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U.S. DEPARTMENT OF COMMERCE
Juanita M. Kreps, Secretary
Courtenay M. Slater, Chief Economist for the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
John E. Cremeans, Associate Director for National
Analysis and Projections
Feliks Tamm, Editor
This report was prepared in the Statistical Indicators Division, Bureau of Economic Analysis.
Technical staff and their responsibilities for the publication areBarry A. Beckman—Technical supervision and review
Morton Somer-Selection of seasonal adjustment methods
Betty F. Tunstall-Collection and compilation of basic data. Telephone (202) 523-0541
The cooperation of various government and private agencies which provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series and sources at the
back of this report.
This publication is prepared under the general guidance of a technical committee established by
the Office of Management and Budget. The committee consists of the following persons:
Julius Shiskin, Chairman, Bureau of Labor Statistics, Department of Labor
Joseph W. Duncan, Office of Management and Budget
Beatrice N. Vaccara, U.S. Department of the Treasury
Lyle E. Gramley, Council of Economic Advisers, Executive Office of the
President
J. Cortland Peret, Board of Governors of the Federal Reserve System
John E. Cremeans, Bureau of Economic Analysis, U.S. Department of Commerce

ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides a monthly look at many of the economic
time series found most useful by business analysts
and forecasters.
The original BCD, which began publication in
1961 under the title Business Cycle Developments,
emphasized the cyclical indicators approach to
the analysis of business conditions and prospects.
The report's contents were based largely on the list
of leading, roughly coincident, and lagging indicators maintained by the National Bureau of
Economic Research, Inc.
In 1968, BCD was expanded to increase its usefulness to analysts using other approaches to
business conditions analysis. Principal additions to
the report were series from the national income
and product accounts and series based on surveys
of businessmen's and consumers' anticipations and
intentions. The composite indexes were added at
that time, and the report's present title was
adopted.
The dominant feature of the current BCD
is the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of presentation is explained in the introductory text which
begins on page 1.
Most of the data contained in this report have
also been published by their source agencies. A

Annual subscription price: $40 domestic, $50
foreign. Single copy price: $3.50 domestic, $4.50
foreign. For information concerning foreign airmail delivery, available at an additional charge,
write the Superintendent of Documents (address

series finding guide and a complete list of series
titles and sources can be found at the back of this
report.

Cyclical Indicators are economic time series which
have been singled out as leaders, coineiders, or
(aggers, based on their general conformity to
cyclical movements in aggregate economic activity.
In this report, cyclical indicators are classified both
by economic process and by their average timing at
business cycle peaks, at business cycle troughs, and
at peaks and troughs, combined. These indicators
were selected primarily on the basis of their
cyclical behavior but they have also proven useful
in forecasting, measuring, and interpreting shortterm fluctuations in aggregate economic activity.

Other Economic Measures provides additional information for the evaluation of current business
conditions and prospects,, They include selected
components of the national income and product
accounts; measures of prices, wages, and productivity; measures of the labor force, employment, and unemployment; economic data on
Federal, State, and local government activities;
measures of U.S. international transactions; and
selected economic comparisons with major foreign
countries.

follows), enclosing a copy of your address label.
Make checks payable to the Superintendent of
Documents. Send to the U.S. Government
Printing Office, Washington, D.C. 20402,

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

BCII

iii

METHOD OF PRESENTATION
Seasonal Adjustments
MCD Moving Averages
Reference Turning Dates
Part I. Cyclical Indicators
Part II. Other Important Economic Measures
How to Read Charts
How to Locate a Series
Summary of Recent Data and Current Changes. . . . . . . .

1
1
1
1
4
6
6
7

JULY 1977
Data Through June
Series ES1 No. 77-7

PART I
CYCLICAL INDICATORS

A1
A2
A3
A4

COMPOSITE INDEXES AND
THEIR COMPONENTS

Chart

Table

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

11
.13
15
16

59
—
—

17
20
22
24
27
29
32

60
62
63
64
67
68
70

37
—
40

73
75
-

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
B1
B2
B3
B4
B5
B6
B7

Employment and Unemployment.
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit

DIFFUSION INDEXES
AND RATES OF CHANGE
(TT1
C2
C3~

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this periodical haf
been approved by the Director of the Off ice of Management and Budget through September 1, 1980.




BCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES

~A4

NATIONAL INCOME
AND PRODUCT
GNP and Personal Income
...............................
Personal Consumption Expenditures
........................
Gross Private Domestic Investment
.........................
Government Purchases of Goods and Services
..................
Foreign Trade
.......................................
National Income and Its Components
.......................
Saving
............................................
Shares of GNP and National Income
........................

chart

Table

41
42
43
44
45
46
47
48

79
79
80
80
81
81
81
82

49
50

83
86

LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components

52

88

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

53
54

89
89

U.S. INTERNATIONAL TRANSACTIONS
Merchandise Trade.
Goods and Services Movements

55
56

90
91

INTERNATIONAL COMPARISONS
Industrial Production
,
Consumer Prices
Stock Prices

57
53
53

92
93
94

PRICES, WAGES,
AND PRODUCTIVITY
Price Movements
Wages and Productivity

.....................................
.................................

PART III. APPENDIXES
A. MCD and Related Measures of Variability (December 1975 Issue)
QCD and Related Measures of Variability (September 1975 issue)
B. Current Adjustment Factors
C. Historical Data for Selected Series

95
96

D. Descriptions and Sources of Series (See "Alphabetical Index-Series Finding Guide")

E. Business Cycle Expansions and Contractions: 1854 to 1975 (February I977is$ue)
F. Specific Peak and Trough Dates for Selected Business Indicators (February 1977issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

104
109
113

Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Feliks Tamm, Chief, Statistical
Indicators Division, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, D.C. 20230

NEW

FEATURES

AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to incorporate recent findings of economic
research, newly available time series, and

Changes in this issue are as follows:

revisions made by
source agencies in

1. The series based wholly or in part on national
income and product accounts data have been revised for the
period 1974 to date. These revisions reflect the source
agency's annual updating of the national income and product
accounts. The series revised are as follows: in section
IB—series 16-18, 22, 30, 34-36, 49-53, 55, 59, 62, 64, 68,
70, 79-81, 86-89, 95, 107, 108, and 223; in section IIA-~
all series; in section IIB--series 310 and 311; and in_
section IIP—series 500-502, 510-512, and 564. (NOTE: See
item 2, below, concerning additional revisions in series 17
and 62.)

concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to

Series 57 (Manufacturing and trade sales in constant
dollars) and series 77 (Ratio, constant-dollar inventories
to sales, manufacturing and trade), which are also affected
by the national income and product accounts data, are not
revised in this issue pending expected revisions in their
other components.
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of
. Economic Analysis, National Income and Wealth Division.
2. Series 17 (Ratio, price to unit labor cost, manufacturing) and series 62 (Labor cost per unit of output,
manufacturing) have been revised for the period 1948 to
date. These revisions are in addition to those (1974 to
date) noted in item 1, above, and reflect the fact that
seasonal adjustment of the final ratios for these series
has been discontinued pending further study. The current movements in these data, therefore^ may include some
residual seasonal variation.
(Continued on page iv.)
The August issue of BUSINESS CONDITIONS DIGEST is, scheduled
for.release on September 1.



ill

other series, changes
in composition of
indexes, etc.

Further information concerning these revisions may be obtained from the
U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators
Division,
3. The series on Machinery and equipment sales and business construction expenditures (series 69) has been revised for the period 1974 to date to reflect a new
seasonal adjustment of the construction component.
Further information concerning this revision may be obtained from the
U.S. Department of Commerce, Bureau of the Census, Construction Statistics Division.
4. The series on Contracts and orders for plant and equipment in constant dollars
(series 20) has been revised for the period 1964 to date to reflect revisions in value
of construction put in place, which is used to deflate one of the series 20 components.
These revisions incorporate previously unavailable data for the period 1964 to date and
a new seasonal adjustment for 1974 to date.
Further information concerning these revisions may be obtained from the
U.S. Department of Commerce, Bureau of the Census, Construction Statistics Division.
5. Series 29 (Index of new housing units authorized by local building permits) has
been revised for the period 1975 to date. This revision reflects the source agency's
application of new seasonal factors for that period.
Further information concerning this revision may be obtained from the
U.S. Department of Commerce, Bureau of the Census, Construction Statistics Division.
6. The series on Net change in mortgage debt held by financial institutions and
life insurance companies (series 33) has been revised for the period 1976 to date to
reflect the updating of statistics on mortgage debt held by life insurance companies.
Further information concerning this revision may be obtained from the American
Council of Life Insurance, 277 Park Avenue, New York, New York 10017.
7. For the series on Bank rates on short-term business loans (series 67), data
beginning with February 1977 consist of monthly figures representing the banking system
as a whole. This revision was described incorrectly in the June issue of BCD.
8. Appendix C contains historical data for series 721-723, 725-728, 910, 913-917,
920, 930, 940, and 967.
9. Appendix G contains recovery comparisons for series 2, 3, 4, 50, 62, 70, 91, and

287.




IV

METHOD OF PRESENTATION
This report is organized into two
major parts. Part I, Cyclical Indicators,
includes about 150 time series which
have been found to conform well to
broad fluctuations in comprehensive
measures of economic activity. Nearly
three-fourths of these are individual
indicators, the rest are related analytical
measures: Composite indexes, diffusion
indexes, and rates of change. Part II,
Other Important Economic Measures,
covers over 130 series which are valuable
to business analysts and forecasters but
which do not conform well enough to
business cycles to qualify as cyclical
indicators. (There are a few exceptions:
Four series which are included in pt. I
are also shown in pt. II to complete the
systematic presentation of certain sets of
data, such as real GNP and unemployment.) The largest section of part II
consists of quarterly series from the
national income and product accounts;
other sections relate to prices, labor
force, government activities, and international transactions and comparisons.
The two parts are further divided into
sections (see table of contents), and each
of these sections is described briefly in
this introduction. Data are shown both
in charts and in tables. Most charts begin
with 1953, but those for the composite
indexes and their components (pt. I, sec.
A) begin with 1948, and a few charts
use a two-panel format which covers
only the period since 1967. Except for
section F in part II, the charts contain
shading which indicates periods of recession in general business activity. The
tables contain data for only the last few
years. The historical data for the various
time series are contained in the 1977
Supplemen t to Business Conditions
Digest
In addition to the charts and tables
described above, each issue contains a
summary table which shows the current
behavior of many of the series. Appendixes present seasonal adjustment factors, measures of variability, specific
cycle turning dates, cyclical comparison
charts, and other information of analytic
interest. An index appears at the back of
each issue. It should be noted that the
series numbers used are for identification purposes only and do not reflect
precise relationships or order. However,
all series considered as cyclical indicators are numbered in the range 1 to
199.



Seasonal Adjustments
Adjustments for average seasonal
fluctuations are often necessary to bring
out the underlying trends of time series.
Such adjustments allow for the effects
of repetitive intrayear variations resulting primarily from normal differences
in weather conditions and from various
institutional arrangements. Variations
attributable to holidays are usually
accounted for by the seasonal adjustment process; however, a separate holiday adjustment is occasionally required
for holidays with variable dates, such as
Easter. An additional adjustment is
sometimes necessary for series which
contain considerable variation due to
the number of working or trading days
in each month. As used in this report,
the term "seasonal adjustment" includes trading-day and holiday adjustments where they have been made.
Most of the series in this report
are presented in seasonal ly adjusted
form and, in most cases, these are the
official figures released by the source
agencies. However, for the special
purposes of this report, a number of
series not ordinarily published in
seasonally adjusted form are shown
here on a seasonally adjusted basis.

about the moving averages and to provide observations for the most recent
months.

Reference Turning Dates
The historical business cycle turning
dates used in this report are those
designated by the National Bureau of
Economic Research, Inc. (NBER). They
mark the approximate dates when,
according to NBER, aggregate economic activity reached its cyclical
high or low levels. Asa matter of general
practice, neither new reference, turning
dates nor the shading for recessions will
be entered on the charts until after both
the new reference peak and the new
reference trough bounding the shaded
area have been designated.
The historical reference turning dates
are subject to periodic review by NBER
and on occasion are changed as a result
of revisions in important economic time
series. The dates shown in this publication for the 1948-1970 time period
are those determined by a 1974 review.
The turning dates for the 1973-1975
period are detailed in NBER's 7376
Annual Report

Part I. CYCLICAL INDICATORS
MCD Moving Averages
Month-to-month changes in a series
are often dominated by erratic movements. MCD (months for cyclical dominance) is an estimate of the appropriate
span over which to observe cyclical
movements in a monthly series. (See
app. A.) It is the smallest span of
months for which the average change
in the cyclical factor is greater than that
in the irregular factor. The more erratic
a series is, the larger the MCD will be;
thus, MCD is 1 for the smoothest series
and 6 for the most erratic. MCD moving
averages (that is, moving averages of the
period equal to MCD) tend to have
about the same degree of smoothness
for all series. Thus, a 5-term moving
average of a series with an MCD of 5
will show its cyclical movements about
as clearly as the seasonally adjusted data
for a series with an MCD of 1.
The charts in this report generally
include centered MCD moving averages
for those series with an MCD greater
than 4. The seasonally adjusted data are
also plotted to indicate their variation

Business cycles have been defined as
sequences of expansion and contraction
in various economic processes that show
up as major fluctuations in aggregate
economic activity—that is, in comprehensive measures of production, employment, income, and trade. While recurrent
and pervasive, business cycles of historical experience have been definitely
nonperiodic and have varied greatly
in duration and intensity, reflecting
changes in economic systems, conditions, policies, and outside disturbances.
One of the techniques developed in
business cycle research and widely used
as a tool for analyzing current economic
conditions and prospects is the cyclical
indicators approach. This approach
identifies certain economic time series
as tending to lead, coincide with or lag
behind the broad movements in aggregate economic activity. Such indicators
have been selected and analyzed by
NBER in a series of studies published
between 1938 and 1967. During the
1972-75 period, a new comprehensive
review of cyclical indicators was carried

1

Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
\^ Economic
\Process
Cyclical >^
Timing
\.

LEADING (L)
INDICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS

it.
PRODUCTION
AND
INCOME
(10 series)

III.
CONSUMPTION,
TRADE,
ORDERS, AND
DELIVERIES
(13 series)

Marginal

Capacity
utilization
(2 series)

New and
unfilled orders
and deliveries
(6 series)
Consumption
(2 series)

Formation of
business
enterprises
(2 series)
Business
investment
commitments
(5 series)
Residential
construction
(3 series)

Comprehensive
employment
(1 series)

Comprehensive
output and
real Income
(4 series)
Industrial
production
(4 series)

Consumption
and trade
(4 series)

Backlog of
Investment
commitments
(1 series)
Business
investment
expenditures
(5 series)

employment
adjustments
(6 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)

(23 series)

LAGGING (Lcj)
INDICATORS

(18 series)

TIMING
UNCLASSIFIED
(U)
(8 series)

tv.

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

Duration o1
unemployment
(2 series)

V.

FIXED

CAPITAL
INVESTMENT
(18 series)

Business
investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

Trade
(1 series)

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

Inventory
investment
(4 series)
Inventories on
hand and on
order
(1 series)

VI.

PRICES ( COSTS,

AND PROFITS

(17 series)

Stock prices
(1 series)
Commodity
prices
(1 series)
Profits and
profit
margins
(7 series)
Cash flows
(2 series)

VII.

MONEY
AND CREDIT

(26 series)

Money flows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)
Velocity of
money
(2 series)
Interest rates
(2 series)

Inventories on
hand and on
order
(4 series)

Business
investment
commitments
(1 series)

Unit labor costs
and labor share
(4 series)

Interest rates
(4 series)
Outstanding
debt
(3 series)

Commodity
prices
(1 series)
Profit share
(1 series)

Interest rates
(1 series)

B. Timing at Business Cycle Troughs
X. Economic
\Proeess
>v
CyclicatV
Timing
N.

LEADING fL)
INDICATORS
(47 series)

III.

IV.

FIXED

PRODUCTION
AND
INCOME
(10 series)

CONSUMPTION,
TRADE,
ORDERS, AND
DELIVERIES
(13 series)

Marginal
employment
adjustments
(3 series)

Industrial
production
(1 series)

New and unfilled
orders and
deliveries
(5 series)
Consumption
and trade
(4 series)

Formation of
business
enterprises
(2 series)
Business
investment
commitments
(4 series)
Residential
construction
(3 series)

Comprehensive
output and
real income
(4 series)
Industrial
production
(3 series)
Capacity
utilization
(2 series)

Consumption
and trade
(3 series)

Business
Invest ment
commitments
(1 series)

Unfilled orders
(1 series)

Business
Investment
commitments
(2 series)
Business
investment
expenditures
(6 series)

Marginal
employment
adjustments
ROUGHLY
(2 series)
COINCIDENT(C) Comprehensive
INDICATORS
empioymont
(23 series)
(4 series)

LAGGING (Lg)
INDICATORS
(40 series)

II.

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

Marginal
empioymont
adjustments
(1 series)
Job vacanc es
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and duration

CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

Inventory
investment
(4 series)

inventories on
hand and on
order
(5 series)

VI.
VII.
PRICES, COSTS, MONEY
AND CREDIT
(17 series)
(26 series)

AND PROFITS

Stock prices
(1 series)
Commodity
prices
(2 series)
Profits and
profit margins
(6 series)
Cash flows
(2 series)

Money flows
(2 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)

Profits
(2 series)

Money flow
(1 series)
Velocity of
money
(1 serfes)

Unit labor costs
and labor share
(4 series)

Velocity of
money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(3 series)

of

unemployment
(5 series)
Bank reserves
(1 series)

TIMING
UNCLASSIFIED
(U)
(1 series)




.,,.

,-

._. i

out by the Bureau of Economic Analysis
(BEA) with the cooperation of the
NBER research staff. The present format and content of part I of BCD are
based on the results of that study.

Section A. Composite Indexes and Their
Components
All cyclical indicators have been evaluated according to six major characteristics: Economic significance, statistical
adequacy, consistency of timing at
business cycle peaks and troughs, conformity to business expansions and
contractions, smoothness, and prompt
availability (currency). A formal, detailed weighting scheme was developed
and used to assess each series by all of
the above criteria. (See articles in the
May and November 1975 issues of BCD.)
The resulting scores relate to the cyclical
behavior of the series during the period
1947-70. This analysis produced a new
list of indicators classified by economic
process and typical timing at business
cycle peaks and troughs. (See tables on
p. 2 and text below relating to sec. B.)
This information, particularly the
scores relating to consistency of timing,
served as a basis for the selection of
series to be included in the composite
indexes. The indexes incorporate the
best-scoring series from many different
economic-process groups and combine
those with similar timing behavior, using
their overall performance scores as
weights. Because they use series of
historically tested usefulness and given
timing characteristics (for example,
leading at both peaks and troughs), with
diversified economic coverage and a
minimum of duplication, composite
indexes give more reliable signals over
time than do any of the individual
indicators. Furthermore, much of the
independent measurement error and
other "noise" in the included series are
smoothed out in the index as a whole.
The indexes include only monthly series
that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite /indexes are
distinguished by their cyclical timing.
Thus, there is an index of leading indicators, series which historically reached
their cyclical peaks and troughs earlier
than the corresponding business cycle
turns. There is an index of roughly
coincident indicators, consisting of
series which historically reached their
turning points at about the same time as
the general economy, and an index of



lagging indicators, which includes series
that typically reached their peaks and
troughs later than the corresponding
business cycle turns.
The leading index contains series with
long as well as short leads, but each
series leads on the average over time and
shows a frequency of leads at the individual turns exceeding that attributable
to chance, given the historical distribution of cyclical timing. (An analogous
statement applies to the components of
the lagging index.) Since 1948, leads
were generally more frequent and longer
at peaks than at troughs of business
cycles, while lags were generally more
frequent and longer at troughs than at
peaks. The adopted system of scoring
and classifying the indicators takes into
account these well-established differences in timing. Consequently, rough
coincidences include short leads (-) and
lags (+) as well as exact coincidences (0).
(For monthly series, the range is from -3
through +1 at peaks and from-1 through
+3 at troughs, where minus denotes
leads and plus denotes lags in months.)
For purposes of constructing a composite index, each component series is
standardized: The month-to-month percent changes in a given series are divided
by the long-run average (without regard
to sign) of those changes. Thus, the more
volatile series are prevented from dominating the index. The coincident index
is calculated so that its long-term trend
(since 1948) equals the average of the
trends of its four components. This
trend, which is similar to that of GNP
in constant dollars, can be viewed as a
linear approximation to the secular
movement (at an average growth rate)
in aggregate economic activity. The
indexes of leading and lagging indicators have been adjusted so that both
their trends and their average monthto-month percent changes (without
regard to sign) are approximately
equal to those of the coincident index.
(For a more detailed description of
the method of constructing the composite indexes, see the 1977 Supplement to BCD.)
In addition to these principal composite indexes, differentiated according
to cyclical timing, there are five indexes
based on leading indicators which have
been grouped by economic process.
Taken together, these additional indexes
include all 12 component series of the
overall leading index, plus a few related
series. Also shown in this section is the
ratio of the index of roughly coincident
indicators to the index of lagging
indicators, a series known to have a
useful pattern of early cyclical timing.

Numbers entered on the charts of the
composite indexes show the length, in
months, of leads (-) and lags (+) at each
of the reference turning dates covered.
The next set of data consists of
series included in the principal composite indexes. These are the 12 components of the leading index, the 4
components of the coincident index,
and the 6 components of the lagging
index. Following the title of each series,
its typical timing is identified by three
letter symbols in a small box. The first
of these letters refers to the timing of
the given indicator at business cycle
peaks, the second to its timing at
business cycle troughs, and the third
to its timing at all turns, i.e., at peaks
and troughs combined. "L" denotes a
tendency to lead, "C" a tendency to
roughly coincide with the business
cycle turns (as represented by the
NBER-designated reference dates), and
"Lg" a tendency to lag. Since these
series have been selected for the consistency of their timing at both peaks
and troughs, all components of the
leading index are denoted "L,L,L", all
components of the coincident index
"C,C,C", and all components of the
lagging index "Lg,Lg,Lg." It should be
remembered that these classifications
are based on limited evidence, namely
the performance of the indicators
during the business cycles of the 194870 period, which included five peaks
and five troughs. While the timing
classifications are expected to agree
with the patterns prevailing in the near
future, they will not necessarily hold
invariably in every instance. The timing
of the series in the post-1970 period
can be determined by inspection of the
charts where the 1973-75 recession is
shaded according to the dates of the
NBER reference cycle chronology.

Section B. Cyclical Indicators by Economic Process
This section covers 111 individual
time series, including the 22 indicators
used in the construction of the composite indexes. The peak and trough
timing classifications are shown on the
charts in the same manner as described
above, but this section includes series
with different timing at peaks and at
troughs, as well as series where the
timing is not sufficiently consistent to
be classified as either L,C, or Lg according to the probabilistic measures
and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to
timing at turning points of the given

3

type. Eight series are unclassified at
peaks, one series at troughs, and 19
series at alt turns (of the 19, 15 have
definite but different timing at peaks
and at troughs). No {series that is
classified as U both at peaks and at
troughs is included in the list of
cyclical indicators.
The classification scheme which
groups the indicators of this section by
economic process and cyclical timing is
summarized in the two tabulations on
page 2. Cross-classification A is based on
the observed behavior of the series at
five business cycle peaks (November '48,
July '53, August '57, April '60, and
December '69); cross-classification B, on
their behavior at five business cycle
troughs (October '49, May '54, April '58,
February '61, and November '70). Each
tabulation distinguishes seven major
economic processes and four types of
cyclical timing. The title!) in the cells
identify subgroups of the given economic process with the given timing
characteristic. The number of series in
each such group is given in parentheses
following the title. Complete information on how individual indicators are
classified by timing at peaks, troughs,
and all turns, along with selected measures and scores, is provided in the
1977 Supplement to BCD.

executives about their plans and expectations for several operating variables
are presented, along with the corresponding indexes based on actual data,
as the last set of the diffusion series.
This section also records rates of
change for the three composite indexes
(leading, coincident, and lagging) and
for four indicators of aggregate economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours in nonagricultural establishments, and personal income less
transfers in constant dollars. Rates of
change are shown for 1- and 3-month
spans or for 1-quarter spans.
Although movements in diffusion indexes and in rates of change for the
same aggregates are generally positively
correlated, these two measures present
information about two related but
distinct aspects of economic change.
Diffusion indexes measure the prevailing direction or scope of change,
while rates of change measure the
degree as well as the overall direction.
As is the case for diffusion indexes,
cyclical movements in the rates of
change tend to lead those of the
corresponding indexes or aggregates,
and thus, they tend to lead at the
business cycle turns as well.

Part II. OTHER IMPORTANT
ECONOMIC MEASURES
Section C. Diffusion Indexes and Rates
of Change

Many series in this report are aggregates compiled from numerous components. How the individual components of an aggregate move over a
given time span is summarized by a
diffusion index which indicates the
percentage of components that are rising
(with half of the unchanged components considered rising). Cyclical
changes in these diffusion indexes tend
to lead those of the corresponding
aggregates. Since diffusion indexes are
highly erratic, they are computed from
changes measured over 6- or 9- month
(or 3- or 4- quarter) spans, as well as
1-month (or 1-quarter) spans. Longer
spans help to highlight the trends
underlying the shorter-tterm fluctuations. Diffusion indexes are shown for
the component series included in each
of the three composite indexes and for
the components of some of the aggregate series shown in section B.
Diffusion measures can be derived
not only from actual data but also from
surveys of anticipations or intentions.
Indexes based on responses of business




This part is divided into six sections
which cover a wide range of quarterly
and monthly time series measuring
various aspects of economic activity.
Some of these series are very comprehensive, pertaining to the U.S. economy
as a whole, others have to do with
particular sectors or markets, and still
others relate to U.S. international
transactions or to selected foreign
countries. The represented variables
include incomes, outputs, and expenditures; prices, earnings, and productivity; labor resources; government
receipts, obligations, and purchases;
exports and imports; and selected
indicators for a few key foreign
countries.

disposable personal income. The four
major components of the gross national
product—personal consumption
expenditures, gross private domestic investment, government purchases of
goods and services, and net exports of
goods and services-are presented in
sections A2 through A5. Most of the
series in section A are presented in
current as well as constant dollars.
There are also a few per capita series.
The national income and product
accounts, briefly defined below, are
described more fully in the Survey of
Current Bus/ness, Part I, January 1976.

Gross national product (GNP) is the
market value of final goods and services
produced by the labor and property
supplied by residents of the United
States, before deduction of allowances
for the consumption of fixed capital
goods. It is the most comprehensive
measure of aggregate economic output.
Final sales is GNP less change in business
inventories.
Personal income is the income received by persons (individuals, owners
of unincorporated businesses, nonprofit institutions, private trust funds,
and private noninsured welfare funds)
from all sources. It is the sum of wage
and salary disbursements, other labor
income, proprietors' income, rental income of persons, dividends, personal
interest income, and transfer payments,
less personal contributions for social
insurance.
Disposable

personal income is the

personal income available for spending
or saving. It consists of personal income
less personal taxes and nontax payments
to government.
Personal consumption expenditures

(A2) is goods and services purchased by
individuals, operating expenses of nonprofit institutions, and the value of
food, fuel, clothing, rent of dwellings,
and financial services received in kind
by individuals. Net purchases of used
goods are also included.
Gross private domestic

Section A. National Income and Product

The national income and product
accounts, compiled by BEA, summarize
both receipts and final expenditures for
the personal, business, foreign, and
government sectors of the economy.
Section A1 shows the gross national
product, final sales, and personal and

investment

(A3) is fixed capital goods purchased by
private business and nonprofit institutions and the value of the change in the
physical volume of inventories held by
private business. The former include all
private purchases of dwellings, whether
purchased for tenant or owner occupancy. Net purchases of used goods are
also included.

Government purchases of goods and
services (A4) is the compensation of
government employees and purchases
from business and from abroad. It excludes transfer payments, interest paid
by government, and subsidies. It includes gross investment by government
enterprises, but excludes their current
outlays. It includes net purchases of
used goods and excludes sales and purchases of land and financial assets.
Net exports of goods and services
(A5) is exports less imports of goods
and services. Exports are part of the
national production; imports are not,
but are included in the components of
GNP and are therefore deducted. More
detail on U.S. international transactions
is provided in section E.
National income (A6) is the incomes
that originate in the production of
goods and services attributable to labor
and property supplied by residents of
the United States. Thus, it measures the
factor costs of the goods and services
produced. It consists of the compensation of employees, proprietors' income,
rental income of persons, corporate
profits, and net interest
Saving (A7) is the difference between
income and expenditures during an
accounting period. Total gross saving
includes personal saving, business saving
(mainly undistributed corporate profits
and capital consumption allowances),
and government surplus or deficit.
Shares of GNP and national income
(A8). The major expenditure components of GNP (consumption, investment, etc.) are expressed as percentages
of GNP, and the major income components of national income (compensation of employees, corporate profits,
etc.) are expressed as percentages of
national income.




Section B. Prices, Wages, and Productivity
A

The important data on price movements include the monthly consumer
and wholesale price indexes and their
major components. Based largely on
these series are the quarterly price indexes from the national income and
product accounts, notably the GNP
implicit price deflator (with weights
reflecting the changing proportions of
different expenditure categories in GNP)
and the fixed-weighted price index for
the gross business product. Data on
both levels and percent changes are
presented for the period since 1967.
The group of series on wages and
productivity consists of data on average
hourly earnings and average hourly
compensation (including earnings and
other benefits) in current and constant
dollars, output per hour of work in the
business sector, and rates of change for
most of these measures.

Section C. Labor Force, Employment,
and Unemployment
This section contains measures of the
civilian labor force and its major components: Total numbers of employed
and unemployed persons. The number
of unemployed is subdivided into
selected categories defined by sex,
age, and class of worker. Also included
are data on participation rates for a few
principal segments of the labor force.

Section D. Government Activities
Receipts, expenditures, and their
balance (surplus or deficit) are shown
quarterly on two levels: (1) Federal
Government and (2) State and local
government. Defense series relating to

obligations,
contracts, and orders
(monthly) and purchases (quarterly)
are also shown. (For a more comprehensive picture of defense activities,
see Defense Indicators, a monthly
BEA publication.)

Section E. U.S. International
Transactions
This group includes monthly series
on exports (excluding military aid) and
general imports, plus a few selected
components of these aggregates. Also
shown are the balances between receipts
and expenditures for goods and services,
merchandise, and investment income.

Section F. International Comparisons
This section is designed to facilitate a
quick review of basic economic conditions in six of the nations with which
we have important trade relationships.
The U.S. business cycle shading has
been omitted from these charts. Data on
industrial production, consumer prices,
and stock prices for Canada, the United
Kingdom, France, West Germany,
Japan, and Italy are compared with the
corresponding U.S. series. Also included
is an industrial production index for the
European countries in the Organization
for Economic Cooperation and Development (OECD). The industrial production series provide cyclically sensitive
output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the
period since 1967) provide important
measures of the rates of inflation in
the major industrialized countries.
Stock prices (also shown beginning in
1967) tend to be significant as leading
indicators.

HOW TO READ CHARTS

Basic Data

Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.

Arabic number indicates latest
month for which data are
plotted, ("9" = September)

Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages,)

Dotted line indicates anticipated data.

Broken line indicates actual
monthly data for series whore
a moving average is plotted.

Roman number indicates
latest quarter for which data
are plotted. ("IV" = fourth
quarter)

Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).

Diffusion Indexes

Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.

Roman number indicates
latest quarter for which data
are used in computing the indexes.

Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.

Broken line indicates percent
changes over 1-month spans.

Various scales are used to
highlight the patterns of the
individual series. "Scale A"
is an arithmetic scale, "scale
L-1" is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.
Arabic number indicates latest
month for which data are
used in computing the indexes.

Broken line with plotting
points indicates quarterly
data over 1 -quarter spans.

Solid line indicates percent
changes over 3- or 6-month
spans.

Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.

Rates of Change

£N^

Solid line with plotting points
indicates percent changes over
3-or 4-quarter spans.

Dotted line indicates anticipated quarterly data over
various spans.
Arabic number indicates latest
month used in computing
the changes.
Broken line with plotting
points indicates percent
changes over 1-quarter spans.
Roman number indicates
latest quarter used in computing the changes.

HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, or-




2, See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data 1
Timing
classification3

Series title

Unit
of
measure
1975

I. CYCLICAL INDICATORS
A, Composite Indexes
910 Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators
Leading Indicator Subgroups:
913. Marginal employment adjustments
914. Capital investment commitments
915. Inventory investment and purchasing
916 Profitability
91 7. Money and financial flows

Percent change

to
May

4th Q
to
IstQ

IstQ
to
2dQ

1977

1977

1977

1977

129.4
130.7
125,8

-0.2

-0.6

-0.2

Apr.
1976

4th Q

IstQ

2dQ

1976

1977

1977

Apr.
1977

OJ

May
to
June

Average
May

June

1977

1977

1

,i

i
1

;
:

L,L,L
C,C,C
Lg,Lg,Lg

1967=100 ..
do. ...
do. ...

L,L,L
L,L,L
L,L,L
L,L,L
L,L,L

do.
do.
do.
do.
do.

L,L,L
L.C.L
L,L,L
L,C,L

...
...
...
...
...

114.1
114.1
128.6

1

124.8
122.3
120.7

127.0
124.2
121.2

127.9
126.8
122.1

130.0
130.0
124.1

130.5
129.4
122.9

130.2
130.0
123.6

93.1

96.2

95.8

96.9

101.6
101.2
104.7

106.8
102.0
108.1
107.9

109.2
101.8
107.1
109.7

110.2
102.0
106.2
108.6

39.4

40.0

40.0

40.1

3.7
470
2.1
1.4

3.9
384
1.3
1.7

3.8
390
1.3
1.6

4.3
382
1.2
1.9

4.0
366
1.1
1.9

4.1
358
1.0
1.9

4.1
378
1.1
1.9

3.4
3.9
363
1.2
1.9

97.1

97.3

111.1
103.3
.107.0
108.0

97.5

97.3

97.1

110.6
103.9
106.7
109.3

111.3
103.6
107.1
107.6

111.3
102.4
107.2
107.1

40.3

40.4

40.5

0.5
0.6

0.6
-0.3

0.4
-1.6

0.5
1.8
-0.2

0.0
-1.2

0.1
-0.5

0.7
2.1
0.7

1.6
2.5
1.6

91
92
93

1.1
0.9
0.2

0.4
0.8
1.3
0.8

91
91
91
91
91

-0.8
-1.0

-0.6

8. Cyclical Indicators by Economic Process
B1. Employment and Unemployment
Marginal Employment Adjustments:
*1 . Average workweek, prod, workers, mfg
21. Avg. weekly overtime, prod, workers, mfg.2 ..
2. Accession rate, per 100 employees, mfg.2
5. Avg. weekly initial claims (inverted4)
*3. Layoff rate, per 100 employ., mfg. (inv.4)2 ..
4 Quit rate per 100 employees mfg 2

L,Lg,U

Hours
do. ...
Percent
Thousands. .
Percent
do. ...

Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed2
46. Help-wanted advertising

L,Lg,U
L,lg,U

Ratio
1967=100...

0.304
80

0.389
95

0.393
100

0.448
106

0.488
112

0.482
109

0.494
112

0.487
114

A.r., bil. hrs..
Thousands. .
do: ...
do. . . .

146.88
81,403
77,051
22,603

151.50
84,188
79,443
23,332

152.98
84,861
80,090
23,440

154.19
85,900
80,927
23,765

156.35
87,042
81,888
24,286

156.00
86,763
81,686
24,217

156.62
87,022
81,921
24,310

156.42
87,341
82,056
24,332

55.24

56.06

56.14

56.48

57.12

56.98

57.14

57.23

0.16

0.09

7,830
8.5
5.9

7,288
7.7
4.5

7,578
7.9
4.7

7,068
7.4
4.0

6,816
7.0
3.7

6,737
7.0
3.7

6,750
6.9
3.7

6,962
7.1
3.7

-0.2

-3.1
-0.2

14.2

15.8

15.5

14.7

14.5

14.3

14.9

14.4

-4.2

UL.L

Comprehensive Employment:
48. Employee hours in nonagri. establishments . . . U.C.C
42 Persons engaged in nonagri activities
U,C,C
*41 Employees on nonagri payrolls
C,C,C
40. Employees in mfg., mining, construction
L,C,U
90. Ratio, civilian employment to total population of working age2
U,Lg,U

Percent

Comprehensive Unemployment:
37 Total unemployed (inverted4)
ULg,U Thousands , .
43. Unemployment rate, total (inverted 4 ) 2
L,Lg,U Percent
4 2
45. Avg. weekly insured unemploy-rate (inv. ) .. L,Lg,U
do. ...
*91. Avg. duration of unemployment (inverted 4 ) . . Lg,Lg,Lg Weeks
44. Unemploy. rate, 15 weeks and over (inv.4)2 .. Lg.Lg.Lg Percent

40.4

0.2
0.0
0.0

0.2
0.0

0.0

0.2
0.2
0.5
2.1
0.1
0.3

0.012 -0,007
2.8
1.8

0.055
6.0

0.040
5.7

6
4

0.8
1.2
1.0
1.4

1.4
1.3
1.2
2.2

4
4
4
4

-5.6
-0.1

0.0

0.4
0.3
0.3
0.4

-0.2

4.0
-0.1

-0.1

0.4
0.2
0.1

0.34

0.7
0.1

2

-0.3

4.2
0.1
0.0

0.64

9

1.8

0.0

0.0
3.4
0.1

6,7
0.5
0.7
5.2
0.4

1202.1 1274.7 1287.4 1311.0 1331.6
9 9 0 . 8 1038.1 1056.1 1071.2 1088.1 1087.0 1086.9 1090.4
851.1
893.3
910.2 923.6 9 4 2 . 3 9 3 8 . 8 941.8
946.3

0.0
0.3

0.3
0.5

1.8
1.4
1.5

1.6
1.6
2.0

5
5
5

2.7

2.5

2.6

2.2

1,9

1.9

1.9

0.1
0.0

3.6
0.4
0.3
1.4
0.3

3
4
4
9
4

B2. Production and Income
Comprehensive Output and Income:
50 GIMP in 1972 dollars
52 Personal income in 1972 dollars
*51. Pers. income less transfer pay., 1972 dollars ..
53. Wages and salaries in mining, mfg., and construction 1972 dollars
Industrial Production:
*47 Industrial production total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output, 1972 dollars
Capacity Utilization:
82. Capacity utilization rate, mfg., FRB 2
83. Capacity utilization rate, mfg., BEA 2
84. Capacity utilization rate, materials, FRB 2

C,C,C

c,c,c
c,c,c

A r bil dol
do
do

c,c,c

do

209.0

221.8

224.3

227.8

234.2

233.2

234.3

235.0

0.5

0.3

. 1.6

2.8

5

c,c,c

1967-100...
do. ...
do. ...
A.r., bil. dol.

117.8
109.3
126.4
538.8

129.8
121.4
141.0
580.1

131.8
123.5
143.1
581.9

133.5
124.6
145.5
602.4

137.5
129.7
149.0
611.4

136.2
128.0
148.1

137.6
130.0
149.4

138.6
131.2
149.5

1.0
1.6
0.9

0.7
0.9
0.1

1.3
0.9
1.7
3.5

3.0
4.1
2.4
1.5

4
7
7
4

Percent
do. . .
do. ...

73.6

80.2

81.1

83.1

0.5
2
0.1

2.0
NA
2.4

8

5.8
4.1
7.4
-0.68
1.5
4

4.1
2.9
0.1

C.C.C
C.L.L ;!

c.c.c

L,C,U
L,C,U

77
73.6

81
80.3

80.6

81
80.2

83
80.3

NA
82.7

a

8

B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
UL,L
L,L,L
7 New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. . L,L,L
25. Chg. in unfilled orders, durable goods 2
L,L,L
L,Lg,U
96. Mfrs.' unfilled orders, durable goods5
L,L,L
*32 Vendor performance2
Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars ..
75 Industrial production consumer goods
54. Sales of retail stores
59 Sales of retail stores, 1972 dollars
55 Personal consumption expend., autos
58 Index of consumer sentiment ©

Bil. dol

do
do. . . ,
do. .. .
Bil. dol., EOP
Percent

c,c,c

Bil. do!

C,C,C
C,L,C
C,L,U
U,L,U
L,C,C
L,L,L

do. ...
1967=100...
Mil. dol
do
A.r., bil dol.
1 Q 1966-100

L,l,L
L,L,L

1967=100...
Number. .. .

42.19
50.79
53.34
56.44
58.78
58.65
59.18
58.52
30.86
35.01
35.79
37.24
38.32
38.31
38.60
38.05
28.85
32.35
32.43
34.83
34.87
34.98
35.04
34.60
-1.76
0.31
1.49
0.81
1.76
1.88
2.46
0.94
163.58 167.26 167.26 169.70 174.99 171.59 174.05 174.99
30
54
48
52
58
56
58
57
172.54
121.94
124.0
48,702
3^,518
40.7
70.5

192.53
130.63
136.8
54,324
39,813
55.0
85.4

197.81
132.34
139.3
56,035
40,553
58.1
86.0

208.16
NA 213.51
136.48
NA 138.07
141.3
144.1
143.6
58,119 59,315 5 9 , 4 6 5
41,255 41,596 41,818
65.0
87.5

213.93
NA
137.94
NA
144.7
143.9
59,247 59,233
41,519 41,451

0.9
0.8
0.2
0.58

1.4
-2
0.2
-0.1

0.2
-0,4
-0.7

-1.1
-1.4
-1.3

-1.52
0.5
2

NA
NA
0.6
0.0
-0.2

64.9
89.1

5.2
3.1
1.4
3.7
1.7
11.9

0.95

3.1
5

NA
NA
2.0
2.1
0.8
-0.2

1.7

1.8

2.2
2.8

NA

2
9
3
5
S
1
5
5
5
5

B4. Fixed Capital Investment
Formation of Business Enterprises:
*1 2 Met business formation
13 New business incorporations




108.9
117.6
120.8
123.5
2 7 , 2 b 4 31,244 3 3 , 2 9 3 3 4 , 2 2 0

NA 122.0
NA 3 3 . 0 2 3

122.1
NA

NA
NA

0.1
NA

NA
NA

NA

1
1

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data 1
Unit
of
measure

Timing
classification3

Series title

Percent change

Average

1975

to
May

May
to
June

4th Q
to
IstQ

1977

1977

1977

Apr.

1976

4th Q

1stQ

2dQ

Apr.

May

June

1976

1977

1977

1977

1977

1977

IstQ

to

JiE
i
£

1977

L CYCLICAL INDICATORS-Con.
B4, Fixed Capital Investment-Con.
Business Investment Commitments;
1
1 0. Contracts and orders, plant and equipment . . .
*2Q. Contr. and orders, plant and equip.,
1972 dol
24. New orders, cap. goods indus,,nondBfense . . .
27. Now orders, capital goods Industrie, nondefonse, 1072 dollars
9. Construction contracts, commerciol and industrial buildings, floor space
1 1 . New capital appropriations, mfg
97. Backlog of capital appropriations, mfg.s — .
Business Investment Expenditures:
61. Business expend., new plant and equipment . .
69. Machinery and equipment sales and business
construction expenditures
76 Industrial production, business equip
86. Nonrosid. fixed investment, total, 1972 dol. . ,

L,L,L

Bil.dol

L,L,L
L,L,L

.....do. ...
do.

LL L
Mil. sq.ft. . .
L,C,U
U,Lg,U Bil. dol
C.Lg,Lg Bil.dol., EQP

15.08

15.77

16.76

18.89

17.89

19.76

19.01

9.67

10.91

10.70
12.84

10.97
13.56

11.48
14.48

12.84
15.14

12.21
14.68

13.38
15.00

12.93
15.75

9.6
2.2

8.16

9.15

9.45

9.95

10.36

10.07

10.23

10.78

1.6

4 8 . BO
11.36

51.43
12.61
48.13

60.07

55.88

63.20

61.12

46.45

112.78 120.49

A.r.,bll.dol.

Residential Construction Commitments and
Investment:
20. New private housing units started, total
*29, Mew building permits, private housing
89. Fixed investment, residential, 1972 dol

13.05

52.94

57.43

15.08
48.13

14.68
49.72

NA
NA

1 2 5 . 2 2 130.16

134.46

C,Lg,Lg . . . . . d o . . . .
C,Lg,U 1967-100...
C,lg,C A.r., bit. dol.

128.2
112.7

136.1
116.8

139.8
119.0

143.2
124.3

NA 191.94 193.14
149.3
147.0
149.3
127.0

A.r,,thous. .
1967-100...
A.r..bil.dol.

1,160

1,538
112.2

1,770
132.0

1,758
130.6

1,889
140.4

47.7

52.0

52.7

57.5

do

-9.9

L.L.I.
L,L,L
UL.L

80.9
38.8

13.1

-3.8

6.3

12.7

i

-3.4

r>.o

4.6
6.8

11.8

4.6

2
2

5.4

S.3

4.1

2

8.5
3.3

4.6
NA
NA

1
9

3.9

3.3

6

2.8
2.4
4.5

NA
4.3
2.2

6
7
8

7.5
7,5
9.1

2
2
8

11.5

2.8

3

0.62
22.5
0.42

NA
NA
NA

3
3
3

NA
NA
NA

7
7
6

NA

7

NA

7

-3.3

-2.7

161.69

175.55 180.53 185.65

10.5

1,880
138.3

1,954
139.2

NA
151.6

0.6
1.6

1,833
143.8

3.9
0.7

NA
1.5

-6.2

3.3

-0.7
-1.1

1.3

SB, Inventories and Inventory Investment
Inventory Investment:

U
*36. Change in inventories on hand and on order,
1 972 dollars (smoothed6)2
31. Chg, in book value, mfg. and trade invent.2 .
38. Chg. in mtl. stocks on hand and on order 2 . .

l

L,L,L
1, 1,1,
L,L,L

Inventories on Hand and on Order:
71. Mfi). and trodo inventories, total 5
*70. Mfg. and trade invent, total, 1972 dol. s
60 Mfn ' inventories of finished qoods s
77. Ratio, inventories to sales, mfg. and trade,
constant dollars 2
78, Materials and supplies, stocks on hand and on
order 8

-17.59
-2.9

do. . . .
.....do. ...
Bil.dol

-1.28

8.5
8.18
23.6
0.51

-1.8
7.02
10.3
0.97

9.7
7.64
32.8
1.39

2 7 5 . 4 8 299.12 299.12 307.32
216.16 2 2 5 . 9 0 2 2 5 . 9 0 2 2 8 . 4 7
49.87
53.75
53.75
54.48

Lg,Lg,Lg Bil.dol., EOP
do
Lg.Lg.Lg
do
Lg,Lg,Lg
Lg.Lg.Lg Ratio

1.80
125.66

do!., EOP

1.68

1.69

1.64

131.72 1 3 1 . 7 2 135.88

12.5

NA
NA
NA

12.06

12.33

30.3
0.42

39.2
2.14

NA
NA
NA

NA 3 0 9 . 8 5 313.11
NA 2 2 9 . 2 0 2 3 0 . 4 6
NA 5 5 . 0 0
56.19

NA
NA
NA

NA

NA

1.64

1.67

NA 1 3 6 . 3 0 1 3 8 . 4 4

Ug.Lg

Bil.

Sensitive Commodity Prices:
*92 Chi|. in sensitive prices (smoothed 6 ) 2
23. Industrial materials prices©

L,U,
U.I, I

Percent
1967=100...

Stock Prises:
*1B Stock prices 600 common stocks©

L,L,L

1941-43^100.'

86.16

Prof its and Prof it Margins:
1 6 Corporate profits after taxes
18. Corp. prof its after taxes, 1972 dollars . . .
79, Corp. profits after taxes, with 1 VA and CCA . .
80
do
in 1972 dol
1 B. Profits (after taxes) per dol. of sales, mfg.2 . . .
17. Ratio, price to unit labor cost, mfg

L,L,L
L,L,L
L,C,L
L,C,L
L,L,L
L,L,L

A.r.,bil.dol. '
. . . . .do. . . .
do. . . .
. . . . .do. . . .
Cents. . . . . .
19B7-1QQ...

73.4
56.5
49.1
38.1

92.1
67.5
63.3
46.3

90.9
65.6
59.2
43.1

97.2
69.2
61.0
43.8

4.6
119.9

5.4
123.3

5.0
123.5

5.3
122.0

NA
NA
NA
NA
NA
124.1

L,L,L
L,L,L

A.r., b:l. dol.
do

130.4
98.2

153.5
109.0

153.0
106.3

160.7
110.5

NA
NA

161.6

168.2

171.1

173.6

0.849
142. &

0.890

0.930

151.9

NA

0.27

8.9
1.72

1.1
0.5
2.2
0.03

1.6

NA
NA
NA

NA
NA
NA
NA

2.7
1.1
1.4

-0.05

NA

3.2

-1.17

-0.94
7.2

0.71
-0.5

9
2

-0.8

-2.7

1

BG. Prices, Costs, and Profits

Cash Flows:
30

Not rash flow corporate 1972 dollars

Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost (cur. del.) per unit of gross
domestic product (1972), nonfin. eorp
*62 Labor cost per unit of output rnfg
64. Compensation of employees as percent of
national income^

i Lg.Lg.Lg 1967=100...
'•
Lg.Lg.Lg Dollars
[ Lg.Lg.Lg 1967-100...
Lg,Lg,lg Percent

:

0.05

180.4

1.17
200.7

1.59

0.65

1.36

1.93

201.9

216.5

215.5

221.9

218.1

0.49
206.4

99.03

99.05

98.76

99.29

102.01 1 0 2 . 5 8 101.78

1.66

-0.27
-1.7

-0.3

-5.4

0.5

NA
NA
NA
NA
NA
1.7

1
1
7
8
1
1

5.0
4.0

NA
NA

3
3

NA

1.5

NA

6

NA
152.9

1.5
2.9

NA
0.7

6
6

NA

6

6.9
5.5
3.0
1.6
0.3

123.6

124.4

124.4

145.1

0.916
147.6

76.5

76.0

76.6

76.5

0.34

0.48

0.59

0.32

0.70

1.62

0.06

0.68
0.76
225.0
498.0

0.91
0.86
223.5

1.10
0.86
224.6
529.0

0.71
0.89
222.4

531.3

0.73
0.82
222.4
532.3

1.12
0.88
223.3
532.8

5.280

5.610
1.965

5.643

5.760

1.954

1.966

5.821
1.978

1.976

1.980

1.979

63.34
20.06

61.60

78.36

82.40
2.76

NA
18.82
NA

152.8

152.9

153.0

0.6

0.1

0.0

0.1

NA

-1.2

-0.1

B7. Money and Credit
Money:
BO Change in money supply (Ml) 2
102. Change in money supply plos time deposits at
commercial banks (M2) 2
*104. Chg. in total liquid assets (M7) (smoothed 6 ) 2 .
*100. Money supply (Ml), 1972 dollars
106, Money supply (M2), 1972 dollars

L LL
L.C.U
L.L.L
L.L.L
L.L.L

Percent

Bil.

do. . . .
do. . .
dol
do. . . .

517.1

0.41

-1.56

0.39
0.81

0.69
0.78

-0.73
-0.07

222.1
531.7

221.8
532.4

-0.5
-0.2

0.35

-0.27

0.30

-0.39

-0.03
-0.1

0.1

0.38

8

-0.07
0.0
0.2

10
10
10
10

0.117
0.012

0.061
0.012

10
10

-1.74

NA
-0.51
NA
NA

3
11
11
IK

0.03
-1.0

0.4

0.02

Velocity of Money;
108. Ratio, pers. income to money supply (M2) 2 . .
Credit
33.
1 1 2.
113.
1 10.

Flows:
Change in mortgage debt2
Change in business loans2 . ,
Change in consumer installment debt2
Total private borrowing




C,C,C
C,Lg,C

L,L.L
L,L,L
L,L,L
L.L,L

Ratio
do. . . .

A.r., bil.dol.
do. . . .
do. . . .
do. ...

1.955

38.71
53.23
-10.89
-5.05
7.18
16.75
125.16 2 0 2 . 3 7

18.52
237.95

5.64
26.63
226.80

NA
5.13

NA
NA

-6.20
31.92

30.31

0.004

3.54
3.96

-1.61

-0.001

NA
16.06
NA

-14.42
8.11
-4.7

Basic data1
Series title

Unit
of
measure

Timing
classification3

Percent change

Average
1975

to
May

May
to
June

4th Q
to
IstQ

1977

1977

1977

Apr.

1976

4th Q
• 1976

IstQ1977

2dQ
1977

Apr.
1977

May

June

1977

1977

IstQ
to
2dQ

Series number

1

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued

1977

I. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Credit Difficulties:
14. Liabilities of business failures (inv. 4 )®
39. Delinquency rate, instal. loans (inv. 4 ) 2 s

L,L,L
L,L,L

Mil.dol
Percent, EOP

Bank Reserves:
93. Free reserves (inverted 4 ) 2 ®
94. Borrowing from the Federal Reserve 2 ®

L.U.U
l,lg,U

Mil.dol
do. . . .

Interest Rates:
119 Federal funds rate 2 ®
114. Treasury bill rate2®
115. Treasury bond yields 2 ®
116. Corporate bond yields2®
117. Municipal bond yields 2 ®
118 Mortgage yields, residential2®
67 Bank rates on short-term bus loans2®
*109. Average prime rate charged by banks2®

L,Lg,Lg Percent
do.
C,Lg,Lg
do.
C,lg,Lg
do.
Lg,Lg,lg
do.
U,Lg,Lg
do.
lg,lg,Lg
do.
Lg,Lg,Lg
do.
Lg.Lg.Lg

...
. ..
...
. ..
. ..
...
...

Outstanding Debt:
66. Consumer installment debt5
Lg,lg,Lg Bil.dol., EQP
*72. Commercial and industrial loans outstanding,
weekly reporting large comm banks
Lg,Lg,Lg Bil.dol
*95. Ratio, consumer install, debt to pers. income 2 . Lg,Lg,Lg Percent

365.01 2 5 0 . 9 4 220.54 203.65
2.47
2.40
2.40
2.37

-11
194
5.82
5.82
7.00
9.51
7.05
9.20
8.65
7.86

134
84
5.05
5.00
6.78
8.59
6.64
8.84
7.52
6.84

171
71
4.88
4.70
6.55
8.11
6.18
8.42
7.28
6.54

158
83
4.66
4.62
7.01
8.16
5.88
8.49
6.82
6.25

159.38 176.12 176.12 182.78

NA
NA

NA
NA

NA
NA

-47
178

-62
73

72
200

5.16
4.83
7.10
8.25
5.70

NA
NA
6.47

4.73
4.54
7.13
8.30
5.73
8.57
6.25

5.35
4.94
7.17
8.38
5.75

NA
6.41

NA 1 8 5 . 4 4 187.97

NA
NA

-151

261

5.39
5.00
6.99
8.08
5.62
8.74
6.75

NA
NA

-134

127

0.62
0.40
0.04
0.08
0.02

NA
0.16

NA
NA

223
61

0.04
0.06

-0.18
-0.30
-0.13
NA
0.34

7.7
0.03

13
12
-0.22
-0.08
0,46
0.05

-0.30
0.07

-0.46
-0.29

NA
NA

14
39

205
95

93
94

0.50
0.21
0.09
0.09

-0.18
NA
NA
0.22

119
114
115
116
117
118
67
109

NA

1.4

NA

3.8

NA

66

1 2 5 . 4 4 116.42 117.49 119.30 120.41 119.73 119.96 121.53

0.2

1.3
NA

1.5

0.9
NA

72
95

1.2
1.8
0.4
2.4

1.7
2.1
NA
3.3

310
320
320
322

2.2
5.0
1.9
1.6
2.3

2.5
3.7
2.1
1.5
2.9

330
331
332
333
334

1.5

340

12.30

12.15

12.18

12.21

NA

12.27

12.37

NA

127.2
161.2
0.6
175.4

133.9
170.5
0.4
180.o

136.4
173.8
0.3
181.9

138.1
176.9
0.7
186.3

140.4
180.7
NA
192.4

179*6

0.8
191.0

180.6
0.6
192.4

181.8
NA
193.9

174.9
196.9
180.0
162.5
163.6

183.0
205.1
189.3
173.2
169.0

186.0

190.0
216.1
197.4
180.0
174.4

194.7

194.3

195.2

193.7
177.2
170.5

224.2

229.9

201.6
182.7
179.5

201.3
181.8
178.3

226.9
202.0

182.8
180.2

194.5
215.7
201.6
183.6
179.9

do. . . .

172.5

185.0

189.6

193.3

196.2

195.3

196.3

196.9

do.
do.
do.
do.

107.0
177.1
109.9
111.3

108.5
190.0
111.5
115.7

109.2
194.9
112.2
116.4

109.2

108.6

108.5

108.2

200.0

108.4
NA

112.9
117.8

NA
NA

0.10

0.03

II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1. Price Movements
310
320
32Qc
322
330.
331
332
333
334

Implicit price deflator, GNP
Consumer prices (CPI), all items ©
Change in CPI, all items, S/A2
CPI, food .
Wholesale prices (WPI), all commodities®. . .
WPI, crude materials
WPI, intermediate materials
WPI producer finished goods
WPI consumer finished goods

1

1972=100...
1967=100...
Percent
1967=100...
do.
do.
do.
do.
. . do

...
...
...
...

205.8

0.6
-0.2

0.7
0.5
-1.3

0.3
0.6
1.1

0.7
NA
0.8
-0.4
-4.9
-0.2

0.4
-0.2

B2. Wages and Productivity
340. Average hourly earnings, production workers,
private nonfarm economy
341. Real average hourly earnings, production
workers, private nonfarm economy
345. Average hourly compensation, nonfarm bus. . .
346. Real avg. hourly comp., nonfarm business . . .
370. Output per hour, private business sector

...
...
...
...

0.5
-0.1

0.3
-0.3

2.0
0.0
2.6
0.6
1.2

-0.7

NA
NA
NA

341
345
346
370

C. Labor Force, Employment, and
Unemployment
441
442
37
444.
445.
446.
Labor
451.
452.
453.

Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 1 6-19 years of age

Thousands. .
do. . . .
do. . . .
do. . . .
do. . . .
do. . . .

Force Participation Rates:
Males, 20 years and over 2
Females, 20 years and over 2
Bothsexes, 16-19 years of age2

Percent
do, . . .
do. . . .

92,613 9 4 , 7 7 3 9 5 , 7 1 1 9 6 , 0 6 7 97,186 9 6 , 7 6 0 97,158 9 7 , 6 4 1
84,784 8 7 , 4 8 5 88,133 88,998 90,370 9 0 , 0 2 3 9 0 , 4 0 8 90,679
7,830
7,288
7,578
6,737
7,068
6,816
6,750 6,962
3,428
3 , 0 4 1 3 , 2 4 7 2 , 8 9 2 2 , 6 7 1 2 , 6 2 4 2,751 2 , 6 3 8
2,649
2,624
2,546
2,466
2,470
2,458
2,559
2,346

1,752

80.3
46.0
54.1

1,701

• 79.8
47.0
54.6

0.4
0,4
0.2
4.8
-5.0

1,708

1,690

1,687

1,643

1,653

1,765

0.6

80.0
47.4
54.4

79.6
47.5
55.1

79.7
48.1
56.5

79.5
48.0
56.0

79.6
48.2
56.1

79.9
48.1
57.4

0.1
0.2
0.1

0.5
0.3
3.1
-4.1

0.4
1.0
-6.7

-10.9

9.1
6.8

-5.3
-1.1

0.3

-0.4

-0.1

1.3

0.1
0.7

1.2
1.5
-3.6
-7.6
-1.1
-0.2

441
442
37
444
445
446

0.1
0.6
1.4

451
452
453

NA
2.4
NA
NA
3.4
NA

501
502
500
511
512
510

NA
NA
5.0

516
525
548
564

3.4
NA
NA
4.9
NA
NA

602
604
606
612
614
616

D. Government Activities
D1. Receipts and Expenditures
501 .
502.
500.
51 1
512.
510

Federal Government receipts
Federal Government expenditures
Federal Government surplus or deficit2
State and local government receipts
State and local government expenditures
State and local govt. surplus or deficit2

51 6
525
548
564.

Defense Department obligations total
Military prime contract awards in U S
New orders, defense products
National defense purchases

A.r., bil.dol.
do. . . .
do. . . .
do. ...
do. . . .
do. . . .

286.9

357.1
-70.2
235.7
229.8

5.9

332.3
3B6.3

344.5
400.4

364.9
403.7

-54.0

-55.9

-38.8

264.7
246.2
18.4

277.5

280.9
253.7
27.3

251.1
26.5

NA
413.2
NA
NA

5.9
0.8
17.1

1.2
1.0
0.8

262.4

NA

D2. Defense Indicators
Mil.dol
do. . . .
Bil.dol
A.r., bil.dol.

8,154

9,217 11,264

3,606
2.10
83.9

4,235
2.46
86.8

5,438
3.34
88.4

9,687
4,264
2.02
89.7

8,936

9,572

9,899

9 , 8 2 6 10,159

NA 1 0 , 6 0 6 10,149
5,351
NA 5,513
2.99
94.2

3.60

3.29

NA
NA
2.07

-4.3
-2.9
-8.6

NA
NA
-37.1

-14.0
-21.6
-39.5
1.5

48.0

E. U.S. International Transactions
E1. Merchandise Trade
602
604
606.
612
614,
616.

Exports, total except military aid
Exports of agricultural products . .
Exports of nonelectrical machinery
Generalimports total
Imports of petroleum and products
Imports of automobiles and carts




Mil.dol.
do.
do.
do.
do
do.

...
...
...
...

. ..

9 , 9 7 0 10,395 10,112

1,823 1,925
1,947 1,959
NA
NA
NA
NA
1,740
1,838 1,873
1,861
NA
NA
NA
NA
8,012 10,044 1 0 , 7 3 3 11,801 12,380 1 2 , 5 9 3 11,616 1 2 , 9 3 2
2,074
2,658
2,991 3 , 4 9 8
NA
NA
NA
NA
830 1,096
1,073
1,210
NA
NA
NA
NA

4.3
NA
NA
-7.8

NA
NA

-2.7

NA
NA
11.3

NA
NA

-0.7

0.6
-0.6
10.0
17.0
12.8

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data 1
Unit
of
measure

Series title

Average
1974

1st a

1975

1976

26,772
24,511
2,261
4,332
2,844
36,900
32,860
4,041

28,675
30,979
-2,304
5,342
2,890
40,818
39,894
924

1976

2dQ
1976

Percent change
3dQ
1976

4th Q
1976

1st a
1877

2dQ
1977

3dQ
to
4th Q
1978

4th Q
to
IstQ
1977

*,

1st a
to
2cJQ
1077

H
^j
i^
&

1

II. OTHER IMPORTANT ECONOMIC
MEASURES -Con.
E2. Goods and Sorvices Movements Except
Transfers Under Military Grants
618
6?0
6??
681 .
85?
BB8
609
6B7.

Merchandise exports
Merchandise i in ports
Mfirehancliso trade balance3 . . . .
Income on U.S. investments abroad
In GO me on foreign in vestment in the US
F sports of goods and services . .
Imports of ooods and services
Rolanca on goods and services3

Mil dol

24,576
25,918
-1,342
4,941
2,755
34,576
34,036
540

26,998
28,324
-1,326
5,298
2,861
38,589
37,020
1,569

28,379
29,914
-1,535
5,167
2,887
40,236
38,691
1,545

29,603
32,387
-2,784
5,483
2,816
42,196
41,297
899

29,720
33,292
-3,572
5,421
2,997
42,252
42,567
-315

0.4
2 9 , 4 7 6 30,57,1
-0.8
3 6 , 4 5 6 38,315
2.8
9.5
-6,980 -7,794
-788 - 3 , 4 0 8
6,067
-1.1
NA
11.9
NA
2,897
6.4
-3.3
42,693
NA
0.1
1.0
3.1
45,865
NA
7.7
-3,172
NA -1,214 - 2 , 8 5 7

3.5
S.I
-814
NA
NA
NA
NA
NA

618
620
622
651
652
668
669
667

1217.8 1202.1 1274.7 1256.0
A.r., bil.dol
do .
1412.9 1528.8 1706.5 1651.2
do
1209.9 1212.0 1266.2 1 2 4 6 . 3
9 8 4 . 6 1084.4 1185.8 1153.3
do
do. . . . . .
842.0 857.3
890.3 881.5
5,746 5,629 5,923 5,853
A.r., d o l l a r s . . . . . .
3 , 9 7 3 4,014
4,137 4,107
do. , .

1271.5
1691.9
1259.4
1174.1
887.8
5,915
4,130

1283.7
1727.3
1269.8
1193.3
890.7
5,960
4,135

1287.4
1755.4
1289.2
1222.6
901.5
5,965
4,177

1311.0
1810.8
1301.2
1252.4
908.4
6,064
4,202

4,280

0.3
1.6
1.5
2.5
1.2
0.1
1.0

1.8
3.2
0.9
2.4
0.8
1.7
0.6

1.6
3.2
1.4
3.4
2.1
1.4
1.9

50
200
213
224
225
217
227

2.1
2.8
2.5
1.5
3.3
4.4
3.2
3.2

1.3
6.3
-0.2
1.1
2.9
6.4
1.7
2.9

0.5
-0.5
0.6
0.5
1.8
1.2
1.9
2.0

231
233
238
239
230
232
236
237

-5.7
3.3
-15.6
-4.3
4.9
-22.4

10.3
3.5
11.5
11.7
5.6
14.7

5.6
4.2
2.8
'7.8
5.9
5.9

241
243
30
240
242
245

-0.5
-0.1
-0.7
1.3
1.6
1.1

2.5
4.1
1.4
4.1
5.1
3.4

261
263
267
260
262
266

do
do
. . . . . . .do
do
do
do
do. . . .

A. National Income and Product
A1, GNPand Personal Income
80,
200
213
224.
2?B
217.
227

GNPin 197? dollars
GNP in cur rent dollars
Final sales 197? dollars
Disposable personal income, current dollars . . .
Disposable personal income, 1972 dollars
Per capita GNP in 1972 dollars
Per capita disposable pers income 1972dol

1331.6
1869.0
1319.0
1295.2

927.1
6,148

A2. Personal Consumption Expenditures
231.
?33
238
239
230
232
238
237

Total, 1972 dollars
Durable goods 1972 dollars . . .
Nondurable goods 1972 dollars
Services 1972 dollars
Total current dollars
Durable qoods current dollars . .
Nondurable goods current dollars
Services current dollars , . . .

A.r., bil.dol. . . . . .
.do. , . .
.. .do. . . . .
. .do. . . . .
do. . . .
.do. . . .
. do. . . .
do. . . .

760.7
112.5
303.9
344.3
889.6
122.0
376.3
391.3

775.1
821.3
8 0 7 . 2 815.5
822.7 839.8 8 5 0 . 4 8 5 4 . 6
112.7
125.4
127.5
127.1
126.6
130.7
138.9
138.2
3 0 7 . 6 321.6
316.1
319.3
321.5
329.4 328.7 330.7
354.8 372.2 365.6 369.6 3 7 4 . 0 379.7 383.8 385.7
980.4 1094.0 1056.0 1078.5 1102.2 1139.0 1172.4 1194.0
132.9
158.9
153.3
156.7
177.0
159.3
179.1
166.3
4 0 9 . 3 442.7 430.4 437.1 4 4 4 . 7 458.8 466.6 4 7 5 . 3
4 3 8 . 2 4 9 2 . 3 4 7 2 . 4 4 8 4 . 6 4 9 8 . 2 513.9
528.8 539.6

do
do
.do.
do
do
do

.

183.6
175.6
8.0
214.6
205.7
8.9

141.6
151.5
-9.9
189.1
200.6
-11.5

173.0
164.5
8.5
-43.3
230.0
13.3

168.1
158.4
9.7
231.3
216.8
14.5

175.2
163.1
12.1
244.4
226.1
18.3

179.4
165.6
13.8
254.3
232.8
21.5

169.2
171.0
-1.8
243.4
244.3
-0.9

186.7
177.0
9.7
271.8
258.0
13.8

do
do. . . . . . .
do. , . . .
do
do. . . . . . .
. .do. . . .

257.7
95.8
161. B
302.7
111.1
191.5

263.0
96.7
166.3
338.9
123.3
215.6

264.4
96.5
167.9
361.4
130.1
231.2

263.9
96.4
167.5
353.6
127.6
225.9

264.4
96.1
168.4
358.9
128.5
230.4

264.6
96.7
168.0
363.0
130.2
232.7

264.6
97.1
167.5
370.0
134.2
235.8

263.3
97.0
166.4
374.9
136.3
238.5

101.0
168.8
390.1
143.3
246.7

0.0
0.4
-0.3
1.9
3.1
1.3

. ..
.....

93.0
77.1
15.9
137.9
131.9
6.0

89.9
67.4
22.5
147.3
126.9
20.4

95.8
79.8
16.0
162.9
155.1
7.8

93.1
76.3
16.8
153.9
143.7
10.2

95.2
78.9
16,4
160.6
150.4
10.2

97.9
80.9
17.0
168.4
160.6
7.9

96.9
83.1
13.8
168.5
165,6
3.0

96.9
86.3
10.6
170.4
178.6
-8.2

97.0
86.9
10.0
175.4
183.5
-8.1

-1.0
2.7
-3.2
0.1
3.1
-4.9

0.0
3.9
-3.2
1.1
7.9
-11.2

0.1
0.7
-0.6
2.9
2.7
0.1

256
257
255
252
253
250

1136.0 1217.0 1364.1 1321.0 1353.9 1379.6 1402.1 1 4 5 0 . 2
NA
875.8
9 3 0 . 3 1036.3 9 9 9 . 6 1024.9 1046.5 1074.2 1109.9 1144.8
86.2
86.0
88.0
90.4
86.2
98.7
86.9
88.7
95.1
83.6
9 9 . 3 128.1
126.5
129.2
1 3 3 . 5 123.1
125.4
NA
21.4
22.3
23.3
23.0
22.9
24.1
23.3
24.5
25.3
69. 0
79.1
88.4
98.7
85.0
86.5
92.0
90.1
95.3

1.6
2.6
2.9
-7.8
3.4
2.1

3.4
3.3
7.2
1.9
1.7
3.6

NA
3.1
3.8
NA
3.3
3.6

220
280
282
286
284
28d

-5.1
-3.4
-13.1
3.0
-0.8

8.3
3.0
-8.7
17.9
-0.5

NA
NA
39.3
NA
1.4

290
295
292
29 B
293

A3. Gross Private Domestie Investment
241
243
30
240
242.
245

Total 1972 dollars
. .
Total fixed investment 197? dollars
Change in business inventories, 197? dot 2
Total cu front dollars
Total fixed investment, current dollars
dig in bus inventories current dol 2

...
...
. ..

197.1
184.5
12.5
293.0
273.3

19.7

A4. Government Purchases
of Goods and Services
281
263.
207,
260.
262.
206.

Total 197? dollars
Federal Government, 1972 dollars
State and local governments, 1972 dollars
Total, current dollars
Federal Government, current dollars
State and local [jovernmants, current dollars . . .

269.8

AS. Foreign Trade
260
257
2BS
252
253.
250.

do.
do.
do
da.
do,
do

Px ports of goods and services, 1072 dollars . .
Imports of fjoods and services, 197? dollars . . .
Not exports of qoods and sorv., 1972 dol.2
Exports of (pods and services, current dol
Imports of goods and services, current dol
Not exports of goods and sorv., current do I.2

......
......

AS. National Income and Its Components
220
280
282
280

National income
Compensation of employees
Proprietors' income with IVAand CCA
Corporate profits with 1 VA one! CCA

284, Rental income of persons with CCA

288 Net interest

. ...

, . .do. . . .
do, . . . .
do
.do. , . .
do. . . ,
do. . . .

A7. Saving
290.
298
292
2911
203.

Gross saving {private and pvt.)
Business saving
Pirsonal saving
Government surplus or deficit2
Personal saving rate2

do.
do.
do.
do.

Percent

. ..
..,
......
......

204.4
137.8
71.7
-3.2
7.3

195.1
179.2
80.2
-64.3
7.4

237.0
206.6
65.9
-35.6
5.6

228.9
203.6
72,4
-47,1
6.3

242.1
205.0
70.3
-33,3
6.0

244.8
212.5
64.8
-32.4
5.4

232.2
205.3
56.3
-29.4
4.6

251.4
211.5
51.4
-11.5
4.1

NA
NA
71.6
NA
5.5

NOTE: Series are seasonally adjusted except tor thos? indicated by©, which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see 'Titles and Sources of Series" at the back of BCD. NA - not available, a ^ anticipated.
EOP - end of period. A.r. ° annual rate, S/A - seasonally adjusted (us@d for special emphasis). IVA = inventory valuation adjustment. CCA = capital consumption adjustment. NIA = national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
3
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L s leading; C = roughly coincident; Ig - lagging; U = unclassified.
* Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
s
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1} placed at the terminal month of the span.

10



CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart Al. Composite Indexes
(Nov.XGct.)

P

T

(JulyXMay)

P

T

(Aug.)(Apr.)

P

f

(Apr.)CFeb.)

P

T

910. Index of twelve leading indicators (series 1,3,8, 12,19,20,29,32,36,92,104,105)

920, Index of four roughly coincident indicators (series 41,47,51,57)

930. Index of six lagging indicators (series 62,70,72,91, 95,

I i© II §2 13 14 55 56 §7 S8 59 60 61 62 63 64 69
NOTE: Numbers entered on the chart indicate length of leads <-) and lags (+)
Current data for these series are shown on page 59.

BCII

JULY 1977



73 74 7§ 76

in months from reference turning dates.

11

CYCLICAL
AI

INDICATORS

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart AL Composite Indexes—Con.
(JulyX&Say)

P

T

P

(Aug.)(Apr.)

T

P

T

(Apr.)(Feb.)

P

(Dcc.)(Notf.)

P

T

(Nov.)

I3

T

(Mar.)

T

913. Marginal employment adjustments (seriesA 2.3.5)

914. Capital investment commitments (series 12,20,29)

120-

-to

110-

-3

915. Inventory investment and purchasing (series 8,32,38,92)

916. Profitability (series 17.19.

917. Money and financial flows (series 104.105.110) ^l
100-

-9

-22

90-

-8

»3

940. Ratio, coincident index to lagging index

-11

SI-

„;

- -•--..- ~ ~

~.-0_ _5--2

NOTE: Numbers entered on the chart indicate length of leads (-) and lags (+)
Current data for these series are shown on page 59.

12




in months from reference turning dates.

JULY 1977

!!€!»

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A2. Leading Index Components
(Nov.XQct.)
P T

(July)(May)

P

T

(Aug.)(Apr.)

P

T.

(Apr.)(Feb.)

P

(Dec.)(Wov.)

T

P

T

(Nov.) (Mir.)

P

T

1. Average workweek, production workers,

3. Layoff rate, manufacturing (per 100 employees—inverted scale)

8. New orders for consumer goods and materials, 1972 dollars (bil. dot.)

32. Vendor performance, percent $jonjpanies
reporting slower deliveries

12, M business jorngioyide

20. Contracts and orders for plant and equipment,
1972 dollars (bil. dol.

i)l

§2 §3 i^> Si ii i>7

Current data lor these series are shown on pages 60, 63, 64, and 65.

JULY 1977




13

CYCLICAL
A I

COMPOSITE INDEXES AND THEIR COMPONENTS-Con.

Chart A2. Leading Index Components—Con.
(Aug.) (Apr.)
T

(ApL)(Feb.)
F T

*

19. Stock prices, 500 common stocks
(index: 1941-43=10

104. Change in total liquid assets, smoothed1 (percent)

105. Money supply--M1--iiM972 dollars (bil. dol
UJL

'This series is a weighted 4-term movbg average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 66, 67, 68, and 70.

14




JULY 1977

KCII

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A3. Coincident Index Components
(Nov.)(0ct.)

P

(July)(May).

P

T

T

(Aug.)(Apr.)

P

T

<Apr.)(Feb.)

P

(Dec.)(Nqv.)

T

P

f

(Nov.) (Mar.)

P

T

41. Employees on nonagricultural payrolls (millions)

clc

51. Personal income less transfer payments,
1972 dollars (ann. rate, bil. dol.

47. Industrial production, total (index: 1967=100)

57. Manufacturing and trade sales, 1972 dollars (bii. dol.)
C

l> i©

11 i2 §3 i^ ii

Si i>7

Current data for these series are shown on pages 61, 62, and 64.

JULY 1977




15

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A4. Lagging Index Components
P

(Aug.)(Apr.)

(Apr.)(Feb.)

P I

P T

T

(Dee.)(Mov.)

P

T

(feu.) (Mar.)

P

T

91. Average deration of unemployment (weeks-inverted scale)

70. Manufacturing and trade inventories 1972 dollars (bil. dol.)

62. Labor cost per unit of output, manufacturing (index: 1967=100) _^^Jf-

109. Average prime rate charged by banks (percent)

72. Commercial and industrial loans outstanding, weekly reporting
large commercial banks (bil. dol.)

95. Ratio, consumer installment debt to personal income (percent)

09 m in ig §3 m is §0 g
Current data for these series are shown on pages 61, 67, 69, and 72.

16



JULY 1977

BCII

CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart Bl. Employment and Unemployment
(Aug.)(Apr.)
P T

(Jul

P

T

(Apr.) (Feb.)
P
J

(Dec.) (Nov.)
P
T

(Wow.)
P

(Mar.)
T

Marginal Employment Adjustment

21. Average weekly overtime hours, production workers, manufacturing (hours)

2. Accession rate, manufacturing (per 100 employees)

3. Layoff rate, manufacturing (per 100 employees-inverted scale)

4. Quit rate, manufacturing (per 100 employees)

71

72

73

Current data for these series are shown on page 60.

BCII

JULY 1977




17

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart Bl. Employment and Unemployment—Con.
(Aug.)(Apr.)

P

T

P I

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

F

T

(Nov.)
P

(Mar.)
T

60. Ratio, help-wanted advertising to
jf pmofts BfCTploygd (ratio)

48. Help-wanted advertising (index: 1967=100)

48. Employee hours in nonagricultural establishments
(ann. rate, bil. hours)

in nonagricultural activities (millions)

u,c,c

Employees on mmagricultural payrolls
(millions)

40. Employees in goods-producing industries-mint
manufacturing, coastruction (millions)

Current data for these series are shown on pages 60 and 61.

18




JULY 1977

ItCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.
(July) (May)
P
T

(Aug.)(Apr.)
P T

Comprehensive Employment-Con.

(Apr.) (Feb.)
P
T

(Dae.) (Nov.)

P

I

(Nov.)

(Mar.)

P

T

90. Ratio, civilian employment to total population, working age (percent)

37. Number unemployed, total (millions-inverted scale)

45. Average weekly insured unemployment rate (percent-inverted scale)

91. Average duration of unemployment (weeks-inverted scale)

^
n
44. Unemployment rate, persons unemployed 15 weeks and over (percent-inverted scale)

1977
Current data for these series are shown on page 61.


IBCI) JULY 1977


19

CYCLICAL
B I

INDICATORS

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income
(July) (May)
P
T

(Aug-XApr.)
P T

(Set) (Now.)
P
T

(Apr.) (Feb.)

(Nov.)

(Mar.)

1SOOI Comprehensive Output and Income

50. GNP in 1972 dollars, Q (ann, rate Jil. do).)

52. Personal income in 972 dollars (ann. rate, Ml. *l.)

51. Personal income less transfer payments,
1972 dollars (ann. rate JiL ft

53. Wages and salaries in mining, manufacturing, and construction,
1972 dollars (ann. rate, liil. del.)
"

Current data tor these series are shown on page 62.

20




JULY 1977

KCII

CYCLICAL INDICATORS
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B2. Production and Income—Con.
(July) (May)
P
T

(Apr.) (Feb.)
P
T

(Aug.)(Apr.)

P

T

(Dec.) (Wow.)

>

T

(Mar.)

T

74. Industrial production, nondurable manufactures
ndex: 1967=100)

goods output, 1972 dollars, Q
bildol.)

82. Rate of capacity utilization, manufacturing (FR|)r Q (percent)

\ -"—-

84. Rate of capacity utilization, materials, Q (percent) |L,C,U
i^

li

1© W

i§

i§

i©

Current data for these series are shown on pages 62 and 63.

BCII

JULY 1977



21

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B3. Consumption, Trade, Orders, and Deliveries
041W
IP I

(Aug)(Apr.)

P I

(Apf.)(Feb.)
IP
I

(Dee.) (Now.)

P

T

(Mgy.)

(fe)

P

T

7. New orders, durable goods industries,-^ felto (iil-ttaU

6. New orders, durable goods industries
current dollars (bil. tol.)
8. New orders for consumer goods and materials,
1972 dollars (bil. dol.) tjT

25. Change in unfilled orders, durable goods industries
.; MCD loving avg.-4-tem?) fuLL

96. Manufacturers' unfilled orders, durable goods industries (bil. dol.)

32. Vendor performance, percent of complies
reporting slower deliveries

lies e^ m>

m BJ

g§ m>

Current data tor these series are shown on page 63.

22




JULY 1977

INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B3. Consumption, Trade, Orders, and Deliveries—Con.
(July) (May)
P
T

(Aug.)(Apr.)
P T

Apr.)(Feb.)
P
T

(Die.) (Nov.)
P
T

P

T

57. Manufacturing and trade sales, 1972 dollars (bil. dol

V.

_

_

56. Manufacturing and trade sales,

75. Industrial production, consumer goods (index: 1967=100)

OC

55. Personal consumption expenditures, automobiles
Q (ann. rate, bil. dol.

Index of consumer sentiment, Q (1st Q 1986=100)

Current data for these series are shown on page 64,


BCD JULY 1977


23

CYCLICAL INDICATORS
BJ

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B4. Fixed Capital Investment
(July) (May)
P
T

(Apr.) (Feb.)
P
T

(Dae.) (Now.)
P
T

Formation of Business Enterprise

(Nov.)
P

(Mar.)
T

12. Net business formation (index: 1967=100)

13. New business incorporations (thousands)
UJL

20. Contracts and orders for plauLamLepipeiit
1972 dollars (bil. dol.

10. Contracts and orders for plant and equipment,
current dollars (Ml. dol.) nrjT[

27. Manufacturers' new orders, capital goods industries,
defo«$e, 1972 dollars (Ml. dol
\
A

24. Mawfacturers' new ontefs, coital goods industries,
noiltfeflse, current dollars (bil. dol.) nrr

(mil. sq. ft. of floor area; MCD saving avg.-6-term)1
[Zii

§4

§? ss

61 62

64

6S- 66

67

68

69

70

71

72

73

74

75

76 1977

'This Is a copyrighted series used by permission; It may not be reproduced without written permission from McGraw-Hill Information Systems Company, F. W. Dodge Division.
Current data for these series are shown on pages 64 and 65.


24


JULY 1977

BCII

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B4. Fixed Capital Investment—Con.
P

(Aug.)(Apr.)
P T

I

(Apr.) (Feb.)
P
T

(Do.) (Nov.)

P

T

(Mov.)

(Mir.)

P

T

11. New capital appropriations, manufacturing, Q (bil. doL
U,Lg,U

97. Backlog of capital appropriations, manufacturing

61. Business expenditures, new plant and equipment,
Q (ann.

69. Machinery and equipment sal^aul, _
business construction expenditures
(ann

76. Industrial productiqn

1953 §4

55

§6

S7

61

02

63

64

65

66

67

68

'This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board.
Current data for these series are shown on pages 65 and 66.


JULY 1977


BCII

25

CYCLICAL
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment—Con.
(July) (May)
P
?

Oi'Jg.XApL)

(Set:.) (Now.)
P
I

(Apj-.)(Feb.)

(Nov.)

(Mar.)

100-

Business Investment Expenditures-Con.

Konresidential fixed investment, 1972 dollars, Qt^n. rate, bil.
Total

IQOi

88. Producers' durable equipment, Q
40-

28. New private housing units started, total (ann. rate, millions;
MOD moving avj.-4-term)_ \

29. New building permits, private boosing units (index: 1967=1001

. Residential fixed investment, total, 1972 dollars, Q (ann. rate, bil
L

Current data for these series are shown on page 66.




26

JULY 1977

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B5. Inventories and Inventory Investment
(July) (May)
F
T

(Aug.)(Apr.)
P T

(Due.) (Wow.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

30. Change in business inventories, 1972 dollars, Q (ann. rate, bit. dot.)
+20-

36. Net change in inventories on hand and on order, 1972 dollars
(ann. rate, bil. dol.; moving avg.-4-term1)

+40'

oH

+70 -

31. Change in book value, manufacturing and trade inventories
(ann. rate, bil. dol.; MCD moving avg.-6-term)

full

440-

OH
-no

38. Change in stocks of materials and supplies on hand and on order, mfg.
(bil. dol.; moving avg.-4-term)

1

This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 67.

ItCII

JULY 1977




27

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment—Con.
(July) (M^;)
P
T

P I

<Apr.)(F@b.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mir.)
T

Inventories on Hand and on Order

70. Book value, manufacturing and trade inventories,
1972 dollars (bil. doL)

71. Book value, manufacturing and trade inventories,
current dollars (III. dol.

65. Book value of manufacturers' inventories,

77. Ratio, deflated inventories to sales, manufacturing aid trade (ratio)

78. Stocks of materials and supplies on hand and on order, mfg. (bil. dol.)

s# gg m w? m
Current data for these series are shown on page 67.

28



JULY 1977

KCII

CYCLICAL INDICATORS
Bl

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B6. Prices, Costs, and Profits
(July) (May)
P
T

(Aog.ppr.)
P ! T

(Apr.) (Feb.)
P
T

(Dec.) (Mow.)
P

T

(Now.)

(Mar.)
T

92. Change in sensitive prices (percent; moving avg.-4-terro1)

ij !\/H
—

Ls^ww-aacwp-r-^e-^w^- A-* £—-1* —

!; !

,«*»«-"'-*—'

23. Industrial materials prices (index: 1967=1001

on

19. Stock prices; 500
(index: 1911-43=101

18. Corporate profits after taxes, 1972 dollars, Q (ann. rate, bil. dol.)

16. Corporate profits after taxes, current dollars,
"" 8(ann".rate7o]l.doi:) [tu

'This series is a weighted 4-ter^i moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 68.

ItCII

 JULY 1977


29

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B6. Prices, Costs, and Profits—Con.
P

(te.) (Key.)
P
T

I

(fey.)
P

(fe)
I

; and Profit Margins-Con.

22. Ratio, corporate profits (after taxes) to total corporate
domestic income, Q (percent) 17771

81. Ratio, corporate profits (alter taxes) with inventory valuation and capital consumption
adjustments to total corporate domestic income, Q (percent)

17. Ratio, price to unit labor cost, mannfacturing (index: 1967406)

Id

35. Net cash flow, corporate, 1972 dollars,
Q (ann. rate, bil. riol.j

Net cash flow, corporate, current dollars,
Q (am. rate, kil. dol.) rrn

Current data for these series are shown on pages 68 and 69.




30

JULY 1977

BCII

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B6. Prices, Costs, and Profits—Con.

P

(Aug.)(Apr.)
P T

T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Wow.)
P

(Mar.)
T

Unit Labor Costs and Labor Share

63. Unit labor cost, private business sector, 0 (index: 1967=100)
|lg,Lg,Lg|

68. Labor cost (current dollars) per unit of gross domestic product
(1972 dollars), nonfinancial corporations, Q (dollars)

62. Labor cost per unit of output, manufacturing (index: 1967=100)

64. Compensation of employees as a percent of national income, Q (percent)

Current data for these series are shown on page 69.

JULY 1977




31

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart 67. Money and Credit
(July) (May)
P
I

(AugXApr.)
F T

(Apr.) (Fell.)
P
T

to.) (to.)
P
I

85. Change in money supply-demand deposits plus currency (HI)
(percent; MCD moving avg^-6-term) 17771

)

((War.)
T

A

,

?• I

r:

K • ArirtiH—~ih-i -

102. Change in money supply plus time deposits at commercial banks (M2)
i
(percent; MCD moving avg.--6-term)

!

nriir

104. Change In total liquid assets (percent; moving avg.-4-ternT)

109. Money supply-Ml-Hn 1972 dollars (bil. dot.

106. Money supply-M2-in 1972 dollars (bil. dot.!

Eu]

'This series is a weighted 4-term moving average (with weights 1,2,2,1} placed on the terminal month of the span.
Current data for these series are shown on page 70.

32




JULY 1977

ItCIt

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
(Aug.)(Apr.)
P T

(July) (May)

P

I

(Apr.) (Feb.)
P
T

(DEC.) (Nov.)

I

(Wow.)

(Mar.)
I

33. Change in mortgage debt (ann. rate, bil. dol

112. Change in bank loans to businesses (ann. rate, bil. dol.;
MOD moving avg.«6-term)
™ '

113. Change in consumer installment debt (ann, rate, bil. dol.)
U,L

110. Total private borrowing, Q (ann. rate, bil. dol.)
U,L

IfiS 14 ii

i<$

W/

i§

i§

i©

(SH

il

S3

Current data for these series are shown on pages 70 and 71.

IICII

JULY 1977



33

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.
(July) (May)

(Aug.)(Apr.)
P T

(Bee.) (Nos.)
P
T

(Ap?.)(Feb.)
P
T

P

T

14. Liabilities of business failures (mil. del-inverted stale;
MCD moving avg.-G-term)

full

.,.

,

_J^_jj^^!-~^~ ...-^_—_

38. Deiipency rate, 30 days and over, consumer installment loans
(percent-inverted scale) HTi\

93, Free reserves (bil. dol.-inverted scale)

94. Member bank borrowing from the Federal Reserve (bil

Current data for these series are shown on page 71.

34




JULY 1977

lt€l»

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.
(July) (May)
P
I

(Aug.)(Apr.)
P T

(Apr.) (Feb.)
P
T

) (fc)

(fee.) (Now.)

P

I

P

T

119. Federal funds rate (percent)—

114. TraasuryMII rate (percent)
C,Lg,

117. Municipal bond yields (percent)

118. Secondary market yields on FHA mortgages
(percent)

Ji,

76

Current data for these series are shown on pages 71 and 72.


UlF JULY 1977


35

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.
(July) (May)

(Aug.)(A|ir.)

p r

(Apr.) (Feb.)

(Das.) (Nov.)

P T

P

T

(Nov.)

(Mar.)

P

T

67. Bank rates on short-term business loans (percent)

Average prime rate charged by banks (percent)

66. Consumer installment debt (bit. dol.)

72. Commercial and industrial loans outstanding,
weekly reporting large commercial

95. Ratio, consumer installment debt to personal income
(percent)

36




JULY

1977

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE
Chart Cl. Diffusion Indexes
(Aug.)(Apr.)
P T

(July) (May)

P

T

(Dec.) (Nov.)
P
T

<Apr.)(Feb.)
P
T

(Nov.)
P

(Mar.)
T

950. twelve leading indicator components (6-mo. span—, 1-mo. span—)
100 1

50-

951. Four roughly coincident indicator components (6-mo. span—, 1-mo. span —

i /iiiii i iii; i i
•»!;iil|Hi! H 1H

'1' i

iifiilf i
iyi ;
IK 5 V

100-i

I

||

0-

952. Six lagging indicator components (6-mo. span—-, 1-mo. span —)
100-

rr i WOT m

so-

961. Average workweek, production workers, mamifacturing-21 industries (9-mo. span—, 1-mo. span —

962. Initial claims, State unemployment insurance-47 areas (percent declining; 9~mo. span—, 1-mo. span —)

963. Employees on private nonagricultural payrolls-172 industries (6-mo. span—, 1-mo. span —

Current data lor these series are shown on page 73.

IICII

JULY 1977



37

DIFFUSION INDEXES AND RATES OF CHANGE^Con.
Chart Cl. Diffusion Indexes—Con.
P

T

(Apr.)(Feb.)
P I

(Bee.) (Mov.)
P
T

(NOB.)

(Mar.)

P

T

OBI New ordtrs, durable goods industries-^ industries (9-mo. span-*—, 1-nio. span—-)
eg

,<V!

965, Hewly approved capital appropriations, deflated-17 industries1 (4-0roovitgavg. »~, 1-Q span—)

966. Ifldustrial production-24 industries (6-mo. span—, 1-mo. span---)

967. Industrial materials prices-13 industrial materials (9-nto. span—, 1-mo. span-

Stock prices, 500 common stocks-62-82 industries (9-mo. span—, 1-mo. span—-)

Profits, fflanufMturing-about 1,000 corporations (4-Q span^-, 1-Q span— )

'This ts a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board.
Current data for these series are shown on page 74.

38




JULY 1977

ltd*

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart Cl. Diffusion Indexes—Con.
(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

(Dec.) (Nov.)
P
T

Percent rising

Percent rising

ij

(N(iv.)
f»

(Mar.)
T

Actual
*•*Anticipated • ••«

970. Business expenditures for new plant and
equipment-IS industries (1-Q span)

T/STTT

974. Number of employees, manufacturing and trade (4-Q span)1

75-

(b) Later anticipations
ditures

S75. Level of inventories, manufacturing and trade (4-Q span)1

(c) Early anticipations
971. New orders, manufacturing (4-Q span)1

976. Selling prices, manufacturing (4-Q span)1

972, Jet profits,^manufacturing and trade (4-jUjan)1

977. Selling prices, wholesale trade (4-Q span)1

973. Net sales, manufacturing and trade (4-Q span)1

978. Selling prices, retail trade (4-Q span)1

'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Brad street, Inc. Dun and Bradstreet diffusion indexes are based on surveys of about
1,400 business executives.
Current data for these series are shown on page 75.

ItCII


JULY 1977


39

CYCLICAL
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart C3. Rates of Change
(July) (May)
P
I

(A«g.)(Apr.)

F T

(Bet) (Mov.)

(Apr.) (Feb.)

F

T

F

T

Percent changes at antsal rate
910c. Composite index of twelve leading indicators
(series 1,3,8, 12, 19,20f 29,32,36,92,104, 105)

+40-1
*39*

92flc. Composite index of four roughly coincident indicators
Jtoieilt4LU-^r

930c. Composite index of six lagging indicators

5Dc. fiNP in constant dollars (1-0 span)

47c. Index of industrial production

48c. Employee hours in nonagricultural establishments

51c. Personal income less transfer payments in 1972 dollars

40




JULY 1977

NATIONAL INCOME AND PRODUCT
Chart Al. GNP and Personal Income
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(How.)
P

(Mar.)
T

200. GNP in current dollars, Q (ann, rate, Ml. dol.)

\

Disposable personal income in current
dollars, Q (ann. rate, bil. dol.)

dollars, Q (ann. rate, bil. dol

217. Per capita GNP in 1972 dollars, 0 (ann. rate, thous. dol.)

227. Per capita disposable personal income in
1972 dollars, Q (ann. rate, Shous. dol.)

Current data for these series are shown on pages 62 and 79.


BOD
JULY 1977


41

IMPORTANT ECONOMIC
A|

NATIONAL INCOME AND PRODUCT-Con.

Chart A2. Personal Consumption Expenditures
(ALg,.)(Apr.)

(July) (May)
P
T

'*

T

(Apr.) (Feb.)
(P

T

(Dec.) (Now.)
P
T

(New.)

(Mar.)

P

T

Annual rate, billion dollars (ctrnwrt)
P0r$(Ki3l coflsuroptkw expenditures-

e§ m a©
Current data lor these series are shown on pages 79 and 80.


42


JULY 1977

KCII

IA

I

NATIONAL INCOME AND PRODUCT—Con.

Chart A3. Gross Private Domestic Investment
<Aug.)(Apr.)
P T

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

P

(Mar.)
T

Annual rate, billion dollars (current)
Gross private domestic investment

245. Change in business inventories, 0

Annual rate, billion dollars (1972)

241. Total, 0

30. Change in business inventories, Q

12,

©1

iS

Current data for these series are shown on page 80.

ltd)

JULY 1977




43

OTHER
A

IMPORTANT ECONOMIC MEASURES

NATIONAL INCOME AND PRODUCT—Con.

Chart A4. Government Purchases of Goods and Services
(Aug.) (Apr.)

(July) (May)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)

p

(Mar.)

r

Annual rate, billion dollars (current)

Government purchases of goods and services-

Annual rate, billion dollars (1972)

260-

267. State and local governments

3lii>3 m

gg

$&

W/

W>

m

Current data for these series are shown 0:1 page 80.

44




JULY 1977

KCII

NATIONAL INCOME AND PRODUCT—Con.
Chart A5. Foreign Trade
(July) (May)
P
T

;.)(Apr.)
P T

(Dae.)
P

(Apr.)(Feb.)
P
T

(Nov.)
P

T

(Mar.)
T

Annual rate, billion dollars (current)

\

252. Exports of goods and services, Q

253. Imports of goods and services, 0

250. Net exports of goods and services, Q

Annual rate, billion dollars (1972)

256. Exports of goods and services, Q
V

257. Imports of goods and services, Q

eprts of goods and ^nr^s, 8

21913 §4

ii

Si

i>7

i§

il

Current data for these series are shown on page 81.

ItCII JULY

1977




45

IMPORTANT
A I
I

NATIONAL INCOME AND PRODUCT—Con.

Chart A6. National Income and Its Components
(July) (May)

P

(Aug.)(Apr.)

(Csc.)

(Apr) (Feb.)

(Nov.)

(Mar.)

P

T

I

Annual rate, billion Mlars (current)

220. National income, Q

280. Compensation of employees,

"

288. Corporate profits with inventory valuation and capital consumption adjustments, Q

282. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
288. Net interest, Q

284. Rental income of persons with capital
consumption adjustment, Q
DttH

Current data for these series are shown on page 81.

46




JULY 1977

ItCII

IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT-Con.

Chart A7. Saving
r.)

(July) (May)
P
T

P

T

(Apr.) (Feb.)
P
T

(Bee.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

Annual rate, billion dollars (current)

290. Gross saviig (private aid government)

73

74

7S

7i 1977

Current data for these series are shown on pages 81 and 82.

ltd)

JULY 1977




47

NATIONAL INCOME AND PRODUCT—Con.
Chart A8. Shares of GNP and National Income
(July) (May)
P
T

(Auf.)(Apr.)
P T

P

((War,)
T

T

Perceft

Percent of gross national product-

235. Personal consumption expenditures, Q

268. State and local government purchases
of goods aid services, Q
Federal Government purchases of goods and services, Q

248. Presidential fixed investment, Q
249. Residential fixed investment, Q

247. Ctage in business inventories, Q

251. Net exports of goods and services, Q

Percent of national income—

64. Compensation of employees, Q

283. Proprietors' income with inventory valaatiwi and
capital consumption adjustments, Q

287. Corporate profits with inventory valuation art
capital coas»«ptlM adJHStietts, Q

295. Riital incQRiMf persons with capHaUonsymption adjHStfneflt, d
lifiS i4

SS

gd

iT/

i§

it)

i©

SH

Current data lor these series are shown on page 82.

48




JULY

1977

IICII

B I

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements
(Now.)

(Mar.)
T

(Bee.) (to.)
P
T

(Wow.)
P

(Mar.)
T

Percent changes at annual rate
310c. Implicit price deflator,
GHP (1310. Implicit price deflator, GNP, Q

+15-

I

311c. Fixed weighted price index, gross

Wholesale prices330c. All commodities

Wholesale prices-

_

330. All commodities

2,t©77 i§

if

7©

71

72

73

7®

>°g

^6 li)77

Current data for these series are shown on pages 83,84, and 85.

ItCII

JULY 1977



49

IMIPORTANT ECONOMIC
B

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart Bl. Price Movements—Con.
(July) (May)
P
T

F

T

(Apr.) (Feb.)
P
T

(Disc.) (Now.)
P
T

180-

prices140-

320c. All items (6-mpnlh span)

Chart B2. Wages and Productivity

345. Average hourly compensation, all employees, •
nonfarm business sector (current dollars), Q

340. Average hourly earnings of production workers, private
mmfarni economy (current dollars)'

average npwiy earnings of production workers,
private nonfarm economy
346. Real average hourly compensation, all employees,
iwnfann business sector, Q

'Adjusted (or overtime (in manufacturing only) and Interindustry employment shifts and seasonality.
Current data for these series are shown on pages 83,86 and 87.

50




JULY 1977

BCII

B

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart B2. Wages and Productivity—Con.
(July) (May)
P
T

P

T

(Dae.) (Non.)
P
T

(Apr.) (Feb.)
P
T

(Wow.)
P

(Mar.)
T

Change in average hourly earnings of production
workers, private npfanii economy^
34QC. Current dollar earnings

341c. Real earnings
Ji'jlrfj r\\,_\ Change in average hourly compensation, all employees,
nonfarm business sector, Q345c. Current dollar compensation

ii v

Six-month spans (ann. rate)

1

Ii 0

^-One-quarter spans (ann. rate)
jf^^k

./-v

Four-quarter spans
348c. Real compensation

%

****s>/^%^^
\

,r

^One-quarter spans (ann. rate)

V

^

Four-quarter spans
spans

* * * •

v

\\rr

V

Negotiated wage and benefit decisions, all industries348. First year avg. changes, Q (ann. rate).
349. Average changes over life of >
contract, Q (ann. rate)

370. Output per hour, all persons,
private business sector,
358. Output per hour, all persons, nonfarm business sector, Q

i 370c. Change in output per hour, private business sector, Q
ne-quarter spans (ann. rate

1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 20ne-month percent changes have been multiplied by a constant (12) so that they may be shown against
the background of the annualized changes over 6-month spans. See basic data table for actual 1-month percent changes.
Current data for these series are shown on pages 86 and 87.

BCII

JULY 1977



51

lie
C

I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart Cl. Civilian Labor Force and Major Components
(July) (May)

CAufj.XApr.)

(Apr.) (Feb.)

(Osc.) (Wow.)
P
1

441, Mai late to, total (iilUds)

Labor force particiHtion rates (percent)-

451 Females 20 years and over

446. Both sexes, 16-19 years of age
447. Number unemployed, full-time
448. Number employed part-time for economic

7Xv

,vWUn

£4

s>B

[

M

ki'//

ii§

^^

^9

Current data for these series are shown on page 88,

52



JULY 1977

KCII

GOVERNMENT ACTIVITIES

Chart Dl. Receipts and Expenditures
(July) (May)
P
T

(tec.) (Wow.)
P
T

(Apr.) (Feb.)
P
T

(Wow.)
P

(Mar.)
1

502. Federal Government expenditures, Q
501. Federal Government receipts

500. Federal Government surplus or deficit, Q

511. State and local government receipts, Q
512. State and local government
expenditures, Q

510. State and local government surplus or deficit, 0

Current data for these series are shown on page 89.

JULY 1977




53

©Tto
GOVERNMENT ACTIVITIES-Con.
Chart D2. Defense Indicators
(ftec.) (Wow.)
P
I

516. Defense Department obligations, total (bil. dol.; MCD moving avg.--6-teni)

I

ft

•

<M Jt'

525. Militaiy prime contract awarts M U?S, (biL

P^i avg^6-tep)

548. Manufacturers' new orders, defense products

564. Federal Government purchases of goods and services for national define Q (aim. rate, tail, tol.)

Current data for these series are shown on page 39.

54




JULY 1977

BCII

U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Apr.) (Feb.)
P
T

(Cat) (Mow.)
P
T

(to.)
P

602. Exports, excluding military aid shipments (bil. dol.; MCD moving avg.--6-term)

604. Exports of agricultural products
total (bil. rtol.)

606. Exports of nonelectrical machinery (bil. dol.)

612. General imports (bil. dol.; MCD moving avg.~-4-term)

614. Imports of petroleum and petroleum
products (bil. dol.)

and parts (bil. dol.)

^

gi

$(&

W

§§

i

m

©CD

Current data for these series are shown on page 90.

LIP JULY 1977




55

E

U.S. INTERNATIONAL TRANSACTIONS-Con.

Chart E2. Goods and Services Movements
P

i

Annual rate, billion dollars

Excess of receipts
of payments

Goods and services-

667. Balance on goods and services, Q

622. Merchandise trade balance, Q

on foreign investments in the U.S., Q

Current data for these series are shown on page91. Annual totals are used prior to 1960.

56




JULY 1977

ItCII

©TCS D
F I

INTERNATIONAL COMPARISONS

Chart Fl. Industrial Production
(July) (May)
P
T

P

T

(Apr.) (Feb.)
F T

(Use.) (Wow.)

P

T

(Now.)
P

(Mar.)
T

Index: 1967=100

47. United States

\

721. Of CD Juropean countries

Current data for these series are shown on page 92.
tf^lfc

ItC

JULY 1977



57

F

INTERNATIONAL COMPARISONS—Con.

Chart F2. Consumer Prices

Consumer prices: percent changes over
6-month spans (annual rate)--

Chart F3. Stock Prices

Stock prices*19. Mitel States

73Sc. West Germany

746. France
736c. France

742. United Kingdom

733c. Canada

743. Canada

Current data (or these series are shown on pages 93 and 94.

58




JULY 1977

KCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

^H COMPOSITE INDEXES

Year
and
month

910. Index of
12 leading indicators (series
1,3,8,12,19,
20,29,32,36,
92,104, 105)

920. Index of
4 roughly
coincident indicators (series
41,47,51,57)

930. Index of 6
lagging indicators {series
62, 70, 72,
91,95,109)

(1967=100)

(1967=100)

(1967=100}

Leading Indicator Subgroups
913. Marginal
employment
adjustments
(series 1,2, 3,
5)

914. Capital
investment
commitments
(series 12, 20,
29)

915. Inventory
investment
and purchasing
(series 8, 32, 36,
92}

(1967-100)

(1967=100)

(1967=100)

(1967=100)

916. Profitability (series
17,19,80)

917. Money
and financial
flows (series
104,105,110)

(1967=100)

940. Ratio,
coincident
index to
lagging index

(1967=100}

1975

January
February
March

106.5
106.2
107.1

113.9
112.3
110.9

143.4
138.1
134.5

90.4
90.0
90.7

97.8
97.5
97.6

94.6
93.5
92.9

93.7
95.0
96.0

102.2
100.5
102.0

79.4
81.3
82.5

April
May
June

109.4
111.7
115.2

111.4
111.8
112.7

130.8
128.5
124.1

92.0
91.3
92.4

99.6

94.0
95.4
96.6

98.3

100.8
102.8

100.6
102.6

102.5
103.5
105.4

85.2
87,0
90.8

July
August
September

117.8
118.6
118.9

113.7
115.4
116.3

124.2
124.5
124.4

95.2
94.9
94.3

103.8
103.9
103.7

104.2
104.3
104.2

106.1
106.8
106.5

91.5
92.7
93.5

October
November
December

119.0
119.3
119.6

116.7
116.9
117.6

125.3
123.1
122.0

94.3
95.2
96.9

103.6
103.8
104.3

104.4
105.2
105.6

105.9
107.5
107.3

93.1
95.0
96.4

January
February
March

121.2
122.0
123.2

118.7
120.0
121.2

120.8
120.1
119.8

97.5
97.9
97.9

105.4
104.9
106.0

100.3
101.4

107.2
108.5
108.3

106.7
106.3
106.2

98.3
99.9

101.2

April
May
June

123.0
124.5
125.6

121.9
122.0
122.5

119.2
119.7
121.0

96.0
96.5
96.1

104.9
104.9
106.5

102.1
103.0
103.6

108.4
108.0
108.3

107.6
108.0
107.4

102.3
101.9
101.2

July
August
September

H25.7
r!25.6
r!25.3

122.7
H23.0
r!22.9

nzo.s

r121.1

r!21.8

95.7
95.5
94.3

106.7
r!06.5
r!07.9

r103.2
H03.3
r!02.3

r!09.2
E>r109.3
r108.5

107.7
107,7
107.9

rl01.3
rlOl.8
rlOO.9

October
November
December

r!26.0
r!27.0
r!28.0

H22.6
r 124.1
r!26.0

r!21.9
r!21.1
r!20.6

94.5
96.0
97.0

r!09.3
r!09.0
r109.2

H01.3
r!02.0
r!02.2

rl07.3
r!06.6
r!07.3

109.4
r!09.8

0>nio.o

rlOO.6
r!02.5
r104.5

r!26.4
r!27.5
r!29.9

r!25.0
r126.5
H29.0

r!21.4
r122.2
r!22.8

95.6
96.7

r!09.3
rllO.l
rlll.l

rlOl.O
rlOI.6
r!03.3

H06.4
r!05.9
r106.3

H09.4
r!08.3
H08.2

H03.0
r!03.5
105.0

Drl30.5
130.2
M29.4

H29.4
130.0
D 130.7

H22.9
123.6
E) 125.8

rllO.6
rill. 3

E)rl03.9
r103.6
p!02.4

r!06.7
r!07.1
p!07.2

HQ9.3
H07.6
p107.1

E>H05.3
r!05.2
P103.9

....

98.1
99.1

100.6
101.0
100.0
99.2

1976
99.3

1977

January
February
March
April
May
June

2

3

E>98.3
r97.5
97.3

P97.1

fi>plll.3

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by H); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphs of these series are shown on pages 11 and 12.
Excludes series 12 and 36 for which data are not yet available.
Excludes series 57 for which data are not yet available.
3
Excludes series 70 and 95 for which data are not yet available.
2

BCII

JULY 1977




59

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

|M EMPLOYMENT AND UNEMPLOYMENT

Minor Economic
Process
Timing Class

Year
and
month

L,C, L

L, L, L

1 . Avenge
workwttek of
production
workers;,
manufacturing

L,L, L

2. Accession
21. Average
weekly overtime rate, manufachours, produc- turing
tion workers,
manufacturing
ployees)

L, Lg, U

L,C,l

L, L, L

5. Average
weekly initial
claims, State
unemployment
insurance1

3. Layoff rate,
manufacturing

(Per 100 em-

(Hours)

(Hcurs)

(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

4. Quite rate,
manufacturing

(Per 100 em-

(Per 100 em-

ployees)

ployees)

L, Lg, U

L, Lg, U

u,c,c

60. Ratio, helpwanted advertising to persons
unemployed

46. Index of
help-wanted
advertising
in newspapers

48. Employee
hours in nonagricultural
establishments

(Ratio)

(1967^100)

(Ann. rate,
bil. hours)

1975

January
February
March

39.1
38.9
38.9

2.4
2.4
2 3

3 1
3 2
3 2

521
533
526

2 9
2 9
? fi

1 4
1 3
1 2

0 315
0 307
n ?ft^

April
May
June

39.0

2.4
2 3
25

3 7
3 6
3 7

510
503
502

2 4

39 1

9 R
? ?

1 2
1 3
i ^

O
O

4 0
3 9
3 8

419
467
dfi7

1 7

1

I c
1

i d
i *5

O ^in
0 -il 0
O ono

AAC

1 7

1 A

C

i K

O . OA?
JU/

1

0700

1 ^

1 K

O

39.3

July
August
September
October
November
December

39.4

39 7
39 8

2 6
2 7
2 8

Q

A

39 8
39 9
40 3

2 8
2 9
3 0

3 7
3 7
1 Q

IQft
•340

January
February
March

40 4
40 3
40 3

3 1
3 1
3 1

4 1
4 2

"3d?

A

0/17

1 n
i i

April
May
June

')9 4
40 3
40 2

7 fi
1 3
3 2

d 1

OCf|

1

9

1 0

A

A

•3QO

3 8

007

1 . 0J
1 0

1 . 7/
I n
.O

3 1

1 R

/no

/1

0

0

/[no

n

(L

.D

A 9/1

C

A9P

n 971

147 79
146
1 14

77
76

id* ; d?

7d

occ

7/1

IdR fifi
1 AR 7^

OQQ

01

1 AR *5A

7d

QA

1 £c en

oo
oo

1 AK. B.P

oJ

1^7

QO

od
07
o/

1 /I Q /t 1

ftn
OO

1 /I Q El

O .OJo/
C7

Q7
O/

O OOO
O . .599

QO

i
en 4/
A ~J
J bu.
i
en iT o
1 bU.
y
150.50

. o/in
o'KJ

/IK

1 4o . 4 1

1AQ

CO
I4o. by

149, b 1

1976

July
August
September

40 1
40 0

October
November
December

39 9
40 1
40 0

•5! Q

7

o n

•3 n
9 q
3 1
19

3
0

A

A^ ftn

•3EQ

4*:4

OQO

i i

1
I .4

1-j
,7
C

1.b
1\ , ij

3AQ

11

ooc

1 . 0J
1 .4
in

1

C

7

•t

1
Q
1 .0

QQQ

yj
OA

94

OQ/I

O . oo4

on
91

0,405
onrj

O .099

94
96

•i 7
1 . /

J94
O . OQ^

no
98

1.
- 7/

0.384
0.376

97
94

151 .74
151 ,71
152.08

1 . rb

0.378

1

Job
O . OQC

96
99
105

152.70
152,62
153.61

,o

1 .6
1 .Co

1

7
./

0 /.416
11 a

149.81
151 .49
151 .08

1977

January
February
March
April
May
June

39 5
40 3
40 4
HO 3
A(\ A

(OS A/in ^D
m/pHu.

t 9
0

0

3 3

A n
W)d K
d ^

t d

A -\

3

4 . 11

A

fiuXnl
A
lM/pJ.4

pj. y
_q

Q

/IQI

[RHPQ

qco
070
6/0
„ O£O

pJoJ

rev i n
B>i-o
1 . 1
_ -\ iy

pi. 2

I n
. 0
1 Q

1 Q

0 /MQ
0
Acr
O .4bb
/IOQ

I .9n

0 ,482

1 .9
Dpi. 9

(H}0.494
pO.487

/1 QO

1 05

-1 CO

1 c

ine

1 R4

09

i no

1 RK K1

Ibc. I b

lOo

109
112

H)pii4

r!56.00
[H)rl56.62
i c r /t i
p!56.42

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by®. Current high values are indicated by H>; for
series that move counter to movements in general business activity, 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 at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphs of these series are shown on pages 13,17, and 18.
Data exclude Puerto Rico which is included in figures published by the source agency.

60



JULY 1977

ItCII

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

^H EMPLOYMENT AND UNEMPLOYMENT -Con.
:

Timing Class

Year
and
month

Comprehensive Unemployment

Comprehensive Employment-Con.

U, C, C

C, C,C

L, C, U

U, Lg, U

L, Lg, U

42. Persons
engaged in nonagricultural
activities, labor
force survey

41. Employees
on nonagricultural payrolls,
establishment
survey

40. Employees
in goodsproducing industries {mining, mfg., construction)

90. Ratio,
civilian employment to total
population of
working age

37. Number of
persons unemployed, civilian
labor force

(Thous.)

(Thous.)

{Thous.)

(Percent)

{Thous.)

55 62
55 27

L, Lg, U

Lg, Lg, Lg

Lg, Lg, Lg

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate
State programs1

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

{Percent)

(Percent)

(Weeks)

(Percent)

L Lg, U

1975

January
February
March

81,336

77,300

23,241

on 070

7fi p»od

on QA.9

-1C

99 fiQQ
99 &t\9

April
May
June

80 963
80 940
81 135

76 491
76 577
76 444

22,372
22 379
22 279

55 12
55 19
55 13

7,964
8 314
8 099

July
August
September

81 421

76 719
77 ncq
77 °.d./L

22 294

55 25

99 4Q°,
99 fiUP.

CC

00

cc

oc

8 061
7 Q?1
8 mi

8

October
November
December

01

99 7°,D
99 7P.P.
99 ftQP

CC

1C

R ndft
7 pi o.
7 70R

8
8

0]

CQ7

OT cno

C1 0

cc T O

00

100

77 fiQfi
77 7 on
70 ni 9

January
February
March

QO

091

70 AC\(\

90 ncc

cc cc

0-3

070

7ft fi^K.
70 QPD

00

cc 7C

90 9/10

CC Q1

April
May
June

no

QA onp

7Q 71 9
70 on Q

90 /mo
90 001

84 220

79 368

July
August
September

84 450
84 462
84 516

October
November
December

QA

CQO

01 pQ7

cr ic

7 280
7 362
7 777

7 9
8 0
8 5

5 4
5 8
fi 9

10 8
11 7

1.7
2 0
2 2

8.6
9 0
8 7

6.4
6 6
6 5

12.9

13 5
15 3

2 6
2 8
2 9

8 7
8 5

6 3
6 1
n

14 9
154
ifi 1

3 1
3 0
? 1

5 8

155

2 9

;

C

8 6
A

6

n R

o 9
°, 9

0

1C 0

r>

& ft

Ifi Q

7 947
7 i oc
7017

7 P,
7 fi
7 R

A

I C Q

o. n

A 9
A 1

ifi 3
ic n

0

CC 1 C

7 OA9

4

23 357

6

56 14

7 171

7 R
7 3
7 6

9 9

cc 9p

79 513
79 518
79 918

23 344
23 310
23 463

56 22
56 17
56 06

7 406
7,517
7 448

70 piq
80 106
on J44
o/i A
oU,

po

000

CC QC

23 489
OO CflQ
£o,t>Uo

56 19

cc 97

80 561
80 ',82 4

23 589
23,701

cc 97

6

CC

on ^QT;

/>4 nnR

r81 686
r81 921
[CFsnPi? ORfi

p24 217
r24 310

cc 90

5

1976

no con
noi

49Q

84 972
pC

1 £M

or

AfiQ

110

A

7
9 R

1

I C Q

d ^

1R 1

4 4

16 9

9
2 3

7 8
7 9
7 8

4 6
4 8
4 9

15 6
15 4
15 4

2 4
2 5
2 4

7 Rfid
7 651
7 R1Q

7 9
8 0
7 8

5 1
4 7
4 4

15 3
15 5
15 6

2 5
2 6
2 6

QCQ

7 ^
7 c

4 1

7 1 ft"?

56 71

7 064

7 0

56 98
57 14
ID 57 23

H>6 737
6,750

Q1 1

0

1977

January
February
March

oc 079
ftfi WQ

April
May
-June

86 763
87 022
E> 87 341

[u\n°4 q^9

AC

fi Qfi?

7 0
[H>6 9

7 1

A 1
0 Q

3 7
3.7
fu\
n?3 - '7
In/ P-

1R

c

U

2 4

7
[u\i/i n

2 0
2 n

14 3

1 9
1.9
FHM ft

14.9

M

A

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by IE); for
series that move counter to movements in general business activity, current low values are indicated by 5D• Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15,16,18, and 19.
x
bata exclude Puerto Rico which is included in figures published by the source agency.

ItCII

JULY 1977




6T

CYCLICAL. INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR t-CONOMIC
PROCESS

Mj PRODUCTION AND INCOME

Minor Economic
Process

Industrial Production

Comprehensive Output and Income

c,c,c

C,C(C

Timing Class

60. Gross national product
in 1972 dollars

Year
and
month

C,C,C

C,C,C

52. Constant
(1972) dollars

51. Personal
income less
transfer payments in 1972
dollars
(Ann. rate,
bil.dol.)
Revisedl

53. Wages and
salaries in
mining, mfg.,
and construction in 1972
dollars
{Ann. rate,
bil.dol.)
Revised *

Personal income
223. Current
dollars

C,C,C

47. Index of
industrial
production,
total

C,C,C

C,C,C

C,l,l

73. Index of
industrial
production,
durable manufactures

74. Index of
industrial
production,
nondurable
manufactures

(1967=100)

(1967-100)

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)
Revised *

(Ann. rate,
bil.dol.}
Revised1

{Ann. rate,
bil.dol.)
Revised1

January
February
March .

1,169!8

1,199.6
1,204.7
1,211.0

972.9
973.9
975.0

844.0
840.1
840.5

213.1
208,1
207.4

115.2
112.7
111.7

109.0
105.6
104.7

119.8
118.4
116.1

5ie!8

April
May
June

1,188! 2

1,216.6
1,228.9
1,258.6

974.8
980.8
998.1

839.5
844.8
846.7

206.4
206.7
206.2

112.6
113.7
116.4

105,4
105.5
107.0

118.8
120.8
125.5

529^8

July . .
August
September

1,226!?

1,256.2
1,271.3
1,281.5

989.1
995.5
1,001.2

847.6
853.2
858.3

205.9
208.1
209.9

118.4
121.0
122.1

109.3
112.3
113.5

128.1
130.5
132.9

553!9

October
November
December

1,229.'8

1,294.9
1,304.4
1,312.9

1,006.9
1,010.4
1,011.5

863.5
867.3
867.9

210.9
211.6
213.8

122.2
123.5
124.4

112.7
113.4
114.4

133.6
136.2
136.9

554.'?

i,25e!6

1,326.9
1 3 338.9
1,348.3

1,015.2
1,023.6
1,029.2

871.5
877.6
882.6

217.1
218.7
221.0

125.7
127.3
128.1

115.8
117.9
119.0

138.4
140.2
140.7

571 !8

April
May
June

l,27l!5

1,359.5
1,367.9
1S372.7

1,033.1
1,033.9
1,033.7

888.9
891.8
891.7

222.1
222.3
221.9

128.4
129.6
130.1

120.1
121.7
122.3

140.7
140.9
141.3

57g!s

July
August
September

1,283!?

1,386.2
1,393.7
1,401.8

1,039.1
1,040.1
1,041.5

893.9
894.6
897.0

222.3
220.8
222.6

130.7
131.3
130.8

124.2
125.1
122.4

141.1
140.9
142.6

586 ! 9

October
November
December

l,28?!i

1,414.2
1,432.1
1,450.2

1,046.8
1,056.1
1,065.5

902.1
909.8
918.6

222.0
225.0
225.9

130.4
131.8
133.1

121.5
123.8
125.2

142.2
143.5
143.7

581 ! 9

l,31l!6

1,454.3
1,477.0
1,499.1

,060.0
,070.3
,083.2

913.8
923.2
933.7

223.8
227.4
232.2

132.1
133.2
135.2

123.0
124.0
126.8

143.7
145.7
r!47.0

602^4

1,510.9
1,519.5
H>p1, 529.9

,087.0
,086.9
H>Pl»090.4

938.8
941.8
E>p946.3

233.2
234.3
H>p235.0

rl28.0
rlSO.O
E>pl31.2

r!48.1
H49.4
® P 149.5

i)p61l!4

(1967=100)

Revisedl

1975

1976

January
February
March

.....

1977

January
February
March
April
May
June

ffH»pl,33l!6

July .
August
September

....

October
November
December

....

H36.2
r!37.6
|H}pl38,6

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by®; for
series that move counter to movements in general business activity, current low values are indicated by (R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown ora pages 15, 20, 21, and 41.
*SQQ, "New Features and Changes for This Issue," page
iii.

62



JULY 1977

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

H

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

PRODUCTION AND
INCOME-Con.

^Q CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Capacity Utilization
L.C.U

TiminQ Cldss

83. Rate of
capacity
utilization,
manufacturing
(BEA)

Year
and
month

(Percent)

82. Rate of
capacity
utilization,
manufacturing
<FRB)
(Percent)

Orders and Deliveries
L,C,U

84. Rate of
capacity
utilization,
materials

(Percent)

L,L, L

I, L, L

Value of manufacturers' new
orders, durable goods industries
6. Current
dollars
(Bil.dol.)

L, L, L

7. Constant
(1972) dollars

8. New orders
for consumer
goods and
materials in
1972 dollars

(Bil.dol.)

(Bil.dol.)

L, L, L

L, Lg, U

25. Change in
96. Manufacunfilled orders, turers' unfilled
durable goods
orders, durable
industries
goods industries

(Bil.dol.)

(Bil.dol.)

L, L, I

32. Vendor
performance,
companies reporting slower
deliveries®
(Percent
reporting)

1975

January
February
March

70^9

7K5

40.16
40.16
38.59

29.97
29.75
28.52

26.65
26.76
26.45

-2.90
-2.70
-3.65

181.80
179.10
175.44

18
16
17

71^3

76! 7

40.72
41,16
40.37

29,99
30,28
29.71

27.66
28.22
28.14

-2.68
-1,41
-2.59

172.76
171,35
168.76

22
24
26

75!3

74^9

43.53
43.37
44.18

32.01
31.79
32.20

29,67
30.00
30,50

-0.43
-1.18
-1.11

168.33
167.15
166.04

30
36
44

76^8

77. 'i

43.84
44.28
45,98

31.63
31.72
32,73

30.44
30.21
31.56

-1.40
-0.27
-0.79

164.63
164.37
163.58

45
44
39

79!6

79^6

45.90
47.93
51.11

32.51
33.75
35.84

31.31
31.87
33.45

-1.38
-0,50
0.73

162.20
161,70
162.43

42
50
52

*75

April
May
June ...

*75

July
August
September

*79

October
November
December

*79

197G

January
February
March

. ..

*82

April
May
June

8CL2

8CL6

50.24
51.35
51.25

35.14
35.84
35.57

32,46
33.20
32.88

0.10
0.80
0.64

162.52
163.32
163.96

58
58
62

SKS

51.18
50.38
50.07

35.34
34,62
34.11

32.44
32.13
31.22

0.09

8o!s

-1.27
0.01

164.06
162.79
162.80

60
D64
60

*82

July
August . . '
September

'so

October
November
December

'si

8o!e

80.2

r50.75
T52.24
r57.04

r34.27
r35.06
r38.03

30.56
r32.09
r34.64

1.73
1.00
1.74

164.52
165.52
167.26

50
48
45

r81.*i

86;s

r55.04
r55J3
r59.16

r36.52
r36.42
0>r38.79

33,65
34.14
[H>36,71

1.70
0.43

rO.31

168.96
169; 39
r 169. 70

44
55
56

r38.31
r38.60
p38.05

34.98
r35.04
p34.60

rl.88
M>r2.46
pO.94

r!71,59
r 174. 05
E>pl74.99

58
56
58

1977

January .
February
March

...
E>83

April
May
June

(H>p83'.i
(NA)

E>p82*.7

r58.65
|H>r59.18
P58.52

July
August . .
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated bylE); for
series that move counter to movements in general business activity,current low values are indicated by j^. Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "N A", not available.
Graphs of these series are shown on pages 13,21, and 22.

JULY 1977




63

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
TiminQ Class

C, C, C

c,c,c

56. Current
dollars
(Mil.dol.)

57. Constant
(1972) dollars
(Mil.dol.)

C, L,C

75. Index of industrial prnducgoods

C, L,U

(1967=100)

L,C,C

U.L.U

(Mil.dol.)

L.L.L

55. Personal
consumption
expenditures
automobiles

58. Index of
consumer
sentiment ®

(Mil.doL)

(Ann. rate,
bil.dot.)

(1st Q
1966-100)

1

1

Sales of retail stores
54. Current
dollars

FIXED CAPITAL
INVESTMENT
Formation of Business Enterprises

Consumption and trade

Manufacturing and trade sales
Year
and
month

B

Iflj CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con.

59. Constant
(1972) dollars

Revised

L, I, L

12. Index of
net business
formation

L,L, L

13. Number of
new business
incorporations

(1967-100)

(Number)

Revised

1975

January
February
March

166,596
168,070
164,116

119,450
120,230
117,487

117.0
116.1
117.0

45,984
46,954
45,962

36,265
36,943
36,049

36.3

5s!6

102.9
101.7
103.0

24,406
24,298
24,922

April
May
June

167,687
167,995
170,625

119,320
119,615
121,184

119.0
120.4
124.3

46,948
48,171
48,652

36,678
37,516
37,685

37*.2

72*.9

103.4
104.8
110.7

26,506
26,634
26,231

July
August
September

173,802
176,001
177,475

122,486
124,135
124,746

126.6
127.5
129.0

49,411
49,774
49,644

37,892
37,966
37,867

42^8

75^8

113.7
112.6
113.1

28,571
28,632
29,000

October
November
December

178,621
178,119
181,442

124,971
123,941
125,656

128.7
131.1
132.3

49,995
50,552
51,734

37,990
38,326
39,045

46^6

75^4

112.0
112.5
116.0

29,469
28,799
29,704

January
February
March

183,635
186,679
189,940

126,651
128,694
130,519

133.1
134.9
136.1

51,592
52,601
53,344

38,704
39,461
39,958

$2^7

84^5

115.4
114.5
116.3

29,639
29,043
31 ,027

April
May
June

191,404
190,445
193,360

130,796
129,532
131,134

136.1
137.4
137.8

53,696
52,868
53,983

40,012
39,132
39,810

54^5

82^2

115.7
114.9
118.6

29,876
28,637
31,600

July
August
September . . .*

193,302
194,302
193,868

130,931
131,799
130,434

136.8
137.5
136.2

53,754
54,643
54,100

39,525
40,061
39,431

54^8

BB.8

117.8
117.8
118.3

30,114
32,746
32,368

October
November
December

192,591
196,477
204,365

129,364
131,629
136,044

136.9
139.1
142.0

54,634
55,573
57,898

39,705
40,241
41,713

5s!i

B6.0

120.1
121.3
121.0

32,887
33,496
33,495

202,066
207,567
[H)214,844

133,666
136,010
H>139,773

140.2
141.0
r142.8

56,660
58,175
IH>59,522

40,471
41,288
0)42,006

i>65!6

87^5

123.3
p!23.0
H)rpl24.2

34,508
p33,095
| H»rp35,056

r213,509
p213,931

p]38,074
p!37,945

r!43.6
r!43.9

r59,465
r59,247
p59,233

41,818
41,519
p41,451

p64^9

p!22.0
e!22.1

p33,023

D89J

1976

1977

January
February
March
April
May
June

(NA)

(NA)

@>pl44.7

(NA)

(NA)

July
Aucjust
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these scries are shown on pages 13,15,23, and 24.
1
See "New Features and Changes for This Issue," page iii.

64



JULY 1977

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS
. ..

^M FIXED CAPITAL INVESTMENT-Con.

Minor Economic
Process

Business Investment Commitments

L, L, L

Timing Class

L,L,L

Contracts and orders for plant
and equipment
Year
and
month

10. Current
dollars
(Bil.dol.)

20. Constant
(1972) dollars
{Bil.dol.)

L, L, L

Value of manufacturers' new orders,
capital goods industries, nondefense
24. Current
dollars
(Bil.dol.)

L,C,U

U, Ig, U

C, Lg, Lg

9. Construction contracts for commercial and industrial buildings, floor
space1

11. Newly
approved capital
appropriations,
1,000 manufacturing corporations1

97. Backlog of
capital appropriations, manufactur-

(Bil.dol.)

(Bil. dol.)

L, U L

27. Constant
(1972) dollars
(Bil.dol.)

Square feet

(Millions)

Square meters2

(Millions)

1

ing

Revised3

1975

January
February
March

13.06
12.21
11.88

9.90
9.22
8.91

11.62
10.59
10.15

8.87
8.08
7.70

54.39
46.54
39.69

5.05
4.32
3.69

1K39

April
May
June

13.36
14.07
13.87

9.93

10.45
10.26

10.75
10.56
1,0.30

8.09
7.98
7.74

56.90
44.79
50.54

5.29
4.16
4.70

10^98

July
August
September

13.19
14.47
12.75

10.67

8.43
8.17
8.24

52.60
43.25
50.12

4.89
4,02
4.66

10J8

9.42

11.32
10.92
11.07

October
November
December

12.64
12.68
12.37

9.25
9.22
9.03

11.19
11.37
11.05

8.23
8.29
8.10

54.10
41.99
50.71

5.03
3.90
4.71

12!87

14.88
14.43
15.39

10.79
10.52
10.93

11.66
11.90
12.17

8.55
8.75
8.69

44.27
50.95
52.32

4.11
4.73
4.86

1K34

14.91
H3.86
15.63

10.84

12.48
12.67
12.61

9.15
9.09
8.95

52.83
52.65
53.85

4.91
4.89
5.00

12!49

July
August
September

15.55
14.04
14.98

11.02

13.78
12.69
13.47

9.79
9.02
9.44

52.21
50.78
48.53

4.85
4.72
4.51

11. *54

October
November
December

r!7.21
H4.38
H5.72

10.91

r!4.12
r!2.73
r!3.84

r9.89
r8.85
r9.62

51.47
52.53
54.81

4.78
4.88
5.09

i>i5!6e

H7.08
r!6.70
H6.49

11.75
11.43
11.26

rl4.62
r!4.25
H4.56

rlO.08
r9.79
r9,98

53.56
51.27
1E>67.45

4.98
4.76

pi 4. '68

r!7.89
E>H9.76
p!9.01

12.21
E>13.38
P12.93

H4.68
rl5.00
E>P15.75

rlO.07
rlO.23
E>pl0.78

55.88
63.20
61.12

9.74

49JO

47^59

45^34

46!45

1976

January
February
March
April
May
June

9.92

11.03

9.96

10.48
12.01
9.98

46!65

4e!e5
45^72

48.' 13

1977

January
February
March
April
May
June

[H>6.27
5.19
5.87
5.68

H)p49.'72

(NA)
(NA)

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (g). Current high values are indicated by E>; for
series that move counter to movements in general business activity,current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13,24, and 25.
.
..
"This is a copyrighted series used by permission; it may not be reproduced without written permission from the source agency.
McGraw-Hill Information Systems Company, F.W. Dodge Division (series 9) or The Conference Board (series 11 and 97).
Converted
to metric units by the Bureau of Economic Analysis. 3See "New Features and Changes for This Issue," page iii.

ltd) JULY 1977



65

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS
....

fflj

Minor Economic
Process

FIXED CAPITAL INVESTMENT-Con.
Residential Construction
Commitments and Investment

Business Investment Expenditures

Timing Class

Year
and
month

C, Lg, Lg

C, Lg, Lg

61. Business
expenditures
for new plant
and equipment,
total

69. Machinery
and equipment
sales and business
construction
expenditures

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

C, Lg, U

C, Lg, C

Lg, Lg, Lg

C, Lg, C

76. Index of
Nonresidential fixed investment in 1972 dollars
industrial production, business
86. Total
87. Structures
88. Producers'
equipment
durable equip.
(1967=100)

Revised1

{Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised1

Revisedl

Revised1

L,L,L

28. New
private housing
units started,
total
(Ann. rate,
thous.)

L, L, L

1, L, L

29. Index of
new private
housing units
authorized by
local building
permits

89. Residential
fixed investmerit, total, in
1972 dollars
{Ann, rate,
bil. dol.)

(1957=100)
Revised1

Revised*

1975

January
February
March

mis?

161.51
162.71
159.98

130.8
128.0
125.7

neie

3l'.2

79^5

1,016
923
990

62.6
62.8
61.1

36!3

April .
May
June .

11 2. 46

159.56
158.97
159.44

125.6
126.0
126.6

112^6

35*. 8

76*. 2

996
1,109
1,067

74.6
78.8
81.5

36^9

July . .
August
September

I12J6

160.42
161.75
161.86

127.3
129.9
129.2

ni!6

3e!6

75^6

1,229
1,253
1,281

87.9
85.7
91.7

39! 3

October
November
December

m.'so

164.90
163.47
165.67

128.8
129.6
131.6

nils

36J

75^2

1,368
1,370
1,336

94.5
95.7
94.0

42!6

Til 4.* 72

166.47
171.03
172.03

131.0
132.6
134.0

113^7

36!s

76.Q

1,259
1,478
1,426

102.1
101.3
101.8

44^8

April
May
June .

118J2

175.66
175.35
172.85

134.1
134.6
135.0

ns!9

37J

78^9

1,385
1,435
1,494

101.9
100.8

July
August
September

122!55

177.04
178.36
176.25

136.9
137.7
137.5

nsis

37J

8K4

1,413
1,530
1,768

105.9
112.7
127.6

47! i

October
November
December

125^22

177.31
177,76
186.53

135.9
140.2
143.2

ngio

37^3

8K7

1,715
1,706
1 ,889

127.6
136.4
132.0

52!6

[H>130.'i6

181.53
184.12
191.29

142.0
143.1
r!44.5

124!3

37!6

87^3

1,384
1,802
D2,089

114.9
131.5
D145.4

52.*7

191.94
i)193.14

r!47.0
149.3
Dpi 51. 6

Dpl27'.6

B>p37:8

DP89!3

rl ,880
rl,954
pi ,833

138.3
139.2
p!43.8

H>P57!5

1976

January
February
March

.

...

96.5
47.* 1

1977

January
February
March
April
May
June ....

a!34!46

July
August
September

aiaeigi

October
November
December

al39!6s

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by (ED; for
series that move counter to movements in general business activity, current low values are indicated by D- Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary;"e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14,25, and 26.
*3ee "New Features and Changes for This Issue," page iii.

66



JULY 1977

ItCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

M9 INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process

Inventory Investment
L,L,L

Timing Class

30. Change in
business inventories in 1972
dollars

Year
and
month

L,L,L

36. Change in inventories on
hand and on order in 1972
dollars

Inventories on Hand and on Order
L,L,L

U L,L

31. Change
in book value
of mfg. and
trade inventories, total
(Ann. rate,
bil.dol.}

38. Change
in stocks of
materials and
supplies on
hand and on
order, mfg.

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories, book value

65. Mfrs.'
inventories of
finished
70, Constant goods, book
(1972) dollars value

Lg, Lg, Lg

L, Lg, Lg

77. Ratio,
constantdollar inventories to
sales, mfg.
and trade
(Ratio)

78. Stocks of
materials and
supplies on
hand and on
order, mfg.

(Ann. rate,
bil.dol.)

Monthly
data
{Ann. rate,
bil.dol.)

Smoothed
data1
(Ann. rate,
bil.dol.)

Revised2

Revised2

Revised2

January
February
March

-2*o'.b

-36.79
-46.31
-34.75

-19.55
-28.29
-35.88

3.9
-10.1
-14.8

-1.84
-1.70
-2.88

278.71
277.87
276.63

223.93
221.96
220.49

49.42
49.54
49.72

1.89
1.86
1.89

139.22
137.52
134.64

April ....
May
June . .

-18*.Q

-28.01
-22.31
-19.81

-37.82
-32.36
-25.87

-12.1
-17.9

-3.41
-1.40
-1.81

275.63
274.14
273.42

219.46
217.82
217.00

49.63
49.65
49.38

1,85
1.82
1.79

131.23
129.63
128.02

July
August
September

-0.37
2.9

-18.77
-9.32
-1.87

-1.7
19.5

-0,58
-0.92
-0.75

273.28
274.91
275.58

216.89
217.65
217.62

48.90
49.24
49.61

1.77
1.75
1.74

127.43
126.51
125.76

October
November
December

-i!e

0.12
0;24

277.68
276.80
275.48

218.32
217.29
216.16

49.89
49.81
49.87

1.74
1.75
1.71

125.88
126.12
125.66

277.06
279.01
281.26

216.93
217.66
218.75

49.83
49.97
50.07

1.70
1.68
1.66

125.80
125.29
126.78

283.06
285.69
289.14

219.59
220.52
222.25

50.52
50.96
51.71

1.66
1.68
1.67

126.78
128.52
128.94

222.90
224.48
225.76

51.96
52.74
53.36

1.69
1.68
1.70

129.19
128.23
128.82

(Bil.dol.)

71. Current
dollars
(Bil.dol.)

{Bil.dol.)

{Bil.dol.)

(Bil.dol.)

Revised2

1975

6.74

-4.15
6.10

-8.99
-10.91

1.82
0.27

-3.47

-8.7

8.0
25.2

-10.5
-15.8

-0.47

1976

January
February
March

9!?

April
May ....
June

12.\

July
August
September

i^ais

October
November
December

-i!s"

6.04
8.75

-4.61
-1.66

16.22

5.81

7.93

10.65
12.66
14.89

18.89
19.49

18.9
23.4
27.0
21.7
31.6

B>41.3

0.15

-0.51
1.49

-0.01
1.74
0.42

20.7
29.3
38,7

. 0.26
-0.96
0.59

290,87
293.31
296.54

9.49
7.75
3.81

19.7

1.13
1.53
0.24

298.18
298.94
299.12

226.27
226.25
225.90

53.60
53.78
53.75

H>1.73

9.1
2.2

1.69
1.64

129.95
131.48
131.72

8.78

3.96
7.54

13.33

11.43

34.2
24.2
40.1

1.93
0,58
1.65

301.97
303.98
307.32

227.06
227.47
228.47

,54.36
54.48
54.48

1,67
1.65
1.61

133.65
134.23
135.88

12.06
p!2.33

r30.3
p39.2

0.42

r 309. 85
E>p313.11

229.20
E)p230.46

55.00
|H)56.19

5.56

11.88
10.56
6.50
0.53

-1.76

Eh. 04
13.48
10.82

1977

January
February
March

19.72
9'.7

April

8.42

May

p!2!s

"""(HA71,

June
July
August . .
September

(NA)

(NA)

m?

(NA)

(NA)

(NA)

136.30
pi. 64
pi. 67 H>pl38.44
(NA)

(NA)

...

October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by E); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14,16,27, and 28.
a
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
2
See "New Features and Changes for This Issue," page iii.

JULY 1977



67

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

H9 PRICES, COSTS, AND PROFITS

Minor Economic
Process

Stock
Prices

Sensitive Commodity Prices
U, L,L

L,L, L

Timing Class

92. Chango in sensitive prices
Year
and
month

Monthly
data

Smoothed
data2

(Percent)

(Percent)

23. Index of
industrial
materials
prices©
(1987=100)

L,L,L

19. Index of
stock prices,
500 common
stocks®
(1941-43=10)

Prof its and Profit Margins
l,L, L

I, L, L

Corporate profits after taxes
18. Constant
(1972) dollars
(Ann. rate,
bil.dol.)

16. Current
dollars
(Ann. rate,
bil.dol.)
9

3

Revised

Revised

L,l,L

l,C, L

L,C,L

Corporate profits after taxes
with IVA and CCA 1
79. Current
dollars
(Ann. rate,
bil.dol.)

80. Constant
(1972) dollars
{Ann. rate,
bil.dol.)

22. Ratio,
profits (after
taxes) to total
corporate
domestic income
(Percent)

9

Revised

Revised9

Revised

3

1975

-1.04
-1.36
-1.23

180.1
181.1
182,3

72.56
80.10
83.78

6CL8

46\3

33^2

26\9

8,'i

-0.63
0.13
0.79

186.4
184.2
173.2

84.72
90.10
92.40

68^2

5s!6

47^6

36.9

s!g

0.69
0.30
0.64

171.5
179.6
184.2

92.49
85.71
84.67

81 !4

62*. 1

59^3

45!e

1CL2

1.07
0.78
0.43

181.9
179.8
180.6

88.57
90.07
88.70

83J

62^5

5o!8

43!l

io!2

183.6
186.6
193.2

96.86
100.64
101.08

96!4

67!2

6X4

47]5

io!3

2.81

0.73
0.74
0.45

April
May
June

2.23
0.49
1,11

0.66
1.35
1.56

200.9
202.7
205.2

101.93
101.16
101.77

93J

68^6

63! 1

46^8

July
August
September

2.39
0.67

214.1
209.6
206.2

104.20
. 103.29

94!6

68^5

H>67!e

-0.51

1.30
1.36
1.12

3.67
3.51

1.06
1.75

201.6
201.0
203.2

101.89
101.19
104.66

9CL9

65^6

210.2
. 216.4
i>222.8

103.81
100.96
100.57

[H>97!2

[H>69!2

221.9
218.1
206.4

99.05
98.76
99.29

"204.2

'100.30

»1,03
-0,86
-1,00

January
February
March
April
May
June

0,96

L68
0,45

July
August
September

...

October
November
December

.

-1,07
1,35

2^84
-0^86
-0,61
2,67

1976

January
February
March

October
November
December

1.11

-2.49

r-2.10

H>rl.96

& 49! 6

[g»i6:5
io!2

59!2

43J

9!9

61.0

43*8

io!6

(NA)

(NA)

(NA)

1977

January
February
March .... .
April
May
June
July
August
September

r-1.24
E>3.96

rO.88

2.31

rO.94

0.29
0.82

rl.93

-1.59

0.13

1.66
0.49

(NA)

(NA)

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated byES); for
series that move counter to movements in general business activity, current low values are indicated by (R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphs of these series are shown on pfiges 14, 29, and 30. 1IVA means inventory valuation adjustment; CCA means capital consumption^adjustment.
Series is a weighted 4-terrx moving average (with weights, 1,2,2,1) placed at the terminal month of the span. 3See New
Features and Changes for This Issue," page iii. "Average for July 5, 12, and 19. ^Average for July 6, 13, and 20.
a

68



JULY 1977

KCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

Q PRICES, COSTS, AND PROFITS-Con.

Minor Economic
Process

Profits and Profit Margins-Con.

U, L, L

L, L, L

81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income 1

15. Prof its (after
taxes) per dollar
of sales, all
manufacturing
corporations

(Percent)

(Cents)

Timing Class

Year
and
month

Cash Flows

L, L, L

Revised 2

L, L, L

Unit Labor Costs and Labor Share

L, L, L

17. Ratio, price
Net cash flow, corporate
to unit labor
cost index,
manufacturing
34. Current
35. Constant
dollars
(1972) dollars
(1967=100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised2

Revised2

Revised2

Lg, Lg, Lg

63. Index of
unit labor cost,
private business
sector

(1967=100)

Lg, Lg, Lg

68. Labor cost
per unit of real
gross domestic
product, nonfinancial
corporations

Lg, Lg, Lg

62. Index of
labor cost per
unit of output,
manufacturing

Lg, Lg, Lg

64. Compensation of employees as a percent
of national
income

(Dollars)

(1967=100)

(Percent)

Revised 2

Revised2

Revised 2

1975

January
February
March

4'6

3.8

117.1
115.9
113.8

H5'3

9CL3

162*9

0.859

143.6
145.0
147.4

78*3

5*8

4*4

115.9
116.7
119.3

124*5

94*4

160".7

0.844

145.5
145.3
142.6

76*8

July
August
September

E>7'2

5'0

121.8
123.3
124.0

139*1

103*5

159*5

0.838

140.7
139.7
139.5

75*2

October
November
December

el* 7

5J

123.6
124.0
123.0

142'8

104*6

163*3

0.857

141.2
140.7
142.0

75*7

January
February
March

6*9

5*5

122.2
122.6
122.3

151.0

109*3

164.6

0.870

143.5
143.2
143.9

75*7

April
May
June

6\8

1)5*6

122.5
122.9
124.0

154*.b

110*3

166!6

0.880

144.6
144.6
144.3

75!7

July
August
September

7J

5*3

156*.2

110*2

167*8

0.892

144.1
144.2
146.5

75*9

October
November
December

6J

s.b

123.2
123.4
123.8

15316

lOois

171J

0.916

147.3
147.4
148.0

5'9

5.' 3

121.9
121.7
122.5

D16CL7

{5)116*5

April
May

. . .

June

1976

E>124.8
124.7
123.5

0)76*6

1977

January
February
March
April
May
June

(NA)

(NA)

123.6
124.4
p!24.4

(NA)

H>i73!e

(NA)

(NA)

E>0.930

(NA)

151.0
152.2
152.6
152.8
152.9
(H>pl53.0

p76*5

(NA)

July
August
September
October
November
December

..

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by |R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs
of these series are shown on pages 16, 30,and 31.
1

IVA means inventory valuation adjustment; CCA means capital consumption adjustment.

2

See "iflew Features and Changes for This Issue," page iii.

JULY 1977



69

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

Qj MONEY AND CREDIT

Minor Economic
Process
Timing Class ..... .

1,1,1

85. Change in
money supply
Year
and
month

Velocity of Money

Money

(M1)

(Percent)

1,1,1

UC.U

102. Change
in money
supply plus
time deposits
at commercial
banks (M2)
(Percent)

L,L,L

1 04. Change in total liquid assets

Smoothed
data 1

Monthly
data
(Percent)

(Percent)

105. Money
supply (Ml)
in 1972
dollars

c.c.c

L.L.L

106. Money
supply (M2)
in 1972
dollars

107. Ratio,
gross national
product to
money supply
(Ml)

(Bil.dol.)

(Bil.dol.)

(Ratio)
Revised2

C, Lg, C

Credit Flows

L.L.l

33. Net change
108. Ratio,
personal income in mortgage debt
to money supply held by financial
institutions and
(M2)
life insurance
companies
(Ann. rate,
bil.dol.)
(Ratio)
Revised2

<2)

1975

January . . .
February
March

0.00
0.71

0.39
0.59
0.74

0.68
0.61
0.62

0.40
0.45
0.57

225.9
224.6
225.3

492.2
492.3
494,1

5.1*38

1.951
1.948
1.944

28.50
30.83
29,62

April
May
June

0.25
0.98
1.11

0.58
1.13
1.34

0.66
0.98
1.14

0.63
0.69
0.84

224.7
225.9
226.7

494.4
497.8
500.7

5.202

1.942
1.939
1.960

32.40
34.86
37.22

July
August
September

0.34
0.38
0.27

0,81
0.45
0.40

0.92
0.77
0.74

0.97
0.98
0.88

225.4
225.6
225.2

500.1
500.8
500.7

5.345

1.940
1.955
1.963

34.90
40,06
47.90

October
November
December

-0.10

0.89

0.80
0.89
0.98

223.6
224.1
222.4

499.8
501.9
501.1

5.434

-0.27

0.44
0,96
0.33

1.975
1.970
1.976

56.75
42.60
48.92

January
February
March

0.17
0.51
0.44

0.90
1.18
0.65

0.81
0.91
0.70

221.4
222.3
222.7

502.6
507.9
510.0

5.565

1.980
1.974
1.975

r42.38
r49,27
r56,96

April
May
June

1.24
0.56

1.01
0.78
0.74

0.84
0.85
0.84

224.6
224.3
223.2

513.8
514.3
514.0

5.588

1.969
1.966
1.966

r50.12
r44.86
r44.28

1.03
0.71
0.70

0.85
0.84
0.82

223.5
223.5
223.1

516.7
518.1
520.6

5.643

1.966
1.962
1.957

r57.58
r52.57
r50.74

0.88
1.09

rl.14
rO.77
rO.76

0.83
rO.86
rO.88

[H}224.8
224.2
224.7

525.7
528.9
532.5

5.643

1.948
1.956
1.959

r57.46
r67.33
r65.24

0.81
0.59
0.72

rl.03
rO.99
rO.67

rO.87
rO.89
rO.91

223.9
221.9
221.5

532.5
530.5
531.0

5.760

0.06

1.12
0.39

pO.69

rO.88
0.81
pO.78

223.3
222.1
p221.8

[H>532.8
531.7
P532.4

DP5.821

pO.41

rO.96
rO.61
pO.85

3

3

-0.35

0,75

[H>1.29
0,80

1976

-0.10

1,17
0.74
0.36

July
August
September

0.59
0.49
0.13

1.00
0.74
0.83

October
November
December

1.14
0.00
0.64

[H)1.34

DO. 98
0.90
0.82

1977

January
February
March
April
May
June
July
August
September

0.45
0.06
0.45

JH>1.62

1.15

1.949
1.967
OHJ> 1 . 983
1.976
1.980
pi. 979

r56.48
r58.40
r69.91
r78.86
Rp82.40
(NA)

1.23

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (g). Current high values are indicated by|H); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers arp fur identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the baek of the book. The "r" indicates revised; "p", preliminary; "e", estimated: "a", anticipated; and "NA", not available.
Graphs of these series are shown or pages 14, 32, and 33.
1
Series is a weighted 4»term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 2See "New
Features and Changes for This Issue," page iii. 3Average for weeks ended July 6 and 13.

70




JULY 1977 ItCII

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

^9 MONEY AND CREDIT-Con.

Minor Economic
Process

Credit Flows-Con.

L, L, L

Timing Class

112. Net change
in bank loans
to businesses

Year
and
month

(Ann. rate,
bil.dol.)

L,L,L

113. Net
change in
consumer installment
debt
(Ann. rate,
bil.dol.)

Bank Reserves

Credit Difficulties

L, L, L

110. Total
private
borrowing

(Ann. rate,
mil.doL)

L, L, L

14. Current
liabilities
of business
failures®

(Mil.dol.)

L,L,L

L, U,U

39. Delinquency 93. Free
rate, 30 days
reserves ®
and over, consumer installment loans
(Percent)

(Mil.dol.)

Interest Rates

L, Lg, U

94. Member
bank borrowing from the
Federal
Reserve®
(Mil.dol.)

L, Lg, Lg

119. Federal
funds rate®

C, Lg, Lg

1 14. Treasury
bill rate®

(Percent)

(Percent)

7.13
6.24
5.54

6.49
5.58
5.54

60
271

5.49
5.22
5.55

5.69
5.32
5.19

261
211
396

6.10
6.14
6.24

6.16
6.46
6.38

1975

January
February
March

-11.59
-39.71
-17.42

April
May
June

-22.73
-22.70
-18.34

July
August
September

-7.32
-18.72

-1.75
97,252

391.14
384.76
343.35

2.59
2.71
2.94

109,644

372.08
357.79
175.92

2.74
2.65
2.63

15.43
10.06
11.92

128,060

242.03
222.44
205.53

2.60
2.65
2.59

165,696

10.14

14.17
15.89
17.88

1,295.39
252.87
B>136.88

2.48
2.29
2.47

-35
229
135

191
61
127

5.82
5.22
5.20

6.08
5.47
5.50

January
February
March

-28.04
-0.68
-39.37

13.24
13,48
17.68

171,816

257.07
211.76
247.65

2.49
2.46
2.45

130
-62
378

79
76
58

4.87
4.77
4.84

4.96
4.85
5.05

April
May
June

-47.33
-1.98

198,176

9.56

17.12
17.69
15.96

206.42
233.28
373.54

2.34
2.41
2.40

45
261
-3

44
121
120

4.82
5.29
5.48

4.88
5.18
5.44

July
August
September

-18.68
-4.94
10.72

15,64
16.84
17.77

201,528

305.55
263.96
250.32

2.39
2.39
2.36

-53
193
212

123
104
75

5.31
5.29
5.25

5.28
5.15
5.08

October
November
DecBmber

21.94
B>28.00
10.25

18.77
14.92
21.88

E> 237, 948

183.57
277.60
200.44

2.53

[H>2.19

123
280

66
84
62

5.03
4.95
4.65

4.93
4.81
4.35

-9.79
19.22

23.02
24.26
.1)32.60

433

p226,796

61
79

155

no

4.61
4.68
4.69

4.60
4.66
4.61

-62
r72
p-151

73
200

4.73
5.35
5.39

4.54
4,94
5.00

2.80

October
November
December

5.57
9.28

3.80

-3.19
0.20

-3.62
5.38

-454

390
147
106

85
160

no

10
-61
277
-293

6
-197

1976

no

2.40

1977

January
February
March

....

7.48

April
May
June

r-6.20
r2.76
p!8.82

July
August
September

'-7.28

31.92
30.31
(NA)

168.54
194.20
248.20
(NA)

(NA)

2.37
2.37
2.37
(NA)

-114

2

174

p261
2

277

2

5.34

3

5.14

October
Novembsr
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by[fi); for
series that move counter to movements in general business activity, current low values are indicated by[H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 33,34, and 35.
*Average for weeks ended July 6 and 13. 2Average for weeks ended July 6, 13, and 20. 3Average for weeks ended
July 7, 14, and 21.

JULY 1977



71

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCFSS

Ql MONEY AND CREDIT-Con.

Minor Economic
Process
Timing Class

Outstanding Debt

Interest Rates-Con.

....

1

Lg, li|, Lg

C, Lg, Lg

U, Lgf Lg

Lg, Lg, Lg

116. Coiporate
bond yields®

11 5. Treasury
bond yields©

117. Municipal
bondyields@

118. Secondary
market yields
onFHA
mortgages©

(Percent)

(Percent)

(Percent)

(Percent)

9.17

6.82
6.39
6.74

8.99
8.84
8.69

9.94

Year
and
month

Lg, Lg, Lg

67. Bank rates
on short-term
business loans,
35 cities®

(Percent)
C1)

Lg, Lg, Lg

109. Average
prime rate
charged by
banks®

Lg, Lg, Lg

66. Consumer
installment
debt

(Mil.dol.)

(Percent)

Lg, Lg, Lg

72. Commercial
and industrial
loans outstanding, weekly
reporting large
commercial
banks
{Mil.dol.}

Lg, Lg, Lg

95. Ratio,
consumer installment debt
to personal
income
(Percent)
Revised1

1975

January
February
March

B. 84
9,48

6.68
6.66
6.77

April
May
June . .

9.81
9.76
9.27

7.05
7.01
6.86

6.95
6.97
6.95

(NA)
9.16
9.06

July
August .
September

9.56
9.70
9.89

6.89
7.11
7.28

7.07
7.17
7.44

8.96
7.93

152,051
152,368
152,102

133 817
130,508
129,056

12 68
12 65
12.56

8 16

7.50
7.40
7.07

152,119
151 ,817
152,265

127,162
125,270
123,742

12.50
12 35
12.10

9.13
9.32
9.74

7.15

8 22

7 66

153,551
154,389
155,382

123,132
121 ,572
121 ,805

12 22
12 14
12.13

7 95
7 *n
7 ?fi

156 563

122 269

1? DQ

R ?Q

7.54

9.54
9 48
ci 59

7 29
7 21
7 17

7 39
7 43
7 31

9 53
Q 41
9 32

January
February
March

6.97
8.71
8.73

6.93
6,92
6.88

7.07
6.94
6.92

9.06
9.04
(NA)

April
May
June

8.68
9.00
8.90

6.73
7.01
6.92

6.60

8.82

6 87
6 87

9 03
9 05

July
August
September

8.76
8.59
8.37

6.85
6.82
6.70

6 79
6 61
6 51

October
November
December

8.25
8.17
7.90

6.65
6.62
6.38

7 96
8 18
8.33

6 68
7'. 16
7 20

October
November
December

10 05

7.88

1C7 007

159 377

IOQ 007

19 in
i? id

7.00
6.75
6.75

160,480
161 ,603
163,076

121 ,550
121 ,493
118,212

12.09
12 07
12.09

7 44

6 75
6 75
7 20

164,503
165 977
167 307

114 268
114 103
114 900

12 10
1? T3
12 19

8 99
8 93
8 82

7 80

7 25
7 m
7 00

168 610
1 7n m ^
171 494

113 343
112 931
113 824

12 16
1? ?n
12 23

6 30
6 29
5 94

8 55
8 45
8 25

6 78
6 50
6 35

173 058
174 301
176 124

115 652

12 24

7 28

117 QR^
R^Q

1? 17

5 87
5 89
5 89

8 40

pc

i
i Q no^
1 lo.OtJ
ROK

i
r> 9 A
}£.£**
19 10

R RR

7 t;n

1 7Q fiA9
1 flfl n£d
1 QO 701

1 9fi 9 AQ

TO 1 Q
1^.19

c

8

fNAl
\INMJ

TOO

f\AO

1976

m

12 14

1977

January
February
March
April
May
June . .
July
August
September

8 30
8
8
2

*JQ

7 T3
r7 1 7

no

8 10

6
2

QQ

fi Qfi

70

c 7c
C

CO

3C CO

8.50

R7

/Mfl

\

(Nf\)
R 74

«7

AQ

6
6

on

fi ?

c

6 . £0
OC

6 ./ 1
4 11
67c

**£.
o. 7R
/b

11 Ob
QK 9*I4
AA1
1
fTj\"|O7
QC7
[H;ioY,yo/

m

vT\Q
7*51
r I 19 ,
/-j I
rl 19*961

(NA)

i o 2/
'S'?
12.

[H)pl2.37
(NA)\
/Mft

5 1

f}(\

QOO

1 dO 9ydd

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a"( anticipated; and "NA", not available.
Graphs of these series are shown on pages 16, 35, and 36.
^ee "New Features and Changes for this Issue," page iii. 2Average for weeks ended July 1, 8, 15, and 22. 3Average for
weeks ended July 7, 14, and 21. ^Average for July 1 through 25. 5Average for weeks ended July 6 and 13.

72



JULY 1977 ItlJ)

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

^J DIFFUSION INDEXES
950. Twelve leading
indicator components
(series.1,3,8, 12,19,
20,29,32,36,92, 104,

Year
and
month

952. Six lagging
indicator components
(series 62, 70, 72, 91,
95, 109}

951. Four roughly
coincident indicator
components (series
41,47,51,57}

961 . Average workweek
of production workers,
manufacturing (21
industries)

105)

1-month
span

6-month
span

1-month
span

6-month
span

1 -mo nth
span

6-month
span

1-month
span

9-month
span

962. Initial claims for
State unemployment
insurance, week including the 12th
(47 areas) 1

1-month
span

9-month
span

963. Number of employees on private
nonagricultural payrolls
(172 industries)

1-month
span

6-month
span

1975

January
February
March
April
May
June

8.3

0.0

25.0
41.7
66.7

50.0
66.7

0.0
0.0

25.0
25.0

25,0

16.7
25.0
33.3

0.0
0.0
0.0

16.7
16.7
16.7

0.0
0.0
0.0

0.0

6.4

14.3
11.9
35.7

26.2
19.0

55.3
29.8
55.3

12.8
36.2

16.9
16.9
27.3

13.7
12.8
18.9

61.9
47.6
83.3

57.1
61,9
73.8

44.7
66.0
46.8

70.2
68.1
57.4

44.2
51.2
39.8

29.1
40.7
59.0

83.3
88.1
76.2

90.5
90.5
95.2

68.1
42.6
28.7

80.9
97.9
97.9

57.3
72.4
81.4

63,4
66.6
72.4

83.3
87.5
91.7

91.7

62.5

75.0

100.0

100.0

91.7

75.0

100.0
100.0

83.3
54.2
58.3

83.3
75.0
66.7

100.0
100.0
100.0

100.0
100.0
100.0

50.0
33.3
33.3

16.7
16.7
50.0

58.3
58.3
41.7

83.3
66.7
75.0

100.0
62.5
87.5

100.0
100.0
100.0

83.3
33.3
33.3

16.7
50.0

66.7
73.8
88.1

95,2
90.5
45.2

61.7
61.7
89.4

97.9
85.1
70.2

64.0
59.6
69.2

78.8
79.4
77.6

January
February
March

58.3
66.7
70.8

75.0
91.7
79.2

100.0
100.0
100.0

100.0
100.0
100.0

50.0
33.3
75.0

16.7
66.7
58.3

66.7
31.0
31.0

90.5
66.7
61.9

68.1
36.2
42.6

76.6
78.7
76.6

76.7
74.4
77.9

82.8
83.1
77.0

April
May
June

50.0
54.2
54.2

75.0
66.7
62.5

100.0
62.5

100.0
100.0

100.0

75.0

75.0
75.0
83.3

83.3
83.3
83.3

16.7
90.5
21.4

47.6
14.3
11.9

55.3
27.7
48.9

53.2
23.4
14.9

77.9
63.4
47,1

77.0
71.5
70,9

July
August
September

r41.7
37.5
33.3

r50.0
r54.2
r66.7

42.9
23.8
23.8

40.5
54.8
52.4

51.1
27.7
38.3

29.8
63.8
44.7

52.9
49.1
68.9

55.2
55.2
61.9

October
November
December

r54.2

r58.3

25.0

58.3
58.3

54.2
66.7

100.0
100.0

71.4
78.6
57.1

52.4
69.0

69.1
55.3
83.0

66.0
72.3
53.2

39.0
64.2
68.3

70.1
69.8
76,7

29.8
55.3
66.0

80,9
74.5

71.5
61,6
79.7

r88,4
r87,2
p84.0

. .

July
August
September

.

..

October
November
December

8.3

1976

75.0

rlOO.O
50.0

75.0

rSO.O

100.0

100.0
100.0

66.7
75.0

66.7

100.0
100.0
100.0

r83.3
r41.7
r33.3

100.0
100.0
100.0

66.7
75.0
83.3

r66.7
83.3

r66.7
66.7

r59.5

1977

January
February
March
April
May
June

r25.0
50.0
75.0

. .
2

45.8
50.0

40.0

2

83.3
66,7

25.0

100.0
100.0

40.0

3

75.0
75.0

100.0

3

58.3
83.3

"100.0

83.3
83.3

"100.0

4.8
97,6
47.6

r38.1
r61.9
p76.2

r83.3
p90.5

29.8
42.6
46.8

r79,l
T65.4
p51.7

July
August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span. Diffusion indexes 961, 962, and 963 are computed from seasonally adjusted components; indexes 950,951, and 952 are computed from the components of the composite indexes. The"r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
Component data are not available for publication and therefore are not shown in table C2.
2
Excludes series 12 and"36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
"Excludes series 70 and 95 for which data are not yet available.

ltd*

JULY 1977




73

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

JB DIFFUSION INDEXES-Con.

Year
and
month

964, Value of manufacturers' new orders,
durable goods industries (35 industries)

965. Newly approved
capital appropriations,
deflated, The
Conference Board'
(17 industries)

1 -month
span

9-month
span

1 -quarter
span

January
February
March

37.1
45.7
42.9

25.7
22.9
48.6

27

April
May
June

75.7
34.3
55.7

62.9
60.0
71.4

48

July
August
September

80.0
45.7
45.7

68.6
85.7
74.3

30

October
November
December

65.7
48.6
54.3

77.1
85.7
80.0

68

January
February
March

54.3
S8.6
62.9

97.1
82.9
87.1

56

April
May
June

55.7
50.0
50.0

82.9
82.9
82.9

59

July
August
September

64.3
47.1
50.0

68.6
71.4
r80,0

42

October
November
December

40.0
51.4
71.4

r85.7
84.3
74.3

59

January
February
March

54.3
54.3
r62.9

85.7
p81.4

P71

April
May
June

37.1
rS5.7
p42,9

966. Index of industrial
production (24
industries)

967. Index of industrial
materials prices (13
industrial materials)

968. Index of stock
prices, 500 common
stocks® (62-65*
industries) 2

969. Profits, manufacturing, Citibank
(about 1,000 corporations)

1-month
span

6-month
span

1 -mo nth
span

9-month
span

1-month
span

9-month
span

1-quarter
span

8.3
16.7
54.2

53.8
42.3
38.5

11.5
15.4
15.4

95.4
93.8
86.2

62.0
98.5
100.0

48

*34

25.0
33.3
20.8

70.8
83.3
87.5

46.2
38.5
61.5

38.5
61.5
61.5

69.2
61.0
70.8

95.4
93.8
89. 2

53

*43

70.8
62.5
85.4

87.5
95.8
91.7

57.7
65.4
76.9

53.8
53.8
46.2

64.6
6.2
40.0

80.8
66.2
90.8

70

*50

87.5
79.2
75.0
50.0
81.2
62,5

91.7
91.7
95.8

46.2
42.3
50.0

46.2
61.5
69.2

70.8
64.6
26.2

87.7
80.0
80.0

58

*53

87.5
83.3
83.3

76.9
42.3
88.5

53.8
69.2
65.4

100.0
83.1
53.1

90.8
93.8
95.4

62

*56

70.8
83.3
52.1

66.7
70.8
62.5

53.8
61.5
84.6

69.2
69.2
61.5

31.5
41.5
50.8

89.2
93.8
64.6

57

*54

52.1
62.5
56.2

75.0
66.7
83.3

73.1
46.2
50.0

84.6
76.9
84.6

80.0
43.1
56.2

45.4
56.5
62.9

55

p57

56.2
66.7
64.6

68.8
79.2
r83.3

61.5
69.2
61.5

84,6
69.2
42.3

15.4
50.8
91.9

57.3
56.5
48.4

52

(NA)

52.1
62.5
54.2
37,5
79.2
T60..4

83.3
83.3
P91.7

69.2
38.5
61.5

53.8
53.8
42.3

46.0
27.4
43.5

33.0
43.5

54

4-Q moving
avg.

4-quarter
span ©

1975

57

'68

'so
*75

1976
*69

65

*64

p74

1977

July
August
September

(NA)

r60.4
r79.2
P75.0

30.8
34.6
23.1
9

3

49.2
37.0
46.0

p62

30.8

October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes cm the 4th month, and 9-month indexes on the 6th month of the span; 1 -quarter indexes are placed on the 1st month of the 2d quarter, 3-quarter indexes on
the 1st month of the 3d quarter, and 4-quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment, and
index 969, which is adjusted as an index (1-quarter span only). Unadjusted series are indicated by®. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are show i on page 38.
'This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference
Board.
2
Based on 65 components through November 1976, and on 62 components thereafter. Component data are not shown in table C2
but are available from the source agency.
3
Average for July 5, 12 and 19.

74



JULY 1977

BCD

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.

DIFFUSION INDEXES-Con.

Year
and
quarter

970. Business expenditures for new plant and
equipment (18 industries)
a. Actual
expenditures

(1-Qspan)

b. Later
anticipations

c. Early
anticipations

{1-Qspan)

(1-Qspan)

971. New orders, manufacturing1®

972. Net profits, manufacturing
and trade1®

Actual

Actual

Anticipated

(4-Q span)

Actual

Anticipated

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

973. Net sales, manufacturing
and trade1 ®

{4-Q span)

1974

First quarter ...
Second quarter
Third quarter..
Fourth quarter

77.8
86.1
61.1
63.9

72.2
77.8
61.1
55.6

75.0
86.1
69.4
61.1

84
82
74
59

86
80
85
80

74
76
71
63

80
74
79
77

82
84
80
70

86
78
86
82

38.9
44.4
38.9
36.1

36.1
41.7
50.0
61.1

66.7
52.8
66.7
61.1

50
54
64
71

72
59
70
73

52
53
58
66

68
58
66
67

57
58
66
70

75
62
73
74

66.7
80.6
72.2
47,2

61.1
77.8
72.2
63.9

75.0
61.1
66.7
83.3

80
80
78
78

82
84
88
86

76
74
72
74

76
80
84
82

82
81
80
80

82
84
90
87

66.7
(NA)

61.1
72.2

66.7
66.7
66.7

80
(NA)

80
86

71
(NA)

78
80
84

80

82
86
90

1975

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976

First quarter ..
Second quarter
Third quarter..
Fourth quarter

1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter

DIFFUSION INDEXES-Con.
Year
and
quarter

974. Number of employees,
manufacturing and trade1 ®

975. Level ofWentories,
manufacturing and trade1 (u)

Actual

Actual

Anticipated

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

58
59
56
49

61
56
60
58

78
79
78
69

44
44
48
52

53
48
54
54

58
58

(4-Q span)

976. Selling prices, manufacturing1 @

977. Selling prices, wholesale
trade 1 ®

Actual

Actual

Anticipated

Anticipated

(4-Q span)

978. Selling prices, retail
trade1 ®
Actual

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

70
67
72
72

92
96
94

86
89
92
90

96
96
94
91

88
94
92
91

92
97
96
92

87
89
92
93

58
52
56
57

64
54
50
54

81
78
78
78

86
76
68
74

80
79
81
81

87
74
70
76

80
84
86
88

88
75
72
79

56
60
62
60

62
65
68
'69

60
64
70
68

80
82
80
82

75
78
80
80

80
88

80
82
82
84

86
86
92
.86

81
82
84
86

59
60
61

74
(NA)

65
68
72

86
(NA)

78
81
86

80
86
86

90
(NA)

86
84

(4-Q span)

.(4-Q span)

1974

First quarter ..
Second quarter
Third quarter..
Fourth quarter

1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter

1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977

First quarter ..
Second quarter
Third quarter..
Fourth quarter

60
(NA)

87
(NA)

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seaDnally adjusted except those, indicated by ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 39.

This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet,
Inc. Dun and Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.

JULY 1977




75

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.

JQ SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

Diffusion index components

1976

November

1977

December

January

February

March

Mayr

April

June^

961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING '
(Average weekly hours)

AH manufacturing industries

... .

+

Percent rising of 21 components

40.1

-

40.0

-

(57)

(79)

39.5

+

(5)

40.3

+

-

40.4
(48)

(98)

r40.3

+

(38)

40.4

+

(62)

40.5
(76)

Durable goods industries:
Ordnance and accessories
I umbor and wood products
Furniture and fixtures

{

o
o
+

40.6
40.3
38.6

+
o
o

41.0
40.3
38.6

-

40.5
39.9
37.0

+
+
+

40.6
40.5
38.1

j
<

+

41,2
40.3

o
-

41.2
40,1

-

39.9
40.0

+
+

.J
j

+
+

40.8
41.5

-

40.5
41.2

-

39.9
40.6

.. J +
+

40.3
42.0

-

40.2
41.1

+

+
+

40.4
39.0

+
-

40.7
38.9

Food and kindred products
Tobacco manufactures

+
-

40.4
36.9

+

Textile mill products
Apparel and other textile products

+
+

39.8
35.1

... +
+
. .

,

Stone clay and qlass products.
Primary metal industries

,

Fabricated metal products
Machinery, except electrical
Electrical equipment and supplies
Transportation equipment
instruments and related products
Miscellaneous manufacturing industiIBS

o

-

r38.4

41.1
40.0
38.7

o

o
+

41.1
39.9
38.4

41.4
41.1

+
+

r41 . 7 +
41.5
o

41.8
41.5

+
+

41.9
41.6

+
+

41.0
41.5

-

40.7
+
r41 . 3 +

40.9
41.6

+
+

41.3
41.9

+

40.3
42.8

40.0
41.9

+
+

40.1
42.6

+
+

40.4
43.0

-

r40.1
r38.9

+
+

40,5
39.1

+
+

40.8
39.2

+

r40.3
38.3

+

39.9
38.5

+
+

40.1
38.6

40.5
35.1

+
+

40.6
35.6

+

40.4
35,9

43.3
37.7

43.0
37.6

o
+

43.0
37.7

r41.9

41.7
42.6

+
+

41.8
42.9

41.3
37.1

+

41.1
37.3

59,176

-

58,522

+

+

40.6
40.1
38.6

41.4
40.6

o
+

+
+

40.8
41.3

39.4
41.4

+
o

40.6
41.4

-

39.8
38.2

+
+

40.8
39.5

40.4
39.3

40.1
37.5

-

39.5
36.1

+
+

40.3
39.4

40.2
38.4

+
+

40.1
35.3

-

39.7
34.2

+
+

40.5
35.7

+

42.4
37.6

+
+

42.6
37,7

-

41.9
37.4

+
+

42.7
37.9

+

42.8
37.7

+
o

+
-

41.7
41.9

o
+

41.7
42.5

-

41.6
42.3

+
+

41.7
42.5

+
+

41,8
43.0

+

' +
i o

41.2
36.4

+
+

41.5
36.5

-

40.9
35.3

+
+

'41.4

41.2
36.4

o
+

r41.2
40.0

Nondurable goods industries:

Paper and allied products .
Printing and publishing

.

Chemicals and allied products
Petroleum and coal products .
Rubber and plastic products, n.e.c
Leather and leather products

.

36.7

40.8
35.6

964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES !
(Millions of dollars)
All durable goods industries

„

+r52 5 235

Percent rising of 36 components

+r57,040

Primary metals
Fabricated metal products

+
|+

Machinery, except electrical
Electrical machinery

i- r9,211
- r6,433

+ r9,S09
+ r7,127

. . . +H2J02
- 10,155

+r15,487
+ 10,593

Transportation equipment
Other durable goods industries

.

+

7,252
7S072

+r55,133

(54)

(71)

(51)

7,529
6,805

-r55,037

+
-

7,987
6,924

+ r59,160

42.7

+

2

- r58,652

(63)

(54)

41.2

r37.4

+

(56)

(37)

(43)

7,974
6,960

+
+

r8,647
7,832

-

r7 9 904
7,363

+
-

9,079
7,337

-

8,179
7,181

+ r9,944
- r6,950

- r9,853
- r6,758

-

r9,848
r6,350

+

r9,792
r6, 940

+
-

10,143
7,163

+
-

10,347
6,848

-r!2,630
+ 10,602

-r!2,614
+ 10,974

+ r!4,564
+ 11,919

+ rl5,128
- 11,525

-

14,179
11,275

+
-

14 S 920
11,047

+

NOTH: To facilitate interpretation, the month-to-monthidiroctions of change are shown along with the numbers: (+) - rising, (o)s unchanged, and Ms falling. Ttu "r" indicates revised;
"p", preliminary; and "NA", not available.
l
Data are seasonally adjusted by the source agency.
Data for most of the 35 diffusion Inde^ components are not available for publication; however, they are all included in the
totals and directions of change for six major industry groups shown here,

76



JULY

1977

ItCII

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

R| SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.
Diffusion index components

1977

1976

November

December

Aprilr

March

February

January

Mayr

June'9

966. INDEX OF INDUSTRIAL PRODUCTION '
(1967=100)
All industrial production

,..

+

2

Percent rising of 24 components
Durable manufactures:
Primary and fabricated metals
Primary metals .
Fabricated metal products

. .

Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments

. .

131.8

+

133.1

-

(54)

(62)

132.1

+

133.2

+

+

136.2

+

137.6

+

(79)

(60)

(60)

(79)

(38)

135.2

(75)

117.0 +
130.1 +

118.0
131.1

+
+
+
+

147.5
143.0
122.7
159.7

... +

107.3
126.7

+

102.7
128.2

-

100.0
125.7

+
+

100.4
126.0

+
+

H08.3
r!27.5

+
+

112.3
128.6

+
+

+
... +
+
. .. o

137.5
+
135.8 . v
112.7
+
150.3
+

141.2
135.6
118.2
155.7

-

139.5
134.0
113.5
153.7

+
+

139.4
137.6
113.4
157.0

+
o
+
-

140.4
H37.6
120.5
156.9

+
+
+

142.9
139.6
119.7
157.8

+
+
+
+

145.5
142.0
120.1
158.5

Lumber, clay, and glass
Clay, glass, and stone products
Lumber and products

+
-

142.2
129.0

-

142.0
127.5

+

137.3
132.7

+
-

139.0
132.2

+
-

143.7
132.1

+
-

144.5
131.6

+
+

145.5
132.2

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

+

134.0
143.7

+
+

135.7
146.8

+

135.1
147.8

+
+

137.1
147.9

-

135.1
147.4

+
-

135.4
145.8

+
+

137.0
147.8 +

-

132.2
125.9

+
+

133.3
128.0

131.8
123.6

+
-

133.1
123.5

+
+
o

135.5
124.2
73.8

+

74.8

+
+
+

133.0
125.2

73.4

+

+

137.9
(NA)
75.4

Nondurable manufactures:
Textiles, apparel, and leather
Textile mill products
Apparel products. . . .
Leather and products

....

...

75.8

Paper and printing
Paper and products
Printing and publishing
Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products .
Rubber and plastics products
Foods and tobacco
Foods
Tobacco products .
Mining:
Coal
Oil and oas extraction
Metal, stone, and earth minerals
Metal rninino
Stone and earth minerals

73.8

75.0

138.6

(NA)
(NA)
(NA)
148.0

(NA)
(NA)
(NA)

+
+

132.5
119.3

+

131.8
123.1

+

130.6
124.3

+
-

136.5
122.4

+

r!35.5
r124.3

+
-

136.5
123.4

+
+

139.2
123.9

+
+

139.3
124.0

...

+
... +
+

174.2
135,8
215.7

+
-

173,5
138.9
212.3

+
+

172.0
141.0
218.7

+
+
+

175.1
145.4
220.4

+
+

H79.0
145.1
r225.6

+
+
+

180.6
145.9
226.0

+
+

181.6
145.3
232.7

-

(NA)
144.7
(NA)

.

...

o
+

134.7
119.7

-

134.3
119.1

+
-

135.5
114.8

+
+

137.1
117.0

+
-

138.5
H15.3

+
-

140.6
112.1

-

140.1
(NA)

-

125.1
112.4

+
+

125.9
112.8

95.3

-

112.0

+
+

100.8
115.8

+
+

124.1
117.0

-

118.4
116.7

+
+

122.4
117.9

. .. +
+

128.1
121.4

+
-

130.4
117.9

+
+

135.6
121.6

+

132.3
124.9

+
+

133.8
H26.1

-

127.5
124.7

-

123.9
124.0

(NA)
(NA)

+
+

133.6
119.9
(NA)
(NA)

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) - unchanged, and (-) - falling. The "r " indicates revised;
"p", preliminary; and "NA", not available.
*Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising,

JULY 1977



77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.

^9 SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.
1976

Diffusion index components

November

1977

December

January

February

April

March

July 1

June

May

967. INDEX OF INDUSTRIAL MATERIALS PRICES 2

Industrial materials price index (1967=100) . . . . -

201,0

+

+

(62)

(69)

Percsnt rising of 13 components

203.2

210.2

+ 216.4

(69)

(38)

+

222.8

-

(62)

221.9

-

218.1

-

(35)

(31)

206.4

-

(23)

204.2
(31)

Copper scrap

(pound). . +
(kilogram)..

0.447
0.985

+

0.489
1.078

+

0.523
1.153

-

0.516
1.138

-

0.497
1.096

-

0.443
0.977

-

0.433
0.955

-

0.425
0.937

-

0.401
0.884

Lead scrap

(pound). * (kilogram). <.

0.095
0.209

-

0.093
0.205

+

0.101
0.223

+

0.119
0.262

+

0.128
0.282

- 0.123
0.271

-

0.119
0.262

-

0.112
0.247

-

0.110
0.243

Steel scrap

(U.S. ton).,, + 64,024
(metric ton), ,
70.574

+ 69.767
76.904

+ 73.375
80.881

- 69.170
76.246

- 66.667
73.487

- 64.748
71.372

- 62.644
69.052

-

60.380
66.557

+

4.725
1.0.417

-

4.256
9.383

+

4.341
9.570

-

4.269
9.411

+

4.567
10.068
0.343
0.756

- 55.876
61.592

Tin. ...

(pound). , + 3.914
(kilogram). ,
8.629

+

4.119
9.081

+

4.236
9.339

+

4.616
10.176

Zinc

(pound). , (kilogram). ,

0.381
0.840

-

0.373
0.822

-

0.370
0.816

-

0.364
0.802

+ 0.369
0.813

-

0.365
0.805

-

0.351
0.774

-

0.342
0.754

+

.. ,

(yard)
+
(meter). .

0.182
0.199

+

0.185
0.202

- 0.179
0.196

- 0.174
0.190

- 0.173
0.189

+ 0.176
0.192

o

0.176
0.192

+

0.181
0.198

+ 0.186
0.203

Cotton, 12=market average

(pound). . +
(kilogram). ..

0.777
1.713

-

0.738
1.627

-

0.651 +
1.497

0.741
1.634

+ 0.814
1.795

-

0.744
1.640

-

0.710
1.565

-

0.597
1.316

-

0,573
1.263

(yard). . (meter). .

0.574
0.628

-

0.566
0.619

+

0.575
0,629

-

0.573
0.627

+

0.577
0.631

+

0.587
0.642

-

0.586
0.641

+

0.593
0.649

-

0.588
0.643

Wool tops

(pound). . +
(kilogram). .

2.666
5.877

+

2.669
5.884

+

2.699
5.950

+

2.738
6.036

+

2.758
6.080

-

2.726
6.010

-

2.616
5.767

-

2.604
5.741

-

2.534
5.586

Hides

(pound). . (kilogram). .

0.333
0.734

+

0.378
0.833

+

0.456
1.005

-

0.430
0.948

+

0.434
0.957

-

0.389
0.858

+

0.415
0,915

-

0.377
0.831

-

0.357
0.787

+ 29.261
64.509

+

29.812
65.724

-

0.386
0.851

-

0.374
0.825

+

0.392
0.864

+ 0.185
0.408

-

0.166
0.366

-

0.163
0.359

Burlap. .

Print cloth, average

Rosin

,

(100 pounds)
+ 28.156
(100 kilograms). .
62.073

Rubber

(pound). . +
(kilogram). .

Tallow

(pound). . + 0.149
(kilogram)..
0.328

0.459
1,012

+ 28.934
63.788

- 27.886
61.477

+ 28.759
63.402

- 28.358
62.518

-

0.398
0.877

+

0,413
0.910

-

+

+ 0.162
0.357

+

0.163
0.359

- 0,160
0.353

0.394
0.869

- 28.274
62.333

0.399 +
0.880

- 0.159
0.351

0.404
0.891

+ 0.179
0.395

- 28.905
63.724

NOTE: To facilitate interpretation, the month-to-nlonth directions of change are shown along with the numbers: (+) ~ rising, (o) s unchanged, and (=) - falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.
1

Average for July 5, 12, and 19.
Scrics components are seasonally adjusted by the Bureau of Economic Analysis. The industrial materials price index is not
seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.
2

78



JULY 1977

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

GNP AND PERSONAL INCOME

and
quarter

200. Gross national product in current dollars

50. Gross national product in 1972 dollars

a. Total

a. Total

c. Percent
change at
annual rate

b. Difference

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised1

Revised1

Revised1

c. Percent
change at
annual rate

b. Difference

(Ann. rate,
bil.dol.}

(Ann. rate,
bil.dol.)

Revised1

Revised1

Revisedx

217. Per capita
GNP in 1972
dollars

213. Final sales
in 1972 dollars

(Ann. rate,
dollars)

(Ann. rate,
bil.dol.)

Revised1

Revisedl

1974
First quarter ..,
Second quarter ,
Third quarter..
Fourth quarter

1,369.0
1,400.1
1,430.1
1,452.4

13.9
31.1
30.0
22.3

4.2
9.4
8.9
6.4

1,230.2
1,224.5
1,216.9
1,199.7

-12.4
-5.7
-7.6
-17.2

-3.9
-1.8
-2.4
-5.5

5,820
5,784
5,736
5,644

1,216.2
1,215.3
1,214.9
1,192.9

1,453.0
1,496.6
1,564.9
1,600.7

0.6
43.6
68.3
35.8

0.2
12.5
19.5
9.5

1,169.8
1,188.2
1,220.7
1,229,8

-29.9
18.4
32.5
9.1

-9.6
6.4
11.4
3.0

5,495
5,571
5,709
5,740

1,189.7
1,206.2
1,217.8
1,234.4

1,651.2
1,691.9
1,727.3
1,755.4

50.5
40.7
35.4
28.1

13.2
10.2
8.6
6.7

1,256.0
1,271.5
1,283.7
1,287.4

26.2
15.5
12.2
3.7

5.1
3.9
1.2

5,853
5,915
5,960
5,965

1,246.3
1,259.4
1,269.8
1,289.2

1,810.8
pi,869.0

55.4
p58.2

12.5
p!4.2

1,311.0
pi,331.6

23.6
p20.6

7.5
p6.4

6,064
p6,148

1,301.2
pi,319.0

1975
First quarter ...
Second quarter
Third quarter..
Fourth quarter
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter

GNP AND PERSONAL INCOME-Con.

Year
and
quarter

1974
First quarter ..
Second quarter
Third quarter..
Fourth quarter

PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars

Disposable personal income
224. Current dollars 225. Constant
(1972) dollars

231. Total in 1972
dollars

232. Durable goods
in current dollars

233. Durable goods
in 1972 dollars

227. Per capita in
1972 dollars

(Ann. rate,
bil.dol.}

(Ann. rate,
bil.dol.)

(Ann. rate,
dollars)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised1

Revised1

Revised1

Revised1

Revised1

(Ann. rate,
bil.dol.)
Revisedx

(Ann. rate,
bil.dol.)
Revisedl

949.5
973.1
999.7
1,016.2

846.7
843.1
843.0
835.1

4,006
3,982
3,974
3,929

854.0
879.2
909.0
916.2

761.6
761.7
766.6
752.9

119.5
122.1
127.7
118.7

115.4
114.8
115.6
104.3

1,025.4
1,092.2
1,095.7
1,124.1

828.8
871.1
859.1
870.2

3,893
4,084
4,018
4,062

936.5
965.9
995.1
1,024.1

756.9
770.4
780.2
792.8

122.8
127.8
136.7
144.3

106.2
109.0
115.4
120.2

1,153.3
1,174.1
1,193.3
1,222.6

881.5
887.8
890.7
901.5

4,107
4,130
4,135
4,177

1,056.0
1,078.5
1,102.2
1,139.0

807.2
815.5
822.7
839.8

153.3
156.7
159.3
166.3

125.4
126.6
127.1
130.7

1,252.4
pi,295.2

908.4
p927.1

4,202
p4,280

1,172.4
pi,194.0

850.4
p854.6

177.0
p!79.1

138.9
pi 38.2

1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977

First quarter ..
Second quarter
Third quarter..
Fourth quarter

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 41 and 42.
1
See "New Features and Changes for This Issue," page iii.

IICII

JULY 1977




79

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Con.

Ml

236. Nendurable
goods in current
dollars

Year
and
quarter

JQ GROSS PRIVATE DOMESTIC INVESTMENT

PERSONAL CONSUMPTION EXPENDITURES-Con.
238. Nondurable
goods in 1972
dollars

237. Services in
current dollars

239. Services in
1972 dollars

(Am. rate,
bit. dol.)

(Ann. rate,
bit, dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised1

Revised1

Revised1

Revised1

240. Total in
current dollars

(Ann. rate,
bil.dol.)

241. Total in
1972 dollars

{Ann. rate,
bil.dol.)

Revised1

Revised1

242. Fixed investment, total, in
current dollars

243. Fixed investment, total, in
1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised1

Revised1

1974
First quarter
Second quarter
Third quarter
Fourth quarter

- ..

360.6
372.1
383.9
388.5

305.0
303.8
305.3
301.2

374.0
385.0
397.4
408.9

341.1
343.2
345.6
347.4

217.3
219.9
210.7
210.4

197.4
189.8
176.6
170.6

203.6
207.0
208.4
203.6

183,5
180.6
174.6
163.3

394.0
406,4
415.0
421.9

301.8
308.4
308.6
311.5

419.7
431.7
443.4
457.9

349.0
353.0
356.2
361.2

175.1
171.2
205.4
204.7

133.0
130.9
153.1
149.2

197.1
196.3
200.5
208.4

152.9
148.9
150.2
153.8

430.4
437.1
444.7
458.8

316.1
319.3
321.5
329,4

472.4
484.6
498.2
513.9

365.6
369.6
374.0
379.7

231.3
244.4
254.3
243.4

168.1
175.2
179.4
169.2

216.8
226.1
232.8
244,3

158.4
163.1
165.6
171.0

466.6
P475.3

328.7
P330.7

528.8
P539.6

383.8
p385.7

271.8
p293.0

186.7
p!97.1

258.0
p273.3

177.0
p184.5

1975
First quarter
Second quarter
Third quarter
Fourth quarter

1976
First quarter
$@cond quartBr
Third quarter
Fourth quart@r

1977
First quarter
Second quarter
Third quarter
Fourth quarter

H
Year
and
quarter

GROSS PRIVATE
DOMESTIC INVEST -Con.

246. Change in
business inventories in current
dollars

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann, rate,
bil.dol.)
Revised1

fAnn. rate,
bil. ilnl.)

(Ann. rate,
bil.dol.)

1

1

1974
First quarter
Second quarter
Third quarter
Fourth quarter

^M GOVERNMENT PURCHASESOF GOODS AND SERVICES

Revised

Revised

262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol,)

Revised1

Revised1

261. Total in
1972 dollars

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

(Ann. rats,
bil.dol.)

(Ann. rate,
bil.dol.}

(Ann. rate,
bil.dol.)

Revised1

Revised1

Revisedl

13.7
12.9
2.3
6.8

13.9
9.2
2,0
6.8

287.3
297.8
308.0
317.5

256.2
257.6
258.5
258.3

105.7
108.9
113.0
116.9

95.8
95.4
96.4
95.7

181.6
188.9
195.0
200.7

160,4
162.2
162.1
162.6

-22. 0
-25.1
4.9
-3.6

-20.0
-118.0
2.9
-4.6

326.0
335,2
343.5
351.0

259.4
262.3
264.8
265.4

119.6
121.8
123.8
128.1

96.0
96.5
96.9
97.4

206.4
213.3
219.7
222.9

163,4
165.8
167,8
168.0

14.5
18.3
21.5
-0.9

9.7
12.1
13.8
41.8

353.6
358.9
363.0
370.0

263.9
264.4
264.6
264.6

127.6
128.5
130.2
134.2

96.4
96.1
96.7
97.1

225.9
230.4
232.7
235.8

167.5
168.4
168.0
167.5

13.8
P19.7

9.7
p1,2.5

374.9
p390.1

263.3
P269.8

136,3
p143.3

97.0
plOl.O

238.5
p246.7

166.4
P168.B

1975
First quarter
Second quarter
Third quarter .

Fourth quarter

1976
First quarter
Second quarter
Third quarter
Fourth quarter

1977
First quarter
Second quarter
Third quarter
Fourth quarter

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or otder. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 42,43, and 44.
J
See "New Features and Changes for This Issue/1 page iii.




JULY 1977

ltd*

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

I

FOREIGN TRADE

250. Current
dollars

Imports of goods
and services

Exports of goods
and services

Net exports of
goods and services

Year
and
quarter

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised1

Revised1

(Ann. rate,
bil.dol.)
Revised*

{Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised *

Revised1

220. National income in current
dollars

280, Compensation of
employees

257. Constant
(1972) dollars

253. Current
dollars

256. Constant
(1972) dollars

252. Current
dollars

255. Constant
(1972) dollars

NATIONAL INCOME
AND ITS COMPONENTS

(Ann. rate,
bil.dol.}

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised1

Revised1

Revised1

1974

First quarter ..
Second quarter
Third quarter..
Fourth quarter

10.4
3.2
2.4
8.2

15.0
15.4
15.3
17.9

126.4
134.2
140.6
150.5

92.9
93.3
91.7
94.1

116.0
131.0
138.2
142.3

77.9
77.9
76.4
76.2

1,108.5
1,128.4
1,147.1
1,159.9

845.9
866.8
888.2
902.2

15.4
24.3
20.8
20.8

20.5
24.5
22.7
22.3

147.4
142.7
146.9
152.1

89.7
87.4
89.7
92.8

131.9
118.3
126.1
131.3

69.2
62.9
67.0
70.6

1,156.0
1,191.4
1,244.9
1,275.7

904.6
914.4
936.7
965.6

10.2
10.2
7.9
3.0

16.8
16.4
17.0
13.8

153.9
160.6
168.4
168.5

93.1
95.2
97.9
96.9

143.7
150.4
160.6
165.6

76.3
78.9
80.9
83.1

1,321.0
1,353.9
1,379.6
1,402.1

999.6
1,024.9
1,046.5
1,074.2

-8.2
p-8.1

10.6
plO.O

170.4
pl75.4

96.9
p97.0

178.6
p!83,5

86.3
p86.9

1,450.2
(NA)

1,109.9
pi,144.8

1975

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977

First quarter ..
Second quarter
Third quarter..
Fourth quarter

NATIONAL INCOME AND ITS COMPONENTS-Con.

Year
and
quarter

282. Proprietors'
income with inventory valuation
and capital consumption adjustments
(Ann. rate,
bii. dol.)

1974

First quarter ..
Second quarter
Third quarter..
Fourth quarter

284. Rental income
of persons with
capital consumption adjustment

(Ann. rate,
bil.dol.).

286. Corporate
profits with
inventory valuation
and capital consumption adjustments
(Ann. rate,
bil.dol.)

91.0
86.1
84.7
83.3

21.1
21.0
21.5
21,9

Revised1
90.1
86.3
80.1
77.6

78.9
84.3
90.4
90.4

22.1
22.3
22.2
22.6

86.9
90.4
86,2
88.7
95.1
p98.7

Revised1

Revised1

SAVING

288. Net interest

(Ann. rate,
bil.dol.)
Revisedl

290. Gross saving
(private and government)

295. Business
saving

292. Personal
saving

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revisedl

Revised'

(Ann. rate,
bil.dol.)
Revised1

60.3
68.2
72.6
74.9

208.2
209.4
198.4
201.4

142.9

73.0
70.9
66.9
75.9

74.0
92.7
115.6
114.7

76.4
77.6
79.9
82.3

175.6
183.6
209.8
211.4

155.1
175.2
192.1
194.5

65.4
103.1
76.7
75.5

23.0
22.9
23.3
24.1

126.5
129.2
133.5
123.1

85.0
86.5
90.1
92.0

228.9
242.1
244.8
232.2

203.6
205.0
212,5
205.3

72.4
70.3
64.8
56.3

24.5
p25.3

125.4
(NA)

95,3
p98.7

251.4
(NA)

211.5
(NA)

51.4
p71.6

139.
137.
131,

1975

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977

First quarter ..
Second quarter
Third quarter..
Fourth quarter

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 45,46, and 47.
l
See "New Features and Changes for This Issue," page iii.

BCII

JULY 1977




81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

ffl

Q SAVING-Con.
298. Government
surplus or deficit,
total

Year
and
quarter

'Ann. rate,
bil.dol.)
Revised3

2^3. Personal
saving rate
(percent of dispdsable personal
income)

(Percent)
Revised8

Percent of Gross National Product
235. Personal consumption expenditures, total
(Percent)
Revised8

1974

First quarter
Second quarter
Third quarter
Fourth quarter

SHARES OF GNP AND NATIONAL INCOME

4.0
1.2
-0.3
-17.4

7.7
7.3
6.7
7.5

62.4
62.8
63.6
63.1

-44.9
-94.7
-59.0
-58.7

6.4
9.4
7.0
6.7

-47.1
-33.3
-32.4
-29.4

6.3
6.0
5.4
4.6

248. Nonresidential
fixed investment

249. Residential
fixed investment

247. Change in
business inventories

(2)

(Percent)

(Percent)
Revised1

(Percent)
Revised2

(Percent)

251. Net exports of
goods and services

(a)

10.6

4.3
4.0
3.8
3.5

1.0
0.9
0.2
0.5

rO.8
rO.2
0.2
0.6

64,5
64.5
63.6
64.0

no. 3
r9.9
r9.5
9.4

3.3
3.2
3.3
3.6

-1.5
-1.7
0.3
-0.2

rl.l
1.6
rl.3
1.3

64,0
63.7
63.8
64.9

9.4
9.4
9.5
9.5

3.7
3.9
3.9
4.4

0.9
1.1
1.2
-0.1

rO.6
0.6
rO.5
0.2

64.7

r9.8
p9.8

4.5
p4.8

0.8
pl.O

r-0.4
p-0.4

no. 7
no. 7
no. 5

1975

First quarter
Second quarter
Third quarter
Fourth quarter

....

1976

First quarter
Second quarter
Third quarter
Fourth quarter
1977

First quarter
Second quarter
Third quarter
Fourth quarter

4.1

-11.5
(NA)

P 5.5

p63.9

^1 SHARES OF GNP AND NATIONAL INCOME-Con.

Percent of GNP- Con.

Year
and
quarter

265, Federal Govt
purchases of goods
and services
(Percent)
Revised2

Percent of National Income

268. State and
local govt. purchases of goods
and services
(Percent)
Revised*

64. Compensation of
employees

(Percent}
Revised2

283. Proprietors'
income with IVA

285. Rental income
of persons with

287. Corporate
profitswith IVA

and CCA

CCA

and CCA

1

(Percent)
Revised2

1

(Percent)

(2)

289. Net interest

1

(Percent)
Revised2

(Percent)
Revised2

1974

First quarter
Second quarter
Third quarter
Fourth quarter

7,7
7.8
7.9
8.0

13.3
13.5
13.6
13.8

76.3
76.8
77,4
77,8

8.2
7.6
7.4
7.2

1.9
rl.9
rl.9
1.9

8.1
7.6
7.0
6.7

5.4
6.0
6.3
6,5

8.2
8.1
7.9
6.0

14.2
14.3
14.0
13.9

78.3
76.8
75.2
75.7

6,8
7.1
7.3
7.1

1.9
1.9
1.8
1.8

6.4
7.8
9.3
9.0

6.6
6.5
6.4
6.5

7,7
7.6
7.5
7.6

13.7
13.6
13.5
13.4

75.7
75.7
75.9
76,6

6.6
6.7
6.2
6.3

rl.7
1.7
1.7
1.7

9.6
9.5
9.7
8.8

6.4
6.4
6.5
6.6

7.5
p7.7

13.2
p13.2

76.5
(NA)

6,6
(NA)

1.7
(NA)

8.6
(NA)

6.6
(NA)

1975

First quarter
Second Quarter
Third quarter
Fourth quarter

,

1976

First quarter
Second quarter
Third quarter
Fourth quarter
1977

First quarter
Second quarter
Third quarter
Fourth quarter

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles end sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 47 and 48.
*IVA means inventory valuation adjustment; CCA means capital consumption adjustment.
2
See "New Features and Changes for This Issue," page iii.

82



JULY 1977

licit

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

Q PRICE MOVEMENTS
Implicit price deflator,
gross national product
Year
and
month

310. Index

(1972=100)
Revised2

Fixed weighted price index,
gross business product

310c. Change 311. Index
over 1 -quarter
spans1

(Ann. rate,
percent)
Revised2

. (1972=100)
Revised2

Consumer prices, all items

31 1c. Change 320. Index © 320c. Change
over 1-quarter
over 1-month
spans1
spans1

Consumer prices, food

320c. Change
over 6-month
spans1

322. Index

322c. Change
over 1-month
spans1

322c. Change
over 6-month
spans1

(1967=100)

(Percent)

(Ann. rate,
percent)

(1967=100)

(Percent)

156,1
157.2
157.8

0.8
0.6
0.4

8.0
7.1
7.1

171.1
171.2
171.0

0.6
0.1

6.6

158.6
159.3
160.6

0.5
0.4
0.8

7.4
6.8
7.0

171.3
172.5
174.6

7.6

162.3
162.8
163.6

0.9
0.3
0.4

7.2
7.4
6.8

177.8
177.5
177.9

5.9

164.6
165.6
166.3

0.6
0.5
0.5

6.1
5.7
5.3

179.5
180.3
181.0

4.3

166.7
167.1
167.5

0.6
0.1
0.2

4.9
5.1
5.0

181.1
179.5
178.5

5.3

168.2
169.2
170.1

0.4
0.7
0.4

4.7
5.5
5.7

179.4
180.8
181.2

0.5
0.8
0.2

0.3
2.6
3.8

4.5

171.1
171.9
172.6

0.5
0.5
0.3

5.5
4.8
4.8

181.4
181.8
181.9

0.1
0.2
0.1

3.1
1.0
0.8

5.5

173.3
173.8
174.3

0.3
0.3
0.4

5.5
6.5
7.1

182.2
181.7
181.9

0.2

2.3
5.9
7.0

175.3
177.1
178.2

0.8
1.0
0.6

8.0
8.7
9.0

183.5
187.1
188.2

0.9
2.0
0.6

179.6
180.6
181.8

0.8
0.6
0.6

191.0
192.4
193.9

1.5
0.7
0.8

(Ann. rate,
percent)
Revised2

(Ann. rate,
percent)

1975

January
February
March

124^2

April .
May
June

126^6

July
August . . . .
September

12S!2

9.0

10.8

124^5

5.7

October
November
December

126^5

7.3

128!8
6.3

13CL2

130 '.7

-0.1

5.7
4.9
5.5

0.2
0.7
1.2

8.0
7.5
8.2

1.8
0.2

9.8
9.2
7.5

0.9
0.4
0.4

3.7
2.3
0.7

-0.2

1976

January
February
March

13l!s

April
May
June

133J

July
August
September

134! 6

October
November
December . . . .

136!4

4.1

132J,

4.9

133!8
4.6

135!3
5.4

mil

0.1
-0.9
-0.6

-0.3

0.1

-0.1

0.6
0.2

1977

4.6

January
February
March

138J.

6.8
139^4
p7.0

p7.3

April
May
June .

pl4CK4

p!4K8

9.9
12.1
13.6

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (g). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
1
Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, 1-^month
changes are placed on the 2d month, and 6-month changes are placed on the 4th month,
2
See "New Features and Changes for This Issue," page iii.

JULY 1977



83

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY-Con.

Q PRICE MOVEMENTS-Con.

Wholesale prices, all commodities
Year
and
month

330. Index®

(1867-100)

330c. Change
over 1 -month
spiins1

(Percent)

Wholesale prices, Industrial commodities

330c. Change
over 6-month
spans1

(Ann. rate,
percent)

335. Index®

(1967-100)

335c. Change
over 1 -month
spans1

(Percent)

335c. Change
over 6-month
spans1

(Ann. rate,
percent)

Wholesale prices, crude materials
331. Index

(1967-100)

33 Ic. Change
over 1 -mo nth
spans1

33k. Change
over 8- mo nth
spans1

(Percent)

(Ann. rate,
percent)

1975

-01.4

2.1
0.3
1.4

167.5
168.4
168.9

0.9
0.3
0.1

5.5
4.1
4.2

189.8
187.9
182.8

172.1
173.2
173.7

0,9
0,5
0.1

2.8
5.4
7.6

169.7
170.3
170.7

0.3
0.2
0.3

2.8
3.5
4.8

192.6
198.8
196.5

July
August
September

175.7
176.7
177.7

0,8
0,8

8.2
7.2
7.2

171.2
172.2
173.1

0.2
0.6
0.8

6.4
7.3
7.9

199.9
200.2
203.0

October
November
December

178.9
178.2
178.7

1*2
0*0

6.0
4.0
3.2

174.7
175.4
176.1

1.0
0.6
0.6

9.0
8.1
7.3

205.3
202.9
201.6

0,2

2.6
3.0
3.9

177.4
178.1
179.0

0.7
0.2
0.4

5.9
5.0
5.0

201.9
202.4
199.4

0.9
0.2
0.5

4.2
4.2
5.1

180.1
180.5
181.5

0.4
0.2
0.6

4.8
5.6
6.4

208.9
208.2
209.7

-0.3

0,4
0.7

4.2
5.0
5.3

182.7
183.8
184.8

0.6
0.6
0.8

7.4
8.4
7.8

208.9
202.4
202.1

-0,4
-3.1
-0.1

-6.3
-1.1
-1.4

5.5
7.8
8.6

186.3
187.1
187.4

0.9
0.6
0.3

7.6
7.7
7.7

202.2
207.1
208.2

0.0
2.4
0.5

-0,1
16,6
19.4

188.4
189.9
191.6

0.5
0.6
0.8

7.2
6.7
6.6

208.8
218.6
220.8

0.3
4.7
1.0

29.3
20,0

193.2
194.2
194.6

0.6
0.4
0.3

January
February . . . . . . .
March

171.8
171.3
170.4

April
May
Juns

0.1
-0.5

o;e
04!

-2.5
-1.0
-2.7

5.4
3.2
-1.2

-7.3
-3.2

2.0
10.9
13.5
23.3

1.7
0.2
1.4

13.6

1.1

2.0
2.2

-1.2
-0.6

4.2
5.3

-3.5

1976

January
February
March

..

.

179.4
179.4
179.7

0,3
-0.2

April
May
June

181.3
181.9
183.2

July
August
September

184.4
183.8
184.8

October
November
December

185.3
185.6
187.1

0.5
0.6
0.6

January
February
March

188.0
190.0
191.9

0,5
0.9
1.1

April
May
June

194,3
195.2
194.5

l.T
0.4

-0.2

0.1
0.2
-1.5

4,8
0.7

3.5
5,3
8,2
7.1
0.0
2.7

1977

-0.6

10.1

9.7
7.0

229.9
226.9
215.7

7.3

4,1
-1.3
-4.9

July
August
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted ssriesare indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"IMA", not available,
Graphs of these series are shown on page 49.
a
Fereant changes are centered within the spans; 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.




JULY 1977

OTHER IMPORTANT ECONOMIC MEASURES
BI

PRICES, WAGES; AND PRODUCTIVITY—c<m.

RH| PRICE MOVEMENTS-Con.

Wholesale prices, intermediate materials
Year
and
month

332. Index

(1967=100)

332c. Change
over 1-month
spans1

(Percent)

332c. Change
over 6-month
spans1

(Ann, rate,
percent)

Wholesale prices, producer finished goods
333. Index

(1967=100)

333c. Change
over 1 -month
spans1

(Percent)

333c. Change
over 6-month
spans1

(Ann. rate,
percent)

Wholesale prices, consumer finished goods
334. index

(1967=100)

334c. Change
over 1-month
spans1

(Percent)

334c. Change
over 6-month
spans1

(Ann. rate,
percent)

1975

157.0
158.3
159.8

1.3
0.8
0.9

0.2
1.8

160.8
161.4
161.9

0.5
0.4
0.3

3.3
4.8
6.0

182.2
182.7
183.2

1.1
0.3
0.3

January
February
March

184.5
185.4
186.3

April
May
June

187.0
187.6
188.7

January
February
March

179.6
179.4
178.6

-0.1
-0.4

April
May
June

179.3
178.5
177.9

-0.4
-0.3

July
August
September

178.8
179.6
180.2

October
November
December

0.4

2.7

9.1

159.3
158.7
158.3

0.6
0.4
0.3

7.7
6.3
5.8

160.3
161.9
163.3

1.3
1.0
0.9

162.9
163.2
164.4

0.6
0.2
0.7

6.4
6.9
7.3

164.6
165.3
166.7

0.8
0.4
0.8

9.8
7.7
6.1

6.5
6.6
6.9

165.9
166.9
167.7

0.9
0.6
0.5

7.6
8.3
7.8

168.0
168.0
168.2

0.8
0.0
0.1

4.4
2.1
0.0

0.7
0.5
0.5

5.3
5.4
6.1

169.0
169.8
170.7

0.8
0.5
0.5

6.9
6.0
5.8

168.2
167.0
166.7

0.0

.0
.6
.6

0.4
0.3
0.6

5.9
4.8
5.9

171.5
171.8
172.5

0.5
0.2
0.4

4.9
4.5
4.5

168.8
169.3
169.5

0.6

173.1
173.6
174.5

0.3
0.3
0.5

5.7
8.1

169.2
168.5
169.3

0.4

-0.7
-1.1
-0.9

12.8
10.3

0.4
-0.4
-0.3

.

5.7
3.8
6.0
6.8
8.5
10.9

1976

.

July
August
September

. , .

October
November
December

-0.7
-0.2

1.3
0.3
0.1

1.0

6.2
6.5
r6. 6

192.7
193.6
r!94.8

0.5
0.5
0.6

6.2
7.9
8.0

176.3
. 177.0
rl78.4

1.0
0.4
0.8

7.2
7.6
7.4

169.6
169.9
rl71.9

195.7
197.2
199.2

0.5
0.8
1.0

9.1
8.9
7.1

179.2
180.1
180.8

0.4
0.5
0.4

6.3
6.7
5.9

172.9
174.4
176.0

0,6

201.3
202.0
201.6

1.1
0.3

181.8
182.8
183.6

0.6
0.6
0.4

178.3
180.2
179.9

1.3
1.1

189.9
189.8
191.7

-0.1

r7.0

-0.2
-0.4

.2
.8
3.1
1.0
0.7

0.5

r2.9

0.2
0.2

4.4
7.1
8.1

rl.2

1977

January
February
March
April
May
June

.

...

-0.2

0'.9

0.9

10.5
12.5

9.5

-0.2

July
August
September
October
November
December

. .

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 49.
1
Percent changes are centered within the spans; 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.

JULY 1977



85

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY-Con.

^H WAGES AND PRODUCTIVITY
Average hourly compensation, all employees,
nonfarm business sector

Average hourly earnings, production workers, private nonfarm economy, adjusted1
Year
and
month

Current dollar earnings
340. Index

(19ti7-1QQ)

340c. Change
over 1-rdonth
spans2
(Percent)

Real earnings

340c. Change
over 6-month
spans2
(Ann. rate,
percent)

341. Index

(1967-100)

341c. Change
over 1 -month
spans2
(Percent)

Current dollar compensation
341c. Change
over 6-month
spans2
(Ann. rate,
percent)

345. Index

(1967-100)

345c, Change
over 1-quarter
spans2
(Ann. rate,
percent)

345c. Change
over 4-quarter
spans2
{Ann. rate,
percent)

1975

January
February
March

166.2
167.5
169.1

0.6
0.8
1.0

8.1
8.2
8.4

106.2
106.4
107.0

-0.2
0.2
0.6

0.1
1.1
1.2

173!6

April
May
June

169.5
170.5
172.0

0.2
0.6
0.9

8,3
8,4
7.1

106.7
106.9
107.0

-0.3
0.2
0.1

0.8
1.4
0,2

175!9

July
August
September

173.0
174.4
175.0

0.6
0.8
0.3

8.4
8,8
7.5

106.6
107.2
107.1

-0,4
0.6.
-0.1

1.1
1.3
0,6

178.*5

October
November
December

176.5
177.8
178.3

0.9
0.7
0.3

7.8
7.2
7.4

107.3
107.6
107.3

0.2
0.3
-0.3

1.6
1.4
2.2

18l!3

January
February
March

179.6
180.5
181.4

0.7
0.5
0.5

6.8
6.6
6.9

107.5
107.9
108.2

0,2
0.4
0.3

1.8
1.4
1.8

185J

April ...
May
June

182.4
183.6
184.3

0.6
0.7
0.4

6.8
7.0
6.8

108.3
108.3
108.3

0.1
0.0
0.0

2.0
1,5
1.1

188 ,*4

July
August
September

185.6
136.8
187.5

0.7
0.6
0,4

6.7
6.7
6.9

108.5
108.7
108.7

0.2
0.2
0.0

1.1
1.8
2.1

19K6

October
November
December

108.4
189.7
190.6

0>5
0,7
045

7.7
7.0
7.2

108.9
109.3
109.4

0.2
0.4
0.1

2,1
0.5
0.1

194!9

192.7
193.2
194.1

1.1
0,3
0.5

7.5
7.1

109.7
109.0
108.8

0.3
-0.6
-0,2

195.3
196.3
p!96,9

0.6
0.5

108.6
108.5
p108.2

-0.2
-0.1
p-0.3

11.9
9'.1

6.8
7^8
6.1

?!6

6.5

7J

1976

8.8
7!3
7.3
7^5
6.8

O

7.1
(NA)

1977

January
February
March
April
May
June

....

pl.O

p6.7

-0.5
-1.5

206! 6

10.8

p-2.1
(NA)
(NA)

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 50 and 51.
^Adjusted for overtime (in manufacturing only] and interindustry employment shifts.
Percent changes are centered within th<js spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the
4th month, 1-quarter changes; are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month
of the 3d quarter.

86



JULY 1977

KCII

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.

^9 WAGES AND PRODUCTIVITY-Con.

Year
and
montn

Average hourly compensation, all employees,
nonfarm business sector-Con.
Real compensation
346. Index

(1967=100)

346c. Change
over 1 -quarter
spans1
(Ann. rate,
percent)

346c.. Change
over4-quarter
spans1
(Ann. rate,
percent)

Negotiated wage and benefit
decisions, all industries®
348. First year 349. Average
average changes changes over
life of
contract
(Ann. rate,
percent)

(Ann. rate,
percent)

Output per hour, all persons, private
business sector
370. Index

(1967=100}

370c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

370c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

358. Index of
output per hour,
all persons,
nonfarm
business sector

(1967=100)

1975

January
February
March

110.0

April
May
June

110*2

July
August
September

109.6

October
November
December

109*6

3.3

0.6

6*4
6'i

-2.1

12.9

7.7

8.9

7.3

11.3

. .

•iii

8.7

8.1

113*4
14.0

4*3

106! 6

4^7

109*6

6*i

ni'i

3*9

110*6

2*6

112*0

3*. 2

m'.2

2'.7

n*4*.*o

12.0
11K2

6*6

-0.2

1.4

108'i

8.7

-2.1

112*8

1976

January
February
March

110*7

April
May
June

111*4

July
August
September

ni'e

October
November
December

112.2

4.1

10.5

8.0

V.8
2.6

8.9

7.2

2*. 4

0.7

2.9

115*5
10.0

7.4

2. '6
2.4

7.0

114*7

2.9

116*3
6.8

5.2

(NA)

d.3

116*4

(NA)

113*.6

1977

January
February
March
April
May
June

H2.*9

2.5

4.7

6.7

117*8
(NA)

(NA)

8.5

p8.7

114.8
(NA)

p5.5
(NA)

(NA)

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 50 and 51.
"Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter
changes are placed on the middle month of the 3d quarter.

IICII

JULY 1977



87

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

E| CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
Civilian labor force
Year
and
month

441. Total

442. Em-

ployed

(Thcus.)

(Thous.}

Labor force participation rates
451. Males
20 years
and over

452. Females 453. Both
20 years
sexes, 16-19
and over
years of age

(Percent)

(Percent)

(Percent)

448. Num-

Number unemployed
37. Total

(Thous.)

444. Males
445. Females 446. Both
20 years and 20 years and sexes, 16-19
over
over
years of age

(Thous.)

(Thous.)

(Thous.)

447. Fulltime
workers

(Thous.)

ber employed
part-time
for economic
reasons

(Thous.)

1975

January
February
March

91,953
91,621
92,020

84,673
84, 359
84,243

80.5
80.3
80.3

45.8
45.5
45.8

54.9
54.0
54.1

7,280
7,362
7,777

2,995
3,127
3,338

2,559
2,537
2,683

1,726
1,698
1,756

5,895
6,015
6,327

3,614
3,579
3,725

April
May
June

92,210
92,789
92,595

84,246
84,475
84,496

80.3
80.7
80.3

46.0
46.0
46.0

53.7
54.9
54.4

7,964
8,314
8,099

3,473
3,710
3,536

2,768
2,794
2,728

1,723
1,810
1,835

6,594
6,936
6,636

3,750
3,676
3,479

July
August
September

92,917
93,035
93,126

84,856
85,114
85,115

80.6
80.4
80.4

46.0
46.1
46.1

54.2
54.2
54.0

8,061
7,921
8,011

3,604
3,470
3,683

2,648
2,638
2,597

1,809
1,813
1,731

6,658
6,472
6,685

3,381
3,344
3,320

93,135
93,025
93,148

85,087 ,
85,212
85,443

80.2
80.0
79.7

46.2
46.1
46.2

53.5
53.2
53.9

8,048
7,813
7,705

3,663
3,538
3,334

2,648
2,618
2,628

1,737
1,657
1,743

6,685
6,484
6,263

3,352
3,322
3,290

January
February
March

93,473
93,B97
93,862

86,226
86,471
86,845 1

79.5
79.5
79.5

46.5
46.5
46.7

54.2
54.1
54.5

7,247
7,126
7,017

3,003
2,938
2,874

2,519
2,493
2,444

1,725
1,695
1,699

5,813
5,702
5,637

3,336
3,201
3,173

April
May
June

94,376
94,551
94,704

87,329
87,640
87,533

79.7
79.9
79.8

46.8
46.7
47.0

55.4
55.5
54.3

7,047
6,911
7,171

2,822
2,893
3,049

2,467
2,328
2,477

1,758
1,690
1,645

5,626
5,573
5,830

3,194
3,287
3,150

July
August
September

95,189
95,351
95,242

87 , 783
87,834
87,794

80.0
79.9
80.0

47.3
47.3
47.2

54.9
55.3
53.8

7,406
7,517
7,448

3,131
3,060
3,150

2,634
2,679
2,634

1,641
1,778
1,664

5,878
6,085
6,098

3,136
3,178
3,376

October
November
December

95, 302
95,871
95,960

87,738
88,220
88,441

80.0
80.1
79.9

47.0
47.5
47.6

54.4
54.4
54.4

7,564
7,651
7,519

3,228
3,293
3,219

2,633
2,640
2,598

1,703
1,718
1,702

6,162
6,185
6,125

3,448
3,545
3,454

January
February
March

95,516
96,145
96,539

88,558
88,962
89,475

79.5
79.7
79.6

47.2
47.5
47.9

54.3
55.1
55.8

6,958
7,183
7,064

2,881
3,001
2,794

2,409
2,505
2,545

1,668
1,677
1,725

5,507
5,651
5,468

3,320
3,438
3,276

Apr(l
May
June

96,760
97,158
97,641

90,023
90,408
90,679

79.5
79.6
79,9

48.0
48,2
48.1

56.0
56.1

6,737
6,750
6,962

2,624
2,751
2,638

2,470
2,346
2,559

1,643
1,653
1,765

5,343
5,389
5,401

3,174
3,290
3,368

October
November
December

. ...

1976

1977

57.4

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 52.




JULY 1977

OTHER IMPORTANT ECONOMIC MEASURES
D |

GOVERNMENT ACTIVITIEf

M DEFENSE INDICATORS

j^H RECEIPTS AND EXPENDITURES

Federal Government1
Year
and
month

516. Defense
Department
obligations,
512. Expendi- total, extures
cluding
military
assistance

State and local governments1
510. Surplus
or deficit

525. Military
prime contract awards
to U.S.
business
firms and
institutions

548. Value
of manufacturers' new
orders, defense
products

(Mil.dol.)

(Bil.dol.)

564. Federal
purchases
of goods
and services
for national
defense

500. Surplus
or deficit

501. Receipts

502. Expenditures

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised2

Revised2

Revised2

Revised2

January
February
March

-481 5

287^4

335!9

3.7

223^7

220^6

7,609
7,508
8,223

3,693
3,987
2,817

1,40
2,58
2.00

8K6

April
May
June

-99^2

255J

354^3

4!5

231 la

227^3

7,952
8,235
8,450

4,122
3,926
3,773

2.44
2.27
1.80

ssio

July
August
September

-65ls-

2981! 2

363 '.7

e!e

240 ! 8

234^2

8,718
9,077
7,791

3,842
5,072
3,080

2.37
2.13
2.56

84^4

October
November
December

-67!6

30716

374^5

8^9

246 1 4

237^5

8,623
7,533
8,135

2,961
2,872
3,130

1.61
2.10
1.94

86!7

January
February
March

-6CL3

318^4

378!7

13l3

253i8

240^5

8,152
8,020
9,040

3,407
2,993
6,309

1.44
2.19
2.82

86^3

April
May
June

-46! 2

329! i

375^3

i2!g

258^4

245^5

9,480
8,348
8,611

3,586
3,565
3,817

2.69
2.40
2.61

86."6

July
August
September

-53!5

337 !l

390 ! 6

21 J

269 16

24?! 9

8,248
6,602
10,314

2,234
3,665
4,929

1.24
1.92
2.15

86^4

October
November
December

-55!9

344^5

400 1 4

26!5

277!5

251 li

11,908
10,387
11,496

5,942
5,175
5,198

r2.84
r3.14
r4.05

ss.'i

-ssis

364! 9

403^7

27^3

280 ! 9

253^7

9,409
9,999
9,652

3,478
4,472
4,843

rl.95
rl.89
r2.21

89 '.7

(NA)

p413.*2

(NA)

(NA)

10,606
10,149

5,513
5,351

r3.60

(NA)

(NA)

p2.07

511. Receipts

(Ann. rate,
bil.dol.}
Revised2

(Ann. rate,
bil.dol.)

(Mil.dol.)

(Ann. rate,
bil.dol.)
Revised2

Revised2

1975

1976

1977

January
February
March
April
May
June

p262.*4

(NA)

3,29

p94.2

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (3). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 53 and 54.
1
Based on national income and product accounts.
2
See "New Features and Changes for This Issue," page iii.

JULY 1977



OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS

Q| MERCHANDISE TRADE

Year
and
month

602. Exports, excluding
military aid shipments,
total

604. Exports of agricultural products

(Mil.dol.)

(Mil.dol.)

606. Exports of nonelectrical machinery

(Mil.dol.)

612. General imports,
total

(Mil.dol.)

614. Imports of
petroleum and
petroleum products

(Mil.dol.)

616. Imports of
automobiles and parts

(Mil.dol.)

1975

9,374
8,756
8,681

2,369
1,830
1,703

1,672
1,632
1,626

9,632
7,927
7,466

3,080
1,781
1,211

742
654
823

8,649
8,222
8,716

1,723
1,575
1,480

1,760
1,720
1,772

7,959
7,263
7,102

2,387
1,746
1,354

776
731
782

8,871
8,980
9,104

1,735
1,872
1,932

1,770
1,752
1,750

7,832
7,877
8,196

1,990
2,008
2,515

879
938
861

9,226
9,409
9,250

2,060
1,821
1,776

1,814
1,770
1,843

8,169
8,201
8,522

2,320
2,140
2,360

888
873
1,013

January
February
March

9,097
8,918
9,020

1,917
1,630
1,668

1,780
1,817
1,806

9,001
9,032
9,469

2,471
2,129
2,334

1,085
1,041
1,117

April
May
June

9,369
9,563
9,722

1,892
1,950
1,948

1,818
1,836
1,871

9,643
9,182
10,153

2,699
1,874
2,739

1,221
976
1,169

July
August
September

9,956
9,737
9,788

2,039
2,058
2,160

1,952
1,675
1,883

10,717
10,477
10,651

2,824
2,803
3,053

1,025
1,055
1,238

October
November
December

9,699
9,589
10,410

2,231
1,750
1,860

1,821
1,814
1,983

10,555
10,623
11,020

2,753
3,134
3,087

871
1,128
1,221

January
February
March

. ..

April
May
Juno

....

July
August
September
October
November
December

. , .

1976

I

1977

January
February
March

9,599
9,808
10,072

1,762
2,004
2,112

1,831
1,892
1,859

11,269
11,674
12,459

3,075
3,247
4,171

1,083
1,248
1,299

April
May
June

9,970
10,395
10,112

(NA)

(NA)

12,593
11,616
12,932

<NA)

(NA)

July
August
September
October
November
December

.
.. .

NOTE: Series are seasonally adiusted except those Aeries that appear to contain noseasonal movement. Unadjusted series are indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "o", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 55.

go



JULY 1977

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Con.

Q GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted1

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

668. Exports

(Mil. dol.)

669. Imports

(Mil. dol.)

622. Balance

(Mil. dol.)

618. Exports

(Mil. dol.)

Income on investments
620. Imports

(Mil. dol.)

651. U.S. invest- 652. Foreign
investments in
ments abroad
the U.S.

(Mil. dol.}

(Mil. dol.)

1975

January
February
March

2,708

36,907

34,199

1,455

27,6i8

25,563

4,283

3,052

April
May
June

5,031

35,719

30,688

3,285

25,851

22,566

4,306

2,799

July
August .
September

4,135

36,780

32,645

2,079

26,562

24,483

4,403

2,784

October
November
December ....

4,289

38,195

33,906

2,226

27,657

25,431*

4,338

2,741

1,569

38,589

37,020

-1,326

26,998

28,324

5,298

2,861

1,545

40,236

38,691

-1,535

28,379

29,914

5,167

2,887

899

42,196

41,297

-2,784

29,603

32,387

5,483

2,816

42,252

42,567

-3,572

29,720

33,292

5,421

2,997

p42,693

p45,865

p-6,980

p29,476

p36,456

p6,6o7

p2,897

p-7,794

p30,521

p38,315

1976

January
February
March

. ..

April
May
June
July
August
September ....
October
November
December

-315

1977

January
February
March
April
May
June

p-3,172
. .
(NA)

(NA)

(NA)

(NA)

(NA)

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (3). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 56.
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and
Department of Defense purchases (imports).

JULY 1977



,91

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS

^H INDUSTRIAL PRODUCTION
1

Year
and
month

47. United States, 721.0ECD
index of indusEgropean countrial production
tries, index of

(1967=100}

722. United
Kingdom, index
of industrial
production

727. Italy, index
of industrial
production

725. West
Germany, index
of industrial
production

(1967-100)

(1967-100)

(1967=100)

(1967-100)

(1987=100)

industrial
production

(1967-100)

726. France,
index of industrial production

728. Japan,
index of industrial production

723. Canada,
index of industrial production

(1967=100)

1975

January
February
March

115.2
112.7
111.7

137
137
137

162.8
160.7
161.3

138.0
136.9
141.9

140
140
138

119
119
117

128.5
131.9
125.8

140.4
140.4
139.6

April
June

112.6
113.7
11614

134
132
133

166.0
164.9
168.4

134.7
136.7
134.4

138
133
137

113
111
111

127.7
120.5
127.1

139.8
138.8
139.4

July
August
September . . .

118.4
121.0
122.1

132
132
134

170.6
168.7
171.2

•130,4
138.0
137.2

134
134
137

111
110
112

129.0
114.4
123.1

138.9
139.2
138.0

October
November
December

122,2
123.5
124.4

137
138
139

171.3
169.5
173.0

140.1
143.1
143.5

139
138
144

113
113
112

130.6
132.0
125.8

138.0
141.3
142.1

January
February
March

125.7
127,3
128.1

141
142
143

176.8
180.6
186.3

145.6
147,0
144.8

149
148
150

113
116
115

130.9
138.9
139.2

143,5
144.6
145.9

April
May
June

128.4
129.6
130.1

144
146
146

191.0
187.3
190.7

147.6
146.1
148.9

150
150
151

116
119
113

138.7
145.1
139.8

146.4
148.2
146.4

July
August
September

130.7
131.3
130.8

144
146
148

193,2
192.3
192.9

143.6
148.1
151.1

153
153
159

116
115
117

143.5
139.1
147.8

145.9
147.3
146.8

October
November ....
December

130.4
131.8
133.1

149
149
149

193.2
197.9
197.7

154.1
149.1
147.3

151
157
154

118
118
118

143.6
rl50.4
r154.7

145.5
147.0
148.4

132.1
133.2
135.2

152
r!50
r!50

198.3
194.8
199.1

157.7
152.3
r!52.4

159
156
159

119
119
pl!9

152.2
152.9
153.2

H52.0
rISl.O
r!51.3

pi 52

p200.8

p!56.2

(NA)

p143.3

r1S0.9
p!52.4

May

1976

1977

January
February
March
April

May
June

r!36.2
H37.6
pi 38. 6

(NA)

(NA)

(NA)

p!56
(NA)

(NA)

(NA)

July
August
September
October
November ....
December

NOTE; Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (g). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.

Graphs of these series are shown on page 57.
OrganiEation for Economic Cooperation and Development.

1

92



JULY 1977

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

Q CONSUMER PRICES

Year
and
month

United States

Japan

West Germany

France

United Kingdom

320. Index® 320c. Change
over 6-month
spans1

738. Index® 738c. Change
over 6-month
spans1

735. Index® 735c. Change
over 6-month
spans1

736. Index® 736c. Change
over 6-month
spans1

732. Index® 732c. Change
over 6-month
spans1

(1967=100)

(Ann. rate,
percent)

January
February
March

156.1
157.2
157.8

8.0
7.1
7.1

195.5
196.2
198.2

9.4
8.8
8.8

140.6
141.3
142.0

5.9
5.7
6.8

170.8
172.1
173.5

April
May
June

158.6
159.3
160.6

7.4
6.8
7.0

203.1
205.3
205.3

10.3
10.6
10.7

143.0
143.9
145.0

6.2
6.0
6.2

July
August
September

162.3
162.8
163.6

7.2
7.4
6.8

205.6
204.8
208,9

10.8
8.9
7.6

145.0
144.8
145.5

October
November
December ...

164.6
165.6
166.3

6.1
5.7
5.3

212.2
211.0
210.6

9.8
11.2
10.2

January
February
March

166.7
167.1
167.5

4.9
5.1
5.0

215.1
217.7
218,8

April
May
June

168.2
169.2
170.1

4.7
5.5
5.7

July
August
September

171.1
171.9
172.6

October
November ...
December

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967-100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

1975

9.9

192,7
196.0
199.8

27.2
31.9
32,6

175.1
176.3
177.6

9.5
9.4
9.2

207.5
216,2
220.4

30.8
29.9
28,2

5.7
5.1
4.1

178.9
180.1
181.6

9.2
9.4
9.3

222.7
224.0
225.9

24.6
18.9
17.9

145.9
146.4
146.8

4.3
4.9
4.6

183.0
184.2
185.2

9.7
9.7

229.0
231.8
234.7

19.4
16.3
14.7

9.5
9.1
9.8

148.0
149.0
149,6

4.8
5.0
4.3

187.2
188.5
190.2

9.7
9.7
9.1

240.8
240.8
242.1

13.6
11.9

223.9
223.9
223.2

8.5
6.0
8.5

150.5
151.1
151.0

4.9
4.2
3.6

191.8
193.1
193.9

9.2
9.4
9.5

246.8
249.5
250.8

11.4
13.9

5.5
4.8
4.8

224.5
222.2
228.3

7.7
10.0
12.3

151.7
151.4
151.4

3.0
2.4
3.6

195.8
197.2
199.3

10.3
10.5
10.6

251.2
254.8
258.2

16.0
18.1
20.6

173.3
173.8
174.3

5.5
6.5
7.1

230,4
231.2
233.7

11.5
12.5
9.9

151.5
151.8
152.6

3.1
3.7
4.3

201.2
202.8
203.5

8.9
8.7
8.5

262.9
266.5
270.0

24.3
21.4
19,3

January
February . . .
March

175.3
177.1
178.2

8,0
8.7
9.0

236.6
237.8
238.9

8.9
9.0
5.5

154,0
154.9
155.5

4.7
5.3
5.2

204.1
205.5
207.4

8.8
9.2

277.1
279.9
282.6

18.9
16.0
(NA)

April
May
June

179,6
180.6
181.8

11.3
10.4

10.2

1976

9.8
6.6

1977

242.7
245.0
242.9

156.2
156.9
157.6

(NA)

210.1
212.1

289.8
292.1

(NA)

<NA)

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.
l

Changes over 6-month spans are centered on the 4th month.

JULY 1977




OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

^fl STOCK PRICES

Q CONSUMER PRICES-Con.
19. United
States, index
of stock
737. Index® 737c. Change 733. Index® 733c. Change prices, 500
over 6-month
over 6-month common
stocks®
spans1
spans1
Canada

Italy

Year
and
month

(1967=100)

(Ann. rate,
percent}

(1967-100)

(Ann. rate,
percent)

(1967-100)

748. Japan,
index of
stock
prices®

745. West
Germany,
index of
stock
prices®

746. France,
index of
stock
prices®

742. United
Kingdom,
index of
stock
prices®

747. Italy,
index of
stock
prices®

743. Canada,
index of
stock
prices®

(1967-100)

(1967-100)

(1967-100)

(1967-100)

(1967-100}

(1967-100)

1975

January
February
March .
April . .
May
June . .

...

178.2
180.8
181.0

14.6
11.0

183.4
184.9
186.4

10.1

11. §
9.3
9.7

153.0
154.2
154.9

9.6
8.5
9.3

78.9
87.1
91.1

249.9
271.3
283.7

105.1
112.5
120.3

162.0
122.8
131.1

92.2
98.0

290.1
298.2
296.6

124.6
119.3
114.6

9.6

93.2
92.1

292.8
280.3
270.6

155.7
157.1
159.4

10.7
10.1
10.0
11.3
12.0

100.5

108.8

71.4
79.4
81.7

103.0
111.3
109.8

141.8
130.2
126.6

114.7
125.7
126.7

78.4
77.4
72.9

112.6
116.6
116.7

117.5
119.7
115.7

131.3
136.9
134.0

118.7
115.3
127.8

66.1
64.2
64.1

119.5
116.3
113.1

68.9
99.0

July . . .
Auyust
September

187.1
188.3
189.8

10.6
10.9

161.6
163.0
163.4

October
November
December

191.9
194.1
195.6

11.9
14.4
18.2

164.9
166.4
166.6

8.2
7.9
8.0

96.3
98.0
96.5

279.3
285.8
285.8

119.0
126.3
128.4

135.9
141.1
139.6

132.4
141.6
140.1

60.2
58.9
61.0

107.2
107.3
105.9

January
February
March .

197.7
202.1
206.1

21.2
23.2
22.0

167.5
168.1
168.9

6.7
5.6
5.8

105.4
109.5
110.0

305.2
304.9
309.2

132.0
135.0
136.7

143.5
150.8
146.7

150.7
152.6
152.6

60.1
62.6
58.2

112.1
121.8
123.6

April
May ...
June . ,

211,6
215.8
216.8

21.4
19.8
17.9

169.6
170.9
171.7

5.2
4.9
5.1

110.9
110.0
110.7

302.7
308.7
318.9

132.7
126.8
127.3

140.1
136.9
135.4

154.1
155.9
145.9

52.9
53.6
56.6

122.5
123.8
121.6

July . .
August
September

217.9
220.3
224.0

18.9
19.4
22.1

172.4
173.3
174.0

5.7
5.6
5.7

113.3
112.4
114.7

317.9
321.3
321.2

124.9
122.1
122.4

129.8
130.5
126.7

146.5
140.2
132.1

64.3
63.9
59.5

119.4
115.9
115.9

October
November
December

230.5
235.5
238.6

22.6
21.1
21.4

175.2
175.7
176.3

7.2
8.6
9.7

110.8
110.1
113.8

318.2
313.9
330.2

116.0
• 115.8
117.2

112.5
108.4
115.3

116.7
121.5
132.8

51.6
50.3
55.7

108.9
104.0
103.2

January
February
March

241.3
243.4
246.5

17.1
14.8
(NA)

177.9
179.4
181.3

9.5
9.7

112.9
109.8
109.4

343.5
344.4
341.1

119.6
118.3
118.1

116.0
109.7
101.7

149.6
157.2
164,6

52,9
50.0
48.7

107.0
108.1
110.2

April
May
June

249.6
252.6

107.7
107.4
108.0

338.9
342.9
340.2

124.1
128.6
125.2

93.9

rp94.0
rp92.9

164.9
180.3
178.6

46.1
44.3

rp43.1

108.5
r!05.6
rp!07.0

P109.1

P342.0

p125.6

p92.7

p!79.2

p43.7

pllO.9

9.7

100.6

1976

1977

(NA)

10.0

182.4
183.8
185.1

July . . .
August .
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown cm page 58.

'Changes over 6-month spans are centered on the 4th month.

94



JULY 1977

APPENDIXES

B. Current Adjustment Factors
19 77
Series

5. Average weekly initial claims, State
unemployment insurance
1 3 New business incorporations

1

Jan.

Feb.

Mar.

154 7

113 5

97 0

89 5

79 9

98 1

91 7

112 5

105 2

106 2

1 5. Profits (after taxes) per dollar of sales,
manufacturing2

Apr.

-1448

72. Commercial and industrial loans outstanding. .

100.0

July

Aug.

85 3

103 7

79 2

73 2

107 2

100 6

99 1

95 5

June

Sept.

Nov.

Dec.

84 2

100 3

139 1

94 3

90 2

100 2

Oct.

100.7

105.4

94.5

33, Net change in mortgage debt held by financial
institutions and life insurance companies1 3 .

May

99.8

-1218

-196

110

672

1119

781

766

-2

-497

354

261

98.3

99.3

100.4

100.5

99.9

100.7

99.9

100.1

100.0

100.1

100.8

129 6

115 4

111 4

97 5

107 3

93 5

86 1

104 4

87 4

92 2

95 0

79 7

96 6

82 4

89 3

73 3

70 6

177 9

115 5

107 1

101 4

111 0

86 7

87 4

ma ?

in? l

inft fi

im 1

en ?

Qf) fi

88 R

85 fi

84 0

103 1

121 2

m Q

606 Exports of nonelectrical machinery

Qfi ?

Qd 1

m

o

10R fi

IDfi ?

ini A

QR 8

Q5 5

Q1 8

104 3

QQ 1

QQ 1

614. Imports of petroleum and products

107 2

93 4

106 4

101 1

103 7

96 1

103 7

107 2

93 4

95 4

91 1

100 9

108 4

93 9

84 2

83 6

97 3

104 1

100 6

516. Defense Department obligations, total
525. Military prime contract awards in U.S
604 Exports of agricultural products

616. imports of automobiles and parts . .
969. Profits, manufacturing (Citibank)"

..

104 5

-8

92 4

112 8

105 9

18

112 0

-8

-2

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis or the National Bureau of Economic Research, Inc., rather than by the source agency. Seasonal adjustments
are kept current by the Bureau of Economic Analysis. Seasonally adjusted data prepared by the source agency will be used in Business Conditions Digest whenever they are available. For a description of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, The X-11 Variant of the Census Method II Seasonal Adjustment Program.
1

Factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
These quantities; in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to yield the seasonally adjusted net change. These factors are
computed by the additive version of the X-11 variant of the Census Method II seasonal adjustment program.
M-quarter diffusion index; factors are placed in the first month of the quarter. The unadjusted diffusion index is computed and these factors, computed by the additive version of the X-11
variant of the Census Method II seasonal adjustment program, are subtracted to yield the seasonally adjusted index.
2
3




95

C. Historical Data for Selected Series
Monthly
Year

Jan.

Feb.

Mar.

May

Apr.

June

July

Quarterly

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

910. COMPOSITE INDEX OF 12 LEADING INDICATORS 1
(1967=100)

1945. . .
1946. . .
1947...
1948...

iy49...

1950...
1951...
1952...
1953...
1954...
l»i>S...
1956...
1957...

ma...
1959...
mo...
1961...

ma...

1963...
1964...
19&5...
1966...
I9t»7...

i9b8...
my...

ly?0...
1971...
iy?2...
1973...
1^74...
1975...
1916...
1977...

54.6
49.7
54.4
61.0
59.3
63.7'
SB. 3
68.1
71.3
ti9.9
63.8
75.3
75.5
72.7
80.9
82.5
8?, 5
94.5
100-2
95.6
103.7
112.6
106-9
110.1
119.2
132. a
128.9
106-5

1949...

1951). ..
1951...
1952...
1953...
1954...
1955...
19bt>...
1957...
1958...
1959...
1960...
1961...

ma...

1963...
1964...

1965..,

1966...
196?...
1968...
1961*.. .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...

-21.3
22.2
24.4
13.0
9.9
2.1
26.0
-6.5
-8.2
-10.6
23.2
1.6
6.8
1.5

10. a

1.4
9.3
17.0
2.5
-9.9
5.5
-13.5
12.8
14.1
6.5
-3.6
-30.7
17.3
-14.0

53, a
49.0
56.1
60.0
60.1
64.3
59 ,,0
70..0
71,1
69.3
64.4
77.6
72.9

54.2
48.8
57.4
59.1
59.6
64.2
59-6
70.3
71.2
68.7
65.0
77. 9
73.1

53.8
4^.7
58,7
59.1
59.6
63-5
60.7
70.6
69^.7
68.6
66,3
77.9
73.1

54.0
48.7
59.4
58.3
60.6
62.4
61.5
70.8
69.3
69.0
68.1
77.4
73.0

53.5
49.6
61.1
57.9
60.0
62.4
62.2
71.7
69.7
69.1
69.1
77.3
73.4

53.1
50.9
61.8
57.7
61.2
61.2
62.5
72.0
69.7
68.6
70.6
76.5
73.4

52.6
52.5
60.5
58.3
62.7
59.4
63.3
72.6
70.0
67.5
71.8
76.0
73.8

52.4
52.7
60.2
58.2
62.4
58. 9
64.9
72.2
70.5
66.2
72.9
74.7
73.5

51-4
53.1
59.8
58.2
62.7
58.1
66.3
72.2
70-5
64.9
74.3
74.4
73.0

50.7
53.5
59.9
58.7
63.2
58.2
66.8
71.7
70.4
64.4
74.0
75.4
72.3

54.0
49.4
55.2
60.4
59.7
64.0
58.8
69.2
71.0
69.5
64,1
76.4
74.2

54.0
48.7
58.5
58.8
59.9
63.4
60.6
70.6
70.1
68.8
66.5
77.7
73.1

53.1
51.0
61.1
58.0
61.3
61.0
62.7
72.1
69.8
68.4
70.5
76,6
73-5

51.5
53.1
60.0
58.4
62.8
58.4
66.0
72.0
70.5
65.2
73.7
74.8
72.9

53-2
50.6
58.7
58.9
60.9
61.7
62.0
71.0
70.3
68.0
68,7
76.4
73.4

73.4
81.7
83.4
88.0
94.7
100.9
95.9
105-0
112.0
106.4
111.6
120.4
133.5
129.2
106.2

74.8
81.8
83.9
88.4
94.9
101.4
96.5
104.3
111.2
106.0
113.4
122.3
132.7
129.11
107.1

76.4
81.4
84.7
89.4
94.6
101.1
97.0
104.1
112.1
106.4
114.3
123.5
131.8
127.4
109.4

77.2
BOi.3
85.7
9013
95>1
lOOil
98,0
105*4
112^0
106,6
115.|3
123.9
132.6
126.9
111.7

78.0
79.5
85-8
90.4
95.1
99.0
99.6
106.3
111.5
106.3
115,5
124.3
133.7
124.8
115.2

78.0
80.2
85.2
91.1
95.6
98.2
100.7
107.4
110.5
106.2
115-8
125.3
133.2
124.1
117.8

79.0
80.5
85.2
91.6
95. 8
97.0
102.5
107.4
110.0
106.3
115.5
126.5
131.6
120,9
118.6

78.3
81.0
86.2
92.9
96.2
96.5
102.9
109.0
110.0
106.9
115.3
128.2
130-8
117.2
118.9

79.7
80.7
86.8
93.2
97.2
95.8
103.1
110.8
110.0
106.8
116.5
129.4
130.4
114.4
119.0

80.6
81.5
87.0
93.8
98.0
95.6
103.5
111.5
108.9
107.0
116.9
130.2
130.5
111.5
119.3

80.8
81.8
87.4
93.8
98.9
95.4
104.6
112.1
108.2
109.0

73.6
81.5
83.3
88.0
94.7
100.8
96.0
104.5
111.9
10b.4
111.7
120.6
133.0
129.1
106.6

77.2
80.4

78.4
80.6
85.5
91.9
95.9
97.2
102.0
107,9
110.2
106.5
115.5
126.7
131.9
120.7
118.4

80.4
81.3
87.1
93.6
98.0
95.6
103.7
111.5
109.0
107-6
117.1
130.6
130.1
111.9
119.3

77.4

-18.1
-4.7
16.6
-14.7
10.6
5.8
15.4
27.7
-9.6
-8,3
7.8
17.2
-18.8

2.3
-11.5
24.1
-3.9
6.2
5.8
0.0
9.0
7.0
-1.7
3.8
22.5
-19.1

9.3
-4.8
31.6
-16.6
-9.S
-1.9
12.9
5.3
1.7
-9.9
11.8
4.7
3.3

12.2
12.5
13.9
7.1
2.6
8.7
3.8
16.1
»6.2
-5.5
17.6
12.8
6.5
2.8
-3.3
8.2
11.0

25.4
1.5
7.4
5.6
2.6
6.1
7.8
-2.3
»8.2
-4.4
21.2
20.7
-7.0
0.9
10.7
12.5

28.9
-5.7
12.1
14.5
-3.7
-3.5
6.4
-7.7
10.2
4,6
9,9
12.4
-7.8
-16-3
29.0
-1.9

1945...
1946...
ly47
194d...
1949...
1950...
1951...
1952...
19i»3..,
1954...
1955...
1956...
1957...
1958...
1959...
1960...

-14.0
15.9
2,7
11.5
8,6
6.3
20.7
-8.1
-6.1
-4.2
11.2
-1.1

-12.8
20.9
0,7
9.9
7.1
5.6
20.6
-3.3
-6.1
0.0
20.9
-12.6

1961...
1962...
1963...
1964., .
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...

2.2
5.6
9.7
4.7
3.9
12.4
1.3
5.9
1.8
-8.9
18.3
12,5
10.5
-3.9
-17.7
9.4
1.6

14.6
5.0
10.7
4.7
4.8
10. 5
4.7
0.8
-3.2
-7.9
17.2
15.8
1.8
0.0
-9.5
12.6
6.1

117. y

132.1
129.3
109.8
119.6

as. 4
90.0
94.9
100.1
98.2
105.3
111.9
106.4
115.0
123.9
132.7
126.4
112.1

AVERAGE

-15.2
9.4
2.0
10.8
10.0
2.1
9.4
-B.O
-1.7
-8.9
-4.7
17.4
-10,9

1.8
-2.4
25.9
-10.6
4.2
-11.0
18.1
4.7
-9.2
-1.5
25.5
'-0.9
0.6

-12.3
24.3
5.2
-22. 3
-1.7
26.8
0.0
0.0

4.6
0.0
15.3
-1S.1
22.1
-18.9
17.0
3.5
-6,7
7,2
37.9
-7.4
-1,6

-10.6
24.6
40.3
-7.9
-11.3
0.0
14,5
16.4
7,1
1.8
19.1
-1.5
6,8

-8-6
36.4
14.6
-4.1
26.8
-20.8
S.9
5.1
O.Q
-8.3
29.4
-11.7
0.0

-10.7
45.0
-22.5
13.2
33.7
-30.1
16.5
10.5
5.3
-17.6
22.4
-7.6
6.7

-4.5
4.7
-5.8
-2.0
-5-6
-9.6
34.9
-6.4
8.9
-20.8
20.0
-18.7
-4.8

-20.6
9.5
-7.7
0.0
5.9
-15.1
29.2
0.0
0.0
-21.2
25.6
-4.7
-7.9

13,3
-15.1
15.1
12.8
6.5
-11.2
13,1
16.1
-1.1
2.3
11.0
4.0
7.5
-4.6
28.4
15.7

13.2
-11.3
1.4
1.3
0.0
-12.4
21.4
10.7
-5.2
-3.3
2.1
3.9
10.4
-18.1
44.8
11.1

0.0
11.1
-8.1
9.7
6.5
-9.3
14.1
13.1
-10.2

16,5

-10.1

23.7

14.4

3.0

14.8

0.0
6.8
2.5
-13.7
23.7
0.0
-5.3

15.0
18.4
5.1
-6.0
4.8
19.4
0.0

8.7
3.9
13.2
-8.4
2.4
21.7
0.0

2.8
8.0
10.3
-2.5
4.8
7.8
-11.4

5,7
0,0
11.6
-2.5
13-5
6.7
-7.4

10.7
4.7
4.8
10.6
4.7
1.3
-3.0

-9.0
13.6
b.4
1.3

3.2
10,1
-4.4
-6.5
30.7
1.0

-3.1
12.1
-13.5
-26,9
8.5
-1.0

-2.1
17.4
-7.1
-31.1
3.1
-2.8

13.2
11.8
-3.6
-25.2
1.0
6.9

4.2
7.7
0.9
-26.5
3.1
10,0

10.8
19-0
-10.5
-16.8
3.1
9.9

17.2
15.9
2.0
0.0
-7.8
12.7
7,4

7.7
6.8
3.4
-13.0
34.1
8.3
-1.4

-d.$

-2.4
304
o.o
o.Q

-12!s
21.0
1.9
9.9
7.2
5.8
20. 9
-3.0
-6.1
0.3
21.0
-12.1

-12.2
18.4
-12.3

-13.7
7.8
-3.9

-19.1
13.5
5.4

-11.3
20.3

17.0
-20.6
18.5
2.8

10.2
-18.8
26.6
1.1

3.2
-7.8
24.0
-4.9

8.b
-4.0
21.2
-4.9

7.8
6.3
7.0
18.3

-8.4
23.6
-7.0

-15.8
23.9
-12.8
0.5

-19.9
22.7
-10.5
-2.2

-17.1
12.8
-3.1
-7.9

-13.7
13.8
4.4
-4.3

-6.3
1.2
15. S
-8.6

9.7
1.0
-2.3
5.9

1.5
7.8
1.9
11.5

9.0
2.5
7.7
9.5

-11.8
19.7
7.8
-7.0
-1.1
0.7
8.7
-3.0
-17.6
27.1
3.6

-9.7
13.9
10.6
-5.3
2.3
-0.7
13.2
-8.4
-22.2
13.5
-1.0

-9.4
9.9
13.3
-1.8
2.3
2.4
13.7
-8.1
-27.8
4.1
1.0

8.4
5.1
8.7
10.0
9.S
-5.6
4.0
16.2
-3.9
2.7
4.9
12.2
-3.3
-27.7
2.4
4.5

13.4
4.0.
5.7
3.9
11.7
-4.5
6.8
11.9
-6.4
8.1
9.3
12.7
-4.5
-23.0
2.4
3.9

6.2
9.2
3.3
5.7
12,9
-0.8
2.3
6.7
-10-8
12.9
9.6
10.9
-4.5
-24.9
7.6
1.3

12.9
4.4
10.5
6.1
3.0
8.8
4.0
2.8
-1.1
-6.2
17.2
14.5
3.1
-2.8
-5.3
9.4
7.1

0.7
-6.3
28.8
-7.JC
-1.3
-3.1
12,0
6.5
-S.5
-4.5
13.7
tJ.7
-5.8

1.5
-2.4
25.7
-10.9
3.4
-11.3
18.1
4.6
-9.7
-1.7
25.0
-1.0

-5.1
6.7
28.4
-7.9
2.7
-10.8
18.6
8.2
-8.2
2.3
27.7
-3.0

-5.1
19.3
22.9
-9-1
11.2
-13.7
12.4
8.2
0.0
0.0
28.6
-7.0

-10-0
35.1
7.6
0.0
14.6
-17.9
12.2
10.6

22.0
2.5
11.1
9.0

22.4
-6.7
11.5
10.9

18.2
-10.8
9.4
9.4

8.6
-5.8
2.4
7.8

3.6
6.0
1.6
-1.8
-1.9
16.2
15.2
-3.0
-4.6
11.3
6.1
13.6

-3.1
9.1
1.5
0.0
0.8
13.9
12.1
-2.7
-6-9
22.4
8.5
8.7

-9.1
13.5
5.8
1.1
1.1
7.6
6.7
3.0
-13.2
33.9
8.0
-1.5

-11.0
16.2
13.3
-5.6
-0.7
5.4
6.0
4.3
-10.0
34.4
9.1

'This Aeries is shown In this appendix for the first tim

eo.9
85.3
90,9
95.9
9B.4
100.0
107.3
110.8
106.7
114.8
125.4
131.9
122.0
114.1

FOR PERIOD

-10.0
35.3
10.8
0.4
16,4
-17,0
12.3
10.7
4.1
-8,0
23.6
-6.9
4.5

-13.4
7.9
-3.8
2.9
3.4
-7.5
24.5
-4.8
2.4
-17.0
13.6
-2.0
-7.9

7.1
13.5
-1.3
8.S
-7.1
15.2
7.9
-1,4
-8.1
15.8
2.8
= 3.7

18.5

2,1

9.5

2,3
11.6
4.7
-9.7
14.2
10.8
-5.2

13.7
4.2
5.7
4.0
11.7
-4.5
6.9
12.1
-6.3
8.7
9.4
12.8
-4.4
-22.8
2.4
8.9

12.3
1.6
7.1
7.5
S.S
-3.1
9.9
7.6
-3.3
1.1
8.4
12.2
-1.8
-14.3
10.7
7.2

y.s
o.y

-0.7
13.2
-8.3
-21.5
14.1
-0.9

AVERAGE FOR PERIOD

-8.0
27.4
-5.8

-2.9
-7.0
24.0
-11.9
2.0
3.2
9.2
13.6
-0.6
-6.7
7.7
14.5
-12.1

'This series contains a revision for December 1975.




Annual

53.7
49.5
55.1
60.2
59.8
64.0
59.0
69.5
70.7
69.4
64.2
76-3
74.2

910-C. CHANGE IN COMPOSITE INDKX OF 12 LEADING INDICATORS OVER 3-MONTH SPANS 3
(COMPOUND ANNUAL RATE, PERCENT)

96

IV Q

IIIQ

AVERAGE FOR PERIOD

910-C. CHANGE IK COMPOSITE INDEX OF 12 LEADING INDICATORS OVER 1-MONTH SPANS 2
(COMPOUND ANNUAL RATE, PERCENT)

1948...

II Q

-1.0
-0.7
27.6

-7.7
27.3
8.2

1-6
-8.4
16.2
6.4
-7.8
-1.3
22.1
1.6
-1.2

16.4
-7.8
7.8
9.4
2.3
-7.7
12.9
6.9
-1.5
0.4
9.0
8.3
1.5
-10.0
30.2
8.5

14.3
-17.4
14.4
7.2
2.9
-8.1
25.4
-8.9
2.2

-15.0
13.2
-3.6
4.7
7.3
-10.2
23.9
-2.9
1.2
-16.9
16.4
-3.1
-4.8

7.1
13.1
-2.3
7,8
-7.4
15.4
7.3
-1.9
-8.1
16.3
1.3
-3.1

6.7
3.8
2.4
9.0
4.9
-10.3
14.5
10.6
-4.7
1.2
0.8
11.9
-6,5
-22. S
14.9
1.2

9.3
6.1
5.9
6.5
11.4
-3.6
4.4
11.6
-7.0
7.9
7.9
11.9
-4.1
-25.2
4.1
4.9

H.4
1.6
6.6
7.8
5.4
-3.2
9.0
8.0
-3.6
0.8
8.7
11.6
-1.5
-13.1
11.0
6.0

(JULY 1977}

C Historical Data for Selected Series—Continued
Quarterly

Monthly
Year
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Annual
Dec.

IQ

II Q

9 2 0 . COMPOSITE INDEX OF 4 ROUGHLY COINCIDENT INDICATORS'
(1967=100)
1945. ..
1946. . .
1947.. .
1948...
li)49.. .
1950.. .
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958. ..
1959. ..
1960...
1961. ..
1962...
1963.. .
19b4...
1965...
1966. . .
1967...
1968.. .
19fa9...
1970. ..
1971. ..
1972...
1973...
1974. . .
1975...
1976. ..
1977...

IIIQ

IV Q

AVERAGE FOR PERIOD

50.5
50.0
48.5
58.0
58.3
64.0
60.4
62.3
68.6
69.9
64.8
67.5
72.3

50.4
49.6
48.2
57.7
59.1
64.6
60.4
62.8
68.5
70.4
63.5
68.3
72.1

50.9
49.1
49.7
58.0
59.1
65.2
59.8
63.9
68.5
70.3
62.6
69.1
71.5

50.4
48.6
50.8
58.2
58.9
65.2
59.6
64.7
69.1
69.6
61.7
70.2
71.7

50.8
48.1
51.9
58.2
59.2
65.2
59.3
65.6
68.7
69.3
61.8
71.0
71.3

51.7
47.8
53.2
58.3
58.7
64.9
59.4
66.0
68.7
69.4
62.6
71.3
70.9

51.8
47.2
55.2
57.6
57.7
65.1
59.2
66.6
66.3
69.4
63.6
70.6
70.5

51.8
47.7
56.9
57.9
60.2
64.4
59.2
66.5
68.6
69.5
64.2
68.6
70.2

51.8
48.3
56.2
57.7
61.9
63.6
59.5
67.1
69.2
68.8
64.8
68.5
69.9

67.6
72.5
75.0
79.2
85.7
93.9
99.3
102.6
108.6
109.8
107.5
112.9
123.8
126.8
113.9

67.4
73.2
75.7
80.0
86.3
94.5
98.8
103.5
109.2
109.7
107.3
113.3
125.1
126.1
112.3

67.9
73.8
76.0
80.0
87.1
95.7
98.9
103.9
109.6
109.7
107.7
114.5
125.6
125.8
110.9

68.2
74.2
76.6
80.9
87.5
95.9
99.2
104.1
109.8
109.4
108.1
115.5
125.6
125.5
111.4

68.9
74.2
76.9
81.6
88.2
96.3
99.1
105.0
110.0
109.1
108.6
116.1
126.0
125.7
111.6

69.8
74.1
77.3
81.8
88.8
97.4
99.3
105.7
110.5
108.5
108.6
115.8
126.2
125.5
112.7

69.9
74.5
77.4
82.4
89.7
97.5
99.5
106.3
111.0
108.7
108.4
116.7
126.9
125.7
113.7

70.6
74.7
77.5
82.8
90.1
97.8
100,3
106.1
111,4
108.4
108.4
118.2
126.6
125.2
115.4

70,6
74.7
78.0
83.5
90.4
98.2
100.4
106.7
111.6
108.1
109.1
118.8
127.2
124.6
116.3

51.9
46.3
56.3
57.9
62.7
63.3
59.8
67.7
69.9
68.1
65.2
68.1
69.6

51.5
47.2
56.1
58.1
63.1
62.2
60.9
68.1
69.7
67.0
66.7
68.8
68.8

51.1
47.8
57.4
58.1
63.7
61.1
61.6
68.5
70.2
65.8
66.5
71.4
67.8

50.6
49.6
48.8
57.9
58.8
t>4.6
6U.2
63.0
b8.5
70.2
63.6
68.3
72.0

51.0
48.2
52.0
58.2
58.9
65.1
59.4
65.4
68.8
69.4
62.0
70.8
71.3

51.8
47.7
56.1
57.7
59.9
64.4
59.3
66.7
68. 0

71.5
74.9
78.6
82.7
91.6
98.7
100.3
107.3
112.0
105.8
109.3
120.4
128.2
123.3'
116.7

72.5
75.3
78.4
84.1
92.5
98.7
101.9
107.9
110.9
104.9
110.2
121.6
128.8
119.9
116.9

72.9
75.0
78.9
85.4
93.3
98.8
103.0
108.2
111.0
106.6
111.2
122.6
127.9
116.2
117.6

67.6
73.2
75.6
79.7
8b.4
94.7
99.0
103.3

69.0
74.2
76.9
81.4
88.2
96.5
99.2
104.9
110.1
109.0
108.4
115.8
125. y
125.6
112.0

loy.i

109.7
107.5
113.6
124.8
126.2
112.4

920-C. CHANGE IN COMPOSITE I N D E X OF 4 ROUGHLY COINCIDENT INDICATORS OVER 1-MONTH SPANS*
(COMPOUND ANNUAL RATE, PERCENT)

51.2
48.1
53.4
58.0
60.2
64.1
59.9
65.8
68.8
69.0
64.0
69.4
70.6

70.4
74.6
77.6
82.9
90.1
97.8
100.1
106.4
111.3
108.4
108.6
117.9
126.9
125.2
115.1

72.3
75.1
78.6
84.1
92.5
98.7
101.7
107.8
111.3
105.8
110.2
121.5
128.3
119.8
117.1

69.8
74.3
77.2
82.0
89.3
97.0
100,0
105.6
110.5
108.2
108.7
117.2
126.5
124.2
114.1

ey.2

AVERAGE FOR PERIOD

1945. . .
1946 . . .
1947 . . .
l94tt. . .
1949. . .
1950. ..
1951...
1952. . .
1953...
1954...
1955...
1956...
1957. . .
1958...
1959...
I960...

-23.0
19.1
13.3
4.2
5.8
-12.9
14.5
1.8
-5.0
-16.8
19.6
16.2

-2.4
-9.2
-7.2
-6.0
17.8
11.8
0.0
10.1
-1.7
8.9
-21.6
15.2
-3.3

12.6
-11.4
44.4
6.4
0.0
11.7
-11.3
23.2
0.0
-1.7
-15.7
15.0
-9.5

-11.2
-11.6
30.0
4.2
-4.0
0.0
-3.9
16.1
11.0
-11.3
-16.0
20.9
3.4

9.9
-11.7
29.3
0.0
6.3
0.0
-5.9
18.0
-6.7
-5.1
2.0
14.6
-6.5

23.5
-7.2
34.6
2.1
-9.7
-5.4
2.0
7.6
0.0
1.7
16.7
5.2
-6.5

2.3
-14,1
55.7
-13.5
-18.6
3,8
-4.0
11.5
-34.7
0.0
20.9
-11.2
-6.6

0.0
13.5
43.9
6.4
66.4
-12.2
0.0
-1.8
50.6
1.7
11.9
-29.2
-5.0

0.0
16.2
-13.8
-4.1
39.7
-13.9
6.3
11.4
11.0
-11.4
11.8
-1.7
-5.0

2.3
-39.8
2.2
4.2
16.7
-5.5
6.2
11.3
12.8
-11.5
7.7
-6.8
-5.0

-8.9
26.0
-4.2
4.2
7.9
-19.0
24.4
7.3
-3.4
-17.8
31.4
13.1
-13.0

1961...
I9b2...
1963. . .
1964. ..
1965...
19b6. ..
1967...
1968...
1969...
1970. ..
1971...
1972...
1973...
1974...
1975. . .
1976. ..
1977...

-3.5
-6.4
0.0
4.7
4.3
8.0
6.2
-4.6
4.5
-12.2
10.6
20.0
12.4
-9.8
-21.3
11. «
-9.1

-3.5
12.2
11.8
12.8
8.7
7.9
-5.9
11.0
6.8
-1.1
-2.2
4.3
13,4
-6.4
-15.6
14.0
15.4

9.3
10.3
4.9
0.0
11.7
16.3
1.2
4.7
4.5
0.0
4.6
13.5
4.9
-2.8
-14.0
12.7
26.5

5.4
6.7
9.9
14.4
5.7
2.5

13.0
0.0
4.8
10.9
10.0
5.1

16.8
-1.6
6.4
3.0
8.5
14.6

1.7
6.7
1.6
9.2
12.9
1.2

12.7
3.3
1.6
6.0
5.5
3.8

0.0
0.0
8.0
10.6
4.1
5.0

16.4

lb.1

'

2.3
2.2
-3.2
4.5
11.0
0.0
-2.8
5, , 5
7.2
3.8

10.9
2.2
-3.2
5.7
6.4
3.9
1.9
4.4
1.0
5.7

8.3
5.6
-6.4
0.0
-3.1
1.9
-1.9
10.1
5.0
6.7

7.0
5.6
2.2
-2.2
9.7
6.9
1.9
11.2
2.0

-2.2
4.4
-3.3
0.0
16.6
-2.8
-4.7
19.5
3.0

7.0
2.2
-3.3
8.0
6.3
5.8
-5.6
9.8
-1.0

-10.9
17.1
6.3
-1.2
7.0
4.4
-22.7
2.2
17.4
9.9
-11.8
4.2
-2.9

64.2
69.2
70.2

51.5
47.1
56.6
58.0
63.2
62.2
60.8
68.1
69.9
67. Q
66.1
69.4
68.7

22.3
12.4
0.0
20.9
6.9
-11.2
-9.7
10.3
12.6
5.8
-28.5
2.1
15.7

-8.9
16.4
31.6
0.0
12.0

14.7
,7.3
9.0
-19.5
-3.5
56.1
-16.1

-14.5
Id. 8
4.6
7.3
9.8
-8.1
15.9
0.0
0.7
-18.0
16. b
1.1

7.4
-10.2
31.3
2.1
-2.5
-1.8
-2.6
13.9
1.4
-4.9
0.9
13.6
-3.2

0.8
5.2
28.6
-3.7
29.2
-7.4
0.8
7.0
9.0
-3,2
14. 9
-14.0
-5.5

-5.2
0.9
9.9
2.8
12.2
-14.6
15.1
8.6
6.1
-16.3
11.9
20.8
-11.4

6.B

0.8

11.7

4.8

13.8

3.7
8.6
7.5
3.3
4.6
3.9
4.1
-1.5
1.9
10.9
3.3
-2,8
13.5
1.3

4.8
10.5
13.5
2.5
11.2
5.8
-1.9
-3.7
8.0
13.4
2.5
-23.9
4.6
10.9

-iy.3

20.2
10.9
1.2
13.8
3.4
1.1
21.3
11.4
10.3
-8.1
-31.3
7.4
20.0

'

5. fa
8.2
1U.7
0.5
3.7
5.3
-4.4
4.3
12.6
10.2
-t>.3
-17.0
12.8
10.9

2
920-C. CHANGE IN COMPOSITE INDEX OF 4 ROUGHLY COINCIDENT INDICATORS OVER 3-MONTH SPANS
{COMPOUND ANNUAL RATE, PERCENT)

9.4
8.1
7.4
1.6
7.2
3.3
-4.3
3.4
4.8
1.9
-0.9
6.7
4.4
5.4

-4.7
22.1
1.4
11.6
-3.5
1.3
11.4
4.1
-5.9
2.4
9.2
-4.7
7.8
3.0
5.3
8.6
9.3
6.0
4.5
5.1
2.7
-3.5
4.4
10.4
4.5
-8.5
1.9
7.4

AVERAGE FOR PERIOD

1945. . .
1948...
1949...
1950. ..
1951...
1952. . .
1953. ..
1954. . .
1955...
1956. . .
1957. . .
195tf. ..
1959...
1960...
1961...
1962...
1963...
1964.. .
1965. . .
1966. . .
1967. . .
196«. ..
1969.. .
1970...
1971...
1972...
1973. ..
1974...
1975...
1976. ..
1977. ..

-14,8
16.9
4.2
7.1
9.8
-8.2
15.8
0.0
0.6
-18.1
16.6
0.6

-0.8
-10.7
20.4
1.4
4.2
7.7
-5.2
16.3
2.9
-1.7
-17.8
17.0
-3.3

3.2
-11.6
34.4
3.5
0.7
3.8
-7.1
19.1
1.2
-6.1
-10.3
16.8
-4.4

6.4
-10.2
31.3
2.1
-2.7
-1.8
-2.6
13.8
1.2
-5.0
0.0
13.4
-3.3

11.6
-11.0
39.4
-4.1
-7.9
-0.6
-2.7
12.3
-15.2
-1.1
12.9
2.3
-6.5

8.1
-3.3
44.5
-2.0
6.9
-4.8
-0.7
5.6
-0.6
1.2
16.5
-12.9
-6.0

0.8
4.2
24.5
-4.1
23.7
-7.8
0.7
6.8
2.9
-3.4
14.8
-14.8
-5.5

0.8
-7.4
8.2
2.1
39.4
-10.6
4.1
6.8
23.6
-7,3
10.4
-13.4
-5.0

-2.3
-4.1
-5.5
1.4

-5.3
-4.1
8.8
2.8

-13. y

-14.0
8.7
11.9
7.1
9.9
-11.1
13.1
2.4
4.1
-19.3
9.9
20.6

20.4
12.6
2.8

-13*.2
15.3
5.8

-13.0
12.0
10.0
6.6
-13.6
16.5
1.2
-7.7

-14.8
14.9
8.6
5.9
-16.3
10.9
18.0
-11.5

-17.1
17.8
5.4
0.0
-18.0
14.9
27.0
-11.0

-8.2
15.1
1.8
1.0
-18.4
14.5
6.0

0.5
-4.1
15.1
-4.3
-4.1
0.9
10.8
-4.7

-7.9
3.9
2.1
8.4
10.9
8.9

0.6
5.0
5.4
5.7
8.2
10.7

3.6
9.7
8.8
8.9
8.7
ti.8

9.2
5.6
6.5
8.2
9.1
7.8

11.7
1.6
7.0
9.3
8.0
7.3

10.3
1.6
4.2
7.6
10.4
6.8

10.2
2.7
3.2
6.0
8.9
6.4

4.7
3.3

9.5
2.2

11.2
3.3

13.7
1.6

5.7
0.5

-1.2
6.2

10.4
2.9

1.5
8.7
5.0

6.0
4.5
-1.4

3.0
-2.2

3.3
-4.3

4.4
-2.5

5.2
-2.5

4.0
-1.5

9.5
5.9
-4.0
-8.5
11.2
14.8

10.3
2.9
-1.3
-1.8
6.8
11.5

4.6
1.9
-1.0
6.7
4.4
5.4

4.2
4.2
0.6
8.5
2.7

7.4
1.9
-1.6
13.5
3.3

10.8
3.2
-2.8
13.4
1.3

15.3
10.4
2.5
9.5
4.9
-7.6
6.6
13.8
11.8
-4.3
-27.2
7.0
8.1

8.4
9.2
7.3

3.5
5.3
-4.6
4.2
12.4
10.2
-6.4
-17.0
12.8
9.9

9.4
13.5
2.5
10.8
5.7
-2.1
-5.4

7.7
9.3
9.5

6.4
4.9
-4.3
9.5
11.7
12.0
-8.1
-23.0
11.0
8.0

6.4
11.1
3.7
6.5
7.0
-1.8
-12.3
6.8
12.0
7.1
-15.9
5.3
3,6

8.6
7.4
3.3

3.8
3.7
-10.3
3.4
13.3
4.2
-7.4
11.0
-0.3

7.y

13.4
2.2
-24.4
4.5
10.5

y.i

3.2
-2.2
25.7'
-1.3
23.3
-7.7
1.4
6.4
8.6
-3.2
13.9
-13.7
-5.5
8.1
2.7
4.4
5.4
8.3
4.9

-7.2
4.1
5.3
2.3
13.8
-15.0
14.9
3.0
4.2
-16.0
14.1
15.4
-10.1
10.2
1.8
4.2
10.4
11.7
2.9

5.3

7.2

4.0

5.9

-3.4
5.3
11.2
9.4
-6.2
-16.2
11.7
10.9

-3.0
3.1
6.4
3.0
-0.6
4.5
4.6

-4.8
1.5
10.5
3.1
-3.9
12.6
1.4

-3.7
9.5
12.4
1.7
-22.5
5.6
7.4

'This series contains no revisions but is reprinted for the convenience of the user. 2This series contains revisions beginning with 1948.




7.1
-10.9
35.0
0.5

-5.5
20.4
1.8
10.0
-3.3
1.0
11.1
2.6
-5.5
2.6
6.8
-3.6
6.9
3.4
5.0
7.9
9.6
6.1
3.7
5.6
2.2
-3.7
4.9
10. 1
4.3
-8.3
1.6
6.3

(JULY 1977)

97

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Annual
Jan,

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

930. COMPOSITE INDEX OP 6 LAGGING INDICATORS1
(1967=100)
1945. . .
1946. . ,
1947, . ,
1948.
1949.
1950.
1951,
1952,
1953.
1954.
1955.
1956.
1957,
1958.
1959.
1&60,
1961,
1962.
1963.
1964.
1965.
1966,
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974,
1975.
1976,
1977.

76.2
73.7
76,8
79.8
83.9
90.5
99.9
100.9
1D8.4
118.7
109.1
105.4
112.7
134.3
143.4

46.8
49,4
47,2
55,5
60,8
65*6
65,6
62.5
69.3
73.4
72,9
69.0
76.4

47.1
49.2
47,5
56.2
60.6
66.6
65.1
62.2
70.2
73.9
71.9
69.5
76.7

41.1
49,1
47.9
57.0
61.4
67.1
64.3
62.7
71.3
74.1
70;, 3
70*3
77.5

47.7
48.7
48.3
57.9
62.3
67.2
63.6
63.7
71.8
74.3
69.2
71.3
78.0

48.6
48.4
48.4
58.2
62.3
67,7
63.3
64.1
72.8
74.4
68.6
72.2
77.7

49.2
48.1
49.4
58.7
62.1
67,7
62,3
65.5
71.9
75.2
67.9
73.3
77.4

49.3
47,8
50.4
58.8
62.4
68.2
61,9
66.1
72.4
75.7
68.4
74.4
76.8

48.8
48.2
51.4
59.0
62.6
67.9
61.6
66.7
72,5
74.9
68.4
75.1
76.6

76.1
73.6
77.0
80.4
84.5
91.4
99.6
101.6
109.0
118.8
108.4
104.4
114,3
133,2
138.1

75.4
74.0
77.0
80.6
85.3
92, 3
100. 3
101.5
110.0

74.6
74.5
77.0
81.1
86.1
93,7
99.6
102.6
111,7
116. S
106.5
105.6
118.6
137.4
130.8

74^2
74,8
77tl
81,0
86*7
94<7
99*8
104^0
112.7
116,4
107.0
106,3
120.1
142.1
128.5

73.6
75.3
77.5
31.4
86.9
95.8
100.0
104.5
115.3
116.9
106.3
106.9
122.6
143.6
124.1

73.0
75.6
78.1
81.3
87.2
96.9
100.3
104.4
116.2
117.0
107.8
107.3
125.9
146.0
124.2

73.1
75.8
78.3
82.1
87.8
97.8
99.9
104.9
116,6
117.2
108.8
107.5
129.2
146.4
124.5

73.3
76.1
78.5
82.9
87.5
98.0
100.0
105.0
117.0
116,4
108.7
108.6
131.7
147.1
124.4

73.2
76.5
79.0
83.1
88.3
98.2
99.6
104.8
118.0
115.2
107.9
109.5
131,7
146.7
125.3

118.;?
107.3

1U4.I1
116.1!
132.0
134. <i

49.5
47. S
52.6
59.2
62.9
67.5
61.8
67,3
73.0
75,1
68.1
74.9
76.7
72.8
76.8
79.8
82.5
88.9
99.2
100.0
105.5
117.7
113.6
106.9
110,0
132.0
145.2
123.1

49.2
47.4
52.8
59,8
63.7
67.3
61.7
67.2
72.9
75.2
68.7
74.4
77,1

46.5
49.6
47.3
54.7
60.6
65.1
66.3
62.1
68,5
73.4
73.5
68.8
75.5

47.3
49.0
47.9
57.0
61.4
67.0
64.3
62.9
71.1
74.1
70.5
70.4
77.4

49.0
48.1
49.4
58.6
62.3
67.9
62.5
65,2
72.4
75.1
68.3
73.3
77.3

49.2
47.7
52.3
59.3
63,1
67,6
61.7
67.1
72,8
75,1
68.4
74.8
76,8

48,0
48.6
49.2
57.4
61.8
66.9
63.7
64.3
71,2
74,4
70,2
71.8
76.8

73.0
76.9
80.1
33.4
90.1
99.7
101.3
107.2
118.2
111.7
106.7
110.6
133.2
145.1
122.0

75.9
73.8
76.9
80.3
84.6
91.5
99.8
101.3
109.1
118,6
108.3
104.9
114.4
133.4
138.7

74.1
74,9
77.2
81.2
86.6
94.7
99,8
103.7
113.2
116.6
106.6
106.3
120.4
141.0
127.8

73.1
75.8
78.3
82.1
87.5
97.6
100.1
104.8
116.6
116,9
108.4
107,8
128.9
146.5
124.4

73.0
76.7
79.6
83.0
89.1
99.0
100.3
105.8
118.0
113.5
107.2
110.0
132.3
145,7
123.5

74.0
75.3
78.0
81,6
86.9
95.7
100.0
103.9
114.2
116.4
107.6
107.2
124.0
141.7
128,6

930-C. CHANGE IK COMPOSITE INDEX OF 6 LAGGING INDICATORS OVER 1-MONTH SPANS2
(COMPOUND ANNUAL RATE, PERCENT)
1945, ..
1946, . .
1947. . .
1940.
1949,
1950.
1951.
1952.
1953.
1954.
195S.
1956.
1957.
1958,
1959.
1960.
1961.
1962,
1963.
1964,
1965,
1966.
1967.
1968.
1969,
1970.
1971.
1972.
1973.
1974.
1975,
1976,
1977.

AVERAGE FOR PERIOD

8.1

8,0

8.0

0.0

16.4

25,1

10.2
2,6
28,1
12.7
16,2
-6.9
4.0
15.3
12.1
-13.5
-3.4
1,6

-4.9
19.3
2.0
11.8
-8.6
0.0
5,4
-6.3
-16.4
5.4
21.1

-2.5
19.0
6.1
9.6
-13.5
12.3
19.1
3.3
-4.8
3.5
11.7

7.9
16.2
-3.9
19.9
-8.8
-5.6
16.7
8.5
-15,3
9.0
4.8

10.6

-13.8
10.1,
20. S
3.31
-23.7
14.7
13.3

10.5
20.7
19,1
1.8
-12.3
20.9
8.7
3.3
-17.2
18.5
8.0

2.5
6.4
0.0
9.3
-5,5
7.8
18.1
1,6
-9.9
16.2
-4.5

15.9
-7.2
27.8
10.8
-3.8
0.0
-17.4
29.6
-13.9
13.7
-11.6
19.9
-4.5

2,5
-7.2
27.2
2.1
6.0
9.2
-7.4
11.6
8.7
8.3
9.2
19.6
-8.9

-11.5
10.5
26.6
4.2
3.9
-5.2
-5.7
11.5
1.7
-12.0
0.0
11.9
-3.1

18.6
-16.1
31.9
4.1
5.9
-6.8
4.0
11,3
8.6
3.3
-5.1
-3.1
1.6

-7.0
-2,5
4.7
12.9
16.4
-3.5
-1.9
-1.8
-1.6
1.6
11.1
-7.7
6.4

l'.9
-1.6
22.1
6.9
12.5
-9.7
5.4
13.3
3.0
-11.6
1.8
11.5

8.1
-5,5
9,7
18.5
10,7
10.4
-11.6
8.5
15.3
5,0
-18.7
14.1
8.7

14.5
-7,2
19.2
6.4
0.7
6.2
-10.1
16.3
4.3
7.9
-4.1
18.6
-6.0

0.0
-2.7
21.1
7.1
8,7
-5.2
-1,2
7.0
2.9
-2,4
2.0
0.4
1.6

-13.1
12.1
-1,5
-4.4
7.4
5.5

-1.6
-1.6
3.2
9.4
8.9
12.6

-10,5
6.7
0.0
3.0
12,0
16.9

-12.0
8.4
0.0
7.7
11.9
15.2

-6.2
4.9
1.6
-1.5*
8.7
13.6

-9.3
8.3
6.4
6.1
2.8
14.9

-9.4
4.9
9.7
-1.5
4.2
14.7

1,7
3.2
3.1
12.5
8.6
11.7

3.3
4.9
3.1
12.3
-4.0
2,5

-1.6
6.5
7.9

-6.4
4.8
12.9

3.3
1.6
4.6

-8.4
5.7
0.6

-9.2
7.2
2.7

-1.5
4.3
5.3

11.5
2.5

8,5
12.9

-4.6
14.3
5.2
-24.6
-13,7
25.3
10.4
-13,2
-11,2
8.3

8.6
6,8
1,0
-7.4
-10.8
18.4
-9.4
-36.4
-6.7

-1.2
11.6
-5,9
-11.5
4.7
21.9
-3.5
-27.2
-3.0

13.8
20.2
-16.0
-8.6
9.6
27.8
50.5
-28.4
-5.8

17.7
11.3
-1.0
5.8
8.2
16.3
49.7
-19,2
5.2

5.9
31.5
5.3
-7.6
7.0
28.0
13.4
-34.2
13.8

-1.1
9.8
1.0
18.3
4.6
37.5
22.0
1.0
1.0

5.9
4.2
2.1
11.7
2.3
36.4
3,3
2.9
-2.9

1.1
4.2
-7.9
-1.1
13.0
25.9
5.9
-1.0
10.4

-2.3
10.8
-11.7
-8.5
10.4
0.0
-3.2
9.0
1.0

8.3
-3.0
-15.5
-10.6
5.6
2.8
-11,6
-19.1
-7.6

17.5
6.2
16.8
21.1
5.2
-18.3
-2,2
6.7
11.5
-0.8
-10.2
-4.8

9.4
11.7
1.3
0.9
10.9
0.1
-14.5
-6.6
21.9
-0.8
-25,6
-7.0
7.5

7.8
14.6
0,0
12.5
21.0
-3.9
-3.5
8.3
24.0
37.9
-27.3
4.4
10.6

2.9
9.6
Q.I
2.0
6.1
-1.6
9.6
6.6
33.3
10.4
1.0
2.8

-1,6
4,3
8,5
2.8
12.5
7.2
5.7
9.0
4.3
-15.2
-7.1
7.6
4.8

18.9
17. q
9.4

930-C. CHANGE IN COMPOSITE INDEX OF 6 LAGGING INDICATORS OVER 3-MONTH SPANS1
(COMPOUND ANNUAL RATE, PERCENT)
1945. ..
1946. ,,
1947. . .
1948.
1949,
1950.
1951.
1952,
1953.
19S4.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962,
1963,
1964.
1965,
1966.
1967.
1968.
1969.
1970.
1971.
1972,
1973.
1974.
1975.
1976,
1977,

IV Q

AVERAGE FOR PERIOD

46.5
49.7
47.3
54.7
60.5
65.1
66.4
61,9
68.3
73.2
73,2
68.8
75.7

46,2
49.6
47.5
53.9
60.4,
64.5
66.9
61.9
68.0
73.6
74.3
68.5
74.5

IMQ

1.6
-1.7
17.0
9.1
14.7
-6.4
0.6
6.1
1.1
= 9.7
4.2
4.3

-3.1
4.5
1.0
3.0
10.1
11.7
1.6
6.6
13.9
3.8
-17,1
= 9.0
16.6
3.7
-18,2
-9.4
3.7

2.7
-1.2
17.1
-5. .5

-0,8
-3.3
20.5
7.0
8.6
-5.2
-1.3
6.8
2.8
-2.6
1.8
0.0
1.6

6.7
-5.7
20,9
9.8
12.7
-5.8
2.0
8.0
6.2
-3.2
0.6
-3.2
-2.1

-1.6
4.3

1.1
4.8

-1.6
5.4

7.6
2.8
9.5
0.0
1.9
6.0
-1.7
9.3
6.5
33.2
10.1
1.0
2.7

9.2
5.1
5.5
-2.8
1.5
6.3
-6.0
0.4
8.5
19.7
1.9
3.6
2.7

2.0
5.1
5.8
0.4
2.3
3.8
-11.7
-6.8
9.6
9,0
-3.2
-4.4
1.0

-1.6
4.3
8.4
2.4
12.4
7.1
5.3
8.6
4.2
-15.2
-7.2
7.6
4.6
-5.3
-7.5
-3.9

2.8
1.6
4,1
3.9
10.3
7.1
5.3
14.5
2.4
-19.6
-9.0
12.2
8.1
-8.7
-13.6
-1.6

8.0
-3.2
0.0
18.2
1.3
13.7
-10.3
2.0
13.6
1,6
-12.3
6.0
12.3

S.3
-4.7
5,2
17.9
6,1
12.9
-12.1
5.3
18.8
S.O
-14.9
9.0
9.9

7.9
-5.5
9,7
18.5
10.2
16.1
-11.6
7.9
15.2
5.0
-18.8
14.0
8.6

13.4
-6.3
7.8
15.0
11.7
6.8
-10.6
12.8

19.1
-7.9
13,1
12.5
4.6
3.6
-11.9
19.1

14.1
-7.2
18.6
6.4
0.6
6.1
-10.3
15.9

1.7
-1.6
27.2
5.6
1.9
1.2
-10.3
17.2

2.7
-17.1
16.5
5.3

6.1
-13.0
18.2
-0.5

7.8
-4.5
18.6
-6.0

-8.5
5.6
0.5
2,5
9.4
11.6
1.2
0.8
10,9
0.0
-14.8
-6.9
21.8
-1.2
-26.2
-7.0
7.5

-8.1
4.4
1.0
6.7
10.9
14.9
-1.2
6.9
12.7
-7.2
-9.2
0.8
22.6
9.6
-30.8
-5,2
5.0

-9.6
6.7
0.5
3.0
10.8
15,2
0.8
9.8
14.3
-7.8
-5.1
7.5
21,9
29.5
-25,0
-1,3
4.7

-9.2
7.2
2.6
4.0
7.7
14.6
0.0
12,4
20.7
-4.3
-3.7
8,3
23.9
36.7
-27.5
4.1
10.1

-8.3
6.0
5.8
1.0
5.2
14.4
2.8
7.2
17.1
1.7
5.0
6.6
27.0
27.5
-18.7
6.5

-5.8
5.5
5.5
5.2
13.8
0.4
3.5
14.6
2.8
6.9
4.6
33.9
12.7
-11.9
3.7

'This series contains no revisions but is reprinted for the convenience of the user.




2

-6.8
-3.8

-5,1
5,4
4.2
4,3
8.2
10.8
1.8
6.1
10.6
-5.1
-3.9
4.0
21.0
10.6
-14.7
-0.9

AVERAGE FOR PERIOD

2.5
-4.9
28.5
3.5
5.3
-1.2
-3.2
11.5
6.3
-0.5
1.2
9.0
-3.6

1.6
-1.7
22.1
6.9
12. S
=9.7
5.3
13.1
2,8
-11.7
1.8
11.2

=•5.2

-3,4
12,1
13.5
6.8
6.0
-8.1
9.3
8.9
3.4
-8,1
8.7
4.0

o!6
-1.1
19.1
5.8
3.6
-8.8
2.6
10.9
1.8
-11.2
4.0
9.3
-6,6
4.8
0.8
4,1
10,1
12.7
0.5
4.8
12.5
-1.1
-13.7
-5.0
20.3
4.0
-25.1
-7.2
5.4

8.9
-5.5
7.6
17.1
9.3
9.9
-11.4
8.7
16.6
4.2
-16.9
13.2
7.9

11.6
-5.6
19.6
8.2
2.4
3.6
-10.8
17.4
1.7
5.5
-6.2
18.0
-4.0

2.8
-4.6
23.3
6.8
8.9
-4.1
-0.8
8.8
5.1
-2,1
1.2
1.9
-1.4

-3.9
12.3
12.8
6.6
5,8
-8.0
9.4
8.6
2.4
-8.3
9.3
3.0

-9.0
6.6
3,0
2.7
7.9
14.7
1,2
9.8
17.4
-3.5
-1.3
7.5
24.3
31.2
-23.7
3.1

-2.1
4.9
5,5
7,4
4,4
9.6
-0.8
2.3
9,0
-1.6
5.5
6.5
28.9
8.2
-2.4
3.0

-0.1
3.8
6.8
2.8
9.3
6.7
3.7
8.5
3.5
-15.5
-7,7
9.8
7.2
-5.7
-8,5
-1.5

-4.5
5.0
4.0
4.2
7,9
10.9
1,2
6.3
10.6
-5.4
-4.3
4.7
20.2
9.4
-14.9
-0.6

This series is shown in this appendix for the first time.

(JULY 1977)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year
Jan.

Feb.

Mar.

Apr.

May

June

July

Sept.

Aug.

Oct.

Nov.

Annual
Dec.

IQ

II Q

913. COMPOSITE INDEX OF MARGINAL EMPLOYMENT ADJUSTMENTS
(1967=100)

III

Q

tVQ

AVERAGE FOR PERIOD

1945. . .
1947. . .
1948..,
1949. ..
1950. ..
1951...
1952. ..
1953. ..
1954...
1955...
1956...
1957...
1958...
1959...
1960. ..
1961...
1962...

1963, ..
1964. ..
1965...
1966...
1967. ..
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977. ..

, ,.
102.5
94.2
97.0
104.2
101.1
103.9
93.8
98.6
99.6
98.7
90.9
97.1
98.5

101.2
94.6
96.6
103.9
101.4
103.6
93.9
99.5
98.3
98.5
90.4
97.9
97.2

101.1
93.0
98.1
104.5
101.0
103.4
93.5
99.9
98,7
98.7
89.8
98.7
95.1

101.1
91.9
99.1
103.6
99.6
103.4
93.1
100.1
99,5
97.6
90.1
99.1
95.2

100.7
92.4
100.4
102.4
100,7
102.2
94.1
100.7
97.6
96.5
91.4
98.7
95,3

101.7
93.5
100.8
101.5
100.1
101.9
94.4
99.4
98.4
97.5
92.9
98.3
94.8

101.3
93.8
102.8
99,8
96.4
101,1
95.3
99.2
98.0
96.8
93.7
97.7
94.8

100.3
93.7
105.3
98.7
102.4
99.4
94.6
99.4
98.5
96.0
94.4
97.1
93.8

100.1
95.3
103.5
99.2
104,3
97.3
94.7
100.7
98.9 ,
94.5
95.0
96.9
94.2

100.1
93.5
103.3
99.2
104.4
96.6
96.0
100.5
100.0
93.3
95.3
94.9
93.4

99.1
93,8
102,4
100.7
104.2
94.9
97.9
101.0
99.0
92,3
96,2
95.3
93.0

96,9
97.1
102.2
101.0
103.4
94.7
97.9
100.4
99.3
91.7
96.0
98.9
91.6

92.9
96.8
96.4
96.8
99.8
102.0
101.2 .
99.9
102.2
99.1
96.7
99.1
101.2
98.7
90.4

92.2
97,2
97.0
97.7
100.0
102.7
99.1
101.5
101.5
98.4
96.8
99.3
102.3
98.5
90.0

94.3
97.8
97.1
97.7
100.5
103.7
98.7
101.2
102.2
97.4
96.6
99,5
101,9
98.7
90.7

95.1
98.2
96.9
98.6
99.7
103.3
98.9
100.5
102.2
95.9
96.9
99.7
101,4
97.7
92.0

95.4
95.0
97.2
97.0
97.5
97.3
98.6
98.4 .
100.3
100.5
103.1
102.7
99.5
99,8
101.6
101.6
101.9
101.9
96.4
96.7
96.9
96,9
98.7
99.6
101.4
101.1
98.4
99.1
92.4
91.3

95.5
97.3
97.5
98.6
100.2
102.1
99.7
101.6
101.5
97.9
97.1
99.3
100.8
98.8
95.2

96.5
96.4
97,1
99.3
99.6
102.7
100.4
100.9
101.0
96.4
95,8
100.1
100.6
97.2
94.9

94.9
97.2
97.3
98.3
100.5
102.9
100.5
101.7
101,3
95.1
95.9
100.3
101,1
96.2
94,3

97.3
96.2
97.6
98.6
101.2
102.4
100.3
102.0
101.0
94.7
97.0
100.5
101.0
94.5
94.3

97.7
96.8
97.2
98.8
101.5
101.8
100.9
102.0
100.4
95.2
97.9
100,9
100.7
91.7
95.2

97.3
96.4
97.5
99.4
102.0
100.9
101,0
101.8
100.4
96.2
98,6
101.0
99,6
91.3
96.9

101.6
93.9
97.2
104.2
101.2
103.6
93.7
99,3
98.9
98.6
90.4
97.9
96.9

101.2
92.6
100.1
102.5
100.1
102.5
93.9
100.1
98,5
97.2
91.5
98.7
95.1

100.6
94.3
103.9
99.2
101.0
99.3
94.9
99,8
98.5
95.8
94.4
97.2
94.3

98,7
94.8
102.6
100.3
104.0
95.4
97.3
100.6
99.4
92,4
95.8
96.4
92.7

100^5
93,9
101.0
101.6
101.6
100.2
94,9
100.0
98.8
96.0
93.0
97.6
94.7

93.1
97.3
96.8
97.4
100.1
102.8
99.7
100.9
102.0
98.3
96,7
99.3
101,8
98.6
9Q.4

95.2
97.5
97.2
98.5
100.2
103.0
99.4
101.2
102.0
96.3
96.9
99.3
101.3
98.4
91.9

95.6
97.0
97.3
98.7
100.1
102.6
100.2
101.4
101.3
96.5
96,3
99.9
100.8
97.4
94.8

97.4
96.5
97.4
98.9
101.6
101.7
100.7
101.9
100.6
95.4
97.8
100,8
100.4
92,5
95.5

95.3
97.0
97.2
98.4
100.5
102.5
100.0
101.4
101.5
96.6
96.9
99.8
101.1
96.7
93.1

914. COMPOSITE INDEX OF CAPITAL INVESTMENT COMMITMENTS
(1967=100)

AVERAGE FOR PERIOD

1945. . .
1946. . .

,..

1948. ..
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956. . .
1957...
1958...
1959...
1960...

103.1
91.5
94.8
99.3
95.7
97.7
92.6
98.4
97.8
94.4
91.4
96,7
96.5

102.2
101.2
90.7
89.9
95.8
96.7
97.8
97,1
97.0
96,6
98.1
97.4
92.4
91.7
100.1
99.8
97.6 •
97.7
94.5
94.6
89.9
90,4
97.3
99.0
96.2
94.7

102.8
89.8
97.5
95.6
96.2
97.5
92.6
99.4
97.4
93.5
90.7
98.1
95.6

100.8
89.6
98,4
97,5
96.2
96.5
92.9
99.2
97.2
93.9
92.0
97.9
95.2

100.8
90.2
98.7
95.1
97.2
94.3
93.6
99.3
96.7
93.9
92.9
97.5
94.5

99.0
89.3
100.3
94.7
97.1
95.3
94.3
99.2
96.2
93.2
93.8
97.3
94.6

97.6
90.2
100.1
94.5
97.3
94.1
94.7
99.0
95.8
93.4
95,2
96.7
94.0

96.0
92.6
98.2
96.0
99.5
93.5
95.4
99,1
95.1
92.7
95.7
97.1
93.9

1961...
1962...
1963...
1964.. .
1965...

92.1
94.9
96.1
98.7
100.0
102.1
96.9
102.2
109.0
104.8
105.0
110.3
112.8
107.2
97.8

92.5
96.0
96.5
99.1
99.6
101.7
96.8
103.8
109.1
105.1
104.7
109.9
112.9
107.5
97.5

93.0
96.1
96.7
98.7
99.2
101.0
97.9
102.9
108.6
104.4
106.4
111.2
111.4
107.6
99.6

93.2
95.3
97.7
99.8
99.6
100.2
98.8
103.0
107.7
104.2
107.5
111.2
111.6
107.4
100.8

93.9
95.2
97.3
99.3
99.9
99.1
100.6
103.5
107.5
103.5
108.2
111.3
112.4
106.4
102.8

93.9
95.5
97.3
99,0
100.2
98.9
100.6
105.1
107,2
103.4
108.6
111.7
111.3
107.0
103.8

94.4
95.7
97.7
99.2
99.8
97.8
101.8
106.1
107.0
103.4
108,9
111.4
111.0
104.4
103.9

93.7
95.9
98.3
99.8
100,3
97.0
101.7
106.4
106.6
103.6
108.3
113.0
109.8
102.8
103.7

1966. ..
1967.. .
1968...
1969...
1970...
1971...
1972...
1973...
1974. ..
1975, ..
1976...
1977...

92,8
95,3
96.8
98.6
99.9
102.0
97.4
104.4
107.8
103.8
106.2
110.3
112.7
108.0
97.6

-

94.5
93.9
97,1
95,3
97.4
92.9
96.8
98.1
95.5
91.9
96.8
96.2
92.6

94,5
94,2
98.9
95.6
97.8
92.9
96.9
97.9
95.2
91.2
95.8
97.1
92.7

102.2
90.7
95.8
98.1
96,4
97.7
92,2
99.4
97.7
94.5
90.6
97.7
95.8

101. '5
89.9
98.2
96.1
96.5
96.1
93.0
99.3
97.1
93.8
91.9
97.8
95.1

97.5
90.7
99. S
95,1
98.0
94.3
94.8
99.1
95.7
93.1
94.9
97.0
94.2

95.1
93.5
97.7
95.3
97.7
93,3
96,7
98,1
95.4
91.8
96.1
96.6
93.0

91.2
97.8
96.1
97.2
95.4
94.2
99,0
96.5
93.3
93.4
97.3
94.5

94.5
95.8
98.5
99.9
100.4
96.3
101.8
108.1
106.4
103.9
109.0
113.0
109.0
100.9
103.6

95,3
96.3
98.4
99.9
100.6
95.4
102,5
107.4
105.5
104.3
109.8
112.3
109.4
99,5
103.8

94.8
96.5
99.0
99.6
101,3
95.7
103.2
107.9
105.6
105.6
110,2
113.4
107.3
101.1
104.3

92.5
95.4
96,5
98.8
99.8
101.9
97.0
103.5
108,6
104.6
105.3
110.2
112.8
107.6
97.6

93.4
95.5
97.2
99.3
99.6
100.1
99,1
103.1
107.9
104.0
107,4
111.2
111.8
107.1
101.1

94.0
95.7
97,8
99.3
100.1
97.9
101.4
105.9
106.9
103.5
108.6
112.0
110.7
104.7
103.8

94,9
96.2
98.6
99.8
100.8
95.8
102.5
107.8
105,8
104.6
109.7
112,9
108.6
100.5
103.9

93,7
95. 7
97,5
99.3
100.1
98.9
100.0
105.1
107.3
104.2
107.7
111,6
111.0
105.0
101.6

915. COMPOSITE INDEX OF INVENTORY INVESTMENT AND PURCHASING
(1967=100)

1948...
1949...

1950. ..
1951, ..
1952. ..
1953...
1954. ..
1955...
1956...
1957. ..
1958...
1959...
1960...
1961...
1962.. .
1963...
1964...

1965. ..
1966...
1967...
1968...
1969...
1970...
1971...

1972. ..
1973...
1974...
1975. ..
1976...
1977. ..

AVERAGE FOR P E R I O D

94.5
90.0
93.2
103.2
93.7
97.7
90.0
97.8
98.5
96.2
90.3
98.3
96.9

94.1
89.5
94.3
103.0
93.4
98.0
90.8
98.4
98.2
95.6
91.7
99.7
95.5

93,4
89.0
94.9
102.8
94.2
98.3
91.1
100.1
97.8
94.4
91.9
100.4
94.1

93.7
88.2
96.1
100.7
94.7
97.6
91.9
100.4
97.7
93.9
92.3
101.0
93.7

94.0
87.4
98.0
99.0
94.2
96.4
93,0
99.7
96.8
94.4
93.4
100.4
94.1

94.8
86.9
98.8
97.7
95.9
96.0
93.9
99.2
96.1
95.1
94.4
99.5
94.6

95.2
88.5
102,6
96.4
96.1
95.8
93.6
100.1
96.4
95.6
95.6
98.7
94.9

94.8
91.5
104.4
94.8
95.5
94.1
93.1
100.8
96.8
95.1
96.4
97.8
95.1

93.7
93.7
102.9
94.5
95.8
91.7
93.8
101.0
97,5
94.2
97.4
98.0
95.2

92.4
94.3
102.6
95.1
95.6
89.8
95.2
100.6
97.9
93.0
98.1
97.9
94.8

91.2
94.4
101.3
93.8
96.0
89.4
96.7
99.8
97.4
91.6
98.6
97.3
94.5

90.1
93.0
100.7
93.6
96.6
89.6
97.4
98.9
96.7
91.0
98.2
97.8
94.5

94.0
89.5
94.1
103.0
93,8
98.0
90.6
98.8
98.2
95.4
91.3
99.5
95.5

94.0
99.0
97.7
99.3
102.5
103.0
100.2
101.9
103.0
100.3
100.0
101.5
106.5
109.8
94.6

94.3
99.2
98.3
99.0
102.3
104.3
100.1
101.8
102.5
100.5
100.9
102.0
107.4
110.0
93.5

95.3
98.9
98.8
99.4
101.7
105.3
98.9
101.1
102.4
100.2
101.2
102.6
108.0
109.6
92.9

96,6
97.1
99.7
100.1
101.8
105.0
98.8
100.4
103.1
100.4
101.0
102.5
108.0
108.9
94.0

97.6
96.6
99.5
100.5
101.9
104.3
98.5
100.5
103.5
101.8
100.9
102.8
108.8
107.6
95.4

98.0
96.1
99.3
100.2
101.7
103.8
99.0
100.6
103.9
101.7
100.3
103.1
109.2
105.8
96.6

97.6
96.9
98.0
100,7
101.7
103.6
99.7
100.9
103.9
100.4
100.0
103,4
109.5
105.3
98.1

98.2
97.2
97.7
101.0
101.8
103.3
100.7
99.9
104.1
100.0
100.2
104.2
109.0
105.2
99.1

98.4
97.6
98.2
102.6
101.0
102.4
100.7
100.9
104,0 •
99.8
100.2
104.8
108.7
103.5
100,6

98.4
98.0
98.6
102.0
101.0
102.0
100.7
102.0
103.7
98.9
100.9
105.8
108.9
101.4
101.0

98.2
97.8
98.8
102,0
101.6
101.5
100.9
103.0
102.3
98.5
100.9
105.7
109.6
98.9
100.0

98.5
97.4
98.8
102.1
102.4
101.2
101.8
102.8
101.7
99.4
101.1
106.0
109.9
96.4
99.2

94.5
99.0
98.3
99.2
102.2
104.2
99.7
101.6
102,6
100.3
100.7
102.0
107.3
109.8
, 93.7

NOTE: These series contain no revisions but are reprinted for the convenience of the user.




9g!i

96.3
92.3
97.1
94.9
98.0
94.2
96.5
98.3
95.4
92.4
95.8
96.4
93.6

,

94.2
87.5
97.6
99.1
94.9
96.7
92.9
99.8
96.9
94.5
93.4
100.3
94.1

94.6
91.2
103.3
95.2
95.8
93.9
93.5
100.6
96.9
95.0
96.5
98.2
95.1

91.2
93.9
101.5
94.2
96.1
89,6
96.4
99.8
97.3
91.9
98.3
97.7
94.6

93.5
90.5
99.2
97.9
95.1
94.5
93,4
99.7
97.3
94.2
94.9
98,9
94.8

97.4
96.6
99.5
100.3
101.8
104.4
98.8
100,5
103.5
101.3
100.7
102.6
108,7
107.4
95.3

98,1
97.2
98.0
101.4
101.5
103.1
100.4
100.6
104.0
100.1
100,1
104,1
109.1
104.7
99.3

98.4
97.7
98.7
102.0
101.7
101.6
101.1
102.6
102.6
98.9
101.0
105.8
109.5
98.9
100.1

97,1
97.6
98.6
100.7
101.8
103.3
100.0
101.3
103.2
100.2
100.6
103.7
108.6
105,2
97,1

(JULY 1S77)

99

C. Historical Data for Selected Series—Continued
Monthly
Year

Jan.

Fob.

Mar.
916.

194S. . .
1946, . .
1947.. .
1948...
1949...
1950..,
1951...
1952.,.
1953...
1954...
1953...
1936...
1957...
1958,.,
1959...
I960...

1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969.,.
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...

70.1
70.8
€9.5
75,1
74.3
73.8
71,3
79.4
82.6
81.9
77. b
85. 1
86,9
83.7
89.5
89,9
94.4
98.3
102.3
99.3
100.4
100,5
94.3
94.8
100.8
105,6
103,9
93.7

Apr.

May

June

Quarterly

July

Aug.

Sept.

Oct.

Nov.

Annual

Dec.

1 Q

COMPOSITE INDEX OF PROFITABILITY 1
(1967=100)

70.1
69.9
69.9
73.8
73.9
73.7
72.0
80.1
82.5
81.9
76.7
85.5
86.0

69.9
70.0
70.3
74.1
73,5
73.4
72.3
80.4
83.0
81.8
76.8
86.3
85.2

71,3
69.5
71.2
74.6
73.1
72.7
72.9
81,2
83.1
81.7
76.8
67,1
85.0

72.4
69.0
72.0
75.2
72, §
72.8
73.6
81.2
82.$
82.0
77.1
87.1

84.0
90.3
90.0
94.8
99.0
102.1
99,7
99,2
100.6
93.5
95.9
101.2
105.6
103.3
95.0

85.0
90.3
90.2
94.8
99.4
101.9
99.6
99.3
100.2
93.6
96.6
101,6
105.7
103.5
96.0

85.9
89.3
91.2
95.3
99.9
101.7
99.9
100.5
99.7
93.1
97.2
102.2
104.5
102.0
98.3

864

844

88.3

91.9
95.4

100. S

101.2

99. a
loo, a
99.8

91.5!

97.3
102.0
194.5
100.9
100.6

72.7
68.6
72.8
74.8
72.6
72.1
74.1
82.0
82.3
82.5
79.2
87.1
84.6
86.4
86,7
92.0
95.3
100.0
100.7
99.6
101.1
98.9
91.1
97.1
102.1
104.5
99.8
102.6

1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968,
1969.
1970.
1971.
1972.
1973.
1974,
1975.
1976,
1977.

77.4
71.1
75.2
72.0
76.9
79.4
75.4
83.3
86.4
83.2
76.7
85.6
83.4

77.2
71.4
75.6
69.8
77.9
79.1
75.8
#4.2
86.0
83.3
77.2
85.8
83.0

77.7
71.6
76.3
69.6
78.2
79.6
76.2
84.1
85.6
83.4
77.2
86,3
83.0

73.6
72.2
77.5
69.6
77.5
80,1
' 76.0
84.4
84.7
83.0
77.6
86.7
82,3

80.1
87.1
88.1
90,7
95.4

80.3
86.7
88.7
91,0
96.0
99.4
96.5
102.1
108.5
100.2
108.1
114.8
126.0
117.9
100.5

81.3
87.0
39.0
91.4
96.3
99.7
97.9
102.3
107.3
100.7
109,7
116.6
123.6
117.4
102.0

82.4
87.3
89.7
91.8
96,2
100.1
97.5
102.8
106.9
101.5
111.0
117.8
122,6
117.7
102.5

99. a

94.2
102.3
109.2
101.4
106.2
113.1
127,0
118.2
102.2

1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971,
1972.
1973,
1974.
1975.
1976.
1977.

IVQ

71.1
69.9
74.3
74.6
72,9
72.2
74.8
82.4
82.5
82.0
80,9
85.4
84.7

71.2
69.6
74.9
74,7
73.0
71.2
75.6
83.0
82,2
81.4
81.5
84.8
83.9

71.8
69.2
75.0
74.8
73.0
70.8
76.1
82.9
81.9
79.9
82.8
84.6
83.5

70.8
69.2
74.9
74.1
74.0
70.3
76.9
83.4
81.9
78.9
83,8
84,6
83.3

71.0
69.3
74.7
74.2
74.0
70.6
78,3
83.7
82.1
78.2
84.2
86,4
83.3

70.0
70.2
69.9
74.3
73.9
73.6
71.9
80.0
82.7
81.9
77.0
85.6
36.0

72.1
69.0
72.0
74.9
72.8
72.5
73.5
81.5
82.6
82.1
77.9
87.3
84.6

71.4
69.5
74,1
74,6
73.0
71,9
75.0
82.7
82.0
82.1
80.7
85.6
84.4

71.2
69.2
74.9
74.4
73.7
70.6
77.1
83.3
82.0
79.0
83.6
85,2
83.4

71.2
69.5
72,7
74.5
73,3
72,2
74.4
81.9
82.3
81,3
79.8
83.9
84.6

86.7
87.5
87.2
87.6
92.1
91.4
95.7
95.8
100.4
100.8
99.4
100.6
99.4 * 99.8
100.3
100.7
97.7
98.0
91.4
91,1
97.3
96.7
103.3
102.4
105.4
104.3
96.4
98.0
104.3
104.2

87,8
88.1
92.4
95.6
101,3
99.0
100.6
100.5
97.1
91.8
98.0
103.3
104.9
94.9
104.2

88.2
87.7
92.8
95.9
101.6
99.0
100.9
100.4
96.8
92.2
98.0
103.6
105.3
95.1
104.4

89.1
88.9
92.7
96.6
101.6
99.2
100.7
101,0
96.5
92.0
97.9
104.9
104.3
94.9
105.2

90.0
89.2
92.9
96.9
102,0
99.2
100.7
100.7
95.2
93,8
99.1
106.0
103.5
92.9
105.6

84.2
90.0
90.0
94.7
98.9
102.1
99.5
99,6
100.4
93.8
95.8
101,2
105.6
103.6
94.9

86.2
88.1
91,7
95.3
100.1
101.2
99.8
100.8
99.5
91.9
97.2
102.1
104.5
100.9
100.5

87.3
87.6
92.0
95,7
100.8
99,7
99.9
100.5
97.6
91.4
97.3
103.0
104.9
96.4
104.2

89.1
88.6
92.8
96.5
101.7
99.1
100.8
100.7
96,2
92.7
98.3
104.8
104.4
94,3
105.1

86.7
88.6
91,6
95.5
100.4
100.5
100,0
100.4
98.4
92,4
97.2
102.8
104.8
98,8
101.2

71.9
69.0
73.0
74.5
73.1
72.3
74.6
82.6
81.4
82.9
79.8
86.6
84.5

AVERAGE FOR PERIOD

77.0
80.1
76.8
«S.6
83.1
82.5
77,9
87.4
81.0

70.6
73.0
77.8
71,6
77.0
79.0
77.4

86.6
82. S
81.2
78.5
87,4
80.4

70.0
74,0
77.1
72.9
77.0
78.2
78.4
87. S
82.2
80.5
78.6
87.8
80,9

70.5
73.5
76.1
74.1
77.6
77.5
79.4
87.4
82.1
80.2
79.2
87.2
81.6

71.2
72,8
74.8
74.4
79.0
76.6
80.2
87.0
82.7
79.6
80.9
85.3
82.3

. 71-3
73.2
74.2
74.5
79.5
75.5
81.7
87.5
82.8
78.8
82.6
83.1
82.0

71.3
73.2
74.0
75.4
80.3
74.8
82.3
87.0
83.3
77.6
84.4
81.5
81.4

71.4
74,2
73.1
75.8
79.8
75. 0
82.6
86.7
83.2
77,2
84.7
81.6
80.6

77.4
71.4
75, /
70,5
77.7
79.4
75.8
83.9
86.0
83.3
77.0
85.9
82.8

71.8
72.8
77.7
70.5
77,2
79.7
76.7
85.5
83.4
82.2
78.0
87,2
81,2

70,6
73.4
76.0
73.8
77.9
77.4
79.3
87.3
82.3
80.1
79.6
86.8
81,6

71.3
73.5
73.8
75.2
79.9
75.1
82.2
87.1
83.1
77.9
83.9
82.1
81.3

72.8
72. «
75.8
72.5
78,1
77.9
78.5
85.9
83.7
80.9
79.6
83.5
81.7

83.2
87.2
90.4
92.6
95.8
100.0
98. S
103.7
106.5
101.9
111.9
118.0
123.0
116.9
103.5

84,1
87,1
90.6
93.0
96,1
98.7
99.8
104,5
105,2
101.4
112.9
118.2
123.7
115.7
105.4

84,5
86.9
90.4
93.6
96.9
96. S
101.2
105.2
103.4
101,2
113.7
118.6
123.6
114.2
106.1

84.8
86.8
90.1
93,9
97.4
94.1
102.1
106.2
101.7
102.4
114.1
119.1
121.3
111.4
106.8

84.8
86. S
90.5
94.4
98.0
94.0
102.8
107.3
101.8
104.3
113.2
120.8
119.9
109.0
106.5

85.4
86.3
90.6
95.1
98.8
93,0
103.3
107.8
102.2
104.7
112.2
122,3
118.8
107.7
105.9

86.5
86.3
91.2
95.6
99.1
92.5
103.4
108.8
102.5
104.7
111.5
124.2
118.3
106.7
107.5

87,0
87.0
90.6
95.4
99.3
93.5
102.8
109.3
101.5
105,2
111.8
126,2
118.4
104.8
107,3

80.6
86.9
88.6
91,0
95.9
99,6
96.2
102.2
108,3
100.8
108.0
114.8
125.5
117.8
101.6

83.2
87.2
90.2
92.5
96.0
99.6
93.6
103.7
106.2
101.6
111.9
118.0
123.1

84.7
86.7
90.3
94,0
97.4
94.9
102.0
106.2
102.3
102,6
113,7
119.5
121.6
111.5
106,5

86.3
86.5
90.8
95,4
99.1
93,0
103,2
108.6
102.1
104.9
111.8
124.2
118.5
106,4
106,9

83.7
86.3
90.0
93.2
97.1
96.8
100,0
105.2
104.7
102,5
111.4
119.1
122.2
113,1
104.7

71.3
73.2
77.9

70.2,,

940. RATIO, COINCIDENT COMPOSITE INDEX TO LAGGING COMPOSITE INDEX
(1967*100)
1945. ..
1946. . .
1947. . .
1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.

II! Q

AVERAGE FOR PERIOD

917. COMPOSITE INDEX OF HONEY AND FINANCIAL FLOWS
(,1967=100)
1943. . ,
1946. . .
1947...
1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.

II Q

116.8
103.8

AVERAGE FOR PERIOD

109.3
100.8
1Q2.1
107.6
96.5
99.2
90.3
100.6
100.9
95,0
87.2
98.5
97.0

108.4
99.8
101,9
105.5
97.7
99.2
91.0
101.5
100.3
96,2
86.7
99.3
9S.2

108.8
99.4
105.3
104.5
97.2
99.4
91.2
102.2
98.8
95.8
85.9
100,1
93.6

107.0
98.8
106.9
103.6
97.2
97.9
91.6
104.0
98.4
94.2
85.8
101.0
93.5

107,9
98,0
108.4
102.1
96.4
97.2
92.2
104.6
96.4
93.5
87.9
101.0
92.0

108.4
98.2
110.1
100.7
94.2
96.6
93.4
103,6
95.7
93.4
90.5
100.0
90.9

106.6
97.5
114.0
99.0
92.6
96.2
93.5
103.9
91.1
93.3
92.7
97.8
90.7

105.3
99.2
115.2
98.6
96.9
95.1
95.0
101.5
95.4
92.4
94.6
93.6
90.7

105.1
101.0
111,5
98.1
99.2
93.3
96.1
101.5
95.6
90.9
94.7
92.1
91.0

106.4
96.1
109.5
98.1
100.2
93,2
97.1
101.5
96.4
90.9
95.3
90.7
90.9

104.0
99.4
106.7
98.1
100.3
92.1
98.5
101.2
95. S
89.2
97.9
91.9
89.7

103.9
100.8
108.7
97.2
100,0
90.8
99.8
101.9
96.3
87.5
96.8
96.0
87.9

108.8
100.0
103.1
105.9
97.1
99.3
90.8
101.4
100.0
9S.7
86.6
99.3
95.3

107.8
98.3
108.5
102.1
95.9
97.2
92.4
104.1
96.8
93.7
88.1
100.7
92.1

105.7
99.2
113.6
98.6
96.2
94.9
94.9
102.3
94.0
92.2
94.0
94.5
90.8

104.6
98.8
108.3
97.8
100,2
92.0
98.5
101.5
96.1
89.2
96.7
92.9
89.5

106,8
99.1
108.4
101.1
97.4
95.8
94,1
102.3
96.7
92.7
91.3
96.8
91.9

88.7
98.4
97.7
99,2
102.1
103.8
99,4
101.7
100.2
92.5
98.5
107.1
109,8
94.4
79.4

88.6
99,5
98.3
99,5
102.1
103.4
99.2
101.9
100.2
92.3
99.0
108,5
109.4
94.7
81.3

90.1
99.7
98.7
99.3
102.1
103.3
98.9
102.4
99.6
92.8
100.4
109.3
108.1
94.7
82.5

91.4
99.6
99.5
99.8
101.6
102.3
99.6
101.5
98.3
93.9
101, S
109.4
105.9
91.3
85.2

92.9
99.2
99.7
100.7
101.7
101.7
99.3
101.0
97.6
93.7
101.5
109.2
104.9
88.5
87.0

94.8
98.4
99.7
100.5
102.2
101.7
99.3
101.1
9S.8
92.8
102.2
108.3
102.9
87.4
90.8

95.8
98.5
99.1
101.4
102.9
100.6
99.2
101.8
95. S
92.9
100.6
108.8
100.8
86.1
91. S

96.6
98.5
99.0
100.9
102.6
100.0
100.4
101.1
95.5
92.5
99.6
110.0
98.0
85.5
92.7

96.3
98.2
99.4
100.7
103.3
100.2
100.4
101.6
95.4
92.9
100.4
109.4
96.6
84.7
93.5

97,7
97.9
99. S
99.5
103.7
100.5
100.7
102.4
94.9
91.8
101.3
110.0
97.3
84.0
93.1

99.6
98.0
98.2
101.9
104,0
99.5
101.9
102.3
94.2
92.3
103.1
110.5
97.6
82.6
95.0

99.9
97. S
98.5
102.4
103.6
99.1
101.7
100.9
93.9
95.4
104.2
110.8
96.0
80.1
96.4

89.1
99.2
98.2
99.3
102.1
103.5
99.2
102.0
100.0
92.5
99.3
108.3
109.1
94.6
81.1

93,0
99.1
99.6
100.3
101.8
101.9
99.4
101.2
97.2
93.5
101.7
109.0
104.6
89.1
87.7

96.2
98.4
99.2
101,0
102.9
100.3
100.0
101.5
95.5
92.8
100.2
109.4
98,5
85.4
92.6

99.1
97.8
98.7
101.3
103,8
99.7
101.4
101.9
94.3
93.2
102.9
110.4
97.0
82.2
94.3

94,4
98.6
98.9
100.5
102.7
101.3
100.0
101.6
96.8
93,0
101.0
109.3
102.3
87.8
89.0

NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.
for December 1975.

100



'This series contains a revision

(JULY 1977)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Annual

Jan.
721.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT, EUROPEAN COUNTRIESINDEX OF INDUSTRIAL PRODUCTION
(1967=100)

II Q

III

Q

IV Q

AVERAGE FOR PERIOD

1945. . .
1946. . .
1947. .
1948. ..
1949. . .
1950,.,

1951. . .
1952. . .
1953...
1954...
1955...
1956,..
1957...
1958...
1959...
1960...

38
42
46
57
61
62
63
71

38
42
46
56
61
62
63
71

39
42
47
57
61
63
63
71

39
43
47
58
61
62
65
72

39
43
47
58
61
62
66
72

39
44
50
58
62
62
66
72

40
44
49
60
62
62
66
73

40
44
50
60
62
63
67
73

41
45
51
60
62
62
67
73

41
45
50
60
62
62
70
75

1961...
1962...
1963,..

73
77
81
90
93
98
98
102
113
122
126
129
139
147
137

75
78
81
90
95
98
98
103
114
123
126
127
142
147
137

76
77
81
90
92
100
98
104
116
123
124
129
141
147
137

76
78
83
90
93
98
100
106
117
123
126
132
142
148
134

75
78
85
91
96
100
98
101
118
124
126
132
143
148
132

76
80
86
91
95
100
98
106
118
123
126
132
144
148
133

76
80
86
91
95
100
101
108
118
124
127
132
143
147
132

76
80
87
91
95
100
100
109
119
124
126
133
146
146
132

76
81
87
91
96
100
101
109
118
124
127
134
147
146
134

76
80
87
92
97
100
101
111
118
124
128
137
147
144
137

1964. ..
1965.,.
1966...
1967...
1968...
1969...

1970. ..
1971.. .
1972...

1973. . ,
1974...
1975...
1976...
1977...

722.

42
45
51
60
62
63
70
. 75

42
46
51
60
62
63
70
75

38
42
46
57
61
62
63
71

39
43
48
58
61
62
66
72

40
44
50
60
62
62
67
73

42
45
51
60
62
63
70
75

40
44
49
59
62
62
66
73

77
81

78
81
88
92
97
98
106
114
119
124
126
141
147
137
139

75
77
81
90
93
99
98
103
114
123
125
128
141
147
137

76
79
85
91
95
99
99
104
118
123
126
132
143
148
133

76
80
87
91
95
100
101
109
118
124
127
133
145
146
133

77
81
88
92
97
99
103
112
119
124
127
138
147
141
138

76
79
85
91
95
99
100
107
117
124
126
133
144
146
135

as

92
97
98
102
112
119
124
128
137
147
141
138

UNITED KINGDOM—INDEX OF INDUSTRIAL PRODUCTION
(1967=100)

AVERAGE FOR PERIOD

1947. .
1948...

1949. ..
1950..,
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...

1960. ..
1961. ..
1962. ..
1963. ..
1964...
1965...
1966...
1967...
1968.. .
1969...
1970...
1971.. .
1972...
1973...
1974...
1975...
1976.,.
1977,.,

52
55
60
63
63
63
69
73
73
73
75
75
83

52
55
60
64
63
63
68
73
73
76
76
75
83

54
56
60
65
64
64
69
75
73
73
77
75
83

53
56
61
64
61
64
69
74
73
73
73
77
83

52
57
61
64
61
65
70
75
72
76
75
77
83

52
58
60
65
61
62
70
73
73
76
75
77
83

53
62
61
64
59
64
70
73
73
76
73
78
83

53
58
61
64
59
64
70
72
72
76
73
78
83

54
57
62
64
60
65
71
74
73
76
73
79
83

53
57
63
63
62
68
72
76
73
75
73
81
85

54
59
63
63
63
67
72
75
73
76
75
81
83

56
60
63
63
63
67
72
76
73
73
75
82
83

53
55
60
64
63
63
69
74
73
74
76
75
83

52
57
61
64
61
64
70
74
73
75
74
77
83

53
59
61
64
59
64
70
73
73
76
73
78
83

54
59
63
63
63
67
72
76
73
75
74
81
84

53
58
61
64
62
65
70
74
73
75
74
78
83

83
83
82
92
98
100
98
103
109
109
112
109
121
115
119

83
83
83
93
98
100
99
106
109
111
110
100
122
116
119

83
85
86
93
96
100
99
106
109
111
109
110
123
119
117

85
85
87
95
98
100
100
106
111
111
111
112
122
121
113

83
86
88
95
100
100
99
107
110
109
112
115
122
121
111

85
86
88
96
97
99
100
107
111
110
110
116
122
122
111

86
86
90
95
97
100
100
107
111
111
111
113
123
122
111

83
86
89
95
98
100
99
108
110
111
111
115
123
122
110

83
87
88
96
99
100
100
107
109
110
110
117
123
120
112

83
85
91
97
100
99
100
107
108
112
110
118
125
120
113

83
85
92
97
99
97
101
108
111
110
110
118
123
119
113

83
85
92
98
100
98
105
109
111
111
110
119
120
117
112

83
84
84
93
97
100
99
105
109
110
110
106
122
117
118

84
86
88
95
98
100
100
107
111
110
111
114
122
121
112

84
86
89
95
98
100
100
107
110
111
111
115
123
121
111

83
85
92
97
100
98
102
108
110
111
110
118
123
119
113

84
85
88
95
98
99
100
107
110
110
110
114
122
120
113

723. CANADA — INDEX OF INDUSTRIAL PRODUCTION'
(1967=100)

AVERAGE FOR PERIOD

1945. . .
1946...
1947...

1948. . .
1949. ..
1950...
1951...

1952. ..
1953...

1954. ..
1955. ..
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963.. .
1964...
1965...

1966. ..
1967.. .
1968...

1969. ..
1970...

1971. ..
1972...
1973...
1974.,.
1975...
1976...

29.1
31.5
33.3
35.2
35.7
41.4
41.5
46.0
46,3
43.6
54.3
57.8
56.3
59.7
65.2

29.1
31.5
33.3
34.8
36,1
41.5
41.4
46.3
46.8
48.7
54.3
58.7
56.8
60.9
64.7

29.4
31.9
33.5
35.2
36.1
41.6
42.1
46.9
46,2
49.6
55.3
59.2
56.7
60.9
65.2

29.5
31.9
34.2
35.0
36.3
42.1
42.2
46.9
45.7
49.7
56.5
58.1
57.3
62,1
63.2

29.7
32.1
33.9
35.3
36.6
42.2
42.9
46.9
45.7
50.8
S5.-9
58.1
57.8
61.8
63.6

29.8
32.5
33.7
35.2
37.7
42.0
42.9
46.4
45.8
51.4
57.0
58.0
57.3
62.0
63.4

29.7
33.1
33.8
35.2
38.6
41.4
42.9
46.9
45.5
51.4
57.6
58.0
57.8
62.3
62.4

29.4
33.2
34.3
35.8
37.9
41.9
44.0
46.4
46.4
52.6
57.3
58.1
57.6
62.3
62,9

29.2
32.6
34.6
35.5
39.3
41.1
44.2
46.8
46.0
52.7
57.3
57.0
57.4
63.5
63.5

29.7
32.8
34.8
35.5
39.9
41.0
44.9
46.3
46.5
53.2
58.2
56.4
57.6
64.8
63.7

30.6
33.3
34.9
35.5
40.4
41.0
45.2
45.4
46.8
53.4
58.6
56.5
58.7
63.4
63.4

31.0
33.0
34.9
36.1
40.9
40.7
15.5
46.2
47.7
54,1
58.7
56.7
59.2
63.7
63.1

29.2
31.6
33.4
35.1
36.0
41.5
41.7
46.4
46.4
49.0
54.6
58.6
56,6
60.5
65.0

29.7
32.2
33.9
35.2
36.9
42.1
42.7
46.7
45.7
50.6
56.5
58.1
57.5
62.0
63.4

29.4
33.0
34.2
35.5
38.6
41.5
43.7
46.7
46.0
52,2
57.6
57,7
57.6
62.7
62.9

30,4
33.0
34,9
35.7
40.4
40.9
45,2
46.0
47. Q
53.6
58.5
56,5
58.5
64.0
63.4

63.7
69.0
73.1
81.1
87.9
95.5
98.7
102.2
109.4
115.0
117.7
127.2
137.9
147.5
140.4

63.9
69.5
73.6
82,5
87.3
96.1
97.9
101.7
110.3
115.9
118.4
126.1
140.3
147.6
140.4

63.1
70.6
74.8
81.3
89.5
96.2
97.1
102.2
112.1
113.7
119.3
127.5
141.3
148.7
139.6

65.2
70.3
74.4
83.4
88.5
96.2
100.0
104.3
110.0
114.7
119.5
130.4
141.1
147.7
139.8

65.2
71. '7
75.7
83.3
89.0
96.2
98.8
105.4
109.8
113.8'
120.8
128.7
14.1.5
147.6
138.8

66.2
71.9
76.3
83.8
89.6
96.6
99.4
106.6
110.1
114,5
121.5
129.3
143.2 .
148.0
139.4

67.0
73.0
75.6
83.9
90.7
95.5
99.8
105.9
110.3
113.9
121.7
129.2
143.5
146.6
138.9

67.2
72.9
76.8
85.0
91.9
96.6

67.8
73.3
78.0
84,9
92.1
97.4
100.9
107.2
110.7
112.9
124.8
131.9
142,4
145.9
138.0

68.3
72.6
78.0
85.0
93.5
98.2
100.1
108.5
111.0
112.8
125.2
134.9
144.7
145.3
138.0

68.5
72.8
79.5
86.6
94.0
97.9
102.9
109.4
112.9
114.4
125.3
135.5
145.5
144,1
141.3

68.7
72.3
80.0
86.2
95.2
97.9
103.2
109.4
114.7
113.8
125.3
137.2
146.0
143.1
142.1

63.6
69.7
73.8
81.6
86.2
95.9
97.9
102.0
110.6
114.9
118.5
126.9
139.8
147.9
140.1

65.5
71.3
75.5
83.5
89.0
96.3
99.4
105,4
110.0
114.3
120.6
129.5
141.9
147.8
139.3

67.3
73.1
76.8
84.6
91.6
96.5
100.7
106.3
110.1
113.5
123.8
130.2
142.2
146.3
138.7

68,5
72.6
79.2
85.9
94.2
98.0
102.1
109.1
112.9
113.7
125.3
135.9
145.4
144,2
140.5

ni.3
U .9
10 3

111

124. o
129.5
140.8
146.5
139.2

29.7
32.4
34.1
35.4
38,0
41,5
43.3
46.4
46.3
SI. 4
56. 8
57.7
57.5
62.3
63.7
66.2
71,7
76.3
83,9
90.8
96.7
100.0
105.7
110,9
114.1
122.0
130.6
142.4
146.6
139.7

1977. ..
NOTE: Unless otherwise noted, these series contain revisions beginning with the first year shown. 'This series contains revisions beginning
with 1971.




(JULY 1977)

101

C. Historical Data for Selected Series—^Continued
Monthly

Quarterly

Year

Annual
Jan.

Feb.

Mar.

Apr.

May

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

1 Q

725. WEST GERMANY — INDEX OF INDUSTRIAL PRODUCTION
(1967=100)
1945. . .
1946. . .
1947,, ,
1948.
1949.
1950.
1951.
1952.
1953,
1954,
1955.
1956.
1957.
1958.
1959,
1960.
1961.
1962,
1963.
1964,
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.

12.7
22.2
25.9
34. d
36.8
38,5
42.8
49.7
56.6
59.8
62,2
63.5
71.7

13.7
22.7
26.3
35.1
36.5
39.4
43.8
50.2
55.1
61.4
62.4
63.7
71.4

79.1
80.4
85.2
92.9
101.3
104.2
98.2
100,3
117.5
129.4
134.6
136.3
144.9
149.3
138.0

79.6
81.6
84.1
94.2
101,3
103.3
97,8
101.6
119.4
130.9
134.2
133.4
149.1
149.1
136.9

14,1
22.6
26,9
35.3
36.7
40.5
44.0
50,9
56.0
59. 5
63.3
64.4
72.4
80.4
80.4
83.2
94.6
98.4
104.1
96.6
103.1
121,0
131,8
131.7
136,1
147.0
l!jQ.3
141.9

1961,
1962,
1963,
1964,
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972,
1973,
1974.
1975.
1976.
1977.

1961.
1962,
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972,
1973.
1974. .
1975.
1976,
1977.

IV Q

14.1
22,7
27.9
35.9
36.7
40.7
44.7
50.2
57.7
60.6
61.4
64,3
74.0

14.6
23.3
28.6
35.9
36,5
40.3
45.7
52.0
57.8
60.8
62.2
66.9
73.1

14.1
23.9
29.2
35,5
37.5
41.3
46.3
S4.7
57.0
61.1
62.9
66.5
73.5

16,3
24.2
30.1
35.6
37.2
41.8
46.6
53.1
58.9
60.8
61.9
65.6
76.2

17.3
24.6
31.4
35.3
37.8
42.2
46.9
55,1
59.1
61.0
64.3
69.4
74.8

18.0
24.8
31.9
34.8
38.4
42.7
47.7
55.6
59.0
61.8
62.4
68.5
76,0

18.9
24.7
32,9
35.6
39.4
43.0
48.2
55.3
58.6
62.0
62.3
71.1
77.7

19.2
25.2
32.9
36.5
39.7
43.2
43.5
56.5
59.1
61.9
63.9
70.3
77.0

20.2
25.9
34.0
36.1
39.2
44.3
50.1
56.1
58.5
61.9
64.1
70.7
78.1

13.5
22.5
26.4
34.8
36.7
39.5
43.5
50.3
55.9
60.2
62.6
63.9
71.8

14.3
23.3
28.6
35.8
36.9
40.8
45.6
52.3
57.5
60.8
62.2
65.9
73.5

17.2
24.5
31.1
35.2
37,8
42.2
47.1
54,6
59.0
61.2
62.9
67.8
75,7

19.4
25.3
33.3
36.1
39.4
43.5
48.9
56.0
58.7
61.9
63.4
70,7
77.6

16.1
23.9
29.8
35.5
37.7
41.5
46.3
53.3
§7.8
61,0
62.8
67.1
74,7

80.4
81.5
87.8
93, 6
100.9
105, D
98.?
104.9
120.8
130.4
134.6
141,4
149.8
148.8
134.7

78.7
82.3
88.0
97.4
102.4
3-04.3
95,9
3.06.3
124.2
136.0
134,7
137.3
147.4
3J49.0
3,36.7

78.7
85.2
90.4
95.1
101.6
104,5
95.7
110.8
124.8
129.8
133.8
135.9
149.8
149.8
134.4

80.2
82.9
88.4
97.0
101.1
105.0
102.4
107.4
122.3
131.8
135.6
138.9
142.6
146.8
130.4

79.5
83.8
91.1
97.2
101.4
100.8
97,4
114.2
126.8
131.9
130.6
136.8
149.8
145.1
138.0

80.2
85.3
90.9
96.5
102.0
101.8
101.7
114.2
124.8
130.5
134.0
139.9
154.1
146.8
137.2

79.6
83.3
90.9
98.3
104.1
102,0
101.8
112.4
125.9
132.2
136.9
141.4
143.8
144.3
140.1

79.8
84.9
93.8
98.9
102.0
99.5
102.0
117.6
130,6
130.7
132,5
142.3
149.3
143.8
143.1

81.6
86.1
92.1
98.8
101.8
99.2
112.1
120.0
129.2
130,6
126.0
148.6
156,1
139.8
143.5

79.7
80.8
85.8
93.9
100.3
103.9
97.5
102.3
119.3
130.7
133.5
135.3
147.0
149.6
138.9

79.3
83.0
88.7
95.4
101.6
104.6
96.8
107.3
123,3
132.1
134.4
138.2
149.0
149.2
135.3

80.0
84.0
90.1
96.9
101.5
102. S
100.5
111.9
124.6
131.4
133.4
138.5
148.8
146.2
135.2

80.3
84.8
92.3
98.7
102.6
100.2
105.3
116.7
128.6
131,2
131.8
144.1
151.4
142.6
142.2

79.8
83.1
89.2
96.2
101.5
102,8
100.0
109,6
123,9
131.3
133.3
139.0
149.1
146.9
137.9

AVERAGE FOR PERIOD

38
41
38
43
46
52
58
63
59
65

39
41
38
42
46
50
58
63
60
66

38
41
39
43
47
&3
58
63
60
66

39
40
39
44
47
S3
58
62
62
66

39
38
41
45
47
54
59
62
62
66

39
39
41
45
48
54
59
62
63
68

41
39
40
45
48
55
60
62
62
68

40
40
38
44
49
55
60
62
62
68

41
39
41
46
48
55
60
62
63
70

41
40
41
45
49
57
60
62
64
69

40
40
42
46
51
57
62
60
65
70

40
38
44
46
50
57
62
60
65
70

38
41
38
43
46
52
58
63
60
66

39
39
40
45
47
54
59
62
62
67

41
39
40
45
48
55
60
62
62
69

40
39
42
46
50
57
61
61
65
70

40
40
40
44
48
54
60
62
62
68

70
75
82
91
90
93
100
103
113
121
123
133
144
154
140

71
75
81
91
90
96
98
105
112
122
125
132
145
155
140

71
76
73
91
90
97
98
106
112
122
127
134
143
liil
138

71
75
82
92
91
96
97
106
116
123
125
134
141
153
138

71
76
86
91
91
97
98
73
118
122
124
137
151
155
133

71
75
86
91
92
98
101
91
117
122
127
135
149
154
137

73
76
89
89
92
100
100
111
117
122
127
138
151
157
134

73
76
89
89
92
100
100
111
117
122
127
138
151
157
134

73
77
87
91
93
100
102
107
116
123
130
138
146
149
137

73
77
89
91
95
98
101
112
121
124
130
140
150
149
139

73
77
89
91
95
100
102
114
117
123
132
140
151
144
138

75
77
90
90
96
100
103
113
117
124
132
144
145
139
144

71
75
79
91
90
95
99
105
112
122
125
133
145
153
139

71
75
85
91
91
97
99
90
117
122
125
135
147
154
136

73
76
88
90
92
100
101
110
117
122
128
138
149
154
135

74
77
89
91
95
99
102
113
118
124
131
141
149
144
140

72
76
85
91
92
98
100
104
116
122
127
137
147
151
138

727. ITALY—INDEX OF INDUSTRIAL PRODUCTION'
(1967=100)
1945. ..
1946. , ,
1947.. .
194&.
1949.
1950.
1951,
1952.
1953.
1934.
1955.
19S6,
1957.
1958.
1959.
1960.

IIIQ

AVERAGE FOR PERIOD

726. FRANCE— INDEX OF INDUSTRIAL PRODUCTION
(1967=100)
1945...
1946. ..
1947...
1948...
1949...
1950. . .
1951,
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.

II Q

19.4
22.9
23.9
28.4
29.0
31.0
34.3
36.8
39,4
43.2
45.7
47.6
55.2

20.4
22,9
24.4
29,0
29.0
31.0
34.5
37,2
38.2
44.0
44.8
49.1
56.7

20.6
21.9
24.8
29,7
29.3
31. (3
34.3
37.0
39.9
44.0
44.7
49.3
57.5

20.6
22.2
25.5
29.7
29.4
31.6
34.9
37.5
41.1
44.7
44.6
49.5
57,7

61.2
70.4
75.0
81.6
78.6
88,8
97.8
102.5
112.9
116.8
116.5
121.4
123.2
145.8
128.5

62.6
70,6
73.2
79.1
79.5
88.4
99.3
102.6
109.5
118.2
117.1
120.1
122,7
141,8
131.9

62.6
70.1
75.3
80.8
78.4
90.8
97.9
102.6
112.9
117.8
117.3
119.6
122.7
143,0
125.8

63.2
70.5
77.2
79.8
79.5
88.8
99.8
104.3
113.5
116.7
113.7
118,6
130.6
147.1
127.7

22^2
23t9
25tS
29*7
30<1
30*6
34^5
37 ,,9
41.5
44,2
44.7
49.5
58. ,5
63.9
71,5
77.1
78.8
ti'2.1
92. £
100.$
105.?
111.$

115. d
114. ei

120.9
132. S
143.9
120. 5i

AVERAGE FOR PERIOD

21.1
24.8
26.1
29.4
29,7
31,6
33.9
38.8
41,5
44.6
45.7
49.2
59.8

21.1
23.9
25.5
29.7
29,7
32.3
35.2
38.9
42.2
45.0
46.2
49.6
59.6

23.9
24.4
26.8
29.4
30.3
32.6
35.4
38.7
41.6
45.3
46.1
51.3
59.9

23.3
23.9
26.8
29.4
30.6
32.3
36.1
38.8
42.7
45.7
46.9
52.5
60.7

22.9
23.9
27.0
28.4
30.6
33.2
36.1
38,9
42.7
44.0
47,1
53.5
59.9

23.5
23.9
27.7
28.1
31.0
34.5
36.1
39.3
42.2
44.6
47.4
54.7
60.1

22.9
23.5
28.7
28.7
30.6
34.5
36.5
39.2
42,9
45.0
47.4
55.4
60.2

20.1
22.6
24.4
29.0
29.0
31.2
34.4
37.3
39.2
4 3. -7
45.1
48.7
56.5

21.3
23.6
25.7
29.6
29.7
31.3
34.4
38.1
41.4
44.5
45.0
49.4
58.7

22.8
24.1
26.4
29.5
30.2
32.4
35.6
38.8
42.2
45.3
46.4
51,1
60.1

23.1
23.8
27,8
28.4
30.7
34.1
36.2
39.1
42.6
44.5
47.3
S4.5
60.1

21,8
23.5
26.1
29.1
29.9
32.2
35.2
38,3
41.3
44.5
45.9
50.9
58.8

64.8
69.5
78.5
77,4
83.2
92.5
100.0
105.5
114.5
115.1
114.7
120,9
135.9
146.3
127.1

65.8
72.0
77.8
78.9
83.7
93.3
100.1
106,3
115.0
118.2
114.5
119.1
140.0
143.5
129.0

66.0
72,2
78.9
74.0
82.7
95.8
100.5
106.0
113.2
115.2
115.3
121.9
136.0
130.5
114.4

66.7
71.0
80.5
78.2
83.7
96.0
100.0
109.1
107.0
118.7
119.5
116.1
138.1
144.1
128.1

67.8
71.9
80.6
78.0
84.1
95.0
101.2
109.9
102.1
116.0
117.0
128.1
141.9
136.8
130.6

68.8
73,5
80.1
78.6
86.2
95.4
101.8
106.0
99.9
117.4
120.0
127.7
141.4
129.7
132.0

69.4
75.1
79.5
78.8
86.0
97.4
101.6
110.6
104.2
117.8
121.3
127,7
138.9
123.3
125.8

62.1
70.4
74.5
80.5
78.8
89.3
98.3
102.6
111.8
117.6
117.0
120.4
122.9
143.5
128.7

64.0
70.5
77.6
78.7
81.7
91.2
100.1
105.2
113.2
115,6
114.3
120.1
133,0
145.8
125.1

66.2
71.7
79.1
77.0
83.4
95.0
100.2
107.1
111.7
117.4
116.4
119.0
138,0
139.4
123.8

68.7
73.5
80.1
78.5
85.4
95.9
101.5
108.3
102.1
117.1
119.4
127.8
140.7
129.9
129.5

65.2
71.5
77.8
78.7
82.3
92.9
100.0
105.9
109.7
116.9
116.8
121.8
133.7
139.6
126.8

NOTE: Unless etherise noted, these series contain revisions beginning with the first year shown.
with 1949.

102



'This series contains revisions beginning

(JULY 1977)

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year

Feb.

Jan.

Mar.
728.

Apr.

May

5.0
7.1
8.3
12.1
14.1
14.6
18.5
19.0
22.9
27.3
28.5
30.739.0

5.3

5.5

5.6

5.9

8.5
11.7
14.0
15.0
18.2
19.3
23.2
28.1
28,7
31.4
40.7

8.3
12,6
13.4
16.2
19.0
19.6
22.8
28.1
28.5
32.0
41,3

9.0
13.1
13.8
16.4
18.7
19.6
23.5
29.1
28.4
32.5
41.9

9.3
13.4
14.0
16.5
18.2
19.6
24.3
30.7
27.9
33.5
41.9

1961. . .
1962...
1963...
1964,..
1965...
1966...
1967...
1968.,.
1969...
1970, ..
1971...
1972...
1973...
1974...
1975...
1976...
1977...

47.3
55.7
55.7
67.7
74.1
76.8
92.9
108.3
123.8
145.5
155,7
158.0
183.8
198.8
162.8

48.0
55.5
57.4
69.0
73.4
77.1
92.0
110.0
125.8
146.9
154.6
159.8
184.1
199.2
160,7

49.5
55.4
58.1
68.9
74.4
79.4
94.8
110.6
125.9
148.4
156.3
162.5
188.0
194.8
161.3

49.0
55.7
59.6
69.3
73.4
80.6
95.1
111.2
129.6
149.8
155.5
161.5
188.6
193.0
166.0

50.2
56.4
60.5
70.4
72.5
81.6
97.1
114.7
132.3
151.4
151.7
164.2
193.0
195.3
164.9

1948...
1949...
1950...
1951...
1952...
1953.,.
1954...
1955..,
1956.. .
1957...
1958...
1959...
1960, ..
1961...
1962...
1963...
1964...
1965...
1966. ..
1967...
1968,,.
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

JAPAN — INDEX OF INDUSTRIAL PRODUCTION 1
(1967=100)

1948.,.
1949.,.
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...

967.

June

Annual
II Q

III

Q

IVQ

AVERAGE FOR PERIOD

6.5
8.0
10.3
13.5
14.7
17.5
17.6
20.6
25.8
29.6
28.7
35.2
43.6

6.8
7.9
10.8
13.5
15.5
17.6
18.1
21.1
26.3
29.6
28.8
36.3
44.5

6.8
8.0
11.4
13.1
14.7
18.1
18.2
21.2
27,0
29.3
29,6
36.9
44.8

6.8
8.2
11.8
13.8
14.3
18.2
18.4
21,5
27.3
29.3
29.4
37.6
46.0

7.1

5.3

5.9

6.6

9.6
13.5
14.0
16,8
18.2
19.6
24.7
30.2
27.6
34.3
42.3

6.4
7.9
9.9
13.7
14.6
17.0
18.1
20,2
25.5
30.5
28.4
34.9
42.9

11,8
14.0
14.3
18.5
18.7
22,0
27.5
28.8
30.0
39.0
46.3

8.4
12.1
13.8
15.3
18.6
19.3
23.0
27,8
28.6
31.4
40.3

9.3
13.3
13.9
16.6
18.4
19,6
24.2
30.0
28,0
33.4
42.0

10.3
13.6
14.9
17.4
17.9
20.6
25.9
29,9
28.6
35.5
43,7

6.9
8.3
11.7
13.6
14.4
18.3
18.4
21.6
27.3
29.1
29.7
37.8
45.7

6.2
7.8
9.9
13.2
14.3
16.9
18.3
20.3
25.1
29.2
28.7
34.5
42.9

51.1
55,5
60.1
71.6
73.9
82.9
98.9
113.1
131.6
153.9
155.1
164.9
194.2
189.1
168.4

51.7
54.8
62.2
71.8
73.9
84.4
100.0
114.1
133.2
153.9
155.5
164.8
194.2
190.6
170.6

52.8
55.7
63.6
71.8
73.9
85.7
101.8
117.3
134.6
153.0
156.3
169.0
196.1
183.3
168.7

52.5
55.1
63.6
73.9
74.4
86.9
104.7
116,7
137.3
154.0
157.7
170.7
195.3
182.7
171,2

53.7
54.8
65.6
73.9
74.5
88.3
105.3
119,6
141.0
154.2
156.1
172.5
200.5
179.7
171.3

54.2
55.1
66.5
73.1
75.7
90.4
107.9
122.8
141.1
152,8
157.7
175.9
201.5
174.8
169.5

54,9
54.8
67.1
74.8
75.7
92.3
108.8
122.3
144.0
155,8
157.1
180.3
198.2
169.3
173.0

48.3
55,5
57.1
68.5
74.0
77.8
93.2
109.6
125,2
146.9
155.5
160.1
185.3
197.6
161.6

50.1
55.9
60.1
70.4
73.3
81.7
97.0
113.0
131.2
151.7
154.1
163.5
191.9
192.5
166.4

52.3
55.2
63.1
72.5
74.1
85.7
102,2
116,0
135.0
153,6
156,5
168.2
195.2
185.5
170.2

S4.3
54.9
66.4
73.9
75.3
90.3
107,3
121.6
142.0
154.3
157.0
176.2
200.1
174.6
171.3

51.2
55.4
61.7
71.4
74.2
83,9
99.9
115.1
133.4
151.6
155.8
167.0
193.1
187.6
167.4

6.1

DIFFUSION INDEX OF INDUSTRIAL MATERIALS PRICES— 13 INDUSTRIAL MATERIALS
(PERCENT RISING OVER 1-MONTH SPANS)

AVERAGE FOR PERIOD

23.1
76.9
84.6
23.1
30.8
30.8
65.4
42.3
30.8
38.5
38,5
69.2

38.5
30.8
61.5
76.9
30.8
61.5
38.5
84.6
61.5
23.1
46.2
53.8
42.3

38.5
30.8
69.2
53.8
26.9
50.0
84.6
46.2
61.5
53.8
46.2
61.5
38.5

76.9
30*8
69.2
69.2
38.5
11.5
84.6
76.9
42.3
57.7
38.5
61.5
53.8

61.5
38.5
69.2
53.8
69.2
61.5
53.8
61.5
30.8
38.5
69.2
53.8
46.2

53.8
38.5
76.9
19.2
38.5
38.5
53.8
69.2
30.8
38.5
53.8
65.4
46.2

53.8
61.5
84.6
0.0
61.5
53.8
38.5
76.9
46.2
34.6
96.2
38.5
42.3

30.8
53.8
92.3
7.7
42.3
26.9
38.5
61,5
61.5
30.8
53,8
53.8
30.8

7.7
53.8
92.3
7.7
30.8
23.1
65.4
46.2
69.2
11.5
42.3
69.2
38.5

61.5
30.8
84.6
69.2
38.5
38,5
69.2
38.5
38.5
23.1
53.8
46.2
23.1

46.2
46.2
69.2
23.1
30.8
69.2
53.8
46.2
46.2
7.7
73.1
46.2
23.1

30.8
38.5
76.9
61.5
38.5
38,5
50.0
57.7
42,3
46.2
38.5
61.5
15.4

28 '.2
69.2
71.8
26.9
47.4
51.3
65.4
55.1
35.9
43,6
51.3
50.0

64.1
35.9
71.8
47.4
48.7
37.2
64.1
69,2
34,6
44.9
53.8
60.2
48.7

30.8
56.4
89.7
5.1
44.9
34.6
47.5
61.5
59.0
25.6
64.1
53.8
37.2

46.2
38.5
76.9
51.3
35,9
48,7
57.7
4 7 , '5
42.3
25.7
55.1
51,3
20.5

39.8
76.9
43.9
39.1
42.0
55.1
60.9
47,8
33.0
54.2
54.2
39.1

38.5
53.8
61.5
53.8
53.8
61.5
46.2
46.2
53.8
50.0
46.2
65.4
84.6
84.6
53.8
76.9

84.6
46.2
46.2
53.8
30.8
76.9
53.8
46.2
61.5
30.8
61.5
73.1
84.6
69.2
42.3
42.3

84.6
46.2
50.0
46.2
69.2
46.2
23,1
53.8
46.2
57.7
80.8
76.9
76.9
53.8
38.5
88.5

76.9
42.3
46.2
65.4
76.9
30.8
23.1
46.2
65.4
61.5
80.3
65.4
61.5
61.5
46.2
53.8

53.8
42.3
46.2
30.8
53.8
42.3
61.5
53.8
57.7
53.8
38.5
76.9
80.8
38.5
38.5
61.5

57.7
46.2
69.2
53.8
57.7
46.2
69.2
50.0
76.9
19.2
46.2
73.1
76.9
53.8
61.5
84.6

38,5
23.1
46.2
46.2
46.2
61,5
30.8
46.2
61.5
46.2
57.7
61.5
73.1
38.5
57.7
73.1

46.2
30.8
38.5
76.9
42.3
26.9
53.8
65.4
76.9
42.3
61.5
65.4
65,4
46.2
65,4
46.2

57.7
50.0
69.2
69.2
50.0
0.0
19.2
57.7
57.7
46.2
53.8
50.0
46.2
42.3
76.9
50.0

34.6
53.8
69.2
73.1
15.4
19.2
46.2
69.2
46.2
30.8
46.2
61.5
46.2
19.2
46.2
61.5

15,4
53.8
50.0
61.5
34.6
30.8
46,2
69.2
50.0
42.3
34.6
65.4
69.2
23.1
42.3
69.2

69,2
53.8
57.7
38,5
61.5
57.7
61.5
38.5
50.0
19.2
61.5
69.2
69.2
7.7
50,0
61,5

69.2
48.7
52.6
51.3
51.3
61.5
41.0
48.7
53.8
46,2
62.8
71.8
82.0
69,2
44.9
69,2

62,8
43.6
53.9
50.0
62.8
39.8
51.3
50.0
66.7
44.8
55.2
71,8 '
73.1
51.3
48.7
66.6

47.5
34.6
51.3
64.1
46.2
29.5
34.6
56.4
65.4
44.9
57,7
59.0
61.6
42.3
66.7
56.4

39.7
53.8
59.0
57.7
37.2
35.9
51.3
59.0
48.7
30.8
47.4
65.4
61,5
16.7
46.2
64.1

54.8
45.2
54.2
55.8
49.4
41.7
44.6
53.5
58.6
41.7
55.8
67.0
69.6
44.9
51.6
64.1

967.

DIFFUSION INDEX OF INDUSTRIAL MATERIALS PRICES— 13 INDUSTRIAL MATERIALS
(PERCENT RISING OVER 9-MONTH SPANS)

AVERAGE FOR PERIOD

1945...
1947...
1949...
1950...
1951...
1952.,.
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...

7.7
69.2
100.0
30.8
38.5
53.8
65.4
• 46.2
30.8
23.1
69.2
46.2

0.0
69,2
76.9
30.8
15.4
76.9
61.5
42.3
34.6
38.5
69.2
38.5

7,7
84.6
46.2
23.1
15.4
84.6
69.2
46.2
38.5
53.8
61.5
46.2

23.1
92.3
30.8
30.8
30.8
69.2
69.2
46.2
30.8
76.9
69.2
30.8

7.7
100.0
23.1
30.8
15.4
61.5
76.9
53.8
23.1
76.9
61.5
38.5

1961...
1962...
1963...
1964...
1965..,
1966...
1967. ..
1968...
1969...
1970...
1971...
1972...
1973.. .
1974...
1975...
1976...
1977..,

61.5
38.5
61.5
61.5
69.2
53.8
0.0
30.8
84.6
61.5
46.2
76.9
92.3
69.2
11.5
53.8

53.8
30.8
69.2
69.2
76.9
61.5
15.4
46.2
80,8
42.3
46.2
76.9
92.3
76.9
15.4
69.2

61.5
30.8
61.5
69.2
61.5
61.5
26.9
46.2
76.9
38.5
46.2
84.6
92.3
61.5
15.4
65.4

61.5
38.5
69.2
76.9
69.2
53.8
30.8
53.8
69.2
34.6
61.5
92.3
92.3
61.5
38.5
69.2

76.9
23.1
65.4
76.9
53.8
30.8
23.1
61.5
76.9
34.6
69.2
84.6
92.3
46.2
61.5
69.2

38.5
23.1
100,0
23.1
38.5
38.5
61.5
76.9
53.8
23.1
76.9
61.5
30.8

38.5
23.1
100.0
15.4
38.5
30.8
53.8
84.6
46,2
15.4
84.6
46.2
30.8

30.8
53.8
100.0
15.4
38.5
23.1
61.5
84.6
30.8
23.1
69.2
61.5
38.5

23.1
53.8
100.0
15.4
30.8
23.1
53.8
76.9
38.5
23.1
76.9
53.8
38.5

7.7
69.2
100.0
15.4
46.2
38.5
61.5
69.2
53.8
23.1
73.1
46.2
46.2

7,7
76.9
100.0
30.8
38.5
46.2
61.5
53.8
53.8
15.4
61.5
46.2
38.5

74.3
74.4
28.2
23.1
71.8
65.4
44.9
34.6
38.5
66.6
43.6

s'.i

15,4
97.4
25.7
28.2
25.7
66.6
74.3
51.3
25.7
76,9
66.6
35.9

35.9
33.3
100.0
18.0
38.5
30.8
58,9
82.0
43.6
20.5
76.9
56.4
33.4

12.8
66.6
100.0
20.5
38.5
35.9
58.9
66.6
48,7
20.5
70.5
48.7
41.1

53.8
15.4
61.5
80.8
53.8

53.8
30.8
61.5
84.6
46.2

53.8
38.5
61.5
76.9
46.2

53.8
38.5
61.5
69.2
46.2

23.1
73.1
92.3
38.5
69,2
84.6
92,3
46.2
61.5
61.5

23.1
76.9
76.9
19.2
53.8
76.9
92.3
46.2
53.8
84.6

30.8
57.7
76.9
15.4
53.8
61.5
69.2
23.1
53.8
76.9

46.2
76.9
69.2
15.4
46.2
69.2
76.9
23.1
46.2
84.6

53.8
53.8
53.8
69.2
46.2
0.0
38.5
92.3
69.2
15.4
53.8
76.9
100.0
23.1
46.2
84.6

53.8
46.2
61.5
76.9
38.5
0.0
30.8
92.3
69.2
30.8
80.8
84.6
84.6
23.1
61.5
69.2

46.2
61.5
76.9
69.2
53.8
0.0
30.8
84.6
76.9
46.2
84.6
38.5
76.9
23.1
69.2
42.3

58.9
33.4
64.1
66.6
69,2
58.9
14.1
41.1
80.8
47.4
46.2
79. §
92.3
69.2
14.1
62.6

64.1
25.7
65.4
78.2
58.9
33.3
25.7
62.8
79.5
35.9
66.6
87.2
92.3
51.3
53.8
66.6

53.8
35.9
61.5
76.9
46.2
7.7
33.4
70.5
74.3
16.7
51,3
69.2
79.5
30.8
51.3
82.0

51,3
53.8
64.1
71.8
46.2
0.0
33.4
89.7
71.8
30.8
73.1
83.3
87.2
23.1
59,0
65.4

46.2
15.4
100.0
23.1
23.1
30.8
69.2
76.9
53.8
23.1
76.9
69.2
38.5

NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user,
beginning with 1948.




This series contains revisions

30.1
92.9
34.6
33,4
28.9
64.1
72.1
47,1
25.3
65.7
59.6
38.5
57.0
37.2
63.8
73.4
S5.1
25.0
26.6
66.0
76.6
32.7
59.3
79.8
87.8
43.6
44.5
69.2

(JULY 1977)

103

G. Experimental Data and Analyses
Recovery Comparisons: Current and Selected Historical Patterns

HOW TO READ CYCLICAL COMPARISON CHARTS

These charts show graphically, for selected indicators,
the path of the current business recovery. To set the current
cyclical movements into historical perspective, cyclical
paths over generally similar historical ptiriods are also
shown. The selected periods are superimposed so as to compare the current business recovery with corresponding
historicot patterns and to facilitate critical assessment of the
amplitude, duration, and severity of the indicators' current
movements.
1. Two cyclical comparison charts are shown for each
indicator. The left panel shows a comparison based on
reference peak levels and reference trough dates; in the
right panel, a chart is aligned according to both the levels
and the dates of the specific troughs in each indicator. (See
charts on the following pages.)

The three-part timing code indicates the
timing classification of the series at
peaks, at troughs, and at all turns: I s
leading; C ^ roughly coincident; L,g =
lagging; and U ^ unclassified.

1

'' I''''' I

I

This number indicates latest calendar
month of data plotted (1 - January).

'

Deviations

Series number, series title

for
current

cycle

2. The vertical line represents trough dates: reference
trough dates in the left panel and specific trough dates in
the right panel. The current recovery and the corresponding
historical periods are positioned so that ;;heir reference
trough dates {left panel) and specific trough dates (right
panel) are on this vertical line.

Percent

•130

• 125

4. For most series, deviations {percent or actual differences) from the reference peak and specific trough levels
are computed and plotted. For series measured in percent
units (e.g., the unemployment rate), these units {actual data)
are plotted rather than deviations. The numerical values of
these deviations for the current cycle are shown in the
tables accompanying the charts.

-5
•120

5. For series that move counter to moverrents in general
business activity (e.g., the unemployment rate), an inverted
scale is used; i.e., declines in data are shown as upward
movements in the plotted lines, and increases in data, as
downward movements in plotted lines.

7. The business cycle (reference) peaks and troughs used
in these charts are those designated by the National Bureau
of Economic Research as follows: peaks, Nov. 1948
(IVQ 1948), July 19B3 (IIQ 1853), Aug. 1957 (IIIQ 1957),
Apr. 1960 {IIQ 1960), Dec. 1969 {IVQ 1969), Nov. 1973
(IVQ 1973); troughs, Oct. 1949 (IVQ 1949), May 1964
(IIQ 1954}, Apr. 1958 {IIQ 1958), Feb. 1961 (IQ 1961),
Nov. 1970 (IVQ 19/0), Mar. 1975 (IQ 1975).
This scale measures time in months before
(-) and after (+) reference trough dates
(left panel) and specific trough dates
(right panel).

104



• 135

+5

3. The horizontal line represents the level of data at reference cycle peaks {left panel) and at specific cycle troughs
(right panel). The current recovery and the corresponding
historical periods are positioned so that their reference
peaks (left panel) and specific troughs (right panel) are on
this horizontal line.

6. In each chart, several curves are shown. The heavy
solid lino H describes the current recovery. The dotted
line {•••) represents the median pattern of the five postWorld War II recoveries. The remaining lines represent
selected business recoveries. In the left panel, each line
is labeled according to the year of the reference trough.
In the right panel, the label for each line indicates the
month and year of the specific trough.

Actual
data

HO

• 110

-15

0

+6

+12

Months from troughs

This scale shows deviations {percent or
actual differences) from reference peak
levels (left panel) and specific trough
levels (right panel).

This scale shows actual series units and
applies only to the current business cycle
(heavy solid line).

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
Deviations
from

50. GNP in 1972 dollars

ref.

Actual
data
for
current
cycle

QRTRS . DEVIFROM ATIONS CURRENT QRTR,
REF.
FROM ACTUAL
AND
TROUGH IV/73
DATA YEAR

Percent
+14

L400

+12

+10

3

111 I 111 I 111 I 11 I I II I 11 I I 11 I 111 1111 I 11 I I I I I 1 1 I I

50. GNP in 1972 dollars

SERIES 50
ANN. RATE
BIL. DOL.
-i .0 1229 .8 IV/75

Deviations
from
spec,
trough

Actual
data
for
current
cycle

Percent

-1+12
• 1300

4

i .1

1256 .0

1/76

11/76

5

2 .3

1271 .5

6

3 .3

1283 .7 111/76

7

3 .6

12b7 .4

IV/76

a

5 .5

1311 .0

1/77

• 1280

• 1350

+8

• 1260

+6

y

7 .2

1331 .6

11/77

H300

+4

QRTRS . DEVIFROM ATIONS CURRENT QRTR.
AND
FROM ACTUAL
SPEC.
TROUGH
DATA YEAR
1/75

+2
H250

3

+6

SERIES 50
ANN. RATE
BIL. DOL.
5 .1 1229. 8 IV/75

4

7 .4

1256." 0

1/76

5

8 .7

1271. 5

11/76

6

9 .7

1283. 7 111/76

7

10 .1

1287. 4

IV/76

6

12 .1

1311. 0

1/77

9

13 .8

1331, b

11/77

+4

• 124.0

• 1220

• 1200

• 1200

-4

287. Corporate profits with IVA and
CCA, as percent of national income

QRTRS.
FROM
REF.
TROUGH

CURRENT QRTR,
AND
ACTUAL
DATA YEAR

+2

287. Corporate profits with IVA and
CCA, as percent of national income
I
D

Actual

+4.0

IV/53
+3-5

SERIES 2a7
PERCENT
9 - 3 HI/75
9.0

IV/75

9.6

1/76

9.5

11/76

+3-0

9.7 111/76
8.8

IV/76

8.6

1/77

H2-0

QRTRS . DEVIFROM ATIONS CURRENT QRTR.
AND
FROM ACTUAL
SPEC.
TROUGH
1/75
DATA YEAR

+1-5

SERIES 287
PERCENT

-12-6

0

+6

+12+18

+24 +30

Months from reference troughs




+1.0

2

2.9

9 .3 HI/75

3

2,b

9 .0

IV/75

4

3.2

9 .6

1/76

5

3.1

9 .5

11/76

6

3.3

9 .7 HI/76

7

2,4

8 .8

IV/76

0

2.2

8 .6

1/77

+0-5

0*0

-12 -6

0

+6

+12 +18 +24 +30

Months from specific troughs

105

G. Experimental Data and Analyses^-Continued
Recovery Comparisons: Current and Selected Historical Patterns
Actua
dots

91. Average duration of
unemployment (inverted)
I

9
10
11
12

15
16

6/76
7/76

17
18
19
2U

15,4
15.4
15.3
15.5

21
22
23
24
25
26
27

15
16
'1975

17

3. Layoff rate, manufacturing
(inverted)
1.0

Uflviotious
from
spec.
trough

91. Average duration of
unemployment (inverted)
I

EI

m

5
6
7
8

for
current

eyele

~"7

«10

8/76
9/76
10/76
11/76

-6

• 11

15.6
15.5
14.7
14.0

12/76
1/77
2/77
3/77

-5

14.3
14.9
14.4

4/77
S/77
6/77

• 13

-3

SERIES 91
WEEKS
16.9
0.0
15.6
-1.3
15.4
-1.5
15.4
-1.5

6/76
7/76
8/76
9/76

9
10
11
12

-1.6
-1.4
-1.3
-1.4

15.3
15.5
15.6
15.5

10/76
11/76
12/76
1/77

13
14
15
16

-2.2
-2,9
-2,6
-2.0

14.7
14.0
14,3
14.9

2/77
3/77
4/77
5/77

17

-2.5

14-4

6/77

MONTHS
FROM
REF.
TROUGH

Aetu;ii
data

Actual

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
SPEC.
FROM ACTUAL
TROUGH
DATA YEAR
1/76

13
14

CURRENT MONTH
ACTUAL
AND
DATA YEAR
SERIES 91
WEEKS
16.9
15.6

7
8

1 1 1 1 1 1 1 1 1 1 I I I I I I 1 1 1 1 1 1 1 1 1 1 1 1 1 I I 1 1 1 I I 1 1 1 T F i t 11

MONTHS
PROM
REF.
TROUGH

CURRENT MONTH
ACTUAL
AND
DATA YEAR

• 14

-2

-1

• 16

-1 0

• 17

3.. Layoff rate, manufacturing
(inverted)

SERIES
3
PER 100
EMPLOYEES

1.5

2.0

2.5

15
16

1.3
1.4

6/76
7/76

17
18
19
20

1.4
1.7
1.6
1.3

8/76
9/76
10/76
11/76

21
22
23
24

1.1
1.3
1.4
1.0

12/76
1/77
2/77
3/77

25
26
27

1.0
1.1
1.2

4/77
5/77
6/77

MONTHS DEVIPROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
SPEC.
DATA YEAR
TROUGH
2/75

16

SERIES
3
PER 100
EMPLOYEES
1.3
6/76
-1.6

17
IB
19
20

-1.3
-1.5
-1.2
-1.3

1,4
1. 4
1.7
1,6

7/76
8/76
9/76
10/76

21
22
23
24

-1.6
-1.8
-1.6
-1.5

1. 3
1.1
1. 3
1. 4

11/76
12/76
1/77
2/77

25
26
27
28

-1.9
-1.9
-1.8
-1.7

1.0
1. 0
1.1
1, 2

3/77
4/77
5/77
6/77

1958

3.0

-J 3.5

I II I I I I I I I IH I I I I I I I I 1 1 1 I 1 1 1 1 1 I 1 1 I I I I I I I I 1 1 I I

-12

-6

0

+6

+12 +18 +24

Months from reference troughs

106



+30

• l.S

--0.5

-J 0.0

...I.....!.....!.....!.....!.....!.....!.....
-12

-6

0

+6

+12

+18 +24 +30

Months from specific troughs

f 3.0

G Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
iii|imi|imi|Miii|mii|iinrpnnjTTnT

Actual
data

2. Accession rate, manufacturing

'"I11"1!

MONTHS
FROM

CURRENT MONTH
ACTUAL
AND
DATA YEAR

REF.
TROUGH

15
16

2
PER 100
EMPLOYEES
3.8 b/76
3.8 7/76

17
Id
19
20

3.8 8/76
3.6 9/76
3.5 10/76
3.6 11/76

21
22
23
24

4.0 12/76
4.0 1/77
4.6 2/77
4.3 3/77

25
26
27

4.1
4.1
3.9

|imi|mii|mii|imi|imi

Deviations
from
spec.
trough

2. Accession rate, manufacturing

Actual
data
for

current
cycle

SERIES

4/77
5/77
6/77

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
TROUGH
DATA
YEAR
1/75
SERIES

2
PER 100

EMPLOYEES

0,7
0.7
0.7
0.5

3.b
3.8
3.8
3.6

6/76
7/76
8/76
9/76

22
23
24

0.4
0.7
0.9
0.9

3.5
3.8
4,0
4.0

10/76
11/76
12/76
1/77

25
2b
27
28

1.5
1.2
1.0
1.0

4.6
4,3
4.1
4.1

2/77
3/77
4/77
5/77

29

o.b

3.9

6/77

17

IB
19
20

21

MONTHS
FROM

CURRENT MONTH
ACTUAL
AND
DATA YEAR

REF.
TROUGH

4. Quit rate, manufacturing

SERIES

4
PER 100
EMPLOYEES
1.8
6/76
1,7
7/76

15
16
17
18
19
20

1,7
1.6
1.5
1.5

8/76
9/76
10/76
11/76

21
22
23
24

1.7
l.d
1.9
1.9

12/76
1/77
2/77
3/77

25
2b
27

1.9
1.9
1.9

4/77
5/77
6/77

4.0

3.5

• 3.0

4. Quit rate, manufacturing
• 3.0

• 2.5

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
4/75
DATA YEAR

14
15
16

4
PER 100
EMPLOYEES
0 .6
1.8
6/76
0.5
1.7
7/76
0.5
1.7
8/76

17
18
19
20

0 .4
0 .3
0 .3
0 .5

1.6
1.5
1.5
1.7

9/76
10/76
11/76
12/76

21
22
23
24

0 .6
0 .7
0 .7
0 .7

1.8
1.9
1.9
1.9

1/77
2/77
3/77
4/77

25
26

0 .7
0 .7

1.9
1.9

5/77
6/77

• 2.0

SERIES

- 1.5

-1 1.0

-12

-6

0

+6

+12

+18 +24 +30

Months from reference troughs




-+0.5
• 1.5

-'+0.0

• 1.0

-12-6

0

+6

+12 +18 +24 +30

Months from specific troughs

107

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
1 1 1 I I 1 1 1 1 1 Ml 1 1 I T T T T T I I I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Deviations
from

70, Book value, mfg. and trade
inventories, 1972 dollars
I

fflf.

peak

Actual
data
for
current
cycle

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR

• 235

SERIES 70
BIL. DOL.
1.8 220.52
5/76
6/76
2.6 222.25
2,9 222.90
7/76

Percent

• 230

.225

+2

• 220

• 215

-z
.854

• 205

-J-6

62. Labor cost per unit of output,
manufacturing

17
18
19
20

3.6
4.2
4.4
4.4

224.48
225.76
226.27
226,25

8/76
9/76
10/76
11/76

21
22
23
24

4.2
4.8
5.0
5.4

225.90
227.06
227.47
228.47

12/76
1/77
2/77
3/77

25
26

5.8
6.3

229.20
230.46

4/77
5/77

-+30
H55

150

• U5

>HO

+15

Aetual
data
for
eurnmt

Percent

+10

+8

• 230

+6

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH 12/75
DATA YEAR

5
6
7
8

SERIES
70
BIL. DOL
2.0 220.52
2.8 222.25
3.1 222.90
3.8 224.48

+4

4.4
4.7
4.7
4.5

225.76
226.27
226.25
225.90

9/76
10/76
11/76
12/76

13
14
15
16

5.0
5.2
5.7
6.0

227.06
227.47
228.47
229.20

1/77
2/7?
3/77
4/77

6.6

230.46

• 225

5/76
6/76
7/76
8/76

9
10
11
12

17

Perepnt

+20

14
15
16

Deviations
from
spec.
trough

70. Book value, mfg. and trade
inventories, 1972 dollars
I

5/77

+2

-1 0

62. Labor cost per unit of
output, manufacturing^

Q

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR

15
16

SERIES 62
1967=100
20.8
144.3
20.6
144.1

17
18
19
20

20.7
22.6
23.3
23.3

144.2
146.5
147.3
147.4

8/76
9/76
10/76
11/76

21

22
23
24

23.8
26,4
27.4
27.7

148.0
151.0
152.2
152.6

12/76
1/77
2/77
3/77

25
26
27

27.9
27.9
28.0

152.8
152.9
153.0

4/77
5/77
6/77

Percent

+8

• 150

+6

6/76
7/76

+4

+2

• 3.4.0

H35
MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
TROUGH
DATA YEAR
9/75

+10
H30

+5

—

-6

0

+6

+12

+18 +24 +30

Months from reference trougihs

108



0

SERIES 62
1967=100
3.4
144.3
144.1
3.3
3.4
144.2
5.0
146.5

-2

6/76
7/76
8/76
9/76

H25

9
10
11
12

•iso

13
14
15
16

5.6
5.7
6.1
8.2

147.3
147.4
148.0
151.0

10/76
11/76
12/76
1/77

17
18
19
20

9.1
9.4
9.5
9.6

152.2
152.6
152,8
152.9

2/77
3/77
4/77
5/77

21

9.7

153 = 0

6/77

-4

• 134

* 130

-12

-B

0

+6

+12 +18 +24 +30

Months from specific troughs

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
{See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data descriptions
(issue date) (issue date)

A
Accession rate manufacturing
2
Agricultural products, exports
604
Anticipations and intentions
Business expenditures, new plant and equipment
61
Business expenditures, new plant and equipment, Dl . . 970
Consumer sentiment index
58
Employees manufacturing and trade, Dl
974
Inventories manufacturing and trade Dl
975
New orders manufacturing Dl
971
Prices, selling manufacturing Dl
976
Prices, selling, retail trade, Dl
978
Prices selling wholesale trade Dl
977
Profits, net, manufacturing and trade, 01 , , .
972
Sales net manufacturing and trade Dl
973
Automobiles
Expenditures, personal consumption
55
Imports of automobiles and parts
616

17
55

60
90

25
39
23
39
39
39
39
39
39
39
39

66
75
64
75
75
75
75
75
75
75
75

3/76*
3/76*
3/76*
3/76*
3/76*
3/76*
3/76*
3/76*

23
55

64
90

1/77
6/77

12/76

8/68

6/77
2/76

2/76*
1/77

11/68
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
10/69*

B
Balance of payments-See International transactions.
Bank rates-See Interest rates.
Bank reserves
Free reserves
Member bank borrowing from Federal Reserve
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Building-See Construction.
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Business failures, current liabilities
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving

72
112

16,36
33

72
71

7/76

93
94

34
34

71
71

6/77
1/77

29
76
61
970
14
12
13

14,26
25
25
39
34
13 24
24

66
66
66
75
71
64
64

295

47

81

12/76

12/76
1/77
2/76

2/76*

11/72
11/72
11/72

4/69

11/68
11/68*

7/76

12/76
1/77

2/77

C
Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA) :
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved Dl ..
....
Capital investment-See Investment, capital.
Capital investment commitments, Cl
Cashflow corporate constant dollars
Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
,
....
Employment as percent of population
Total . .
...
Unemployed
Coincident indicators, four
Composite Index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators composite index
Commercial and industrial buildings, contracts awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector percent changes
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector percent changes
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes ...
Earnings, real average hourly, production
workers private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Wage and benefit decisions first year ..
Wage and benefit decisions life of contract
Wages and salaries, mining, manufacturing, and
construction

83
82
84

21
21
21

63
63
63

12/76
12/76
12/76

97
11
965

25
25
38

65
65
74

10/76
10/76

914
35
34

12
30
30

59
69
69

7/77
8/76
8/76

5/77

442
90
441
37

52
19
52
19,52

88
61
88
61,88

4/77
4/77
4/77
4/77

920
920c
951
940
9
72
112

11
40
37
12
24
16,36
33

59
73
59
65
72
71

7/77
7/77
1/77
7/77

345

50

86

345c
280

51
46

86
81

10/76
12/76

1/72
1/72

4/72*
4/72*
4/72*
11/75*

7/76

11/72
11/72

6/76*

10/72*

9/76

10/72*
10/69

6/76*

64

31,48

69,82

1/77

10/69*

346

50

87

6/76*

10/72*

346c

51

87

6/76*

10/72*

340

50

86

2/77

6/72*

340c

51

86

2/77

6/72*

341

50

86

2/77

6/72*

341 c
348
349

51
51
51

86
87
87

2/77

6/72*
6/72*
6/72*

53

20

62

3/77

7/76*
7/76*

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Composite indexes
Coincident indicators
Four coinciders
Four coinciders rate of change
Ratio to lagging indicator index
Lagging indicators
Six taggers ...
....
Six laggers rate of change
Leading indicators
....
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
Profitability
Twelve leaders
...
Twelve leaders rate of change
Construction
Building permits, new private housing
Contracts awarded, commercial and industrial bldgs, . .
Expenditures, plus machinery and equipment sales
Gross private domestic fixed investment
Nonresidential as percent of GNP
Nonresidential structures, constant dollars
Nonresidential, total, constant dollars
Residential as percent of GNP
Residential, total, constant dollars
Housing starts . .
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices-See also International comparisons.
All items percent changes
Food, index
Food, percent changes — '
Consumer sentiment, index
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol. .
Contracts and orders, plant and equipment, current dol. . .
Corporate bond yields
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses net change
Borrowing, total private
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt net change
...
Crude materials-See Wholesale prices.

Current issue
(page numbers)

Series
number

Charts

Tables

920
920c
940

11
40
12

59'"

930
930c

n

59

Historical Series
data descriptions
(issue data! (issue date)

7/77
7/77
7/77

11/75*

59

7/77
7/77

11/75*

59
59
59
59
59
59

910c

12
12
12
12
12
11
40

7/77
7/77
7/77
7/77
7/77
7/77
7/77

29
9
69

14,26
24
25

66
65
66

248
87
86
249
89
28

48
26
26
48
26
26

8
75

914
915
913
917
916
910

40

5/75*

12/76
10/76

4/69

2/77

9/68*

82
66
66
82
66
66

8/76*

10/69*

13,22
23

63
64

4/77
1/77

66
113
95
39

36
33
16,36
34

72
71
72
71

9/76
9/76

12/76
10/76

11/72

320
320c
322
322c
58

50
50,58
50
50
23

83,93
83,93
83
83
64

3/77
3/77
3/77
3/77
1/77

5/69*
5/69*
5/69*
5/69*
1 1 /68*

20
10
116

13,24
24
35

65
65
72

4/77
4/77
2/76

9/68*

112
110
72

33
33
16,36

71
71
72

7/76

11/72

12/76
12/76

7/64

66
113
95
39
33

36
33
16,36
34
33

72
71
72
71
70

9/76

10/72
10/72

525
564
548
516

54
54
54
54

89
89
89
89

9/76*

39
32

34
13,22

71
63

10/76
12/76

11/72
12/74

970
965
951
974
963
967

39
38
37
39
37
38

2/76*

11/68*

966

38

962
975
952
950
964

37
39
37
37
38

971
968
976
978
977
969
972
973
961

39
38
39
39
39
38
39
39
37

75
74
73
75
73
74
78
74
77
73
75
73
73
74
76
75
74
75
75
75
74
75
75
73
76

1/77
1/77

8/76*

10/69*

1/77
4/77

6/72*

10/72
10/72

.

?$6
10/76

7/64

11/72

11/72

4/77

D
Debt-See Credit.
Defense
Military prime contract awards
National defense purchases
..
New orders defense products
Obligations incurred total
Deficit-See Government.
Deflators— See Price indexes.
Delinquency rate consumer installment loans
Deliveries vendor performance
Diffusion indexes
Business expenditures, new plant and equipment
Capital appropriations manufacturing
Coincident indicators
Employees manufacturing and trade
Employees on private nonagricultural payrolls
Industrial materials prices
Industrial materials prices components
Industrial production
Industrial production components
Initial claims State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
.
New orders durable goods industries
New orders, durable goods industries, components ....
New orders manufacturing
.
Prices, 500 common stocks
Prices, selling, manufacturing
Prices selling retail trade
.,
Prices selling wholesale trade
Profits manufacturing
Profits net manufacturing and trade
Sales net manufacturing and trade
. ...
Workweek mfg production workers
Workweek mfg production workers components
Disposable personal income-See Income.

5/77

10/69*

2/77
5/77

5/77
1/77

3/76*
12/76

il/68*

7/77

4/69*

1/77*
10/76*
3/76*

6/69*
11/68*

1/77
1/77
2/77

3/76*
6/77

3/76*
3/76*
3/76*

li/68*
5/69*
11/68*
11/68*
11/68*

5/77

3/76*
3/76*

ii/68*
11/68*

1/77

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPOI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




109

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See compline titles in "Titles and Sources of
Series," following this index)

Current issue
{page numbers)

Series
number

Charts

Tables

Historical
Series
data descriptions
{issue date) {issue date)

E
Earnings-See Compensation.
Employment and unemployment
Accession rate, manufacturing
„
Civilian labor force, total
Employee hours in nonagrieultural
establishments
,
Employee hours in no nagri cultural
establishments, rate of champ . . . .
Employees in mining, mfg., and construction
Employ ess manufacturing and trade Dl
Ktflployees on nonagrieultural payrolls
Kmployoos on private nongt) payrolls Dl
Employment, ratio to population
Employment total civilian
Help-wanted advertising in nswspapers
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance . .
Initial claims, State unemployment insurance, 01 ,
1 ayoff rate manufacturing
Marginal employment adjustments, Cl .
Overtime hoy re, mfg. production workers
Participation rate, both soxos, 16-19 years old .......
Participation rate females ?0 years and over
Participation rate, males 20 years and over . .......
Part-time workers for economic reasons
Persons engaged in no nagri cultural activities
....
Quit rate, manufacturing
Unemployed, both sexes, 10-19 years old
Unemployed, females 20 years and over ,
.....
Unemployed, full-time workers
Unemployed males 20 years and over
Unemployment, average duration
....
Unemployment rate, 15 weeks and over
Unemployment rate, insured, average weekly ........
Unemployment rate, total
Unemployment, total civilian
Workweek, mfg production workers
Workweek, mfg. production workers, components;
Workweek, mfg production workers, Dl
Equipment -See Investment, capital.
Exports- -See Foreign trade and International transactions.

2
441

n

53

48

18

48c
40
974
41
863
90
442
46
fid
5
962
3
913
21
453
452
451
448
42
4
446
44f>
447
444
91
44
45
43
37
1

4d
18
39
15,18
31

961

37

191

52

18
18
17
37
13,17
12
17
52
52
52
52
18
17
52
52
52
52
16,19
19
19
19
19,52
13,17

60
88
60

12/76
4/77
5/77
7/76

61 '"
75
61
73
61
38
60
60
60
73
60
59
60
88
88
88
88
61
60
88
88
88
88
61
61
61
61
61,88
60
76
73

12/76
3/76*
12/76
12/76
4/77
4/77
7/76
4/77

10/76
10/76*
12/76
4/77
4/77
4/77
4/77
4/77

4/77
4/77
4/77
4/77
4/77
4/77
7/76
4/77
4/77

12/76
1/77*

119

35

71

2/76

94
213
917

34
41
12

71
79
59

1/77

9/76*

311
3t1e

49
49

83
83

8/76*
8/76*

667
822
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251

56
56
56
55
55
45
45
56
55
S6
55
55
45
45
86
55
45
45
48

91
91
91
90
90
81
81
91
90
91
90
90
81
81
91
90
81
81
82

2/77
2/77
2/77
6/77
6/77
2/77
9/76
2/77
6/77
2/77
6/77
6/77
2/77
9/76
2/77
6/77
2/77
9/76

93

34

71

7/77

9/76*
6/77

0
Goods output in constant dollars
Government budget, NIPA
Federal expenditures ,
Federal receipts
,
Federal surplus or deficit ...
....
State and local expenditures
State and local receipts ,
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP
National defense
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total constant dollars
Total current dollars

„

6/69*
6/69*
8/68*
12/74

4/72 '

12/76

F
Federal funds rate
Federal Government-See Government.
Federal Reserve, member bank borrowing from ...
Final sales in constant dollars
Financial flows and money, Cl
Fixed in vestment -See Investment, capital.
Fixed wei (jilted priee index, Ml PA
Fixed weighted priee index, percent changes, Ml PA .....
Food -See Consumer prices.
Foreign trade-See also International transactions.
Baiajise on goods and service?
Balance on merchandise trade
Exports, merchandise, adjusted, oxe. military
Exports, merchandise, total exc military aid
Exports of agricultural products
Exports of goods and services, constant dol, NIPA
Exports of goods and services, current dol., NIPA
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, oxc. military
Imports, merchandise, total
, ...
Imports of automobiles and parts
Imports of pods and services, constant dol., NIPA ....
Imports of goods and services, current dol., NIPA ... „ .
Imports of goods and services total
Imports of petroleum and products
Net exports, goods and services, constant dol.. NIPA . .
Net exports, goods and services, current dol., NIPA ...
Net exports, goods and services, percent of GNP, NPA
France-See International comparisons.
Free iwrvas

Gross business product
Fixsd weighted price index
...
Fixed weighted price index, percent changes
Gross domestic product labor cost per unit
Gross national product
8/68
GNP constant dollars
4/72*
GNP constant dollars differences
GNP
constant dollars percent changes
8/68*
GNP, current dollars
8/68*
GNP current dollars differences
GNP current dollars, percent changes
ii/68*
GNP ratio to money supply
8/68
Goods output in constant dollars
Implicit prico deflator
Implicit price deflator, percent changes .
4/72*
Per capita GNP constant dollars
12/74
Gross private domestic invest.-Seo Investment, capital.

7/77

12/76

49

21

62

1/77

502
501
500
§12
511
510
298

53
53
53
53
53
53
47

89
89
89
89
89
89
82

8/76*
8/76*
8/76*

263
262
265
564
267
266
268
261
260

44
44
48
54
44
44
48
44
44

80
80
82
89
80
80
82
SO
80

9/76
9/76

2/77
2/77
2/77
9/76

9/76*
9/76*
9/76
9/76

9/76*
2/77
9/76

Series titles
(See complete titles in 'Titles and Sources of
Series," following this index)

110

Charts

Tables

Historical Series
data descriptions
{issue date) (issue date)

311
Site
68

49
49
31

83
83
69

8/76*
8/76*
8/76

7/68'

50
50b
50c
200
200b
200c
107
49
310

20,41

8/76*
8/76*
8/76*

10/69*
10/69*
10/69*
10/69
10/69
10/69

217

21
49
49
41

62,79
79
79
79
79
79
70
62
83
83
79

46
60

18
18

60
60

7/76
4/77

21
t

17
13,17

12/76
12/76

S61

310c

40
41
32*"

8/76
8/76
8/76
5/77
1/77

8/76*
8/76*
8/76

10/69*
10/69*
10/69

H
Help-wflnted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours of production workers, manufacturing
Average weekly overtime
....
Average workweek
Average workweek components .
Avorays workweek, Dl
Housing
Housing starts
.,
.
.
Housing units authorized by local bldg. permits
Residential GPDI constant dollars
Residential GPDt percent of GNP

12/74
12/74

37

60
60
76
73

28
29
89
249

26
14,26
26
48

66
66
66
82

4/77

%/n

12/76

4/69

8/76*

10/S9*

310
310e

49
49

83
83

a/ 76*
a/ 76*

10/69*
10/69*

345

50

86

6/76*

10/72*

345c
280
64

51
46
31,48

86
81
69,82

6/76*
Mil

10/72*
10/69
10/69*

346

50

87

6/76*

10/72*

346c
95
286
287
225
224
227

51
16,36
46
48
41
41
41

87
72
81
82
79
79
79

6/76*
12/76

10/72*

9/76
8/76
8/76
8/76

10/69
10/69*
10/69
10/69
10/69
6/72*

8/68

i/77°

1/77

1
4/72
6/69
4/72

Implicit price deflator GNP
Implicit price deflator GNP percent changes
4/72* Imports-See Foreign trade and International transactions.
8/68
Income
Compensation, averap hourly, all employees,
nunfarm business sector
Compensation, averap hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
....
Compensation of employees, pet. of nat'l. income —
Compensation, real average hourly, all employees,
11/73
nonfsrm business sector
Compensation, real average hourly, all employees,
nonfarm business sector percent changes
Consumer installment debt, ratio to personal income . .
Corporate profits with 1 VA and CCA
Corp. profits with IVA and CCA, pet. of nat'l. income '.
Disposable personal income constant dollars
Disposable personal income current dollars
Disposable personal income, per capita, constant dol. . .
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, averap hourly, production workers,
5/69*
private nonfarm economy percent changes
5/69*
Earnings, real average hourly, production
workers private nonfarm economy
Earnings, real average hourly, production
5/69*
workers, private nonfarm economy, percent changes .
5/69*
Incoms on foreign investment in the U S
Income on U S investments abroad
5/69*
Interest net
....
5/69*
Interest net percent of national income
National income
...
...
Personal income constant dollars
5/69
Personal income current dollars
5/69*
Personal income less transfers constant dollars
Personal ineoma, less transfers, constant do Is. rate of etig.
' Personal income ratio to money supply
5/69
Proprietors' income with IVA and CCA *
10/69*
Proprietors' income with IVA and CCA, percent
of national incoms
11/72
Rental income of persons with CCA
Rental income of persons with CCA, pet. of nat'l. income
Wage and benefit decisions, first year
Wage and benefit decisions life of contract
Wages and salaries, mining, mfg., and construction
Incorporations new businesses
7/68*
7/68*
Industrial materisls prices components
7/68*
Industrial materials prices Dl
Industrial production - See also International comparisons.
Business souipment
Consumer goods
10/69
Durable manufacturss
Nondurable manufactures
11/73
Total
....
10/69
Total components
10/69*
Total 01
10/69*
Total rate of change
11/73
Installment debt-See Credit.
10/69
Insured unemployment
Avg. weekly initial claims, unemploy. insurance
10/69*
Avg. weekly initial claims, unemploy. insurance, Dl . . .
io/69
y
y
P y
•

NOTE: The following abbreviations are used in this index: Cl, composite index] Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product
*The identification number for this series has been etninged since the publication date shown.




Current issue
{pap numbers}

Series
number

9/76

9/76*

340

50

36

2/77

340i;

51

86

2/77

6/72*

341

50

86

till

6/72*

341 c
652
651
2S8
289
220
52
223
51
51e
108
282

51
56
56
46
48
46
20
41
15,20
40
32
46

86
91
91
81
82
81
62
62
62

till
till
till

6/72*
5/69*
5/69*
10/69
10/69*
10/69

70
81

0/77
9/76

283
284
285
348
349
53
13
23

48
46
48
51
51
20
24
29

9/76*

967

38

82
81
82
87
87
62
64
68
78
74

76
75
73
74
47

25
23
21
21
15,21,57

Mil
Mil
Mil

966
47e

38
40

66
64
62
62
62,92
77
74

5
962
45

17
37
19

9/76

9/76*
8/76

Mil
8/76*
12/76

9/76

9/7S*
7/76*
7/76*

7/60*

10/69
10/69*
10/69
10/69*
6/72*
6/72*

3/77
1/77

Mil

4/69

7/77*

4/69*

1/77

12/76

ii/68

1/77*
2/76

60
73
61

10/76
10/76*

6/69

7/76

6/69

6/69*

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate ...
Mortgage yields secondary market
Municipal bond yields
Prime rate charged by banks
'
Treasury bill rate . . .
Treasury bond yields
..::...:.....'..
Intermediate materials-See Wholesale prices.
International comparisons
Consumer prices
Canada, index
Canada percent changes
France index .
France, percent changes
Italy, index
Italy percent changes
Japan index ....
. '.
Japan percent changes
United Kingdom index
United Kingdom, percent changes
United States index
United States, percent changes ..,..;...........
West Germany, index
West Germany percent changes
Industrial production
Canada
.
France
Italy
Japan
OECD European countries
United Kingdom
United States
West Germany . .
Stock prices
Canada
France
Italy
....
Japan
United Kingdom
. ....
United States
.
West Germany
International transactions-See also Foreign trade.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted exc military
Exports merchandise total exc military aid
Exports of agricultural products
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports merchandise adjusted exc military
Imports merchandise total
Imports of automobiles and parts
:
;
Imports of goods and services total
........
Imports of petroleum and products
Income on foreign investments in U.S
.......
Income on U S investments abroad
Inventories
Business inventories change constant dollars . ....
Business inventories change current dollars
Business inventories, change percent of GNP ......
Finished goods manufacturers'
Inventories on hand and on order, net change ......
Inventories to sales ratio, mfg. arid trade (deflated)
Inventory investment and purchasing, Cl
Manufacturing and trade constant dollars
...
Manufacturing and trade current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade, Dl
:......:..
Materials and supplies on hand and on order, mfg. . . .
Materials and supplies on hand and on order, mfg.,
change
..
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations manufacturing, new .......
Capital appropriations manufacturing new Dl
Capital investment commitments Cl
Construction contracts, commercial and industrial ....
Construction expenditures, business and machinery
and equipment sales
Gross private domestic investment
Fixed investment constant dollars . ' . . . . . '. '
Fixed investment current dollars
Inventories, business, change in-See Inventories.
Nonresidential total constant dollars
Nonresidential, total, percent of GNP
Producers' durable equip., nonresid., constant dol. . .
Residential total constant dollars
Residential total percent of GNP
Structures, nonresidential, constant dollars
Total constant dollars
•
.......
Total current dollars
New orders, capital goods, nondefense, constant
dollars
. .
New orders, capital goods, nondefense, current
dollars

Charts

Tables

Historical
Series
data descriptions
(issue date] (issue date)

288
289

46
48

81
82

9/76

67
116
119
118
117
109
114
115

36
35
35
35
35
36
35
35

72
72
71
72
72
72
71
72

5/77
2/76
2/76
2/76
2/76

12/74

12/76

11/73

2/76
2/76

7/64
7/64

9/76*

10/69
10/69*
7/64

11/73
7/64
7/64

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Plant and equipment
Business expenditures new
Business expenditures new Dl .................
Contracts and orders constant dollars
Contracts and orders current dollars
Investment, foreign
Income on foreign investments in U S
'
Income on U S investments abroad
Italy-See International comparisons.

Tables

Charts

Historical Series
data descriptions
(issue date] (issue date)

61
970
20
10

25
39
13,24
24

66
75
65
65

2/76*

11/68
11/68*

4/77
4/77

9/68'

652
651

56
56

91
91

2/77
2/77

5/69*
5/69*

68
62
63
17

31
16,31
31
30

69
69
69
69

8/76
5/77
1/77
5/77

7/68

930
930c
952
3

n

59
73
60

7/77
7/77
1/77

11/75*

40
37
13,17

12/76

8/68*

n

59

5/75*

2/76

J
Japan-See International comparisons.

6/77
6/77
6/77
6/77
6/77
6/77
6/77
6/77
6/77
6/77
3/77
3/77
6/77
6/77

9/72*

58

94
94
93
93
94
94
93
93
93
93
83,93
83,93
93
93

723
726
727
728
721
722
47
725

57
57
57
57
57
57
15,21,57
57

92
92
92
92
92
92
62,92
92

7/77
7/77
7/77
7/77
7/77
7/77

10/72*
10/72*
10/72*
10/72*

743
746
747
748
742
19
745

58
58
58
58
58
58
58

94
94
94
94
94
94
94

5/76*
5/76*
5/76*
5/76*
5/76*

667
622
618
602
604
668
606
620
612
616
669
614
652
651

56
56
56
55
55
56
55
56
55
55
56
55
56
56

91
91
91
90
90
91
90
91
90
90
91
90
91
91

2/77
2/77
2/77
6/77
6/77
2/77
6/77
2/77
6/77
6/77
2/77
6/77
2/77
2/77

30
245
247
65
36
77
915
70
71
31
975
.78

27,43
43
48
28
14,27
28
12
16,28
28
27
39
28

67,80
80
82
67
67
67
59
67
67
67
75
67

1/77
8/76

38

27

67

5/77

97
11
965
914
9

25
25
38
12
24

65
65
74
59
65

10/76
10/76

69

25

66

2/77

243
242

43
43

80
80

2/77
2/77

86
248
88
89
249
87
241
240

26
48
26
26
48
26
43
43

66
82
66
66
82
66
80
80

1/77

27

24

65

4/77

24

24

65

4/77

733
733c
736
736c
737
737c
738
738c
732
732c
320
32Qc
735
735c

58
58
58
58
58'"

50
50,58

12/76
7/77

5/76

5/76*

8/76*
2/77
5/77
5/77
7/77
5/77
2/77
5/77

3/76*
2/77

5/77
7/77

10/76

8/76*
1/77
1/77

8/76*
Mil
2/77
8/76

9/72*
9/72*
9/72*
9/72*
5/69*
5/69*
9/72*

L
Labor cost per unit of gross domestic product
Labor cost per unit of output, manufacturing
..'„'..
Labor cost per unit of output, private business sector
Labor cost, price per unit of, manufacturing ...;..,;;.;
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index
Composite index rate of change . . .' '. '.'. '. . , ' . ' ' . . .
Diffusion index
Layoff rate manufacturing
'
....'....,' '
Leading indicators, twelve
Composite index
Composite index, rate of change . . ' . . ' . . . ' . I .
Diffusion index
' '
.'.
Liabilities of business failures
Liquid assets, change in total '
' '...'.'.
Loans-See Credit.

M
10/72*
11/68
10/72* Man-hours-See Employment and unemployment.
Marginal employment adjustments, Cl ........,,....'.
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.
change
"
'....'
Materials, crude and intermediate-See Wholesale prices.
Materials, industrial-See Price indexes.
Materials new orders for consumer goods and , . . ...
Materials rate of capacity utilization
Merchandise trade-See Foreign trade.
Military-See Defense.
Money and financial flows Cl
5/69* Money supply
5/69*
Liquid assets change in total
Money supply Ml
....''
5/69*
Money supply Ml, percent changes
.....'.'.
Money supply M2 . . . '
' ' ;:...'.'..'.'.","'.';.'.' ."
Money supply M2 percent changes
5/69*
5/69*
Ratio GNPto money supply Ml
Ratio personal income to money supply M2 ....'.
' ...'.';:.
;
5/69* Mortgage debt net change
Mortage yields secondary market
..".........;......
5/69* Municipal bond yields . . '
5/69*
N
10/69 National defense-See Defense.
10/69* National Government -See Government.
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondefense, constant dol. ....
Capital goods industries, nondefense, current dol
'. .
Consumer goods and materials constant dollars
Contracts
and
orders,
plant
and
equip.,
constant
dol.
..
2/69
Contracts and orders, plant and equip., current dol. .'. .
2/69
Defense
products
....
'.....;...;.';;.';.'..
11/68*
Durable goods industries constant dollars . ."
Durable goods industries, current dollars ....'.'......";
Components ..;:.''.';;;.;.':;:..:.;;.'.'.'.'.
Diffusion index .,:..;;..;.;::.;::.;:;.;...;.
New orders, manufacturing, Dl
.:..';;;;.';.'.".'.'..'.
Nonresidential fixed investment, GPDI
Producers' durable equipment constant dollars
Structures constant dollars
''.;;.
Total constant dollars
' ' '
Total percent of GNP '
"
9/68*
0

910
91 Or,
950
14
104

40
37
34
14,32

71
70

7/77
7/77
1/77
7/76
5/77

913
78

12
28

59
67

7/77
2/77

38

27

67

5/77

8
84

13,22
21

63
63

12/76

917

12

59

7/77

104
105
85
106
102
107
108
33
118
117

14,32
14,32
32
32
32
32
32
33
35
35

70
70
70
70
70
70
70
70
72
72

5/77
5/77
5/77
5/77
5/77
5/77
5/77
4/77
2/76
2/76

27
24
8
20
10
548
7
6

24
24
13,22
13,24
24
54
22
22

964
971

73'"

11/68
10/72
11/68

4/77

10/72
10/72

7/64*
7/64

9/68

Obligations incurred, Defense Department . . . ' . . ' . ; . . '
OECD European countries industrial production • • • • • ;
Orders-See New orders and Unfilled orders.
Output-See
also Gross national product and
10/69*
Industrial production.
Goods output, constant dollars . . . '. , ' , . '. , J ; ' J . . .
Labor cost per unit of
'
10/69*
Per hour nonfarm business sector
Per hour, private business sector . . ' , . , ' , . . . . . ' . . ' . ' , '.^',
1*6/69
Per hour, private business sector, percent changes
Ratio t o capacity manufacturing (BEA)
--••••
Ratio to capacity, manufacturing (FRB)
. .i . . .
Ratio to capacity materials
'.
9/68
Overtime hours, production workers, manufacturing

4/77
4/77
4/77
4/77
4/77
2/77
5/77
5/77

38
39

65
65
63
65
65
89
63
63
76
74
75

88
87
86
248

26
26
26
48

66
66
66
82

1/77
1/77
1/77

516
721

54
57

89
92

5/77
7/77

21
16,31
51
51
51
21
21
21
17

62
69
87
87
87
63
63
63
60

1/77
5/77

.49
62
358
370
370c
83
82
84
21

2/77*
3/76*

8/76*

6/76*
6/76*
6/76*
12/76
12/76
12/76
12/76

9/68

9/68*
9/68'
11/68*

10/69*

ii/68
6/68*
10/72*
10/72*

i2/74

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




111

ALPHABETICAL INDEX- SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series,'' following this index)

Current issue
{page numbers)

Series
number

Charts

Tables

Series
Historical
data descriptions
(issue date) (issue date)

P
Participation rates, civilian labor force
Both sexes, 1 0-1 9 years of ego
Females ?0 years and over
Males ?0 years tint) over
Personal consumption o x pond i to res
Automobiles
Durable goods constant dollars
Durable goods, current dollars
Nondurable qoods, constant dollars
Nondurable pods current dollars
Services constant dollars
Services current dollar's
Total constant dollars
Total current dollars
Total percent of GNP
...
Personal income-See Income,
Personal saving
Personal saving rote
Petroleum and products im ports
Plant and equip merit- See also Investment, capital.
Business expenditures for
Business oxpendituos for 01
Contracts and orders for constant dollars
Contracts ami orders for, current dollars
Pries indexes
Consumer prices-Set) also International comparisons.
All items index
All items, percent changes
Food index
Food percent chantjps
Deflators NIPA
Fixed weighted, gross business product, index ..„..
Fixes.! weighted, gross business product, pet, ehanips
Implicit price deflator GNP index
Implicit price deflator, 6NP, percent changes ......
Industrial materials ... .
Industrial materials, components
Industrial materials, Dl
Labor cost price per unit of
Sensitive prices change in
Stock prices- See also International comparisons.
SOf) common stocks .
BOO common stocks Dl
Wholesale prices
All commodities index
All commodities, percent change
Consumer finished goods, percent changes
Crude materials, index
,. .
Crude materials, percent changes
Intermediate materials index
Intermediate materials, percent changes
Producer finished goods index
Producer finished goods percent changes
Price to unit labor cost manufacturing
Prices, selling
Manufacturing Dl
Retail trade PI
Wholesale trade, 01 . . .
Prime contracts military
Prime rote charged by banks
Producer finished goods- -Soe Wholesale prices.
Producers' durable equipment, nonresid., GPDI ,
Product ion -See Industrial production and GNP,
Productivity
Output per hour, nonfarm business sector
Output per hour, private business sector
Output per hour, private business sector, pet. changes .
Profitability Cl
Profits
Corporate after taxes constant dollars
Corporate, after taxes, with IVAand CCA,
constant dollar
Corporate, after taxes, with 1 VA and CCA, cur, do). ...
Corporals^ with IVAand CCA
Corporate, with IVA and CCA, pet. of nat'l. income . . .
Manufacturing and trade, 01
Manufacturing, Dl
,
• Per dollar of sales, manufacturing
Profitability, Cl
Ratio profits to corporal? domestic income
Ratio, profits with IVAond CCA to corporate domestic:
income
Proprietors' income with IVAand CCA
Proprietors' income with IVAand CCA, pet. of nat'l. inc.,

453
452
461

52
52
52

88
38
38

4/77
4/77
4/77

55
233
232
238
236
239
237
231
230
235

23
42
42
42
42
42
42
42
42
48

64
79
79
80
80
80
80
79
79
82

1/77
2/77
8/76
2/77
8/76
2/77
8/76
8/76
8/76

8/76*

292
293
614

47
47
53

81
82
90

9/76

81
970
20
10
90

25
39
13,24
24
19

66
75
66
65
61

2/76

320
32Qc
322
322c
311

50
50,58
50
50

83,93
83,93
83
33

10/76*

4/77
4/77
4/77

3/77

' 3/77
3/77
3/77

10/69
10/69
10/69
10/69*
10/69
7/68*
11/68
11/68*
9/68

5/69*
5/69*
5/69*
5/69*

967
17
92

38
30
14,29

19
968

14,29
38

68
74

12/76

5/69

6/77

5/69*

330
330e
334
334c
331
331 c
332
332c
333
333c
17

49
49
49
49
49
49
49
49
49
49
30

84
84
85
85
84
84
85
85
85
85
69

3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
5/77

6/69*

976
978
977
525
109

39
39
39
54
36

75
75
75
89
72

3/76*
3/76*
3/76*

88

26

66

1/77

8/76*
8/76*
8/76*
8/76*

10/69*
10/69*

1/77

4/69

7/77'

4/69*
11/68

5/77
3/77

—

87
87
87
59

6/76*
6/76*
6/76*
7/77

18
16

29
29

68
68

8/76
8/76

1/72
7/68

80
79
286
287
972
969
15
916
22

29
29
46
48
39
38
30
12
30

68
68
81
82
75
74
69
59
68

12/76
12/76

81
282
283

30
46
48

69
81
82

1/77
9/76

4

17

60

12/76

284

46

81

9/76

285

48

82

9/76*

9/76

9/76*
3/76*
5/77
4/76
7/77
8/76

9/76*

71
66
82

6/77
1/77

11/72

8/76*

1*6/69*

59
54

23
23

64
64

10/76
10/76

6/72*

41

79

9/76*

25
15,23
23
39
28
23
23

66
64
64
75
67
64
64

2/77

47
47
47
47
47

81
82
81
81
82

2/77
9/76
9/76
9/76

14,29

68

3/77

14,29
38
28

68
74
67

12/76

5/69

6/77
2/77

5/69*

27

67

5/77

114
115

35
35

71
72

2/76
2/76

91
60
5
962
3

16,19
18
17
37
13,17

61
60
60
73
60

4/77
4/77

10/76
10/76*
12/76

6/69*
6/69*
8/68*

446
445
447
444
37
4

52
52
52
52
19,52
17

88
88
88
88
61,88
60

4/77
4/77
4/77
4/77
4/77

4/72*

44
45
43

19
19
19

61
61
61

4/77
7/76
4/77

4/72
6/69
4/72

96
25

22
22

63
63

2/77
5/77

9/68
9/68

107
108
32

32
32
13,22

70
70
63

5/77
5/77

12/76

12/74

10/69
10/69*
11/68*

330
330c
334
334e
331
33k
332
332c
333
333e
92
1

49
49
49
49
49
49
49
49
49
49
14,29
13,17

84
84
85
85
84
84
85
85
85
85
68
60

3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77

6/69*

12/76

8/68*

37

76
73

Velocity of money
GNP to money supply Ml, ratio
Personal income to money supply M? ratio
Vendor performance

112

3/76*

2/69*
11/68*

5/77

10/76
10/76

10/76*

6/72*
i6/69
10/69
10/69
7/68*

7/64
7/64

12/76

W

Wages and salaries-See Compensation.
West Germany-See International comparisons.
3/69
Wholesale prices
All commodities, index
7/68*
All commodities percent changes
Consumer finished goods, index
Consumer finished goods percent changes
10/69
Crude materials indox
10/69*
Crude materials, percent changes
Intermediate materials index
Intermediate materials percent changes
Producer finished goods, index
Producer finished goods, percent changes
Sensitive prices, change in
Workweek of production workers, manufacturing
Workweek of production workers, manufacturing,
10/69
components
10/69* Workweek of production workers, manufacturing, Dl

961

NOTE; The following abbreviations are used in this indiix: Ct, composite index; 01, diffusion index; GPDI, gross private domestic investment; and NIPA, notional income and product accounts.
*The identification number for this series has been changed since the publication idate shown.




9/68*

12/76
2/77

U

51
51
51
12

12/76

34
26
48

T
Treasury bill rate
Treasury bond yields

358
370
370c
916

5/77

Tables

93
89
249

Salaries-See Compensation.
Sales
213
Final sales constant dollars
.
Machinery and equipment sales end business
construction expenditures
89
Manufacturing and trade sales, constant dollars
57
Manufacturing and trade sales, current dollars
56
973
Manufacturing and trade sales, Dl
77
Ratio, inventories to sales, mfg. and trade
59
Retail sales constant dollars
54
Retail sales current dollars
Saving
295
Business saving
298
Government surplus or deficit
290
Gross saving, private and government
292
Personal saving
293
Personal saving rate
Selling prices-See Prices, selling.
92
Sensitive prices, change in
State and local government-See Government.
Stock prices-See also International comparisons.
19
BOO common stocks
968
500 common stocks, Dl
.
Stocks of materials and supplies on hand and on order . . . 78
Stocks of materials and supplies on hand and on order,
38
change
Surplus-See Government

Unemployment
Duration of unemployment, average
Help-wanted advertising to unemployment, ratio
Initial claims, avg. weekly, unemploy. insurance
Initial claims, avg. weekly, unemploy. insurance, 01 ...
Layoff rate, manufacturing
Number unemployed, civilian labor force
Both sexes, 16-19 years of age
Females, 20 years and over
Full-time workers
il/68
Males 20 years and over
Total unemployed
11/68*
Quit rate, manufacturing
11/68*
Unemployment rates
11/68*
1 5 weeks and over ...
Insured, average weekly
li/73
Total
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries change in
United
Kingdom-See International comparisons.
6/68*
10/72*
10/72*
V

R

Rental income of persons, with CCA ...
Rental income of persons, with CCA, percent of national
income

10/69

23

310c

Charts

Historical Scries
data descriptions
(issue date! (issue date)

S

10/69

83
83
83
83
68
78
74
69
68

310

Current issue
{page numbers)

Series
number

10/69*

4@
49
49
49
29

311c

Q
Quit rate manufacturinEi

Reserves free
Residential fixed investment, constant dollars, GPDI
Residential fi^ed investment percent of GNP
. , , . . Residential structures -See Housing.
Retail sales constant dollars
Retail sales current dollars

6/77

2/76*

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

1/77*

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. "M" following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1-Department of Commerce, Bureau of Economic
Analysis;
Source 2-Department of Commerce, Bureau of the Census;
Source 3-Oepartment of Labor, Bureau of Labor Statistics;
Source 4-Board of Governors of the Federal Reserve System.
Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each series.

5. Average weekly initial claims for unemployment insurance, State programs (M).-Department of Labor,
Employment Training Administration; seasonal adjustment by Bureau of Economic Analysis
(17, 60)
6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2
(22,63,76)

8. Value of manufacturers' new orders for consumer
goods and materials in 1972 dollars (M).-Sources 1,2,
and 3
(13,22,63)

27. Value of manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (M). - Sources 1,
2, and 3
(24, 65)

9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).-McGraw-Hill
Information Systems Company; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
Economic Research, Inc. (Used fay permission. This
series may not be reproduced without written permission from the source.)
(24,65)

28. New private housing units started, total (M).-Source 2
(26,,66)

910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 105)
(M).-Source!
(11,40,59)

11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).-The Conference Board. (Used
by permission. This series may not be reproduced without written permission from the source.)
(25, 65)

915. Composite index of inventory investment and purchasing (includes series 8, 32, 36,92) (M).-Source 1
(12,59)
916. Composite index of profitability (includes series 17,
19,80)<MK-Source1
(12,59)
917. Composite index of money and financial flows (includes series 104,105,110 ) (M)-Source 1 (12, 59)

12. Index of net business formation (M).-Source 1; seasonal adjustment by Bureau of Economic Analysis and
National Bureau of Economic Research, Inc.
(13,24,64)
13. Number of new business incorporations (M).-Dun and
Bradstreet, Inc.; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research ,lnc.
(24,64)
14. Current liabilities of business failures (M).-Dun and
Bradstreet, Inc.
(34,71)

920. Composite index of four roughly coincident indicators
(includes series 41,47,51,57) (M)-Source 1
(11,40,59)

15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Q).-Federal Trade Commission
and Securities and Exchange Commission; seasonal
adjustment by Bureau of Economic Analysis (30,69)

930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91,95,109) (M).-Source 1(11,40,59)

16. Corporate profits after taxes in current dollars (Q).--Source 1
. (29,68)

940. Ratio, coincident composite index (series 920} to
lagging composite index (series 930) (M).-Source!
(12,59)

I-B. Cyclical Indicators
1. Average workweek of production workers, manufacturing (M).-Source 3
(13,17,60,76)
2. Accession rate, manufacturing (M).-Source 3 (17,60)

24. Value of manufacturers' new orders, capital goods industries, nondefense, in current dollars (M).-Source 2
(24, 65)
25. Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(22, 63)

I-A. Composite Indexes

914. Composite index of capital investment commitments
(includes series 12,20,29) (M).-Source 1
(12,59)

23. Index of industrial materials prices (M).-Source 3
(29, 68,78)

7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and 3
(22, 63)

10. Contracts and orders for plant and equipment in current dollars (M).-Source 2 and McGraw-Hill Information Systems Company; seasonal adjustment by Bureau
of the Census and Bureau of Economic Analysis
(24, 65)

913. Composite index of marginal employment adjustments
(includesseries 1,2,3,5) (M).-Source 1
(12, 59)

22. Ratio of profits (after taxes) to total corporate domestic income (Q).-Source 1
(30, 68)

29. Index of new private housing units authorized by local
building permits (M).-Source 2
(14,26,66)
30. Gross private domestic investment, change in business
inventories,all industries, in 1972 dollars (Q).-Source 1
(27,43,67,80)
31. Change in book value of manufacturing and trade inventories, total (M).-Sources 1 and 2
(27,67)
32. Vendor performance, percent of companies reporting
slower deliveries (M).-Purchasing Management Association of Chicago
(13,22,63)
33. Net change in mortgage debt held by financial institutions and life insurance companies (M).-American
Council of Life Insurance; Federal National Mortgage
Association; Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks;
U.S. Savings and Loan League; and source 4; seasonal
adjustment by Bureau of Economic Analysis (33,70)
34. Net cash flow, corporate, in current dollars (Q).Sourcel
(30,69)
35. Net cash flow, corporate, in 1972 dollars (Q),-Source 1
(30,69)
36. Net change in inventories on hand and on order in
1972 dollars (smoothed) (M).-Sources 1,2, and 3
(14,27,67)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(19,52,61,88)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(27, 67)
39. Percent of consumer installment loans delinquent 30
days and over (EOM).-American Bankers Association
(34,71)

17. Index of price per unit of labor cost, manufacturingratio, index of wholesale prices of manufactured goods
(unadjusted) to seasonally adjusted index of compensation of employees in manufacturing (sum of wages,
salaries, and supplements to wages and salaries) per unit
of output (M).-Sources 1,3, and 4
(30, 69)

40. Number of employees in nonagricultural goods-producing industries—mining, manufacturing, and construction (M).-Source 3
(18,61)

18. Corporate profits after taxes in 1972 dollars (Q).Source 1
(29,68)

41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(15,18,61)

19. Index of stock prices, 500 common stocks (M).Standard and Poor's Corporation (14, 29, 58, 68,94)

42. Number of persons engaged in nonagriculturat activities, labor force survey (M).-Sources 2 and 3 (18,61)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company
(13,24,65)

43. Unemployment rate, total (M).-Sources 2 and 3
(19,61)

21. Average weekly overtime hours of production workers,
manufacturing (M).-Source 3
(17, 60)

44. Unemployment rate, 15 weeks and over (M).-Sources
2and3
(19,61)

3. Layoff rate, manufacturing (M).-Source 3(13,17,60)
4. Quit rate, manufacturing (M).-Source 3




(17,60)

113

TITLES AND SOURCES OF SERIES-Continued
45. Average weekly insured unemployment rate, State programs (M),-Department of Labor, Employment Training Administration
09,61}
46. Index of help wanted advertising in newspapers (M)..
The Conference Board
(18,6(3)
47. Index of industrial production, tottel (M).-Source 4
(15,21,40,57,62,77,9?)

68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporationsratio of current-dollar compensation of employees to
real gross corporate product (Q).-Source 1
(31,69)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).-Source 2

70. Manufacturing and trade inventories, total book value,
in 1972 dollars (EOM).-Sources 1, 2, and 3(16,28.67)

49. Value of goods output in 1972 dollars (Q).-Source 1
(21,62)

71. Manufacturing and trade inventories, total book value,
•in current dollars (EOM).-Sources 1 and 2
(28,67)

50. Gross national product in 1972 dollars (Q).-Source 1
(20,40,41,62,79)

72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).-Source 4; seasonal adjustment by Bureau of Economic Analysis
(16,36,72)

52. Personal income, total, in 1972 dollars (M).-Souree 1

(20,63)
53. Wage and salary income in minim), manufacturing, and
construction in 1972 dollars (M).-Sources 1 and 3

73. Index of industrial production, durable manufactures
(M),-Source4
(21,62)
74. Index of industrial production, nondurable manufactures (M).-Source 4
(21,62)

(20,62)

75. Index of industrial production, consumer goods (M).—
Source 4
(23,64)

54. Sales of retail stores in current dollars (M). Source 2
(23, 64)

76. Index of industrial production, business equipment
(M).-Source4
(25,66)

55. Personal consumption expenditures, automobiles (Q).Source 1
(23,64)

77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).Sources 1,2, and 3
(28,67)

56. Manufacturing and trade sales in current dollars
(M).-Sources 1 and 2
(23,64)
57. Manufacturing and trade sales in 1972 dollars ;M),Sources 1,2, and 3
(15,23,64)
58. Index of consumer sentiment (Q).-University of
Michigan, Survey Research Center
(23,64)

65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EQM).-Source 2
(28,67)

82. Rate of capacity utilization, manufacturing (Q).Source4
(21,63)
83. Rate of capacity utilization, manufacturing (HOQ).Sourcel
(21,63)
84. Rate of capacity utilization, materials (Q).-Souree 4
(21,63)
85. Change in money supply M1 (demand deposits plus
currency) (M).-Souree 4
(32, 70)
86. Gross private domestic fixed investment, total nonresidential, in 1972 dollars (Q).-Source 1
(26, 66)
87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(26, 66)
88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars
(Q).-Source 1
(26, 66)

66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(36,72)

89. Gross private domestic fixed investment, total residential, in 1972 dollars (Q).-Source 1
(26, 66)

67. Bank rates on short-term business loans, 35 cities
{Q).-Souree4
(36,72)

90. Ratio, civilian employment to total population of
working age (M).-Sources 1,2, and 3
(19,61)

114




96. Manufacturers' unfilled orders, durable goods industries
<EOM).-Source2
(22,63)
97.

Backlog of capital appropriations, manufacturing
(EOQ).-The Conference Board. (Used by permission.
This series may not be reproduced without written permission from the source.)
(2b, 65)

102. Change in money supply M2 (demand deposits and cur
rency plus time deposits at commercial banks othei
than large CD's) (M).-Source 4
(32,70)
104. Change in total liquid assets (smoothed) (M).-Sourees
land4
* (14,32,70)
105. Money supply M1 (demand deposits plus currency) in
1972 dollars (M).-Sourees 1,3, and 4
(14,32,70)

107. Ratio, gross national product to money supply Ml
(Q).-Sources1and4
(32,70)

81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(30, 69)

64. Compensation of employees as a percent of national!
income (Q).-Source 1
(31,48, 69, 82)

95. Ratio, consumer installment debt to personal income
(EOM).-Sourees1and4
(16,36,72)

79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).~Source1
(29,68)

60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).-Sources 1, 2, 3, and The Conference Board
(18,60)

63. Index of unit labor cost, private business sector
(Q).-$ource3
(31,69)

94. Member bank borrowings from the Federal Reserve
(M).-Source4
(34,71)

106. Money supply M2 (demand deposits and currency plus
time deposits at commercial banks other than large
CD's) in 1972 dollars (M).--Sources 1,3, and 4 (32,70)

80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source!
(29,68)

62. Index of labor cost per unit of output, total manufacturing-ratio, index of compensation of employees in
manufacturing (sum of wages, salarhs, and supplements
to wages and salaries) to index of industrial production,
manufacturing (M).-Sources 1 and 4
(16,31,69)

93. Free reserves (member banks excess reserves minus
borrowings) (M).-Souree 4
(34,7t.)

78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(28, 67)

59. Sales of retail stores in 1972 doliars (M).-Sourees 1
and 3
(23,64)

61. Business expenditures for new pltmt and equipment,
total (Q).-Source 1
(25,66)

92. Change in sensitive prices (WPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M),
Sources land 3
04,29,68)

(25,66)

48. Employee hours in nonagricultural establishments (M).Source 3
(18,40,60)

51. Personal income, less transfer payments, in 1972 dollars (M).-Souree 1
(15,20,40,62)

91. Average (mean) duration of unemployment in weeks
(M).-Sources2and3
(16,19,61)

108. Ratio, personal income to money supply M2 (M). •
Sources land 4
(32,70)

109. Average prime rate charged by banks (M).-Sourco 4
(36, 72)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(33, 71)
112. Net change in bank loans to businesses (M).-Source 4;
seasonal adjustment by Bureau of Economic Analysis
(33,71)
113. Net change in consumer installment debt (M),-Source 4
(33,71)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Souree4
(35,71)
115. Yield on long-term Treasury bonds (M). -Department
of the Treasury
(35,72)

116. Yield on new issues of high-grade corporate bonds
(M).-Citibank and Department of the Treasury

(35, 72)
117. Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(35,72)
118. Secondary market yields on FHA mortgages (M).Department of Housing and Urban Development, Federal Housing Administration
(35, 72)
119. Federal funds rate (M).-Souree 4

(35,71)

TITLES AND SOURCES OF SERIES-Continued
I-C. Diffusion Indexes
950. Diffusion index of twelve leading indicator components
(M).-Sourcel
(37,73)
951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(37,73)
952. Diffusion index of six lagging indicator components
<M).-Source1
(37,73)
961. Diffusion index of average workweek of production
workers, manufacturing-21 industries (M).-Sources 1
and 3
(37,73,76)
962. Diffusion index of initial claims for unemployment
insurance, State programs-47 areas (M).-Source 1 and
Department of Labor, Employment Training Administration; seasonal adjustment by Bureau of Economic
Analysis
(37,73)

975. Diffusion index of level of inventories, manufacturing
and trade-about 1400 businessmen reporting (Q).Dun and Bradstreet, Inc. (Used by permission. This
series may not be reproduced without written permission from the source.)
(39,75)
976. Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).-Dun and Bradstreet,
Inc. (Used by permission. This series may not be reproduced without written permission from the source.)

(39,75)
977. Diffusion index of selling prices, wholesale tradeabout 450 businessmen reporting (Q).-Dun and Bradstreet, Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
{39,75)
978. Diffusion index of selling prices, retail trade-about
250 businessmen reporting (Q).-Dun and Bradstreet,
Inc. (Used by permission. This series may not be reproduced without written permission from the source.)
(39,75)

963. Diffusion index of number of employees on private
nonagricultural payrolls-172 industries (M).-Source 3
(37,73)

II-A. National Income and Product

964. Diffusion index of value of manufacturers'new orders,
durable goods industries-35 industries (M).-Sources 1
and 2
(38,74,76)

30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source 1
(27,43,67,80)

965. Diffusion index of newly approved capital appropriations, deflated—17 industries (Q).—The Conference
Board. (Used by permission. This series may not be
reproduced without written permission from the
source.}
(38,74)

50. Gross national product in 1972 dollars (Q).-Source 1
(20,40,41,62,79)

966. Diffusion index of industrial production—24 industries
(M).~Sources1and4
(38,74,77)
967. Drffusion index of industrial materials prices-13 industrial materials (M).-Sources 1 and 3; seasonal adjustment by Bureau of Economic Analysis
(38, 74, 78)
968. Diffusion index of stock prices, 500 common stocks62-82 industries (M).-Standard and Poor's Corporation
(38,74)
969. Diffusion index of profits, manufacturing-about 1,000
corporations (Q).-Citibank; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
Economic Research, inc.
(38,74)
970. Diffusion index of business expenditures for new plant
and equipment, total-18 industries (Q).-Source 1
{39,75)
971. Diffusion index of new orders, manufacturing-about
700 businessmen reporting (Q).-Dun and Bradstreet,
Inc. (Used by permission. This series may not be reproduced without written permission from the source.)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(31,48, 69, 82)

973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).-Oun and Bradstreet, Inc. {Used by permission. This series may not be
reproduced without written permission from the
source.)
{39,75)
974. Diffusion index of number of employees, manufacturing and trade-about 1400 businessmen reporting
(Q).-Dun and Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written permission from the source.)
(39,75)




238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(42, 80)

239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(42,80)
240. Gross private domestic investment, total, in current
dollars {Q).-Source 1
(43, 80)
241. Gross private domestic investment, total, in 1972
dollars (Q).-Source 1
(43,80)
242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(43, 80)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(43,80)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (0).Sourcel
(43,80)
247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q)-Source 1
'
{48,82)
248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).-Source 1
(48, 82)
249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).-Source 1
(48, 82)

200. Gross national product in current dollars (Q).-Source 1
(41,79)

250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source 1
(45,81)

213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Sourcel
(41,79)

251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(48,82)

217. Per capita gross national product in 1972 dollars
{Q).-Sources1and2
(41,79)

252. Exports of goods and services in current dollars;
national income and product accounts {Q).—Source 1
(45,81)

220. National income in current dollars (Q).-Source 1
(46,81)
223. Personal income in current dollars (M).-Source 1
(41,62)
224. Disposable personal income in current dollars (Q).Source 1
(41,79)
225. Disposable personal income in 1972 dollars (Q).Source!
(41,79)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(41,79)

(39,75)
972. Diffusion index of net profits, manufacturing and
trade-about 1400 businessmen reporting (Q).-Dun
and Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(39,75)

237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(42, 80)

230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
'
{42,79)
231. Personal consumption expenditures, total, in 1972
dollars (Q).-Source 1
(42,79)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(42,79)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(42,79)

253. Imports of goods and services in current dollars;
national income and product accounts (Q).-Source 1
{45,81)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).-Source 1
(45,81)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (45,81)
257. Imports of goods and services in 1972 dollars; national
income and product accounts {Q),-Source 1 (45,81)
260. Government purchases of goods and services, total, in
current dollars {Q),-Source 1
(44, 80)
261. Government purchases of goods and services, total, in
1972 dollars (Q)-Source 1
(44, 80)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(44, 80)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(44,80)

235. Personal consumption expenditures, total, as a percent
of gross national product {Q).-Source 1
{48, 82)

265. Federal Government purchases of goods and services as
a percent of gross national product (0.).-Source 1
(48, 82)

236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(42, 80)

266. State and local government purchases of goods and
services in current dollars (Q).-Source 1
(44, 80)

115

TITLES AND SOURCES OF SERIES-Continued
267. State and local government purchases of goods and
services in 1972 dollars (Q).~Sourt;e 1
(44,80)

335. Index of wholesale prices, industrial commodities (M).—
Source 3
(49,84)

502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(53,89)

268. State and local government purchases of goods and
services as a percent of gross national product (Q).-*Sourcel
(48,82)

340. Index of average hourly earnings of production workers, private nonfarm economy-adjusted for overtime
(in manufacturing only), interindustry employment
shifts, and seasonality (M).-Souree 3
(50, 86)

510. State and local government surplus or deficit; national
income and product accounts (Q).-Source 1 (53,89)

280. Compensation of employees (Q).-Source t

{46,81)

282. Proprietors' income with inventory valuation and capital consumption adjustments (Q).-Source 1 (46,81)
283. Proprietors' income with inventory valuation and capital consumption adjustments as a percent of national
income (Q)-Source 1
(48,82)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(46,81)
285. Rental income of persons with capital consumption adjustment as a percent of national income (Q).-Source 1
(48,82)
286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).-Sojree 1
(46,81)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(48,82)

341. Index of real average hourly earnings of production
workers, private nonfarm economy-adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonality (M(.-Source 3
(50,86)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(50,86)
346. Index of real average hourly compensation, all employees, nonfarm business sector (Q). Source 3
(50,87)
348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).-Source 3
(51,87)
349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).SourceS
(51,87)

(46,81)

358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(50,87)

289. Net interest as a percent of national income iQ).Source!
(48,82)

370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(50,87)

288. Net interest (Q).~Sou rce 1

290. Gross saving-private saving plus government surplus or
deficit (Q).-Source 1
(47,81)
292. Personal saving (Q).-Source 1

(47,81)

293. Personal saving rate-personal saving as a percent of
disposable personal income (Q),=Source 1
(47,82)
295. Business saving-undistributed corporate profits plus
capital consumption allowances with inventory valuation and capital consumption adjustments *Q).
Source 1
(47,81)
298. Government surplus or deficit, total (Q). Source 1
(47, 82)

II-C. Labor Force, Employment,
and Unemployment

310. Implicit price deflator, gross national product (Q).
Sou reel
(49,83)
311. Fixed weighted price index, gro;s business product
(Q).~Source 1
(49,83)

322. Index of consumer prices, food (M).--Souree 3 (50,83)

330. Index of wholesale prices, all commodities (M}.~
Sourca3
(49,84)
331. Index of wholesale prices, crude materials for further
processing (M).-Source 3
(49,84)

441, Total civilian labor force, labor force survey (M).~
Sources 2 and 3
(52,88)
442. Total civilian employment, labor force survey (M).=
Sources 2 and 3
(52,88)
444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(52,88)

446. Number unemployed, both sexes 16-19 years of age,
tabor force survey (M).-Sources 2 and 3
(52,88)
447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(52,88)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).-Sources 2 and 3

(52,88)
451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(52, 88)
452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(52, 88)
453. Civilian labor force participation rate, both sexes 16-19
years of age (M)-Sources 2 and 3
(52,88)

332. Index of wholesale prices, intermediate materials,
supplies, and components (M).-Source 3
(49,85)

II-D. Government Activities

333. Index of wholesale prices, producer finished goods
(M).~Sourc@3
(49,85)

500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(53,89)

334. Index of wholesale prices, consumer finished good$
(M).-Source3
(49,85)

501. Federal Government receipts; national income and
product accounts (Q).-Source 1
(53,89)

116




516. Defense Department obligations incurred, total, excluding
military assistance (M), Department of Defense, OSD,
Comptroller, Directorate for Program Financial Control;
seasonal adjustment by Bureau of Economic Analysis

(54,89)
525. Military prime contract awards to U.S. business firms and
institutions
(M).-Department of Defense, OSD,
Comptroller, Directorate for Management Information
Operation and Control; seasonal adjustment by Bureau of
Economic Analysis
(54,89)
548. Value of manufacturers' new orders, defense products
(M).^Source2
(54,89)
564. Federal Government purchases of goods and services
for national defense (Q).-Source 1
(54,89)

II-E. U.S. International
Transactions
602. Exports, excluding
<M).~Source2

military

aid shipments, total
(56,90)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(19, 52, 61, 88)

320. Index of consumer prices, all items (M). Source 3

(50,58,83,93)

512. State and local government expenditures; national
income and product accounts (Q).-Source 1 (53,89)

604. Exports of agricultural products (M). Source 2; seasonal adjustment by Bureau of Economic Analysis

445. Number unemployed, females 20 years and over, labor
force survey (M)-Sources 2 and 3
(52,88)

II-B. Prices, Wages,
and Productivity

511. State and local government receipts; national income
and product accounts (Q).-Souree 1
(53,89)

(55,90)
606. Exports of nonelectrical machinery (M).-Source 2;
seasonal adjustment by Bureau of Economic Analysis

(55,90)
612. General imports, total (M).-Source 2

(55,90)

614. Imports of petroleum and petroleum products
(M).™Source 2; seasonal adjustment by Bureau of
Economic Analysis
(55,90)
616. Imports of automobiles and parts (M).=-Souree 2;
seasonal adjustment by Bureau of Economic Analysis

(55,90)
618. Merchandise exports, adjusted, excluding military
grants (Q).-Source 1
(56,91)
620. Merchandise imports, adjusted, excluding military
(Q).<=Source 1
(56,91)
622. Balance on merchandise trade (Q).-Souree 1
(56,91)
651. Income on U.S. investments abroad (Q).-Souree 1
(56,91)
652. Income on foreign investments in the U.S. (Q).Source 1
(56,91)
667. Balance on goods and services (Q).-Source 1

(S6,91)

668. Exports of goods and services, excluding transfers
under U.S. military grants (Q)-Source 1
(56,91)
669. Imports of goods and services, total (Q).-Source 1

(56,91)

TITLES AND SOURCES OF SERIES-Continued
II-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard and Poor's Corporation {14,29,58,68,94)

726. France, index of industrial production (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(57,92)

737. Italy, index of consumer prices (M).-tnstituto Centrale
di Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(58,94)

727. Italy, index of industrial production (M).-Institute
Centrals di Statistica (Rome)
(57,92)

738. Japan, index of consumer prices (M).-Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(58,93)

47. United States, index of industrial production, total
(M).-Source 4
(15,21,40, 57, 62, 77, 92)

728. Japan, index of industrial production (M).-Minlstry of
International Trade and Industry (Tokyo)
(57,92)

320. United States, index of consumer prices, all items

732. United Kingdom, index of consumer prices (M).Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (58,93)

(M).-Source3

(49,58,83,93)

721. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).—Organization for Economic Cooperation and
Development (Paris)
{57, 92)

722. United Kingdom, index of industrial production
(M).-Central Statistical Office (London)
(57,92)

723. Canada, index of industrial production (M).-Statistics
Canada (Ottawa)
(57,92)
725. West Germany, index of industrial production
(M).-Statistisches Bundesamt (Wiesbaden); seasonal
adjustment by OECD
(57,92)




733. Canada, index of consumer prices (M).-Statistics Canada
(Ottawa); percent changes seasonally adjusted by Bureau
of Economic Analysis
(58,94)

735. West Germany, index of consumer prices (M).Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis
(58,93)
736. France, index of consumer prices (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(58,93)

742. United Kingdom, index of stock prices (M).-The
Financial Times (London)
(58,94)
743. Canada, index of stock prices (M).-Statistics Canada (Ottawa)
(58,94)

745. West Germany, index of stock prices (M).-Statisttsches
Bundesamt (Wiesbaden)
(58,94)
746. France, index of stock prices (M).-lnstitut National de
la Statistique et des Etudes Economiques (Paris)
(58, 94)
747. Italy, index of stock prices (M).-lnstituto Centrale di
Statistica (Rome)
.
(58,94)
748. Japan, index of stock prices (M).-Tokyo Stock Exchange (Tokyo)
(58,94)

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