Full text of Business Conditions Digest : July 1977
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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) For the Latest on the Food and Fiber Front USDA APPROVED,