 93.3 91.7 80.0 91.7 91.7 70.8 77.1 66.7 87.5 66.7 66.7 81.2 75.0 45.8 79.2 79.2 87.5 91.7 95.8 95.8 91.7 87.5 89.6 70.8 83.3 95.8 83.3 91.7 91.7 43.8 70.8 52.1 52.1 66.7 66.7 39.1 71.7 34.8 78.3 56.5 60.9 79.2 100.0 85.4 83.3 83.3 83.3 73.9 78.3 73.9 76.1 54.3 78.3 63.0 69o6 52.2 71.7 34.8 34.8 69.6 65.2 60.9 56.5 56.5 60.9 69.6 69.6 69.6 56.5 56.5 56.5 60.9 58.7 60.9 69.6 78.3 82.6 73.3 70.0 86.7 63.3 63.3 88.3 88.3 70.0 71.7 88'. 3 93.3 86.7 81.7 78.3 80.0 80.0 81.7 75.0 88.3 91.7 93.3 90.0 95-0 93.3 79.2 70.8 77.1 56.2 70.8 91.7 81.2 75.0 54.2 79.2 83.3 87.5 83.3 85.4 87.5 83.3 83.3 79.2 87.5 91.7 87.5 87.5 89.6 100.0 63.0 65.2 30.4 54.3 87.0 43.5 80.4 47.8 73.9 78.3 78.3 37.0 80.4 87.0 87.0 73.9 87.0 87.0 95.7 91.3 95.7 95.7 95.7 91.3 63.0 60.9 67.4 67.4 60.9 60.9 60.9 54.3 52.2 52.2 69.6 73.9 76.1 80.4 82.6 76.1 67.4 69.6 60.9 60-. 9 71.7 73.9 87.0 89.1 85.0 85.0 91.7 73.3 76.7 91.7 48.3 73.3 23.3 75.0 88.3 r63.3 95.0 91.7 86.7 85.0 81.7 73.3 75.0 75.0 r71.7 r8l.7 P71.7 70.8 70.8 87.5 64.6 58.3 87.5 45.8 60.4 39.6 60.4 r50.0 r58.3 95.8 91.7 87.5 70.8 75.0 62.5 64.6 r58.3 54.2 r58.3 P37.5 71.7 65.2 60.9 43.5 30.4 95.7 47.8 47.8 60.9 43.5 69.6 r£L.3 82.6 84.8 78.3 78.3 82.6 78.3 76.1 r65.2 r78.3 P78.3 63.0 80.4 71.7 73.9 71.7 73.9 78.3 52.2 43.5 54.3 60.9 65.2 89.1 95.7 89.1 95.7 91.3 82.6 69.6 69.6 63.0 2 55.0 2 70.0 1-month span 6-month span 1963 July August ; September October November December 1964 January February March April May June July August September October November December 1965 January February March April May June July August September October November December 1966 January February March April May. June July August September October November December 1967 January February March April May. June r75.0 p40.C r37.5 p6.2 r82.6 P43.5 2 3 57.5 75.0 NOTE: Figures are the percent of series components rising and are centered within spans: 1-month indexes are placed on latest month, 6-month indexes iare placed on the 4th month, and 9-month indexes are placed on the 6th month of span. Seasonally adjusted components are used. Table 5 identifies the components for the indexes shown. The V indicates revised; "p" preliminary; and "NA", not available. •"•The diffusion index is based on 24 components through June 1964, and on 23 components thereafter. 2 Based on 20 components. 3 Based on 22 components. http://fraser.stlouisfed.org/ 44 of St. Louis Federal Reserve Bank bed ANALYTICAL MEASURES MARCH 1967 TABLE LATEST DATA FOR DIFFUSION INDEXES—Continued Actual and Anticipated Indexes D35. Net sales, manufactures (800 companies) D36. New orders, durable manufactures (400 companies) D48. Freight carloadings (19 manufactured commodity groups) D61. New plant and equipment expenditures (16 industries) 4-quarter span 4-quarter span 4-quarter span 1-quarter span Year and month Actual 1963 July August September October November December 1964 January February March April May June July August September ........ October November December 1965 January February March April May , June July August September October November December 1966 January February March April May June July August September October November December 1967 January February March April May . y June y Anticipated Anticipated Actual Actual Anticipated Change in total (000) *82 *84 82 *80 78*.9 78.9 +4 "si ••• *85 82 "si 68ii 73.7 -60 *83 *87 "si "si 8i!2 68*.i -9 82 *86 81 "si 73.7 9A-7 H-6 *83 *87 "si "si 52^6 89.5 H7 "si *88 *84 *85 52^6 89.5 U7 90 • •• *88 *90 "si .63*2 8^.2 +25 *88 *88 *88 "si 63*.2 8^.2 ^18 *88 90 *89 *87 73.7 73.7 +28 *89 *91 88 *90 (NA) 89^5 +18 *87 *91 *85 *89 84.2 +20 "si *88 *82 "83 78*.9 84 82 "si "so 78.9 Actual Anticipated 75.0 71.9 71^9 75.0 71.9 50.0 62*. 5 50.0 si.'i 75.0 96.9 68!s 56.2 65.6 75^0 68.8 r83*.3 6%6 r75.0 84. A r83.3 62.5 r83.3 7l!9 r55.6 37^5 75.0 65*.6 +1 p-59 ! r50.0 52.8 NOTE- Figures are the percent of series components rising and are centered within spans: 4-quarter indexes are centered in the middle quarter; 1-quarter indexes are placed in the 1st month of the 2d quarter. Seasonally adjusted components are used for series D61; other indexes, based on 4-quarter spans (same quarter a year ago), require no seasonal adjustment. The V indicates revised; "p", preliminary; and "NA", not available. TABLE ANALYTICAL MEASURES MARCH 7967 bed SELECTED DIFFUSION INDEXES AND COMPONENTS Basic Data 1966 1967 1966 Diffusion index title and components Jan. Feb. Mar. Apr. May Oct. Nov. Dec.r Jan. Feb.? Average weekly hours Dl. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING 1 (21 industry components) All manufacturing industries 41.4 41.5 41.5 41.5 41.5 41.3 41.3 40.9 r41.0- 40.3 Durable goods industries: Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products 42.4 41.4 41.7 42.5 41.9 42.5 42.3 41.2 41.7 42.4 41.9 42.5 42.0 41.1 41.9 42.8 41.9 42.4 42.2 41.3 41.6 42.1 41.8 42.4 42.4 41.4 42.0 41.8 42.2 42.4 42.2 40.4 41.2 41.8 42.7 42.4 42.7 40.4 41.1 41.7 42.5 42.2 42.1 40.2 40.5 42.4 41.5 42.2 42.0 r40.1r40.8 x-41.9 r41.6 r42.3 41.5 39.8 39.9 41.6 40.7 41.2 43.8 41.5 43.4 42.2 40.0 43.9 41.5 43.3 42.3 40.2 44.0 41.3 42.9 42.4 40.3 43.7 41.4 43.4 42.0 40.0 43.8 41.3 42.2 42.4 40.3 43.9 41.1 42.4 42.0 40.0 44.0 40.9 42.0 41.7 40.0 43.6 40.6 41.5 41.8 39.7 r43.7 r40.9 r41.8 41.7 r40.0 42.8 39.7 41.0 41.2 38.9 41.1 38.9 42.2 36.3 43.3 41.5 41.3 42.3 36.5 43.5 41.1 39.4 42.4 36.5 43.5 41.1 39.2 41.9 36.4 43.7 40.9 38.5 42.2 36.5 43.7 41.0 37.7 41.3 36.7 43.1 41.1 38.5 41.0 36.5 43.6 41.0 39.2 40.8 36.5 43.0 41.1 r38.5 r41.0 r36.7 r43.2 40.8 37.0 40.1 35.8 42.8 38.5 42.0 42.3 42.3 38.5 38.7 42.1 42.6 42.3 38.7 38.7 42.0 42.6 42.2 38.5 38.9 42.3 42.6 42.4 39.0 38.7 41.9 42.5 42.1 39.0 39.0 42.2 42.4 42.1 38.8 39.0 42.2 42.6 42.0 38.8 38.6 42.0 42.4 41.4 38.0 38.8 x-41.9 r41.9 r41.5 r38.4 38.6 41.4 42.3 41.0 37.5 23,027 23,960 3,588 1,834 3,677 1,737 Machinery, except electrical Electrical machinery Transportation equipment Instruments and related products Miscellaneous manufacturing industries Nondurable goods industries: Food and kindred products Tobacco manufactures Textile mill products Apparel and related products Paper and allied products Printing and publishing Chemicals and allied products Petroleum and related products Rubber and plastic products Leather and leather products Millions of dollars D6. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES1 (36 industry components) All durable goods industries 23,578 23,741 24,888 24,197 24,276 r22,364 22,190 r3,371 3,498 (NA) pi, 512 Primary metals Blast furnaces, steel mills Nonferrous metals Iron and steel foundries Other primary metals 3,603 1,776 3,994 2,141 4,057 2,104 3,905 2,037 4,305 2,331 24,244 3,817 1,881 Fabricated metal products Metal cans, barrels, and drums Hardware, structural metal and wire products . . Other fabricated metal products 2,177 2,247 2,411 2,206 2,237 2,231 2,275 2,403 p2,128 (NA) 3,529 3,538 3,553 3,647 3,675 3,582 P 3,379 (NA) 230 335 254 208 350 343 p227 (NA) 689 301 610 309 705 263 707 247 711 266 580 250 p565 p!49 (NA) (NA) 254 303 251 287 249 263 P330 (NA) Machinery, except electrical 3,317 3,427 Steam engines and turbines* 223 \ 224 Internal combustion engines * Farm machinery and equipment Construction, mining, and material handling*. . 638 617 Metalworking machinery * 272 231 Miscellaneous equipment * Machine shops Special industry machinery * General industrial machinery* Office and store machines* Service industry machinery * , 260 , 246 NOTE: Data are not shown when held confidential by the source agency. p=preliminary. r = revised. are seasonally adjusted by source agency. ^Denotes machinery and equipment industries that comprise series 24. NA = Not available. 7967 TABLE ANALYTICAL MEASURES SELECTED DIFFUSION INDEXES AND COMPONENTS— Continued Directions of Change 1-month spans 9-month spans 1966 1966 1967 1967 Diffusion index title and components Dl. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING (21 industry components) Percent rising All manufacturing industries Durable goods industries: Ordnance and accessories Lumber and wood products Furniture and fixtures Stone clay and glass products Primary metal industries Fabricated metal products Machinery, except electrical Electrical machinery Transportation equipment Instruments and related products Miscellaneous manufacturing industries Nondurable goods industries: Food and kindred products , Tobacco manufactures Textile mill products Apparel and related products Paper and allied products Printing and publishing Chemicals and allied products Petroleum and related products Rubber and plastic products Leather and leather products |I||I||||£ £ = >> ™ s i - 7 . = «5: $ - f l f f l 2 l s 5 < C o o O 2 : 50 83 76 ~t~ 4~ 33 21 O + - + 62 64 ~h 4~ - O + + -- O — + O- — -_ O + + + - + - + + - , O + + + + + + - + -- - + + + + + + - O + + + 0 - 0 + O - + + O O O + O - - - O - + 0 - - + - + - - - _ ! _ » _ > • » c a Q - « 3 —» U- S <C 36 45 36 38 10 12 O + + _ + + _ _ _ _ _ _ _ _ _ _ + + O + + + + . _ SS 0 _ _ _ _ + O - + + + - + + + + - 0 - + + - o - - - - - - + — _ o _ — — - + + + + _ — 0 — _ _ _ o — 0 - - + + 0 + - + _ + _ + _ _ _ - - - + + - + + - - - - - - + + - - - + + + --- + + + + + + --- + - + O O + + O - - - + 0 - + + - - O + - ' - --- - - + - - - 31 O r-Q C D { ^ O 3 O. — + - - - - - - - - "rZ -i_»> a T ° o o c - g O-^LI_ -f — _ O - - — + - - + _ O O + + 5 + + _ + , + 67 + - 0 - 19 O + 0 + 40 + + , 45 GO 3 1 E L ~ > <5>o:f - + O - + + - O O + + + - - O - - --- - - - - D6. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES (36 industry components) Percent rising All durable goods industries Primary metals: Blast furnaces steel mills Nonferrous metals Iron and steel foundries Other primary metals 50 51 50 60 + + -- + + _ -+ - - + + __- + + + _ + + + + _ + + + + + + + -_ Fabricated metal products: Hardware structural metal and wire products Machinery, except electrical: Steam engines and turbines* Internal combustion engines * . . . Farm machinery and equipment Construction, mining, and material handling * Metalworking machinery* Miscellaneous equipment * Machine shops Special industry machinery * General industrial machinery* Office and store machines* Service industry machinery * -0 + _ 38 50 44 + -- + -+ - + -+ -+ + - + + + + + + + _ -- - + -- + + + -_ • + + + + + + - + + + - + + + + - + + + - + + - + + + - + -- _+ + + 56 36 36 + -- + _ _ -- +- + + + -- + + + + + + - + + - + + + - + + + + + + - 0 + + + + + + + -.- + + + + + + _ ----+ - - - - + + - + + _ + + + + -- + + _ + - - + + = rising; o = unchanged;- = falling. Directions of change are computed even though data are held confidential, comprise series 24. 75 75 67 72 58 60 56 44 43 33 + + + + + + - - - - _ _ _ _ + + - - - - + + + _+ _ _ - + - + + - + + + + + + + + + --+ + --- + + + + + _ + _ _ - + + - - + + + + + • - - - 0- + + _ - - - - + + + + - + + + + + + + + + •+ + + - - + - + + -- + - + + *Denotes machinery and equipment industries that TABLE ANALYTICAL MEASURES MARCH 1967 bed SELECTED DIFFUSION INDEXES AND COMPONENTS—Continued Basic Data—Continued 1966 1966 1967 Diffusion index title and components Feb. Jan. Mar. Apr. May Oct Nov. Dec. Jan. Feb. Mar.1 Millions of dollars D6. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES 2 - Continued 3,462 Electrical machinery Electrical transmission, distr. equipment* Electrical industrial apparatus* Household appliances Radio and TV Communication equipment t Electronic components Other electrical machinery* Transportation equipment Motor vehicle parts \ 3,332 3,489 3,466 3,579 727 762 705 731 844 797 3,612 828 724 725 888 672 777 6,526 6,574 6,873 6,561 6,488 6,860 3,507 r3,358 P3,516 (NA) 794 r750 p835 (NA) 749 r675 p706 (NA) r6,540 r5,684 P 5,552 105.9 105.8 106.8 105.2 102.3 .499 .063 28.942 1.512 .469 .063 .500 .062 26.316 1.547 .459 .064 27.603 1.580 .390 .062 29.644 1.608 .149 .147 .221 .201 1.624 .150 .150 .220 .202 1.628 .151 .150 .218 .200 1.605 .211 .202 10.938 10.828 .209 .219 .061 .056 .176 10.732 .203 .049 5,714 •• ^hinhni Irlino and railrnarl Pfininmpnt-xHthpr trancnnrt atinn pmiinmpnt Instruments, total Lumber, total Furniture total Stone clay and glass total Other durable goods, total D23. INDEX OF INDUSTRIAL MATERIALS PRICES3 (13 industrial materials components) Industrial materials price index Index: 1957-59 = 100 123.5 121.5 118.3 .586 .522 .076 .073 35.262 37.719 1.791 1.847 .150 .149 .161 .159 .297 .294 .207 .207 1.726 1.724 .632 .078 36.019 1.808 .620 .082 31.479 1.770 .586 .075 30.384 1.678 .150 .170 .292 .205 1.762 .151 .169 .291 .215 1.787 .206 11.663 .252 .080 .237 11.420 .257 .073 120.5 122.9 106.3 Dollars Copper scrap (Ib.) Lead scrap (Ib.) Steel scrap (ton) Tin (Ib.) Zinc(lb) Burlap (yd.) Cotton (Ib.), 15-market average Print cloth (yd ) average Wool tops (Ib ) Hides (Ib ) Rosin (100 Ib ) Rubber (Ib ) Tallow (Ib ) • D54. SALES OF RETAIL STORES2 (23 retail store components) All retail sales Grocery stores Other food stores Eating and drinking places Department stores Mail order houses (department store merchandise). Variety stores Other general merchandise stores Men's and boys' wear stores .232 11.535 .259 .077 .493 .065 29.442 1.519 .150 .151 .140 .163 .222 .291 .212 .217 1.811 1.648 .207 .212 11.341 11.103 .239 .235 .072 .071 .164 10.872 .216 .062 .148 .141 .222 .211 1.640 .170 10.872 .215 .056 28.882 1.528 .148 .143 .221 .208 1.633 .180 10.905 .223 .061 Millions of dollars r25,08l 25,049 25,536 24,949 5,278 5,359 5,391 5,467 5,431 5,452 1,879 2,119 243 451 1,915 2,127 223 457 1,935 2,119 220 459 1,924 2,099 224 453 1,910 2,113 216 467 1,974 2,195 229 484 1,979 2,273 238 503 289 289 277 279 283 294 303 24,475 25,550 25,610 r25,368 r25,703 p25,277 (NA) 5,437 r5,376 p5,412 r2,019 p2,051 r2,l62 p2,234 216 p220 r475 P4B3 r282 P313 (NA) (NA) (NA) (NA) (NA) NOTE: Data are not shown when held confidential by the source agency. *Denotes machinery and equipment industries that comprise series 24. t These indus tries plus ordnance comprise series 99. NA-Not available. p = preliminary. r = revised. 1 Average for March 16, 17, and 20. ^Data are -seasonally adjusted by the source agency. 3 Series components are seasonally adjusted by the Bureau of the Census, (See "Seasonal and Related Statistical Adjustments," page http://fraser.stlouisfed.org/ 2.) Industrial materials price index is not seasonally adjusted. Federal Reserve Bank of St. Louis bed TABLE ANALYTICAL MEASURES MARCH 1967 SELECTED DIFFUSION INDEXES AND COMPONENTS—Continued Directions of Change—Continued 1-month spans 9-month spans 1967 1966 1967 1966 Diffusion index title and components D6. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES- Continued Electrical machinery: Electrical transmission, distr. equipment * ., Household appliances , Radio and TV Communication equipment! . Electronic components Other electrical machinery*. Transportation equipment: Motor vehicle parts Motor vehicle assembly operations .. Cpmplete aircraftt Aircraft partst Shipbuilding and railroad equipment*. Other transportation equipment Instruments, total Lumber, total ...!!!.'!!!!!!.'!."!.".'.' Furniture, total Stone, clay, and glass, total Other durable goods, total D23. INDEX OF INDUSTRIAL MATERIALS PRICES2 (13 industrial materials components) Percent rising Industrial materials price index + 42 46 62 27 o + - Copper scrap (Ib.). Lead scrap (Ib.) .. Steel scrap (ton).. Tin(lb.) Zinc(lb.) Burlap (yd.) Cotton (Ib.), 15-market average Print cloth (yd.), average Wool tops (Ib.) Hides (Ib.) Rosin (100 Ib.) Rubber (Ib.) Tallow (Ib.) D54. SALES OF RETAIL STORES (23 retail store components) 30 Percent rising All retail sales « Grocery stores Other food stores Eating and drinking places Department stores Mail order houses (department store merchandise).. Variety stores Other general merchandise stores Men's and boys' wear stores 96 48 48 0 19 31 58 46 61 44 70 41 54 23 83 44 54 62 83 85 78 78 1 Average for March 16, 17, and 20. Directions of change are computed before figures are rounded. 0 54 31 15 83 78 76 65 78 0 78 o + = rising; o = unchanged;- = falling. Directions of change are computed even though data are held confidential, comprise series 24. tThese industries plus ordnance compri se series 99. 2 62 *Denotes machinery and equipment industries that TABLE ANALYTICAL MEASURES bed MARCH 1967 SELECTED DIFFUSION INDEXES AND COMPONENTS—Continued Basic Data—Continued 1966 1966 1967 Diffusion index title and components Jan. Feb. Mar. Apr. May Oct. Dec.r Nov. Jan. P Feb. Millions of dollars D54. SALES OF RETAIL STORES1- Continued Women's apparel accessory stores Family and other apparel stores Shoe stores Furniture home furnishings stores Household appliance TV radio stores Lumberyards building materials dealers Hardware stores Farm equipment dealers Passenger car and other automotive dealers Tire battery accessory dealers Gasoline service stations Drug and proprietary stores Liquor stores Jewelry stores Other durable-goods stores Other nondurable-goods stores . . 570 594 569 579 578 589 573 536 586 (NA) 240 759 378 896 253 240 730 405 862 252 232 765 405 895 255 223 741 379 797 237 232 734 372 752 238 232 766 402 724 247 242 775 416 737 249 233 741 425 747 250 251 785 423 794 263 (NA) (NA) (NA) (NA) (NA) 4,610 274 1,907 806 560 4,504 277 1,907 806 561 4,822 299 1,907 816 559 4,302 278 1,927 843 564 4,017 271 1,920 831 560 4,618 303 1,926 859 561 4,445 316 1,939 876 570 4,445 300 1,915 892 564 4,293 308 1,929 887 593 (NA) (NA) (NA) (NA) (NA) } - Apr. May June 1967 1966 1966 Aug. July Oct. Nov. Dec.r Jan. r 65,372 65,495 142 137 536 533 380 381 507 516 1,078 1,090 1,070 1,074 1,353 1,363 1,357 1,363 1,370 1,369 287 287 358 353 Feb.? Thousands of employees D41. NUMBER OF EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS1 (30 industry components) Ail nonagricultural establishments Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products Machinery Electrical equipment Transportation equipment Instruments and related products Miscellaneous manufacturing industries 63,350 114 554 374 521 1,066 1,049 1,284 1,297 1,344 270 353 63,517 118 546 379 516 1,070 1,046 1,299 1,308 1,351 273 355 63,983 120 550 381 515 1,086 1,048 1,312 1,327 1,358 276 355 64,072 122 543 378 515 1,090 1,043 1,331 1,320 1,324 277 350 64,199 124 542 382 512 1,100 1,060 1,338 1,353 1,353 278 353 64,466 128 529 381 507 1,102 1,062 1,346 1,363 1,392 280 352 64,823 131 530 385 507 1,103 1,074 1,348 1,358 1,395 281 355 65,076 133 529 384 511 1,092 1,075 1,360 1,355 1,392 285 355 Food and kindred products Tobacco manufactures Textile mill products Apparel and related products Paper and allied products Printing and publishing Chemicals and allied products Petroleum and related products Rubber and plastic products Leather and leather products 1,163 74 847 1,239 518 647 559 113 395 319 1,154 73 850 1,257 519 648 564 113 396 319 1,166 74 854 1,268 525 654 578 115 403 316 1,165 73 850 1,232 530 656 577 115 403 307 1,170 68 856 1,239 528 659 582 115 406 312 1,156 66 847 1,246 525 659 576 114 409 310 1,186 74 847 1,250 531 662 581 115 413 310 1,184 74 848 1,251 530 666 582 115 417 308 1,188 77 846 1,258 530 673 583 115 417 306 1,183 73 837 1,240 533 674 584 114 414 302 Mining Contract construction Transportation and public utilities Wholesale trade Retail trade 595 3,333 4,114 3,434 9,694 628 3,238 4,132 3,445 9,719 632 3,300 4,143 3,470 9,747 636 3,297 4,122 3,483 9,773 636 3,251 4,105 3,483 9,781 625 3,202 4,165 3,486 9,854 624 3,204 4,195 3,505 9,888 626 3,293 4,196 3,515 9,877 627 3,301 4,233 3,533 9,966 625 3,357 4,230 3,538 9,962 NOTE: Data are not shown when held confidential by the source agency. •"•Data are seasonally adjusted by the source agency. NA = Not available. p=preliminary. r=revised. MAKCH J967 TABLE ANALYTICAL MEASURES SELECTED DIFFUSION INDEXES AND COMPONENTS— Continued Directions of Change—Continued 9-month spans 1-month spans Diffusion index title and components CD c-o CD 00 "=3 5- Jf CD o 00 o 9 o I 0 oo c TO CD k Q 1967 1966 1967 1966 §- s 00 00 o -^ g- 0 "o 0 o TO 1 o CD Q c= 1 Q. -Q £ D54. SALES OF RETAIL STORES - Continued Women's apparel accessory stores Family and other apparel stores Shoe stores Furniture, home furnishings stores Household appliance, TV, radio stores Lumber yards, building materials dealers Hardware stores Farm equipment dealers Passenger car and other automotive dealers Tire, battery, accessory dealers Gasoline service stations Drug and proprietary stores Liquor stores Jewelry stores Other durable-goods stores Other nondurable-goods stores 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- o 4- 44- 4- 4- 4- 4- 44- 1 ~ 4- 4- + 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- - 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 44- D41. NUMBER OF EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS (30 industry components) Percent rising All nonagricultural establishments Ordnance and accessories Lumber and wood products Furniture and fixtures Stone clay and glass products Primary metal industries Fabricated metal products Machinery Electrical equipment Transportation equipment Instruments and related products Miscellaneous manufacturing industries Food and kindred products Tobacco manufactures Textilp mill products Apparel and related products Paper and allied products Printing and publishing Chemicals and allied products Petroleum and related products • Rubber and plastic products Leather and leather products . •• Mining Contract construction Transportation and public utilities Wholesale trade Retai 1 trade + = rising; o = unchanged; 1 £ <c s j 77 92 4.8 4- 4- 4- 4- + cp 00 4- 4- 4- 4- 4- + 4- 4- 4- 4- 0 4- 4- 4- 4- 44- O 4- 44- 4- 4- 4- 4- 4- 1 00 4- 4- 4- 4- 4- 4- 4- 4- 4- -h 4- 4- 4- O 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- TO CD SE o £ 5 =3 t 00 3 Q 5 CD LJ_ 75 4-0 92 87 8$ 82 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- O 0 4- 4- 4- 4- 4- 4- 44- 4- 4- 4- 4- 4- 4- 4- 4- 4- 0 4- 4- 4- 4- 0 O 4- 4- 4- 4- 4- 4- 4- 4- 44- + 4- 0 4- - 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- -h 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 0 4- 4- 4- 4- 4- 0 4- 4- 4- 4- 4- 4- 4- 4- O 4- 4-' 4- 4- 4- + 4- 4- 44- 4- 4- o 4- 4- 4- 0 O 4- 4- - 4- 4- -1- 4- 4- 0 4- 4- 4- 4- + O 4- O 4- 4- 4- 4- 0 4- 4- 4- 4- 44- 4- O 4- 0 4- 4- 4- 4- O 4- 4- 4- 4- 4- f 4- 44- 4- 4- O 4- 72 4- 4- 0 82 4- 4- 4- oo 4- 4- 0 4- + 4- 4- 72 4- 44- 4- 75 4- 4- 4- 75 + - O S M =3 4- 4- 4- O 73 O O 4- "S. Q CD 0. 4- 4- O 4- 4- O J 4- 4- 4- o "o I 9 4- + 44- 1967 1966 4- 4- 4- 4- 63 4- 4- 4- 4- 4- + 4- 4- 4- 88 4- O 4- 4- 4- 44- 0 0 44- 4- 75 4- 4- 4- 4- 23 o 44- 4- 4- 4- 73 O 4- 4- 4- 6-month spans 4- 4- 44- 44- o 0 44- 44- 4- CD "o oo 4-t- 4- 1967 00 Z3 =J 4- 4- 4- 1966 CD 4- 4- O 4- 4- 44- 4- 4- 1-month spans TO 4- 4- O 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- + 4- 4- 4- 4- 44- 4- 4- 4- 4- 4- 44- 4- 4- 4- 44- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 44- 4- 4- 4- 4- 4- 4- 4- 0 O 4- 4- 4- 4- 4- 4- 44- 4- 4- 4- 44- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 4- 0 4- 4- • 4- 4- 4- - = falling. Directions of change are computed even though data are held confidential. 44- 4- 44- O TABLE ANALYTICAL MEASURES MARCH 1967 bed SELECTED DIFFUSION INDEXES AND COMPONENTS—Continued Basic Data—Continued 1966 Apr. May June 1967 1966 July Aug. Oct. Nov. Dec. Feb. Jan. Thousands of employees D41. NUMBER OF EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS1-^ Finance insurance real estate Service and miscellaneous Federal government State and local government 3,068 9,484 2,501 8,204 3,076 9,515 2,523 8,239 3,090 9,549 2,571 8,314 3,095 9,609 2,601 8,328 D47. INDEX OF INDUSTRIAL PRODUCTION1 (24 industry components) All industrial production Durable goods: Primary and fabricated metals Primary metal products Fabricated metal products Machinery and related products Machinery except electrical Electrical machinery Transportation eouipment Instruments and related products Clay glass and lumber Clay glass and stone products Lumber and products Furniture and miscellaneous Furniture and fixtures Miscellaneous Nondurable goods: Textiles apparel and leather Textile mill products Apparel products Leather and products Paper and printing Paper and products Printing and publishing Chemicals and products Minerals: pnal PrnHp nil anH natural OA^ 3,100 9,647 2,610 8,324 3,102 9,712 2,615 8,393 3,110 9,778 2,621 8,483 r3,121 r9,821 2,629 r8,553 r3,129 r9,870 r2,662 r8,582 P3,137 p9,914 P 2,686 p8,642 Index: 1957-59=100 153.9 155.3 156.5 157.2 158.0 158.9 158.6 r!59.0 rl58.0 P155.9 142.4 161.4 146.5 162.9 148.0 161.8 148.6 162.1 148.7 161.4 145 !o 164.2 138J4 rl64.7 rl36.2 rl68.6 rl32! 7 rl66.7 P132 pl65 174.5 184.1 165.9 174.6 177.7 184.4 165.8 176.4 180 ! 3 186.0 167.1 176.5 184.7 189.1 166.0 177.0 186! 7 193.4 166.0 177.4 189!9 192.6 174.6 181.8 188.2 190.1 172.9 181.4 rl9o!4 r!88.3 rl71.5 r!84.6 r!9l!5 187.6 rl64.8 186.7 - nil 9 139.5 122.7 141.0 122.9 138^5 119.9 140.5 111.3 137!8 111.3 rl36." 5 109.5 r!36!9 rI12.8 1-137'. o 130.7 pl!4.1 pi 86 p!85 P159 pi 84 p!27 p!37 (NA) 169.6 157.2 173.8 159.5 174.6 159.3 169.' 7 157.2 175.3 158.7 175L 2 157.2 173! 9 158.5 174.0 rl60.9 r!72.4 160.7 p!70 P158 143! 5 150.3 115.5 143.7 149.9 112.1 144.0 152.0 114.2 143.4 149.7 111.1 142.1 147.7 110.4 142.4 148.1 113.9 rl4l'.8 149.3 rllO.8 rH1.5 pl50.3 pllO.4 rl38.8 p!38.5 (NA) (NA) 150.2 138.6 153 *.0 142.1 154.1 144.1 156.2 144.8 153*.i 145.3 153L3 144.1 153.7 144.7 r!52.6 r!43.7 187.7 127.7 186.9 191.4 127.4 184.3 192.7 127.7 184.1 194.5 126.9 188.7 194.4 128.5 190.3 196 .*9 131.2 199.2 rl99! 4 129.1 202.0 r!98.7 r!28.8 p202.7 127.8 115.8 126.1 117.9 127.1 122.7 128.1 116.5 129 '.2 119.9 127.5 116.9 129.7 pl!7.2 r!32.0 P119.3 p!52.8 r!45.7 r!87.4 p!99.8 p!28.5 (NA) r!30.6 p!31.6 (NA) P136. (NA) (NA) (NA) P149 (NA) P147 P186 (NA) (NA) (NA) pL30 (NA) (NA) 85.3 117.0 116.9 119.1 120.7 119.3 120.8 119.2 120.7 119.6 121.5 119.5 114.0 rl!9.3 125.2 rl!8.9 120.7 120.6 139.7 130.9 133 '.6 127.5 134 '.2 133.3 134.0 133.7 132.1 133.8 129.4 130.3 133.0 133.4 r!34.8 r!39.3 p!38!Z P137.7 pLl6 pL20 pL37 (NA) (NA) 105.1 105.5 105.6 106.0 106.4 106.3 106.2 106.2 p!06.5 (NA) 108.2 98.6 102.2 102.1 109.1 98.9 102.4 101.9 107.0 98.8 102.5 102.2 105.5 99.0 102.9 102.2 105.1 99.1 102.8 102.5 105.1 99.7 103.1 102.5 103.9 100.3 103.2 102.8 103.7 100.5 103.5 102.9 r!03.7 rlOO.4 r!03.7102.8 104.2 100.5 103.7 103.2 D58. INDEX OF WHOLESALE PRICES, ALL MANUFACTURING 2 (23 manufacturing industries) All manufacturing industries Durable goods: Lumber and wood products Furniture and other household durables Nonmetallic mineral products Iron and steel NOTE: Data are not shown when held confidential by the source agency. x NA-Not available. preliminary. r = re vised. Data are seasonally adjusted by the source agency. ^Series components are seasonally adjusted by the Bureau of the Census. (SeeSeasonal and Related Statistical Adjustments," page 2.) All manufacturing industries index is not seasonally adjusted. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis fccc/ MARCH 1967 TABLE ANALYTICAL MEASURES SELECTED DIFFUSION INDEXES AND COMPONENTS—Continued Directions of Change—Continued 6-month spans 1-month spans 1966 f 1 ^ <?" 2E D41. NUMBER OF EMPLOYEES (N NONAGRICULTURALESTABLISHMENTS-Con. Finance, insurance, real estate Service and miscellaneous Federal government State and local government D47. INDEX OF INDUSTRIAL PRODUCTION (24 industry components) Percent rising1 All industrial production Durable goods: Primary and fabricated metals Primary metal products Fabricated metal products Machinery and related products Machinery except electrical Electrical machinery Transportation equipment Instruments and related products Clay glass and lumber Clay, glass, and stone products Lumber and products Furniture and miscellaneous Furniture and fixtures Miscellaneous Nondurable goods: Textiles apparel, and leather Textile mill products Apparel products Leather and products Paper and printing Paper and products Printing and publishing Chemicals petroleum and rubber Chemicals and products Petroleum products Rubber and plastics products Foods beverages and tobacco Foods and beverages Tobacco products Minerals: Coal Crude oil and natural gas Metal stone and earth minerals Metal mining Stone and earth minerals 0 3 & 1 I I • j Q 1 1 £ ^ cio "S. •< c/3 HC) Z C= CU 1967 1966 1967 Diffusion index title and components J3 <D >% 11 ^ exo —\ u_ I 0 -^ 1 1 5 1"S + + + + - + + + + + + + + O + + + + + + 58 38 + 6 -- 92 + -- + + + + + + + + + + + + + + + + + + + + 4- - O + 4 - 4 - 4 - 4 - 4 0 4 - + ' 4 - 4 - 4 - 58 + - 4 - 4 - + 88 46 60 40 + + + - 60 50 + - + + + - + + + - + + + + + + + + + + + + t+ o + + + + + + + + - + + - + - + - + + + - + 4 - - 4 - - + - -0 - + + - + + + + + + + + + + 4- + 88 71 75 + + + 62 + 65 + + + + + + + + + + + + + + + + + + + + + o + NA + + + + + + + + -- + + + + 8 1 ct « £ » ^ w i3 S -=3 =3 = + + + + 4 - 4 - 4 - 4 - + + + + * + - + + + + + + + + 4+ + - + + + -NA + NA NA + - + + + + + + -- + + - + O - + + + + -- 74 + 78 + 52 + + + - - NA + o + + + + + + + - + + + + + + + + + + + + 4+ + - + + + 4- -+ + 38 - + + + - 58 + + + + + + + -+ NA + + o + -+ NA --NA + + NANA + + - 58 5 4 + + + + + + + + + 4- + -- + + + + -+ + + - + + + + + + + + + + + + + + + + + + + + + + + + + + + NANA - NANA N A + + ;; - + - + + - + - + - - -- - - + + - + + + + + - - NA NA NA NA NA + t- - - NA + + + + + + + + + NA + NA NA NA + 4- 4- + + -- + + - + + + + + + + NA - NA + + + + 44 54 61 65 58 75 O - - O + N A 96 + - - + - + + + + + + 4- 4- - + - + NA NA NA + + + + - + + + + + NA + NA 55 70 + NA + D58. INDEX OF WHOLESALE PRICES, ALL MANUFACTURING (23 manufacturing industries) Percent rising All manufacturing industries Durable goods: Lumber and wood products Furniture and other household durables Nonmetallic mineral products Iron and steel 72 + •• 89 9 6 + + + - - - + - - - + + + + + + + + - + + + + + + + + + + o 4- + - + 0 + + - + + - + + + + + 0 91 83 + + 70 + 70 + 63 + + + + + + + + + + + + + 4- + + + + 4- + + + + + + + + = rising; o = unchanged; - = falling. NA=Not available. •'•The percent rising is based on 24 industry components. Where actual data for separate industries are not available, estimates are used to compute the percent rising. Directions of change for the most recent spans are computed "before figures for the current month are rounded. S3 TABLE ANALYTICAL MEASURES MARCH 1967 bed SELECTED DIFFUSION INDEXES AND COMPONENTS—Continued Basic Data—Continued 19 67 1966 1966 Diffusion index title and components Apr. May June July Aug. Oct. Jan.*1 Nov. Dec. 120.0 104.7 113.2 112.0 107.8 100.6 101.7 118.1 120.4 104.9 113.1 112.3 108.3 101.4 101.7 119.0 121.9 104.7 113.5 112.6 108.6 102.0 101.6 2 106.2 122.7 104.9 113.1 113.0 108.7 101.8 101.6 2 107.1 111 0 110 3 102.4 104 9 86 9 105.4 2 2 Feb. Index: 195 7-59 - 100 D58. INDEX OF WHOLESALE PRICES, ALL MANUFACTURINGMontinued Durable goods-Continued Miscellaneous metal oroducts Mi^rpll A>npnii^ mp>rhinprv» Nondurable goods: Processed foods Tobacco products and bottled beverages Cotton products Wool products Manmade fiber textile products Apparel Pulp, paper, and allied products Chemicals and allied products Petroleum products refined Rubber and rubber products Hides, skins, leather, and related products p = preliminary. 1 122.5 103.5 110.7 108.6 105.7 122.4 103.8 111.0 109.3 105.9 123.3 104.1 111.4 109.9 106.0 123.6 104.3 111.6 110.3 106.2 99.2 120.6 104.2 112.6 110.8 106.2 99.2 119.9 104.6 112.7 111.7 107.4 98.5 98.5 98.7 100.3 113.0 101.0 117.3 100.5 117.7 100.6 120.9 100.5 121.8 101.7 118.6 111 8 109.6 102.2 106 2 111 8 109.5 102.8 106 4 110.6 109.8 103.1 106.5 111 0 109.9 103.4 107 0 113 7 109.9 103.8 106 8 111 7 109.9 103.4 105 7 99.5 90.5 89.7 89.8 89.8 88.4 105.0 105.1 104.8 104.8 104.8 105.1 110 1 110 0 102.9 105 1 87 8 105.4 102.2 102.7 103.0 103.5 103.5 103.0 103.0 97.4 98.6 95.4 97.6 98.1 99.6 95.7 98.2 97.9 98.0 101 9 101 2 99 5 95.4 97.6 99.6 95.9 121.2 122.7 122.7 122.2 98 3 89.8 101.6 95.4 120.8 111.8 (NA) (NA) 102.2 104.4 101.4 104.5 87.2 87.2 105.8 106.1 103.0 103.0 103.1 98.3 102 0 94.4 94.6 94.9 98.3 99.0 95.3 118.0 117.3 117.3 118.5 98.4 95.7 119.0 r = revised. Data are seasonally adjusted by the Bureau of the Census. (See "Seasonal and Related Statistical Adjustments," page 2.) 2 Data for January and February 1967 are not comparable to the data for the earlier months. http://fraser.stlouisfed.org/ 54 Federal Reserve Bank of St. Louis 112.0 Basic data for components of diffusion index D19, Index of stock prices, 500 common stocks, and of diffusion index D5, Initial claims for unemployment insurance, State programs, are not available from the Census Bureau. 1967 TABLE ANALYTICAL MEASURES SELECTED DIFFUSION INDEXES AND COMPONENTS— Continued Directions of Change—Continued 6-month spans 1-month spans 1966 Diffusion index title and components 1966 1967 £ i f f t 3 l « 5 £ Q- TO "^ = Z3 Q} O O CD (Q _ + 1967 f l t f l g l M l I s l f f l f f l t f D58. INDEX OF WHOLESALE PRICES, ALL MANUFACTURING-Continued Durable goods-Continued Nonferrous metals Fabricated structural metal products Miscellaneous metal products, General purpose machinery and equipment Miscellaneous machinery Electrical machinery and equipment Motor vehicles and equipment Miscellaneous products Nondurable goods: Processed foods Tobacco products and bottled beverages Cotton products Wool products Manmade fiber textile products Pulp paper and allied products + + + - + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + o + + + + + + + + + NANA + NA + N A N A + + + + + + + + + + + + + NA NA + NANA + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ~ t " ~ H + O + + + + + O + + O + +• + + — + + + — + — _ - ( _ - o - + + + + 0 - + + + — + + + o o — + + + O — + 0 + + + 0 + - + --- + O — — — — — + o + CD D19. INDEX OF STOCK PRICES, 500 COMMON STOCKS1 (23 industry components)2 Percent rising 3 Index of 500 stock prices Coal bituminous Food composi te Tobacco (cigarette manufacturers) Texti le products Paper Publ ishing Chemicals -^ O + + + + - 9-month spans 1966 1966 1967 •*- •«-• 23 38 6 4 — — — — — - + + - Oil composite Building materials composite Steel Metal fabricating Machinery composite Office and business equipment Electric household appliances _ _ _ _ -_ _ -- + _ + _ + _ _ _ _ --_ _ --- Electronics Automobiles Radio and television broadcasters + _ _ + Electric companies Natural gas distributors. Retai 1 stores composite Life insurance -— 25 _ — _ _ + + --+ — + _ - _ _ — - + _ _ _ 88 60 91 92 + + + + + + + — + + + + + + + + + + + + _ _ + + _ + + + _ + + + + + + + + + 52 "Q. 4A * 38 l > > 22 - 1967 O 12 c - 6 Q 10 + — ^ - i l > i 22 20 47 + + + + + + _ _ _ + _ _ _ _ _ + + + + _ + + + + + + _ _ _ + + _ _ _ + f _ _ _ + _ _ _ _ + _ + + + - + _ _ _ _ _ _ _ _ _ + _ + _ + _ + _ + _ + _ _ + _ + _ _ + _ + _ _ + _ + _ + _ + _ + + _ + + + _ _ _ + + + + + _ + + — + + + + + + + + + + + + _ + _ _ + _ + _ _ _ _ + + _ + _ _ _ _ _ - - + + + + _ + + + + _ - - + _ + 0 GO 4 0- + -- + + 1-month spans txo + + 0 — +NA OOO - + + + — + + + _ _ _ --_ - - , - _ _ _ _ _ _ _ _ _ + 0 _ + + + = rising; o = unchanged;- = falling. •'•Data are not seasonally adjusted. The 23 components shown here include 18 of the more important industries and 5 composites the industries used in computing the diffusion index in table 4. 3 Based on 77 components. 2 representing an additional 23 of 55 TABLE ANALYTICAL MEASURES MARCH 1967 bed SELECTED DIFFUSION INDEXES AND COMPONENTS—Continued Directions of Change—Continued 9-month spans 1-month spans 1966 1967 1967 1966 Diffusion index title and components 8- D5. INITIAL CLAIMS FOR UNEMPLOYMENT INSURANCE, STATE PROGRAMS1 (26 area components) Percent rising 47 labor market areas. Northeast region: Boston (7) Buffalo (19) Newark (11) New York (1) Paterson (20) Philadelphia (4) Pittsburgh (9) Providence (25) North Central region: Chicago (2) Cincinnati (21) Cleveland (10) Columbus (26) Detroit (5) Indianapolis (23) Kansas City (18) Milwaukee (15) Minneapolis (13) St. Louis (8) South region: Atlanta (17) Baltimore (12) Dallas (16) Houston (14) West region: Los Angeles (3) Portland (24) San Francisco (6) Seattle (22) 46 57 17 72 81 47 28 55 17 92 74 45 68 77 79 81 34 34 23 - = rising; o = unchanged; + = falling. The signs are reversed because this series usually rises when general business activity falls and falls when business rises. Data used are tor the week including the 12th of the month. •"•Series components are seasonally adjusted by the Bureau of the Census "before the direction of change is determined. (See "Seasonal and Related Statistical Adjustments/' page 2.) The percent rising is based on 47 labor market areas. Directions of change are shown separately for only the 26 largest areas. The number in parentheses indicates the size rank for each labor market area. http://fraser.stlouisfed.org/ Federal Reserve 56 Bank of St. Louis Section THREE charts and tables REFERENCE CYCLES Current expansion compared wifh expansions in earlier business cycles PERCENT CHANGES FOR CURRENT AND EARLIER EXPANSIONS Percent of reference peak levels Percent change from reference trough levels S7 CHART MARCH 1967 CYCLICAL COMPARISONS bed COMPARISONS OF REFERENCE CYCLES PERIOD COVERED Nov. 1948 to Aug. 1954 (Reference trough: Oct. 1949) July 1953 to Apr. 1958 (Reference trough: Aug. 1954) July 1957 to Feb. 1961 (Reference trough: Apr. 1958) Reference trough dates —— May 1960 to present (Reference trough: Feb. 1961) Reference trough dates 23. Industrial materials prices 17. Ratio, price to unit labor cost, mfg. 24. New orders, mach and equip, indus. 19. Stock prices, 500 common stocks -12 -6 0 +6 -1-12 +18 -h24 +30 +36+42 +48 +54 460 +66472 Months from reference troughs -12 -6 I +6 +12 +11 +24 +3fl +36 +42 +48 +54 +60 +66472 Months from reference troughs Table 2 shows latest month in current (1961) expansion. Changes for this month and comparable months of previous expansions are shown in table 6. Various scales are used. Scale L-1 is a logarithmic scale with 1 cycle in a given distance; scale L-2 is a logarithmic scale with 2 cycles in that distance, etc. *Reference peak level. ^T Point at which this expansion reached a new reference peak. http://fraser.stlouisfed.org/ 58 of St. Louis Federal Reserve Bank OPoint at which a new reference trough was reached. bed MARCH 7967 CYCLICAL COMPARISONS CHART COMPARISONS OF REFERENCE CYCLES—Continued I M11111II111 PERIOD COVERED Nov. 1948 to Aug. 1954 (Reference trough: Oct. 1949) - Reference trough dates July 1953 to Apr. 1958 (Reference trough: Aug. 1954) July 1957 to Feb. 1961 (Reference trough: Apr. 1958) — May 1960 to present (Reference trough: Feb. 1961) Percent 43. Unemployment rate, total (percent unemployed, inverted)1 11. Employees in nonagri establishments Percent 115 55. Wholesale prices exc. farm prod, and foods 95 -12-6 0 +6 +12 +18 +24 +30 +36 +42 +48 +54 +60 +66+72 Months from reference troughs -12-6 0 +6 +12+18 +24 +30 +36 +42 +48 +54 +60+66+72 Months from reference troughs Table 2 shows latest month in current (1961) expansion. Changes for this month and comparable months of previous expansions are shown in table 6. Various scales are used. Scale L-l is a logarithmic scale with 1 cycle in a given distance; scale L-2 is a logarithmic scale with 2 cycles in that distance, etc^Lines represent actual data rather than percentages of reference peak levels. *Reference peak level. -^Point at which this expansion reached a new reference peak. O Point at which a new reference trough was reached. 59 CHART MARCH 1967 CYCLICAL COMPARISONS bcc COMPARISONS OF REFERENCE CYCLES—Continued Perc PERIOD COVERED 4th Q. 1948 to 3rd Q. 1954 (Reference trough: 4th Q. 1949) Reference trough dates 2nd Q. 1953 to 2nd Q. 1958 (Reference trough: 3rd Q. 1954) - 3rd Q. 1957 to 1st Q. 1961 (Reference trough: 2nd Q. 1958) . 2nd Q. 1960 to present (Reference trough: 1st Q. 1961) |M,M|,,,M|.MM 22 201 Percent 61. Business expenditures, new plant and equipment —Reference trough dates 18C 160 140 120 100 140 135 130 67. Bank rates on 125 short-term business loans 120 115 110 105 100* 95 90 l l l l l H i l l I l l l l l l M i l II I -12 -6 0 +6 +12 4-18 +24 +30 +-36 +42 +48 +-54 +60 +66-+-72 Months from reference troughs -12 -6 0 +6 +12 +18 +24 +30 +36 +42 +48 +54 +60+66+72 Months from reference troughs Table 2 shows latest quarter in current (1961) expansion. Changes for this quarter and comparable quarters of previous expansions are shown in table 6. Various scales are used. Scale L-l is a logarithmic scale with 1 cycle in a given distance; scale L-2 is a logarithmic scale with 2 cycles in that distance, etc. O Latest data anticipated. *Reference peak level. ^ Point at which this expansion reached a new reference peak. O Point at which a new reference trough was reached. 60 bed MARCH 1967 CYCLICAL COMPARISONS CHART COMPARISONS OF REFERENCE CYCLES—Continued 'I PERIOD COVERED Nov. 1948 to Aug. 1954 (Reference trough: Oct. 1949) July 1953 to Apr. 1958 (Reference trough: Aug. 1954) I I |'""|' MI T — Reference trough dates 95. Surplus or deficit, National income and product acct., July 1957 to Feb. 1961 (Reference trough: Apr. 1958) . I + 20 acct. (ann. rate, bil. dol.)1 May 1960 to present (Reference trough: Feb. 1961) I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I MI I I I MMI I MI I I I I I I I I I I I I I I I I I IJII Percent + 15 Reference trough dates + 10 62. Labor cost per unit of output, mfg +5 -5 -10 +12 98. Change in money supply and time deposits (ann. rate, percent. 6-term moving avg.)1 + 10 64. +8 Book value of mfrs'. inventories +6 +4 +2 -2 J -12-6 90 0 +6 +12 -t-18 +24 +30 +36 +42 +48 +54 +60 +66 +72 Months from reference troughs -12-6 0 +6 +12+18 +24 +30 +36 +42 +48 +54 +60+66 +72 Months from reference troughs Table 2 shows latest month in current (1961) expansion. Changes for this month and comparable months of previous expansions are shown in table 6. Various scales are used. Scale L-l is a logarithmic scale with 1 cycle in a given distance; scale L-2 is a logarithmic scale with 2 cycles in that distance, etc. z Lines represent actual data rather than percentages of reference peak levels. *Reference peak level. ^ Point at which this expansion reached a new reference peak. O Point at which a new reference trough was reached. 61 TABLE CYCLICAL COMPARISONS MARCH PBB| COMPARISONS FROM REFERENCE PEAK LEVELS AND REFERENCE TROUGH DATES Percent of reference peak prior to reference expansion beginning in- Month after reference troughI Feb. 1961l Apr. 1958 Aug. 1954 Oct. 1949 June 1938 x (i) (2) (3) (4) (5) (6) 71st 71st 101.1 118.9 169.0 100.3 103.6 U5.6 110.5 102.3 102.8 122.2 153.4 113.1 164.0 72d 98.3 80.1 79.6 110.6 7 Private nonfarm housing starts 9. Construction contracts, 2commercial and industrial floor space 13 New business incorporations 14. Liabilities of business failures (inverted) 72d 85.8 107.1 88.2 71st 71st 124.5 108.7 110.0 130.0 72d 81.4 63.6 16 Corporate profits after taxes (Q), 17. Ratio, price to unit labor cost, manufacturing . . 19 Stock prices 500 common stocks 23 Industrial materials prices 24. New orders, machinery and equipment industries 29 New building permits private housing 69th 173.4 102.3 158.2 101.1 147.9 106.9 Selected series NBER LEADING INDICATORS 1. Average workweek of production workers, 72d 71st 72d 72d 72d 72d 81.2 98.7 80.8 113.8 100.3 113.9 108.5 120.3 102.7 Mar. 1933 Nov. 1927 July 1924 July 1921 (7) (8) (9) (10) 100.8 338.9 330.3 74.2 51.3 80.0 74.2 91.3 97.6 39.3 49.2 109.1 147.4 112.0 30.7 58.3 70.6 131.4 161.2 127.3 137.8 77.0 135.9 121.1 56.2 55.7 (NA) 51.1 63.3 113.5 112.0 567.5 93.7 111.2 98.7 116.1 42.8 77.6 17.7 119.3 100.5 199.7 107.8 129.7 85.7 98.2 97.9 63.2 (NA) 54.0 98.2 (NA) (NA) 128.3 101.9 (NA) 150.2 83.7 (NA) (NA) 104.0 90.7 (NA) 116.7 113.7 96.6 (NA) 106.9 112.1 65.0 158.9 79.1 148.6 116.1 227.9 (NA) 78.0 113.0 (NA) (NA) 90.2 104.9 (NA) 231.2 96.6 (NA) (NA) (NA) 87.6 33.3 (NA) 98.2 67.4 (NA) (NA) NBER ROUGHLY COINCIDENT INDICATORS 41. Employees in nonagricultural establishments . . . 43. Unemployment rate (percent), total (inverted)3. . 47 Industrial production 49 GNP in current dollars (Q) 72d 72d 72d 69th +1.4 -0.9 141.9 150.4 50 GNP in 1958 dollars (Q) 51 Bank debits all SMSA's except NY. 52 Personal income 54 Sales of retail stores 55. Wholesale prices except farm products and 69th 72d 72d 72d 111.8 130.5 (NA) 192.0 221.2 95.9 106.4 -11.2 106.3 (NA) (NA) 102.3 202.0 218.7 154.2 67.7 86.7 96.8 115.2 138.5 113.2 102.7 112.0 114.0 110.7 107.8 108.9 114.1 94.5 92.0 92.6 70.1 134.3 134.3 126.2 126.2 (NA) (NA) 81.1 81.1 118.6 118.6 103.4 103.4 63.8 63.8 103.3 103.8 124.1 110.8 109.0 117.8 150.1 129.5 110.2 155.2 257.0 141.3 149.1 147.9 51.0 (NA) 88.3 104.7 126.9 90.9 (NA) (NA) 78.9 (NA) (NA) 53.9 121.8 93.0 (NA) (NA) 91.1 -9.2 +3.0 -2.18 +8.8 -0.18 -9.6 +4.38 +3.52 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 107.5 113.1 105.1 -1.6 108.8 121.4 137.3 139.3 134.2 183.1 151.8 137.2 107.6 117.3 113.5 108.7 109.3 131.5 122.1 119.3 126.7 143.3 134.8 125.0 72d 104.7 101.9 109.5 69th 75th 173.0 171.5 96.2 96.2 62. Labor cost per unit of output, manufacturing . . . 72d 71st 64 Book value of manufacturers' inventories 71st 66 Consumer installment debt 67. Bank rates on short-term business loans (Q) . . . 69th 103.7 145.3 181.4 117.9 +1.2 87.6 112.3 (NA) (NA) 97.2 (NA) 109.7 NBER LAGGING INDICATORS 61. Business expenditures, new plant and equipment (Q): a Actua 1 b Anticipated^ 89.9 OTHER SELECTED U.S. SERIES 95. Surplusordeficit,Nat'l.incomeandprod.accL(Q)3 98. Change in money supply and time deposits 3 5. . 69th 70th NOTE: The percent measures in this table are computed over two kinds of time periods: (1) Measures in column 2 (current expansion) and column 6 (World War II expansion) span a period from the preceding reference peak to a certain number of months (indicatedin column 1) after the reference trough; and (2) the percentages in all other columns measure the reference peak level of the expansion indicated in the boxhead against the peak level of the preceding expansion. The duration of each expansion is shown in the second column of appendix A (e.g., the April 1958 expansion lasted 25 months-from April 1958 to May 1960). . percent For monthly series with a "months for cyclical dominance" (MCD) of "1" of "2" (series 19, 23, 41, 47, 52, 55, 62, 64, and 66) and for all quarterly series, the pei base is the single value for the preceding reference peak month or quarter. For monthly series with an MCD of "3" or more (series 1, 2, 3, 6, 7, 9, 13,14, 17, 24, 2V, bl, — 'monthly values centered on the reference peak month is used as the base. See MCD footnote to appendix C. See appendixA for the reference peak dates. NA = Not available. u A. +. 1 Based on period from February 1961 (current trough) to latest month for which data are available. Measures for shorter time spans can be found in earlier issues of BUSINESS CYCLE DEVELOPMENTS. Except for 1961, changes are computed in a 3 -term mov3 ing average of the seasonally adjusted series. Measures are differences from the reference peak levels. Anticipated expenditures (2nd quarter 1967) are used for computing the entry shown for the current expansion only. Actual expenditures are 5 used for all other entries. Changes are computed in a 6-term moving average of the seasonally adjusted series. http://fraser.stlouisfed.org/ 62 Federal Reserve Bank of St. Louis i967 CYCLICAL COMPARISONS H COMPARISONS FROM REFERENCE TROUGH LEVELS AND REFERENCE TROUGH DATES Selected series Month after reference trough x (i) Percent change from reference trough of expansion beginning inFeb. 1961 ! (2) Apr. 1958 Aug. 1954 Oct. 1949 (3) (4) (5) June 1938l (6) Mar. 1933 Nov. 1927 July 1924 July 1921 (7) (8) (9) do) NBER LEADING INDICATORS 1. Average workweek of production workers, 72d 71st 71st 72d +2.6 +10.0 +97.6 + 55.6 +3.4 +15.2 +40.6 +25.3 +0.8 +10.4 +18.5 +23.4 +3.1 +15.7 +82.2 +77.1 +28.9 +83.6 (NA) (NA) +7.1 +25.4 +116.7 +286.2 +2.9 +23.4 +47.9 -8.6 +6.1 +82.9 +58.7 -2.6 +9.4 +662.4 +955.6 +108.9 7 Private nonfarm housing starts 9. Construction contracts, commercial and industrial floor space2 13 New business incorporations 14. Liabilities of business failures (inverted) 72d -H.2 +10.4 -24.6 -20.0 -67.3 +286.3 -32.2 +32.7 +64.6 71st 71st 72d +33.7 +17.0 -16.8 +39.9 +36.2 -15.5 +31.4 +16.7 -19.2 +57.5 +15.9 -44.6 +13.9 -35.3 (NA) +327.0 -20.1 +587.6 +30.9 +7.9 +1.8 +60.1 +33.3 +28.8 +57.2 +7.3 +4.9 16 Corporate profits after taxes (0) 17. Ratio, price to unit labor cost, manufacturing. . 19 Stock prices 500 common stocks 69th 71st 72d 72d 72d 72d +97.5 +4.0 +40.5 + 5.9 + 56.0 -16.7 +37.6 +5.0 +30.4 +15.4 +29.0 +6.6 +24.4 +2.2 +57.9 +7.8 +39.2 -28.3 +20.4 +0.1 +52.9 +5.2 +69.5 -27.5 (NA) (NA) +24.1 +66.9 (NA) (NA) (NA) (NA) +160.8 +136.4 (NA) (NA) +74.4 (NA) +76.4 -0.9 (NA) (NA) + 89.3 (NA) +44.2 -0.2 (NA) (NA) (NA) (NA) +32.8 +61.1 (NA) (NA) 41. Employees in nonagricultural establishments . . 43. Unemployment rate (percent), total (inverted) 3 . 47 Industrial production 49. GNP in current dollars (Q) 72d 72d 72d 69th +22.6 +3.2 +50.5 +50.8 +6.9 +2.3 +25.2 +15.1 +8.9 +1.8 +19.7 +22.4 +17.8 +5.3 +50.0 +44.1 +45.7 (NA) +181.0 +151.2 +40.2 +14.2 +120.3 +73.9 +10.8 (NA) +24.0 +13.3 +11.2 (NA) +30.2 +14.7 +31.6 (NA) +64.4 +25.2 50 GNP in 1958 dollars (Q) 51 Bank debits all SMSA's except N Y 52. Personal income 54. Sales of retail stores 55. Wholesale prices except farm products and foods 69th 72d 72d 72d +36.2 +78.8 +50.4 +41.0 +11.4 +21.0 +13.3 +11.4 +11.8 +29.4 +22.1 +19.8 +28.8 +49.2 +41.4 +25.6 (NA) +141.9 +145.6 +86.4 +42.1 +77.5 +76.3 +71.4 +12.6 +27.4 +12.2 +2.7 +12.4 +17.6 +10.6 +9.9 +25.2 +25.4 +29.5 +14.6 72d +4.7 +2.1 +10.0 +14.8 +21.2 +31.3 -1.7 +2.1 +8.3 (NA) (NA) +372.6 +372.6 +35.0 +35.0 +48.2 +48.2 +86.0 +86.0 +20.5 +76.7 +165.4 -30.8 -7.7 (NA) (NA) +26.6 -9.6 (NA) (NA) +3.9 -12.3 (NA) (NA) -16.6 (NA) (NA) (NA) (NA) (NA) (NA) 2 Accession rate manufacturing 3 Layoff rate manufacturing (inverted) 6 New orders durable goods industries 24. New orders, machinery and equipment industries NBER ROUGHLY COINCIDENT INDICATORS NBER LAGGING INDICATORS 61. Business expenditures, new plant and equipment (Q): a. Actual b. Anticipated^ 69th 75th +85.5 + 83.9 +19.7 +19.7 +40.6 +40.6 + 57.8 +57.8 62. 64. 66. 67. 72d 71st 71st 69th +1.9 +46.9 +75.4 +27.0 -4.4 +7.7 +23.1 +28.3 +6.0 +26.0 +45.2 +35.7 +14.1 +66.3 +105.3 +40.8 +43.6 +56.2 -45.3 (NA) 69th 70th +1.3 -1.12 +18.0 -8.24 +7.6 -3.18 -2.3 +2.70 (NA) (NA) Labor cost per unit of output, manufacturing. . . Book value of manufacturers' inventories Consumer installment debt Bank rates on short-term business loans (Q). . . OTHER SELECTED U.S. SERIES 3 95. Surplusordeficit.Nat'l. income and prod.acct.(Q) 98. Change in money supply and time deposits3 . . (NA) (NA) NOTE: The percent changes in this table arecomputed over two kinds of time periods: (1) Percent changes in column 2 (current expansion) and column 6 (World War II expansion) span a period from the reference trough to a certain number of months (indicated in column 1) after the reference trough; and (2) the measures in all other columns measure the change from the reference trough level indicated in the boxhead to the following reference peak level. The duration of each expansion is shown in the second column of appendix A (e.g., the April 1958 expansion lasted 25 months-from April 1958 to May 1960). For monthly series with a "months for cyclical dominance* (MCD) of "1" or "2" (series 19, 23, 41, 47, 52, 55, 62, 64, and 66) and for all quarterly series, the percent base is the single value for the preceding reference trough month or quarter. For monthly series with an MCD of T or more (series 1, 2, 3, 6, 7, 9, 13, 14, 17, 24, 29, 51, and 54), the average of three monthly values centered on the reference trough month is used as the base. See MCD footnote to appendix C. See appendix A for the reference peak dates. NA-Not available. on period from February 1961 (current trough) to latest month for -which data are available. Measures for shorter time spans can be found in earlier issues of BUSINESS CYCLE DEVELOPMENTS. Except for 1961, changes are computed in a 3-term mov3 ing average of the seasonally adjusted series. Measures are differences from the reference trough levels. ^Anticipated expenditures (2nd quarter 1967) are used for computing the entry shown for the current expansion only. Actual expenditures are 5 used for all other entries . Changes are computed in a 6-term moving average of the seasonally adjusted series . 63 Appendix A.-BUSINESS CYCLE EXPANSIONS AND CONTRACTIONS IN THE UNITED STATES: 1854 TO 1961 Duration in months Contraction (trough from previous peak) Trough Cycle Expans ion (trough to peak) Trough from previous trough Peak from previous peak Peak (X) 18 8 32 18 65 30 22 46 18 34 36 (X) 48 30 78 36 99 (X) 40 54 50 52 101 March 1887 July 1890 January 1893 December 1895 June 1899 September 1902 38 13 10 17 18 18 22 27 20 18 24 21 74 35 37 37 36 42 60 40 30 35 42 39 August 1904 June 1908 January 1912 December 1914 March 1919 July 1921 May 1907 January 1910 January 1913 August 1918 January 1920 May 1923 23 13 24 23 7 18 33 19 12 44 10 22 44 46 43 35 51 "28 56 32 36 67 17 40 July 1924 November 1927 March 1933 June 1938 October 1945 October 1949 October 1926 August 1929 May 1937 February 1945 November 1948 July 1953 14 13 43 13 8 11 27 21 50 80 37 45 36 40 64 63 88 48 41 34 93 93 45 56 August 1954 April 1958 February 1961 July 1957 May 1960 13 9 9 35 25 (X) 58 44 34 48 34 (X) Average, all cycles: 26 cycles, 1854-1961 10 cycles, 1919-1961 4 cycles, 1945-1961 19 15 10 30 35 36 49 50 46 X 49 2 54 3 Average, peacetime cycles: 22 cycles, 1854-1961 8 cycles, 1919-1961 3 cycles, 1945-1961 20 16 10 26 28 32 45 45 42 December 1854 December 1858 June 1861 December 1867 December 1870 March 1879 June 1857 October 1860 April 1865 June 1869. October 1873 March 1882 ... . May 1885 April 1888 May 1891 June 1894 June 1897 December 1900 46 4 46 48 42 5 6 NOTE: Underscored figures are the wartime expansions (Civil War, World Wars I and II, and Korean War), the postwar contractions, and the full cycles that include the wartime expansions. X 3 5 25 cycles, 1857-1960. 4 cycles, 1945-1960. 7 cycles, 1920-1960. 2 P 6 9 cycles, 1920-1960. 21 cycles, 1857-1960. 3 cycles, 1945-1960. Source: National Bureau of Economic Research, Inc. Appendix B.-SPECIFIC TROUGH AND PEAK DATES FOR SELECTED BUSINESS INDICATORS Specific trough dates for reference expansions beginning in — Selected series Apr. 1958 Feb. 1961 Aug. 1954 Oct. 1949 June 1938 Mar. 1933 Nov. 1927 July 1924 July 1921 NBER LEADING INDICATORS 1. Average workweek, production workers, mfg... Dec. 9. Construction contracts, commercial and •inchiptr"! ^D. ......................... ...t.r^ May Jan. 13. New business incorporations 17. Ratio, price to unit labor cost, mfg........ Jan. Oct. 19. Stock prices, 500 common stocks . . » Dec. 23 Industrial materials prices 24. New orders, machinery and equipment indus... Nov. 29 New building permits, private howi^ng. ...... Dec. '60 Apr. '58 Apr. «54 Apr. »49 Jan. '38 June '32 Apr. '28 July '24 Feb. '21 '61 »61 '61 '60 »60 '60 '60 June Nov. Mar. Dec. Apr. Feb. Feb. (NSC) Aug. '58 (NSC) Feb. '57 '58 Mar. '54 •May '57 Sep. »53 June '58 Feb. «54 June '58 Mar. «54 Apr. '58 Sep. '53 Jan. *49 Sep. '38 Oct. '32 Sep. '27 July '24 Mar. '21 '49 Sep. '39 Dec. «34 Dec. '26 June '24 Jan. '21 (NA) (NA) (NA) (NA) (NA) '49! (NSC) Oct. '23 Aug. '21 '49 Apr. »38 June '32 '49 June '38 July '32 Aug. '28 June '24 July '21 (NA) (NA) (NA) (NA) (NA) «49 (NA) (NA) (NA) (NA) (NA) «49i NBER ROUGHLY COINCIDENT INDICATORS 41. Employees in nonagricultural establishments. 43 Unemployment rate total (inverted) 47. Industrial production. 49 GNP in current dollars (Q) 50. GNP in 1958 dollars (Q) 5? . Personal income ............................. 53. Labor income in mining, mfg., construction.. 54. Sales of retail Pt^res ...................... Feb. '61 May May '61 July Feb. '61 Apr. 4thQ '60 IstQ IstQ '61 IstQ (NSC) Feb. Dec. '60 May Apr. '61 Mar. '58 Aug. '58 Sep. «58 Apr. '58 2ndQ '58 2ndQ '58 Apr. '58 Sep. '58 Jan. '54 Oct. '49 June '54 Oct. '49 June »54 Oct. '49 May »54 4thQ '49 2ndQ '54 2ndQ »49 IstQ '54 July '49 May '54 Oct. '49 June (NSC) May '54 '38 Mar. «38 May '38 July '38 IstQ '38 3rdQ '38 Mar. '38 Mar. »38 Mar. '33 Jan. '28 July '24 July '21 (NA) (NA) (NA) '33 «32 Nov. '27 July '24 Apr. '21 (NSC) 4thQ '21 (NSC) '33 (NA) (NSC) (NSC) '32 '33 4thQ '26 2ndQ '24 2ndQ '21 (NA) (NA) (NA) '33 (NSC) Mar. '22 (NSC) '33 IstQ July May 3rdQ '33 4thQ '27 3rdQ '24 4thQ '21 (NSC) Apr. '22 (NSC) '33 (NA) (NA) (NA) '33 '31 4thQ '27 4thQ '24 3rdQ '22 NEER LAGGING INDICATORS 61. 62. 64. 67. Business expenditures, new plant and equip.. 2ndQ Labor cost per unit of output, manufacturing. Sep. Book value of manufacturers1 inventories.... June Bank rates on short-term business loans (Q). 4thQ '61 3rdQ '61 (June »61 Aug. '61 2ndQ '58 '59 '58 '58 IstQ Sep. Sep. IstQ '55 4thQ '55 July »54 Jan. '55 IstQ '49 '50 '50 '50 3rdQ June June 2ndQ '38 '40 '39 '40 Specific peak dates for reference contractions beginning in — Selected series May 1960 July 1957 July 1953 Nov. 1948 May 1937 Aug. 1929 Oct. 1926 May 1923 Jan. 1920 NBER LEADING INDICATORS 1. Average workweek, production workers, mfg... Jjune 9. Construction contracts, commercial and June industrial. Apr. June 17 Ratio, price to unit labor cost, mfg July 19 Stock prices 500 common stocks 2^ Industrial materials pr~i oes ................ Nov. 24. New orders, machinery and equipment indus... July 29. New huild'UTg permit Sj private housing........ Nov. »59 Nov. »55 Mar. '53 '60 Mar. '59 Feb. '59 Oct. '59 July '59 Dec. '59 Nov. »58 Feb. '56 '56 '55 '56 '55 '56 «55 (NSC) Dec. »36 Oct. '29 Nov. '25 Nov. '22 (NSC) Mar. (NSC) July Jan. »51 :June Jan. '53 June Feb. '51 Jan. Feb. '51 Apr. ;july '50 Oct. (NA) '46 July «37 Jan. '29 Sep. '25 Aug. '22 Dec. '19 '46 Dec. '36 Jan. '29 Oct. '25 Apr. '23 Dec. '19 (NA) (NA) (NA) (NA) (NA) '48; (NSC) Mar. »23 July '19 '48 Feb. '37 Sep. '29 «48 Mar. »37 Mar. '29 Nov. '25 Mar. '23 Apr. '20 (NA) (NA) (NA) (NA) (NA) '48 (NA) (NA) (NA) (NA) '47 (NA) NBER ROUGHLY COINCIDENT INDICATORS Sep. '48 July Jan. »48 July July '48 May 4thQ '48 3rdQ 4thQ »48 3rdQ Oct. '48 June Aug. '48 May (NSC) Sep. Mar. Mar. Feb. 3rdQ 3rdQ Aug. Aug. Aug. »57 June '57 June '57 July '57 2ndQ '57 2ndQ '57 Oct. '57 July '57 Mar. '53 '53 '53 '53 '53 '53 '53 '53 '60 3rdQ '61 Mar. '60 Sep. '59 4thQ '57 3rdQ '58 Mar. '57 Sep. '57 4thQ '53 4thQ '54 -•Nov. '53 Jan. '53 2ndQ 41. Employees in nonagricultural establishments .Apr. '60 Feb. '60 431 ^employment rate, total (inverted ) 47. Industrial production. ...................... Jan. »60 2ndQ '60 49. GNP in current dollars (Q) IstQ '60 50 GNP in 1958 dollars (Q) *>? . Personal "income ............................r (NSC) 53. Labor income in mining, mfg., construction.. May '60 Apr. '60 54. Sales of retail stores '37 Aug. '29 Jan. »26 June '23 Jan. '20 (NA) (NA) (NA) (NA) '37 '37 July »29 Mar. '27 May '23 Feb. »20 (NA) (NSC) (NSC) '37 3rdQ '29 (NA) (NSC) (NSC) '37 3rdQ '29 (NA) '37 Aug. '29 2ndQ '26 IstQ '24 (NA) (NA) (NA) «37 Sep. »29 (NSC) July '20 (NSC) '37 Sep. '29 NBER LAGGING INDICATORS 61. Business expenditures, new plant and equip.. 2ndQ 62. Labor cost per unit of output, manufacturing .•Jan. Sep. 64. Book value of manufacturers1 inventories 67. Bank rates on short-term business loans (Q). 4thQ '48 3rdQ '48 Dec. '49 Oct. '49 3rdQ '37 2ndQ '29 4thQ '26 2ndQ '23 2ndQ '20 (NSC) Oct. '23 Nov. '20 (NSC) »37 (NA) (NA) (NA) '37 Jan. '30 '32 3rdQ '29 4thQ '26 3rdQ '23 4thQ '20 NOTE: Specific trough and peak dates are the actual dates when individual series reached a trough or peak as distinguished from reference dates which are those dates designated as the trough or peak of business activity as a whole. This table shows, for selected indicators, the specific dates corresponding to reference dates in 9 recent business cycles. NA Not available. NSC No specific cycle corresponding to reference date. http://fraser.stlouisfed.org/ Federal Reserve66 Bank of St. Louis Appendix C.-AVERAGE CHANGES AND RELATED MEASURES FOR BUSINESS CYCLE SERIES Part 1.—Average Percentage Changes i/c Monthly series Period covered CI I C i/c MCD for MCD span Average duration of run (ADR) CI I C MCD NBER LEADING INDICATORS 1. 2. 30. 3. 4. 5. Avg. workweek, prod. workers/ mfg...... Jan. ' 53- June ' 66 .47 .41 Accession rate, manufacturing Jan. '53- June '66 4.62 4.38 Nonagri. 'placements, all industries... Jan.'53-Sep.!65 1.83 1.34 Layoff rate, manufacturing Jan.1 53- June '66' 8.75 7.96 Temporary layoff, all industries Jan, '53-Sep>'65 17.13 16.59 Average weekly initial claims, State unemployment insurance Jan. '53-Sep. '65 4.95 4.38 6. New orders, durable goods industries. .Jan. '53-Sep. '65 3.76 3.33 .18 1.44 1.09 3.23 3.64 2.30 3.04 1.23 2.47 4.55 3 4 2 3 5 .76 .79 .63 .76 .96 2.21 2.21 2.11 2.27 1.57 1.40 1.50 1.52 1.53 1.42 10.73 11.50 7.24 10.73 6.61 4.18 3.76 3.97 4.82 2.69 2.17 1.51 2.02 2.20 2 3 .95 .66 1.69 1.81 1.42 1.58 12.67 8.44 3.97 4.41 24. New orders, mach. and equip. Indus.... Jan. '53-Sep. '65 4.18 3.81 9. Construction contracts, commercial and industrial Jan. '53-Sep. '65 9.30 9.17 10. Contracts and orders, plant and equip. Jan. '53-Sep. '65 4.69 4.39 7. Private nonf arm housing starts May ' 59-Sep ' 657.16 7.08 29. New building permits, private housing. Jan. '53- June '66 3.70 3.31 38. Index of net business formation Jan. '53-Sep. '65 .79 .60 13. New business incorporations (Jan. '53-Sep. '65 2.49 2.18 14. Liabilities of business failures Jan. '53-Sep. '65 18.74 18.24 15 . Large busine ss failures Jan. ' 53-Sep. '6512.31 12.12 1.52 2.51 3 . oo rtrt 1.83 1.60 10.86 3.41 .97 9.41 1.43 3.08 .89 7.91 2.54 1.30 .53 1.15 2.18 1.00 1.70 10.72 7.84 1.54 6 4 6 3 2 3 6 6 .84 C1) .82 .66 .78 C1) C1) 1.60 1.88 1.38 1.87 2.71 1.92 1.49 1.55 1.48 12.67 9.50 1.71 1.38 15.20 1.55 12.38 1.63 6.61 7.24 1.63 1.39 8.94 1.46 11.69 3.00 3.39 2.63 3.06 4.08 3.19 2.23 2.58 17. Ratio, price to unit labor cost, mfg.. Jan. '53-Oct.'66 19. Stock prices, 500 common stocks Jan. ' 53-Sep. '65 37. Purchased materials, percent reporting higher inventories Jan. '53-Sep. '65 26. Buying policy production materials; commitments 60 days or longer Jan. '53-Sep. '65 32. Vendor performance, percent reporting slower deliveries Jan.' '53-Sep. '65 23. Industrial materials prices Jan. '53-Sep. '65 (!) .62 2.49 .51 1.68 .27 1.64 1.93 1.02 3 2 .92 .57 2.62 2.37 1.70 1.58 5.69 9.50 4.18 3.97 6.46 5.24 2.84 1.85 3 .76 2.37 1.62 7.60 3.57 5.27 4.77 1.98 2.41 3 .77 1.88 1.63 8.94 3.49 7.47 1.31 5.79 1.04 4.00 .73 1.45 1.41 2 2 .95 .99 3.17 2.49 1.85 2.11 8.94 11.69 3.77 3.87 .31 .35 3.94 5.07 .14 .29 3.05 4.38 .27 .21 2.16 2.55 .52 1.42 1.41 1.72 1 2 2 2 .52 .75 .72 .92 5.19 2.09 2.53 3.37 1.50 17.89 1.55 27.83 1.44 7.95 1.48 8.53 5.19 4.05 4.05 4.11 4.19 3.00 2.19 1.87 3.29 2.30 .67 .81 1 1 .67 .81 4.90 3.10 1.75 1.39 7.60 8.94 4.90 3.10 47. Industrial production Jan. '53-Sep. '65 1.02 51. Bank debits, all SMSA's except N.Y....Jan. '53-Sep. '65 1.57 52 . Personal income Jan ' 53-ijune ' 66 .53 53. Labor income in mining, mfg., constr..Jan. '53-&une'66 .84 54. Sales of retail stores Jan. '53-Sep. '65 .97 55. Wholesale prices except farm products and foods > Jan. '53-Dec.'66 .17 .54 1.50 .27 .50 .83 .76 .64 .46 .64 .44 .71 2.34 .58 .78 1.88 1 3 1 1 3 .71 .58 .58 .78 .70 3.62 1.65 4.88 2.93 2.08 1.67 1.50 1.56 1.56 1.57 11.69 30.40 23.00 14.64 15.20 3.62 4.29 4.88 2.93 4.84 .11 .13 .84 1 .84 3.88 1.64 9.82 3.88 .51 .53 .37 .19 .30 .49 1.26 .38 2 1 .72 2.54 .38 10.13 1.57 1.63 3.81 7.86 21.71 10.13 .56 .84 .33 .11 .51 .82 .65 .14 1 1 .65 8.94 .14 11.69 1.49 1.63 13.82 8.94 21.71 11.69 .82 5.16 .60 6.37 2.16 12.68 1.26 10.77 8.28 2.94 6 6 6 6 6 C'1) C11) 1.45 1.43 1.43 1.42 1.57 8.00 14.87 8.92 6.64 8.44 1.92 11.72 4.46 1.12 .93 1.41 .82 1.60 1.90 1.10 .65 .11 6 2 2 3 3 1 NBER ROUGHLY COINCIDENT INDICATORS 41. Employees in nonagri. establishments.. Jan. '53- June '66 42 . Total nonagri cultural employment Jan. '53-Dec.'66 43. Unemployment rate, total Jan. '53-Dec.'66 40. Unemployment rate, married males Nov. '54- Dec. '66 45. Average weekly insured unemployment rate , State Jan. '53-Sep. '65 46. Help-wanted advertising Jan. '53-Sep. ''65 NBER LAGGING INDICATORS 62. Labor cost per unit of output, mfg.... Jan. ' 53-Sep. '65 64. Book value of mfrs. ' inventories Jan. '53-Sep. '65 65. Book value of manufacturers' inventories of finished goods Jan. ' 53-Sep. '65 66. Consumer installment debt Jan. '53-Sep. '65 OTHER SELECTED U.S. SERIES 82. Federal cash payments to public Jan. '53-Sep. '65 4.42 4.25 83. Federal cash receipts from public Jan. '55-Dec.'64 3.87 3.80 90 . Defense Dept . oblig . , procurement Jan. '56-Sep. '65 27.42 27.34 91. Defense Department obligations, total. Jul. ' 53-Sep. '6513.86 13.59 Jan. '53-Sep. '65 24.51 24.35 92. Military contract awards in U.S 99. New orders, defense products 114. Treasury bill rate 115 . Treasury bond yields 116 . Corporate bond yields 117. Municipal bond yields 118. Mortga&e yields Jan. '53-Sep. '65 22.53 Jan. '53-Sep. '65 6.70 Jan., '53-Sep. '65 1.65 Jan. (' 59- June '66 1.58: Jan. '53-Sep. '65 2.46 Jul '61-SeD '65 .11 22.53 5.00 1.31 1.31 2.08 .07 C) t11) C) C1) 1.57 1.59 1.43 1.40 1.63 1.57 .73 ' 2.53 .98 2.76 .74 2.54 .87 2.58 .65 10.00 2.58 3.35 2.02 2.07 2.83 9.50 2.53 1.48 6.61 3.68 1.77 2.00 8,00 3.68 1.85 12.71' 3.78 3.66 1.88 8.00 5.56 10.00 1.92 See footnotes at end of table. 67 Appendix C.-AVERAGE CHANGES AND RELATED MEASURES FOR BUSINESS CYCLE SERIES-Continued Part 1.-Average Percentage Changes-Continued i/5 Monthly series Period covered CI I C 1/5 MCD for MCD span Average duration of run (ADR) CI I C MCD OTHER SELECTED U.S. SERIES^-Con. 86. Exports, excluding military aid Jan.'53-0ct.'64 3.81 87 . General imports Jan.'53-0ct.'64 3.04 81 . Consumer prices i Jan.'53-Dec.'66 .19 94. Construction contracts, value Jan.'53-Sep.'65 6.64 96. Unfilled orders, durable goods indus.. Jan.'53-Sep. '65 1.45 3.56 2.87 .12 6.38 .54 .94 .80 .14 1.55 1.28 3.77 3.59 .83 4.12 .42 4 4 1 5 1 .91 .86 .83 .87 .42 1.78 1.83 3.98 1.55 5.63 1.66 1.62 1.62 1.52 1.57 14.10 10.85 9.82 8.00 10.86 4.06 3.54 3.98 3.15 5.63 .82 1.02 .77 1.33 1.38 1.40 1.23 .52 .42 .49 .66 .62 .72 1.22 1.58 2.41 1.55 2.02 2.24 1.96 1.01 2 3 2 3 3 3 2 .79 .86 .87 .64 .84 .67 .47 3.38 2.58 3.62 2.71 2.67 2.49 3.38 1.52 1.48 1.73 1.62 1.45 1.69 1.37 21.71 10.13 25.33 19.00 16.89 16.89 13.82 4.87 5.17 5.81 5.00 6.00 4.84 5.21 I C 1/5 INTERNATIONAL COMPARISONS OF INDUSTRIAL PRODUCTION 123. Canada 122. United Kingdom 121. OECD European countries 125 . West Germany 126. France 127. Italy 128. Japan Jan.'53-Sep. '65 Jan.'53-Sep. '65 Jan.'53-Sep. '65 Jan.'53-Sep.«65 Jan. '53-Sep.'65 Jan.'53-Sep. '65 Jan. '53-Sep. '65 .93 1.08 .86 1.51 1.45 1.50 1.73 i/c Quarterly series Period covered ci QCD for QCD span Average duration of run (ADR) CI I C QCD NBER LEADING INDICATORS 11. 16. 18. 22. New capital appropriations, mf g Corporate profits after taxes Profits per dollar of sales, mfg Ratio, profits to income originating, corporate , all industries IQ'53-IIIQ'65 10.36 5.56 IQ'53-IQ"66 IQ'53-IIIQ' 65 6.03 4.70 2.95 3.59 7.69 4.26 3.80 .61 .69 .95 1 1 1 .61 .69 .95 2.94 3.06 2.38 1.32 1.27 1.35 3.33 5.20 4.17 2.94 3.06 2.38 IQ'53-IQ'66 4.18 2.69 2.99 .90 1 .90 2.36 1.30 6.50 2.36 IQ'53-IQ'66 IQ'53-IQ'66 IQ'53-IQ'£6 1.28 1.54 1.37 .35 .34 .30 1.14 1.45 1.32 .31 .24 .23 1 1 1 3.47 .31 5.78 .24 .23 10.40 1.33 1.33 1.21 5.78 7.43 10.40 3.47 5.78 10.40 IQ'53-IIIQ'65 3.21 .77 2.99 .26 1 .26 5.56 1.47 5.56 5.56 .82 .42 .64 .65 1 .65 3.06 1.21 4.00 3.06 IQ'53-IIIQ'65 1.99 .96 1.80 .54 1 .54 2.38 1.47 3.33 2.38 IQ'53-IIIQ'65 IQ'53-IIIQ'65 IQ'53-IIIQ'65 10.70 4.11 6.63 6.58 2.05 1.20 7.70 3.15 6.38 .85 .65 .19 1 1 1 .85 .65 .19 2.41 2.41 4.17 1.15 1.23 1.32 3.79 4.42 8.33 2.41 2.41 4.17 NBER ROUGHLY COINCIDENT INDICATORS 50. GNP in 1958 dollars 49 . GNP in current dollars 57 Final sales ... NBER LAGGING INDICATORS 61. Business expenditures, new plant and 68. Labor cost per dollar of real corporate GNP 67. Bank rates on short-term business loans . IQ'53-IQ'66 OTHER SELECTED U.S. SERIES 110 . Total private borrowing Ill . Corporate gross savings 97. Backlog of capital appro. , mfg L Not computed for series when MCD is "6" or more. The following are brief definitions of the measures shown in this table. More complete explanations appear in Electronic Computers and Business Indicators, by Julius Shiskin, issued as Occasional Paper,57 by the National Bureau of Economic Research, 1957 (reprinted from Journal of Business, October 1957. "CI", is the average month-to-month (or quarter-to-quarter) percentage change, _without regard to sign, in the seasonally adjusted series. "I" is the same for the irregular component, obtained by dividing the cyclical component into the seasonally adjusted series. "C" is the same for the cyclical http://fraser.stlouisfed.org/ Federal Reserve 68 Bank of St. Louis component, a smooth, flexible moving average of the seasonally adjusted series. "MCD" (months for cyclical dominance) provides an estimate of the appropriate time span over which to observe cyclical movements in a monthly series. It is small for smooth series and large for irregular series. In deriving MCD, percentage changes are_ computed separately for the irregular component and the cyclical component over 1-month spans (Jan.-Feb., 'Feb.Mar.i, etc.), 2-month spans (Jan.-Mar., Feb.-Apr., etc.), up to 5-month spans. Averages, without regard to sign, are then computed for the changes over each span. MCD is the shortest span in months for which the average percentage change (without regard to sign) in the cyclical component is larger than the average percentage change (without regard to sign) in the curve is a moving average (with the number of MCD) of the seasonally adjusted series. irregular component, and remains so. Thus, it indicates the point at which fluctuations in the seasonally adjusted series become dominated by cyclical rather than irregular movements. Since changes are not computed for spans greater than 5 months, all series with an MCD greater than "5" are shown as "6". Similarly, "QCD" provides an estimate of the appropriate time span over which to observe cyclical movements in quarterly series. It is the shortest span (in quarters) for which the average percentage change (without regard to sign) in the cyclical component is larger than the average percentage change (without regard to sign) in the irregular component, and remains so. terms equal to A comparison of these measures of ADR with the expected ADR of a random series gives an indication of whether the changes approximate those of a random series. Over 1-month intervals in a random series, the expected value of the ADR is 1.5. The actual value of ADR falls between 1.36 and 1.75 about 95 percent of the time. Over 1-month intervals in a moving average (MCD) of a random series, the expected value of ADR is 2.0. For example, the ADR of CI is 1.65 for the series on bank debits, all SMSA's except New York (series 51). This indicates that 1-month changes in the seasonally adjusted series, on the average, reverse sign about as often as expected in a random series. The ADR measures shown in the next two columns, 1.50 for I and 30.40 for C, suggest that the seasonally adjusted series has been successfully separated into an essentially random component and a cyclical (nonrandom) component. Finally, ADR is 4.29 for the MCD moving average. This indicates that a 3-month moving average of the seasonally adjusted series (3 months being the MCD span) reverses direction, on the average, about every 4 months. The increase in the ADR from 1.65 for CI to 4.29 for the MCD moving average indicates that, for this series, month-to-month changes in the MCD moving average usually reflect the underlying cyclical trend movements of the series, whereas the month-to-month changes in the seasonally adjusted series usually do not. "I/C" is a measure of the relative smoothness(small values) or irregularity (large values) of the seasonally adjusted series. For monthly series, it is shown for 1-month _spans and for spans of the period of MOD. When MOD is "6", no I/C_ratio is shown for the MCD period. For quarterly series, I/C is shown for 1-quarter spans and QCD spans. "Average Duration of Run" (ADR) is another measure of smoothness and is equal to the average number of consecutive monthly changes in the same direction in any series of observations. When there is no change between 2 months, a change in the same direction as the preceding change is assumed. The ADR is shown for the seasonally adjusted series CI, irregular component I, cyclical component C, and the MCD curve. The MCD Appendix C.-AVERAGE CHANGES AND RELATED MEASURES FOR BUSINESS CYCLE SERIES-Continued Part 2.—Average Unit Changes Monthly series 31. Change in book value, manufacturing and trade inventories Period covered Unit of measure CI I C I/C Average duration of run (ADR) for I/C MCD MCD I C MCD span CI Jan. '53-Sep. '65 Ann. rate, bil. dol.. 3.68 .74 4.87 3.58 20. Change in book value of manufacturers1 .29 4.97 1.51 inventories of materials, supplies... Jan. '53- Sep. '65 1.44 do .46 .48 25. Change in unfilled orders, dur. goods. Jan. '53-Sep. '65 Bil. dol... .13 3.51 84. Federal cash surplus or deficit Jan. '55-Dec.'64 Ann. rate, bil. dol.. 4.34 .82 5.16 4.22 Jan. '53-Sep. '65 Mil. dol... 98.01 78.89 46.86 1.68 93. Free reserves Jan. '53-Sep. '65 Ann. rate, 85 . Change in money supply. percent. . . 3.15 .33 : 9.61 3.17 do 98. Change, money supply and time deposits Jan. '53-Sep. '65 .29 8.91 2.56 2.58 112 . Change in business loans Aug. '59-Sep. '65 Ann. rate, bil. dol.. 1.39 1.35 .35 3.87 .79 .31 2.56 .87 do 113. Change in consumer installment debt... Jan. '53-Sep. '65 88. Merchandise trade balance Jan. '53-Jun. '62 Mil. dol... 58.44 55.87 17.28 3.23 Quarterly series 21. Change in business inventories, all industries Period covered IQ'53-IQ'66 T 95. Balance, Nat l. income and product acct. IQ'53-IQ'66 89. U.S. balance of payments: a. Liquidity balance basis IQ'53-IIIQ'65 b. Official settlements basis IQ'60-IQ'66 Unit of measure 2.65 6 ( )1.67 1.50 6.08 4 .98 1.69 1.62 7.60 3.00 3.10 .98 1.59 1.43 7.44 .68 2.03 1.60 10.13 2.74 3.49 .98 1.51 1.43 X 5 3 6 t1) 1.39 1.39 10.87 2.47 6 t 1 ) 1.42 1.37 10.87 2.59 5 .95 1.62 1.55 6.64 3 .92 L.65 1.49 10.13 3 .97 1.82 1.61 9.42 2.56 3.13 2.64 I/C Average duration of run (ADR) for QCD QCD I C QCD span CI CI I C I/O 2.28 2.50 1.43 1.37 1.37 1.81 1.04 .76 2 .48 1.73 1.37 1 .76 2.17 1.37 4.00 3.71 2.83 2.17 Mil. dol... 340.64 225.64 216.94 1.04 492.17 302.66 286.13 1.06 do 2 .45 1.67 1.25 2 .55 2.00 1.41 3.13 2.67 2.72 2.56 Ann. rate, bil. dol.. do 1 Not computed for series when MCD is "6" or more. The measures in the above table are computed by an additive method to avoid the distortion caused by zero and negative data. Thus, "CI" is the average month-to-month (or quarterto-quarter) change in the seasonally adjusted series. This average is computed without regard to sign and is expressed in 9.06 5 the same unit of measure as the series itself. "C" is the same for the cyclical component, which is a moving average of the seasonally adjusted series. "I" is the same for the irregular component, which is determined by subtracting the cyclical component from the seasonally adjusted series. All other measures shown part 1. above have the same meaning as in 69 Appendix D.--CURRENT A D J U S T M E N T FACTORS FOR BUSINESS CYCLE SERIES (MAY 1966 TO J U N E 1967) 1966 1967 Series May 4. 5. Temporary layoff, all industries Average weekly initial claims, State unemployment insurance 1 June July Aug. Sept. Oct. Feb. Mar. Apr. May 87.9 97.4 153.4 115.4 82.9 Nov. Dec. Jan. June 71.4 89.0 118.8 137.9 69.6 81.9 93.6 70.9 89.6 81.1 76.7 86.9 105.3 139.0 146.3 109.1 92.7 91.5 79.2 81.2 82.6 105.2 84.5 102.4 105.6 95.4 98.8 92.2 93.9 86.3 99.3 112.0 95.2 117.2 98.5 106.1 104.4 104.3 111.1 111.2 111.8 100.3 84.4 91.3 83.2 91.2 102.0 109.6 93.7 100.4 120.0 13. 14. New business incorporations Liabilities of "business failures 15. 18. Large business failures 100.4 100.3 Profits per dollar of sales, mfg.2... 106.0 30. 37. Nonagr. placements, all industries1.. 110.7 109.8 101.3 114.0 121.6 111.0 Purchased materials, percent report- 96.7 80.2 87.3 88.7 89.8 101.9 106.6 107.7 114.4 107.8 101.6 86.6 103.1 96.6 101. 1 93.3 99.7 96.4 107.9 101.6 100.1 97.5 95.9 82.8 106.7 111.9 108.4 108.2 100.7 100.1 97.9 106.0 82.3 78.4 92.6 100.4 113.1 110.3 1 82. 83. Federal cash payments to public ..... 100.3 104.7 94.5 118.3 97.4 104.0 98.7 102.1 91.4 94.4 94.1 97.8 100.3 Federal cash receipts from public3... 1897. 4431. -4573.1313. 2181. -4969. 165. 655. -2964. 1315. 2258. -1689.1897. 90. 91. Defense Dept. oblig., procurement.... Defense Dept. obligations, total 92. 112. Military contract awards in U. S Change in business loans D34. Profits, manufacturing (FNCB) 5 93.8 199.6 74.0 98.9 91.4 142.2 112.6 95.3 98.9 99.4 94.0 96.7 88.2 100.2 75.7 89.9 97.2 91.9 67.8 101.1 105.0 80.0 100.1 99.3 95.3 90.0 104.7 4431. 200.1 145.7 89.4 181.1 93.0 90.2 110.2 93.5 85.1 89.0 94.0 79.7 100.3 92.6 89.8 180.8 100.3 100.2 99.6 99.0 99.3 99.6 100.1 101.0 LOO. 2 99.6 100.6 100.3 100.3 100.2 -9 +6 -15 +18 NOTE: These data are not published by the source agency in seasonally adjusted form. Seasonal adjustments were made by the Bureau of the Census or the National Bureau of Economic Research, Inc. They are kept current by the Bureau of the Census. Seasonally adjusted data prepared by the source agency will be substituted whenever they are published. For a description of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, The X-ll Variant of the Census Method II Seasonal Adjustment Program. 1 Factors are products of seasonal and trading-day factors. Seasonally adjusted data resulting from the application of these combined factors may differ slightly from those obtained by separate applications of seasonal and trading-day factors. Quarterly series; figures are placed in middle month of quarter. 3 These quantities, in millions of dollars, are to be subtracted from the original monthly data to yield the monthly seasonally adjusted data. They were computed by the additive version of the X-ll variant of the Census Method II seasonal adjustment program. ^Factors apply to total series before month-to-month changes are computed. 5 l-quarter diffusion index: Figures are placed on the 1st month of the quarter. The unadjusted diffusion index is computed and the factors, computed by the additive version of the X-ll variant of the Census Method II seasonal adjustment program, are subtracted to yield the seasonally adjusted index. 70 Appendix E.-PERCENT CHANGE FOR SELECTED SERIES OVER CONTRACTION AND EXPANSION PERIODS OF BUSINESS CYCLES: 1920 TO 1961 Percent change: Contractions: Reference peak to reference trough Jan.May Oct. Aug. May 1920-July 1923- July 1926-Nov. 1929-Mar. 1937-June 1921 1924 1927 1933 1938 Feb. Nov. July July May 1945 -Oct. 19454 1948-Oct . 1949 1953-Aug . 19545 1957-Apr . 1958 1960-Feb. 1961 Median:6 All contractions Excluding postwar contractions 4 contractions since 1948. 41. Employees in nonagri. establishments 47. ' Index 50. GNP 49. GNP 51. Bank of indus- in 1958 in cur- debits , trial all dollars rent dollars SMSA's produc(Q)1 1 tion except (Q) New York July July Nov. Mar. June 1921-May 1923 1924-Oct . 1926 1927-Aug. 1929 1933-May 1937 1938-Feb. 19454 Oct. 1945-Nov. Oct . 1949-July Aug . 1954-July Apr. 1958-May 1948 19535 1957 1960 Median: 6 All expans ions Excluding wartime expans ions 4 expansions since 1945... 52. Per- 54. Sales of retail sonal stores income Change in rate, Rate at peak to peak trough -31.6 -18.0 -5.9 -51.8 -31.7 (NA) -0.3 +2.3 -28.0 -8.9 -19.7 -2.3 +0.4 -49.6 -11.9 -22.5 -3.1 +8.7 -61.9 -16.5 -21.9 0.0 +0.9 -50.8 -10.9 -4.3 -1.9 0.0 -43.5 -17.3 +7.9 +2.3 2 +2.2 +25.4 +8.8 -7.9 -5.1 -3.4 -3.9 -1.9 -31.4 -8.5 -9.1 -14.1 -5.7 (NA) -1.6 -2.2 -3.4 -1.4 -10.9 -3.4 -0.8 -1.8 -0.2 -1.0 -4.0 +1.6 -3.1 +2.4 -4.0 -4.7 0.0 +0.2 +0.9 +8.6 -0.5 -0.5 -2.4 -2.7 +2.2 +4.1 +3.4 +3.2 +1.8 -5.6 -16.0 -1.9 -2.8 -3.1 -2.0 -2.2 -6.5 -3.6 -16.0 -8.8 -2.1 -1.9 -2.8 -1.3 -3.6 -0.8 -2.4 +0.1 -2.6 -1.4 41. Employees in nonagri. establishments 51. Bank debits, all SMSA's except New York 4.0 3.2 2 1.9 3 0.0 11.2 2 2 Rate at trough 2 11.9 2 5.5 2 4.1 25.4 20.0 1.1 3.8 2.6 4.2 5.1 3.3 7.9 6.0 7.4 6.9 +3.3 3.5 7.2 +3.6 +3.3 3.9 4.0 7.6 7,2 3 43. Unemployment rate, total Reference trough to reference peak 47. Index 50. GNP 49. GNP of indus- in 1958 in curtrial dollars rent producdollars (Q)1 tion (Q)1 2 2 (NA) (NA) (NA) -31.6 -10.4 Percent change: Expansions: Reference trough to reference peak 43. Unemployment rate, total Reference peak to reference trough 52. Per- 54. Sales Change sonal of retail in rate, Rate at stores income trough trough to peak 2 -8.7 2 2 Rate at peak 2 (NA) (NA) (NA) +40.2 +45.9 +64.2 +30.4 +24.1 +119.9 +183.3 (NA) +12.4 +12.6 +42.1 (NA) +25.1 +14.7 +13.3 +73.9 +169.6 +23.5 +18.9 +20.4 +78.4 +131.7 +29.6 +13.2 +12.2 +76.3 +157.3 +15.7 +9.9 +3.6 +69.2 +105.4 -3.6 2 -0.9 -14.2 -18.9 11.9 2 5.5 2 4.1 25.4 20.0 +17.2 +17.8 +8.9 +6.9 +21.9 +50.0 +19.7 +25.2 +3.3 +28.8 +11.8 +11.4 +34.9 +44.1 +22.4 +15.1 +51.5 +49.3 +28.6 +21.2 +28.5 +41.4 +22.1 +13.3 +63.8 +25.6 +20.3 +11.9 +0.3 -5.3 -1.8 -2.3 3.3 7.9 6.0 7.4 +17.5 +35.2 +12.3 +27.5 +33.8 +26.7 +20.5 -3.7 7.1 3.3 +13.0 +13.0 +26.6 +23.6 +12.1 +11.6 +20.9 +28.6 +24.4 +39.0 +21.3 +25.3 +16.0 +23.0 -2.6 -2.0 6.3 6.7 3.7 3.9 3.2 1.9 3.2 11.2 1.1 2 2 3 3 3.6 2.6 4.2 5.1 NOTE: For series with a "months for cyclical dominance" (MCD) of "1" or "2" (series 41, 43, 47, and 52), the figure for the reference peak (trough) month is used as the base. For series with an MCD of "3" or more (series 51 and 54), the average of the 3 months centered on the reference peak (trough) month is used as the base. The base for quarterly series (series 49 and 50) is the reference peak (trough) quarter. See also MCD footnote to appendix C. NA Not available. -"•The most recent quarterly reference dates are as follows: 2d quarter 1958 (trough); 2d quarter 1960 (peak); and 1st quarter 1961 (trough). For earlier dates, see Business Cycle Indicators (NBER) vol. 1, p. 670. 2 Based on average for the calendar year. 3 Differs from figure for same date in expansion (contraction) part of table because of change in series used. World War II contraction or expansion period. 5 Korean War contraction or expansion period. 6 The median is an average of the middle 2 or 3 items. Source: National Bureau of Economic Research, Inc. 71 INDEX SERIES FINDING GUIDE (Page Numbers) (See table of contents at front of book for chart, table, and appendix titles) Economic Process Group and Series (See complete titles and sources on back cover) Timing classification Tables Charts 1 2 3 1 2 4 5 Appendixes 6 7 B C D F G E Page Issue Issue Page 1. EMPLOYMENT AND UNEMPLOYMENT 1. Avg. workweek, production workers, mfg. . 2 Accession rate manufacturing • • • • • • • • • 46. Help-wanted advertising 30. Nonagricultural placements, all indus 41. Employees in nonagri. establishments 42. Total nonagricultural employment 3. Layoff rate, manufacturing 4 Temporary layoff all industries 5. Initial claims, State unemploy. insurance . 45. Avg. weekly insured unemploy. rate, State. 43. Unemployment rate, total 40. Unemployment rate married males .. L L C L C C L L L C C C 10 10 15 10 15 15 10 10 10 15 15 15 C C C C C C C C 16 16 16 17 17 17 16 17 L L L L L L U L L L Lg U U U 11 11 12 12 11 11 22 11 11 11 18 20 22 22 L L L Lg 14 14 14 18 14 18 14 14 14 59 59 8 8 8 8 8 8 8 8 8 8 8 8 24 24 28 24 28 28 24 24 24 28 28 28 8 8 8 8 8 8 8 8 29 29 28 29 29 29 29 29 8 8 8 8 8 8 9 8 8 8 9 9 9 9 25 25 25 25 24 24 34 25 25 25 30 32 34 34 8 8 8 9 8 9 8 8 8 27 26 27 30 27 30 27 27 27 8 8 8 9 9 9 8 8 8 8 27 26 29 34 30 30 26 26 26 26 62 62 63 63 66 62 63 66 62 63 62 63 66 62 62 62 62 63 63 63 63 62 63 66 66 66 66 66 66 62 63 62 62 63 63 66 62 62 62 63 63 63 66 66 62 63 66 62 63 66 67 67 67 67 67 67 67 67 67 67 67 67 70 70 70 72 72 *66 *66 72 71 72 72 *66 *66 *66 71 72 72 Sept. Sept. Feb. Oct. Sept. Feb. Sept. Nov. July Mar. Feb. Feb. '66 '66 '64 '63 '66 '67 '66 '63 ' 63 '64 '67 '67 71 72 70 72 72 72 72 72 Aug . July Sept. Aug . Aug. Apr. Aug. Mar. ' 65 ' 66 '64 ' 65 '65 '66 '65 '65 74 74 74 *66 65 *66 June July June Aug. May Dec. ' 65 ' 65 ' 65 '63 ' 64 '63 68 65 73 66 68 Nov. June Feb . June Nov. '64 ' 64 ' 67 73 ' 64 '64 *66 71 72 66 64 66 *68 65 *66 Dec. Aug. Nov. June June June June June Mar. '63 '65 '66 ' 64 ' 64 ' 64 ' 63 ' 64 '64 *66 66 73 73 72 73 71 72 64 74 Jan. Apr. Feb. Feb. Nov. Oct. Aug. Feb. June Sept. '64 '64 '67 '67 '66 '65 '65 '67 ' 64 '65 II. PRODUCTION, INCOME AND TRADE 49 GNP in current dol lars 50. GNP in 1958 dollars 47 Industrial production 52 Personal income 53. Wages and salaries in mining, mfg., constr. 54 Sales of retail stores 57 Final sales 51. Bank debits, all SMSA's except N.Y 60 60 59 •• •• 68 68 67 67 67 67 68 67 71 71 71 71 71 71 III. FIXED CAPITAL INVESTMENT 29. New building permits, private housing 7 Private nonfarm housing starts 38 Index of net business formation 13 New business incorporations 6. New orders, durable goods industries 24. New orders, mach. and equip, industries . . 94 Construction contracts value 9. Construction contracts, comm. and indus. . 10. Contracts and orders, plant and equipment11. New capital appropriations, mfg 61. Bus. expenditures, new plant and equip . . Ill Corporate gross savings 96. Unfilled orders, durable goods industries . 97. Backlog of capital appropriations, mfg . 58 60 •• 67 67 67 67 67 67 68 67 67 68 68 68 68 68 70 July '64 IV. INVENTORIES 25. Change in unfilled orders, durable goods. . 21. Change in business inventories (GNP) . . . 31. Change, mfg. and trade inventories 64 Manufacturers' inventories total 20. Change, mtls. and supplies inventories. . . 65. Mfrs.' inventories, finished goods. . . 37. Purchased, materials, higher inventories.. 26 Buying policy production materials 32. Vendor performance, slower deliveries . . . [' L L 60 62 63 66 69 69 69 67 69 67 67 67 67 70 V. PRICES, COSTS AND PROFITS 23 Industrial materials prices 19 Stock prices 500 common stocks 55. Wholesale prices exc. farm prod, and foods 81 Consumer prices 62. Labor cost per unit of output mfg 68. Labor cost per dollar of real corp. GNP. . . 16 Corporate profits after taxes 17 Ratio price to unit labor cost mfg 18. Profits per dollar of sales, mfg 22. Profits to income originating, corporate. . . L L C U g [Lg L L L 14 13 17 22 18 18 13 13 13 13 58 58 59 61 58 62 62 62 63 63 63 66 66 62 63 66 62 62 63 63 66 67 67 67 68 67 68 68 67 68 68 70 70 70 L = leading, C = roughly coincident, Lg = lagging, U = unclassified (includes "other selected U.S. series" and "international comparisons"). *Appendix G. SERIES FINDING GUIDE-Continued (Page Numbers) (See table of contents at front of book for chart, table, and appendix titles) Economic Process Group and Series (See complete titles and sources on back cover) Timing classification Charts 1 2 Appendixes Tables 3 1 2 4 5 6 7 B C D G F E Page Issue Issue Page VI. MONEY AND CREDIT 85 98. 93 66. 113 112. 110 U Change in money supply Change, money supply and time deposits . . U U Free reserves ... Consumer installment debt Lg U Change consumer installment debt u Change in business loans u Total private borrowing 114 115 116 117 Treasury bill rate Treasury bond yields Corporate bond yields Municipal bond yields 67. Bank rates on short-term business loans . . 14 Liabilities of business failures 15 Large business failures VII. 86 87 88. 89 u u u u u 20 20 20 18 20 20 20 61 9 9 9 9 9 9 9 32 32 32 30 33 32 32 9 9 9 9 9 9 8 8 33 33 33 33 33 30 25 26 62 63 62 63 69 69 69 67 69 69 68 L 21 21 21 21 21 18 12 12 U U U U 22 22 22 22 9 9 9 9 33 34 34 34 68 68 69 69 U U U U U U U u 19 19 19 19 19 19 19 19 9 9 9 9 9 9 9 9 31 31 31 31 31 31 31 32 67 67 69 69 67 67 67 67 u u u u u u u 23 23 23 23 23 23 23 Lg 61 62 62 63 63 66 67 67 67 67 67 68 67 67 70 70 70 72 73 66 70 71 71 73 Nov. Nov. Oct. Aug . July July Feb . '66 '66 '64 ' 64 ' 64 73 ' 64 73 ' 61 73 July July July ' 64 ' 64 ' 64 71 72 72 72 72 70 *66 *66 July July Aug. July July Aug. Nov. Mar. ' 64 '64 '66 ' 64 ' 64 '64 '63 '64 74 74 74 74 74 July July July July July ' 64 ' 64 ' 64 ' 64 ' 64 73 73 73 74 Nov. Nov. Nov. July '66 '66 '66 ' 65 72 72 72 72 70 70 70 66 May May May Aug. Sept. Sept. Sept. Oct. ' 66 ' 66 ' 66 '65 '64 '64 '64 '64 66 67 67 67 67 68 68 Oct. Oct. Oct. Oct. Oct. Oct. Oct. '64 '64 '64 '64 '64 '64 '64 FOREIGN TRADE AND PAYMENTS Exports excluding military aid General imports Merchandise trade balance U S balance of payments VIII. FEDERAL GOVERNMENT ACTIVITIES 83 Federal cash receipts from public 82 Federal cash payments to public 84 Federal cash surplus or deficit 95. Balance, Nat'l. income and prod, account . 91. Defense Department obligations, total 90. Defense Dept. obligations, procurement. . . 92 Military contract awards in U.S 99 New orders defense products 61 62 63 70 70 70 70 70 •• IX. INTERNATIONAL COMPARISONS 121 122. 123 125 126 127 128 Industrial Industrial Industrial Industrial Industrial Industrial Industrial production, production, production production production production, production OECD United Kingdom Canada West Germany France Italy Japan 68 68 68 68 68 68 68 35 35 35 35 35 35 35 70 DIFFUSION INDEXES Dl. Average workweek D5 Initial claims D6 New orders Dll- Capital appropriations D19 Stock prices D23. Industrial materials prices D34. Profits, mfg D35 Net sales mfrs D36 New orders 1-month. . 9-month. . 1-month . 9-month.. 1-month. . 9-month.. 1-quarter. . 3-quarter. . 1-month. . 9-month. . 1-month. . 9-month. . 1-quarter. . 4-quarter. . 4-quarter. . D41. Employees in nonagri.establish. 1-month. . 6-month. . D47. Industrial production 1-month. . 6-month. . D48. Freight carloadings 4-quarter. . D54. Retail sales 1-month. . 9-month. . D58. Wholesale prices, mfg 1-month. . 6-month, . D61. New plant and equip, expend.. 1-quarter. . •• •• 39 39 39 39 39 39 39 39 42 42 43 43 42 42 42 42 46-7 46-7 56 56 46-9 46-9 73 73 73 73 72 69 73 73 Sept. '66 Sept. '66 May. '65 May ' 65 Apr. '65 Oct. '64 Feb. '65 Feb. '65 39 39 39 39 39 41 41 43 43 43 43 43 45 45 55 55 48-9 48-9 72 69 72 73 69 70 70 Apr. Oct. Apr. Feb. Oct. Nov. Nov. '65 '64 '65 '65 T 64 '64 '64 40 40 40 40 41 40 40 40 40 41 44 44 44 44 45 44 44 44 44 45 50-3 50-3 52-3 52-3 73 73 73 70 68-9 73 70 73 73 69 Sept. Sept. Apr. Oct. Nov. Apr. Oct. Apr. Feb. Nov. '66 '66 '65 '64 '64 '65 '64 '65 '65 '64 48-51 48-51 52-5 52-5 -• •• •• •• •• L = leading, C = roughly coincident, Lg = lagging, U = unclassified (includes "other selected U.S. series" and "international comparisons"). *Appendix G. CARRY the FACTS in Your POCKET! POCKET Dm* BOOK USA1967 Latest in the series of statistical reference books issued by the Bureau of the Census, U.S. Department of Commerce. Well over 300 pages—in color—present current, authoritative statistics on all major facets of the economic and social structure of the United States.. . population, education, health, government, prices, labor, income, welfare, defense, recreation, agriculture, industry, science, and other subjects. 30 pages of charts and graphs . . . 469 statistical tables . . . brief narrative description of the U. S. in the mid-1960's. dt<| |?f| FITS INTO POCKET OR PURSE. POCKET DATA BOOK USA1967 : Superintendent of Documents Government Printing Office Washington, && 20402 Arty U»3, Department of Of* €&miwra& Fielit Qfftee , $ypt DBS*, coupons). Or charge *ny Pegosit Aeeourct No* Bend me copy(ies) of Pocket Data Boo* USA, 1967 (03J34/3:$67) a