Full text of Business Conditions Digest : July 1979

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BUSINESS
CONDITIONS
DIGEST
JULY 1979




U.S. DEPARTMENT
OF COMMERCE
BUREAU OF
ECONOMIC ANALYSIS




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
Fellks Tamm, Editor
This report is 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 under the
auspices of the Office of Federal Statistical Policy and Standards. The committee consists of
the following persons:
Beatrice N. Vaccara, Chairman, U.S. Department of the Treasury
John E. Cremeans, Bureau of Economic Analysis, U.S. Department of Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Lyle E. Gramley, Council of Economic Advisers, Executive Office of the President
Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor
J. Cortland Peret, Board of Governors of the Federal Reserve System

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
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.

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

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.

Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers 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 have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide 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.

New Features and Changes for This Issue .

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
5
5
6

JULY 1979
Data Through June
Volume 19, Number 7

Chart

Table

A1
A2
A3
A4

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

10
12
14
15

60
—
—
—

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

16
19
21
23
26
28
31

61
63
64
65
68
69
71

C1
C2
C3

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

36
39

74
77
_

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 has
Digitized
FRASER
beenfor
approved
by the Director of the Office of Management and Budget through September 1, 1980.






Chart

Table

A1
A2 ;
A3 ;
A4
A5 ;
A6
A7
A8

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

\ f , ; * > ' • ; % ' " " ' [ :'' "\ i

40
41
42
43
44
45
46
47

80
80
81
81
82
82
82
83

B1
B2

Price Movements
Wages and Productivity

48
49

84
87

51

89

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

52
53

90
90

U :;; i»'\j f r i i f - J A ! n - i ^ A i f KV-' •, i\' \ A i ; '! iu«\!!::
Merchandise Trade
....................................
Goods and Services Movements
...........................

56
57

92
93

Industrial Production
Consumer Prices
Stock Prices

58
59
59

94
95
96

,'1 :\i) I ! f M « ! • • i <

s

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

j' - , 5 ' K ",

C1

Civilian Labor Force and Major Components

D1
D2

-M ' : i ' ! ^ : : - - -"'
Receipts and Expenditures
Defense Indicators

l

j|^|
E1
E2 |

F1
F2
F3

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

A. MCD and Related Measures of Variability (April 1978 issue)
QCD and Related Measures of Variability (April 1978 issue)
B. Current Adjustment Factors
,
,,
C. Historical Data for Selected Series

97
98

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

E. Business Cycle Expansions and Contractions: 1854 to 1975
F. Specific Peak and Trough Dates for Selected Business Indicators (Oc?o6e/- 1978 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

105
106
110
114

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 in-

Changes in this issue are as follows:

corporate recent find-

1. The series based wholly or in part on national
income and product accounts data have been revised for
the period 1976 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, 35, 49-53, 55,
59, 62, 64, 68, 79-81, 86-89, 95, 107, 108, and 223;
in section IIA — all series; in section IIB — series
310 and 311; in section IID — series 500-502, 510-512,
564, and 565. (Note: See item 2, below, concerning
additional revisions in series 51, 52, and 59).

ings of economic
research, newly available time series, and
revisions made by
source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may

Series 57 (Manufacturing and trade sales in constant
dollars), which is also affected by the national income
and product accounts data, is not revised in this issue
pending other expected revisions. Series 70 (Manufacturing and trade inventories in constant dollars), series 77
(Ratio, constant-dollar inventories to sales, manufacturing and trade), and series 36 (Change in inventories on
hand and on order in constant dollars) are revised beginning with January 1979. Revised data for the earlier
period will be shown as soon as they become available.
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 51 (Personal income less transfer payments
in constant dollars), series 52 (Personal income in constant
dollars), and series 59 (Sales of retail stores in constant
dollars) have been revised for the period 1967 to date.
This revision is in addition to that (1976 to date) noted
in item 1, above, and incorporates revisions in the deflators for these series.
Further information concerning these series may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, National Income and Wealth Division.
(Continued on page iv.)
The August issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on August 31.




ill

result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of
indexes, etc.

3. Series 48 (Employee-hours in nonagricultural establishments) has been
revised for the period 1973 to date. This revision reflects the source agency's
new seasonal adjustment of the basic data.
Further information concerning this revision may be obtained from the U.S.
Department of Labor, Bureau of Labor Statistics, Office of Current Employment
Analysis, Division of Industry Employment Statistics.
4. The series on Contracts and orders for plant and equipment in constant
dollars (series 20) has been revised for the period 1976 to date to reflect
revisions in value of construction put in place, which is used to deflate one of
the series' components, and to incorporate a new seasonal adjustment.
Further information concerning these revisions may be obtained from the U.S.
Department of Commerce, Bureau of the Census, Construction Statistics Division.
5. The series on Machinery and equipment sales and business construction
expenditures (series 69) has been revised for the period 1976 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.
6. The series on Commercial and industrial loans outstanding (series 72
and 112) have been revised by the source agency beginning with January 1979 on
the basis of a reclassification in New York City banks.
Further information concerning this revision may be obtained from the
Board of Governors of the Federal Reserve System, Division of Research and
Statistics, Banking Section.
7. The series on productivity and costs (series 63, 345, 346, 358, and
370) have been revised by the source agency to reflect the annual updating of
measures of gross national product and the incorporation of new seasonal factors.
Revised data beginning with 1976 are shown in this issue; revisions for the
earlier period will be shown as soon as they become available.
Further information concerning these revisions may be obtained from the
U.S. Department of Labor, Bureau of Labor Statistics, Office of Current
Employment Analysis, Division of Industry Employment Statistics.
8. Series 723 (Industrial production index, Canada) has been revised for
the period 1971 to date to reflect the source agency's annual updating of these
statistics. Revised data for 1977 to date are shown in this issue; revised data
for the earlier period will be shown in a subsequent issue.
Further information concerning this revision may be obtained from Statistics
Canada, Industry Product Division, Ottawa, Canada KIA OT6.
9. Appendix C contains historical data for series 5, 45-48, 51, 570, 736,
910c, 920c, and 930c.
10. Appendix G contains cyclical comparisons for series 50, 86, 910, 920,
930, and 940.




IV

METHOD OF PRESENTATION

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
seasonally 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.

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

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




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. As a 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 1976
Annual Report.

P a r t i . CYCLICAL INDICATORS
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 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 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 page 2 and text below
relating to section 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

1

A. Timing at Business Cycle Peaks
Economic
Process
Cyclical
Timing

LEADING (L)
INDICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
(U)
(8 series)

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

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

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)

III.

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

Duration of
unemployment
(2 series)

Business
investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

Trade
(1 series)

Business
investment
commitments
(1 series)

III.

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

Inventory
investment
(4 series)
i 1 nventories on
hand and on
order
(1 series)

i

VI.
PRICES, COSTS,
AND PROFITS
(17 series)

VII.

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

MONEY
AND CREDI1
(26 series)

Velocity of
money
(2 series)
Interest rates
(2 series)

Inventories on
hand and on
order
(4 series)

Unit labor costs
and labor share
(4 series)

1 nterest 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
Economic
Process
Cyclical
Timing

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS

(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

TIMING
UNCLASSIFIED
(U)
FRASER
(1 series)

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

Marginal
employment
adjustments
(3 series)

Industrial
production
(1 series)

Marginal
employment
adjustments
(2 series)
Comprehensive
employment
(4 series)

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

Marginal
employment
adjustments
(1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and duration
of
unemployment
(5 series)

Digitized for


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

1

New and unfilled Formation of
business
orders and
enterprises
deliveries
(2 series)
(5 series)
Consumption
• Business
and trade
!
investment
commitments
(4 series)
(4 series)
Residential
construction
(3 series)

\ Consumption
and trade
(3 series)

Unfilled orders
(1 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

VI.
PRICES, COSTS,
AND PROFITS
(17 series)

Inventory
investment
(4 series)

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

Profits
(2 series)

Business
investment
commitments
(1 series)

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

Inventories on
hand and on
order
(5 series)

Unit labor costs
and labor share
(4 series)

VII.

MONEY
AND CREDIT
(26 series)

i
\

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

\ Money flow
(1 series)
;
Velocity of
money
(1 series)

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

Bank reserves
(1 series)

independent measurement error and other "noise"
m 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 generai
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
w e l l - e s t a b l i s h e d d i f f e r e n c e s 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 f 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 monthto-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 longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP m 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 month-to-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
Handbook oj Cyclical Indicators.)
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 NBERdesignated 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 1948-70 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.

August '57, April '60, and December '69); crossclassification 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 titles 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
Handbook of Cyclical Indicators.
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 timespan 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-term 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 executives about their plans and
Section B. Cyclical Indicators by Economic Process expectations for several operating variables are
presented, along with the corresponding indexes
This section covers 111 individual time series, based on actual data, as the last set of diffusion
i n c l u d i n g the 22 i n d i c a t o r s used in the series.
This section also records rates of change for the
construction of the composite indexes. The peak
and trough timing classifications are shown on the three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
charts in the same manner as described above, but
this section includes series with different timing at economic activity: GNP in constant dollars
peaks and at troughs, as well as series where the (quarterly), industrial production, employee hours
in nonagricultural establishments, and persona!
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic income less transfers in constant dollars. Rates
measures and scoring criteria adopted. Such series change are shown for 1- and 3-month spans or ti
1-quarter spans.
are labeled U, i.e., unclassified as to timing at
Although movements in diffusion indexes and in
turning points of the given type. Eight series are
rates of change for the same aggregates are
unclassified at peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have definite but generally positively correlated, these two measures
present information about two related but distinct
different timing at peaks and at troughs). No series
aspects of economic change. Diffusion indexes
that is classified as U both at peaks and at troughs
measure the prevailing direction or scope of
is included in the list of cyclical indicators.
change, while rates of change measure the degree
The classification scheme which groups the
as well as the overall direction. As is the case for
indicators of this section by economic process and
diffusion indexes, cyclical movements in the rates
cyclical timing is summarized m the two
of change tend to lead those of the corresponding
tabulations on page 2. Cross-classification A is
indexes or aggregates, and thus, they tend to lead
based on the observed behavior of the series at five
at the business cycle turns as well.
business cycle peaks (November '48, July '53,

Gross private domestic 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
This part is divided into six sections which cover
private
business. The former include all private
a wide range of quarterly and monthly time series
measuring various aspects of economic activity. purchases of dwellings, whether purchased for
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services
have to do with particular sectors or markets, and
still others relate to U.S. international transactions (A4) is the compensation of government employees
or to selected foreign countries. The represented and purchases from business and from abroad. It
v a r i a b l e s include incomes, outputs, and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
l a b o r r e s o u r c e s ; g o v e r n m e n t r e c e i p t s , investment by government enterprises but excludes
expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of
ports and imports; and selected indicators for a few used goods and excludes sales and purchases of
land and financial assets.
key foreign countries.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
Section A. National Income and Product
of the national production; imports are not, but are
The national income and product accounts,
included in the components of GNP and are
compiled by BEA, summarize both receipts and
t h e r e f o r e d e d u c t e d . More detail on U.S.
final expenditures for the personal, business,
international transactions is provided in section E.
foreign, and government sectors of the economy.
National income (A6) is the incomes that
Section Al shows the gross national product,
originate in the production of goods and services
final sales, and personal and disposable personal
attributable to labor and property supplied by
income. The four major components of the gross
residents of the United States. Thus, it measures
national product—personal consumption
the factor costs of the goods and services proexpenditures, gross private domestic investment,
duced. It consists of the compensation of
government purchases of goods and services, and
employees, proprietors' income, rental income of
net exports of goods and services—are presented in
persons, corporate profits, and net interest.
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving,
series. The national income and product accounts,
business saving (mainly undistributed corporate
briefly defined below, are described more fully in
profits and capital consumption allowances), and
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market
major expenditure components of GNP
value of final goods and services produced by the (consumption, investment, etc.) are expressed as
labor and property supplied by residents of the
percentages of GNP, and the major income
United States, before deduction of allowances for
components of national income (compensation of
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
The important data on price movements include
all sources. It is the sum of wage and salary the monthly consumer and wholesale price indexes
disbursements, other labor income, proprietors' and their major components. Based largely on
income, rental income of persons, dividends, these series are the quarterly price indexes from
personal interest income, and transfer payments, the national income and product accounts, notably
less personal contributions for social insurance.
the GNP implicit price deflator (with weights
Disposable personal income is the personal
reflecting the changing proportions of different
income available for spending or saving. It consists expenditure categories in GNP) and the fixedof personal income less personal taxes and nontax weighted price index for the gross business prodpayments to government.
uct. Data on both levels and percent changes are
Personal consumption expenditures (A2) is presented for the period since 1968.
The group of series on wages and productivity
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hourly earnings and
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings
and financial services received in kind by in- and other benefits) in current and constant dollars,
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and
rates of change for most of these measures.
cluded.



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. Also shown is a selection of series
from the discontinued Defense Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
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 1968) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1968) tend to be significant as
leading indicators.

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

Basic Data

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 where
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.

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.

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.

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

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

Broken line with plotting
points
indicates
percent
changes over 1-quarter spans.

Solid line with plotting points
indicates percent changes over
3 - o r 4-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
titles, orDigitizedseries
for FRASER


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
Series title

Timing
classification-'

Unit
of
measu re

Percent change

Average
1977

1978

4th Q
1978

1st Q
1979

Apr
1979

2dQ
1979

May
1979

Apr,
to
May
1979

June
1979

May
to
June
1979

4th Q
to
1st Q
1979

1st Q
to
2d Q
1979

.2
cl

!. CYCLICAL INDICATORS
A. Composite Indexes
910 Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators

L,L,L

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

136.4
131.3
125.4

141.8
140.2
143.1

143.6
144.5
151.9

143.3
145.6
158.1

140.9
144.9
162.5

140.7
144.3
161.7

141.1
145.5
162.3

140.9
144.8
163.5

0.3
0.8
0.4

-0.1
-0.5
0.7

-0.2
0.8
4.1

-1.7
-0.5
2.8

91
92
93

L,L,L

do.
do.
do.
do.
do.

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

97.2
113.4
103.8
108.2
145.1

98.2
115.9
106.1
107.8
148 .8

99.2
116.9
106.3
109.5
149.9

98.9
115.0
108.4
109.6
143.8

96.3
115.4
107.5
111.2
140.8

95.0
114.8
108.3
110.5
141.2

97.6
114.7
107.8
111.2
140.3

96.2
116.6
106.5
111.9
140.8

2.7
-0.1
-0.5
0.6
-0.6

-1.4
1.7
-1.2
0.6
0.4

-0 .3
-1.6
2.0
0.1
-4.1

-2.6
0.3
-0.8
1 .5
-2.1

91
91
91
91
91

Marginal Employment Adjustments:
* I . Average workweek, prod, workers, mfg
21. Avg. weekly overtime, prod, workers, mfg. 2 . .
2. Accession rate, per 100 employees, mfg. 2 . . . .
b. Avg, weekly initial claims (inverted 4 )
"3. L a y o f f rate, per 100 employ., mfg. (mv. 4 ) 2 . .
4. []uii rate, per 100 employees, mfg. 2

L,L,L
L,C,L
L,L,L
L,C,L
L,L,L
l.,Lg,U

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

40.3
3.4
4.0
371
1.1
1.8

40.4
3.6
4.1
339
0.9
2.1

40.6
3.7
4.4
328
0.9
2.2

40.7
3.8
4.3
346
0.8
2.3

39.8
3.2
4.0
393
1.1
2.0

39.2
2.8
3.9
438
1.0
2.1

40.2
3.4
4.1
352
1.0
2.0

40.1
3.4
3.9
390
1.3
2.0

2.6
0.6
0.2
19.6
0.0
-0.1

-0.2
0.0
-0.2
-10.8
-0.3
0.0

0.2
0.1
-0.1
-5.5
0.1
0.1

-2.2
-0 .6
-0 .3
-13.6
-0.3
-0.3

Job Vacancies:
fiO. Ratio, help-wanted advertising to persons
unemployed 2
46, Help-wanted advertising

L,Lg,U
L,Lg,U

Ratio
1967=100...

0.518
118

0 .738
149

0.818
162

0.802
158

0.780
154

0.777
155

0.773
154

U,C,C

C,C,C
L,C,U

A.r., oil f i r s . .
Thousands.
do. . . .
do. . . .

156.35
87,302
82,256
24,288

162.53
91,031
85,763
25,381

164.97
92,270
86,963
25,857

166.45
93,301
87,868
26,241

166.26
93,205
88,459
26,388

164.80
92,987
88,248
26,351

166.87
93,134
88,516
26,409

U,Lg,U

Percent

57.10

58.60

59.01

59.39

59.06

59.00

59.00

59.19

0.0

0.19

0.38

6,855
7.0
3.9
14 .3
2.0

6,047
6.0
3.2
11.9
1.4

5,908
5.8
3.0
11.2
1.2

5,878
5.7
3.0
11.4
1.2

5,880
5.7
3.0
10.8
1.2

5,937
5.8
3.1
11.0
1.2

5,929
5.8
2.8
11.1
1.2

5,774
5.6
3.0
10.4
1.1

0.1
0.0
0.3
-0.9
0.0

2.6
0.2
-0.2
6.3
0.1

0.5
0 .1
0.0
-1.8
0.0

0.0
0.0
0.0
5.3
0.0

3
4
4
9
4

1340 .5 1 3 9 9 . 2 1 4 2 6 . 6 1 4 3 0 . 6 1 4 1 8 . 8
1 0 9 3 . 0 1147.6 1174.6 1176.5 1174.3 1176.5 1176.1 1170.4
9 9 7 . 8 1 0 2 3 . 6 1 0 2 5 . 8 1023.1 1 0 2 5 . 0 1 0 2 4 . 6 1019.7
944.3

0.0
0.0

-0.5
-0.5

0 .3
0.2
0.2

-0 .8
-0.2
-0.3

5
5
5

Leading Indicator Subgroups:
913. Marginal employment adjustments
914. Capital investment commitments
915. Inventory investment and purchasing
916. P r o f i t a b i l i t y
917. Money and financial flows

c,c,c
Lg.Lg.Lg

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

L,L,L.

B. Cyclical Indicators by Economic Process
B1. Employment and Unemployment

Comprehensive Employment:
48. Employee hours in nonagri. establishments . . .
42. Persons engaged in nonagri. activities
*41. Employees on nonagri. payrolls
40. Employees in mfg., mining, construction . . . .
90. Ratio, civilian employment to total population of working age 2

u,c,c

Comprehensive Unemployment:
37. Total unemployed (inverted 4 )
L,Lg,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 (mv. 4 ) 2 . . Lg.Lg.Lg Percent

0.789 -0.004
153
-0.6

167.11
93,494
88,613
26,404

1.3
0.2
0.3
0.2

0.016 -0.016 - 0 . 0 2 2
-0.6
-2.5
-2.5

0.1
0.4
0.1
0.0

0.9
1.1
1.0
1.5

-0.1
-0.1
0.7
0.6
-0.33

2

6
4

4
4
4
4
9

B2. Production and Income
Comprehensive Output and Income:
50. GNP 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

c,c,c
c,c,c
C,C,C

A.r., b i l . d o l .
. . . !.do. . . .
do. . . .

c,c,c

do. . . .

c,c,c
c.c.c

231.9

243.5

248.7

250.7

247.4

248.6

247.7

246.0

-0.4

-0.7

0.8

-1.3

5

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

137.1
129.5
148.1
615 .6

145.2
139.3
154.8
639 .5

149.7
145.1
158.5
657.3

151.5
146.6
160.9
658 .6

151.1
145.7
161.4
641.8

150.0
143.9
160.8

151.8
147.0
161.9

151.4
146.3
161.5

1.2
2.2
0.7

-0.3
-0.5
-0.2

1.2
1.0
1.5
0.2

-0.3
-0.6
0.3
-2.6

4
7
7
4

L,C,U

Percent. . . .
do. . . .
do.

82.4
83
81.9

84.2
84
85.0

85.9
84
87 .6

86.1
84
87.4

85.0
NA
86 .6

-1.1
NA
-0 . 8

3
8
8

Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. .
25. Chg. in unfilled orders, durable goods 2
96. Mfrs.' unfilled orders, durable goods 5
*32. Vendor performance 2 ®

L,L,L
L,L,L
L,L,L
L,L,L
L,Lg,U
L,L,L

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

77.42
70.80
82.37
78.01
77.22
78.82
59.78
77.98
44.30
45.80
38.48
41.85
42.37
42.13
42.82
42.15
37.60
35.27
38.66
39.71
37.18
37.46
37.89
36.19
3.81
7.37
5.63
4.06
5.14
2.49
1.53
4.56
184.83 230.55 2 3 0 . 5 5 252.68 2 6 4 . 8 7 257.82 260.31 264.87
64
75
74
55
67
76
76
70

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 ©

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

Bil.dol
do. .. .
1967=100...
Mil. dol
do. . . .
A.r., bil.dol.
I Q 1966=100

224.90
147.08
143.4
60,335
42,644
61.7
86.8

254.78
155.14
147.4
64,972
44,208
68 .0
79.4

270.28
159.62
149.8
70,016
45,404
70 .6
73.5

L,L,L
LL.L

1967=100 ..
Number. . . .

126.5
36.509

132.9
39.985

134.2
132.0
41.991 4 2 . 3 0 4

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,L,L

c,c,c
L,C,U

0 .2
0
-0 . 2

B3, Consumption, Trade, Orders, and
Deliveries

278.48
NA
159.60
NA
151.2
149.9
71,341 71,084
4 4 , 9 3 5 43,612
74 .0
67.5
71.5
66.6

277.54
154.96
148.2
71,366
44,080

286.21
NA
NA
158.23
151.5
150.0
71,325 7 0 , 5 6 0
43,811 4 2 , 9 4 6

2.1
1.6
1.1
-2.65
1.0
0

-1.1
-1.6
-4.5
2.07
1.8
-6

6.4
3.4
2.7
1.74
9.6
8

-5.3
-7.5
-6.4
-3.31
4.8
-1

2
9
3

3.1
2.1
2.2
-0.1
-0.6

NA
NA
-1.0
-1.1
-2.0

NA
NA
-0.9
-0.4
-2.9
-8.8
-6.9

5
5
7
5
5
5
5

NA
NA

68.1

65.8

3.2

-3.4

3.0
0.0
0.9
1.9
-1.0
4 .8
-2.7

NA
132.2
132.0
NA 4 2 . 6 3 3 4 3 . 6 2 3

NA
NA

0.2
2.3

NA
NA

-1.6
0.7

66.0

84. Fixed Capital Investment
Formation of Business Enterprises:
*12. Net business formation
13 New business incomorations




1
1

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

Timing
classification3

Unit
of
measure

Percent change

Average
1977

1978

4th Q
1978

1st Q
1979

2d Q
1979

Apr.
1979

May
1979

Apr.
to
May
1979

June
1979

May
to
June
1979

4th Q
to
1st Q
1979

_g
1st Q
to
2d Q
1979

E
s
c

I. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment-Con.
3usiness Investment Commitments:
10. Contracts and orders, plant and equipment . . .
*20. Contr. and orders, plant and equip.,
1972 dol
24. New orders, cap. goods indus., nondefense . . .
27. New orders, capital goods industries, nondefense, 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor space
1 1. New capital appropriations, mfg
97. Backlog of capital appropriations, mfg. 5 . . . .
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. Nonresid. fixed investment, total, 1972 dol. . .
Residential Construction Commitments and
Investment:
28. New private housing units started, total
*29. New building permits, private housing
89. Fixed investment, residential, 1972 dol

L,L,L

Bil. dol

18.16

22.46

25.18

26.66

25.50

25.90

23.33

27.28

-9.9

16.9

5.9

-4.4

1

15.06
21.20

15.91
23.31

14.76
22.35

15.05
21.29

13.47
21.79

15.76
23.97

-10.5
2.3

17.0
10.0

5.6
10.0

-7.2
-4.1

2
2

L,L,L
L,L,L

do. . . .
do. . . .

12.13
15.20

13.88
18.81

L,L,L

do. . . .

10.20

11.73

12.85

14.10

13.08

12.57

12.66

14.02

L.C.U Mil. sq.ft. . .
U,Lg,U Bil. dol
C,Lg,Lg Bil. dol., EOP

62.96
15.99
56.50

80.73
17.00
64.16

85.70
19.29
64.16

98.92
22.32
68.93

88.25
NA
NA

93.59

87.09

84.08

C,Lg,Lg A.r., bil. dol.

135.80 153.82 163.96 165.94 170.30

do. . . .
C,Lg,Lg
C,Lg,U 1967=100...
A.r.,
bil.
dol.
C,Lg,C

196.19 2 3 3 . 9 3 2 5 3 . 8 1 2 6 5 . 4 1
149.2
162.0
167.6
170.8
129.3
140.1
145.5
147.2

1,987
144.9
57.7

2,018
145.4
60.1

2,078
146.8
60.0

0.7

-6.9

10.7

9.7

-7.2

2

-3.5

15.4
15.7
7.4

-10.8
NA
NA

1
9

1.2

2.6

6

NA 2 6 5 . 3 8 271.41
170.2
172.3
173.2
145.4

NA
173.6

2.3
1.8

NA
0.2

4.6
1.9
1.2

NA
0.9
-1.2

6
7
8

1,615
120.8
57.7

1,837
129.5
56.9

4.9
6.7

5.7
3.6

-22.3
-17.7
-3.8

13.7
7.2
-1.4

2
2
8

0.3

4.5

3

9 .13
9.7
2.08

NA
NA
NA

3
3
3

NA
NA
NA

7
7
6

1,745
122.5

1,830
130.7

1,935
135.4

22.10
67.4
4.22

19.39
56.1
1.38

NA
NA
NA

-2.71
-11.3
-2.84

NA
NA
NA

NA 3 9 7 . 3 2 4 0 1 . 9 9
NA 2 5 3 . 7 9 2 5 4 . 9 0
NA
66.66
67.10

NA
NA
NA

1.2
0.4
0.7

NA
NA
NA

3.2
0.9
2.5

1.61

NA

-0.03

NA

0.05

NA

7

NA 1 8 5 . 0 6 1 8 6 . 4 3

NA

0.7

NA

8.2

NA

7

1.74
293.9

-0.40
-0.2

-0.08
0.0

0.46
8.5

0.09
7.6

9
2

9 9 . 7 3 101.73

-2.3

2.0

2.3

1.8

1

0.3

7.3
4.9
-2.3
-4.4
0.3
0.2

NA
NA
NA
NA
NA
1.7

1
1
7
8
1
1

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

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

L,L,L

do. . . .

13.1

14.1

12.0

12.3

16.8

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

9.76
27.4
0.88

16.09
41.6
2.02

12.55
39.5
2.51

21.68
49.2
4.59

NA
NA
NA

B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol. 2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed 6 ) 2
31. Chg. in book value, mfg and trade invent. 2 . .
38. Chg. in mtl. stocks on hand and on order 2 . . .
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total 5
*70. Mfg. and trade invent., total, 1972 dol. 5
65. Mfrs.' inventories of finished goods 5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars 2
78. Materials and supplies, stocks on hand and on
order 5

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

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

3 3 7 . 8 3 3 7 9 . 3 9 3 7 9 . 3 9 391.70
233.75 249.95 249.95 252.24
58.91 6 3 . 7 2
63.72
65.33
1.56

L,Lg,Lg Bil. dol., EOP

142.90

1.55

1 .53

1.58

167.08 167.08 180.83

NA

1.64

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed 6 ) 2
23. Industrial materials prices®

L,L,L
U,L,L

Percent
1967=100...

0.69
210.4

1.22
231.0

1.38
252.0

1.84
273.4

Stock Prices:
*19. Stock prices, 500 common stocks(u)

L,L,L

1941-43=10.

98.20

96.02

97.13

9 9 . 3 5 101.18 1 0 2 . 0 7

Profits
1 6.
18.
79.
80
1 5.
17.

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
1967=100.. ,

104.5
72.6
77.3
54.0
5.3
122.1

121.5
78.5
83.1
54.2
5.4
123.5

132.3
83.2
89.7
56.9
5.7
125.7

142.0
87.3
87.6
54.4
6.0
126.0

NA
NA
NA
NA
NA
128.2

L.L.L
L,L,L

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

171.7
115.4

194.1
121.5

205.7
125.8

216.0
129.8

NA
NA

5.0
3.2

NA
NA

3
3

Lg,Lg,Lg 1967=100.. .

179.7

194.2

199.2

206.1

212.8

3.5

3.3

6

Lg,Lg,Lg Dollars
Lg,Lg,Lg 1967=100..

0.951
155.7

1.020
165.4

1.042
167.7

1.075
172.5

NA
175.0

3.2
2.9

NA
1.4

6
6

75.8

75.7

75.0

75.5

NA

0.5

NA

6

-0.21

and Profit Margins:
Corporate profits after taxes
Corp. prof its after taxes, 1972 dollars
Corp. profits after taxes, with 1 VA and CCA . .
do
in 1972 d o l . . . .
Profits (after taxes) per dol. of sales, mfg 2 . . .
Ratio, price to unit labor cost, mfg

Cash Flows:
34. Net cash flow, corporate
35. Net cash flow, corporate, 1972 dollars
Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost (cur. dol.) per unit of gross
domestic product (1972), nonfin corp
*62. Labor cost per unit of output, mfg
64. Compensation of employees as percent of
national income 2

Lg,Lg,Lg Percent

1.93
294.1

2.22
294.5

126.5

176.1

1.82
293.8

128 .9

174.2

129.3

174 .8

1.9

-1.1

0.3

B7. Money and Credit
Money:
85. Change in money supply (Ml ) 2
102. Change in money supply plus time deposits at
commercial banks (M2) 2
*104. Chg. in total liquid assets (M7) (smoothed 6 ) 2 .
105. Money supply (M1), 1972 dollars
*106. Money supply (M2), 1972 dollars
Velocity of Money:
107. Ratio, GNP to money supply (M1) 2
108. Ratio, pers. income to money supply (M2) 2 ..
Credit
33.
1 12
113.
1 10.

Flows:
Change in mortgage debt 2
Change in business loans2
Change in consumer installment debt 2
Total private borrowing




Percent. . . .

0.64

0.54

0.05

0.91

1.48

0.05

1.21

-1.43

1.16

-0.26

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

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

0.74
0.91
225.9
538.0

0.66
0.90
226.1
542.5

0.39
0.91
223.9
541.6

0.14
0.82
216.9
529.9

0.93
0.76
214.1
524.3

1.17
0.74
215.4
526.2

0.45
0.76
213.2
522.8

1.17
0.77
213.7
523.8

-0.72
0.02
-1.0
-0.6

0.72
0.01
0.2
0.2

-0.25
-0.09
-3.1
-2.2

C,C,C
C,Lg,C

Ratio. . . . , .
do. . . .

5.802
1.964

6.028
2.028

6.192
2.065

6.383
2.112

6.360
2.112

2.114

2.119

2.104

0 . 0 0 5 -0.015

90.64
80.10
95.42
86.99
14.27
7.46
6.24
24.44
34.96
44.63
47.54
40.40
2 8 3 . 7 6 342.10 3 7 6 . 4 4 3 0 9 . 4 0

NA
30.02
NA
NA

74.58
36.90
48.56

NA
29.46
44.78

NA
23.69
NA

NA
-7.44
-3.78

L,L,L

L,L,L
L,L,L
L,L,L
LL.L

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

dol.
.. .
...
...

NA
-5.77
NA

1.12
0.79

-0.06
-1.3
-1.1

8
10
10
10
10

0.191 - 0 . 0 2 3
0.047
0.0

10
10

NA

3
11
11
11

-8.43
18.20
-7.14
-17.8

5.58

NA
NA

Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued
Basic data'
Timing
classification 3

Series title

Unit
of
measure

Percent change

Average
1977

1978

4th Q
1978

1st Q
1979

Apr.
1979

2d Q
1979

May
1979

June
1979

Apr.
to
May
1979

May
to
June
1979

4th Q
to
1st Q
1979

>_
1st Q
to
2dQ
1979

.i
M

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 5 . . . .

L,L,L
L,L,L

Mil. dol
Percent, FOP

Bank Reserves:
93. Froe 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 ®
1 14. Treasury bill rate 2 ®
115. Treasury bond yields 2 ®
116. Corporate bond yields 2 ©
1 1 7. Municipal bond yields 2 ®
1 18. Mortgage yields, residential 2 ®
67. Bank rates on short-term bus. loans 2 ®
*109. Average prime rate charged by banks 2 ®

L,Lg,Lg
C,Lg,Lg
C,Lg,Lg
Lg,Lg,Lg
U,Lg,Lg
Lg,Lg,l_g
-9,Lg,Lg
Lg,Lg,Lg

Outstanding Debt:
66 Consumer installment debt 5
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
*95. Ratio, consumer install, debt to pers. income 2 .

Percent
do.
do.
do.
do.
do.
do.
do.

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

2 5 7 . 9 4 196.33 183.60
2.36
2.45
2.45

-253
462

-679
872

-738
952

5.54
5.26
7.06
8.20
5.68
8.68
-0.07
6.82

7.94
7.22
7.89
8.98
6.02
9.70
-0.23
9.06

9.58
8.68
8 .20
9.25
6.27
10.03
11.44
10.81

NA
2.33

NA
NA

- 7 3 J -1,169
1,356
989

10.07
9.36
8.44
9.55
6.37
10.18
12.27
11.75

10.16
9.37
8.44
9.68
6.22
NA
12.34
11.72

NA
NA

NA
NA

i

NA
NA

NA
NA

NA
NA

NA
0.12

NA
NA

- 8 9 9 - 1 , 4 9 0 -1,119
897
1,777
1,395

591
880

-371
-382

-5
37

436
367

9
9

0.49
0.68
0.24
0.30
0.10
0.15
0.83
0.94

0.09
0.01
0.0
0.13
-0.15
NA
0.07
-0.03

11
11
11
11
11
11
6
10

10.01
9.49
8 .44
9.69
6.28
NA

10.24
9.59
8.55
9.83
6.25
10.61

10.24
9.04
8.32
9 .51
6.12
10.49

0.23
0.10
0.11
0.14
-0.03
NA

0.0
-0.55
-0.23
-0.32
-0.13
-0.12

11.75

11.75

11.65

0.0

-0.10

NA 2 8 2 . 0 5 2 8 5 . 7 8

3

Lg,Lg,Lg Bil.dol., EOF

223.28

NA

1.3

NA

3.8

NA

6

Lg,Lg,Lg Bil. dol
Lg,Lg,Lg Percent

113.13 1 2 6 . 3 1 131.52 1 3 6 . 6 6 143.19 1 4 0 . 8 9 1 4 3 . 3 5 1 4 5 . 3 2
14.34
14.62
13.46
14.81
NA
14.99
NA
15.09

1.7
0.10

1.4
NA

3.9
0.19

4.8
NA

7
9

267.91 267.91 278.01

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

Implicit price deflator, GNP
Consumer prices (CPI), all items®
Change in CPI, all items, S/A 2
CPI food

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

141.7
181.5
0.5
192.2

152.0
195.4
0.7
211.4

156.7
201.9
0.7
219.5

160.2
207.0
1.0
227.7

164.0
214.1
1.1
233.9

211.5
1.1
232.7

214.1
1.1
234.3

216 .6
1.0
234.7

1.2
0.0
0.7

1.2
-0.1
0.2

2.2
2.5
0.3
3.7

2.4
3.4
0.1
2.7

31
32
32
32

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

194.2
214.3
201.7
184.5
178.9

209.3
240.2
215.5
199.1
192.6

216.0
255.3
222.5
205.0
199.0

223.8
270.2
229 .1
210.0
206.2

231.5
275.9
236.9
215.0
210.8

229.7
273.9
234.7
213.7
210.0

231.6
276.0
237.0
215.1
210.7

233.1
277.9
239.1
216.2
211.7

0.8
0 .8
1.0
0.7
0.3

0.6
0.7
0.9
0.5
0.5

3.6
5.8
3.0
2.4
3.6

3.4
2.1
3.4
2.4
2.2

33
33
33
33
33

do. . . .

196.8

212.6

219.2

224.0

227.6

227.0

227.5

228.4

0.2

0.4

2.2

1.6

34

do.
do.
do.
do.

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

108.4
209.4
115.4
118.8

108.9
228.7
117.0
120.1

108.6
236.1
116.8
120.8

107.9
242.1
116.7
120.0

106.2
246.7
115.2
118.8

107.0

106.1

105.5

-0.8

-0.6

-0.6
2.5
-0.1
-0.7

-1.6
1 .9
-1.3
-1.0

34
34
34
37

Millions . . . .
do. . . .
Thousands. .
do. . . .
do. . . .
do. . . .

97.37
90.54
6,855
2,727
2,486
1,642

0.1
0.2
-0.1
-3.7
2.6
1.1

0.3
0.4
-2.6
-0.4
-0.6
-8.3

0.9
1.0
-0.5
1.3
-0.4
-3.1

-0.2
-0.2
0.0
-2.2
1.5
1 .2

44
44
3
44
44
44

Percent
do. ..
do. . . .

79.7
48.1
56.2

79.8
49.6
58.0

-0.1
0.2
-0.6

0.0
0.0
0.7

0.4
0.2
0.2

-0.5
-0.1
-0.8

45
45
45

A.r., b i l . d o l .
do. . . .
do. . . .
do. . . .
do. . . .
do. . . .

375.4
421.7
-46.3
298.8
271.9
26.8

432.1
459.8
-27.7
331.0
303.6
27.4

2.5
1.5
4 .6
0.4
0.3
0.5

NA
1.6
NA
NA
3.4
NA

50
50
50
51
51
51

Mil. dol
do. . . .
do. . . .
A.r., b i l . d o l .

do.
do.
do.
do.
do.

Wholesale prices (WPI), all commodities®. . .
WPI, crude materials
WPI, intermediate materials
WPI, producer finished goods
WPI, consumer finished goods
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
C. Labor Force, Employment, and
Unemployment
441 .
442.
37.
444.
445.
446.
Labor
451 .
452.
453.

Total civilian labor f o r c e
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 16-19 years of age
Force Participation Rates:
Males, 20 years and over 2
Females, 20 years and over 2
Both sexes, 16-19 years of age 2

:

1 0 0 . 4 2 101.53 1 0 2 . 4 7 1 0 2 . 3 0 102.11 1 0 2 . 2 5 1 0 2 . 5 3
94.38
96.41
95.61
96.60
96.17
96.32
96.75
6,047
5,908
5 ,880 5,937
5,878
5,929
5,774
2,252
2,151
2,178
2,129
2,187
2,105
2,096
2,236
2,190
2,181 2 , 2 1 3
2,180
2,237
2,223
1,559
1,568
1,537
1,519
1,570
1,587
1,455

79.8
50.1
58.5

80.2
50.3
58.7

79.7
50.2
57.9

463.5
475.0
479.7
486.8
-16.3 ' -11.7
343.9
342.6
315.5
316.3
27.1
27.6

NA
494.4
NA
NA
327.0
NA

9,879 10,372 10,370 10,948
5,146
4,580
5,130
5,651
2,868
3,576
4,065
3,360
101.2
103.4
93.7
99.0

NA
NA
3,350
106.0

79.8
50.1
58.1

79.7
50.3
57.5

79.7
50.3
58.2

D. Government Activities
D1. Receipts and Expenditures
501 .
502.
500.
511.
512.
51 0.

Federal Government receipts
Federal Government expenditures
Federal Government surplus or deficit 2
State and local government receipts
State and local government expenditures . . . .
State and local govt. surplus or deficit 2

51 7
525.
548.
564.

Defense Department obligations
Military prime contract awards
New orders, defense products
National defense purchases

D2. Defense Indicators

NA
NA
2,765

17.2
0.2
10.5

NA
NA
-27.7

5.6
9.8
-17.3
2.2

NA
NA
-0.3
2.5

51
52
54
56

10,117 11,959 13,211 1 3 , 6 9 7 1 4 , 2 6 1 1 3 , 8 8 3 1 3 , 8 6 2 1 5 , 0 3 8
1,985
2,483
2,561
2,481
NA
2,547
2,450
NA
1,852
2,722
2,500
2,810
NA
2,706
NA
2,859
12,308 14,337 14,903 15,437 16,438 16,036 16,342 16,937
3,462
3,264
3,470
3,593
NA
3,795
4,137
NA
1,323
1,725
1,856
1,753
NA
1,956
1,851
NA

-0.2
-3.8
5.7
1.9
9.0
-5.4

8.5
NA
NA
3.6
NA
NA

3.7
-3.1
3.2
3.6
3.5
-5.5

4.1
NA
NA
6.5
NA
NA

60
60
60
61
61
61

9 , 3 7 7 10,993
4,605
4,616
3,824
3,461

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
General imports, total
Imports of petroleum and products
Imports of automobiles and parts




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

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

Basic data 1
Unit

of

Series title

Percent change

Average

IstQ

measure

1976

1977

1978

1978

2d Q
1978

3d Q
1978

4th Q
1978

1st Q
1979

2d Q
1979

3d Q
to
4th Q

4th Q
to
1st Q

1st Q
to
2d Q

1978

1979

1979

Series number

1

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

II. OTHER IMPORTANT ECONOMIC
MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
618
620.
62?
651.
652.
668.
669.
667.

Merchandise e x p o r t s
Merchandise imports
Merchand ise trade balance 2
Income on U.S. investments abroad
Income on foreign investment in the U.S
Exports of goods and services
Imports of goods and services
Balance on goods and services 2

28,686
31,013
-2,326
7,322
3,328
42,940
40,540
2,400

-7,718
8,147
3,650
46 ,149
48,505
-2,356

-8,547
10,866
5,455
55,212
57,416
-2,203

30,811
42,710
•11,899
9,776
4,537
49,085
54,792
-5,707

1273.0
1702.2
1266.4
1184.5
891.8
5,915
A.r., d o l l a r s . . . . . .
4,144
do

1340.5
1899.5
1327.4
1305.1
929.5
6,180
4,285

1399.2
2127 .6
1385.1
1458.4
972.6
6,401
4,449

1367.8
2011.3
1351.3
1395.0
956.6
6,276
4,390

Mil. dol

do
do
. ' . ' . . . .do

do
do
do
do

30,204 35,471
37,922 44,018

3 5 , 2 6 7 36,491 39,315 41,350
43,174 4 4 , 5 0 3 4 5 , 6 8 4 4 7 , 4 4 8
- 7 , 9 0 7 -8,012 - 6 , 3 6 9 -6,098

NA
NA
NA
NA
NA
NA
MA
NA

9.1
3.6

4 .3

2,995

485

1 4 3 0 . 6 1418 .8
2 2 9 2 . 1 2 3 2 7 .2
1418.4 1 4 0 2 . 0
1 5 7 2 . 2 1601.7
996.6 992.5
6,512
6,444
4,536
4,508

1.4
3.5
1.4
3.3
1.6
1.2
1.3

0.3
2.5
0.3
3.]
0.5
0.1
0.3

-0.8

820.6
861.7
900.8
8 9 4 . 8 9 0 5 . 3 9 2 0 . 3 921.8
882.7
913.5
126.6
138.2
146.7
147.8
139.3
147.5
152.1
150.2
143.8
321.5
332.7 343.3 337.3
339.4 344.7
351.9
348.1
342.7
372.5
390.8
410.8
406.1
4 0 7 . 6 413.1
416.3
423.5 427.0
1 0 8 9 . 9 1210.0 1 3 5 0 . 9 1 2 8 7 . 2 1331.2 1 3 6 9 . 3 1415.4 1 4 5 4 . 2 1 4 7 4 .2
157.4
178.8
200.3
200.3 203.5
185.3
212.1
213.8
207.3
4 4 3 . 9 481.3
530.6
505.9
521.8
536.7 558.1
571.1
578.7
4 8 8 . 5 5 4 9 . 8 619.8
5 9 6 . 0 609.1
629.1
645.1
669.3 688.2

1.7
3.1
2.1
0.8
3.4
4.2

0.2

-0.9

10,256
5,402
54,225
56,338
-2,113

10,526 12,907 13,877
5 , 5 7 4 6 , 3 0 8 7,101
5 6 , 2 2 2 61,317 6 4 , 3 9 9
58,216 60,316 62,913
- 1 , 9 9 4 1,001 1 , 4 8 6

1395.2
2104.2
1379.6
1437.3
966.1
6,390
4 ,426

1407.3
2159.6
1395.1
1476.5
976.2
6,431
4 ,462

7.7
2.7
1 ,643
22.6
13.2

5.2
3.9
271
7.5

NA
NA
NA
NA
NA
NA
NA
NA

12.6

5.0

618
620
622
651
652
668
669
667

A. National Income and Product
A1 . GNP and Personal Income
50.
200.
213.
224.
225.
217.
227.

GNP in 1972 dollars
GNP in current dollars
Final sales, 1972 dollars
Disposable personal income, current dollars . . .
Disposable personal income, 1972 dollars
Per c a p i t a GNP in 1972 dollars
Per capita disposable pers. income, 1972 dol. . .

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

1426.6
2235.2
1414.6
1524.8
991.5
6,506
4,522

1.5
-1.2

1.9
-0.4

-1 .0
-0.6

50
200
213
224
225
217
227

A2. Personal Consumption Expenditures
231.
233.
238.
239.
230.
232.
236.
237.

Total, 1972 dollars
Durable goods, 1972 do liars
Nondurable goods, 1972 dollars
Services, 1972 dollars
Total, current dollars
Durable goods, current d o l l a r s
Nondurable goods, current dollars
Services, current d o l l a r s

241.
243.
30.
240.
242.
245.

Total, 1972 dollars
Total f i x e d investment, 1972 dollars
Change in business inventories, 1972 dol. 2 . . . .
T o t a l , current dollars
Total fixed investment, current dollars
Chi), in bos. inventories, current dol. 2

A.r., bil. do!
do
do
do
do
do
do
do

do
do
do
do
do
do

173.4
166.8

do
do
do
do

243.0
233.0
10.0

200.1
186.9
13.1
303.3
281.3
21.9

214.3
200.2
14.1
351.5
329.1
22.3

209.0
192.5
16.5
327.0
304.1
22.8

216.8
201 .2
15.6
352.3
326.5
25.8

214.0
201.8
12.2
356.2
336.1
20.0

217.4
205.5
12.0
370.5
349.8
20.6

217.2
204.9
12.3
373.8
354.6
19.1

219.1
202.3
16.8
391.3
360.0
31.4

263.3
96.4
166.9
361.3
129.7
231.6

268.5
100.6
167.9
396.2
144.4
251.8

273.2
98.6
174.6
435.6
152.6
283.0

270.7
99.9
170.9
419.4
150.9
268.5

271.3
96.6
174.7
428.3
148.2
280.1

274.7
98.5
176.2
440.9
152.3
288.6

276.0
99.3
176.6
453.8
159.0
294.8

274.7
101.1
173.6
460.1
163.6
296.5

96.1
80.4
15.8
163.3
155.4

98.4
88.2
10.3
175.9
185.8
-9.9

108.9
97.9
11.0
207.2
217.5
-10.3

100.7
95.4

109.2
96.9
12.3
205.7
213.3
-7.6

111.9
98.5
13.3
213.8
220.6
-6.8

113.8
101.0
12.9
224.9
229.4
-4.5

117 .0
100.0
17.0
238.5
234.4

6.6

4 .0

2.5

1.6
1.8
-0.2

-1.2

-4.3

-1.1

-1.6

1.7
2.7
0.8
2.3
3.8

-0.1
-0.3

0.3

4.0
4.1
0.6

-1.5

273.4
98.5
174.9
468.7
162.9
305.8

0.5
0.8
0.2
2.9
4.4
2.1

-0.5
1.8
-1.7
1.4
2.9
0.6

115.7
102.8
12.9
242.5
249.5
-7.0

1.7
2.5

2.8
-1.0
4.1
6.0
2.2
8.5

0 .9

1.4

0.8
1.4
-3.0

1.3
2.8

0.9
-1.3

4.5
4.7
1.5
12.3

231
233
238
239
230
232
236
237

241
243
30
240
242
245

A4. Government Purchases
of Goods and Services
261.
263.
267.
260.
262.
266.

Total, 1972 dollars
Federal Government, 1972 d o l l a r s
State and local governments, 1972 dollars
Total, current dollars
Federal Government, current dollars
S!ate and local governments, current dollars . . .

. . . . . . .do

do

-0.5
-2.6

0.7
1.9
-0.4

3.1

261
263
267
260
262
266

A5. Foreign Trade
256.
257.
255.
252.
253.
250.

do
do
do
do
do
do

E x p o r t s of goods and services, 1972 dollars . . .
Imports of goods and services, 1972 dollars ...
Net e x p o r t s of goods and serv., 1972 dol. 2 . . . .
E x p o r t s of goods and services, current dol
Imports of goods and services, current dol
Not exports of goods and serv., current dol. 2 . .

8.0

5.3

184.4
206.6
-22.2

4.0

-0.4

5.2
4 .0

2.3

-1.1

2.8
-4.1

1.7
6.4
-11.0

256
257
255
252
253
250

A6. National Income and its Components
220
280.
282.
286.
284.
288.

do
do
do
do
do
do

National income
Compensation of employees
Proprietors' income with IVA and CCA
Corporate profits with IVA and CCA
Rental income of persoos with CCA
Net interest

1359.8 1 5 2 5 . 8 1724 .3 1621 .0 1 7 0 3 . 9 1 7 5 2 . 5 1 8 2 0 . 0 1 8 6 9 . 0
NA
1 0 3 7 . 8 1156.9 1 3 0 4 . 5 1 2 4 4 . 0 1 2 8 8 . 2 1321.1 1 3 6 4 . 8 1411.2 1 4 3 9 . 0
89.3
100.2
116.8 109.1 115.0
117.4
125.7
129.0
129.2
126.8
150.0
167.7
141.2 169.4
175.2
184.8
178.9
NA
22.1
24.7
25.9
25.2
24.4
26.8
27.1
27.3
26.8
83.8
94.0
109.5
101.5 106.8
111.9
117.6 122.6
126.1

3 .9

3.3
7.1
5.5
1.1
5.1

2.7
3.4
2.6
-3.2
0.7
4 .3

NA
2.0
0.2
NA
-1.8

2.9

220
280
282
286
284
288

A7. Saving
290.
295
292
298
293.

Gross saving (private and govt.)
Business saving
Personal saving
Government surplus or deficit 2
Personal saving rate 2

do
do
do
do
Percent

236.2
203.3
68.6
-35.7

276.1
230.7
65.0
-19.5

324.6
253.0
72.0
-0.3

289.7
234 .4
74 .6
-19 .2

329.2
253.1
71.2
5 .0

5.8

5.0

4.9

5.3

5.0

332.7
259.6
70.9
2.3
4.8

346.9
264.7
71 .5
10.8

362.2
266.0
79.2
15.8

4.7

5.0

NA
NA

87.2
NA
5.4

4.3
2 .0
0 . 8
8 . 5
-0.1

4.4
0.5
10.8
5.0
0.3

NOTE: Series are seasonally adjusted except tor those 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 (used 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.
2
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 = leading; C = roughly coincident; Lg = lagging; U = unclassified.
4
Inverted
nverte seres.
series. Since
nce ts
this seres
series ttends
e n s to move counter to movements inn genera
general business
usness a
activity,
c t v t y , sgns
signs o
of te
the changes
cange ace reversed.
5
uarterl ffigures
i u r e s for monthl
eriod.
End-of-period series. The annual figures (and quarterly
monthly series) are the last fiures
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.




NA
NA
10 . 1

NA
0.4

290
29 5

292
298
293

COMPOSITE INDEXES AND THEIR COMPONENTS
Chart Al. Composite Indexes

910. Index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106).,. .^l

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

930. Index of six lagging indicatorjjerjes J2, 70J2, Jl, 95,


NOTE:
Numbers entered on the chart indicate length of leads (•) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.


COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart Al. Composite Indexes—Con.

Index: 1967=100

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

-U

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

-10

^

-30

»

-13

915. Inventory investment and purchasing (series 8, 32, 36, 92)
-4

-23

-12

916. Profitability (series 17, 19, 80)

917. Money and financial flows (series 104, 106, 110)

NOTE: Numbers entered on the chart indicate length of leads (-) and lags (+) in months from reference turning dates.
60.

Digitized forCurrent
FRASER
data for these series are shown on page
http://fraser.stlouisfed.org/
Federal Reserve BankJULY
of St. 1979
Louis

BCIt

11

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A2. Leading Index Components

1. Average workweek, production workers,
manufacturing (hours)
[1,1,1

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

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

32. Vendor performance, percent of companies reporting slower deliveries (percent)
UL

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

20. Contracts and orders for plant and equipment
1972 dollars (bil. dol.) f7TT|
I M-fH

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



65, and 66.

ii ii \/ i f\-rr\

itrn

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A2. Leading Index Components—Con.

29. New building permits, private housing units (index: 1967=100)

36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate, bil. dot.)

92. Change in sensitive prices, smoothed1 (percent)

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

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

106. Money supply-M2-in 1972 dollars (bil. dol.)

iThis 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 pages 67, 68, 69, and 71.


A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A3. Coincident Index Components

data for these series are shown on pages 62,
DigitizedCurrent
for FRASER
http://fraser.stlouisfed.org/
Federal Reserve
Bank of St. Louis
1A

41. Employees on nonagricultural payrolls (millions)

51. Personal income less transfer_^rnentsL
1972 dollars (ann.liTbI dol.) "~"

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

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

63, and 65.

itrn

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A4. Lagging Index Components

91. Average duration of unemployment (weeks—inverted scale)
I lg,lg,lg]

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

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

109. Average prime rate charged by banks (percent)

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

Current data for these series are shown on pages 62, 68, 70, and



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

73.

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart Bl. Employment and Unemployment

[Marginal Employment Adjustments]
1. Average workweek, production workers, manufacturing (hours)

lull

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

2. Accession rate, manufacturing (per 100 employees)

fufl

5. Average weekly initial claims, State unemployment insurance (thousands—inverted scale)

fuel

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

Current data for these series are shown on page 61.

http://fraser.stlouisfed.org/
Federal Reserve1CBank of St. Louis

4. Quit rate, manufacturing (per 100 employees)

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.

| Job Vacancies!
60. Ratio, help-wanted advertising to number
of persons unemployed (ratio)

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

[Comprehensive Employment |
48. Employee-hours in nonagricultural establishments
(ann. rate, bil. hours)

42. Persons engaged in nonagricultural activities (millions)

41. Employees on nonagricultural payrolls (millions)

40. Employees in goods-producing industries—mining,
manufacturing, construction (millions) h c y l

Current data for these series are shown



itrn

on pages 61 and 62.

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.

[Comprehensive Employment—CorT

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

[Comprehensive Unemployment|
37. Number unemployed, total (millions—inverted scale)

43. Unemployment rate, total (percent—inverted scale)

OS

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

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

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


Current data for these series are shown on page 62.


I Ig,lg,lg1

•MUl

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income

[Comprehensive Output and Income]

Current data for these series are shown on page 63.



50. GNP In 1972 dollars, Q (ann. rate, bil. dol.)

[twi

52. Personal income in 1972 dollars (ann. rate, bil. dol.)

Fc^cl

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

c,c,c

53. Wages and salaries in mining, manufacturing, and
construction in 1972 dollars (ann. rate, bil. dol.)

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income—Con.

[industrial Production|

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

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

. Industrial production, durable manufactures

49. Value of goods output in 1972 dollars, Q
(ann. rate, bil. dol.)
fin

[Capacity Utilization!


Current data for these series are shown on pages 63


83. Rate of capacity utilization, manufacturing (BEA), Q (percent)

82. Rate of capacity utilization, manufacturing (FRB), Q (percent)

84. Rate of capacity utilization, materials, Q (percent) |l,C,U|

and 64.

|L,C,U|

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B3 Consumption, Trade, Orders, and Deliveries

Orders and Deliveries

7. New orders, durable goods industries, 1972 dollars
(bil. dol.)


Current data for these series are shown on page 64.


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

25. Change in unfilled orders, durable goods industries
(bil. dol.; MCD moving avg.-4-term)

96. Manufacturers' unfilled orders, durable goods industries

32. Vendor performance, percent of companies
reporting slower deliveries (percent)

O1

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B3. Consumption, Trade, Orders, and Deliveries—Con.

[Consumption and Trade


Current data for these series


56. Manufacturing and trade sales in current dollars —*^j

bil do1

- -)
57. Manufacturing and trade sales
in 1972jtollars (bil. dol.)

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

54. Sales of retail stores in current dollars (bil. dol.) -

[CM]

59. Sales of retail stores in 1972 dollars (bil. dol.)

X

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

58. Index of consumer sentiment (1st Q 1966=100)

are shown on page 65.

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B4. Fixed Capital Investment

[Formation of Business Enterprises]
12. Net business formation (index: 1967=100) |L,L,L|

13. New business incorporations (thousands)

Business Investment Commitments |
20. Contracts and orders for plant and equipment
in 1972 dollars (bil. dol.)

10. Contracts and orders for plant and equipment
in current dollars (bil.

27. Manufacturers' new orders, capital goods industries,
nondefense, in 1972 dollars (bil. dol.)

24. Manufacturers' new orders, capital goods industries,
nondefense, in current dollars (bil. dol.)

9. Construction contracts, commercial and industrial buildings
(mil. sq. ft. of floor area; MCD moving avg.—5-term)1

'This is a copyrighted series used by permission; it may not be reproduced without written

Current data for these series are shown on pages 65 and 66.


'(

permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.

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

[Business Investment Commitments—Con.

11. New capital appropriations, manufacturing, Q (Ml. dol.)

97. Backlog of capital appropriations, manufacturing, Q
(bil. dol.)

61. Business expenditures for new plant and equipment, Q
(ann. rate, bil. dol.)

Business Investment Expenditures

Current data for these series are shown on pages 66 and



69. Machinery and equipment sales and business
construction expenditures (ann. rate, bil.

76. Industrial production, business equipment
(index: 1967=100)

67.

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B4. Fixed Capital Investment—Con.

[Business Investment Expenditures—Con.[
Nonresidential fixed investment in 1972 dollars, Q (ann. rate, bil. dol.)
86. Total, Q

/

88 Producers' durable equipment, Q

[Residential Construction Commitments and Investment)
28. New private housing units started, total (ann. rate, millions)

29. New building permits, private housing units (index: 1967=100)

Current data for these series are shown on page



89. Residential fixed investment, total, in 1972 dollars, Q
(ann. rate, bil. dol.)

67.

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B5. Inventories and Inventory Investment

| Inventory Investment!
30. Change in business inventories, 1972 dollars, Q (ann. rate, bil. dol.)

[ty]

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

31. Change in book value, manufacturing and trade inventories
(ann. rate, bil. dol.; MCD moving avg.—5-term)

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

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 68.

1

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itru

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment—Con.

Inventories on Hand and on Order


Current data for these series are shown on page 68.


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

71. Book value, manufacturing and trade inventories,
current dollars (bil. dol.) I|o Lg,Lg

65. Book value of manufacturers' inventories
of finished goods (bil. dol.)

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

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

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

I Sensitive Commodity Prices |
In sensitive prices (percent; moving avg.—4-term1)

23. Industrial materials prices (index: 1967=100)
U

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

UL

[Profits and Profit Margins |
18. Corporate profits after taxes, 1972 dollars, Q
(ann. rate, bil. dol.)

Ul

16. Corporate profits after taxes, current dollars, Q
(ann. rate, bil. dol.)

Corporate profits after taxes with IVA and CCA,
1972 dollars, Q (ann. rate, bil. dol.)


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 69.

1

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

I Profits and Profit Margins-Con. |
22. Ratio, corporate profits (after taxes) to total corporate domestic
income, Q (percent)

81. Ratio, corporate profits (after taxes) with inventory valuation and
capital consumption adjustments to total corporate domestic income,
Q (percent)
rjj-jj~]

15. Profits (after taxes) per dollar of sales, all manufacturing corporations, Q (cents)

nxn

17. Ratio, price to unit labor cost, manufacturing (index: 1967=100)

35. Net cash flow, corporate, in 1972 dollars, Q
(ann. rate, bil. dol.)

34. Net cash flow, corporate, in current dollars, Q
(ann. rate, bil. dol.)
1777-1

Current data for these series are shown on pages 69 and 70.


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Federal Reserve Bank of JULY
St. Louis
1979

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

I Unit Labor Costs and Labor Share)

63. Unit labor cost, private business sector, Q (index: 1967=100)

68. Labor cost (current dollars) per unit of gross domestic product
(1972 dollars), nonfinancial MPQr^tJm 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 70.



Illl V 1Q7Q

itrn

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit

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

.

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

104. Change in total liquid assets (percent; moving avg.-4-term1)

»'

105. Money supply-Ml-in 1972 dollars (bil. dol.)

iThis series is a weighted 4-term moving average (with weights

Current data for these series are shown on page 71.
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Federal Reserve Bank of St.Illl
Louis
V 1Q7Q

106. Money supply-M2-in 1972 dollars (bil. dol.)

108. Ratio, personal income to money supply M2 (ratio) I C,Lg,C

1,2,2,1) placed on the terminal month of the span.

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

[Credit Flows

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



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

112. Change in bank loans to businesses (ann. rate, bil. dol.;
MCD moving avg.—6-term)
17771

|

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

110. Tobl private borrowing, Q (ann. rate, bil. dol.)

rmi

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

[Credit Difficulties]
14. Liabilities of business failures (mil. dol.—inverted scale;
MCD moving avg—6-term)

39. Delinquency rate, 30 days and over, consumer installment loans
(percent-inverted scale)

[Bank Reserves!

93. Free reserves (bil. dol.—inverted scale)

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

Current data for these series are shown on page

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Federal Reserve Bank of St.
II II Louis
V 1 Q~7O

itrn

72.

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.

[interest Rates

119. Federal funds rate (percent)——

114. Treasury bill rate (percent)
C,Lg,Lg

116. Corporate bond yields (percent)—-

115. Treasury bond yields (percent)

117. Municipal bond yields (percent)

118. Secondary market yields on FHA mortgages
(percent)
ri&L&Lgl

Current data for these series are shown on pages 72 and

http://fraser.stlouisfed.org/
Federal ReserveQ/l
Bank of St. Louis

v-"'
73.

J
\\
^
^

A/lV^

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.

Interest Rates—Con.

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

109. Average prime rate charged by banks (percent)

Outstanding Debt
66. Consumernstallment debt (bil. doi.)

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


Current data for these series are shown on page


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

SI
73.

DIFFUSION INDEXES AND RATES OF CHANGE
Chart Cl. Diffusion Indexes

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

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

•JiiiiiiJfilHV iMl'i

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

961. Average workweek, production workers, manufacturing—20 industries (9-mo. span—, 1-mo. span—)

962. Initial claims, State unemployment insurance—51 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 for these series are shown on page
http://fraser.stlouisfed.org/
Federal Reserve
onBank of St. Louis

74.

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart Cl. Diffusion Indexes—Con.

964. New orders, durable goods industries—35 industries (9-mo. span—, 1-mo. span—)

965. Newly approved capital appropriations, deflated—17 industries (4-Q moving avg.•-«-», 1-Q span-—)

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

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

968. Stock prices, 500 common stocks—55-82 industries (9-mo. span—, 1-mo. span

)

969. Profits, manufacturing—about 1000 corporations (4-Q span~-», 1-Q span—-*)

Current data for these series are shown on page 75.


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JULY
Federal Reserve Bank of St.
Louis1979

ItCII

37

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

970. Business expenditures for new plant and
equipment—18 industries (1-Q span)
(a) Actual expenditures

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

(b) Later anticipations

(a) Actual expenditures
\

975. 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. Net profits, manufacturing and trade (4-Q span)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

.•••. .«•**'•<

1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffu:
business executives.
Current data for these series are shown on page 76.




38

indexes are based on surveys of about 1,400

INIY 1Q7Q

Kill

DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart C3. Rates of Change

Percent changes at annual rate


http://fraser.stlouisfed.org/
JULY 1979
Federal Reserve Bank of St.
Louis

910c. Composite index of twelve leading indicators

(series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)

920c. Composite index of four roughly coincident indicators
(series 41, 47, 51, 57),

930c. Composite index of six lagging indicators
(series 62, 70 72, 91, 95, 109)

50c. GNP in constant (1972) dollars (1-Q span)

4/c. Index of industrial production

48c. Employee-hours in nonagricultural establishments

51c. Personal income less transfer payments in 1972 dollars

39

A

NATIONAL INCOME AND PRODUCT

Chart Al. GNP and Personal Income

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

223. Personal income in current dollars
(ann. rate, bil. dol.)

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

50. GNP in 1972 dollars, Q (ann. rate, bil. doL)

213. Final sales in 1972 dollars, Q (ann. rate, bil. dol.)

225. Disposable personal income in 1972
dollars, Q (ann. rate, bil. dol.)

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

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

Current data for these series are shown on pages 63 and £




40

JULY 1979

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A2. Personal Consumption Expenditures

Annual rate, billion dollars (current)
Personal consumption expenditures-

Annual rate, billion dollars (1972)

239. Services, Q,

Current data for these series are shown on pages 80 and 81.


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JULY
Federal ReserveKCI)
Bank of St.
Louis1979

41

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A3. Gross Private Domestic Investment

Annual rale, billion dollars (current)

Gross private domestic investment—

245. Change in business inventories, Q

Annual rate, billion dollars (1972)

30. Change in business inventories, 0

Current data for these series are shown on page 81.




42

JULY 1979

B€l»

A

NATIONAL INCOME AND PRODUCT-Con.

Chart A4. Government Purchases of Goods and Services

Annual rate, billion dollars (current)

Government purchases of goods and services—

266. State and local
governments, 0

262. Federal Government, Q

Annual rate, billion dollars (1972)
261. Totel, Q

267. State and local governments, Q

Current data for these series are shown on page 81.


http://fraser.stlouisfed.org/ JULY 1979
Federal Reserve Bank of St. Louis

BCII

43

NATIONAL INCOME AND PRODUCT—Con.

Chart A5. Foreign Trade

Annual rate, billion dollars (current)

252. Exports of goods and services, Q
\
253. Imports of

250. Net exports of goods and services, Q

Annual rate, billion dollars (1972)

256. Exports of goods and services, Q

\

257. Imports of goods and services, Q

Current data for these series are shown on page 82.




44

JULY 1979

KCIft

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A6. National Income and Its Components

Annual rate, billion dollars (current)

280. Compensation of employees, Q

286. 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

Current data for these series are shown on page 82.


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Federal Reserve Bank of St. JULY
Louis 1979

BCII

45

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A7. Saving

Annual rate, billion dollars (current)

290. Gross saving (private and government), Q

298. Government surplus or deficit, Q

Current data for these series are shown on pages 82 and 83.




46

It! II

JULY 1979 111,

A

NATIONAL INCOME AND PRODUCT-Con.

Chart A8. Shares of GNP and National Income

Percent of GNP

235. Personal consumption expenditures, Q

268. State and local government purchases
of goods and services, Q
265. Federal Government purchases of goods and services, Q
\
248. Presidential fixed investment, Q
249. Residential fixed investment, 0

251. Net exports of goods and services, Q

247. Change in business inventories, Q

[Percent of National Income|

64. Compensation of employees, Q

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

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

289. Net interest, Q
X
285. Rental income of persons with capital consumption adjustment, Q'

Current data for these series are shown on page 83.


http://fraser.stlouisfed.org/
JULY
Federal Reserve Bank of St.
Louis1979

not

47

B

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements

| Percent changes at annual rate |
310c. Implicit price deflator,
GNP (1-Q span)
310. Implicit price deflator, GNP,
311c. Fixed weighted price index, gross business
product (1-Q span)

311. Fixed weighted price index,
gross business product, Q

Wholesale prices—
330c. All commodities

Wholesale prices—
330. All commodities

33 Ic. Crude materials

333c. Producer finished goods

333. Producer finished

334c. Consumer finished goods

Current data for these series are shown on pages 84, 85, and 86.




Illl V 1Q7Q

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PRICES, WAGES, AND PRODUCTIVITY—Con.
Chart Bl. Price Movements—Con.

Consumer prices-

Percent changes at annual rate
320c. All items (6-month span)

Chart B2. Wages and Productivity

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

340. Average hourly earnings of production workers,
private nonfarm economy (current dollars)1
346. Real average hourly compensation, all employees,
nonfarm business sector, Q
^v

341. Real average hourly earnings of production workers,
private nonfarm economy1

1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.


Current data for these series are shown on pages 84, 87, and 88.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St.JULY
Louis 1979

49

B

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart B2. Wages and Productivity—Con.

| Wages-Con7|
Change in average hourly earnings of production
workers, private nonfarm economy1—

6-month spans (ann. rate)

340c. Current-dollar earnings / T v v T '"' '?

]

i

?
1-month spans2

341c. Real earnings

^xi

6-month spans (ann. rate) i' ii ;j
Change in average hourly compensation, all employees,
j
nonfarm business sector, Q—
345c. Current-dollar compensation
1-quarter spans (ann. rate)
X;\

»
**£•••

4-quarter spans
346c. Real compensation
1-quarter spans (ann. rate)
•
^ ^

Negotiated wage and benefit decisions, all industries—
348. First year average changes, Q (ann. rate) -—
349. Average changes over life of
contract, Q (ann. rate)

t

| Productivity]
370. Output per hour, all persons,
private business sector, Q

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

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

1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 2 One-month percent changes have been multiplied by a constant (12) so that they may be shown
See the current data table for actual 1-month percent changes.

against the background of the annualized changes over 6-month spans.

Current data for these series are shown on pages 87 and 88.
http://fraser.stlouisfed.org/
enBank of St. Louis
Federal Reserve

....„ -~-.~

itn

C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart Cl. Civilian Labor Force and Major Components

441. Civilian labor force, total (millions)

442. Total employed (millions)

Labor force participation rates (percent)—
451. Males 20 years and over

453. Both sexes 16-19 years of

452. Females 20 years and over
Number unemployed (millions)—
37. Total unemployed

446. Both sexes 16-19 years of

448. Number employed part-time for economic
reasons (millions)

447. Number unemployed, full-time
workers (millions)
\
rfk_-xW

X

Current data for these series are shown on page 89.


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Federal Reserve Bank of St.JULY
Louis 1979

51

D

GOVERNMENT ACTIVITIES

Chart Dl. Receipts and Expenditures

Annual rate, billion dollars (current)

502. Federal Government expenditures, Q

X
501. Federal Government receipts, 0

500. Federal Government surplus or deficit, 0

511. State and local government receipts, Q
V

512. State and local government
expenditures, Q

510. State and local government surplus or deficit, Q

Current data for these series are shown on page 90.




52

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KCII

D

GOVERNMENT ACTIVITIES—Con.

Chart D2. Defense Indicators

I Advance Measures of Defense Activity
517. Defense Department gross obligations incurred
(bil. dol.; MCD moving avg.—6-term)

525. Defense Department military prime contract awards
(bil. dol.; MCD moving avg.—6-term)

543. Defense Department gross unpaid obligations outstanding (bil. dol.)

548. Manufacturers' new orders, defense products
(bil. dol.; MCD moving avg.-6-term)


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II I I \/
Federal Reserve Bank of St. Louis

Current data for these series are shown on page 90.

urn

1

GOVERNMENT ACTIVITIES—Con.
Chart D2. Defense Indicators—Con.

| Intermediate and Final Measures of Defense Activity|
557. Output of defense and space equipment (index: 1967=100)

559. Manufacturers' inventories, defense products (bii. dol.)

561. Manufacturers' unfilled orders, defense products (bit. dol.)

580. Defense Department net outlays, military functions and military
assistance (Ml. dol.; MCD moving avg.—4-term)

588. Manufacturers' shipments, defense products
(bil. dol.; MCD moving avg.-4-term)

Current data for these series are shown on page 91.


http://fraser.stlouisfed.org/
Federal Reserve
54 Bank of St. Louis

III!

V

1Q7Q

Kill

D

GOVERNMENT ACTIVITIES—Con.

Chart D2. Defense Indicators—Con.

Intermediate and Final Measures of Defense Activity—Con.|
570. Employment in defense products industries (millions)

Defense Department personnel (millions)—
577. Military, active duty

578. Civilian, direct hire employment

[National Defense Purchases]
564. Federal Government purchases of goods and services for national
defense, Q (ann. rate, bil. dol.)

565. National defense purchases as a percent of GNP, Q (percent)

Current data for these s


http://fraser.stlouisfed.org/
Federal Reserve Bank of St.JULY
Louis 1979

BCII

>age 91.

55

E

U.S. INTERNATIONAL TRANSACTIONS

Chart El. Merchandise Trade

602. Exports, excluding military aid shipments
(bil. dol.; MCD moving avg.—5-term)

604. Exports of agricultural products,
total (bil. dol.)

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

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

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

616. Imports of automobiles and parts (bil. dol.)

Current data for these series are shown on page 92.




56

JULY 1979

BCII

E

U.S. INTERNATIONAL TRANSACTIONS—Con.

Chart E2. Goods and Services Movements

Annual rate, billion dollars

Excess of receipts
Excess of payments

Goods and services-

667. Balance on goods and services, Q

Merchandise, adjusted—
622. Merchandise trade balance,

Investment income—
651. Income on U.S. investments abroad, Q
X
652. Income on foreign investments in the U.S., Q

NOTE: Annual totals are shown for the period prior to 1960.
Current data for these series are shown on page 93.


http://fraser.stlouisfed.org/ JULY 1979
Federal Reserve Bank of St. Louis

!!€!»

57

F

INTERNATIONAL COMPARISONS

Chart Fl. Industrial Production

[index: 1967=100

Industrial production—

728. Japan -—
721. OECD European countries

722. United Kingdom

725. West Germany-

Current data for these series are shown on page 94.




58

JULY 1979

BCII

INTERNATIONAL COMPARISONS—Con.
Chart F2. Consumer Prices

Percent changes at annual rate
Consumer prices—

Chart F3. Stock Prices

Stock prices—
19. United States

320c. United States

748. Japan

735c. West Germany

736c. France

742. United Kingdom
732c. United Kingdom

737c. Italy

733c. Canada

Current data for these series are shown on pages 95 and 96.


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II II \/
Federal Reserve Bank of St. Louis

itrn

1

0-70

743. Canada

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

^M COMPOSITE I N D E X E S

Year
and
month

910. Index of
12 leading indicators (series
1,3,8, 12, 19,
20, 29, 32, 36,
92, 104, 106)

(1967=100)

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

(1967=100)

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

(1967=100)

Lead ng 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)

916. Profitability (series
17, 19,80)

(1967=100)

917. Money
and financial
flows (series
104, 106, 110)

(1967=100)

940. Ratio,
coincident
index to
lagging index

(1967=100)

1977

January
February
March

131.9
133.0
135.6

126.3
127.6
129.7

120.2
121.0
121.7

95.9
96.6
98.0

110.9
111 .2
112.0

102.3
102.7
104.1

107.2
106.5
107.3

141.2
142.2
143.3

105.1
105.5
E)106.6

April
May
June

136.0
135.8
135.5

130.0
130.6
131.3

122.3
123.1
125.0

97.3
97.1
97.2

111.7
112.5
113.3

105.0
104.7
103.8

108.1
108.8
109.2

143.3
142.2
142.5

106.3
106.1
105.0

July
August
September

135.0
136.9
138.0

131.7
131.9
132.6

125.2
126.5
127.8

96.7
96.2
97.0

112.4
114.8
114.6

103.0
103.3
103.8

109.9
110.1
109.2

144.8
146.9
148.2

105.2
104.3
103.8

October
November
December

139.1
139.4
140.2

133.8
134.7
135.7

129.4
131.1
131.7

97.4
98.0
98.7

115.0
115.7
116.6

104.3
103.8
104.3

108.1
107.5
106.5

148.8
148.8
148.5

103.4
102.7
103.0

January
February
March

139.1
140.3
140.3

134.0
135.0
136.9

134.1
135.9
137.2

97.6
97.2
98.3

115.4
115.9
115.0

104.8
105.9
106.3

104.5
103.3
104.2

148.5
148.0
147.4

99.9
99.3
99.8

April
May
June

141.5
141.8
142.5

139.3
139.5
140.1

137.8
140.0
142.0

99.0
98.0
97.8

114.9
115.0
116.1

106.9
107.2
106.9

106.6
108.5
108.8

147.5
147.8
148.5

101.1
99.6
98.7

July
August
September

141.2
H41.9
142.8

r!40.5
r!41.7
r!41 .6

r!43.5
r!44.6
r!46.4

97.4
97.3
98.5

115.5
115.8
116.3

105.2
105.5
105.4

r!08.9
H10.4
rllO.6

148.9
149.1
149.9

r97.9
r98.0
r96.7

October
November
December

E>143.8
143.2
143.7

143.2
r!44.6
r!45.8

r!48.0
H52.7
r!55.1

98.9
H>99.4
99.2

D117.7
116.4
116.5

105.9
106.1
106.8

rllO.3
r!09.0
H09.1

150.2
0)150.4
149.1

r96.8
r94.7
r94.0

January
February
March

142.9
H43.2
H43.7

H45.1
r!45.0
K>rl46.8

r!57.3
rl58.5
r!58.5

99.1
99.0
98.5

114.2
rl!4.7
rl!6.1

r!07.6
r!08.6
DH09.1

r!09.5
r!09.1
rllO.l

146.5
r!43.8
rHl.O

r92.2
r91 .5
r92.6

April
May
June

140.7
141.1
^40. 9

H44.3
145.5
2
144.8

r!61.7
162.3
[H) 3 163.5

95.0
97.6
p96.2

rl!4.8
rll4.7
p!16. 6

r!08.3
r!07.8
p!06.5

rllO.5
rill. 2
E>pH1.9

r!41.2
r!40.3
p!40.8

r89.2
r89.6
p88.6

1978

1979

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 (u). 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 10 and 11.
1

Excludes series 12 and 36 for which data are not yet available.
Excludes series 57 for which data are not yet available.
Excludes series 70 and 95 for which data are not yet available.

2
3




60

JULY 1979

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Bl EMPLOYMENT AND UNEMPLOYMENT

Minor Economic
Process

L, L, L

Timing Class

Year
and
month

1. Average
workweek of
production
workers,
manufacturing
(Hours)

L, L, L

L, C, L

2. Accession
21. Average
weekly overtime rate, manufachours, produc- turing
tion workers,
manufacturing
(Per 100 employees)

(Hours)

L, C, L

L, L, L

5. Average
weekly initial
claims, State
unemployment
insurance1

3. Layoff rate,
manufacturing

4. Quit rate,
manufacturing

(Per 100 employees)

(Per 100 employees)

(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

L, Lg, U

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. Employeehours in nonagricultural
establishments

(Ratio)

(1967=100)

(Ann. rate,
bil. hours)
Revised2

1977
January
February
March

39.7
40.3
40.4

3.3
3.3
3.4

4.0
4.4
4.1

386
431
329

1.3
1.4
1.1

1.9
1.9
1.8

0.439
0.434
0.450

105
106
108

152.19
154.64
154.77

April
May
June

40.4
40.4
40.5

3.5
3.4
3.5

3.9
3.9
3.9

358
378
363

1.1
1.1
1.2

1.8
1.9
1.8

0.467
0.484
0.484

109
112
114

155.28
I r 6.02
156.35

July
August
September

40.3
40.3
40.3

3.5
3.4
3.4

3.9
3.7
3.9

382
391
377

1.2
1 .3
1.1

1.8
1 .8
1.9

0 537
0 535

121
122
120

156 98
157 01
157.53

October
November
December .

40 5
40.5
40 5

3.5
3.6
3 6

4.0
4.1
4 4

372
349
331

1 1
1 0
1 0

1 9
2.0
2 0

n R??

128
133
140

158 59
158 14
158 72

January
February
March

39 8
40 1
40 6

3 5
3 7
3 7

4 2
4 o
3 9

331
370
[H}320

0 9
0 9
1 0

2 0
2 0
2 0

138
139
141

157 88
159 20
160 94

April
May
June .

40 8
40 4
An R

3 8
3 5

4 2
4 o
0

Q

0 9
1 0
in

2 2
2 1
9 1

0717
0 696

Q

330
328
?Afi

n 7ZLfi

146
144
1 47

162 47
162 06
163 02

July
August
September

40 5
40 3
40.4

3 6
3 4
3.6

3 8
3 8
4.1

375
361
328

0 9
0 9
0.8

2 0
1 9
2.0

n 71 8
n 7R?
0.759

149
150
152

163 34
163 16
163.43

October
November
December

40 5
40.7
40.7

3 6
3.7
3.8

4 4
E> 4.5
4.4

325
334
325

0 9
0.8
0.9

2 3
2.2
2.2

fu\ n
R9i\
[H/
U. QC
0.816
0.817

161
161
D165

40.7
40.7
[H}40 8

3.8
3.8
H>3.8

4.4
4 3
4 1

344
341
352

0.8
B> 0.8
0.9

2.3
[u\? 3
2.2

0.815
0 800
0 79]

161
158
1 56

39.2
40 2
p40 1

2.8
3 4
n3 d

3.9
4 1
n3 9

438
352
p390

1.0
1 .0
nl 3

2.1
2 0
p2 0

0.777
rO.773
pO 789

155
r!54
p!53

0.539
0 597
n 67ZL

1978

£

n fi^R
r 70
O . b/y
O coo

-| co

no

165.37
165.60

1979
January
February
March

.

April
May . .
June

165.79
166 04

K

> l f i 7 Rl

164.80
166 87
p!67 11

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[R); 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 12, 16 and 17.
Data exclude Puerto Rico which is included in figures published by the source agency.
2
See "New Features and Changes for This Issue," page iii.


JULY 1979


61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

^fl EMPLOYMENT AND UNEMPLOYMENT-Con.

Minor Economic
Process
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

L, Lg, U

L, Lg, U

Lg, Lg, Lg

Lg, Lg, Lg

42. Persons
engaged in nonagricultural
activities, labor
force survey

41. Employees
on nonagricultuiai 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

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate
State programs 1

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

(Thous.)

(Thous.)

(Thous.)

(Percent)

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

1977

January
February
March

85,529
85,860
86,312

80,483
80,796
81,264

23,635
23,804
24,032

56.33
56.51
56.73

7,115
7,268
7,151

7.4
7.5
7.4

4.1
4.1
3.8

15.2
14.8
14.5

2.3
2.2
2.1

86,544
86,817
87,209

81,654
81,934
82,277

24,205
24,304
24,403

56.84
56.98
57.11

6,944
6,896
7,008

7.2
7.1
7.2

3.7
3.7
3.7

14.5
15.0
14.3

2.0
2.0
1.9

July
August
September

87,407
87,684
87,999

82,455
82,603
82,973

24,434
24,376
24,441

57.10
57.21
57.31

6,706
6,795
6,624

6.9
7.0
6.8

3.8
4.0
4.0

14.1
13.8
13.9

1,9
1.9
1.8

October
November
December

88,136
88,839
89,257

83,199
83,549
83,719

24,507
24,617
24,626

57.35
57.80
57.95

6,654
6,635
6,187

6.8
6.7
6.3

4.0
3.8
3.7

13.7
13.5
13.7

1.8
1.8
1.7

January
February
March

89,560
89,767
89,948

83,871
84,188
84,726

24,648
24,724
24,927

58.10
58.11
58.19

6,292
6,092
6,153

6.3
6.1
6.2

3.5
3.6
3.4

13.0
12.6
12.4

1.7
1.6
1.5

April
May
June

90,430
90,710
91,216

85,418
85,618
85,996

25,313
25,341
25,473

58.38
58.46
58.81

6,063
6,156
5,864

6.1
6.1
5.8

3.1
3.0
3.1

12.4
12.2
12.0

1.5
1.4
1.3

July
August
September

91,069
91,372
91,604

86,033
86,149
86,163

25,501
25,463
25,471

58.61
58.71
58.80

6,176
5,940
5,964

6.1
5.9
5.9

3.3
3.5
3.2

11.8
11.4
11.5

1.3
1.2
1.3

October
November .
December .

91,867
92,476
92,468

86,573
87,036
87,281

25,670
25,872
26,030

58.85
59.09
59.08

5,836
5,877
6,012

5.8
5.8
5.9

3.0
3.0
3.1

11.8
11.0
10.7

1.3
1.2
1.2

93,068
93,335
H>93,499

87,524
87,818
88,263

26,111
26,199
|H}26,412

59.28
59.43
0)59.45

5,883
5,881
5,871

5.8
5.7
5.7

3.0
3.0
3.0

11.2
11.3
11.7

1.2
1.2
1.3

92,987
93,134
93,494

r88,248
r88,516
[H)p88,613

r26,351
r26,409
p26,404

59.00
59.00
59.19

5,937
5,929
E>5,774

5.8
5.8
E)5.6

3.1
H>2.8
p3.0

11 .0
11 ,1
H)10.4

1 .2
1 .2
(0)1.1

April
May
June

,

1978

1979

January
February
March
April
May
June

. . . .

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 0);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, 15, 17, and 18.

*Data exclude Puerto Rico which is included in figures published by the source agency.




62

JULY 1979

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

KI PRODUCTION AND INCOME

Minor Economic
Process

50. Gross national product
in 1972 dollars

Vaar

(Ann. rate,
bil.dol.)
Revised 1

1977

.

1 315 7

April
May
June

1 ,331.2

July
August
September

1,353.9

October . ,
November
December .

Persona income
223. Current
dollars

and
month

52. Constant
(1972) dollars

(Ann. rate,
bii.dol.)
Revised 1
1,455.2
1 472 0
1,490.3

51 . Personal
income less
transfer payments in 1972
dollars

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

(Ann. rate,
bil.dol.
Revised x

Revised 1

918.2

1,066.1
1 070 R
1,079.1

(1967=100)

C, C, C

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.)
Revised *

132.3

123.4

1^9

1 9ZL

930.9

229.6

135.3

126.8

147.0

230.1
231.2

136.1
137.0
-1070

128.0
129.3
i1 oO
'jn .Rb

147.0
148.5

1
O.Q 7/
1 OO.

TOT
C
i o 1 .b
131.3
101
1 3 1 . 7/

1AQ C

1 4o. b
149.4
1 49. 5

622. '5

n

1,081.0
1,084.2

932.5
937.5

1

DRR

R

Q/If|

7

000

1

HQZL

7

Q/l r

~\

OOO

i ^"37 n
1,547.7

47. Index of
industrial
production,
total

C, L, L

C,C, C

224.6
ooc 7

QO-5

1,499.3
1,509.2
Rl 8 &

C, C , C

Revised 1

1

1,579.4
1 ^£1 ^

c,c,c

(Ann. rate,
bil.dol.)

1 RAD 7

. .

c,c,c

c,c,c

C,C, C

Timing Class

January
February
March

Industrial Production

Comprehensive Output and Income

Q

/]

n

143.4
1 AC; o

1A Q

cnjr

n

610.6
/I

1,097.7
i i n9 9

947.7
O

ybc . o

o o /i jr
L J4. b

1,111.5
1 ,11 11yn
. 1i

961.6
968.0
974. 1

235.9
236. 3
235.4

1 39. 3
1 39. 7

132.4
1 32.7
1 33.4

149.6
150.1
150.9

624.2

I C Q£ Q
! ,byb . y
i1 ,b£ii £9. oQ

1 , 1 ^4. /

1 o/i

AT O

7

232.8

138.1

i
OD n
1 oo.
b
138.9

1978
January
February
March

11 ,b
£11 0.
Q b
K

11 , 1i n1 n
o
9.0

1 "3£7 Q

"I

1 ,bo 1 . J
1,654.4

1 ,121 .2
1,130.1

969.4
972.0
980.9

233.6
236.1
240.3

1 38.8
1 39.2
140.9

1 31 . 1
131 .5
134.4

149.8
150.6
151.4

621 .4

April
May . . . .
June

11 ,jyb
one. co

1 ,6-76.5
C Q7 0
1 ,bo/
.o

1 ,1 3 7 . 4
1 ,1 3 6 . 2
1,139.9

989.6
988. 7
993.1

243.9
243.0
244.0

143.2
143.9
144.9

136.9
137.6
139.0

153.2
154.0
154.9

637.2

1 ,151 .8
1,154.7
r c n
1 , 11 bb.
9

1 ,000.5
1,002.9
1 ,006.1

245.3
244.5
245. 1

146.1
147.1
147.8

141 .1
142.2
142.8

155.0
155.6
157. 1

64K8

144.0
144.8
146.4

157.4
158.5
159.6

657.3

(• Q-|

-3

1 , 704 . 2

July
August
September

1,407." 3

1 ,730.0
1,741.3
rr
1 ,~]/bb
.ii

1,426." 6

1,781.0
1,801.4
1 ,826. 8

1,165.6
1,174.3
53) 1 ,1 83. 9

1,015.0
1,023.4
53)1 ,032.5

246.4
248.9
250.9

148.7
149.6
1 50.9

53)1 430 6

1 834 3
1 851 4
1 872 1

1 175 1
1 174 7
1 179 6

1 023 9
1 024 6
1 028 9

249 7
250 5
53)251 9

1 50 9
1 51 2
[H)152 ^

146 0
146 2
53)rl47 5

160 4
160 7
r!61 7

03) 658 6

pi, 4 1 8 ^ 8

1,881.2
1 ,893.6
[R)pl 903 0

1,176.5
1,176.1
pi 1 70 A

1,025.0
1,024.6
pi m Q 7

248.6
247.7
n?Afi 0

r!50.0
r!51.8
nl ^1 A.

r!43.9
r!47.0
p!46 3

rl60.8
DH61.9
pi 61 5

p641.8

October
November
December

1979
January
February
March
April
May
June
July
August
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to containno 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 53). 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, 19, 20, and 40.
1

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


JULY 1979


63

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

D

Minor Economic
Process

PRODUCTION AND
INCOME-Con.

Qj CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Capacity Utilization

L,C, U

Timing Class

83. Rate of
capacity
utilization,
manufacturing
(BE A)

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

L, L, L

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

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

L, L, L

8. New orders
for consumer
goods and
materials in
1972 dollars
(Bil.dol.)

L, L, L

L, Lg, U

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil.dol.)

(Bil.dol.)

L, L, L

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

1977

January
February
March

8K2

so.'i

56.36
56.43
59.29

37.45
37.32
38.96

34.47
34.79
36.33

1.83
0.81
0.87

168.27
169.07
169.94

44
55
56

82!7

82!6

58. BO
58.84
59.11

38.46
38.30
38.33

35.11
34.97
35.06

1.80
1.56
1.06

171.74
173.30
174.36

58
56
58

83!6

82*.3

56.37
59.27
60.36

36.20
37.85
38.23

34.40
35.56
35.17

-1.10
0.62
1.08

173.27
173.89
174.97

59
58
56

82!9

82!2

63.56
62.82
66.16

40.02
39.36
41.25

35.72
35.78
35.89

3.24
2.59
4.04

178.21
180.80
184.83

56
50
56

82J

81 ! 7

63.34
66.68
69.02

39.07
40.81
41.98

35.78
36.94
37.55

3.36
3.60
4.56

188.19
191.80
196.36

55
64
67

si'.o

84.' 5

70.03
70.04
68.84

42.16
41.92
40.88

38.63
37.77
37.01

3.54
4.62
2.55

199.90
204.52
207.07

64
64
66

85.'6

86*.0

65.19
71.58
72.64

38.41
41.81
42.21

36.49
37.67
37.32

-0.04
2.90
3.73

207.03
209.92
213.65

56
65
66

85.9

[H>87.6

76.98
76.65
78.62

44.42
43.83
44.65

38.47
38.28
39.24

6.69
5.02
5.19

220.34
225.36
230.55

68
66
68

H>86.'i

87.4

80.58
82.38
E>84.16

45.17
r45.77
0)46.45

1)39. 94
39.28
39.90

7.48
(H}8.22
6.42

238.04
246.25
252.68

69
77
(H>78

p85!6

p86.6

77.22
r78.82
p77.98

42.13
r42.82
p42.15

37.46
r37.89
p36.19

5.14
r2.49
p4.56

257.82
r260.31
[H>p264.87

76
76
70

*83

April
May
June

*84

July
August
September

*82

October
November
December

*82

1978

January
February
March

'84

April
May
June

*84

July
August
September

'83

October
November
December

*84

1979

January
February
March

....

April .
May
June ....

E>84

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 byK>; 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 12, 20, and 21.




64

JULY 1979

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

ffi|

B

CONSUMPTION,TRADE, ORDERS, AND DELIVERIES-Con.

Minor Economic
Process

Formation of Business Enterprises

Consumption and trade

C,C,C

Timing Class

Manufacturing and trade sales
Year
and
month

56. Current
dollars
(Mil.dol.)

C, L,C

C,C,C

57. Constant
(1972) dollars

C,L,U

U, L, U

(1967=100)

(Mil.dol.)

(Mil.dol.)
Revised

1977

L, L, L

L, C,C

75. Index of inSales of retail stores
dustrial production consumer
54. Current
59. Constant
goods
dollars
(1972) dollars

(Mil.dol.)

1

L, L, L

55. Personal
consumption
expenditures,
automobiles

58. Index of
consumer
sentiment ®

12. Index of
net business
formation

(Ann. rate,
bil.dol.)

(IstQ
1966=100)

(1967=100)

Revised

L, L, L

13. Number of
new business
incorporations

(Number)

1

January
February
March

213,386
217,515
222,679

143,237
144,752
147,092

139.9
140.5
142.9

57,405
58,474
58,917

41,598
42,098
42,265

62.'i

April
May
June

222,160
222,874
223,941

145,876
145,785
146,403

142.9
143.1
143.8

59,254
59,367
59,203

42,294
42,284
42,048

61 ! 3

223,498
225,793
226,866

146,287
147,711
147,628

145.4
144.7
144.9

60,176
60,566
60,973

42,618
42,742
42,909

6CL9

229,709
232,762
237,684

148,760
149,635
151,806

144.9
145.2
145.8

61,979
62,862
62,480

43,525
43,929
43,419

232,474
239,609
243,979

146,965
150,491
152,485

141.8
143.8
145.9

61,892
62,898
64,075

April
May
June

251,323
252,259
253,459

155,474
155,169
154,568

147.5
147.0
147.0

July
August
September

252,755
260,068
260,535

153,552
157,591
156,491

October
November
December

266,946
270,134
273,776

July
. . .
August
September

FIXED CAPITAL
INVESTMENT

87 .'5

122.7
122.2
123.6

34,519
33,173
35,300

0)89*.!

121.7
122.6
125.1

33,394
34,442
37,229

87.*6

125.7
129.6
128.7

35,749
39,525
37,812

62!2

83J

130.8
132.3
133.6

38,943
38,344
39,674

42,655
43,051
43,648

62^3

83.7
84.3
78.8

133.6
133.7
130.5

36,547
39,253
37,602

65,146
65,522
65,964

43,988
43,916
43,947

7612

81.6
82.9
80.0

130.7
131.0
132.9

38,498
38,320
39,796

147.7
148.4
149.0

66,224
67,303
68,085

43,944
44,454
44,675

68.'9

82.4
78.4
80.4

133.4
133.0
133.0

39,403
42,605
41,827

158,820
159,550
160,485

149.2
149.7
150.6

68,971
70,158
70,918

44,991
45,498
0)45,724

7o!e

79.3
75.0
66.1

[H)135.5
133.6
133.5

41,945
41,568
42,461

273,444
275,352
0)r286,658

159,258
157,648
[H>161,903

150.6
151 .0
0)rl52.1

70,855
71,122
[H>72,045

45,102
44,759
44,944

0)7416

72.1
73.9
68.4

131.3
r!32.4
r!32.2

42,777
42,048
42,087

r277,545
p286,206

r!54,959
p!58,230

r!48.2
H51.5
p!50.0

r71 ,366
r71,325
p70,560

44,080
43,811
e42,946

p67^5

66.0
68.1
65.8

H32.0
e!32.2

r42,633
0)p43,623

. .

October
November
December
1978

January
February
March

.

. .

1979

January
February
March
April
May
June

(NA)

(NA)

(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 (u). Current high values are indicated by0); 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 12, 14, 22, and 23.

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

JULY 1979



65

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

BB FIXED CAPITAL INVESTMENT-Con.

Minor Economic
Process
Timing Class

Business Investment Commitments

L, L, L

L, L, L

Contracts and orders for plant
and equipment
Year
and
month

20. Constant
(1972) dollars

10. Current
dollars
(Bil.dol.)

17.15
17.13
16.65

April
May
June

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

L, C, U

U, Lg, U

C, Lg, Lg

9. Construction contracts for commercial and industr al buildings, floor
space 1

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

97. Backlog of
capital appropriations, manufacturing

(Bil.dol.)

(Bil.dol.)

L, L, L

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

Square feet

(Millions)

Square meters 2

(Millions)

Revised 3

1977
January
February
March

(Bil.dol.)

L, L, L

17.58
19.20
18.46

11.79
11.73
11.39
12.00
12.97
12.35

14.67
14.32
14.61

10.12
9.83
10.01

53.56
51.27
67.45

4.98
4.76
6.27

14.58

14.69
14.89
15.49

10.08
10.16
10.42

55.88
63.20
61.12

5.19
5.87
5.68

15!(DO

58.48
71.07
67.79

5.43
6.60
6.30

17'.46

49.28

50 .'68

July
August
September

16.02
18.28
20.21

10.68
12.20
13.23

13.94
14.53
16.12

9.32
9.76
10.59

October
November
December

17.94
18.49
20.78

11.81
12.00
13.37

16.10
16.09
16.99

10.63
10.48
10.99

63.06
70.62
72.04

5.86
6.56
6.69

16^92

21.24
22.78
20.80

13.55
14.49
13.29

16.51
17.88
17.51

10.58
11.41
11.22

83.03
67.86
71.94

7.71
6.30
6.68

17.52

19.17
21.62
r20.33

12.16
13.58
12.72

17.41
18.12
18.16

11.09
11.48
11.44

76.71
88.41
83.27

7.13
8.21
7.74

14.*76

July
August
September

21.05
23.51
23.47

12.98
14.37
14.28

17.07
19.34
20.15

10.66
11.96
12.38

74.82
79.21
86.38

6.95
7.36
8.02

16.'43

October
November
December

26.64
24.40
24.50

16.00
14.65
14.53

22.22
20.58
20.79

13.53
12.53
12.50

84.55
91.08
81.48

7.85
8.46
7.57

19.29

25.52
26.72
E)27.74

15.10
15.78
|H>16.86

21.91
23.59
E)24.43

r!3.13
14.09
[H>15.08

88.51
|H>105.49
102.77

8.22
H)9.80
9.55

[H)p22.32

25.90
r23.33
p27.28

15.05
13.47
p!5.76

21.29
r 21.79

12.57
rl2.66
p!4.02

93.59
87.09
84.08

8.69
8.09
7.81

53.*94

56^50

1978
January
February
March
April
May
June

60^40

60.19

61 .'26

64.16

1979
January
February
March
April
May
June

p23.97

E)p68.93

July
August
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to containno 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 "N A" not available

Graphs of these series are shown on pages 12. 23, and 24.
'This ls a copyrlghted serles used by permlssion; lt
not be reproduced
without wrxtten permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
'Converted to metric units
by the Bureau of Economic Analysis. 'See "New Features and Changes for This Issue," page iii

66




JULY 1979

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR E C O N O M I C
PROCESS

^B FIXED CAPITAL INVESTMENT-Con.

Minor Economic
Process
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.)

Timing Class

Year
and
month

RE sidential Construction
Com Tiitmentsand Investment

Business Investment Expenditures

C, Lg, U

Lg, Lg, Lg

C, Lg, C

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

Revised l

1977

C, Lg, C

(Ann. rate,
bil. dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised 1

Revised 1

Revised1

L, L, L

28. New
private housing
units started,
total

(Ann. rate,
thous.)

L, L, L

29. Index of
new private
housing units
authorized by
local building
permits
(1967-100)

L, L, L

89. Residential
fixed investment, total, in
1972 dollars
(Ann. rate,
bil. dol.)
Revised l

130.16

182.56
184.52
190.69

142.3
143.5
144.8

126'3

37*5

88^8

1,519
1,856
2,064

124.6
134.5
143.1

53*5

134.24

190.67
192.72
190.11

147.1
148.9
150.1

128.3

39.0

89^3

1,883
1,985
1,907

143.1
143.8
151 .0

57.9

July
August
September

140.38

195,94
201.36
203.55

151.2
151.1
152.1

13CL8

39^9

90.9

2,062
2,023
1,982

145.4
153.4
144.3

59^3

October
November
December

138.11

206.42
206.34
209.42

152.6
153.5
154.0

131. 7

40 J

91 !5

2,078
2,041
2,151

151 .5
152.7
151 .2

60 J

January
February
March

144'.25

207.35
212.04
218.77

152.6
154.2
157.4

133J

40 ' 2

93.0

1,744
1,659
2,011

139.2
137.7
140.7

59.4

April
May
June

150.*76

225.94
223.11
231.44

159.3
160.2
161.8

140.3

43^9

96^4

1)2,176
2,037
2,093

154.6
141 .8
K>160.2

0)60.9

July
August
September

155.' 41

232.62
242.38
252.04

163.8
165.4
165.8

14K6

45 J

96.5

2,104
2,004
2,024

142.6
138.6
148.5

60.2

October
November
December

163'.%

248.68
252.74
260.00

166.9
167.2
168.7

145 '.5

46.5

98 ! 9

2,054
2,107
2,074

148.2
144.5
147.6

66!6

0)165.94

259.73
259.79
[H/276.72

169.7
170.6
H72.2

H>147!2

45^8

0)1 01. 3

1,679
1,381
1 ,786

116.5
115.1
130.9

57^7

April
May
June

a!70.30

265.38
p271 .41
(NA)

rl 70.2
H73.2
g)pl73.6

p!45.4

[H)p47:7

p97'.7

122.5
130.7
135.4

p56'9

July
August
September

a!74.74

October
November
December

a!8o!98

January
February
March
April
May
June

,,

1978

1979
January
February
March

rl ,745
rl ,830
pi ,935

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byH); for
series that move counter to movements in general business activity, current low values are indicated by JJ>. 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.
x

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

JULY 1979



67

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

^M INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process

Inventory Investment

L, L, L

L, L, L

Timing Class

36. Change in inventories on
30. Change in
hand and on order in 1972
business invendollars
tories in 1972
dollars
Monthly
Smoothed
data
data 1

Year
and
month

(Ann. rate,
bil.dol.)
Revised2

(Ann. rate,
bil.dol.)

(2)

(Ann. rate,
bil.dol.)

Inventories on Hand and on Order

L, L, L

L, L, L

31. Change
in book value
of mfg. and
trade inventories, total

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

(Ann. rate,
bil.dol.)

(Bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories, book value
71. Current
dollars
(Bil.dol.)

(2)

Lg, Lg, Lg

70. Constant
(1972) dollars

65. Mfrs.'
inventories of
finished
goods, book
value

(Bil.dol.)

(Bil.dol.)

Lg, Lg, Lg

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

L, Lg, Lg

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

(Ratio)

(Bil.dol.)

(2)

(2)

1977

4.50
6.88
10.26

29.9
28.7
42.5

1.77
0.86
1.55

312.96
315.35
318.89

225.53
226.01
227.04

54.38
54.59
54.79

1.57
1.56
1.54

134.17
135.03
136.58

12.41
12.21
10.28

26.1
38.7
23.3

0.86
1.38
0.15

322.27
324.29
326.24

228.03
228.56
229.32

55.21
56.31
56.89

1.56
1.57
1.57

137.44
138.81
138.96

7.16
7.92
11.42

11.3
32.3
38.0

-0.78
0.92
1.10

327.18
329.86
333.03

229.81
231.30
232.36

57.49
57.57
57.97

1.57
1.57
1.57

138.18
139.10
140.21

12.47
11.46
10.15

27.9
23.0

0.60
0.62
1.48

333.60
335.92
337.83

232.31
233.33
233.75

58.50
59.07
58.91

1.56
1.56
1.54

140.80
141.42
142.90

35.36

12.69
15.03
18.50

40.1
33.1
63.2

1.33
1.60
2.34

341.17
343.93
349.20

234.55
235.01
237.28

59.68
59.57
59.88

1.60
1.56
1.56

144.23
145.83
148.17

28.38
22.06
5.39

24.12
D26.99
23.60

61.6
36.8
35.4

1.82
2.54
2.17

354.33
357.40
360.36

238.87
239.97
240.32

60.50
61.06
61.62

1.54
1.55
1.55

149.99
152.53
154.70

14.90
9.99
9.63

36.9
43.3
29.8

0.89
1.52
2.43

363.43
367.04
369.53

240.83
242.10
242.31

62.18
62.87
62.96

1.57
1.54
1.55

155.59
157.11
159.54

2.45
2.68
2.41

372.64
376.60
379.39

242.67
243.92
244.24

62.68
63.50
63.72

1.53
1.53
1.52

161.99
164.67
167.08

383.89
387.41
391 .70

r250.9 r 8
r251.38
r252.24

64.47
65.17
65.33

rl.58
rl.59
rl.56

173.18
177.10
180.83

r397.32
4.22
pi. 38 H)p401.99
(NA)
(NA)

r253.79

66.66
D67.10
(NA)

E>rl.64
pi. 61
(NA)

185.06
[H)pl86.43
(NA)

12.14

January
February
March

iTa

April
May
June

13^4

9.04
4.72

July
August
September

16.6

21.38
13.39

ll". 3

17.77

9.71

15.64
11.63

October
November
December

3.83

1.43

. .

9.14

6.7

1978

January
February
March

isis

April
May
June

is'.e

July
August
September

12^2

14.92
10.37

October
November
December

12.'6

19.03
16.22

11.11
12.44
14.10

37.4
47.5
33.5

Dr35.40
r!5.70
rl7.88

H9.31
r23.00
r22.72

53.9
42.3
51.4

r30.01
p4.85
(NA)

r22.10
p!9.39
(NA)

20.87

12.38

6.10

9.98

1979

January' "
February
March
April
May
June . . .

12. * 3

epieis

E)r67.4

p56.1
(NA)

D6.10
3.92
3.74

^90

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 (u). 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 13, 15, 26, and 27.
1
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.


68


JULY 1979

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

RH PRICES, COSTS, AND PROFITS

U, L, L

L, L, L

Timing Class

92. Change in sensitive prices
Year
and
month

Stock
Prices

Sensitive Commodity Prices

. ..

Monthly
data

Smoothed
data 2

(Percent)

(Percent)

23. Index of
industrial
materials
prices@

(1967=100)

L, L, L

19. Index of
stock prices,
500 common
stocks 3 ©

(1941-43=10)

Profits and Profit Margins

L, L, L

L, L, L

Corporate profits after taxes

L,C,L

L, C, L

Corporate profits after taxes
with IVA and CCA 1

L, L, L

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

18. Constant
(1972) dollars
(Ann. rate,
bil. dol.)

79. Current
dollars
(Ann. rate,
bil. dol.)

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

Revised'*

Revised' 4

Revised" 4

Revised" 4

Revised" 4

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

1977

(Percent)

-1.76
[H)4.40
1.57

0.71
-0.14
0.69

210.2
216.4
222.8

103.81
100.96
100.57

99^2

70^6

67^9

48.'6

l6!2

0.43
1.04
-1.35

1.77
1.58
0.53

221.9
218.1
206.4

99.05
98.76
99.29

103.'?

72^6

7e!i

53.*8

lo.'s

July
August
September

0.22
1.44
0.67

0.01
0.04
0.44

204.1
202.7
202.9

100.18
97.75
96.23

107^2

73^9

87 !i

D6CL3

October
November
December

0.21
1.51
2.52

0.77
0.79
1.11

204.7
203.8
210.9

93.74
94.28
93.82

107^9

73 !l

77^9

53^2

io!s

January
February
March

0.67
0.03
1.27

1.49
1.32
0.87

219.7
219.9
219.8

90.25
88.98
88.82

106.7

7\'.2

70.*4

47^4

9^9

April
May
June

1.39
0.62
1.85

0.78
1.00
1.19

220.3
217.8
222.1

92.71
97.41
97.66

122.4

79^9

84.7

55.7

10." 7

July
August
September

1.59
0.44
1.62

1.32
1.32
1.26

224.7
232.6
239.1

97.19
103.92
103.86

124^6

79!7

87^7

56^7

1CL7

October
November
December

1.44
1.85
1.16

1.19
1.40
1.56

249.4
254.8
251.8

100.58
94.71
96.11

132!3

83^2

[H}89!7

56\9

ii!6

January
February
March . .

1.85
r2.57
3.37

1.55
rl.74
[H)r2.23

258.3
273.5
288.5

99.71
98.23
100.11

Duzio

0}87.'3

87^6

54.*4

E>ii'4

April .
May
June

-0.38
2.40
3.06

r2.22
rl.82
1.74

ED294.5
293,8
293.9

102.07
99.73
101.73

(NA)

(NA)

January
February
March
April
May
June

. .

10*2

1978

1979

July
August
September

5

290.4

(NA)

(NA)

(NA)

<>102.62

October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). 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.

Graphsof these series are shown on pages 13, 28, and 29.
IIVA, inventory valuation adjustment; CCA, capital consumption adjustment. 2Series
is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 3Series 19 reached its high
value (105.45) in Sept. 1976. ''See "New Features and Changes for This Issue," page iii. 5Average for July 3, 10, 17, and 24.
6
^lt
Average for July 3, 11, 18, and 25.

JP JULY 1979




69

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR E C O N O M I C
PROCESS
Minor Economic
Process
Timing Class

Year
and
month

1977

Ql PRICES, COSTS, AND PROFITS-Con.

Profits and Profit Margins-Con.

U, L, L

L, 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

17. Ratio, price
to unit labor
cost index,
manufacturing

(Percent)

(Cents)

(1967=100)

Revised

3

Unit Labor Costs and Labor Share

Cash Flows

Revised

L, L, L

L, L, L

Net cash flow, corporate
35. Constant
(1972) dollars

34. Current
dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bit. dol.)
3

Lg, Lg, Lg

Revised

3

Revised

63. Index of
unit labor cost,
private business
sector

(1967-100)

3

Revised^

Eg, Lg, Lg

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

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

64. Compensation of employees as a percent
of national
income 2
(Percent)

(1967=100)

(Dollars)
Revised

Lg, Eg, Lg

Eg, Eg, Lg

3

Revised

3

Revised 3

January
February
March

6.6

5.3

120.6
120.5
121.9

162.5

112*4

175*2

0.928

152.7
153.9
153.3

76!2

April
May
June

7*3

5'5

122.9
123.6
122.9

170*5

115*8

178*9

0.945

153.7
153.9
154.9

75*8

July
August
September

E)8J

5*0

122.9
122.6
122.2

176*2

117*5

iso's

0.954

155.3
156.0
157.0

75*5

October
November
December

7*1*

5*4

122.1
122.0
121.5

177^6

116!6

183*9

0.975

158.2
158.8
160.2

75.'8

1978
January
February
March

6*2

s'.o

120.0
119.6
119.9

178J

114*4

189*5

1 .002

163.5
165.4
165.9

76*7

April
May
June

7J

5.' 5

122.0
123.3
124.1

195*5

123.5

192.2

1 .009

164.7
164.2
164.3

75*6

July
August
September

7*2

5*4

124.5
125.3
125.7

197*3

122*5

195*3

1 .024

164.7
164.2
164.9

75*4

October
November
December

7*2

5.7

126.2
125.4
125.5

205*7

125-8

199*2

1 .042

166.2
168.0
169.0

75^6

6*6

H> 6 . 0

125.6
125.7
126.7

{H>216!o

D129.8

206*1

E>1 .075

171.2
173.0
173.2

75.5

126.5
128.9
E>pl29.3

(NA)

(NA)

[H)p212.8

0)176.1
174.2
pi 74. 8

(NA)

1979
January
February
March
April
May
June . . .

(NA)

(NA)

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to containno seasonal movement. Unadjusted series are indicated by (u). 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 15, 29, and 30.
1
IVA. inventory valuation adjustment; CCA, capital consumption adjustment. 2Series 64 reached its high value (76.8) in 4th
quarter 1976. 3See "New Features and Changes for This Issue," page iii.

70




JULY 1979

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

IQj MONEY AND CREDIT

Minor Economic
Process

Velocity of Money

Money

L, L, L

Timing Class

85. Change in
money supply
(Ml)

Year
and
month

(Percent)

L, L, L

L, C , U

102. Change
in money
supply plus
time deposits
at commercial
banks ( M 2 ) 1
(Percent)

L, L, L

104. Change in total liquid assets

Monthly
data

Smoothed
data 2

(Percent)

(Percent)

L, L, L

105. Money
supply (M1)
in 1972
dollars

106. Money
supply (M2)
in 1972
dollars

(Bil.dol.)

(Bil.dol.)

C, C , C

C, Lg, C

L,L, L

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

108. Ratio,
personal income
to money supply
(M2)

(Ratio)

(Ratio)

33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies
(Ann. rate,
bil.dol.)

Revised'"

1977

Credit Flows

Revised 3

January
February
March

0.73
0.57
0.57

0.93
0.78
0.78

1.13
1.11
0.74

0.82
0.90
0.98

225.4
224.5
224.4

533.1
532.1
532.9

5.726

1 .947
1 .954
1.963

51.70
57.72
69.95

April
May
June

0.88
0.34
0.53

0.84
0.56
0.73

0.85
0.64
0.79

0.95
0.82
0.75

224.7
224.5
224.5

533.5
534.2
535.1

5.794

1 .958
1 .960
1 .958

79.81
82.10
94.26

July
August
September

1.05
0.58
0.76

1.08
0.73
0.75

1.11
0.97
0.94

0.80
0.90
0.98

226.0
226.4
227.2

539.1
540.6
542.6

5.836

1 .961
1 .960
1 .962

74.11
83.71
96.79

October
November
December

0.69
0.33
0.65

0.72
0.50
0.52

1.15
0.96
0.75

1.01
0)1-02
0.98

227.9
227.4
227.8

544.4
544.2
544.4

5.851

1 .971
1 .983
1 .993

87.62
87.00
96.48

January
February
March

0.94
0.15
0.23

0.82
0.42
0.39

1)1.29
0.73
0.71

0.98
0.96
0.92

E)228.4
227.2
226.0

0)545.0
543.8
541.6

5.872

1 .983
1 .991
2.011

76.91
78.12
91 .43

April
May
June

1.37
0.80
0.51

0.94
0.77
0.71

1.01
0.94
0.31

0.86
0.85
0.90

227.2
227.1
226.3

542.1
541.8
540.9

6.005

2.019
2.017
2.023

84.68
96.77
97.27

July
August
September

0.54
0.65
1.12

0.72
0.93
1.06

0.82
0.79
1.13

0.89
0.83
0.86

226.2
226.3
226.9

541.7
543.4
544.5

6.044

2.039
2.033
2.029

80.90
0)101.60
93.80

0.14
-0.17
0.17

0.53
0.40
0.24

0.70
1.03
0.90

0.89
0.91
0.92

225.4
223.7
222.6

543.0
542.0
539.8

6.1*92

2.047
2.062
2.086

97.52
99.67
89.06

-0.42
-0.31
0.11

-0.09
0.19
0.32

0.75
rO.68
rO.63

0.88
rO.84
rO.73

219.7
216.5
214.6

534.5
529.4
525.8

0)6.383

2.096
2.112
H)2.129

91.44
r83.18
r86.34

Dl.48
rO.05
pi. 21

1 .17
rO.45
pi .17

rl.06
rO.49
pO.90

rO.74
rO.76
pO.77

215.4
r213.2
p213.7

526.2
r522,8
p523.8

p6.360

2.114
2.119
p2.104

P74.58
(NA)

^0.65

"0.98

....

1978

October
November
December
1979

January
February
March
April
May
June
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 (u). 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 arp fur 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, 31, and 32.
Series 102 reached its high value (1.25) in February 1976. 2 Series is a weighted
4-term moving average (with weights 1 , 2 , 2 , 1 ) placed at the terminal month of the span. 3 See "New Features and Changes for This
Issue," page iii.
''Average for weeks ended July 3, 11, and 18.

II

JULY 1979




71

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR E C O N O M I C
PROCESS

Ill

Minor Economic
Process

Credit Flows-Con.

L, L, L

Timing Class

1 12. 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.)

MONEY AND CREDIT-Con.

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, Lg, U

L, U, U

94. Member
bank borrowing from the
Federal
Reserve®

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

Interest Rates

(Mil. dol.)

(Mil. dol.)

L, Lg, Lg

119. Federal
funds rate®

C, Lg, Lg

1 14. Treasury
bill rate®

(Percent)

(Percent)

C1)

1977
January
February
March

-5.36
11 .59
6.90

25.28
28.33
40.42

256,468

168.54
194.20
248.20

2.37
2.37
2.37

433
-114
155

61
79
110

4.61
4.68
4.69

4.60
4.66
4.61

April
May
June

0.54
4,16
11 .33

37.07
34.80
30.77

262,804

207.27
473.89
305.86

2.40
2.43
2.38

-62
72
-149

73
200
262

4.73
5.35
5.39

4.54
4.94
5.00

July
August
September

6.59
13.61
7.81

28.88
35.22
34.14

310,520

577.82
338.25
E> 9 6 . 9 9

2.41
2.34
2.36

12
-872
-443

336
1 ,071
634

5.42
5.90
6.14

5.15
5.50
5.77

October
November . . . .
December

10.79
11 .81
9.72

38.48
43.15
42.95

305,232

115.69
200.29
168.32

2.41
2.24
2.36

-980
-705
-384

1 ,319
840
558

6.47
6.51
6.56

6.19
6.16
6.06

January
February
March

9.76
17.21
19.97

29.24
34.34
48.91

309,996

168.31
205.01
324.41

2.42
2.48
2.51

-176
-272
-38

481
405
344

6.70
6.78
6.79

6.45
6.46
6.32

April
May
June

18.10
26.24
21 .96

49.27
51.36
50.48

328,012

202.99
160.40
178.84

2.44
2.28
2.44

-475
-975
-974

539
1,227
1,111

6.89
7.36
7.60

6.31
6.43
6.71

July
August
September

1 3.61
1 1 .78
13^92

41 .59
43.' 58
44.16

231 .82

353,972

127.02

2.42
2.37'
2.42

-1 ,146
-•885
-993

1 ,286
1 ,147
1^068

7 81
8. 04
8'.45

7/ . U
n?/
7 04
7^84

October
November
December

10.90
8.77
-0 .94

40.58
49.25
H>52.80

H)376,440

175.34
178.93
196.54

2.35
2.34
2.45

-1,049
-417
-749

1,261
722

8.96
9.76
i1 U
n. U
rnJ

8.13
8.79

r36.59

182.22
177.09
(NA)

D2.12
2.31
2.33

-692

p 30 9, 39 6

994

10.07
1 0 . 06
10.09

9.35

r4.75

36.73
39 . 70
r44. 77

[H}r36.90
r29.46
p23.69

r48.56
44.78
(NA)

1978

one flr\

<L Uu . H-U

Q-JA

O/H

Q. 1
y
1 <L9

1979
January
February
March

y,0-|
Q7
I J1 . 3 1

April
May
June
July
August
September

2

48.60

(NA)

-ic c

Q7o

y/o

-/DO

999

-742
-899
[H)r~l,490
p-1 ,1 1 9
3

- l ,066

897

B>rl ,777
pi ,395
3

1 ,272

10.01
10.24
0)10.24
3

1 0.42

9 . 0L. 71
9.46
9.49
fifi)9.59
9. 04
4

9 26

. . . .

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 "MA", not available.
2
Graphs of these series are shown on pages 32, 33, and 34. x See "New Features and Changes for This Issue," page iii.
Average for weeks ended
July 3, 11, and 18. 3 Average for weeks ended July 3, 11, 18, and 25. ^Average for weeks ended July 5, 12, 19, and 26.

72




JULY 1979

ito

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR E C O N O M I C
PROCESS

IM MONEY AND C R E D I T -Con.

Minor Economic
Process

Outstanding Debt

Interest Rates-Con.

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

1 16. Corporate
bond yields®

1 15. Treasury
bond yields®

1 17. Municipal
bond yields®

1 18. Secondary
market yields
on FHA
mortgages®

Timing Class

Year
and
month
(Percent)

(Percent)

(Percent)

(Percent)

Lg, Lg, Lg

67. Bank rates
on short-term
business loans

®

(Percent)

Lg, Lg, Lg

109. Average
prime rate
charged by
banks®

(Percent)

Lg, Lg, Lg

66. Consumer
installment
debt

(Mil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

72. Commercial 95. Ratio,
and industrial
consumer installment debt
loans outstanding, weekly to personal
reporting large
income
commercial
banks
(Mil.dol.)
(Percent)
(M
Revised 1

1977

January
February
March

7.96
8.18
8.33

April
May
June

8.30

July
August
September

8.12

October
November
December

8.21

190,426
192,787
196,155

109,531
110,497
111 ,072

13.09
13.10
13.16

199,244
202,144
204,708

111 ,117
111 , 4 6 4
112,408

13.29
13.39
13.48

207,115
210,050
212,895

112.957
114,091
114,742

13.48
13.57
13.64

216,102
219,698
223,277

115,641
116,625
117,435

13.68
13.76
13.04

225,714
228,576
232,652

118,248
119,682
121,346

13.95
14.01
14.06

236,758
241,038
245,245

122,854
125,041
126,871

14.12
14.29
14.39

248,711
252,343
256,023

128,005
128,987
130,147

14.38
14.49
14.58

10.94
11.55

259,405
263,509
267,909

131 , 0 5 5
131 ,786
131 ,708

14.57
14.63
14.67

11 .75
11 .75
11 .75

270,970
274,278
278,009

r!34,757
r!37,421
r!37,817

14.77
14.81
14.85

11.75

r282,C47
0)285,779

r!40,892

14.99
0)pl5.09

6.68
7.16
7.20

5.87
5.89
5.89

8.40

7.13
7.17
6.99

5.73
5.75
5.62

8.57
8.74

6.75

6.98
7.01
6.94

5.63
5.62
5.51

8.74

6.75

7.08
7.16
7.24

5.64
5.49
5.57

8.78

7.51
7.60
7.63

5.71
5.62
5.61

9.11

7.74
7.86
7.94

5.80
6.03
6.22

9.37

8.10
7.88
7.82

6.28
6.12
6.09

9.92

8.38
8.08

8.06
8.11

8.26
8.39

8.50

6.25

7!50

8.58

(NA)

8.74

6.25
6.25

7^40

7.80

8.72

8.78

6.25

6.41

6.83
7.13
7.52

8.64

8.91

7.75
7.75

1978

January
February
March

8.70
8.70
8.70

April
May
June

8.88
9.00
9.15

July
August
September

9.27
8.83
8.78

October
November
December

9.14
9.30
9.30

(NA)

7.93

8.90

9.29

9.67

8.00
8.00

8.96

(NA)

9.78

6.13
6.19
0)6.50

9.00

9^92

10.16

8.43
8.43
8.45

6.46
6.31
6.33

10.17
10.17
10.19

6.28
6,25
6.12

0)10.61
10.49

9.01
9.41
9.94

9.93
9.99

8.27
8.63

9.78

8.07
8.16
8.36

8.00

11 !44

1979

January
February
March

9.47
9.52
9.65

April
May
June

9.69

0)9.83
9.51

July
August
September
October
November
December

2

9.45

8.44
0)8.55
8.32
2

8.31

3

6.11

12^27

(NA)

0)12.34

0)11 .75

1 1 . 65

"11.50

(NA)

rl43,347
0)pl45,321
5

(NA)

149,371

....

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 serins 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, 34, and 35. lSee "New Features and Changes for This Issue," page iii. 2Average for weeks ended
July 6, 13, and 20. 3Average for weeks ended July 5, 12, and 19. *Average for July 1 through 26. 5 Average for weeks ended
July 3, 11, and 18.

JULY 1979



73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

Q DIFFUSION INDEXES

Year
and
month

950. Twelve leading
indicator components
(series 1,3, 8, 12,19,
2 0 , 2 9 , 3 2 , 3 6 , 9 2 , 104,
106)

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

1-month
span

6-month
span

1-month
span

6-month
span

January
February
March

45.8
50.0
83.3

91.7
79.2
70.8

25.0
100.0
100.0

100.0
100.0
100.0

April
May
June

50.0
41.7
58.3

58.3
83.3
54.2

75.0
75.0
100.0

July
August
September

45.8
70.3
54.2

62.5
58.3
70.8

October
November
December

75.0
70.8
58.3

January
February
March

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

1-month
span

6-month
span

961. Average workweek
of production workers,
manufacturing (20
industries)

1-month
span

9-month
span

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

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

1-month
span

1-month
span

9-month
span

6-month
span

1977
66.7
75.0
91.7

83.3
83.3
100.0

12.5
97.5
40.0

87.5
90.0
82.5

39.2
25.5
49.0

74.5
70.6
68.6

76.2
56.0
74.7

88.1
87.8
85.2

100.0
100.0
100.0

75.0
83.3
100.0

100.0
100.0
100.0

50.0
47.5
80.0

77.5
77.5
90.0

68.6
23.5
37.3

57.8
53.9
74.5

68.0
64.8
71.2

79.4
75.9
72.1

75.0
75.0
75.0

100.0
100.0
100.0

75.0
91.7
83.3

100.0
100.0
100.0

17.5
55.0
50.0

50.0
50.0
7.5

80.4
24.5
82.4

65.7
82.4
68.6

59.3
51.7
60.8

69.8
74.1
72.1

66.7
75.0
66.7

100.0
100.0
100.0

100.0
100.0
100.0

91.7
100.0
75.0

100.0
100.0
100.0

77.5
52.5
40.0

27.5
70.0
92.5

76.5
41.2
90.2

70.6
78.4
86.3

60.5
73.8
72.1

77.9
82.0
83.1

45.8
62.5
41.7

58.3
54.2
58.3

25.0
75.0
100.0

100.0
100.0
100.0

100.0
100.0
91.7

100.0
100.0
100.0

0.0
67.5
95.0

82.5
72.5
60.0

33.3
47.1
54.9

76.5
56.9
47.1

69.8
70.3
70.1

85.5
79.9
77.9

April
May
June

66.7
54.2
62.5

54.2
50.0
58.3

100.0
50.0
75.0

100.0
100.0
100.0

66.7
100.0
91.7

100.0
83.3
83.3

72.5
7.5
60.0

35.0
52.5
92.5

82.4
11.8
58.8

52.9
60.8
60.8

62.8
56.4
67.2

68.9
67.7
59.6

July
. .
August
September

45.8
50.0
54.2

62.5
83.3
66.7

75.0
100.0
62.5

100.0
100.0
100.0

r83.3
83.3
83.3

100.0
100.0
100.0

37.5
32.5
57.5

90.0
42.5
30.0

49.0
42.2
94.1

51.0
76.5
17.6

54.9
51.7
57.6

61.3
74.4
77.9

October
November
December

58.3
41.7
62.5

66.7
r66.7
50.0

100.0
100.0
100.0

100.0
100.0
100.0

r66.7
100.0
83.3

100.0
100.0
83.3

52.5
87.5
47.5

57.5
77.5
r7.5

25.5
29.4
86.3

51.0
66.7
29.4

70.6
80.2
79.7

83.1
84.6
86.0

January
February
March

54.2
50.0
r58.3

33.3
33.3
MO.O

37.5
r75-0
100.0

75.0
75.0
2
66.7

83.3
75.0
75.0

100.0
83.3
3
100.0

62.5
40.0
70.0

r25.0
p25.0

13,7
72.5
68,6

p46.1
(NA)

74.1
65.1
62.5

r81.7
r68.0
p60.8

April
May
June

r25.0
50.0
X
50.0

1978

1979

2

12.5
75.0
33. 3

91.7
58.3
75.0

3

rO.O
90.0
p27.5

r9.8
p68.6
(NA)

r44.2
r46.2
p53.8

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 36.
'"'Excludes series 12 and 36 for which data are not yet available •
2
Excludes series 57 for which data are not yet available.
3
Excludes series 70 and 95 for which data are not yet available.

74




JULY 1979

ItO

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

BB DIFFUSION INDEXES-Con.
964. Value of manufacturers' new orders,
durable goods industries (35 industries)

Year
and
month

1 -month
span

9-month
span

966. Index of industrial
production (24
industries)

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

1-quarter
span

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

968. Index of stock
prices, 500 common
stocks© (59-65
industries) 1

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

1-quarter
span

9-month
span

1-month
span

69.2
73.1
80.8

57.7
50.0
50.0

46.0
27.4
43.5

33.0
43.5
54.8

55

83.3
75.0
83.3

34.6
34.6
15.4

50.0
46.2
46.2

49.2
37.0
46.0

54.8
29.0
17.7

60

87.5
79.2
66.7

34.6
50.0
50.0

45.8
29.2
Ml. 7

56.5
23.4
15.3

26.6
27.4
22.6

53

*61

62.5
43.8
62.5

70.8
70.8
70.8

2

45.8
62.5
2
75.0

11.3
66.9
46.8

19.4
16.1
23.7

61

48

66.7
58.3
70.8

83.3
83.3
91.7

69.2
34.6
46.2

2

66.7
66.7
2
58.3

8.1
30.6
50.0

3

49.1
62.1
69. 8

52

'si

45.8
50.0
75.0

89.6
91.7
91.7

50.0
61.5
80.8

69.2
80.8
84.6

90.7
90.7
59.3

3

82.8
86.2
87.7

63

'51

83.3
54.2
87.5

83.3
83.3
83.3

65.4
69.2
76.9

88.5
92.3
88.5

28.8
98.3
37.3

70.2
67.5
68.4

52

p49

58.3
58.3
79.2

(NA)

4-Q moving
avg.

1-month
span

6-month
span

'eo

37.5
75.0
58.3

81.2
91.7
85.4

'57

60.4
72.9
58.3

1-month
span

9-month
span

4-quarter
span®

1977
January
February
March

60.0
48.6
77.1

91.4
88.6
77.1

48

April
May
June

31.4
60.0
45.7

82.9
82.9
82.9

77

37.1
68.6
65.7

85.7
85.7
80.0

56

62.9
65.7
65.7

88.6
88.6
94.3

48

January
February
March

40.0
71.4
54.3

88.6
91.4
71.4

62

April
May
June

62.9
42.9
45.7

80.0
77.1
91.4

24

July
August
September

31.4
81.4
51.4

88.6
80.0
88.6

71

77.1
45.7
62.9

94.3
97.1
85.7

48

58.3
75.0
83.3

83.3
83.3
83.3

88.5
80.8
42.3

88.5
88.5
92.3

8,6
0.0
69,0

39.1
47.3
67.3

48.6
48.6
68.6

r88.6
pSO.O

p53

54,2
54.2
r68.8

66,7
r62.5
p58.3

61 .5
76.9
76.9

96.2
96.2
"88.5

94.8
35.5
85.5

18.2
32.7

July
August
September
October
November
December

. . .

.

2

50.0
37.5
57.7

2

2

2

'72

*73

79

1978

October
November
December

.

2

3

3

3
3

3
3
3

'so

(NA)

1979
January
February
March
April
May
June
July
August
September

25.7
r57J
p40,0

20.8
81.3
p45.8

69,2
42.3
53.8

80.0
16.4
90.0

"46.2

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; 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 b y ® . The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
"Based on 62 components through March 1978, on 59 components through September 1978, on 58 components through January 1979,
and on 55 components thereafter. Component data are not shown in table C2 but are available from the source agency.
2
Based on 12 components (excluding print cloth).
3
Based on 58 components for January 1978 through May 1978 and on 57 components through September 1978.
"•Average for July 3, 10, 17, and 24.

licit


JULY 1979


75

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

DIFFUSION INDEXES-Con.

Year
and
quarter

a. Actual
expenditures

(1-Qspan)

c. Early
anticipations

b. Later
anticipations

(1-Qspan)

(1-Qspan)

(4-Qspan)

Anticipated

Actual

Anticipated

Actual

973. Net sales, manufacturing
and trade 1 ®

972. Net profits, manufacturing
and trade 1 ®

971. New orders, manufacturing 1 ©

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

(4-Q span)

(4-Qspan)

(4-Qspan)

(4-Qspan)

(4-Qspan)

Anticipated

Actual

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

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

66.7
75.0
88.9
44.4

61.1
72.2
69.4
58.3

66.7
66.7
66.7
72.2

83
82
82

61.1
88.9
61.1
66.7

77.8
69.4
63.9
72.2

61.1
66.7
61.1
69.4

83
86
86
86

66.7
(NA)

66.7
72.2

55.6
72.2
69.4

85

76
74
72
74

76
80
84
82

71
74
74
76

78
80
84
82

82
83
88
86

73
76
78
78

79
82
84
83

80
84

78
(NA)

82

82
81

82
84
90
87

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

82
86
90

81
84
85

1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter

87
92
90

1979
First quarter ..
Second quarter
Third quarter..
Fourth quarter

(NA)

85
88
84

87
(NA)

DIFFUSION INDEXES-Con.

Year
and
quarter

974. Number of employees,
manufacturing and trade 1 ®

975. Level of inventories,
manufacturing and trade 1 ®

976. Selling prices, manufacturing 1 ®

Actual

Actual

Actual

Anticipated

(4-Qspan)

(4-Qspan)

Anticipated

(4-Q span)

(4-Qspan)

977. Selling prices, wholesale
trade 1 ®

Anticipated

(4-Qspan)

(4-Qspan)

Anticipated

Actual

(4-Qspan)

(4-Qspan)

978. Selling prices, retail
trade 1 ®
Anticipated

Actual

(4-Qspan)

(4-Q span)

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

57
58
58
58

56
60
62
60

62
65
68
69

60
59
61
62

59
60
61
59

62
64
64
63
62
(NA)

82
80
82

75
78
80
80

74
72
74
75

87
87

78
81
86
82

59
60
62
62

76
76
76
78

87
88
90
91

60
60
58

(NA)

92
(NA)

82
82

81
82
92
86

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

87
86
88
90

90
86
92
92

84

91
94
94
93

90
88
92
92

1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter

92
93
94

84
90
87
90

1979
First quarter ..
Second quarter
Third quarter..
Fourth quarter

88

96
(NA)

90
92

94
(NA)

92
92

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal montn of the span. Series are seasonally 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 38.
x
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.




76

JULY 1979

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

IH SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Direct ons of Change

Diffusion index components

1979

1978
November

April

March

February

January

December

May

r

June

P

961. AVERAGE W O R K W E E K OF P R O D U C T I O N WORKERS, MANUFACTURING '
(Average weekly hours)

All manufacturing industries

+

Percent rising of 20 components

40.7

o

40.7

o

(48)

(88)

40.7

o

(62)

40.7

+

(40)

+

40.2

40.1

(90)

(28)

40.8

39.2

(70)

(0)

39.2
r38.1

+
+

39.3
38.5

Durable goods industries:

+
o

39.7
38.5

Lumber and wood products
Furniture and fixtures

o
+

40.1
39.2

o
o

40.1
39.2

o

40.0
39.2

-

39.5
38.8

+
+

40.1
39.4

Stone, clay, and glass products
Primary metai industries

+
+

41.9
42.3

+

42.0
42.2

41.4
42.4

+
-

41.5
42.3

+
-

42.3
41.9

-

r41.3
r41.7

+

+

41.7
41.2

Fabricated metal products
Machinery, except electrical

+
+

41.1
42.2

+
+

41.4
42.5

41.2
42.2

+
+

41.4
42.6

+
o

41.5
42.6

-

r39.1
r40.5

+
+

40.6
42.2

Electrical equipment and supplies
Transportation equipment

+
+

40.4
42.9

+
o

40.5
42.9

+
+

40.7
43.0

+
-

40.9
42.7

o

40.9
42.4

-

r39.0
r38.0

+
+

40.3
41.2

Instruments and related products
Miscellaneous manufacturing industries

o
o

40.9
38.8

o
o

40.9
38.8

+
+

41.1
39.1

o

41.1
39.0

+
+

41.4
39.2

40.2
37.7

+
+

40.7
38.5

Food and kindred products
Tobacco manufactures

+
+

40.0
37.4

o
+

40.0
38.1

+

40.1
36.7

o

39.7
36.7

+
+

40.1
38.5

-

r39.7
37.9

+
+

39.9
38.9

Textile mill products
Apparel and other textile products

+
+

40.4
35.7

o

40.4
35.6

+

40.9
35.3

+

40.0
35.5

+
o

40.6
35.5

-

r38.9
34.3

+
+

39.9
35.2

o

39.8
35.2

Paper and allied products
Printing and publishing

+
+

43.1
37.9

42.7
37.6

+
+

42.9
37.7

o
o

42.9
37.7

o
+

42.9
37.8

-

r42.3
r37.2

+
+

42.6
37.3

+

42.2
37.5

Chemicals and allied products
Petroleum and coal products

+
+

42.1
44.2

41.8
43.7

+

42.0
43.4

o

41.9
43.4

+
+

42.0
44.2

r41.8
r44.1

+

41.9
43.9

Rubber and plastic products, n.e.c
Leather and leather products

+

41.1
36.8

41.2
36.7

+
+

41.5
37.0

o
-

41.5
36.3

-

41.4
36.2

39.8
r35.8

+
+

40.8
36.2

o

40.7
36,2

-

77,223

+

78,824

-

77,977

41.5
40.9

o

40.6
42.1
39.9
41.0

+

40.5
39.1

Nondurable goods industries:

+

964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE G O O D S INDUSTRIES 1
(Millions of dollars)
All durable goods industries

-

Percent rising of 35 components

76,654

+

78,623

(46)

+

80,582

+ 82,385

+ 84,162

o

39.9
38.1

41.4
43.7

2

(26)

(57)

(40)

(49)

(49)

Primary metals
Fabricated metal products

+

11,092
8,804

+
+

11,806
9,527

+

14,191
9,447

- 13,042
9,279

+ 13,259
+ 10,520

-

11,819
9,146

+
+

11,920
9,560

+

11,932
8,841

Machinery, except electrical
Electrical machinery

-

13,099
8,960

+
+

13,273
9,285

+
+

13,377
9,605

+ 13,840
+ 10,137

+ 15,240
- 9,784

-

13,063
9,460

+
+

13,384
9,467

+
+

13,696
9,766

Transportation equipment
Other durable goods industries

+
-

20,916
13,783

+

20,167
14,565

-

20,121
13,841

+ 22,340
- 13,747

- 20,446
+ 14,913

-

18,949
14,786

+
-

19,974
14,519

-

19,297
14,445

(63)

(69)

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
Data for most of the 35 diffusion index 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.


http://fraser.stlouisfed.org/JULY 1979
Federal Reserve Bank of St. Louis

77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

^M SELECTED DIFFUSION INDEX COMPONENTS: Basic Da a and Directions of Change - C o n .

Diffusion index components

1979

1978
November

December

January

February

March

p

Mayf

April

June

966. INDEX OF INDUSTRIAL P R O D U C T I O N l
(1967=100)
All industrial production

+

Percent rising of 24 components^

149.6

+

(75)

150.9

o

(83)

150.9

+

(54)

151.2

+

(54)

152.3

150.0

(69)

(21)

+

151.8

-

151.4
(46)

(81)

Durable manufactures:
Primary and fabricated metals
Primary metals
Fabricated metal products

+
+

129.0
146.9

+
+

130.4
149.0

+

122.0
151.0

+

121.3
152.2

+
-

r!21.8
r!51.4

119.4
150.2

+
+

120.0
150.8

+
-

121.2
150.0

Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments

o
+
+
+

160.3
159.0
139.3
176.2

+
+
+
+

161.8
161.9
139.5
179.5

+
+
+

163.6
163.9
137.7
180.4

+
+
+

164.6
165.3
136.3
181.0

+
+
+
+

r!66.2
H65.9
r!40.4
182.7

165.0
163.5
128.7
180.4

+
+
+
+

165.7
166.6
140.4
180.8

+
-

166.0
165.9
137.1
180.5

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

+
+

166.3
142.5

+
+

167.7
146.0

+
-

168.6
142.0

-

166.9
140.6

+

166.1
140.7

163.4
139.3

+
+

164.8
141.7

-

157.6
152.1

+

156.7
153.7

+
+

161.7
154.8

+
+

163.6
156.9

+
+

163.8
157.1

160.8
154.5

+
+

161.4
154.7

+
+

144.9
131.4
74.0

+
+

143.5
132.3
75.1

-

140.5
(NA)
73.3

+

r!42.9
(NA)
73.1

142.5
(NA)
70.9

+

+

143.9
129.9
74.1

+

143.1
(NA)
72.7

Paper and printing
Paper and products
Printing and publishing

+

145.3
132.1

+
+

147.8
133.0

+

144.9
135.8

+
+

148.0
137.6

+
-

r!49.8
137.0

148.7
135.5

+

147.3
136.0

Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products
Rubber and plastics products

+
+
o

197.6
148.9
264.2

+
+
+

197.9
149.9
267.0

+
+

200.8
147.9
268.1

+
+

201.4
144.5
270.1

o
+

r201.5
H43.1
r272.2

201.7
145.0
267.7

+
+

203.6
143.5
271.6

(NA)
142.4
(NA)

Foods and tobacco
Foods
Tobacco products

+
+

144.2
121.5

+
+

145.7
122.0

145.5
120.0

+
-

146.5
118.8

+
+

r!48.0
121.8

147.3
121.9

+

149.4
(NA)

(NA)
(NA)

+
+

145.1
124.9

+
-

146.8
123.8

-

116.0
123.2

-

104.0
121.7

+
-

124.0
r!20.6

+

129.5
119.9

+
o

133.9
119.9

+
-

125.3
132.9

+

123.9
134.2

+

123.5
136.7

+
+

124.3
137.0

+
-

r!25.5
136.7

+

128.6
135.8

+

124.9
137.7

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

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

Mining:
Coal
Oil and gas extraction
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

+

+

+

+

(NA)
(NA)

+

(NA)
154.9

(NA)
(NA)
(NA)

+
+

+
-

148.0
136.5

142.6
119.4
(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.




78

JULY 1979

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

j^l S E L E C T E D DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.

Diffusion index components

1978

November

1979

January

December

March

February

April

July

June

May

967. INDEX OF INDUSTRIAL M A T E R I A L S P R I C E S 2

Industrial materials price index (1967=100)

+

Percent rising of 13 components . .

254.8

-

251.8

+

+

(62)

(42)

(81)

258.3

273.5

+

288.5

+

-

293.8

o

293.9

-

290.4

(46)

(54)

(42)

(69)

(77)

(77)

294.5

Dollars

Copper scrap

Lead scrap

Steel scrap

(pound). . (kilogram). .

0.538
1.186

+

(pound). .
(kilogram). .

0.171
0.377

-

-

(U.S. ton). . + 80.000
(metric ton). .
88.184

0.549
1.210

+

0.159
0.351

+

0.594
1.310

+

0.178
0.392

+

0.714
1.574

+

0.195
0.430

+

0.756
1.667

+

0.210
0.463

+

0.778

-

1.715
0.223
0.492

0.709

-

1.563
+

0.237
0.522

+

0.681
1.501

-

0.256
0.564

f

0.662

1.459
0.268

0.591

+ 87.000
95.900

+ 94.000
103.616

+104.000
114.639

+122.500
135.032

-102.500
112.986

- 92.000
101.412

+107.000
117.946

-100.000
110.230

(pound). . + 7.018
(kilogram). .
15.472

-

6.512
14.356

-

6.429
14.173

+

6.832
15.062

+

7.162
15.789

-

6.958
15.340

-

6.930
15.278

+

+ 7.180

(pound). . +
(kilogram). .

0.348
0.767

o

0.348
0.767

+

0.350
0.772

+

0.370
0.816

+

0.379
0.836

+

0.395

o

0.395

o

0.871

0.871

0.871

(yard). . +
(meter). .

0.180
0.197

o

0.180
0.197

+

0.181
0.198

o

0.181
0.198

o

0.181
0.198

o 0.181
0.198

o 0.181
0.198

(pound),
+
(kilogram). .

0.655
1.444

-

0.640
1.411

-

0.618
1.362

-

0.606
1.336

-

0.584
1.287

-

(yard). . +
(meter). .

0.610
0.667

o

0.610
0.667

-

0.604
0.661

o

0.604
0.661

-

0.595
0.651

+

Wool tops

(pound). . +
(kilogram). .

2.600
5.732

o

2.600
5.732

o

2.600
5.732

o

2.600
5.732

+

2.638
5.816

+

Hides

(pound). . +
(kilogram). .

0.686
1.512

+

0.689
1.519

+

0.754
1.662

+

0.898
1.980

+

1.075
2.370

Tin

Zinc

Burlap

Cotton, 12-market average

Print cloth, average

Rosin

Rubber

Tallow

(100 pounds). . o 28.500
(100 kilograms). .
62.831

7.020
15.476

15.829
+

0.398
0.877

o 0.181
0.198

o

0.181
0.198

+ 0.612
1.349

+

- 0.621
1.369

0.670
0.733

+ 0.721

-

0.720
0.787

o

0.720
0.787

2.838
6.257

+

2.850
6.283

o

2.850
6.283

o

2.850
6.283

+ 1.098
2.421

- 1.093
2.410

-

0.955

-

2.105

1.830

0.574

1.265

0.395

0.638

1.407

0.788

0.830

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

0.556
1.226

-

0.546
1.204

+

0.579
1.276

+

0.623
1.373

+

-

+

-

0.191
0.421

+

0.199
0.439

+

0.205
0.452

+

0.230
0.507

+

(pound). . +
(kilogram). .

0.582
1.283

-

(pound). . +
(kilogram). .

0.202
0.445

-

0.670

1.477
0.248
0.547

-

0.657

0.677

1.448

1.493

0.247
0.545

- 0.217
0.478

0.665

1.466
+

0.227
0.500

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.
1
Average for July 3, 10, 17, and 24.
2
Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.


http://fraser.stlouisfed.org/JULY 1979
Federal Reserve Bank of St. Louis

79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

GNP AND PERSONAL INCOME

Year
and
quarter

a. Total

c. Percent
change at
annual rate

b. Difference

217. Per capita
GNP in 1972
dollars

50. Gross national product in 1972 dollars

200. Gross national product in current dollars

b. Difference

a. Total

c. Percent
change at
annual rate

213. Final sales
in 1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bit. dol.)
1976

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

"Revised 1

Revised1

Revised1

1,653.7
1,683.1
1,715.8
1,756.1

55.7
29.4
32.7
40.3

14.7
7.3
8.0
9.8

1,259.5
1 ,267.4
1,277.1
1,288.1

31.6
7.9
9.7
11.0

10.7
2.6
3.1
3.5

5,869
5,896
5,929
5,967

1,250.6
1,257.7
1,270.3
1,287.0

1,820.2
1,876.0
1,930.5
1,971.3

64.1
55.8
54.5
40.8

15.4
12.8
12.1
8.7

1,315.7
1,331.2
1,353.9
1 ,361.3

27.6
15.5
22.7
7.4

8.9
4.8
7.0
2.2

6,084
6,145
6,236
6,256

1,304.4
1,317.8
1,337.3
1,350.0

2,011.3
2,104.2
2,159.6
2,235.2

40.0
92.9
55.4
75.6

8.4
19.8
10.9
14.8

1,367.8
1,395.2
1,407.3
1,426.6

6.5
27.4
12.1
19.3

1.9
8.3
3.5
5.6

6,276
6,390
6,431
6,506

1,351.3
1,379.6
1,395.1
1,414.6

2,292.1
p2,327.2

56.9
p35.1

10.6
p6.3

1,430.6
pi,418.8

4.0
p-11.8

1.1
p-3.3

6,512
p6,444

1,418.4
pi ,402.0

Revised1

Revised

Revised

Revised"

Revised

1977

First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1978

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979

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

GNP AND PERSONAL INCOME -Con.

Year
and
quarter

PERSONAL CONSUMPTION E X P E N D I T U R E S
230. Total in current
dollars

Disposable personal income
224. Current dollars 225. Constant
(1972) dollars
(Ann. rate,
bil. dol.)

232. Durable goods
in current dollars

233. Durable goods
in 1972 dollars

227. Per capita in
1972 dollars
(Ann. rate,
dollars)

(Ann. rate,
bil.dol.)
p

(Ann. rate,
bil.dol.)

evised 1

Revised1

Revised1

1,152.2
1,170.2
1,193.1
1,222.6

883.1
887.7
893.4
903.3

4,115
4,130
4,148
4,185

1,053.3
1,073.7
1,100.5
1,132.0

807.3
814.5
824.0
836.4

152.9
155.6
158.3
162.9

125.5
126.0
126.5
128.5

1,250.1
1,286.0
1,323.2
1,361.2

908.0
921.5
936.3
951.8

4,200
4,255
4,375

1,169.1
1,190.5
1,220.6
1,259.7

849.2
853.1
863.7
880.9

174.3
175.7
178.9
186.4

135.8
136.6
138.2
142.4

1,395.0
1,437.3
1,476.5
1,524.8

956.6
966.1
976.2
991.5

4,390
4,426
4,462
4,522

1,287.2
1,331.2
1 ,369.3
1,415.4

882.7
894.8
905.3
920.3

185.3
200.3
203.5
212.1

139.3
147.8
147.5
152.1

1,572.2
pi,601.7

996.6
p992.5

4,536
p4,508

1,454.2
pi,474.2

921.8
p913.5

213.8
p207.3

150.2
p!43.8

1976

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

231. Total in 1972
dollars

1977

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

4,313

1978

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979

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 40 and 41.
'See "New Features and Changes for This Issue," page iii.




JULY 1979

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

BRj GROSS P R I V A T E DOMESTIC INVESTMENT

^H PERSONAL CONSUMPTION EXPENDITURES-Con.

Year
and
quarter

236. Nondurable
goods in current
dollars

238. Nondurable
goods in 1972
dollars

237. Services in
current dollars

239. Services in
1972 dollars

240. Total in
current dollars

241. Total in
1972 dollars

242. Fixed investment, total, in
current dollars

243. Fixed investment, total, in
1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

Revised1

Revised1

Revised 1

Revised 1

Revised 1

469,2
479.9
494,0
511 ,0

366,2
369.1
374.2
380.4

233.5
241 .9
246,0
250.7

169.9
173,8
174.2
175.7

220.3
227.4
235.1
249.0

161 .0
164.1
167.5
174.6

328 . 9
329.6
332.1
340.0

527.1
539.3
558.7
574.1

384.5
386.9
393.3
398.5

280.4
300.0
315.7
316.9

191 .0
199.6
206.7
203.0

261 .1
277.5
288.2
298.5

179.7
186.2
190.1
191 .7

505.9
521,8
536.7
558.1

337.3
339.4
344.7
351 .9

596.0
609.1
629.1
645.1

406.1
407.6
413.1
416.3

327.0
352.3
356.2
370.5

209.0
216.8
214.0
217.4

304.1
326.5
336.1
349.8

192.5
201 .2
201 .8
205.5

571 .1
p578.7

348,1
p342,7

669.3
p688.2

423,5
P427.0

373,8
p391 . 3

21 7 ,,2
p219.1

354.6
p360.0

204.9
p202.3

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.doi.)

Revised 1

Revised 1

431 .2
438.2
448.2
458.1

315.6
319.4
323,3
327.6

467.7
475.5
483.0
499.2

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

1976
First quarter
Second quarter
Third quarter
Fourth quarter

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

1978
First quarter
Second quarter
Third quarter
Fourth quarter

1979
First quarter . . . . . . .
Second quarter
Third quarter
Fourth quarter

H
Year
and
quarter

GROSS PRIVATE
DOMESTIC INVEST.-Con.

245. Change in
business inventories in current
dollars

1976
First quarter
Second quarter
Third quarter
Fourth quarter

Pj GOVERNMENT P U R C H A S E S O F G O O D S AND S E R V I C E S

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil.dol.)

Revised 1

Revised '

13.2
14.5
10.8
1 .7

261. Total in
1972 dollars

262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

Revised 1

Revised T

Revised 1

Revised 1

Revised 1

Revised 1

8.9
9.7
6.7
1 .1

355,1
357.5
362.4
370.3

264.7
262.9
262.7
262.6

126.9
127,5
129.8
1 34.6

96.1
95.9
96.4
97.1

228.2
230.0
232.6
235.7

168.7
167.1
166.3
165.5

19.3
22.5
27.5
18.5

11.3
13.4
16.6
11.3

380.0
391 .6
400.5
412.8

264.5
267.6
270.3
271 ,5

138.2
142.6
145.6
151 .2

98.4
100.3
101 .8
101 .8

241.8
249.0
254.9
261 .6

166.0
167.3
168.5
169.8

22.8
25.8
20.0
20.6

16.5
15.6
12,2
12.0

419.4
428.3
440,9
453.8

270.7
271.3
274.7
276,0

150.9
148,2
152,3
159.0

99.9
96.6
98.5
99.3

268.5
280.1
288.6
294.8

170.9
174.7
176.2
176.6

19.1
p31 .4

12.3
p!6.8

460,1
p468.7

274.7
p273.4

163,6
p!62.9

101 ,1
p98.5

296.5
p305.8

173.6
pi 74. 9

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

(Ann. rate,
bil. dol.)

1977
First quarter
Second quarter
Third quarter
Fourth quarter

1978
First quarter
Second quarter
Third quarter
Fourth quarter

1979
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 41, 42, and 43.
1

See "New Features and Changes for This Issue," page i i i .


http://fraser.stlouisfed.org/ JULY 1979
Federal Reserve Bank of St. Louis

81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

NATIONAL INCOME
AND ITS COMPONENTS

F O R E I G N TRADE

Year
and
quarter

1976
First quarter . . ,
Second quarter .
Third q u a r t e r . . ,
Fourth quarter

253. Current
dollars

256. Constant
(1972) dollars

252. Current
dollars

255. Constant
(1972) dollars

250. Current
dollars

Imports of goods
and services

Exports of goods
and services

Net exports of
goods and services

220. National income in current
dollars

280. Compensation of
employees

257. Constant
(1972) dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Revised 1

Revised 1

Revised 1

Revised 1

Revised 1

Revised 1

Revised 1

Revised 1

11.8
10.0
7.0
3.2

17.5
16.2
16.1
13.3

155.9
160.9
166.9
169.6

93.8
95.4
97.6
97.7

144.2
150.9
159.9
166.4

76.3
79.2
81 .5
84.4

1,323.1
1,344.9
1,369.6
1,401 .6

1,001.4
1 ,025.9
1 ,048.0
1,075.9

-9.2
-6.0
-6.3
-18.1

11 .1
10,9
13.2
5.8

170.5
178.6
180.1
174.2

96.5
99.4
97.3

179.8
184.7
186.4
192.3

85.4
88.5
87.3
91 .4

1,456.9
1,505.3
1,551 .1
1 ,589.8

1 ,110.1
1,141.5
1,170.7
1 ,205.5

-22.2
-7.6
-6.8
-4.5

5.3
12.3
13.3
12.9

184.4
205.7
213.8
224.9

100.7
109.2
111 .9
113.8

206.6
213.3
220.6
229.4

95.4
96.9
98.5
101 .0

1,621 .0
1 ,703.9
1,752.5
1,820.0

1 ,244.0
1,288.2
1 ,321 .1
1 ,364.8

4.0
p-7.0

17.0
pi 2.9

238.5
p242.5

117.0
pl!5.7

234.4
p249.5

100.0
p!02.8

1,869.0
(NA)

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

100.5

1978
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

1979
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

NATIONAL INCOME AND ITS COMPONENTS-Con.

Year
and
quarter

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

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

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.)

1,411 .2
pi,439.0

SAVING

288. Net interest

290. Gross saving
(private and government)

(Ann. rate,
bil.dol.)

292. Personal
saving

295. Business
saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil.dol.)

Revised !

Revisedl

Revised *

Revised1

Revised l

Revised 1

Revised 1

89.0
89.8
87.6
91 .1

22.0
21 ,6
21.9
22.8

130.1
125.6
126.9
124.6

80.6
82.1
85.2
87.2

233.6
239.3
236.2
235.8

205.1
200.5
203.6
203.9

73.8
70.9
66.3
63.4

96.9
97.6
98.6
107.6

23.6
24.6
25.2
25.5

137.1
148.9
160.8
153.0

89.3
92.7
95.8
98.2

253.3
276.0
291 .6
283.6

213.9
226.8
243.2
238.8

52.5
65.9
71 .9
69.5

109.1
115.0
117.4
125.7

25.2
24.4
26.8
27.1

141.2
169.4
175.2
184.8

101 .5
106.8
111 .9
117.6

289.7
329.2
332.7
346.9

234.4
253.1
259.6
264.7

74.6
71 .2
70.9
71.5

129.0
p!29.2

27.3
p26.8

178.9
(NA)

122.6
pi 2 6 . 1

362.2
(NA)

266.0
(NA)

79.2
p87.2

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

1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter

1979
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",, e<
estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 44, 45, and 46.

^ee "New Features and Changes for This Issue," page iii.



82

JULY 1979

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

IJI SHARES OF GNP AND N A T I O N A L INCOME

^9 SAVING-Con.

Year
and
quarter

298. Government
surplus or deficit,
total

(Ann. rate,
bil.dol.)
1976
First quarter
Second quarter
Third quarter
Fourth quarter

Revised 2

293. Personal
saving rate
(percent of disposable personal
income)

(Percent)
Revised

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

248. Nonresidential
fixed investment

(Percent)
Revised 2

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

Revised 2

(2)

251. Net exports of
goods and services

(Percent)
Revised 2

-45.3
-32.1
-33.7
-31.6

6.4
6.1
5.6
5.2

63.7
63.8
64.1
64.5

9.5
9.6
9.8
9.8

3.8
3.9
3.9
4.4

0.8
0.9
0.6
0.1

0.7
0.6
0.4
0.2

-13.1
-16.6
-23.5
-24.8

4.2
5.1
5.4
5.1

64.2
63.5
63.2
63.9

9.9
9.9
10.0
10.1

4.5
4.9
4.9
5.1

1.1
1.2
1 .4
0.9

-0.5
-0.3
-0.3
-0.9

-19.2
5.0
2.3
10.8

5.3
5.0
4.8
4.7

64.0
63.3
63.4
63.3

10.1
10.4
10.5
10.6

5.0
r5.1
5.1
5.1

1.1
1.2
0.9
0.9

-1.1
-0.4
-0.3
-0.2

15.8
(NA)

5.0
p5.4

63.4
p63.3

10.6
plO.6

4,9
p4.9

0.8
pi, 3

0.2
p-0.3

1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1979
First quarter
..
Second quarter
Third quarter
Fourth quarter

^m SHARES OF GNP AND N A T I O N A L INCOME-Con.

Year
and
quarter

Percent of GNP -Con.
265. Federal Govt.
purchases of goods
and services
(Percent)
Revised 2

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

Percent of National Income

268. State and
local govt. purchases of goods
and services
(Percent)
(2)

64. Compensation of
employees

283. Proprietors'
income with IVA
and C C A 1

285. Rental income
of persons with
CCA1

(Percent)

(Percent)

Revised 2

Revised 2

(Percent)
Revised 2

287. Corporate
p r o f i t s w i t h IVA
and C C A 1
(Percent)

289. Not interest

(Percent)

Revised 2

Revised 2

7.7
7.6
7.6
7.7

13.8
r!3.7
r!3.6
r!3.4

75.7
76.3
76.5
76.8

6.7
6.7
6.4
6.5

1.7
1.6
1.6
1.6

9.8
9.3
9.3
8.9

6.1
6.1
6.2
6.2

7.6
7.6
7.5
7.7

r!3.3
r!3.3
13.2
13.3

76.2
75.8
75.5
75.8

6.7
6.5
6.4
6.8

1.6
1.6
1.6
1.6

9.4
9.9
10.4
9.6

6.1
6.2
6.2
6.2

7.5
7.0
7.1
7.1

13.3
13.3
13.4
13.2

76.7
75.6
75.4
75.0

6.7
6.7
6.7
6.9

1.6
1.4
1.5
1.5

8.7
9.9
10.0
10.2

6.3
6.3
6.4
6.5

7.1
p7.0

12.9
p!3.1

75.5
(NA)

6.9
(NA)

1.5
(NA)

9.6
(NA)

6.6
(NA)

1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1979
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 46 and 47.
2IVA means inventory valuation adjustment; CCA means capital consumption adjustment.
See New Features and changes for This Issue," page iii.

ito


http://fraser.stlouisfed.org/JULY 1979
Federal Reserve Bank of St. Louis

83

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

mSm PRICE MOVEMENTS
Implicit pr ce deflator,
gross national product
Year
and
month

310. Index

1977

310c. Change
over 1-quarter
spans 1

Fixed weighted price index,
gross business product
311. Index

31 1c. Change
over 1-quarter
spans 1

(1972=100)

(Ann. rate,
percent)

(1972=100)

(Ann. rate,
percent)

Revised 2

Revised 2

Revised2

Revised 2

6.0

January
February
March

138.*3

April
May
June

14CL9

July
August
September

142!6

October
November
December

144.8

(Percent)

322. Index

(Ann. rate,
percent)

(1967=100)

322c. Change
over 1-month
spans 1

322c. Change
over 6-month
spans 1

(Percent)

(Ann. rate,
percent)

0.7
1.0
0.6

7.9
8.1
8.3

183.9
187.7
188.6

0.6
2.1
0.5

10.1
11.1
11.5

7.1

179.6
180.6
181.8

0.7
0.4
0.6

7.5
6.4
5.9

191.2
191.8
193.0

1.4
0.3
0.6

10.1
6.9
6.6

5.2

182.6
183.3
184.0

0.3
0.4
0.4

5.2
5.4
5.2

193.0
194.1
194.7

0.0
0.6
0.3

4.1
5.1
4.9

6.5

184.5
185.4
186.1

0.4
0.5
0.5

6.0
6.4
7.3

195.1
196.6
197.7

0.2
0.8
0.6

7.4
8.5
10.5

6.6

187.2
188.4
189.8

0.7
0.6
0.8

8.3
8.9
9.8

200.0
202.2
204.7

1.2
1.1
1.2

13.8
14.6
16.6

10.5

191.5
193.3
195.3

0.8
0.8
0.9

9.5
9.4
9.6

208.1
210.5
213.5

1.7
1.2
1.4

14.2
12.6
11.3

8.8

196.7
197.8
199.3

0.6
0.6
0.9

9.5
9.0
8.5

213.7
214.6
216.0

0.1
0.4
0.7

9.6
8.4
7.4

8.7

200.9
202.0
202.9

0.8
0.6
0.6

9.2
10.4
10.7

217.9
219.2
221.3

0.9
0.6
1.0

10.4
13.0
13.9

10.0

204.7
207.1
209.1

0.9
1.2
1.0

11.4
12.4
13.2

224.5
228.1
230.5

1.4
1.6
1.1

14.0
14.3
12.5

plO.5

211.5
214.1
216.6

1 .1
1 .1
1.0

232.7
234.3
234.7

1 .0
0.7
0.2

144^2

6.4

(1967=100)

320c. Change
over 6-month
spans 1

175.3
177.1
178.2

142.*4

4.8

320. Index ® 320c. Change
over 1-month
spans 1

Consumer prices, food

6.9

140J

7.7

Consumer prices, all terns

146^7

1978
January
February
March

147!6

April
May
June

150.'8

July
August
September

153.4

October
November
December

156^7

6.3

149.'i

10.6
152^6

7.2

155^7

8.7

159. '6

1979
January
February
March

9.3

160'.2

April
May
June

162^8

p9.9
p!64.0

July
August
..
September

.

October
November . .
December

.

pi 66 '.7

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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 48 and 49.
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 i i i .




JULY 1979

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

Qj PRICE MOVEMENTS-Con.

Wholesale prices, all commodities
Year
and
month

330. Index®

(1967=100)

330c. Change
over 1 -month
spans1

(Percent)

Wholesale prices, crude materials

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)

331. Index

(1967=100)

331c. Change
over 1-month
spans 1

331c. Change
over 6-month
spans 1

(Percent)

(Ann. rate,
percent)

1977
January
February
March

188.1
190.2
192.0

0.4
1.0
1.0

9.5
9.3
7.2

188.4
190.0
191.7

0.5
0.8
0.7

7.3
7.3
7.4

210.6
217.0
218.6

-0.4
3.0
0.7

16.4
9.4
0.3

April
May
June

194.3
195.2
194.5

1.0
0.4
-0.4

6.5
4.8
3.5

193.3
194.2
194.7

0.7
0.5
0.3

7.8
7.2
6.8

222.0
220.3
211.8

1.6
-0.8
-3.9

-0.9
-8.0
-9.4

July
August
September

194.8
194.6
195.3

0.1
0.2
0.4

2.4
3.1
4.8

195.9
196.9
197.8

0.7
0.5
0.6

6.4
5.8
6.2

209.6
208.1
208.1

-1.0
-0.7
0.0

-10.6
-3.3
7.4

196.3
197.1
198.2

0.5
0.8
0.5

6.3
7.9
8.9

199.1
199.3
200.0

0.5
0.2
0.5

6.2
6.4
6.2

209.9
216.6
219.5

0.9
3.2
1.3

12.4
18.5
21.3

January
February
March

200.1
202.1
203.7

0.8
0.9
0.8

10.2
10.0
10.7

201.6
202.9
204.1

0.7
0.6
0.4

6.8
7.9
8.4

222.2
226.5
229.2

1.2
1.9
1.2

24.1
18.6
20.4

April
May
June

206.5
208.0
209.6

1.1
0.7
0.8

9.9
8.6
8.5

206.1
207.4
208.7

0.8
0.7
0.7

8.3
8.3
8.7

233.8
235.9
240.9

2.0
0.9
2.1

18.1
13.7
14.9

July
August
September

210.7
210.6
212.4

0.4
0.3
0.8

8.6
8.9
8.8

210.1
211.4
212.5

0.7
0.6
0.6

8.7
9.0
8.8

241.5
241.5
245.7

0.2
0.0
1.7

16.8
17.4
14.3

October
November
December

214.9
215.7
217.5

1.1
0,8
0.7

10.8
r!3.1
13.7

214.7
216.0
217.2

0.8
0.8
0.6

9.8
rll.O
11.8

252.7
255.6
257.5

2.8
1.1
0.7

19.0
27.0
25.3

220.8
r224.1
226.4

1.3
rl.4
rl .1

14.0
13.6
13.6

220.0
r222.5
225.1

1.2
rl.l
rl.O

13.0
13.8
15.0

263.4
272.2
275.0

2.3
3.3
1.0

17.5
16.6
16.5

229.7
231.6
233.1

1.2
0.7
0.7

228.6
231.1
233.5

1.4
1.1
1.2

273.9
276.0
277.9

-0.4
0.8
0.7

October
November
December

. .

1978

1979
January
February
March
April
May
June
July
August
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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 page 48.
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 1979


85

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

HM PRICE MOVEMENTS-Con.

332. Index

(1967=100)

332c. Change
over 1 -month
spans 1

(Percent)

Wholesale pr ces, consumer fin shed goods

Wholesale prices, producer fin shed goods

Wholesale prices, intermediate materials
Year
and
month

332c. Change
over 6-month
spans 1

(Ann. rate,
percent)

333. Index

(1967=100)

333c. Change
over 1-month
spans 1

(Percent)

333c. Change
over 6-month
spans'

(Ann. rate,
percent)

334. Index

(1967-100)

334c. Change
over 1-month
spans 1

(Percent)

334c. Change
over 6-month
spans 1

(Ann. rate,
percent)

1977
January
February
March

195.9
197.3
198.9

0.5
0.7
0.8

8.6
8.3
6.8

178.9
179.9
180.7

0.3
0.6
0.4

6.0
6.5
5.8

173.2
174.9
176.7

0.5
1.0
1.0

9.5
10.1
7.8

200.7
201.5
201.4

0.9
0.4
0.0

6.4
5.7
5.0

181.7
182.7
183.5

0.6
0.6
0.4

6.4
6.6
6.4

177.6
179.0
178.9

0.5
0.8
-0.1

7.2
5.9
4.5

July
August
September

202.1
202.8
203.8

0.3
0.3
0.5

3.6
3.9
5.0

184.5
185.7
186.4

0.5
0.7
0.4

8.1
8.0
8.5

179.3
180.0
180.6

0.2
0.4
0.3

4.2
4.1
5.0

October
November
December

204.3
205.4
206.4

0.2
0.5
0.5

5.9
6.8
7.1

188.9
189.9
191.1

1.3
0.5
0.6

8.6
8.5
8.8

181.3
182.6
183.3

0.4
0.7
0.4

6.0
7.0
7.8

January
February
March

208.0
209.6
210.9

0.8
0.8
0.6

7.7
7.8
7.9

192.3
193.4
194.4

0.6
0.6
0.5

7.3
7.8
8.1

184.6
186.2
187.5

0.7
0.9
0.7

9.5
9.2
10.1

April
May
June

212.0
213.3
214.4

0.5
0.6
0.5

7.2
7.0
7.0

195.7
197.2
198.7

0.7
0.8
0.8

8.3
8.0
8.1

189.7
190.8
192.3

1.2
0.6
0.8

10.1
8.6
9.0

July
August
September

215.4
216.8
218.2

0.5
0.6
0.6

8.5
8.9
9.4

200.1
201.0
202.1

0.7
0.4
0,5

8.0
8.2
7.9

193.7
194.0
195.8

0.7
0.2
0.9

8.3
8.3
9.3

220.8
222.6
224.2

1.2
0.8
0.7

10.8
rll.8
12.4

203.4
205.1
206.4

0.6
0.8
0.6

8.6
r9.5
9.3

197.4
198.6
201.0

0.8
0.6
1.2

10.7
r!3.1
13.3

226.7
r229.2
231.3

1.1
rl.l
rO.9

13.0
13.4
13.7

208.5
r210.3
211.3

1.0
rO.9
rO.5

10.4
10.0
9.7

203.8
T206.3
208.4

1.4
rl.2
rl.O

13.2
12.6
10.9

234.7
237.0
239.1

1 .5
1.0
0.9

213.7
215.1
216.2

1.1
0.7
0.5

210.0
210.7
211.7

0.8
0.3
0.5

April
May
June

. . .

1978

October
November
December

. . . .

1979
January
February
March
April
May
June
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 48.
'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 1979

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

iU WAGES AND P R O D U C T I V I T Y
Average hourly compensation, all employees,
nonfarm business sector

Average hourly earnings, production workers, private nonfarm economy, adjusted 1
Year
and
month

Current dollar earnings
340. Index

(1967=100)

340c. Change
over 1-month
spans 2
(Percent)

Current dollar compensation

Real earnings

340c. Change
over 6-month
spans 2
(Ann. rate,
percent)

341. Index

(1967-100)

341c. Change
over 1 -month
spans 2
(Percent)

341c. Change
over 6-month
spans 2
(Ann. rate,
percent)

345. Index

(1967=100)
Revise^ 3

345c. Change
over 1-quarter
spans 2
(Ann. rate,
percent)
Revised 3

345c. Change
over 4-quarter
spans 2
(Ann. rate,
percent)
Revised 3

1977

9.0

January
February
March

191.1
191.9
193.0

0.8
0.4
0.6

7.9
7.6
7.4

108.7
108.2
108.2

0.1
-0.5
0.0

0.0
-0.5
-0.8

203.7

April
May
June

194.4
195.5
196.4

0.7
0.6
0.5

7.1
6.7
6.9

108.1
108.2
108.1

-0.1
0.1
-0.1

-0.3
0.3
0.9

207.2

July
August
September

197.8
198.2
199.6

0.7
0.2
0.7

7.4
7.2
7.4

108.6
108.3
108.6

0.5
-0.3
0.3

2.2
1.8
2.0

211.4

October
November
December

201.4
202.4
203.5

0.9
0.5
0.5

8.5
8.6
8.9

109.3
109.2
109.2

0.6
-0.1
0.0

2.3
2.0
1.6

2 15.'4

January
February
March

206.0
206.6
208.3

1.2
0.3
0.8

8.9
8.7
8.8

109.8
109.4
109.5

0.5
-0.4
0.1

0.6
-0.1
-0.7

221.7

April
May
June

210.2
211.0
212.2

0.9
0.4
0.6

7.9
7.9
7.7

109.6
109.1
108.8

0.1
-0.5
-0.3

-1.3
-1.2
-1.5

226!6

July
August
September

214.0
214.6
216.2

0.8
0.3
0.7

7.5
7.7
8.1

109.1
108.7
108.7

0.3
-0.4
0.0

-1.7
-1.1
-0.4

23CK9

October
November
December

218.0
219.0
220.7

0.8
0.5
0.8

8.3
8.9
C.6

108.7
108.5
108.6

0.0
-0.1
0.1

-1.0
-1 .7
-2.4

236.1

222.8
223.9
225.3

1 .0
0.5
0.6

r8.4
r7.8
P7.1

108.6
107.8
107.3

o.o
-0.7
-0.5

r-3.1
r-4.3
p-5.6

r227.0
r227.5
p228.4

rO.8
rO.2
pO.4

r!07.0
r!06.1
p!05.5

r-0.3
r-0.8
p-0.6

8 .'2

7.0
8.0

8.3
8.8

7.7

9."i

1978
12.2
9.2

8.0
9.6

9.0
9^2

9.3

p9.2

1979

January
February
March
April
May
June

10.6
242 J

p7.8

p246^7

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 49 and 50.
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
Percent changes are centered within the 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.
3
See "New Features and Changes for This Issue," page iii.

licit


JULY 1979


87

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

^fl WAGES AND PRODUCTIVITY-Con.

Year
and
month

Real compensation
346. Index

(1967=100)
Revised

1977

January
February
March

Negotiated wage and benefit
decisions, all industries ©

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

2

346c. Change
over 1-quarter
spans'
(Ann. rate,
percent)
Revised

2

346c. Change
over 4-quarter
spans 1
(Ann. rate,
percent)
Revised

(Ann. rate,
percent)

i.'s

(1967=100)
Revised

9.0

370c. Change
over 1-quarter
spans 1

370. Index

2

(Ann. rate,
percent)
Revised

2

370c. Change
over 4-quarter
spans'

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

(Ann. rate,
percent)

(1967=100)

Revised 2

Revised 2

4.6

7.5

118.5

2'.6

ne!4

i'.s

ns.'g

6.5

117.'6

i!e

ne'.s

o'.j

lie!?

i!s

117^4

6^7

118'.3

....

April
May
June

-1.0

. .

3.0

lls'.B

October
November
December

8.9

6.0

10.2

6.2

1 .2

114.7

July
August
September

(Ann. rate,
percent)

2

0.8

ns'.o

348. First year 349. Average
average changes changes over
life of
contract

Output per hour, all persons, private
business sector

2.2

i!s

-1 .7

6.1

119^7

2.'o

116.'2

iis!6

9.5

-1 .3

6.3

119!3

1978

January
February
March

4.1

117^3

i .1

13.2

-0.8

8.2

1 1 9 '. i

. .

April
May
June

-1 .9

ne'.s

July
August
September

....

llG.'s

October
November
December

....

neis

6.8

0.1

119.'8

7.2

p-iis

2.6

5.9

120.' 6

-CL5

0.1

2.5

6.0

6'.6

6.1

0.8

5.2

120.8

p-0.8

1 1 8 .' 6

1979
-0.4

January
February
March

p5.2

pi 1 5 ^ 2

-2.8
117^7

120 .'6

p-5.1

April
May
June
July
August
September

P2.5

116.7

(NA)

p-3.8

(NA)

piieio

pll8.8

. .

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 49 and 50.
'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.
2
See "New Features and Changes for This Issue," page iii.




JULY 1979

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Qj CIVILIAN LABOR FORCE AND MAJOR COMPONENTS

Civilian labor force
Year
and
month

Number unemployed

Labor force participation rates

441. Total

442. Employed

451. Males
20 years
and over

(Thous.)

(Thous.)

(Percent)

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

(Percent)

(Percent)

37. Total

(Thous.)

444. Males
20 years and
over

(Thous.)

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

(Thous.)

(Thous.)

447. Fulltime
workers

(Thous.)

448. Number employed
part-time
for economic
reasons

(Thous.)

1977
January
February
March

95,774
96,316
96,654

88,659
89,048
89,503

79.7
79.9
79.8

47.3
47.6
47.8

54.4
55.3
55.7

7,115
7,268
7,151

2,983
3,059
2,877

2,453
2,539
2,582

1,679
1,670
1,692

5,663
5,731
5,605

3,312
3,451
3,288

April
May
June

96,749
97,062
97,508

89,805
90,166
90,500

79.6
79.6
79.8

47.9
48.2
48.0

55.7
55.4
57.4

6,944
6,896
7,008

2,776
2,802
2,686

2,515
2,441
2,541

1,653
1,653
1,781

5,545
5,477
5,466

3,177
3,273
3,369

July
August
September

97,311
97,698
97,811

90,605
90,903
91,187

79.6
79.6
79.4

48.0
48.1
48.6

56.3
57.2
56.0

6,706
6,795
6,624

2,660
2,667
2,488

2,443
2,489
2,476

1,603
1,639
1,660

5,385
5,448
5,256

3,445
3,256
3,283

October
November
December

98,028
98,838
98,748

91,374
92,203
92,561

79.7
79.9
79.9

48.2
48.8
48.7

56.7
57.4
56.6

6,654
6,635
6,187

2,605
2,489
2,387

2,440
2,524
2,362

1,609
1,622
1 ,438

5,304
5,179
4,869

3,226
3,257
3,208

99,215
99,139
99,435

92,923
93,047
93,282

80.0
79.9
79.9

48.9
48.9
49.1

57.1
56.7
56.9

6,292
6,092
6,153

2,464
2,376
2,394

2,288
2,112
2,169

1,540
1,604
1,590

4,949
4,836
4,778

3,045
3,203
3,184

April
May
June

99,767
100,109
100,504

93,704
93,953
94,640

79.8
79.9
79.8

49.3
49.4
49.6

57.2
57.9
58.7

6,063
6,156
5,864

2,279
2,264
2,112

2,211
2,322
2,294

1,573
1,570
1 ,458

4,676
4,782
4,529

3,310
3,247
3,433

July
August
September

100,622
100,663
100,974

94,446
94,723
95,010

79.7
79.5
79.5

49.7
49.6
50.1

58.6
59.1
58.3

6,176
5,940
5,964

2,187
2,181
2,172

2,413
2,231
2,230

1,576
1,528
1,562

4,890
4,641
4,652

3,316
3,298
3,203

October
November . .
December

101,077
101 ,628
101,867

95,241
95,751
95,855

79.5
79.9
79.9

49.9
50.1
50.2

58.6
58.4
58.6

5,836
5,877
6,012

2,145
2,113
2,195

2,134
2,208
2,227

1,557
1,556
1,590

4,505
4,491
4,597

3,164
3,131
3,058

January
February
March

102,183
102,527
102,714

96,300
96,647
96,842

80.2
80.3
80.1

50.1
50.3
50.5

58.9
58.6
58.7

5,883
5,881
5,871

2,200
2,154
2,180

2,166
2,177
2,201

1,517
1,549
1,490

4,500
4,584
4,499

3,159
3,147
3,179

April
May
June

102,111
102,247
102,528

96,174
96,318
96,754

79.8
r79.7
79.7

50.1
50.3
50.3

58.1
57.5
58.2

5,937
5,929
5,774

2,187
2,105
2,096

2,180
2,237
2,223

1 ,570
1,587
1,455

4,655
4,508
4,458

3,312
3,307
3,416

1978
January
February
March

1979

July
August
September
October
November
December

NOTE: Series are seasonally
nally adjusted except those se
series that appear to contain noseasonal movement. Unadjustedseriesare indicated by (u). Series numbers are for identification only and
do not reflect series relatiomships 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 51.

JULY 1979



OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Of RECEIPTS AND EXPENDITURES
Federal Government'
Year
and
month

Qj DEFENSE INDICATORS

State and local governments'

Advance measures of defense activity

500. Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Revised 2

Revised 2

Revised 2

Revised 2

Revised 2

Revised 2

-3J'.2

366!8

404^6

24^2

285.4

261 ! 3

9,804
9,763
9,873

3,354
4,369
4,819

49,258
50,229
50,761

2,104
2,055
2,538

-40.9

37CL8

4ii!e

24!2

293^7

269^5

9,671
9,919
9,835

4,303
4,654
4,300

51,236
52,170
52,625

3,279
2,888
2,590

-53^6

375^8

429i4

30J

305!2

275.1

9,498
10,486
9,143

4,624
4,623
4,255

53,383
54,262
52,697

2,064
2,508
2,110

-53!e

388 ! 2

441.8

28.8

310.'?

281.9

10,697
10,208
9,652

6,028
4,100
5,530

54,775
55,479
55,771

4,459
3,421
4,396

January
February
March

-4SL4

397.' 8

447 .'3

3CK2

319.0

288 ! 8

10,959
10,410
10,272

4,552
4,071
5,878

57,304
58,401
58,986

2,871
2,656
4,485

April
May
June

-24.6

424.8

449.4

29.6

33CK5

301.0

10,107
10,988
9,818

4,501
6,614
7,278

59,348
60,723
60,549

4,031
4,078
3,437

July
August
September

-2o!i

442 !l

462.6

22!?

331 '.8

309 J

10,188
10,169
10,436

r3,682
4,500
4,863

61,833
62,028
62,730

2,281
3,357
3,518

-16^3

463. * 5

479!7

27. 'l

342! 6

315!s

10,733
10,619
9,759

4,480
6.467
4,490

63,006
63,440
64,470

3,236
4,659
4,301

-iT?

475'.0

486.8

27.'6

343^9

316.3

10,833
10,065
11,945

5,527
4,354
r7,072

65,120
48,267
67,128

2,762
4,018
3,300

(NA)

(NA)

p49^L4

(NA)

(NA)

p327'.0

9,377
10,993
(NA)

4,605
p4,616
(NA)

68,883
68,468
(NA)

3,461
r3,824
p2,765

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
military prime
contract awards

(Mil. dol.)

543. Defense
Department
gross unpaid
obligations
outstanding

548. Value of
manufacturers'
new orders,
defense products

(Mil. dol.)

(Mil. dol.)

1977

January
February
March
April
May
June

.. .

July
August
September

. . .

October
November
December
1978

October
November
December

. .
. . . .

1979

January
February
March

. .

April
May
June
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 pages 52 and 53.
1
2

90

Based on national income and product accounts.
See "New Features and Changes for This Issue," page iii.




JULY 1979

OTHER IMPORTANT ECONOMIC MEASURES
Dl

GOVERNMENT ACTIVITIES—Con.

Qj DEFENSE INDICATORS— Con.
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Output of 559. Manufacdefense and
turers' invenspace equipment tories, defense
products

(1967-100)

(Mil. dol.)

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays

588. Manufacturers' shipments, defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

570. EmployDefense Department
ment in defense
personnel
products
industries
577. Military, 578. Civilian,
active duty @ direct hire
employment (u)
(Thous.)

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

565. Federal
purchases as
a percent of
GNP

(Ann. rate,
bil. dol.)

(Percent)

Revised

1

Revised '

1977
January
February
March

76.0
78.5
78.5

6,458
6,423
6,248

31,556
30,988
30,875

7,476
8,017
7,961

2,650
2,623
2,651

1,069
1,074
1,069

2,077
2,078
2,075

April
May
June

79.9
80.0
80.3

f ,22 7
6,242
6,311

31,653
31,936
31,873

8^404
8,023

2.495
2,611
2,653

1 ^086
1,095

2,071
2,070
2,075

995
997
1 ,009

93.1

5.'o

July
August
September

80.4
80.8
80.9

6,310
6,351
6,318

31,292
31,259
30,707

8,040
8,119
8,046

2,645
2,541
2,662

1,105
1,098
1,098

2,079
2,073
2,075

1,008
998
982

95\9

4^9

October
November
December

78.9
79.3
79.5

6,149
6,263
6,403

32,558
33,293
35,006

8,563
8,652
8,782

2,608
2,686
2,683

1,060

983
985
983

96.4

4.9

1,'085

2,072
2,069
2,060

January
February
March

79.7
79.2
81.9

6,454
6,636
6,621

35,200
35,087
36,690

8,209
8,061
8,433

2,678
2,769
2,883

1,110
1,116
1,127

2,065
2,062
2,058

982
982
982

97^6

4^9

April
May
June

82.9
83.6
84.6

6,738
6,863
6,816

37,782
39,058
39,625

9,338
8,303
9,113

2,938
2,801
2,871

1,131
1,150
1,160

2,054
2,046
2,057

982
988
1,000

98^2

4^7

July
August
September

85.9
87.1
87.1

6,885
6,877
6,761

39,151
39,697
40,281

8,426
9,810
7,934

2,755
2,811
2,933

1,171
1,180
1 ,181

2,'062
2,062

1,002
994
980

99^0

4^6

October
November
December

86.7
87.2
87.9

6,932
6,968
7,171

40,755
42,508
43,812

9,428
8,645

2,762
2,907
2,995

1,193
1 ,203
1,220

2,'050
2,041

981
981
978

101 .'2

4. '5

January
February
March

88.7
89 . 1
r90.5

7,402
7.469
7,528

43,499
44,640
44,702

9,602
9,360
9,473

3,075
2,875
3,237

1,225
1,244
1,259

2,040
2,030
2,026

972
971
968

103. "4

4.'5

April
May
June

r90.3
r91.2
P91.4

7,520
7,801
(NA)

44,978
r45,808
p45,260

9,566
r!0,157
p9,184

3,187
r2,996
p3,312

1,265
pi, 270
(NA)

2,022
2,018
p2,024

968
972
p969

p!06.'o

p4.6

994
995
995

91 ! 6

1978

1979

July
August
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjustedseriesare 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 54 and 55.
'See "New Features and Changes for This T s s u e , " page iii.


JULY 1979


91

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS

RHj MERCHANDISE TRADE
602. Exports, excluding
military aid shipments,
total

Year
and
month

(Mil.dol.)

604. Exports of agricultural products

(Mil.dol.)

606. Exports of nonelectrical machinery

(Mil.dol.)

612. General imports,
total

(Mil.dol.)

614. Imports of
petroleum and
petroleum products

616. Imports of
automobiles and parts

(Mil.dol.)

(Mil.dol.)

1977
January
February
March

9,626
9,922
10,250

1,762
2,004
2,112

1,831
1,892
1,859

11,036
12,340
12,702

3,075
3,247
4,171

1,083
1,248
1,299

April
May
June

10,262
10,467
10,109

2,142
2,360
2,077

1,808
1 ,835
1,868

11,889
11,190
13,572

3,803
2,885
3,933

1,266
1,183
1,360

July
August
September

10,286
9,576
10,848

1,976
1,801
2,064

1,862
1,732
2,133

12,361
12,113
12,695

3,212
3,318
3,789

1,315
1,328
1,428

9,385
9,554
11,116

1,654
1,755
2,111

1,556
1,791
2,056

12,409
12,049
13,335

3,325
3,627
3,157

1,426
1,465
1,479

January
February
March

9,864
9,945
11,146

1,818
2,058
2,363

2,084
2,187
2,450

13,103
14,260
14,004

2,968
3,586
2,996

1,529
1,661
1,581

April
May
June

11,630
11,786
12,268

2,428
2,861
2,904

2,415
2,472
2,427

14,492
14,008
13,970

3,051
3,084
3,252

1,715
1,659
1,684

July
August
September

11,662
12,294
13,274

2,392
2,774
2,512

2,451
2,528
2,815

14,545
14,133
14,820

3,082
3,291
3,448

1,812
1,666
1,822

October
November
December

12,901
13,451
13,282

2,596
2,533
2,555

2,625
2,718
2,824

14,852
14,825
15,032

3,454
3,539
3,417

1,872
1 ,875
1,822

January
February
March

13,132
13,507
14,452

2,338
2,424
2,682

2,682
2,832
2,917

16,231
14,806
15,273

3,773
3,501
3,506

1,963
1 ,706
1 ,589

April
May
June

13,883
13,862
15,038

2,547
2,450
(NA)

2,706
2,859
(NA)

16,036
16,342
16,937

3,795
4,137
(NA)

1,956
1,851
(NA)

October
November
December

. . . .

1978

1979

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 (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 page 56.

92




JULY 1979

licit

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Con.

Rl G O O D S AND SERVICES MOVEMENTS ( E X C L U D I N G T R A N S F E R S UNDER MILITARY GRANTS)
Merchandise, adjusted 1

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

668. Exports

(Mil. dol. }

669. Imports

(Mil. dol )

622. Balance

(Mil. dol.)

618. E x p o r t s

(Mil. dol.)

Income on investments

620. Imports

(Mil. dol.)

651. U.S. investments abroad

(Mil. dol.)

652. Foreign
investments in
the U.S.

(Mil. dol.)

1977
January
February
March

-2,320

44,850

47,170

-7,667

29,518

37,185

7,775

3,192

April
May
June

-1,173

46,914

48,087

-6,564

31,075

37,639

8,080

3,519

July
August
September

-1,659

46,897

48,556

-7,438

30,558

37,996

8,420

3,686

October
November
December

-4,272

45,935

50,207

-9,204

29,665

38,869

8,312

4,201

January
February
March

-5,707

49,085

54,792

-11 ,899

30,811

42,710

9,776

4,537

April
May
June

-2,113

54,225

56,338

-7,907

35,267

43,174

10,256

5,402

July
August
September

-1,994

56,222

58,216

-8,012

36,491

44,503

10,526

5,574

October
November
December

1,001

61,317

60,316

-6,369

39,315

45,684

12,907

6,308

pi, 486

p64,399

p62 913

p-6,098

p41,350

p47,448

p!3,877

p7,101

1978

1979
January
February
March
April
May
June

(NA)

(NA)

(NA)

(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 (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 page 57.
'Balance of payments basis: Excludes transfers under military grants :md Department of Defense sales contracts (exports) and
Department of Defense purchases (imports),


JULY 1979


93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Q| I N D U S T R I A L P R O D U C T I O N
1

Year
and
month

47. United States, 7 2 1 . 0 E C D
European counindex of industrial production
tries, index of
industrial
production

(1967-100)

(1967=100)

728. Japan,
index of industrial production

(1967=100)

725. West
Germany, index
of industrial
production

(1967=100)

726. France,
index of industrial production

(1967=100)

722. united
Kingdom, index
of industrial
production

(1967=100)

727. Italy, index
of industrial
production

(1967=100)

723. Canada,
index of indust r i a l production

(1967=100)
Revised 2

1977
January
February
March

132.3
133.2
135.3

152
152
153

191.4
188.8
191.4

153
152
154

157
155
157

122
123
123

153.6
153.4
153.8

150.4
148.4
149.8

April
May
June

136.1
137.0
137.8

149
150
149

190.4
189.8
191.1

152
152
153

152
151
157

122
124
121

144.0
147.1
137.3

148.2
149.8
151.3

July
August
September

138.7
138.1
138.5

149
149
150

187.9
191.6
191.2

152
152
153

152
152
152

123
124
123

139.7
140.9
144.5

150.0
151.4
150.6

138.9
139.3
139.7

149
149
150

190.1
193.4
194.9

152
152
156

150
152
148

122
121
123

140.9
142.0
137.9

151.7
152.3
152.4

January
February
March

138.8
139.2
140.9

153
150
150

196.9
197.0
H99.5

157
152
152

152
152
155

123
124
123

143.8
146.1
145.9

152.8
155.3
155.8

April
May
June

143.2
143.9
144.9

153
152
153

r200.5
r201.5
r201.8

r!52
152
154

161
157
154

128
126
128

143.4
143.8
145.3

157.5
155.3
158.4

July
August
September

146.1
147.1
147.8

153
153
156

r201.8
r204.1
r206.0

157
156
159

155
155
158

129
129
r!28

144.3
143.7
146.2

158.1
158.2
164.4

October
November
December

148.7
149.6
150.9

r!57
r!57
r!58

r206.9
r207.6
r210.1

159
159
159

158
158
159

124
126
129

153.4
153.9
151.6

163.5
164.4
165.3

150.9
151.2
152.3

156
157
p!57

r210.2
r213.1
212.1

159
157
r!61

r!58
158
161

120
130
132

151 .5
158,9
155.1

166.0
165.7
167.1

r!50.0
H51.8
p!51.4

(NA)

214.4
p217.9
(NA)

p!63
(NA)

p!58
(NA)

pi 32
(NA)

p!56.7
(NA)

p!65.3
(NA)

....

October
November
December

1978

1979
January
February
March
April
May
June
July
August
September

.

October
November
December

NOTE: Series are seasonally ad|usted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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 page 58.
O r g a n i z a t i o n for Economic Cooperation and D e v e l o p m e n t .
See "New Features and Changes for This I s s u e , " page
iii.

2


94


JULY 1979

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Con.

Q CONSUMER PRICES

Japan

United States
Year
and
month

320. Index © 320c. Change
over 6-month
spans 1

(1967-100)

(Ann. rate,
percent)

738. Index©

(1967-100)

738c. Change
over 6-month
spans'

(Ann. rate,
percent)

735. Index®

(1967-100)

United Kingdom

France

West Germany
735c. Change
over 6-month
spans 1

(Ann. rate,
percent)

736. Index©

(1967-100)

736c. Change
over 6-month
spans'

(Ann. rate,
percent)

732. Index® 732c. Change
over 6-month
spans'

(1967-100)

(Ann. rate,
percent)

1977
175.3
177.1
178.2

7.9
8.1
8.3

236.0
237.2
238.7

8.2
8.8
6.1

154.0
154.9
155.5

4.7
5.3
5.2

204.1
205.5
207.3

9.5
9.3
9.7

276.9
279.7
282.4

18.9
16.0
14.7

April
May
June

179.6
180.6
181.8

7.5
6.4
5.9

242.6
244.9
243.6

5.6
7.1
7.2

156.2
156.9
157.6

4.5
4.2
3.2

210.0
212.0
213.6

11.3
10.8
10.4

289.6
291.9
294.9

11.2
11 .9
11.6

July
August
September

182.6
183.3
184.0

5.2
5.4
5.2

243.0
243.0
247.3

6.9
3.7
2.8

157.4
157.3
157.1

3.1
2.2
1.8

215.5
216.7
218.6

9.7
8.8
8.1

295.3
296.7
298.3

9.4
10.2
9.5

October
November
December

184.5
185.4
186.1

6.0
6.4
7.3

248.6
245.7
245.1

2.2
1.1
2.0

157.3
157.5
157.9

2.2
2.0
2.9

220.3
221.1
221.7

7.1
7.6
8.1

299.6
301.0
302.6

8.4
6.5
6.0

January
February
March

187.2
188.4
189.8

8.3
8.9
9.8

246.1
247.1
249.4

1.4
3.5
4.6

158.9
159.7
160.3

2.5
2.9
2.8

222.8
224.4
226.4

8.4
9.3
9.9

304.4
306.2
308.1

6.3
5.5
5.6

April
May
June

191.5
193.3
195.3

9.5
9.4
9.6

252.1
253.5
252.1

7.0
7.7
4.9

160.7
161.1
161.5

2.9
2.7
1.5

228.9
231.1
232.8

11.7
11.2
10.1

312.6
314.4
316.8

7.5
9.7
9.2

July
August
September

196.7
197.8
199.3

9.5
9.0
8.5

253.1
253.3
256.4

5.0
2.9
2.5

161.5
161.0
160.6

1.6
1.8
2.4

235.7
237.1
238.6

10.2
9.8
9.6

318.2
320.3
321.6

10.1
11.0
10.7

October
November
December

200.9
202.0
202.9

9.2
10.4
10.7

256.8
254.1
253.7

0.1
-2.1
0,0

160.6
161.1
161.8

3.1
3.4
5.0

240.8
242.1
243.2

8.7
9.1
10.4

323.1
325.3
328.0

11.2
9.3
10.3

January
February
March

204.7
207.1
209.1

11 .4
12.4
13.2

253.9
253.1
255.1

0.5
2.8
(NA)

163.5
164.5
165.5

5.4
5.6
5.2

245.5
247.1
249,4

9.8
10.4
(NA)

332.9
335.6
338.3

10.6
10.1
12.7

April
May
June

211 .5
214.1
216.6

January
February
March

. . . .

1978

1979

258.6
261.3
(NA)

166.4
167.0
167.8

251 .8
254.5
(NA)

344.1
346.8
352.8

July
August
September
October . .
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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 59.
Changes over 6-month spans are centered on the 4th m o n t h .


JULY 1979


ItO

95

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Con.

UW CONSUMER PRICES-Con.

IQ STOCK PRICES

748. Japan,
19. United
States, index index of
stock
of stock
prices®
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)

(1967=100)

745. West
Germany,
index of
stock
prices®

746. France, 742. United
Kingdom,
index of
stock
index of
stock
prices®
prices®

747. Italy,
index of
stock
prices®

743. Canada,
index of
stock
prices®

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(1967=100)

1977
January
February
March

238.8
243.4
246.5

17.0
14.8
12.7

178.0
179.7
181.5

9.3
9.5
10.0

112.9
109.8
109.4

343.8
344.7
341.3

119.5
118.3
118.1

116.0
109.7
101.6

149.6
157.0
164.2

52.9
50.0
48.7

107.1
108.1
110.2

April
May
June

249.5
252.6
254.3

14.7
13.4
12.3

182.5
184.0
185.3

9.8
7.8
7.3

107.7
107.4
108.0

339.3
343.3
340.7

124.0
128.4
125.2

93.9
97.2
104.0

164.9
180.3
178.6

46.2
44.4
43.4

108.3
105.5
104.6

July
August .
September

255.8
258.2
261.5

13.0
12.5
12.7

187.1
187.9
188.9

8.2
8.6
9.1

109.0
106.3
104.7

339.6
345.0
351.2

124.3
126.0
124.9

99.8
105.3
109.7

178.4
191.6
208.7

43.9
45.3
50.3

106.7
104.4
100.0

October
November
December

265.0
267.6
268.9

12.8
11.6
12.5

190.8
192.0
193.3

8.4
9.5
10.0

102.0
102.6
102.1

345.0
332.5
328.6

126.4
128.5
125.4

111.9
111.3
105.3

210.4
197.7
198.8

46.2
43.6
40.0

97.4
96.3
100.4

271.1
273.9
277.4

10.3
10.9
11.5

194.0
195.3
197.5

8.5
9.3
9.6

98.2
96.8
96.6

339.0
348.3
359.7

126.5
127.9
126.1

98.0
100.3
120.0

198.2
187.7
187.5

40.7
43.5
42.8

98.5
97.1
99.1

280.0
282.7
285.1

12.1
12.6
12.0

197.9
200.7
202.4

11.0
9.6
7.3

100.8
106.0
106.2

371.8
371.0
373.2

124.9
124.0
127.1

130.6
133.3
135.7

191.9
202.9
201.2

41.4
43.2
44.0

105.1
107.1
108.8

July
August
September

286.8
288.3
292.9

12.7
11.8
11.5

205.4
205.5
205.2

8.6
8.2
7.7

105.7
113.0
113.0

382.8
380.3
387.6

129.1
132.3
136.4

149.8
150.6
165.1

204.4
220.3
223.3

44.8
48.4
57.3

110.3
118.0
122.3

October
November
December

295.5
298.6
300.1

12.7
13.8
13.8

207.3
209.0
209.6

6.8
8.7
10.9

109.4
103.3
104.5

395.0
398.9
404.9

138.7
134.8
133.9

158.7
155.4
158.7

217.4
208.1
213.3

57.5
51.6
51.2

126.8
123.0
128.4

January
February
March

305.1
309.7
313.4

14.9
16.4
16.8

211.2
213.2
215.7

10.9
10.1
9.9

108.5
106.9
108.9

416.1
409.9
405.7

135.0
131.9
131 .2

160.9
149.9
155.4

211.1
212.2
240.8

52.4
54.8
57.9

p!35.2
p!37.0
p!42.5

April
May
June

318.4
322.5
325.7

111.0
108.5
110.7

402.9
411 .1
402.3

130.6
127.8
121 .7

154.5
p!65.3
p!68.9

255.7
255.0
rp24!.4

54.1
56.8
rp57.9

p!46.3
pi 47 .5
rp!57.2

pill. 6

p404.4

P122.5

p!68.9

p234.3

p58,5

p!56.2

1978
January
February
March
April
May . .
June

. . .

1979

July
August
September

217.2
219.3
220.3

October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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 59.
1
Changes over 6-month spans are centered on the 4th month.




96

JULY 1979

APPENDIXES
B.

Current Adjustment Factors
19 79

Series
13

New business incorporations

Jan.
1

1 04 6

15. Profits (after taxes) per dollar of
s a l e s , manufacturing 2
33

Net change in mortgage debt

89 8

Mar.
1109

Apr.

1 02 0

72. Commercial and industrial loans
outs tandi ng
517. Defense Department gross obligations
incurred 1
. .
. . .

May

June

107 6

105 0

July

99 7

109.4

92.8

1 3

525. Defense Department military prime
contract awards
.

Feb.

Aug.

103 7

Sept.

89 7

Oct.

103 4

98.7

Nov.

Dec.

90 2

93 5

98.7

-1709

-20

1 31

922

1 308

156

1022

-30

100 4

99 2

100 0

100 3

100 2

100 2

99 8

99 1

99 l

99 8

100 7

101 3

107 0

89 0

91 3

100 5

85 8

94 6

86 5

84 3

118 8

135 8

110 9

94.9

94.5

77 .4

93.8

89.8

89.4

91 0

72.0

72.6

163.9

144.7

107.0

102.9

99 0

97 1

95.0

92.1

95.5

101 .0

103.7

104.0
100.4

-307

-162

543. Defense Department gross unpaid
obligations outstanding

105 4

104.1

101 .2

101 7

570. Employment in defense products industries

100.7

100.0

99.6

99.7

99.8

100.1

99.9

99.7

100.1

99.9

100.0

98.0

106.3

96.3

101 .2

104.0

94.1

103.5

103.8

98.4

103.9

104 0

97 2

107 3

104 1

102 4

94 9

95.1

94.7

110.5

106.3

107.3

104.3

92.8

104.8

105.8

101 .7

96.1

117.8

110.6

1

580. Defense Department net outlays . .
604

. .

Exports of agricultural products

606. Exports o f nonelectrical machinery . . . .
614. Imports of petroleum and products
616. Imports of automobiles and parts

. . . .

352

1 535

94.8

91.9

105 0

103.0
103.3
111 0

92.9

107.4

87 5

87 1

89 4

107.8

95.4

91.2

93.2

100.8

99.1

103.3

105.2

103.1

93.9

93.3

101.4

97.4

100.3

100.1

92 2

79.1

84.7

110 8

103.8

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 w i l l 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-II VARIANT OF THE CENSUS METHOD II SEASONAL ADJUSTMENT PROGRAM.
"Factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
3
These quantities, in m i l l i o n s 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-ll variant of the Census Method II seasonal adjustment program.




97

C. Historical Data for Selected Series
Monthly

Quarterly

Year

Annual
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

II Q

5. AVERAGE WEEKLY INITIAL CLAIMS FOR UNEMPLOYMENT INSURANCE, STATE PROGRAMS 1
(THOUSANDS)

III Q

IV Q

AVERAGE FOR PERIOD

1947. . .
1948.. .
1949.. .
1950.. .
1951. . .
1952. . .
1953...
1954. . .
1955.. .
1956.. .
1957.. .
1958.. .
1959.. .
1960. . .
1961.. .
1962.. .

121
166
285
294
174
221
175
303
256
218
242
354
292
281
393
301

174
206
305
288
181
201
177
318
240
226
225
407
284
271
429
295

185
201
333
276
166
209
188
320
228
221
219
436
258
303
379
287

207
210
379
263
199
219
179
313
228
223
239
438
244
294
381
283

235
239
377
250
199
213
198
313
222
236
244
400
246
316
358
301

219
219
359
252
209
242
195
314
222
227
246
410
258
322
334
304

229
194
340
223
236
315
207
294
223
245
267
350
264
335
348
303

193
202
385
170
254
207
229
319
233
224
235
363
291
363
316
305

179
218
320
182
242
168
238
322
204
236
305
338
271
351
329
300

163
203
386
194
234
175
251
315
224
214
302
314
311
373
304
304

172
211
344
200
210
169
298
276
215
223
320
311
351
385
305
299

172
234
298
197
213
190
280
253
214
230
355
320
275
381
296
310

160
191
308
286
174
210
180
314
241
222
229
399
278
285
400
294

220
223
372
255
202
225
191
313
224
229
243
416
249
311
358
296

200
205
348
192
244
230
225
312
220
235
269
350
275
350
331
303

169
216
343
197
219
178
276
281
218
222
326
315
312
380
302
304

187
209
343
232
210
211
218
305
226
227
267
370
279
331
348
299

1963.. .
1964. . .
1965. . .
1966.. .
1967.. .
1968. . .
1969.. .
1970. . .
1971.. .
1972. . .
1973. . .
1974. . .
1975. . .
1976 . . .
1977.. .
1978. . .
1979.. .

310
284
243
222
196
206
179
240
292
264
226
294
521
359
386
331

301
270
248
219
231
196
186
256
286
262
223
315
533
342
431
370

288
277
237
182
256
194
185
262
294
258
227
302
526
347
329
320

293
265
237
179
259
193
181
326
283
260
238
290
510
360
358
330

288
262
224
192
236
195
182
302
290
262
234
294
503
392
378
328

284
257
224
194
231
194
197
291
289
286
233
314
502
397
363
346

281
260
231
199
231
189
195
273
285
272
232
294
419
403
382
375

290
244
248
195
212
199
196
287
327
246
247
350
467
408
391
361

285
245
218
197
217
194
200
319
307
246
241
374
467
424
377
328

282
249
209
203
220
188
202
329
295
250
244
419
445
428
372
325

276
262
212
208
209
190
211
322
283
241
251
473
398
393
349
334

301
251
206
219
204
190
210
299
265
236
284
494
348
349
331
325

300
277
243
208
228
199
183
253
291
261
225
304
527
349
382
340

288
261
228
188
242
194
187
306
287
269
235
299
505
383
366
335

285
250
232
197
220
194
197
293
306
255
240
339
451
412
383
355

286
254
209
210
211
189
208
317
281
242
260
462
397
390
351
328

290
260
228
201
225
194
194
292
291
257
240
351
470
384
371
339

45. AVERAGE WEEKLY INSURED UNEMPLOYMENT RATE
(PERCENT)

STATE PROGRAMS 1
AVERAGE FOR PERIOD

6.3
4.8
4.7

4.7
6.0
2.7
3.1
2.5
4.7
4.0
3.3
3.5
6.0
4.6
4 .3
6.3
4.5

5.8
5.0
2.8
3.0
2.4
5.4
3.4
3.3
3.3
7.0
3.7
4.3
5.6
3.9

7.0
3.8
3.2
3.2
2.7
5.4
3.3
3.5
3.6
6.5
4.0
5.1
5.2
4.3

7.1
3.3
3.3
2.5
3.7
5.0
3.1
3.4
4.8
5.6
5.0
6.1
5.0
4.6

6.2
4.6
3.0
2.9
2.8
5.2
3.5
3.4
3.8
6.3
4. 3
5.0
5.5
4.3

4.1
3.4
2.6
2.1
2.3
2.0
2.3
4 .4
4.1
3.0
2.6
4.4
5.3
4 .7
3.8
3.0

4.1
3.4
2.6
2.3
2.2
2.0
2.4
4.0
3.8
3.0
2.8
5.0
4.8
4.4
3.7
3.1

4.6
3.9
3.3
2.5
2.4
2.3
2.1
2.6
3.7
3.6
2 .8
3.1
5.8
4 .2
4.0
3.5

4.2
3.8
3.0
2.1
2.6
2.2
2.0
3.4
4.2
3.5
2.6
3.1
6.5
4 .3
3.7
3.1

4.2
3 .5
3.0
2.3
2.6
2.2
2.1
3.8
4.2
3.3
2.6
3.4
6.1
4.8
3.9
3.3

4.1
3.4
2.6
2.1
2.3
2.0
2.3
4.3
4.1
3.0
2.7
4.4
5.3
4.7
3.8
3.0

4.3
3.6
3.0
2.3
2.5
2.2
2.1
3.5
4.1
3.4
2.7
3. 5
5.9
4.5
3.9
3.2

1949.. .
1950.. .
1951.. .
1952.. .
1953. . .
1954. . .
1955.. .
1956...
1957.. .
1958.. .
1 9 59 ...
I960.. .
1961. . .
1962. . .

4 .2
6.2
2.9
3.2
2.6
4.4
4 .2
3.2
3.5
5.5
4.9
4.3
6.2
4.7

4.7
6.0
2.7
3.1
2. 5
4.7
4.1
3.3
3.5
6.0
4. 7
4.2
6.3
4.5

5.2
5.8
2.5
3.1
2.5
5.0
3.8
3.3
3.4
6.6
4. 3
4.5
6.3
4.4

5.4
5.4
2.6
3.0
2.5
5.3
3.6
3.2
3.3
7.1
4.0
4 .3
5.9
3.9

5.8
5.0
2.8
3.0
2.4
5.5
3.4
3.3
3.3
7.0
3.6
4.2
5.6
3.8

6.2
4.7
2.9
3.0
2.4
5.5
3.3
3.4
3.4
6.9
3. 5
4 .4
5.3
4.0

6.4
4.3
3.0
3.6
2.5
5.3
3.3
3.5
3.5
6.7

7.2
3.7
3.2
3.3
2.7
5.4
3.3
3.5
3.5
6.7

7.4
3.5
3.4
2.6
2.9
5.6
3.2
3.5
3.9
6.2

7.5
3.3
3.4
2.5
3.2
5.6
3.1
3.3
4.3
6.0

7.3
3.4
3.3
2.4
3.8
5.0
3.1
3.4
4.8
5.6

6.6
3.3
3.2
2.5
4.1
4.5
3.2
3.4
5.3
5.3

4.7
5.3
4.2

5.1
5.2
4.4

5.4
5.1
4 .4

5.7
5.0
4.5

6.3
5.1
4.6

1963. . .
1964. . .
1965. . .
1966.. .
1967. ..
1968. . .
1969.. .
1970.. .
1971. . .
1972. . .
1973.. .
1974.. .
1975.. .
1976. . .
1977 . . .
1978. . .
1979.. .

4.8
4.0
3.3
2.6
2.3
2 .3
2.1
2.5
3.7
3.6
2.8
3.0
5.4
4 .4
4 .1
3.5

4.6
3.9
3.3
2.6
2.4
2.3
2.1
2 .6
3.7
3.7
2.8
3.1
5.8
4 .2
4.1
3.6

4.4
3.9
3.2
2.3
2.6
2.2
2.0
2.7
3.8
3.6
2.8
3.2
6.2
4.1
3 .8
3.4

4.2
3.8
3.1
2.1
2.6
2.1
2.0
3.1
3.9
3.6
2.6
3.1
6.4
4.1
3.7
3.1

4 .2
3.8
3.0
2.1
2.7
2.2
2.0
3.5
4.3
3.5
2.6
3.1
6.6
4.3
3.7
3.0

4.1
3.7
2.9
2.2
2.6
2.2
2.0
3.7
4.3
3.5
2.6
3.2
6.5
4.4
3.7
3.1

4.2
3.6
3.0
2.4
2.8
2.3
2.1
3.5
4.0
3.6
2.6
3.3
6.3
4.6
3.8
3.3

4.2
3.5
3.0
2.4
2.6
2.3
2.1
3.7
4.1
3.2
2.6
3.4
6.1
4.8
4.0
3.5

4.1
3.4
2.9
2.1
2.4
2.1
2.2
4.3
4.6
3.1
2.6
3.6
6.0
4 .9
4.0
3.2

4.1
3.4
2.7
2.0
2.3
2.0
2.2
4 .4
4 .4
3.0
2.6
3.9
5.8
5.1
4.0
3.0

46. INDEX OF HELP-WANTED ADVERTISING IN NEWSPAPERS 2
( 1967=100)

AVERAGE FOR PERIOD

1947.. .
1948.. .
1949.. .
1950.. .
1951. . .
1952. . .
1953. . .
1954. ..
1955. . .
1956.. .
1957.. .
1958 . . .
1 9 5 9 ...
1960. . .
1961. . .
1962. . .

72
65
47
34
62
68
72
45
47
68
69
43
50
63
47
61

72
63
40
34
63
67
73
43
49
70
66
40
52
63
46
60

70
59
40
35
66
65
77
41
52
69
65
38
55
60
47
60

68
59
38
37
64
66
75
41
53
70
62
37
59
59
47
60

65
59
38
38
66
65
73
40
56
69
61
37
59
58
49
62

63
59
35
40
63
65
70
41
58
68
58
38
62
57
50
60

62
58
34
43
64
66
67
40
60
65
60
40
64
55
51
60

66
59
33
49
64
67
64
40
63
67
57
41
62
54
53
59

76
62
32
50
63
71
61
40
67
66
56
44
63
52
54
58

73
57
31
54
65
74
56
40
65
70
52
45
61
50
57
57

70
53
30
53
65
74
51
43
68
69
47
47
61
49
59
57

67
48
29
51
65
74
46
44
71
67
45
50
62
47
58
57

71
62
42
34
64
67
74
43
49
69
67
40
52
62
47
60

65
59
37
38
64
65
73
41
56
69
60
37
60
58
49
61

68
60
33
47
64
68
64
40
63
66
58
42
63
54
53
59

70
53
30
53
65
74
51
42
68
69
48
47
61
49
58
57

69
58
36
43
64
68
65
42
59
68
58
42
59
56
52
59

1963.. .
1964. . .
1965.. .
1966. . .
1967. . .
1968. . .
1969 . . .
1970. . .
1971.. .
1972.. .
1973. . .
1974 . . .
1975.. .
1976 . . .
1 9 7 7 ...
1978.. .
1979.. .

58
62
73
100
103
103
122
110
78
91
126
117
77
87
105
138

58
61
76
102
102
102
122
109
80
93
126
116
76
93
106
139

59
62
77
108
99
104
123
103
80
95
127
117
74
94
108
141

58
65
78
104
100
106
124
100
80
96
125
120
74
91
109
146

57
65
81
105
99
106
124
94
81
98
126
119
74
94
112
144

57
67
82
106
99
106
120
92
84
99
127
119
81
96
114
147

59
69
82
106
97
109
119
89
83
101
129
118
84
98
121
149

5b
68
85
105
100
111
117
88
84
105
126
114
83
97
122
150

58
69
88
103
99
113
124
87
83
106
125
107
83
94
120
152

60
69
91
103
101
119
122
81
84
111
127
99
83
96
128
161

59
72
97
103
100
119
119
81
86
113
126
91
87
99
133
161

62
72
99
102
101
117
115
81
87
123
121
85
88
105
140
165

58
62
75
103
101
103
122
107
79
93
126
117
76
91
106
139

57
66
80
105
99
106
123
95
82
98
126
119
76
94
112
146

58
69
85
105
99
111
120
88
83
104
127
113
83
96
121
150

60
71
96
103
101
118
119
81
86
116
125
92
86
100
134
162

59
67
84
104
100
110
121
93
82
103
126
110
80
95
118
149

'"This series contains no revisions but is reprinted for the convenience of the user. 2 This series contains scattered revisions beginning with 1960.




C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year

Annual

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

II Q

4 7 . I N D E X OF' I N D U S T R I A L P R O D U C T I O N , TOTAL
(19 6 7 = 1 0 0 )

1 9 4 7 ...
1948.. .
1949. . .
1 9 5 0 . ..
1 9 5 1 ...
1 9 5 2 ...

1953 ...
1954. ..
1 9 5 5 ...
1956.. .
1957. ..
1 9 5 8 ...
1 9 5 9 ...
1 9 6 0 . ..
1 961 ...
1962.
1963. . .
1964. . .
1965.. .
1 9 6 6 . ..
1967. . .
1966.. .
1969. ..
1970. . .
1971. . .
1972. ..
1 9 7 3 . ..
1 9 7 4 ...
1 9 7 5 ...
1 9 7 6 ...
1 9 7 7 ...
1978.. .
1979.. .

1 9 6 3 ...
1964. ..
1 9 6 5 ...
1966.. .
1967.. .
1968.. .
19 6 9 ...
1970.. .
1971. ..
1972 . . .
1973.. .
1 9 7 4 . ..
1975. . .
1 9 7 6 ...
1977. ..
1978.. .
1 9 7 9 ...

AVERAGE FOR P E K I O D

39.1
40 .9
39.9
40.0
49.1
49.6
54.9
51.6
55.6
60.5
63.1
56.2
63.7
68.2
62.9

39.3
40 .4
39.1
41.3
49.4
49.7
55.3
51.3
56.9
60.5
63.1
55.5
64.7
67.6
63.3

39 0
40.5
38.9
42.7
49 .4
49.3
55.6
51.0
57.5
61.0
62.2
54 .6
66 .0
67.0
64 .6
71.9

39 2
41.2
38.3
43.7
49.3
48.8
55.9
51.3
58.5
60.5
62.0
55.1
67.0
67.0
65.6
71.8

39.2
41.7
38.3
45.0
49 .0
48 .4
55.6
51.4
58.5
59 .9
62.1
56.5
67.1
66.1
66.5
71.6

38.9
41.7
38.2
46.4
48 .3
47.6
56.3
51.5
59 .0
58.1
62.5
57.4
65.5
65.9
67.3
72.3

39 . 2
41.6
38.6
47.9
47.8
50.7
56.0
51.4
58 .9
60.5
62.5
58.5
63.3
65.8
67.9
79 4

39.5
41.2
38 .9
47.6
48.1
52.5
54 .9
51.5
59.3
61.8
62.0
59.1
63.2
65.1
67.8
72.8

39 . 9
41.6
37.5
47.9
48.1
53.0
54.4
52.1
60 . 3
62.4
61.1
59 .8
62.7
65.0
69 .1
72 .9

40.4
41.0
38.5
47.8
48 .4
54.1
53.1
53.0
60.5
61.8
59.6
61.5
63.1
64.1
70 .2
73.2

40.6
40 .6
39.2
48.7
46.7
54 .4
51.8
53.6
60.7
62.7
58.5
61.6
67.0
62.9
70 .8
73.2

39 1
40.7
39 .8
40.4
49.1
49.5
54 .9
51.4
55.8
60.7
62.9
56.4
63.6
68.2
63.1

39.1
41.1
38.5
43.8
49.2
48 .8
55.7
51.2
58.2
60.5
62.1
55.4
66.7
66.7
65.6

39 . 2
41.5
38 .6
47.3
48.1
50.3
55.7
51.5
59.1
60.1
62.3
58.3
64.0
65.6
67.7

40.3
41.1
38 .4
48.1
48.4
53.8
•53.1
52.9
60.5
62.3
59.7
61.0
64.3
64.0
70.0

39.4
41.1
38 .8
44 .9
48.7
50.6
54.8
51 .9
58.5
61.1
61.9
57.9
64 .8
66 .2
66 .7
72.2

73.8
79 .0
86 .2
94.4
99.8
103.7
109 .5
109.1
108.1
114.6
126.3
129.9
115.2
125.9
132.3
138.8

79.5
87.8
96.3
98.5
104.7
110.8
108.8
108.0
116.5
128.5
130.0
111.7
128.3
135.3
140.9

80.8
88 .2
96.5
99.2
104.9
110.6
108.6
108.5
117.7
128.5
129.9
112.6
128.7
136.1
143.2

81.3
88.9
97.4
98.7
106.2
110.3
108.3
109.1
118.1
129 .6
131.3
11 3. 7
129.7
137.0
143.9

81.5
89.6
97.9
98 .4
106.6
111.2
108.1
109.6
118.7
129.9
131.9
116.4
129.8
137.8
144 .9

82.0
90.4
98.4
98.7
106.5
111.8
108.4
109.8
119.3
130.4
131.8
118.4
130.7
138.7
146.1

82.6
90 .8
98.5
100 .0
107.1
112.3
108.3
108 .9
120.7
130.4
131.7
121.0
131.3
138.1
147.1

82.9
91.1
99.4
100.3
107.1
112.3
107.6
110.3
121 .8
131.1

31.7
92.0
100.1
101.2
107.4
112.5
105.4
110.9
123.4
131.4

84.2
92.4
99.4
102.6
108.6
111.4
104.8
111.3
124.4
131.6

85.2
93.5
99.6
103.5
108.8
111.2
107.2
112.3
125.8
131.3

74.5
79.3
86 .9
95.2
99.1
104.2
110.2
108.9
108.0
115.5
127.5

76.5
81.2
88 .9
97.3
98.8
105.9
110.7
1U8.3
109.1
118.2
129 .3

77.0

79 .5
86.7
95.0
99.0
104.3
110.2
108.8
108.0
115.3
127.8
129.6
112.7
127.6
133.2
139.2

90.8
98.8
99.7
106.9
112.1
108.1
109.7
120.6
1 JO.6

122.1
130.6
138.5
147.8

122.2
130.2
138.9
148.7

123.5
131 .5
139.3
149.6

124.4
133.0
139.7
150.9

113.2
127.3
133.6
139.6

114.2
129.4
137.0
144.0

120.5
130.9
138.4
147.0

78.3
83.7
92.6
99.7
102.4
108.3
111.7
105.8
111.5
124.5
131.4
124.6
123.4
131.6
139.3
149.7

76.5
81.7
89.8
97 .8
100 .0
106.3
111.1
107.8
109.6
119.7
129.8
129.3
117.8
129 .8
137.1
145.2

16 .1
-16.0
37.1
-2.5
7 .7
28 .0
-25.2
22.8

6 .1
-11.1
24.1
25.1
7 .7
6 .9
-25 .7
14.5

9.8
-1.5
-13.8
24.5
5.9
8 .6
6 .6
-3.6
27.2
-1 .0
2 .8
-13.9
21.7
5.8

-U.8
13.8
-7.7
41.1
-3.2
-10.0
2 .4
1 .0
12.1
-3.4
-5.9
9 .6
16 .2
-8.4

16.8
6 .1
-8 .5
23.7
2.5

3.0
7.6

15.8

7 .6

2 .4

-8.8
3 .0
-6.0
49.2
0 .0
-9.2

4.5

6.8
4.8

9.1

6.7

-6.8
32.0

-6.8
13.4
10.4
-15.8
-17.8
27.0
-10.1
27.6
3 .4

-8 .9
33.3
8 .2
-3.8
-20.4
19.0
37.5
1.9
-9.7

10.3
11.3
15.0
12.2
2 .4
2 .3
8 .0
-20.5
10.6
27.5
4.9

-12.1
-34.3
15.5
-6.1
-7.5
0 .0

6.3

6.3

3 .0
-11.3

-13.7
-21.6
46 .8

16.4
-11.2
12.1
-22.4
25.6
-10.0
-1.9
20 . 5
13.8
7.9
7 .2
7 .9
-9 .2
7.2
7 .9
-3.3
-1.1
7.6

15.2
-2.7
-23.1
17.5

7.6

0.0

0 .0
-14.0
20.6
-10.1
7.9
6 .9
8.3
0.0

11.8
21.5

16.3
17.7
-5.9

5.6

4.7
6.7

0 .0
0.0
13.2
6.8

3.8
-10.1
6.8

8.5
3.5

20.6
15.7

2 .4

9.1

2 .5
8.9
2.3

-2.1
-2.2
5.7

13.1
0.0

-0.9
10.1
3.8
7.3

21.4
-16.7

-11.3

-3.1
44 .4
-15.9
-18.1
16.2
2 .4
10.8
-30.7

2.0

8.0

0.0

35.1

20.9
-25.1
-3.6

25.6
-33.6
-1.8

0.0

22.8
-17.0
32.0
-2.4
-11.5

15.6
0 .0
42 .2
-7.1
-9 .4
-6.3

6.7
7.3

23.0
-9.4
-3.8
11.6
19.8
0.0

20.2
-1.7
15.2
7.7
9.9

11.8
-5.9
15.9
-3.2
-3.3
6.8
4.2

10.8
13.7
12.4
9.7
8.2
6.0

15.4

-8.8

9 .7
-2.8
13.3
46 .5
-11.7
113.2
-6.2
-2.3
-2.0
62.5

6.3

2.4
0.0

1.6

-15.0

0.0

9.6

-10.9
9.7

-7.3
7.8

52.0
-21.2
2.4

8.5
29.1
-9.2
13.0
-1.9
-12.0

1963.. .
1964.. .
1965. . .
1966. . .
1 9 6 7 ...
1968. . .
1969.. .
1970 . . .
1971.. .
1972. . .
1973.. .
1974. . .
1 9 7 5 ...
1976 . . .
1977.. .
1 9 7 8 ...
1979.. .

9 .8
5.0

-10.3
16.5
11.3
10.3
6 .0
-10 .8
21.1
0 .0
8.7

-20.9
15.1
36.5
-7.3
6.4

7 .9
5.7

12.4
11.7
-1.6
6 .8
6.0

-9.0
12.8
15.2
11.4
-5 .9
-33.7
14.0
5.3

-0 .3
4.3

9.7

-2io
-14.0
23.2
5.9
8.5
6 .8
-3.8
27.0
-1.3
2.6
-19.0
21.7
3 .6
2.6
5 .2
10 .8
6.3
12.8
12.5
-4.3
4 .7
7.6
-8.4
3.0
15.8
8.9
-3.9
-23.1
13.1
7.1
3.5
3.8

1.0

-2.9
-13.2
31.2
5 .0
0.0
7 .5
-3.1
20 .3
-0.7
-1.9
-13.1
24.4
-10.1
10.6
10.0

1.0
3.0

-15.1
42.5
1. 6
-6.3
7 .5
-2. 3
22.6
0.0

-6.8
-7.6
22.4
-6 .9
13.3
2.8

11.7

9.9

9.4

10 .4

9.6
9.2

10.5
10.5
-1.2

8.5
6.8

-2.4
4 .7
4.1

-1.8
1.5

11.3
7.2
0.0

-8.7
9.2

12.0
13.3
-2.4

7.5
0.4

-1.8
4.1

10.1
5.8

5 .4
3.6
6.7

11.9
14.2
1.6

-0.4
7.5
1.5

10.1

5.8

20.3
-0.4
19 .8
- 2d . 2
-5.8

5.1

15.6
-20.4
17.4
10.1

0.7

6.8

5.7

-20.6
19.1
34.7
-12.5

-6 .0
7.4

13.1
-5.2

6.8

1.7

I'.l

0.0

5.9

-0.5

7 .0

2 .3

3 .6

9.7

4.7

10.1
10 .7

3 .4
7 .0
6 .9

7.1

14.2
11.0

9 .6
9 .8

-8.1
17.9
14.3
-11.1
-6.6

10.8
6 .4
12.8
12 .6
-4 .2

4.3

-16.1
12.5
8 .8
11 . 3
3 .4
2 .2
-22.0

6 .9
-0 .2

6.3

1.0

6.7

4.7
7.5

7.6
1.6

8 .1
2.0

13.4
6 .6
-3.7

4 .3
5.2

-7.9

-2.6

-1.7

6.7

4.4

3.2

0.9
7.5

10.2

6.0
7.9

3.1

17.0
2 .8

-1.5
15.2
15.3
2 .4
11.0
2.2
-2.1
31.2
11.3
14.4
-2.7

1.0

13.5
12.7

9.1

9 .9
6.3

-3.6
4.6

6.3
3.7

-1.1

10.2
-2.2

6.7
3.4

5.6

2 .2
6 .2
4 .7
-0.9
22.7

6 .3
2.8

5.6
32.5
0.9
7.2
8.7

8.6
8.1

10.4

9.1

5 .4

4.0

1.2

11.5

17.0
7 .0

0 .0

5.5

0.0

-1.1
-9.4
15.0

-7.5
16.6
11.5

0.0

6.6

-0.9
29.8

0 .9
11.5
-6.2

3.7

5.6

-5.1
8 .5

3.5

-3.6
3 .5

5 .9

7.6

43.6
5.3

1.8

3.5
7.5

14.6
3.5

10.9

0 .0

3.1

3.9
3.2

-4.7
6 .4
25.2
-7.1
38.4
-4.9

10.7
-1.0
-7 .1
13.6
-1.6
53.7
-12.8

0.8
5.6

4.7
9.1

13.3
-0.6
19 .7
-21.3
-5.9

33.1
-8 .7
17.8
-16.0
-5.4
11.1

44 .3
-11.6
16.5

1.9

0.7
0.8
2.8
0.0
3.3

22.1
-3.0
-6.4
17.8

27.1
-20.3
-7.0
14.8

2.2

3.4

4.3
6.1

-2.0
6 .2

0.5
6.6
8.8
4,6
5.4
3.4

4.4

7 .5

10.9
-17.7

10.4
8.1

0.0

4.9
5.5
6.0
6.0

-0.7

22.3
6.4
7.9
8.3

9.1
2.5
1.2

28.3
5 .0
3.3

9 .2

8.1
6.9

3.4

3.2
7.0

8.1

6.3
7.9
1.9
4.0

10.9
3 .8

13.9
0.6

-22.5
13.3

Id.3
4 .8

21.3

7.9

6 .3

7.6

2.7
2.2
8.3

7 .9

7.7
3.9

3.8

9 .3
-11.9
28.2
7 .7

6 .8
0 .0
-12.5
23.6

-0.3
9 .6
-10 .0
40 .9

12.6
-20.3
23.3

6.3

-9 .8

11.6
-5.7
3.1
9.6

5.1
15.3
-20.7
17.3
9 .8

5.4
0.6

6.8
-5.9
22.6
-0.7

4.9
0.8

13.0
-3.5
3.7

7.2

1.5

4.6

3.9

8 .6

3.9
4.0
7.7

5.8

7.1

14.5

8 .6

9.7
1.1

9.7
6.7
3.9
5.5
1.6

8.6
8.0

4.2

4.7

11.6
11.0

7.1

11.6
11.1
-2.8

8.6
9.8

3.7

0.8

10.5

10 .8

13.4

3.4
2.5

5.7

6.5

8.1

5.4

5 .9
-6.4

2.6

4.1

9.1

7.5

14.5

12.8

13.8

9.7

14.1

3.7

3.1

3.7

0.6

9.2

-0.3
21.1

-6.8
13.5
-1.5

-19.1
8 .5

-32.9

-4.5
-37.4
12.7
6 .6
-0.3
6.1

19.2
-20.1
17.9
6 .8

10.0

6.5
5.0

7.7
7.6
3.5
8.7

2.1

11.7
-7.3
19.3

2.2

0.6
3.5
7.0

36.2
-5.7

5.6

0 .3
-2.9
24 .4

3.1

-20.7
18.0
26.3
-12.8
18.9

-3.9
-1.5

27.7

11.2
-7.7
10.1
5. 5

-19.3
20.4
10 .0
2 .0

-17.3
22.1
-1.3
-9.9
14.3
4 .5

-3.2
-12.3

0.8

5 .8
15.5
-2.0
21.5
-19.2
-6 .1
11.3

6.0

-22.1
19.3
45.0
-11 .8

4.6

-0 .6

15.1
-7.2
-3.7

8.9

23.9
10.9
-1.2
10.3

0.6
7.3

7.2
5.2

8 .2

AVERAGE FOR PERIOD

12.8
-5.6
-1.0
-0.8
5.1
29.6
-19 .2
13.0
11.3

10.9

2.5
2.0
8.2

3.5
8.7

SPANS

7 .2

-10.6

2.4

4. 5

16.1
9 .0

-11.6
10 .6
14.0

-1.8

4.1

-2.8
5 .0
12.2
4 .5

7.3
7.1

-1.5

6 .9

8.5

12.0
-1.5

-3.1

-0.7

11.8
-2.3

105 .4
-20.3

27.9
-6 .6
49.0
-3.7
0 .8

-1.6
25.9
0.3
15.8
-3.7
3 .9
13.8

11.5
4 .4

6.1
7.8
4.4
4.8
7.6

7.9

-15.4

2.0

6.0

8.5

1.7

-2.5

6 .0
17.9

4.0

18.9
-20.0

11.7
-4.9

6.6

3 .2

5.1
4.0

11.3
9 .4

4.1

-10.9
-25.8
40 .0

3 .5
-4.6

12.4

2.2

7.4

12.0
-10 .4
14 .9
22 .2
12.3
-16.1
15.2
-9.1
-1.8

FOR P L R I O D

-4 .6
7 .6
11.3

-1 .0
12.4
-7 .0
39.4
-8.6
-13.1

15.7
-8.6
21.8
-0 .6

7.8
0.0

AVERAGE

3.2
3.0

-1.0
13.5
-7.9
40.9
-3.2
-10.1
0.8
11.7
-3.9
-6.2

12.9
12.3
-35.6

-3.3

4 7 - C . C H A N G E I N I N D E X O F I N D U S T R I A L P R O D U C T I O N , T O T A L , OVER 3 - M O N T H
(COMPOUND ANNUAL RATE, PERCENT)

1947 . . .
Iy48 . ..
1 949 . . .
1950 . . .
1951 ...
1 9 5 2 ...
1 9 5 3 ...
1954. . .
1 9 5 5 ...
1 9 5 6 ...
1 9 5 7 . ..
1958.. .
1 9 5 9 ...
1 9 6 0 . ..
1961. ..
1962.. .

IV Q

38.9
40 .8
40.3
39.9
48.8
49.3
54.6
51.4
54 .9
61.1
62.5
57.4
62 .5
68 .8
63.0

4 7 - C . C H A N G E I N I N D E X O F I N D U S T R I A L P R O D U C T I O N , T O T A L , O V E R 1- MONTH SPANS
(COMPOUND ANNUAL RATE, PERCENT)
1947.. .
1948 . ..
1949 .. .
1950 . . .
1 9 5 1 ...
1 9 5 2 . ..
1953. . .
1 9 5 4 ...
1955 . . .
1956...
1957.. .
1 9 5 8 ...
1959 . . .
1960...
1 9 6 1 ...
1962 ...

III Q

5.8

-3.3
-21 .8
12.1
8.1
5.5
1.9

7.3

8 .5
-1.2
7.1
2.1

-1.7
5.0
7.8
5.4
5.8

14.6
6 .0
9.1

11.4

6 .0
7.9
2.9
4.7

-4.1
2.0

11.5
3.1

-2.0
21.0
2.0
2.0
6.2

5.2

-20 .0
19.8
23.3
-11.5
13.2

11.5
6 .8
-6.2
-1.1
10.2
12.1
-0.1
-29.8
9.6
4.9
2.2
7.3

13.1
3 .2
-5.6
7.3

9 .1
-3.7
11 .5
4 .3

-3.3
5.8

11 .4
4.4

-7. 3
5.8
6.2
5.4
8.1

NOTE: These series contain no revisions but are reprinted for the convenience of the user.




99

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Annual
Jan.

Feb.

Mar.

Apr.

June

May

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

II Q

48. EMPLOYEE HOURS IN NONAGRICULTURAL ESTABLISHMENTS
(ANNUAL RATE, BILLIONS OF EMPLOYEE HOURS)

III Q

IV Q

AVERAGE FOR PERIOD

92.09
1947.. .
1948. . .
93.69
92.56
1949.. .
1950. . .
89.22
98.83
1951. . .
1952.. . 100.62
1953. . . 103.97
1954 . . . 100.64
1955. . . 101.37
1956.. . 107.00
1957. . . 107.87
1958.. . 105.05
1959.. . 106.27
I960.. . 110.12
1961.. . 107.76
1962. . . 109.91

92.19
93.36
92.35
88.90
99.14
101.14
104.46
101.00
101.99
107.24
108.68
103.27
106.47
110.31
107.88
111.43

92.20
93.94
91.51
90.63
99.77
100.55
104.86
100.65
103.26
106.97
108.38
102.93
107.48
109.75
107.96
112.06

91.73
92.92
91.33
91.27
99.96
100.18
104.64
100.35
103.30
107.32
107.78
101.98
108.18
110.45
107.49
112.58

91.84
93.60
90.82
92.59
100.02
100.68
104.27
99.81
104.52
107.25
107.82
102.24
108.92
110.14
108.34
112.84

92.15
94.10
89.89
93.53
99.96
99.87
104.32
99.79
104.69
107.52
107.68
102.27
109.24
109.99
108.96
112.94

91.65
94.36
89.55
94.56
100.00
99.46
104.34
99.67
104.99
106.32
107.78
102.59
108.92
109.99
109.34
112.96

91.36
94.13
89.61
96.60
99.68
100.99
103.57
99.50
105.22
107.63
107.90
103.14
107.94
109.90
109.79
113.17

91.87*
93.84
89.59
96.42
99.35
102.60
102.70
99.56
105.86
107.69
107.38
104.31
107.84
109.51
109.34
113.68

92 .35
93.51
87.99
97.08
99.37
102.93
103.40
99.94
106.03
108.21
106.23
104.29
107.63
109.19
110.17
113.12

92.74
93.69
88.55
97.51
99.74
103.21
102.41
101.06
106.59
108.39
105.92
105.25
108.12
109.66
110.93
113.42

93.11
93.42
88.92
97.32
100.18
104.21
101.79
101.33
106.94
108.64
105.69
105.62
109 .79
106.96
110.75
113.18

92.16
93.66
92.14
89.58
99.25
100.77
104.43
100.76
102.21
107.07
108.31
103.75
106.74
110.06
107.87
111.13

91.91
93.54
90.68
92.46
99.98
100.24
104.41
99.98
104.17
107.36
107.76
102.16
108.78
110.19
108.26
112.79

91.63
94.11
89.58
95.86
99.68
101.02
103.54
99.58
105.36
107.21
107.69
103.35
108.23
109.80
109.49
113.27

92.73
93.54
88.49
97.30
99.76
103.45
102.53
100.78
106.52
108.41
105.95
105.05
108.51
108.60
110.62
113.24

92.11
93.71
90.22
93.80
99.67
101.37
103.73
100.27
104.56
107.51
107.43
103.58
108.07
109.66
109.06
112.61

113.18
114.62
120.72
126.32
131.21
131.39
136.95
139.42
137.87
141.13
146.21
150.76
147.48
150.57
152.19
157.88

113.34
116.46
121.26
127.25
130.24
132.92
136.55
137.94
136.76
141.92
147.41
151.14
145.95
150.26
154.64
159.20

113.34
116.83
121.68
128.00
130.13
132.77
137.48
139.33
137.67
142.12
148.21
150.98
145.16
150.23
154.77
160.94

114.20
116.76
121.76
127.96
130.05
133.08
138.09
138.88
137.82
143.03
148.51
148.89
145.23
149.39
155.28
162.47

114.58
117.31
122.51
128.30
130.48
133.73
138.74
138.26
138.32
143.07
148.78
151.43
145.58
151 .06
156.02
162.06

114.85
117.44
122.50
129.27
130.63
134.28
139.15
138.00
138.42
143.85
149.12
151.28
145.11
150.88
156.35
163.02

115.09
117.86
122.88
129.21
130.87
134.91
139.17
138.21
137.77
143.71
149.47
151.19
145.51
151.61
156 .98
163.34

115.08
118.20
123.45
129.66
131.23
134.96
139.65
137.76
138.19
144.15
149.56
151.05
147.02
151.32
157.01
163.16

115.51
118.00
123.56
129.60
131.89
135.44
139.80
137.08
138.32
144.91
149.93
151.18
147.52
151.72
157.53
163.43

115.92
118.52
124.36
130.11
131.80
135.80
139.99
136.70
138.94
145.35
149.87
152.16
148.25
152.17
158.59
163.93

115.73
119.48
125.04
130.48
132.65
135.77
140 .20
136.36
139.55
146.30
151.43
149.55
148.32
152.07
158.14
165.37

115.72
120.33
125.73
130.64
132.99
136.38
141.50
137.19
140.25
145.98
151.09
147.88
149.22
152.80
158.72
165.60

113.29
115.97
121.22
127.19
130.53
132.36
136.99
138.90
137.43
141.72
147.28
150.96
146.20
150.35
153.87
159.34

114.54
117.17
122.26
128.51
130.39
133.70
138.66
138.38
138.19
143.32
148.80
150.53
145.31
150.44
155.88
162.52

115.23
118.02
123.30
129.49
131.33
135.10
139.54
137.68
138.09
144.26
149.65
151.14
146.68
151.55
157.17
163.31

115.79
119.44
125.04
130.41
132.48
135.98
140.56
136.75
139.58
145.88
150 .80
149.86
148.60
152.35
158.48
164.97

114.71
117.65
122.95
128.90
131.18
134.29
138.94
137.93
138.32
143.79
149.13
150.62
146.70
151.17
156.35
162.53

3.8
-7.9
8.6
10.7
1.7
2.6
-4.1
8.0
0.1
-0.7
-9.8
7.3
0.0
3.9
5.4

-0.1
1.1
-6.8
13.5
0.8
-2.4
-2.0
-3.3
5.9
2 .1
-2.5
-2.3
6.7
1.0
4.0
3.2

-1.0
-1.0
-1.3
13.7
-2.4
12.1
-6.0
-0.9
4.6
1.3
-1.1
8.3
-5.0
-1.7
1.5
2.7

5.5
-1.7
-2.1
3.9
3.4
6.5
-3.1
7 .4
4.1
3.6
-6.0
5.2
7.8
-8.0
5.4
-1.7

0.5
-4.5
9.9
3.1
4.4
-2.1
-0.2
5.6
1.8
-2.6
0.4
4.2
-2.2
3.7
2.4

0.6
4.7
4.6
7.4
-1.4
0.0
3.4
-5.2
1.7
5.5
6.3
-0.3
-7.1
2.9
5.8
6.1
4.8

5.5
2.1
2.8
4.1
1.6
4.6
5.0
-3.7
2.2
5.0
2.5
2.0
-0.1
2.1
4.2
5.4
0.0

2.3
2.0
3.5
1.0
3.9
3.5
1.9
-2.6
-0.2
3.0
2.2
-0.3
6.9
2.3
3.0
1 .0

0.8
8.2
7.2
3.3
3.4
2.8
5.0
0.5
5.7
3.1
3.3
-7.7
4.7
2.9
3.2
5.5

2.3
4.2
4.5
4.0
1.9
2.7
3.8
-2.8
2.4
4.1
3.6
-1.6
1.1
2.6
4.0
4.5

-0.7
2.7
-7.0
15.4
1.5
-2.4
-1.3
-3.6
7.6
-0.5
-1.9
-1.3
6.3
-0.5
4.2
3.3

-0.1
-0.8
-4.4
14.2
-2.1
9.1
-4.1
-0.3
3.7
3.1
-2.1
6.2
-4 .4
-1.8
3.3
1.5

5.9
-2.6
-0.6
5.0
2.9
6 .5
-6.1
6 .5
4.4
1.7
-5.9
7.1
5.9
-5.0
2.9
-0.2

0.1
-4.6
10.2
2.4
3.8
-2.0
-0.3
5.5
1.4
-2.5
0.4
3.6
-1.0
2.3
2.5

4.3
3.0
3.5
3.8
1.6
4.2
4.9
-1.6
2.2
3.4
3.0
2.6
-0.1
3.3
4.1
5.0

2.3
2.4
3.8
2.7
3.0
3.3
2.3
-2.8
0.9
3.6
1.8
0.4
6.2
1.5
3.3
1.7

-0.5
6.7
6.3
3.1
2.2
2.9
1.7
-0.1
5.4
3.8
3.5
-8.0
4.9
1.7
1.4
5.2

1.9
4.2
4.6
4.0
1.2
3.0
3.0
-2.3
2.3
4.2
3.4
-1.7
0.9
2.0
3.9
4.7

1963.. .
1964. . .
1965.. .
1966.. .
1967.. .
1968...
1969. . .
1970.. .
1971. . .
1972.. .
1973. . .
1974.. .
1975.. .
1976 . . .
1977.. .
1978.. .
1979.. .

48-C. CHANGE IN EMPLOYEE HOURS IN NONAGRICULTURAL ESTABLISHMENTS OVER 1-MONTH SPANS
(COMPOUND ANNUAL RATE, PERCENT)

AVERAGE FOR PERIOD

1947.. .
7 .7
1948.. .
-10.5
1949.. .
4.1
1950. . .
1951.. .
20.3
5.4
1952.. .
-2.7
1953. . .
1954 . . . -12.7
0.5
1955.. .
0.7
1956. . .
-8.2
1957...
-7.0
1958.. .
7.6
1959.. .
3.7
I960.. .
9.4
1961. . .
-8.7
1962.. .

1.3
-4.1
-2.7
-4.2
3.8
6.4
5.8
4 .4
7.6
2.7
9.4
-18.5
2.3
2.1
1.3
17.9

0.1
7.7
-10.4
26.0
7.9
-6.8
4.7
-4.1
16.0
-3.0
-3.3
-3.9
12.0
-5.9
0.9
7.0

-5.9
-12.3
-2.3
8.8
2.3
-4.3
-2.5
-3.5
0.5
4.0
-6.4
-10.5
8.1
7.9
-5.1
5.7

1.4
9.1
-6.5
18.8
0.7
6.2
-4.2
-6.3
15.1
-0.8
0.4
3.1
8.5
-3.3
9.9
2.8

4.1
6.6
-11.6
12.9
-0.7
-9.2
0.6
-0.2
2.0
3.1
-1.5
0 .4
3.6
-1.6
7.1
1.1

-6.3
3.4
-4.4
14.0
0.5
-4.8
0.2
-1.4
3.5
-12.6
1.1
3.8
-3 . 5
0.0
4.3
0.2

-3.7
-2.9
0.8
29.2
-3.8
20.1
-8.5
-2.0
2.7
15.8
1.3
6.6
-10.3
-1.0
5.1
2.3

6.9
-3.6
-0.3
-2.2
-3.9
20.9
-9.6
0.7
7.5
0.7
-5.6
14.5
-1.1
-4.2
-4.8
5.5

6.5
-4.1
-19.4
8.5
0.2
3.9
8.5
4.7
1.9
6.0
-12.1
-0.2
-2.3
-3.5
9.5
-5.8

5.2
2.3
7.9
5.4
4.6
3.3
-10.9
14.3
6.5
2.0
-3.4
11.6
5.6
5.3
8.6
3.2

4.9
-3.4
5.1
-2.3
5.4
12.3
-7.0
3.3
4 .0
2.8
-2.6
4.3
20.2
-25.9
-1.9
-2.5

1963. . .
1964.. .
1965...
1966. . .
1967.. .
1968 . . .
1969. . .
1970. . .
1971. . .
1972. . .
1973.. .
1974. . .
1975.. .
1976.. .
1977.. .
1978 . . .
1979...

1.7
21.1
5.5
9.2
-8.5
14.9
-3.4
-12.0
-9.2
6.9
10.3
3.1
-11.8
-2.4
21.1
10.5
1.8

0.0
3.9
4.2
7.3
-1.0
-1.3
8.5
12.8
8.3
1.7
6.7
-1.3
-6.3
-0.2
1.0
13.9
11.2

9.5
-0.7
0 .8
-0 .4
-0.7
2.8
5.5
-3.8
1.3
8.0
2.5
-15.4
0.6
-6.5
4.0
12.0
-17.8

4.1
5.8
7.6
3.2
4.0
6.0
5.8
-5.2
4.4
0.3
2.2
22.5
2.9
14.3
5.9
-3.0
16.2

2.9
1.3
-0.1
9.5
1.4
5 .0
3.6
-2.2
0.9
6 .7
2.8
-1.2
-3.8
-1.4
2.6
7.3
1.7

2. 5
4.4
3.8
-0.6
2.2
5.8
0.2
1.8
-5.5
-1.2
2.9
-0.7
3.4
6.0
4.9
2.4

-0.1
3.5
5.7
4.3
3.3
0.4
4.2
-3.8
3.7
3.7
0.7
-1.1
13.2
-2.3
0.2
-1.3

4.6
-2.0
1.1
-0.6
6.2
4 .4
1.3
-5.8
1.1
6.5
3.0
1.0
4.2
3.2
4.0
2.0

4.3
5.4
8.1
4.8
-0.8
3.2
1.6
-3.3
5.5
3.7
-0.5
8.1
6.1
3 .6
8.4
3.7

-1.9
10.2
6.8
3.5
8.0
-0.3
1.8
-2.9
5.4
8.1
13.2
-18.7
0.6
-0.8
-3.4
11.1

-0.1
8.9
6.8
1.5
3.1
5.5
11.7
7.6
6.2
-2.6
-2.7
-12.6
7.5
5.9
4.5
1.7

0.0
-10.8
4.0
5.8
5.4
-13.5
5.1
-16.3
6.1
7.8
1.9
-2.6
-3.2
11.4
-4 .7
-6.2
1.4

48-C. CHANGE IN EMPLOYEE HOURS IN NONAGRICULTURAL ESTABLISHMENTS OVER 3-MONTH SPAMS
(COMPOUND ANNUAL RATE, PERCENT)

1947.. .
1948.. .
1949.. .
1950. . .
1951.. .
1952.. .
1953. . .
1954. . .
1955.. .
1956.. .
1957.. .
1958. . .
1959. ..
I960.. .
1961.. .
1962.. .

2.7
-5.6
1.6
6.9
5.7
4.9
-5.4
3.7
2.5
1.1
-9.6
4 .7
8.4
-6.3
1.8

1963.. .
1964. . .
1965.. .
1966.. .
1967.. .
1968.. .
1969.. .
1970.. .
1971.. .
1972.. .
1973. . .
1974. . .
1975.. .
1976...
1977.. .
1978. . .
1979.. .

-0.3
2.5
6.1
7.3
-0.7
0.8
2.3
-6.3
1.2
7.0
3.1
-0.8
-9.3
5.3
6.9
2.7
1.6

NOTE:

3.6
-7.9
7.9
10.5
1.5
2.5
-4.4
7.8
0.1
-1.0
-10.0
7.2
-0.1
3.8
4.8

-1 .5
1.0
-6.5
17.7
3.6
-1.8
-0.7
-4.6
10.3
0.0
-3.1
-3.9
9.5
-0.6
1.7
5.2

-0.2
0.7
-6.9
13.4
0.8
-2.7
-2.0
-3.4
5.7
2.1
-2.6
-2.5
6.7
0.9
3.8
3.2

-0.3
6.3
-7.6
15.2
0.2
-2.8
-1.1
-2.7
6.7
-3.7
0.0
2.4
2.8
-1.7
7.1
1.4

-2.1
2.3
-5.2
18.5
-1.4
1.2
-2.7
-1.2
2.7
1.4
0.3
3.6
-3.6
-0.9
5.5
1.2

-1.2
-1.1
-1.3
12.9
-2.4
11.4
-6.1
-0.9
4.5
0.6
-1.1
8.2
-5.0
-1.7
1.4
2.6

3.1
-3.6
-6.8
11.1
-2.5
14.7
-3.6
1.1
4.0
7.3
-5.6
6 .8
-4.7
-2.9
3.1
0.6

6.2
-1.9
-4.6
3.8
0.2
9.1
-4.4
6.4
5.3
2.9
-7.1
8.4
0.7
-0.9
4.2
0.9

5.5
-1.8
-3.0
3.8
3.4
6.4
-3.5
7.3
4.1
3.6
-6.1
5.1
7.4
-9.0
5.3
-1.7

5.9
-4.0
5.7
7.4
5.1
4.1
-10.3
5.8
3.7
-1.3
-4.4
7.8
9.6
-5.1
-0.9
0.2

1.0
-6.2
6.3
7.4
1.8
3.3
-3.6
6.4
1.3
-0.1
-10.3
6.4
3.2
-1.2
5.6

0.6
3.9
4.6
7.4
-1.6
-0.7
3.3
-6.0
1.4
5.4
6.3
-0.3
-7.2
2.7
5.3
5.7
4.7

3.7
7.7
3.5
5.3
-3.5
5.2
3.4
-1.5
-0.1
5.5
6.4
-4.9
-6.0
-3.1
8.4
12.1
-2.4

4.4
3.0
4.2
3.3
0.7
2.5
6.6
0.9
4.6
3.3
3.8
0.8
-1.0
2.1
3.6
7.4
2.0

5.4
2.1
2.7
4.0
1.5
4.6
4.9
-3.8
2.2
5.0
2.5
0.8
-0.1
1.7
4.1
5.3
-1.0

3.2
3.8
3.7
4.0
2.5
5.6
3.2
-1.9
-0.1
1.9
2.6
6.3
0.8
6.1
4.5
2.2

1.8
3.1
3.1
4.3
2.3
3.7
2.6
-1.4
-0.4
3.1
2.1
-1.0
4.0
0.7
2.6
2.7

2.3
1.9
3.5
1.0
3.9
3.5
1.9
-2.6
-0.3
3.0
2.2
-0.3
6.8
2.2
3.1
1.0

2.9
2.3
4.9
2.8
2.9
2.7
2.4
-4.3
3.4
4.6
1.1
2.6
7.7
1.5
4.2
1.5

2.3
4.4
5.3
2.6
4.4
2.4
1.6
-4.0
4.0
6.1
5.1
-3.9
3.6
2.0
2.9
5.5

0.7
8.1
7.2
3.2
3.4
2.8
5.0
0.3
5 .7
3.0
3.1
-8.4
4.7
2.9
3.1
5.4

-4.4
7.6
6.5
3.4
-1.2
3.4
-1.6
3.5
6.5
2.4
2.4
-11.7
6.4
0.1
-1.8
4.6

1.3
4.7
4.7
6.7
-1.9
1.8
3.0
-4.6
0.8
6.0
5.3
-2.0
-7.5
1.6
6.9
6.8
1.3

These series contain revisions beginning with 1973.




100

AVERAGE FOR PERIOD

-1.6
-3.2
-5.2
9.5
4.7
-1.7
2.6
-1.1
7.8
1.2
-0.3
-11.2
7.4
1.2
-1.0
10.1

(JULY 1979)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year

Jan.

Feb. Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1Q

II Q

51. PERSONAL INCOME, LESS TRANSFER PAYMENTS, IN 197 2 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

AVERAGE FOR PERIOD

331.8
349.7
339.7
364.6
395.9
410.3
433.0
421.4
453.2
475.7
487.1
476.7
509.4
520.9
526.5
554.2

329.4
347.9
338.3
369.9
394.8
406.2
431 .9
421.6
459.1
470.6
487.9
485.7
508.2
519.2
527.1
556.1

329.0
351.0
341.0
376.7
399.3
415.9
429.1
425 .5
459.3
477.5
488.8
484.2
502.8
517.5
529.6
556.7

328.5
351.7
344 .8
377.6
396.9
421.4
427.9
428.6
461.3
480.6
487.5
487.4
501.8
517.2
529.7
556.2

332.1
353.5
339.3
380.4
399.8
421.5
430.0
430.3
465.2
484.3
486.7
488.6
502.4
517.6
534.8
557.0

332.9
352.8
342.2
383.2
400.0
419.8
430.3
433.5
467.5
484.6
484.7
495.1
507 .3
515.4
541.0
559.7

331.5
348 .8
345.5
387.4
400.3
421.2
427.6
436.1
470.3
484.9
481.0
496.0
516.1
512.0
543.3
561.9

334.3
338.8
343.4
351.6
383.9
402.1
426.4
422.6
439.3
470.3

327.9
345.0
341.6
361.9
393.3
407.4
431.9
420.5
450.2
475.3

329.0
350.2
341.4
374.7
397.0
414.5
429.6
425.2
459.9
476.2

332.2
351.7
342.3
383.7
400.0
420.8
429.3
433.3
467.7
484.6

475.8
500.7
514.3
518.8
548.0

326.9
343.0
342.8
362.8
392.1
408.4
432.4
421.1
451.1
474.1
484.7
473.4
507 .6
519.6
522.7
551.8

476.3
497.8
515.8
517.2
544.8

473.9
507.1
519.2
523.2
552.2

485.8
504.3
518.0
528.8
556.3

493.2
508.6
515.0
539.7
559.5

330.8
346 .4
342.2
368.0
393.6
411.2
429.3
425.4
454.3
476.6
485.6
482.3
504.4
517.0
527.2
553.2

564.9
593.2
629.5
673.3
695.1
723.0
757.1
774.6
783.4
826.0
876.8
869.8
842.3
886 .0
930.9
980.9

566.8
597.6
632.9
675.3
695.8
725.1
755.4
777.0
783.3
831.8
878.5
868.7
842.5
891.7
932.5
989.6

568.2
601.9
638.6
677.0
696.6
729.5
760.1
776.7
785.5
834.1
879.3
870.9
849.6
893.8
937.5
988.7

571.8
604.5
642.3
682.3
701.7
736.0
763.9
775.5
781.4
824.2
882.2
872.4
852.0
893.0
940.7
993.1

571.7
606.3
644.9
684.5
704.0
739.7
764.7

574.6
611.5
648.3
685.6
705.5
741.2
768.7
779.5
786.8
845.7
883.6
869.7
858.6
899.0
947.7
1002.9

577.3
614.0
652.2
686.1
709.3
745.8
770.9
778.9
786.8
845.3
890.0
865.9
863.6
901.7
952.3
1006.1

580.3
613.9
659.2
688.4
708.6
746.0
772.4
771.0
789.3
853.1
892.9
865.6
866.6
905.9
961.6
1015.0

580.3
618.0
663.1
691.0
712.2
748.8
770.7
771.7
794.1
859.0
893.8
858.4
869.6
913.9
968.0
1023.4

583.8
625.0
667.1
690.9
723.1
754.7
775.2
772.2
802.9
865.1
892.3
853.1
868.0
918.1
974.1
1032.5

562.7
589.6
627 .7
670.3
693.6
720 .0
754.0
772.2
781.5
821.2
872.8
874.5
844.0
881.0
924.0
974.1

568.9
601.3
637 .9
678.2
698.0
730.2
759.8
776.4
783.4
830.0
880.0
870.7
848.0
892.8
936.9
990.5

574.5
610.6
648 .5
685.4
706.3
742 .2
768.1
778.5
786.1
843.2
886.6
870.2
858.2
898.8
948.4
1003.2

581.5
619.0
663.1
690.1
714.6
749 .8
772.8
771.6
795.4
859.1
893.0
859.0
868.1
912.6
967.9
1023.6

571.9
605.1
644.3
681.0
703.1
735.6
763.7
774.7
786.6
838.4
883.1
868 .6
854.6
896.3
944 .3
997.8

16.7
-5.1
12.0
-1.4
6.4
8.4
-6.1
5.8
0.3
0.8
-4.1
3.9
-1.4
5.5
3.6

5,6
7.4
-4.6
12.0
11.5
5.1
3.1
0.6
10. 4
4.7
1.2
1.1
7.1
5.2
6.1
4.6

-3.8
2.5
6.5
15.4
1.4
12.8
-4.6
7.1
7.6
5.0
0.4
9.9
-5.7
-2.8
2.5
1.5

4.0
-3.0
1.8
10.8
3.5
-0.1
-0.1
7.2
8.0
3.7
-5.2
7.5
12.2
-3.9
10.7
4.2

5.9
-0.4
12.6
3.8
6 .0
1.7
2.2
7 .9
3.4
-0.7
3.6
4 .4
-0.7
6.2
3.5

2.2
6.7
2.9
3.8
2.5
0.4
1.4
-0.2
6.1
12.2
5.5
-9.6
-4.9
8.6
5.8
3.1
-1.2

5.0
7.9
8.4
5.5
3.9
7.4
3.7
0.5
-1.0
-0.4
2.5
1.2
4.8
3.3
4.3
5.2
-3.5

4.0
6.5
6.3
2.2
4.4
5.5
3.8
1.8
2.8
11.0
3.7
-2.8
5.6
4.0
5.0
5.4

4.6
7.5
9.5
2.8
8.4
4.9
2.3
-3.2
8.5
9.7
1.1
-5.7
2.1
7.5
9.5
10.9

4.0
7.1
6.8
3.6
4.8
4.5
2.8
-0.3
4.1
8.2
3.2
-4.2
1.9
5.8
6.2
6.1

-0.2
7.0
-3.2
14.3
8.4
3.9
3.7
0.3
11.5
0.9
1.0
3.6
6.3
3.3
5.4
4.6

0.7
6.2
1.7
14.3
4.6
11.6
-3.1
6.6
6.7
6.4
0.9
7.0
-4.7
-1.9
4.6
1.9

4.2
-4.0
5.9
7.3
0.3
1.9
-1.6
7.2
6.3
2.8
-5.5
7.5
9.3
-2.3
8.2
3.0

4.7
-0.4
11.2
3.8
5.8
1.4
2.1
7.7
3.3
-0.6
3.3
3.8
0.2
5.4
3.5

4.1
7.2
7.6
5.1
3.7
6.7
4.1
1.2
0.9
2.8
2.9
1.0
4.2
3.4
5.4
5.6

4.9
6.0
7.2
3.2
4.1
5.2
4.1
0.0
2.0
7.8
2.9
-2.6
5.6
3.6
5.5
5.7

3.9
6.5
8.0
2.9
5.3
4.0
0.8
-0.7
8.8
7.8
0.0
-6.5
3.6
6.6
7.2
7.6

4.0
6.8
6.9
3.9
3.7
4.9
2.7
0 .4
3.9
7.5
2.9
-4.0
2.2
5.3
5.9
5.8

338 .5
335.4
343.4
351.7
384.2
396.6
423 .8
423.8
437.2
469.5

336.7
33 5.7
34 3.0
34 3.5
38 1.8
40 4.0
42 5.6
42 3.2
43 3.4
470.9

327 .8
344.2
343.9
354.5
385.6
405.6
429.7
420.9
442.2
470.6

476.5
495.7
517.3
516.1
541.4

476.6
49 7.0
51 5.9
51 6.6
544.9

1963.. .
1964.. .
1965...
1966.. .
1967.. .
1968.. .
1969...
1970.. .
1971. . .
1972...
1973.. .
1974.. .
1975...
1976. ..
1977.. .
1978. . .
1979.. .

560.4'
584.9
625.4
667.3
693.1
715.4
751.6
771.1
781.1
815.9
868.0
880.2
846.6
874.4
913.2
969.4

562.9
59 0.8
62 rf.3
67 0.3
69 2.5
72 1.5
75 3.4
770.9
78 0.0
82 1.8
87 3.7
87 3.4
84 3.1
88 2.6
92 3.0
972.0

111 .2
784.6
838.5
886.2
875.0
852.3
895.7
945.1
1000 .5

51-C. CHANGE IN PERSONAL INCOME, LESS TRAN SFER PAYMENTS, IN 1972
(COMPOUND ANNUAL RATE, PERCENT)

DOLLARS, OVER 1-MONTH SPANS
AVERAGE FOR PEKIOD

1947.. .
15.1
1948.. .
-17.1
1949.. .
23.8
1950.. .
-9.5
1951.. .
-10.5
1952.. .
7.7
1953. . .
1954 . . . -10.2
3.1
1955.. .
-2.0
1956.. .
-5.5
1957. . .
-10.7
1958.. .
-0.7
1959.. .
2.8
I960.. .
10.0
1961. . .
-4.1
1962...

-6.2
4.8
1.4
-1 0.4
7.2
2 4.8
5.2
1.7
3.3
3.6
5.1
0.3
3.2
3.2
1.2
8.0

-27.5
30.3
3.2
22.7
12.6
4.9
12.2
-6.3
10.9
-0.8
2.8
-2.0
9.3
-3.7
5.2
7.0

-9.8
-6.4
-5.4
13.6
21.8
-6.0
1.4
-5.3
11.7
14.7
0.0
-10.3
9.2
6.5
4.0
5.6

7 .2
2.5
1.8
16.2
0.3
15.6
6.3
6.2
13.7
-4.7
-2.4
4.9
7.9
6.2
5.2
2.9

19.5
26.1
-10.3
6.1
12.3
5.7
1.7
0.9
5.7
4.1
6.1
8.7
4.3
3.0
9.1
5.3

-8.3
-6.0
-4.8
18.9
-3.3
-11.4
-3.0
0.6
16.8
-12.1
2.0
25.2
-2.8
-3.8
1.4
4.2

-1.4
11.2
10.0
24 .4
14.6
32.7
-7.5
11.7
0.5
19.1
2.2
-3.6
-12.0
-3.9
5.8
1.3

-1.8
2.4
14.2
2.9
-7.0
17.1
-3.3
9.1
5.4
8.1
-3.1
8.2
-2.4
-0.7
0.2
-1.1

14.0
6.3
-17.5
9.3
9.1
0.3
6.1
4.9
10.6
9.6
-2.0
3.0
1.4
0.9
12.2
1.7

2.9
-2.4
10.8
9.2
0.6
-4.7
0 .8
9.3
6.1
0.7
-4 .8
17.2
12.4
-5.0
14.8
6.0

-4 .9
-12 .8
12.2
14.0
0.9
4.1
-7.3
7.4
7.4
0.7
-8.8
2. 2
22.9
-7.6
5.2
4.8

-3.2
1963.. .
2.3
1964.. .
0.8
1965.. .
0.4
1966.. .
3.9
1 9 6 7 ...
1968 . . . -12.1
-4 .8
1969 . . .
-6.2
1970.. .
14.7
1971...
21.3
1972.. .
4.1
1973.. .
-15.1
1974.. .
-8.8
1975 . . .
9.2
1976 . . .
0.1
1977.. .
-5.6
1978.. .
-9.5
1979.. .

5.5
1 2.8
5.7
5.5
1.0
1 0.7
2.9
0.3
1.7
9.0
8.2
8.9
4.8
1 1.9
6.5
3.3
0.8

4.3
5.0
2.3
5.5
4.6
2.5
6.1
5.9
5.4
6.3
4.3
-4.8
-1.1
4.7
10.8
11.6
5.2

4.1
9.3
6.7
3.6
1.2
3.5
-2.7
3.8
-0.2
8.8
2.3
-1.5
0.3
8.0
2.1
11.2
-4.5

3.0
9.0
11.4
3.1
1.4
7.5
7.7
-0.5
3.4
3.4
1.1
3.1
10.6
2.9
6.6
-1.1
-0.5

7.9
5.3
7.2
9.8
9.1
11.2
6.2
-1.8
-6.1
-13.3
4.0
2.1
3.4
-1.1
4.2
5.5
-5.6

-0 .2
3.6
5.0
3.9
4 .0
6.2
1.3
2.7
5.0
22.9
5.6
3.6
0.4
3 .7
5.8
9.3

6.3
10.8
6.5
1.9
2.6
2.5
6.5
3.6
3.4
10 .8
-3.5
-7.0
9.2
4.5
3.3
2.9

5.8
5.0
7.5
0.9
6.7
7.7
3.5
-0.9
0 .0
-0.6
9.0
-5.1
7.2
3.7
6.0
3.9

6.4
-0.2
13.7
4.1
-1.2
0.3
2.4
-11.5
3.9
11.7
4.0
-0.4
4.2
5.7
12.4
11.1

0.0
8.3
7.3
4.6
6.3
4.6
-2.6
1.1
7.5
8.6
1.2
-9.5
4.2
11.1
8.3
10.4

7.5
14.5
7.5
-0.2
20.0
9.9
7.2
0 .8
14.1
8.9
-2.0
-7.2
-2.2
5.7
7.8
11.2

1947...
1948.. .
1949.. .
1950.. .
1951.. .
1952...
1953...
1954.. .
1955.. .
1956...
ly57.. .
1958.. .
1959.. .
1*60...
1961.. .
1962...
1963...
1964...
1965.. .
1966.. .
1967.. .
1968...
1969. . .
1970...
1971...
1972...
1973 . . .
1974 . . .
1975.. .
1976.. .
1977.. .
1978.. .
1979.. .

CHANGE IN PERSONAL INCOME, LESS TRANSFER PAYMENTS, IN 1972 DOLLARS, OVER 3-MONTH SPANS
(COMPOUND ANNUAL RATE, PERCENT

4.6
-10.7
7.6
-1.5
4.1
5.6
-6.4
4.6
2.9
0.0
-6.5
1.5
7.0
0.9
2.9

1 6.2
5.5
1 0.8
1.8
5.4
8.3
6.1
5.7
0.3
0.7
4.3
3.8
1.4
5.4
3.5

-15.0
8.5
-1.3
7.7
8.4
7.1
6.2
-4.5
8.6
5.7
2.6
-4.1
7.2
-0.2
3.5
6.9

2.3
7 .4
6.8
4.4
0.9
5.3
2.5
0.1
4 .4
14.7
7.0
-8.8
-6.9
6.1
4.0
1.7
0.5

2.2
6.6
2.9
3.8
2.5
0.1
1.3
0.3
5.9
1 2.0
5.5
9.7
5.0
8.6
5.7
2.8
1.4

4.6
9.0
4.9
4.9
1.6
5.5
2.0
3.1
1.1
8.0
4.9
-5.1
-1.9
8.2
6.4
8.6
0.4




IV Q

325.0
342.3
342.3
358.3
392.0
403.5
430.2
419.0
446.3
476.0
485.7
471.5
504.4
517.0
520.5
550.5

1947.. .
1948.. .
1949.. .
1950.. .
1951.. .
1952.. .
1953.. .
1954.. .
1955.. .
1956.. .
1 9 57 ...
1958.. .
1959.. .
I960.. .
1961.. .
1962...

51-C.

III Q

AVERAGE FOR PERIOD

-11.1
7.7
-0.2
17.5
11.2
4 .4
6.5
-2.0
12.1
2.7
0 .1
-2.7
8.8
2.9
4.8
5.2

5.0
6.5
-4.8
11.9
11.1
4.7
3.1
0.5
10.3
4.4
1.2
0.8
7.1
5.2
6.1
4.6

5.5
6.7
-4.6
13.6
2.9
2.7
1.6
2.5
12.0
-4.5
1.8
12.6
3.0
1.7
5.2
4.1

2.6
9.7
-2.1
16.2
7.5
7.6
-3.0
4.2
7.5
2.9
3.4
9.4
-3.7
-1.6
5.4
3.6

-3.9
2.3
6.1
15.0
1.0
11.3
-4.6
7.0
7.3
4.2
0.3
9.3
-5.8
-2.8
2.5
1.5

3.3
6.6
1.2
11.8
5.2
15.9
-1.7
8.5
5.4
12.2
-1.0
2.4
-4.5
-1.2
6.0
0.6

4 .8
2 .1
1.4
7.1
0.7
3.8
1.1
7.7
7.3
6.1
-3.3
9.3
3.6
-1.6
8.9
2 .2

3.7
-3.3
0.8
10.8
3.5
-0.2
-0.3
7.2
8.0
3.6
-5.2
7.2
11.9
-4.0
10.7
4.2

4.0
-10 .9
15.4
4.1
-3.2
2.2
-5.6
6.6
3.7
-1 .4
-8.1
5.9
12.4
-1.2
5.0
2.5

9.8
-5.8
8.7
1.7
5.5
6.7
-5.7
6.3
3.0
1.1
-5.0
4.2
1.8
3.3
4.4

3.8
7 .7
6.7
4.1
2.4
4.5
3.6
3.0
2.9
6.1
2.6
-1.1
3.1
5.2
6.4
7.1
0.0

5.0
7.8
8.4
5.5
3.9
7.4
3.6
0.5
-1.0
-0.9
2.5
1.2
4.7
3.2
4.3
5.1
-3.5

3.5
6.0
7.8
5.6
4.8
8.3
5.0
0.1
0.7
3.3
3.6
2.9
4.7
1.8
5.5
4.5

4.6
6.5
6.2
5.2
5.2
6.6
4,6
1.4
0.7
5.7
2.0
-0.6
4.3
2.3
4.4
5.9

3.9
6.4
6.3
2.2
4 .4
5.4
3.7
1.8
2.8
10.6
3.6
-2.9
5.6
4.0
5.0
5.3

6.2
5.1
9.2
2.3
2.6
3.5
4.1
-3.2
2.4
7.1
3.1
-4.2
6.9
4.6
7.2
5.9

4.0
4.3
9.4
3.2
3.9
4.2
1.0
-3.9
3.8
6.4
4.7
-5.1
5.2
6.8
8.8
8.4

4.6
7.4
9.5
2.8
8.0
4.9
2.2
-3.4
8.4
9.7
1.0
-5.8
2.1
7.5
9.5
10.9

3.2
7 .7
5.0
2.8
3.9
3.0
-0.7
5.3
14.2
7.2
-5.6
-8.5
3.6
5.5
3.3
3.6

3.0
7.7
4.9
4.4
1.7
3.6
1.9
1.0
3.8
11.6
5=8
-7.9
-4.6
7.6
5.4
4.4
-0.2

visions beginning with 1967.

101

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

570. EMPLOYMENT IN DEFENSE PRODUCTS INDUSTRIES 1
(THOUSANDS
1947 ...
1 948 ...
1949 ...
1950
1951
19 52 ...
1953
1954
1^55
1956
1957
1 9 5 b ...
.1 ^ 5 9 ...
i960...
1961 .. .
1 962. . .
196 3 ...
1 9 6 4 ...
1965. . .
1966.. .
1967 . . .
1 9 6 8 ...
1 969 . . .
1 9 7 0 ...
1971. . .
1972. . .
1973. . .
1974. . .
1 9 7 5 ...
1*76.. .
1 9 7 7 ...
1 y 7 8 ...
1979 ...

1,218
1 ,249
1,250
1,235
1 , 3U 3

1,211
1,254
1,246
1 ,240
1,316

1,210
1,255
1 ,244
1 , 244
1,326

1,212
1,259
1,240
1,248
1,330

1,210
1,267
1,233
1,255
1,340

1,222
1,271
1,201
1,257
1,350

1,224
1,280
1,213
1,259
1,361

1,369
1,307
1,228
1,357
1,588
1,719
1,691
1,546
1 ,262
1,109
1,154
1,179
1,185
1 ,096
1,069
1,110

1,366
1,294
1,224
1,382
1,614
1,723
1,672
1,521
1,238
1,115
1,155
1,179
1,153
1 ,092
1,074
1,116

1,354
1,285
1,230
1,406
1 ,630
1,719
1,688
1,503
1,213
1,117
1,157
1 , 1 b2
1,156
1,093
1 ,069
1 ,127

1,350
1,278
1,237
1,430
1,645
1,713
1,686
1,472
1,190
1,123
1,160
1,185
1,138
1,087
1 ,084
1,131

1,347
1,266
1,247
1,457
1,650
1,713
1,682
1 ,441
1,179
1,125
1,165
1,187
1,152
1,084
1,086
1 ,150

1,345
1,258
1,254
1,478
1,662
1,718
1,658
1,421
1,167
1,124
1,169
1,189
1,139
1,071
1,095
1,160

1,337
1 ,246
1,267
1,502
1,668
1,717
1,659
1,400
1,150
1,124
1,171
1,193
1,129
1,059
1,105
1,171

32.3
43.4
44.1
48.7
59.5
59.5
58.4
59.3
59.8
60 .8
69.3
74.8
78.6
80 .3
84.0

34.7
41.6
44.8
49 .8
60.7
59.6
58.9
59.1
60.4
61.0
70.1
75.9
78.7
80 .4
84 .0

1,233
1,274
1,224
1,262
1,369

1,239
1, 266
1 , 218
1,274
1,370

1,246
1,259
1,230
1,283
1,371

1,249
1,256
1,232
1,292
1,371

1,213
1,253
1,247
1,240
1,315

1,215
1,266
1,225
1,253
1,340

1,229
1,277
1,222
1,259
1 ,366

1,245
1,260
1,227
1,283
1,371

1,225
1,264
1,230
1,259
1,348

1,332
1,235
1,276
1,525

1,328
1,236
1,289
1,537

1,328
1,232
1,300
1,554

1,317
1,231
1,315
1,573

1,725
1,643
1,373
1,147
1/1 ?
1,1 5
1,12
1,1 3
1,0 9
1,0 8
1,10

1,708
1,627
1,353
1,141
1,136
1,171
1 ,188
1,114
1 ,069
1,098
1,181

1,691
1,613
1,321
1,132
,134
,172
,197
,103
,065
,060
,193

1,701
,580
1 ,299
1,123
1,144
1,176
1,193
1,089
1,063
1,061
1,203

1,318
1,228
1,331
1,579
1,718
1,703
1,565
1,281
1 ,114
1,152
1,176
1,180
1,089
1,068
1,085
1 ,220

1,363
1,295
1,227
1,382
1,611
1,720
1,684
1,523
1,238
1,114
1,155
1,180
1,16 5
1 ,094
1 ,071
1,118

1,347
1,267
1,246
1,455
1,652
1,715
1,675
1,445
1,179
1,124
1,165
1,187
1,143
1,081
1 ,088
1,147

1,332
1,239
1,277
1,521
1,676
1,717
1,643
1,375
1,146
1,129
1,172
1,178
1,122
1,066
1,100
1,177

1,321
1,230
1,315
1,569
1,709
1,698
1,586
1,300
1,123
1,143
1,175
1,190
1,094
1,065
1,069
1,205

1,341
1,258
1,266
1,482
1,662
1,712
1,647
1,411
1,171
1,128
1,167
1,184
1,131
1,076
1,082
1,162

1963.. .
1 9 6 4 ...
1 9 6 5 ...
1966.. .
1 9 6 7 ...
1968.. .
1969. . .
1970. . .
1 9 7 1 ...
1 9 7 2 ...
1973.. .
1974...

87.5
91.6
93.7
96.1
98 .8
102.8
108.3
114.4
120.0
126.8
135.2
149.1

87.9
91.6
93.7
96.3
98 .9
102.8
108.7
114.9
120.6
127.5
135.6
151.1

1976.. .
1977. . .
1978.. .
1979. ..

187.2
204.1
222.8

188.5
205.5

©
AVERAGE FOR PERIOD

59.0
60.1
60.8
72.0
75.4
78 .6
79.9
85.2

38.6
39 .2
44 .5
53.5
59.1
58 .4
57 .8
58.3
6 C.I
62.4
72.5
76.0
79.6
81.0
85.4

41.5
41.3
46.1
54 .2
59.6
57.6
58.2
58.9
60.5
63.2
72.8
76.3
79.7
81.5
85.7

42.9
42.9
47.3
55.5
59.1
57.6
58.3
59.6
60.4
64.2
73.0
77.0
79 .9
82.3
86.1

88.6
91 .8
94 .4
97.2
99.4
103.5
110.2
116.5
122.6
129.3
138.5
157.2

89.3
92.0
95.9
97.1
99.4
103.9
110.5
117.1
123.1
130.0
139.6
159.0

89.6
92.3
95.1
97 .4
99 .6
104.2
111.0
117.6
123.7
131.0
140.7
161.0

193.0
212.0

193.9
213.6

195.7
215.5

89.9
92.5
94.8
97.4
100.0
104.7
111.2
117.8
124.1
131.7
141.7
162.3
180.1
197.1
216.7

90.5
92.9
95.1
97.8
100.4
105.4
111.9
118.3
124.7
132.6
143.0
164.0
181.6
199.3
218 .6

90.7
93.1
95.3
97.9
100.9
106.6
112.5
118.7
125.4
133.7
144.5
166 .0
183 .0
201.1
220.3
240.8

34.7
38.8
44.1
52.8
58.9
59.4
58.9
59.5
60.7
60.4
71.8
75.2
78.7
80.1
84.9

88.2
91.7
94.0
96.5
99.2
102.9
109.1
115.3
121.1
128.1
136.3
152.9

88.4
91.8
94.1
96.8
99.3
103.2
109.7
115.9
121.8
128.6
137.2
155.4

190.1
207.3

191.8
210.0

35.1
42.9
58.3
59.4

73 6-C. CHANGE IN If DEX OF CONSUMER PRICES — FRANCE, OVER 6-MONTH SPANS
(COMPOUND ANNUAL RATE, PERCENT)

1947 ...
1948 ...
1949.. .
1950. ..
1951. . .
1952.. .
1953.. .
1954. . .
1955.. .
1956. . .
1957.. .
1958.. .
1959. ..
I960.. .
1961. . .
1962.. .

1963. . .
1964.. .
1965.. .
1966.. .
1967.. .
1968 . . .
1969.. .
1 9 7 0 ...
1971.. .
1972.. .
1973.. .
1974.. .
1975.. .
1976.. .
1977...
1978.. .
1979.. .

43 .4
47.8
57.1
58 .9
57.6
58.9
59.6

43.3
43.6
48.2
58.3
59 .4
58.0
59.1
59 .7

33.7
41.5
44.3
49.6
60.2
59.5
58 .6
59 .2

34.7
38 .8
43.9
52.3
59 .0
59.3
58 .6
59.2

65.7
72.8
77.5
80 .1
83.1
86 .8

67.0
73.0
77.5
80.2
83.5
87.4

60 .8
70.2
75.4
78.7
80.3
84.1

91.0
93.1
95.4
98 .1
101.6
106.9
113.1
119.2
125.9
134.5
145.8
167.5
184.0
202.8
221.1
242.1

91.2
93.1
95.8
98 .4
101.8
107.1
113.5
119.4
126.5
135.2
146 .7
168.9
185.2
203.5
221.7
243.2

87.9
91.6
93 .8
96. 3
99 .0
102.8
108.7
114.9
120.6
127.5
135.7
151.0
172.1
188 .6
205 .6
224.5

60.6
71.8
75.4
78.7
80.1
84 .8

38.4
39.6
44.5
53.6
59.0
58.2
58.0
58.5
60 .1
62.4
72.6
76.0
79.4
81.0
85.6

42.8
43.3
47.8
57.0
59.1
57.7
58 .8
59.6
60 .4
65.6
72.9
77.3
80.1
83.0
86.8

37.4
40.8
45.1
53.1
59.3
58.7
58.5
59.1
60.3
62.4
71.9
76.0
79.2
81.1
85 .3

88 .8
91.9
94.8
97.0
99 .4
103.5
110.1
116.5
122.5
129.3
138.4
157.2
176.3
192.9
211.9
230.9

90.0
92.6
95.0
97.5
100.0
104.8
111.4
117.9
124.2
131.8
141.8
162.4
180.2
197.4
216 .9
237.1

91.0
93.1
95.5
98.1
101.4
106.9
113.0
119.1
125.9
134.5
145.7
167.5
184.1
202.5
221 .0
242.0

89.4
92.3
94.8
97.2
99.9
104 .5
110.8
117.1
123.3
130.8
140.4
159 .5
178.2
195.3
213.9

233.7

3

AVERAGE FOR PERIOD

-11.2
15.3
22.2
18.2
-0.3
0.7
1.4
0.7
-1.3
23.3
6.1
3.7
0.2
4.9

-9.0
10.1
27.6
8.7
2.1
3.9
1.0
3.0
-0.3
19.8
7.3
3.9
1.0
5.4

-11.0
6.7
29.3
5 .6
3.8
4.9
1.7
2.7
2.7
16.8
7.8
4.2
0 .2
5.4

31.9
-12.7
4.2
27.9
2 .1
2.4
2.8
0.3
3.1
6.4
12.3
4.9
3.4
2.8
5.3

35.1
-3.9
6 .0
23.3
0.3
1.0
1.0
1.4
3.0
8.8
10.6
2.9
4.7
3.3
4.8

44.3
7 .2
7 .8
15.6
-1.3
-4.0
1.4
1.7
2.7
10.9
7.5
4.0
4.4
4.3
4.1

45.9
13.1
6.8
14.5
-2.7
-3.7
2.1
3.1
2.0
14.1
4.8
4.8
3.6
5.6
4.3

36.9
16 .4
11.1
13.2
-1.0
-5.7
1.0
1.4
-0.3
18.7
2.5
5.4
2.6
6.6
3.6

35.0
14 .5
15.5
14.2
-0.7
-7.8
-0.7
0 .7
-0.3
20.2
1.7
4.3
2.8
7.9
4 .0

37.6
18.3
17.9
16.8
-1.7
-5.6
0.7
1.4
0.0
22.3
3.6
5.3
1.3
6.8
3.3

6.7
21.1
17.0
20.9
-3.6
-3.0
0.0
3.1
-1.0
21.7
6.4
4.8
0.0
6.0
4.7

-7.1
15.7
20.6
23.4
-2.7
1.0
0.7
2.7
-1.6
23.6
5.3
4.5
0.0
6.0
5.4

-10.4
10.7
26 .4
10.8
1.9
3.2
1.4
2.1
0.4
20.0
7.1
3.9
0.5
5.2

37.1
-3.1
6.0
22.3
0.4
-0.2
1.7
1.1
2.9
8.7
10.1
3.9
4.2
3.5
4.7

39 .3
14.7
11.1
14.0
-1.5
-5.7
0.8
1.7
0.5
17.7
3.0
4.8
3.0
6.7
4.0

] 2.4
18.4
18.5
20.4
-2.7
-2.5
0.5
2.4
-0.9
22.5
5.1
4.9
0.4
6.3
4.5

4.9
11.6
20.7
1.8
-1.6
1.5
1.7
1.2
12.3
9.6
5.2
2.9
4.2
4 .6

5.4
2.4
2.2
3.2
2.7
4.6
5.9
6.1
5.6
5.5
5.5
15.8
11.0
10.0
9.5
8.4

5.1
2.4
3.3
4.0
2.7
3.8
6.5
6.3
6.0
5.5
6.0
16.4
10.5
9.8
9.3
9.3

5.3
2.4
6.6
3.2
2.2
4 .4
6.6
6.3
6.1
5.4
6.3
17.0
10.1
9.1
9.7
9.9

5.8
2.4
3.5
3.4
2.2
3.3
5.6
6.0
6.3
6.7
8.1
16.3
9.5
9.1
11.3
11.7

5.5
2.6
3.0
2.9
2.9
4.3
5.2
5.7
6.1
6.9
9.2
15.4
9.4
9.1
10.8
11.2

5.8
2.6
2.4
2.9
2.8
5.3
5.4
5.3
5.9
6.8
9.9
14.5
9.2
9.2
10.4
10.1

5.3
2.9
2.6
2.3
3.5
6.7
5.2
4.7
5.7
7.8
10 .6
14.1
9.5
9.5
9.7
10.2

4.8
2.2
1.9
1.7
4.5
6.5
5.1
4.5
5.3
8.2
10 .8
13.8
9.2
10.4
8.8
9.8

3.4
2.0
-0.6
2.5
4.7
6.1
5 .5
4.1
5.8
8.5
10.7
13.4
9.3
10 .6
8.1
9.6

3.6
2.4
1.7
2.3
5.9
7.4
5.7
3.9
5.1
6.7
12.5
12.8
9.7
9.0
7.1
8.7

3.1
2.0
2.5
2.5
5.1
7.2
6.2
4.5
5 .4
6.0
13.8
12.6
9.8
9.1
7.6
9.1

2.4
2.4
2.8
2.7
4.6
6.9
6.0
5.0
5.9
6.0
14.5
12.5
10.2
8.8
8.1
10.4

5.3
2.4
4.0
3.5
2.5
4.3
6.3
6.2
5.9
5.5
5.9
16.4
10.5
9.6
9.5
9.2

5.7
2.5
3.0
3.1
2.6
4.3
5.4
5.7
6.1
6.8
9.1
15.4
9.4
9.1
10.8
11.0

4.5
2.4
1.3
2.2
4.2
6 .4
5.3
4.4
5.6
8.2
10.7
13.8
9.3
10.2
8.9
9.9

3.0
2.3
2.3
2.5
5.2
7.2
6.0
4.5
5.5
6.2
13.6
12.6
9.9
9.0
7.6
9.4

4.6
2.4
2.7
2.8
3.6
5.5
5.7
5.2
5.8
6.7
9.8
14.6
9.8
9.5
9.2
9.9

Vhis series contains revisions beginning with 1972. 2 This series contains no revisions but is reprinted for the convenience of the user. 3 This series
contains revisions beginning with 1976. Percent changes are centered on the 4th month of the span. Annual figures are averages of the centered changes.




102

IV Q

AVERAGE FOR PERIOD

35.0
38.4
42.9
53.0
58.2
58.7
58.0
58.4
59.8
61.7
72.4
75.6
78 .9
80.6
85.6

34.3
39.1
44.8
51.3
59.8
59.0
58.1
59.1
60 .2
60. 5
71.7
75.6
78.8
80.2
84.3

34.2
39.6
44.1
50.4
60 .4
59.3
58.5
59.1
60.4
60.7
71.1
75.6
78.7
80.3
84 . 3

III Q

1,277
1,228
1,255
1,369

736. FRANCE --INDEX OF CONSUMER PRICES 2
(1967=100)
1947
1948 . . .
1949.. .
1950 ...
1951. . .
1 9 5 2 ...
1 9 5 3 ...
1954. . .
1 9 5 5 ...
1956 ...
1957.. .
1 9 5 « ...
1959. ..
1960 . . .
1961 . . .
1962.. .

II Q

(JULY 1979)

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year

Annual

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Nov.

Oct.

Dec.

1 Q

910-C. CHANGE IN COMPOSITE INDEX OF 12 LEADING INDICATORS OVER 1-MONTH SPAMS
COMPOUND ANNUAL RATE, PERCENT)
1947
1948.. .
1949.. .
1950.. .
1951. . .
1952. . .
1953. . .
1954.. .
1955.. .
1956. . .
1957.. .
1958 ...
1959. . .
I960.. .
1961.. .
1962. . .

-19.3
16 .8
24.7
10.9
14.5
2.1
24.5
-8.3
-6.8
0.0
23.8
0.0
7.1
1.5

-23.3
-4.7
19.2
-13.1
8.6
1.9
15.8
24.0
-11.5
-5.2
1.9
15.7
-19.4
12.6
16.3

6.9
-11.4
18.9
-5.9
8.5
5.9
0.0
11.2
5.4
-3.5
5.9
19.2
-21.0
26.3
3.0

9 .2
-7.1
34.6
-15.0
-13.3
-3.7
13.3
3.6
5.4
-8.6
7.9
1.6
1.7
34.2
-5.8

-8 .5
-2.4
28.2
-4.0
-2.0
-10.9
25.2
3.6
-24.6
-1.8
27.7
0.0
0.0
11.9
-16.6

1963.. .
1964.. .
1965. . .
1966.. .
1967.. .
1968. . .
1969.. .
1970.. .
1971. . .
1972. . .
1973.. .
1974. . .
1975.. .
1976.. .
1977.. .
1978.. .
1979. ..

12.6
4.3
9.5
12.9
7.8
-10.9
3.3
-13.7
19.4
15.3
6.6
2.8
-22.5
31.4
-5.3
-9.0
-6.5

17.5
7 .2
3.9
10.1
2.5
20.3
-6.3
-8.8
23.0
15.1
10.4
2.8
-5.5
12.2
10.5
10.9
2 .5

7 .5
4.2
3.9
4.9
6.4
2.3
-7.3
-4.5
26 .6
19.5
-1.8
-2.7
8 .2
6.9
26.2
0.0
4.3

10 .6
14.7
-3.8
-4.7
9.1
-12.9
10.2
2.3
4.3
6.1
-7.0
-20.0
29 .0
-0.9
3.6
10.8
-22.4

13.7
11.4
8.0
-9.2
10.3
12.2
-4.2
1.2
4.3
2.0
0.0
-6.4
31.1
17.4
-1.8
2.6
3.5

9.2
0.0
15.3
-15.3
25.2
-17.7
17.5

3.6
-5.2

7.5

-10.5
24.5
40.5
-8 .0
-15.0
-1.9
14.9
16.9

5.5
1.8

39.1
-9.1
-3.4
17.2
-11.6

19.7
-3.1
10.7

-4.2

-5.6
11.3

0.0
2.6
-10.3
20.0

1.6
13.1

7.9
-7.1
15.5

8.3

9.5

-8.3
-3.4

-15.2
-3.4
-2.1

3.2
3.0
1.8
-18.1
46.2
17.2
-2.6

6.1

9.1
-4.4
-15.2
33.3

4.7
-4.3
-10.4

-13.2
15.9
3.4
1 9 5 1 ...
10.2
1952. . .
8 .8
1953.. .
6 .5
1954. . .
19.2
1955. . .
1956 . . . -10.4
-5.2
1957.. .
-2.5
1958.. .
10 .9
1959.. .
I960.. .

-2 . 2

1961. . .
1962. . .

6 .8

1963.. .

1.7
12.0

1964. . .
1965.. .

1966. . .
1967. . .
1968.. .

1969. . .
1970. . .
1971 . . .
1972.. .

1973. . .
1974. . .
1975.. .

1976. . .

5.2
5.3
12.0

2.1
5.5
1.8
-11.1
24 .0
15.7
10.5
-2.1
-16.5
15.7

3.7
2.6
0.0

1977.. .
1978.. .
1979.. .

-12!5
18.3
0.7
9.3
7.3
5.8
19.7
-5.1
-5.2
2.6
19.5
-14.0
15.0
6.8

-3.6
-7.8
24.0
-11.4
0.7
1.3
9.5
12.6
-0.6
-5.8
5.2
11.9
-13.5
24.0
4.1

2.2
-7.0
27.1
-8.4
-2.7
-3.2
12.4
6.0
-5.7
-4 .7
13.4
6.6
-7.0
23.8
-6.8

3.0
-3.2
25.8
-11.6
2.0
-11.0
18.6
3.6
-9.0
-1.2
24.2
-2.6
-0.6
20.7
-11.5

-12.5
36.2
14.7
-6.1
35.5
-21.2
4.0
5.3
3.6
-8.6
32.6
-7.7
3.4
15.1
7.9

-10.7
44.8
-27.1
11.1
31.9
-29.3
17.0
8.9
1.8
-16.6
27.3
-6.3
7.0
-13.1
11.2

-6.6
2.3
-3.9
0.0
-5.7
-13.5
36.0
-6.6
9.2
-21.4
14.5
-20.5
-3.3
24.4
-5.9

-20.6
7.0
-11.4
-4.1
4.0
-15.5
30.0
1.7
0.0
-20.3
28.5
-6.4
-6.5
16.6
12.8

-15.1
11.9
2.0
11.0
10.2
2.1
9.7
-11.3
-3.5
-9.1
-4.8
16.0
-12.7
3.1
6.2

2.9
5.5
1.3
-11.6
25.1
1.1
-5.4
2.3
-6.1
17.7
-10.4
-23.3
9 .5
-2.7
18.3
6.1

15.3
15.7
5.2
-8.3
3.6
20.9
1.1
12.2
4.3
20.8
-2.7
-30.5
7.3
1.9
10.1
7.9

7.3
4.0
11.9
-6.1
1.2
23.2
0.0
1.2
17.0
14.0
1.9
-24.5
6.2
-1.8
10.0
8.7

4.3
11 .0
13.2
-2.5
6.0
6.7
-11.5
4.7
7.5
8.7
2.8
-26.6
7.2
19.0
2.6
-4.9

4 .3
2.6
13.0
-3.7
9.7
9.0
-10.6
29.7
16.7
14.7
-11 .3
-20.4
5.1
6.6
7.1
4.3

-1.7

12.5
5.2
5.7
9.2
5.6
3.1
-3.5
-9.1
23.0
16.6
5.0
0.9
-7.5
16.4
9.7
0.3
0.0

11.8
8.6
1.3
3.3
6.0
2.3
-1.4
-3.8
17.6
13.4
0.3
-7.2
9.7
5.9
13.0
7.1
-6.0

10.6
10.0
2.6
-3.2
8.6
0.0
-0.7
-0.4
11 .3
8.9
-3.0
-10.0
22.3
7.5
8.7
4.3
-5.7

6.4
8 .5
2.1
-8.1
13.0
1.9
-1.1
0.0
3.9
3.7
-1.8
-15.1
35.3
10.9
-0.3
6.4
-7.6

-3.6

6.7
27.6
-9.2

1.4
-10.4
19.1

-5.1
19.2
22.9
-9.9
13.0
-14.0
12.0

2.4

8.4
1.2
0.0

28.6
-4.2

30.2
-6.7

7.8
-9.0

2.3

3.4

10.0
-5.9

11.1

1.0
7.5
6.1

-2.3

-8 .9
15.2
10.0
-9.3
-1.9
1 .8

-9.7
20.1

2.6
5.5
3.9
6.2
-9.7
-1.5
-1.7

4.6

9.8

-0.9
-13.4
36.7
12.9
-2.9
-0.8

-4 .5
-19.0
28 .8

6.1
3.3
0.3

19.2
11.0
2.1
7.8
-13.0
14.6
1.8
-5.0
-16.8
21.9
16.3
-1.8
-6.4

-2.4
-11.4
-7 .2
-4.1
20.3
9.8
0.0
8.0
-1.7
9.0
-21.6
13.2
-3.3
-5.2
12.3

12.7
-11.5
44.8
4.3
0.0
11.8
-11.3
25.6
0.0
-1.7
-15.8
19.1
-9.6
9.3
8.5

-9.1
-9.4
30.2
6.4
-4 .0
0.0
-5.9
16.2
11.1
-11.3
-17.6
18.8
3.4
5.5
6.7

7.4
-13.9
32.6
-2.0
4.2
1.9
-4.0
18.1
-6.7
-5.1
4 .0
14.6
-4.9
13.1
1.6

23.6
-7.3
31.7

0.0
4.7
2.8
6 .6
10.2
-4.6
1968. . .
2.2
1969 . . .
-12.2
1970. . .
11.8
1971.. .
1972. . .
21.1
1973.. .
9.1
1974.. .
-11.4
1975.. .
-21.1
15.1
1976.. .
1977.. .
-7.3
-14.0
1978.. .
-5.6
1979 . . .

10.1
12.9
8.8
9.3
-5.9
8.5
8.0
0 .0
-2.2
4.3
13.2
-6.4
-16.3
13.8
13.1
9.3
-0.8

4 .9
0.0
13.3
14.9
1.2
4.7
5.6
1.1
4.5
13.4
5.9
-0.9
-13.8
8.2
21.6
18.3
16.0

9.9
16.1
5.7
1.3
3.7
3.5
3.3
-3.2
4.5
10.9
-0.9
-2.8
3.3
9.2
2.8
23.2
-18.6

4.8
9.3
8.6
6.5
-2.4
9.6
1.1
-4.3
4.5
5.3
2.9
3.9
8.9
1.0
5.7
1.7
10.4

6.4
3.0
8.5

1949.. .
1950.. .

1951. . .
1952. . .
1953.. .

1954. . .
1955..
1956..
1957..
1958..
1959..

.
.
.
.
.

1960. . .
1961 . . .
1962.. .

1963. . .
1964. . .
1965.. .
1966.. .
1967.. .

-21.2

NOTE: These series contain revisions beginning with 1948.




2.1
-7.9
-5.4

2.0
5.6
0.0
1.7
16.7

5.2
-6.5
19.0
-1.6

13.2

2.5
9.5
5.6
-5.3

2.2
-3.0

2.9
0.9
8.8
2.0
6.6
5.3
-5.6

2 .4
-14.1
56.1
-11.7
-18.7
3.8
-4.0
13.6
-34.8
0.0
21.0
-11.2
-6.6
1.7
6.7

3.3
-3.2
26.0
-11.4
3.3
-10.8
18.7
3.6
-8.1
-1.0
24.9
-2.5
-0 .6
21.1
-11.3

-11.2
35.2
9.4
-1.0
17.5
-17.5
12.0
10.4
3.6
-7.8
26.5
-5.7
7.0
1.2
10.7

-14.1
7 .1
-4 .4
2.3
2.8
-9 .0
25.2
-5.4
1.9
-16.9
12.7
-3.6
-7.5
14.7
4.4

6.8
12.3
-2.1
8.2
-7.4
15.5
7.1
-1.8
-7.7
16.7
1.9
-3.6
13.1
2.7

12.5
5 .2
5.8
9.3
5.6
3.9
-3.4
-9.0
23.0
16. b
5.1
1.0
-6.6
16.8
10.5
0.6
0.1

6.7
8.7
2.3
-8.1
13.1
2.5
-0.8
0.0
3.9
3.7
-1.7
-14.8
35.4
11.2
-0.3
6.5
-6.9

4.2
10.8
4.8
-9 .0
14.7
10.5
-6.5
3.7
-1.3
15.9
-5.8
-23.0
16.7
1.3
8.0
1.2

5.3
5.9
12.7
-4.1
5.6
13.0
-7.4
11.9
13.7
12.5
-2.2
-23.8
6.2
7.9
6.6
2.7

7.2
7 .7
6.4
-3.0
9.8
7.5
-4 .5
1 .6
9.8
12.2
-1.2
-15.2
12.9
9.3
6.2
2.8

AVERAGE FOR PERIOD

-11.2
34.9
5.5
-1.4
14.9
-18.2
11.8
10.3
3.6
-8.1
26.4
-5.7
7.0
0.5
10.7

-10 .0
26.4
-7.0
1.4
19.0
-21.6
18.3
2.3
4 .8
-15.7
24.6
-11.7
2.3
7.6
4.1

-12.8
16.6
-14.7
2.1
9.0
-19.7
27.4
1.1
3.6
-19.5
23.3
-11.3
-1.1
8.0
5.7

-14.3
7 .0
-4.6
2.1
2.6
-9.3
24.7
-5.6
1.8
-17.1
11.9
-4.8
-7.6
14.4
4.1

-18.4
11.9
4.1
5.7
9.5
-4 .1
21.1
-6.1
-3.5
-10.2
14.8
2.8
-4.4
6.9
10.5

3.9
10.7
4.7
-9.0
14.4
10.2
-6.7
3.5
-1.4
15.8
-5.9
-23.3
16.1
1.2
7.6
0.6

8.4
8.3
6.0
-8.7
9.5
14.7
-1.5
5.1
4.6
17.5
-3.9
-26.2
7.6
-0.9
12.7
7.6

8.9
10.1
10.0
-5.7
3.6
16.7
-3.6
5.9
9.5
14.4
0.6
-27.2
6.9
6.0
7.5
3.7

5.3
5.8
12.7
-4.1
5.6
12.8
-7.5
11.1
13.7
12.4
-2.4
-23 .9
6.1
7.6
6.5
2.5

4.3
7.6
13.0
0 .4
1.2
6.3
-12.0
17.5
13.1
9.9
-2.1
-23.2
14.0
6.3
0.0
-2.5

1.6
9.2
12.9
3.8
3.7
5.8
7 .8
1.1
-2.2
9.7
4.8
-1.9
9.9
4.0
3.7
3.5

2.4
13.6
44 .2
6.5
66.6
-13.8
0.0
-1.8
48.1
0 .0
12.0
-29 . 2
-6.6
12.7
3.3
3.2
9.1
4.1
2.5
10.1
1.1
3.3
-4.3
-3.2
16.4
-4.6
-7.3
18.0
2.9
1.8
10.7

IV Q

-11.8
18.3
1.9
9.3
7.4
6.0
19.9
-4 .8
-5.2
2.6
19.6
-13.5
15.3
6.9

-ll!6
19.4
-2.4
6.7
5.8
7.3
17.2
-5.4
-5.4
1.8
14.1
-9.9
13.6
5.9
12.1
6.3
4.1
8.2
4.6
3.6
-1.0
-8 .0
21.5
15.2
5.3
-2.8
-4.8
12.7
8.8
3.3
-2.0

0 .5
-1.2
26 .8
-9.7
0 .2
-8.2
16.7
5.8
-7.9
-1.2
22.1
-0.1
-1.8
18.2
-8.1

-8.8
26 .8
7.1
-3.3
15.6
-17.9
14 .0
7.0
3.2
-7.9
27.1
-8.0
4.2
6.4
5 .8

-15.2
11.8
-b.l
3.3
7.0
-11.0
24.4
-3.5
0.6
-15.6
16.7
-4.4
-4.4
9.8
6.8

6 .6
12.1
-3.0
7.4
-7.8
15.6
6.6
-2.4
-7.5
16.9
0 .4
-2.9
12.0
2.6

6.0
8.7
3.6
-6.7
12.3
4.0
-3.7
-0 .8
5.7
5.7
-1.9
-12.8
31.4
10.4
1.8
3.3

3.3
8 .2
4.9
-9.1
14 .7
10 .4
-6.0
2.4
0.5
14 .4
-4.8
-22 .8
17.5
2.1
7.9
2 .9

6.2
7.8
11.9
-3.1
3.5
11.9
-7.7
11.5
12.1
12.2
-1.3
-24.8
9 .0
6.6
4.7
1.2

6 .9
7.8
6.1
-2.7
8.7
7.5
-4 .6
1.3
10 .0
11.9
-0.7
-15.8
13.3
8.0
5 .8
2.7

920-C. CHANGE IN COMPOSITE INDEX OF 4 ROUGHLY COINCIDENT IND ICATORS OVER 1-MONTH SPANS
(COMPOUNlJ ANNUAL; KATE,, f E, KL. E, IN 1 )

1947 ...
1948 . . .

III Q

AVERAGE FOR PERIOD

910-C. CHANGE IN COMPOSITE INDEX OF 12 LEADING INDICATORS OVER 3-MONTH SPANS
(COMPOUND ANNUAL RATE, PERCENT)
1947
1948.. .
1949.. .
1950.. .

II Q

iGE FOR PI IOD

-2.3
19.2
-13.9
-6.1
39.8
-12.3
6.3
11.4
13.0
-9 .9
11.8
-5.1
-5.0
0.0
0.0

2.4
-41.5
4 .4
6.5
16.7
-5.5
6.2
11.3
12.9
-11.6
7.7
-3.5
-5.1
16.5
3.3

-6.8
26.2
-4 .2
4 .2
8.0
-19.0
24.5
7.3
-1.7
-17.8
31.5
11.1
-13.0
18.2
6.6

-11.1
16.5
31.8
0.0
10.0
-19.3
14.8
7.3
7.1
-19.5
-5.3
56 .4
-16.2
6.8
-4.7

6 .4
9.1
6.9
2.5
1.2
3.4
1.1
-2.2
9.2
4.1
6.8
-6 .5
8.5
0.0
6.6
-0.8

9.7
-13.5
15.6
6.3
-1.2
8.2
5.5
-22.6
1.1
20.9
9.8
-10.9
4.2
-1.9
11.4
14.4

-4.5
24.2
11.0
0 .0
20.9
8.1
-10.2
-10.7
10.3
13.6
7.7
-25.4
5.2
15.5
8.4
12.4

9.6
23.7
13.8
2.5
16.4
4.5
1.1
23.9
13.8
13.5
-6.3
-29.6
5.2
15.3
9.3
10.4

-14.7
18.9
3.7
7.5
9 .8
-8.1
16.1
0 .0
0.8
-18.1
18.1
1.1
0.8
4.8

7.3
-10 .2
31.5
2.2
-2.6
-1.2
-2.6
13.3
1.5
-4.9
1.0
12.9
-2.7
12.5
2.2

0 .8
6 .2
28 .8
-3.8
29 .2
-7.4
0.8
7 .7
8.8
-3.3
14.9
-15.2
-6.1
4.8
3.3

-5.2
0 .4
10 .7
3.6
11 .6
-14.6
15.2
8 .6
6.1
-16 .3
11.3
21.3
-11.4
13.8
1.7

-4 .6
22.5
1.4
11 .4
-3.3
1.3
11.4
4.1
-5.9
2.3
9.3
-4 .8
8.0
3.0

5.0
5.9
8.3
10.3
1.8
2.9
5.3
-3.7
4.7
12.9
9 .4
-6.2
-17.1
12.4
9.1
4.5
3.2

7.0
9.5
7.6
7.0
1.3
7.5
3.3
-4.3
3.7
4.4
1.6
0.7
7.0
4.1
5.0
10.1
-4 .6

3.7
9.1
8.0
2.9
5.0
3.4
4.1
-1.8
1.3
10.1
2.3
-5.2
12.1
2.3
4.0
4 .5

4.9
11.5
13.5
2.9
12.0
6.9
-1.2
-3.1
8 .4
16 .0
3.7
-22.0
4 .9
9.6
9.7
12.4

5.2
9.0
9.3
5.8
5 .0
5.2
2.9
-3.2
4. 5
10 .8
4.3
-8.2
1.7
7.1
7.0
7 .9
(JULY 1979)

103

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Feb.

Jan.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

920-C. CHANGE IN COMPOSITE INDEX OF 4 ROUGHLY COINCIDENT INDICATORS OVER 3-MONTH SPANS
(COMPOUND ANNUAL RATE, PERCENT)
1947 . . .
1948.. .
1949.. .
1950.. .
1951. . .
1952. . .
1953.. .
1954.. .
1955.. .
1956.. .
1957.. .
1958.. .
1959.. .
1960 . . .
1961. . .
1962.. .

-14.7
8.8
12.0
7.1
9.2
-11.1
12.4
2 .4
3.5
-19.4
9.3
20.7
-7.9
3.9

-14.8
17.0
3.5
7.1
9 .8
-8.3
15.8
0.0
0.6
-18.1
18.0
0.6
0.6
4.5

1963.. .
1964. . .
1965. . .
1966.. .
1967.. .
1968.. .
1969. . .
1970.. .
1971. . .
1 9 7 2 ...
1973 ...
1974.. .
1975.. .
1976.. .
1977...
1978.. .
1979.. .

1.6
9.0
11.4
9.9
2.0
6.4
4.9
-3.9
10.6
12.9
11.9
-8.1
-22.5
11.3
6 .5
0.9
1.1

4.9
5.7
8.2
10.2
1.6
2.7
5.3
-3.9
4.5
12.7
9.4
-6 .4
-17.1
12.3
8.4
3.6
2.8

0.0
-10.8
20.5
2.1
4.9
7.1
-5.8
16.4
3.0
-1.7
-18.4
17.0
-3.3
3.0
9.2
8.3
9.4
9 .2
8.4
-0.4
5.6
5.6
-0.7
2. 2
9.5
5.9
-3.4
-9.4
10.4
12.2
16.8
-2.2

6.5
-10.2
31.5
2.1
-2.7
-1.2
-2.7
13.2
1.2
-5.0
0 .0
12.7
-2.8
12.4
2.2

10.8
-11.8
39.7
-4.1
-7.9
0.0
-2.0
12.3
-15.3
-1.1
13.7
2.3
-6.0
11.0
2.2

9 .0
-3.3
43.6
-1.4
7 .7
-5.4
-0.7
5.6
-1.2
0.6
16.5
-12.9
-6.6
10.9
2.7

0.8
5.1
24.7
-4.1
23.7
-7.8
0.7
7.5
3.0
-3.4
14.9
-15.8
-6.1
4.7
3.3

0.8
-7 .5
9 .0
2.1
39.6
-10.6
4.1
6.8
23.6
-7.3
10.5
-13.5
-5.6
9.5
2. 2

-2.3
-4.2
-4 .9
1.4
20.8
-12.5
12.0
10.0
7 .8
-13.2
16 .6
0.6
-7.8
11 .2
3.3

-5.3
-4.9
9.6
3.5
11.5
-14.9
14.9
8.6
5.9
-16.4
10.3
18.8
-11.5
13.7
1.6

-13.2
20.5
11.9
2.1
8 .6
-17.2
17.9
5.4
0.0
-18.1
14.9
26.4
-10.5
5.7
0.5

6.5
8.3
9.1
7.4
0 .8
5.9
3.3
-2.2
4 .5
9.8
2.6
0 .0
-1.1
6.1
9.7
14.0
1.4

7 .0
9.3
7.6
6.9
1.2
7.5
3.3
-4.3
3.7
4.2
1.6
0.6
6.9
4.0
5.0
9 .7
-5.3

4.3
7.1
10.0
7.7
1.2
8.3
4.8
-2.9
1.5
3.8
3.5
1.0
9.2
2.3
5.3
3.5

3.7
7.1
8.4
6.4
5.4
5.4
5.6
-2.9
-1.1
7.4
0.9
-2.8
12.2
2.9
4.0
6.5

3.7
9.1
7.9
2.9
4.9
3.4
4.0
-1.8
1.1
10 .0
2.2
-5.2
12.1
2.3
4.0
4.4

6 .4
1.0
8.8
3.7
3.3
4.2
3.3
-10.2
2. 2
13.6
3.8
-8.2
10.1
0.3
6.5
7.9

3.7
5.4
11.1
2. 9
6.5
6.5
-1.4
-12.2
6.8
12.7
8.1
-14.7
6.0
4.2
8.8
8.4

4.7
10.0
13.5
2.9
11.6
6.9
-1.4
-5.1
8.3
15.9
3.5
-22.4
4.9
9.3
9.7
12.4

3.1
16.5
10.5
4.1
10.3
4.9
-7.3
7.3
15.0
12.1
-3.7
-25.5
8.4
7.3
0.6
5.4

-li!4
15.4
5.9
6.4
8.7
-8.4
14.9
1.8
0 .8
-18.6
14.8
6.0
-1.4
5.9

4 .9
8.0
9.6
9.5
1.1
4.9
5.3
-2.8
5.8
11.7
9.1
-6.0
-16.3
11.3
9.0
7.1
0.6

930-C. CHANGE IN COMPOSITE INDEX OF 6 LAGGING INDICATORS OVER 1-MONTH SPAMS
(COMPOUND ANNUAL RATE, PERCENT)

10.2
0.0
28.1
12.7
16.1
-8.5
2.0
13.2
10.3
-13.5
-1.7
0 .0
-11.8
14.1

8.1
2 .5
-4 .9
19.3
0.0
13.8
-10.2
2.0
5.4
-6.3
-16.4
3.6
23.2
-4 .6
-3.2

8 .0
-4 .7
-5.0
19.0
8.2
9.6
-13.5
10.1
19.0
3 .3
-6 .4
5 .4
13.5
-9.1
8.5

5.3
-7 .0
7 .9
16.2
-3.9
22.0
-8.7
-5.6
18.7
8.5
-13.9
9.1
3.2
-14.8
6.7

2.6
-2.4
16.3
18.5
17.0
7.4
-13.7
10.1
18.4
1 .6
-25.0
12.8
13.3
-6.3
5.0

13.5
-9.4
5.1
20.7
21.4
0.0
-13.9
20.9
8.7
3.3
-18.7
18.6
8.1
-10.8
10.1

25.3
-9.4
5.1
4.2
-3.8
9.3
-7.3
7.8
20 .0
1.6
-10.0
16.3
-4 .5
-7.9
3.3

13.1
-9.5
24.8
10.8
-3.8
0.0
-17.4
32.0
-15.3
11.9
-11.6
22.0
-3.1
0.0
4.9

5.0
-4.9
33.5
4.2
6.0
9.2
-9.2
11.5
6.9
10-0
5.4
15.8
-7 .5
3.4
4.9

-13.7
13.4
23,7
4.2
5.9
-3.5
-5 .7
11.4
1.7
-13.4
0 .0
13.8
-4.6
-1.6
6.5

24.7
-14.0
35.0
4.1
7.9
-5.2
6.0
13.3
14.1
6.6
-3.5
-1.6
3.2
-6.4
6.5

1963. . .
1964.. .
1965...
1966.. .
1967.. .
1968.. .
1969.. .
1970. . .
1971.. .
1972.. .
1973.. .
1974.. .
1975.. .
1976.. .
1977.. .
1978.. .
1979.. .

-1.6
-4.4
10.6
5.5
6 .2
-2.4
14.3
7.4
-23.1
-12.7
28.1
13.5
-10.5
-5.8
3.0
24.2
18.4

3.2
9.4
8.9
17.2
-2.4
8.7
9.3
1.0
-5.4
-8.7
19.7
-9.5
-33.5
-4.9
8.3
17.3
9.5

1.6
4.6
13.6
13.9
6.2
0.0
10.4
-5.0
-9.5
3.5
19.4
-2.7
-26.9
-3.0
7.2
12.1
0.0

-1.6
6.1
10.3
13.8
-5.8
9.9
17.7
-18.6
-8.6
8.3
26.6
43.3
-26.8
0.0
6.1
5.4
27.1

3.2
-1.5
8.7
13.6
1.2
17.7
10.2
-1.0
2.3
8.2
14.0
40.6
-17.9
5.2
8.1
20.9
4.5

6.
6.
2.
14.
3.
4.
27.6
4.2
-9.7
7.0
24.5
9.0
-35.2
9.4
20.2
18.6
9.2

9.7
-2.9
2.8
13.3
1.2
-2.3
7.6
-2.1
15.8
0 .0
30.1
16.5
3.0
3.0
1.9
13.4

3.1
14.2
10.1
11.8
-4.7
5 .9
3.2
3.2
11.8
3.4
33.1
3.4
-2.9
-3.9
13.2
9 .6

3.1
14.0
-4.0
1.2
2.4
2.3
6.4
-7.0
0.0
10.6
22.8
5.2
-2 .9
11.6
13.1
16.0

9.6
1.5
10.0
2.5
-5.8
-1.1
9.7
-10.9
-8.5
9 .3
0 .0
-0.8
6.1
-3.9
16.1
13.9

12.9
-8.3
9.9
15.8
4 .9
8.3
-2.0
-14.7
-7.6
6.8
3.8
-9.6
-18.7
-4.9
17.0
45.5

-7.0
-2.5
4.7
12.9
18 .6
-3.5
0.0
-1.8
-3.2
0.0
9.2
-7.8
4.8
3.4
0.0

7.1
-3.2
-0.8
18.2
1.3
15.0
-10.8
2.0
14.2
1.6
-12.3
6.0
13.0
-9.6
3.9

5.3
-4.8
6.1
17.9
6.8
12.8
-12.0
4.6
18.7
4 .4
-15.4
9.1
9.9
-10.1
6.7

7.0
-6.3
9 .7
18.5
10.9
9.4
-12.2
7.9
15.2
4.4
-19.3
13.4
8.1
-10.7
7.3

13.4
-7.1
8.7
14.2
11.0
5.5
-11.7
12.8
15.6
2.2
-18.1
15.9
5.3
-8.4
6.1

17.2
-9.4
11.3
11.7
4.0
3.0
-13.0
19.8
3.4
5.5
-13.5
19.0
0.0
-6.3
6.1

14.2
-8.0
20.5
6.4
-0.6
6.1
-11.4
16.6
2.8
7.8
-5.7
18.0
-5.0
-1.6
4.3

0.8
-0.8
27.3
6.3
2.6
1.8
-10.9
17.9
-2.7
2.2
-2.3
17.2
-5.1
0.6
5.4

1963.. .
1964.. .
1965.. .
1966.. .
1967.. .
1968.. .
1969.. .
1970...
1971.. .
1972. . .
1973.. .
1974.. .
1975...
1976.. .
1977.. .
1978.. .
1979.. .

0.5
3.0
11.1
12.2
2.9
6.6
14.4
4.9
-15.0
-7.3
18.3
5.7
-15.9
-5.2
2.7
15.5
16.1

1.0
3.0
11.0
12.1
3.3
2.0
11.3
1.0
-13.0
-6 .2
22.4
0.0
-24.2
-4.6
6.1
17.8
9.1

1.1
6.7
10.9
14.9
-0.8
6.1
12.4
-7.9
-7.9
0 .8
21.9
8.1
-29.1
-2.7
7.2
11.5
11.7

1.0
3.0
10.8
13.8
0.4
9.0
12.7
-8.5
-5.4
6.7
19.9
25.1
-24.0
0.7
7.1
12.6
9.9

2.6
3.5
7.2
14.1
-0.4
10.6
18.3
-5.7
-5.5
7.8
21.6
29.9
-27.0
4.8
11.3
14.7
13.2

6.4
0.5
4.7
13.9
2.0
6.4
14.8
0.3
2.3
5.0
22.7
21.3
-18.1
5.9
9.8
17.6

6.4
5.6
5.2
13.3
0 .0
2.7
12.3
1.7
5.4
3.4
29.2
9.5
-13.4
2.7
11.5
13.8

5.3
8.1
2.8
8.6
-0.4
1.9
5.7
-2.1
9.0
4.6
28.6
8.2
-1.0
3.4
9.3
13.0

5.2
9.7
5.1
5.1
-2.8
2.3
6.4
-5.1
0.7
7.7
17.8
2.6
0.0
1.0
14.1
13.1

NOTE: These series contain revisions beginning with 1948.




104

4 .2
-2 . 5
30.6
4 .2

6.6
0.0
-3.2
12.1

7.4
0.5
0.6
9.1
-3.1
-1.6

6.0
8.5
2.0
5.1
6.3
0.4
3.1
4.6
-10.9
-5.4

8.9
8.4
-1.9
-5.8

0.7
15.4
24 .4

6.8
-11.2
35.6
0.3
-3.5
1.1
-3.9
15.1
-4.3
-4.1
1.1
10.8
-4.2
10.9
3.3

3.5
-1.9
25.8
-1.1
23.7
-7.9
1.4
6.6
8.5
-3.4
14.0
-14.1
-6.1
8.4
2.7

-6.9
3.8
5.5
2.3
13.6
-14.9
14.9
8.0
4.6
-15.9
13.9
15.3
-9.9
10.2
1.8

-5.7
20.6
1.8
10.0
-3.3
1.0
11.2
2.6
-5.6
2.6
6.7
-3.6
7.0
3.4

5.9
8.2
8 .9
7.3
1.1
7 .2
3.8
-3.1
3.2
5.9
2.6
0.5
5.0
4.1
6.7
9.1

4.6
5.7
8.4
4.3
4.5
4.3
4.3
-5.0
0.7
10.3
2.3
-5.4
11.5
1.8
4.8
6.3

3.8
10.6
11.7
3.3
9.5
6.1
-3.4
-3.3
10.0
13.6
2.6
-20.9
6 .4
6.9
6.4
8.7

4.8
8.2
9.6
6.1
4.0
5.6
2. 5
-3.6
4.9
10.4
4 .1
-7.9
1.6
6.1
6.7
7.8

4.6
13.9
14.4
5.0
14.0
19.9
6.3
-15.8
0 .0
7.9
14.8
0.0
-4.9
-3.0
5.6
20 .6

2.7
-3.3
22.1
7.0
13.2
-10.
4.
12.
2.
-12.
2.
12.
-8.5
6.5

7.1
-6.3
9.8
18.5
11.5
9 .8
-12.1
8.5
15.3
4. 5
-19.2
13.5
8.2
-10 .6
7.3

14.5
-7.9
21.1
6.4
-0.5
6. 2
-11.3
17.1
3.9
7.8
-5.4
18.0
-5.0
-1.5
4.4

1.3
-1.0
21.1
7.1
10.8
-4.1
0.1
7.6
4.2
-2.3
1.9
1.5
1.1
-1.5
4.3

1.1
3.2
11.0
12.2
3.3
2.1
11.3
1.1
-12.7
-6.0
22.4
0.4
-23.6
-4 .6
6.2
17.9
9.3

2.7
3.6
7.3
14.1
-0.3
10.8
18.5
-5.1
-5.3
7.8
21.7
31.0
-26.6
4.9
11.5
15.0
13.6

5.3
8.4
3.0
8.8
-0 .4
2.0
5.7
-2.0
9.2
4 .7
28.7
8.4
-0.9
3.6
9.4
13.0

9.0
2.4
11.4
7.8
4.4
9.0
4.7
-13.8
-5.4
8.0
6.2
-3.5
-5.8
-3.9
12.9
26.7

930-C. CHANGE IN COMPOSITE INDEX OF 6 LAGGING INDICATORS OVER 3-MONTH SPANS
(COMPOUND ANNUAL RATE, PERCENT)

2.5
-3.3
22.1
6.9
13.1
-10.8
4.6
12.4
2.2
-12.2
2.4
11.8
-8.6
6.2

IVQ

AVERAGE FOR PERIOD

1947. . .
1948.. .
1949 . . .
1950.. .
1951.. .
1952.. .
1953. . .
1954.. .
1955.. .
1956.. .
1957.. .
1958.. .
1959 . . .
1960. . .
1961. . .
1962.. .

1.6
-2.5
17.0
8.4
16.1
-7.4
1.3
5.4
0.0
-10.2
3.6
4.4
-4.1
4.5

III Q

AVERAGE FOR PERIOD

3.2
-11.6
35.7
2.8
0.0
4 .4
-7.1
19.9
1.2
-6.1
-10.3
17.5
-3.8
9.2
5.6

1947. . .
1948.. .
1949.. .
1950.. .
1951. . .
1952.. .
1953.. .
1954.. .
1955.. .
1956.. .
1957.. .
1958.. .
1959.. .
I960.. .
1961.. .
1962. . .

II Q

-3.1
12.2
13.5
7.2
6.3
-8.5
9.5
9.0
3.1
-8.7
8.9
4.1
-5.5
5.6
4.5
4.4
8.2
10 .7
1.8
6.0
10.1
-4 .9
-3.5
3.6
19.7
9.1
-14.3
0.0
10 .0
18.1

AVERAGE FOR PERIOD
0.0
-1.7
20 . 5
7 .0
10.7
-4.0
0.0
7.5
3.9
-2.6
1.8
1.1
1.0
-1.6
4.3
9.0
1.9
11.4
7.6
4.1
8.7
4.6
-13.8
-5.4
8.0
6.0
-3.6
-6.4
-3.9
12.8
26.0

8.5
-5.7
21 .9
9 .8
14.1
-5.7
2.6
8.0
6.8
-2.6
1.2
-3.2
-1.6
3.3
1.6
4.1
4.9
9.9
8.9
5.3
14.1
3.8
-17.9
-6.9
13.9
10.6
-6.8
-10.0
-1.6
15.3
27.6

0.3
-2.2
19.1
5.5
14.7
-9.7
2.6
10.7
1.3
-11.6
4.0
9.7
-7.4
4.9
0.9
4.2
11.0
13.1
1.8
4.9
12.7
-0.7
-12.0
-4.2
20.9
4.6
-23.1
-4.2
5.3
14.9
12.3

8.6
-6.1
8.2
16.9
9.6
9.2
-12.0
8.4
16.5
3.7
-17.6
12.8
7.8
-9.7
6.7

10.7
-6.1
19.7
8.1
2.0
3.6
-11.8
18.1
1.2
5.2
-7.2
18.1
-3.4
-2.4
5.3

4.2
-3.3
24.3
7 .0
10.5
-3.2
-0.2
9.2
6.0
-1.6
1.2
2.3
-1.2
0.0
4.0

-3.8
12.5
12.8
6.9
6.1
-8.4
9.6
8.6
2.1
-8.8
9.3
3.2
-4.9
5.2

3.3
2.3
7.6
13.9
0.7
8.7
15.3
-4.6
-2.9
6.5
21.4
25.4
-23.0
3.8
9.4
15.0

5.6
7.8
4.4
9.0
-1.1
2.3
8.1
-1.8
5.0
5.2
25.2
6.8
-4.8
2.4
11.6
13.3

7.2
2.9
8.8
7.6
3.3
8.6
4.3
-14.2
-5.9
10.3
8.3
-4.1
-7.4
-1.6
14.5
26.0

4.3
4.3
7.9
10.9
1.2
6.1
10 .1
-5.3
-3.9
4.4
19.0
8.2
-14.6
0.1
10.2
17.3

(JULY 1979)

E. Business Cycle Expansions and Contractions in the United States: 1854 to 1975

Duration in months

Business cycle reference dates

Cycle

Contraction
(trough f r o m

Expansion
(trough to
peak)

' peak)

Peak from
previous
peak

Trough f r o m
previous
trough

Peak

Trough

(x)
18
8
32
18
65

30
22
46
18
34
36

(x)
48
30
1§.
36
99

(x)
40
54
50
52
101

38
13
10
17
18
18

22
27
20
18
24
21

74
35
37
37
36
42

60
40
30
35
42
39

23

33

44

56

1 O

1
1Qy

/

"4-D

oo
JZ

24

12

43

36

23
18

44
10
22

35
11
28

67
17
40

October 1926
August 1929
May 1937
February 1945
November 1948
. . July 1953

14
13
43
13
8
IT

27
21
50
_80
37
_45

36
40
64
63
88
48

41
34
93
93
45
56

.
.
.
.

10
8
10

39
24
106
36

55
47
34
117
52

49
32
116
47

December 1854
December 1858
June 1861
December 1867
December 1870
March 1879

.
.
. .
.
.
.

June 1857
October 1860
April 1865
June 1869
October 1873
March 1882

May 1885
April 1888
May 1891
June 1894
June 1897
December 1900

.
.
.
.
.

March 1887
July 1890
January 1893
December 1895
June 1899
September 1902

August 1904
June 1908
January 1912
December 1914
March 1919
July 1921

, , May 1907
January 1910
. . January 1913
. . August 1918
. . January 1920
. . May 1923

July 1924
November 1927
March 1933
June 1938
October 1945
October 1949

.
.
.
.

.
.
.
.

May 1954
April 1958
February 1961
November 1970
March 1975

.
.
.
.

.
.
.
,
.

August 1957
April 1960
December 1969
November 1973

1J

_ 7

11
16

£

Average, all cycles:
28 cycles, 1854-1975 . .
12 cycles, 1919-1975 . .
6 cycles, 1945-1975 . . .

19
15
3
11

33
41
48

52
56
59

Average, peacetime cycles:
23 cycles, 1854-1975 . .
9 cycles, 1919-1975
4 cycles, 1945-1975 . . .

20
16
11

26
30
34

46
46
45




5

*52
59
58

2

4
5

46
48
43

8 cycles.

105

G. Experimental Data and Analyses

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data

(and

Series title
unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
. . .
3. Layoff rate, manufacturing 1
(per 1 0 0 employees) .
.
. . .
.
. . .
8. New orders for consumer goods and materials
in 1972 dollars (billion d o l l a r s )
. . .
32. Vendor performance, companies reporting
slower deliveries (percent)
12. Net business formation
(index- 1967=100)
. . .
20. Contracts and orders for plant and equipment
in 1972 dollars (billion d o l l a r s )
29. New building permits, private housing
units (index- 1967=100)
36. Change in inventories on hand and on order in
1972 do!., smoothed 2 (ann. rate, bil. dol . ) .
92. Change in sensitive prices, smoothed 2
(percent)
. . .
19. Stock prices, 500 common stocks
(index: 1941-43-10)
'.
104. Change in total liquid a s s e t s , smoothed 2
(percent)
106. Money supply ( M 2 ) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators 3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands )
. . .
51. Personal income less transfers in 1972
dollars (annual rate, billion d o l l a r s ) . . . .
47. Industrial production, total
( i n d e x - 1967=100)
.
. . .
57. Manufacturing and trade sales in 1972
dollars (million d o l l a r s )
920. Composite index of 4 roughly coincident
indicators 3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks )
. . . .
70. Manufacturing and trade inventories, total,
in 1972 dollars (billion d o l l a r s )
62. Labor cost per unit of output, manufacturing
( i n d e x - 1967=100)
.
. .
109. Average prime rate charged by banks
(percent)
.
.
.
72. Commercial and industrial loans outstanding
(mi 1 1 ion dol 1 ars )
.
.
.
95. Ratio, consumer installment debt to
personal income (percent)
930. Composite index of 6 lagging indicators 3
( i n d e x - 1967=100)

Mar.
1979

Apr.
1979

40 .8

39.2

Net contribution to index

May

June

1979

1979

40.2

Mar.
to
Apr.
1979

to
May

May
to
June

1979

1979

Apr.

p40.1

-1.34

0.85

-0.10

-0.10

0.0

-0.36

0.9

1.0

1.0

pi. 3

39.90

37.46

r37.89

p36.19

-0.33

0.06

-0.29

78

76

76

70

-0.07

0.0

-0.25

r!32.2

r!32.0

e!32.2

NA

-0.02

0.02

r!6.86

r!5.05

r!3.47

p!5.76

-0.26

-0.25

122.5

130.7

135.4

r22.72

r22.10

p!9.39

NA

r2.23

r2.22

rl.82

100.11

102.07

99.73

101.73

rO.73

rO.74

rO.76

525.8

526.2

r!43.7

NA
0.43

-0.19

0.19

-0.04

-0.17

NA

-0.00

-0.17

-0.04

0.12

-0.14

0.15

pO.77

0.03

0.07

0.04

r522.8

P523.8

0.03

-0.27

0.10

140.7

r!41.1

pi 4 0 . 9

-2.09

0.28

-0.14

88,263

r88,248

r88,516

p88,613

-0.01

0.24

0.11

rl,028.9

rl, 0 2 5 . 0

rl,024.6

-0.19

-0.02

-0.31

rlSO.O

r!51.8

plSl.4

-0.42

0.33

-0.09

161,903

r!54,959

p!58,230

NA

-0.95

0.46

NA

r!46.8

r!44.3

r!45.5

p!44.8

-1.70

0.83

-0.48

0.38

-0.06

130.9

152.3

11.7

11.0

11.1

1.74

el, 019. 7

10.4

0.12

0.61

NA

r252.24

r253.79

P254.90

NA

r!73.2

r!76.1

r!74.2

p!74.8

0.52

-0.34

11.75

11.75

11.75

11.65

0.0

0.0

-0.29
0.45

0 .29

0.21

r!37,817

r!40,892

r!43,347

pl45,321

0.49

0.38

r!4.85

r!4.99

P15.09

NA

0.48

0.34

r!58.5

r!61.7

r!62.3

p!63.5

2.02

0.37

0.16

NA
0.74

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170.
2
This
3




106

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
| I M M |""T""I |'»'T I I I T I I T m T n T m T 1 1
10. Index of 12 leading indicators
composite index

u3

Deviations
from

Actual
data

ret.

current
cycle

for

peak

+20

+10

+5
• 135

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
DATA YEAR
11/73
TROUGH

910. Index of 12 leading indicators
composite index

Q

SERIES 910
1967=100

Deviations
from
spec,
trough
Perc

+35

39
40

8.7
7 .7

142.5
141 .2

6/78
7/78

41
42
43
44

8.2
8 .9
9.7
9.2

141.9
142.8
143.8
143.2

8/78
9/78
10/78
11/78

+30

45
46
47
48

9.6
9.0
9.2
9.6

1 4 3 , 7 12/78
1/79
142.9
1 43.2
2/79
143,7
3/79

+25

7.3
140.7
4/79
49
141.1
7 .6
5/79
50
7.5
140.9
6/79
51
MONTHS
DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
SPEC.
AND
TROUGH
2/75
DATA YEAR

+20

• 140

+15

SERIES 910
1967=10!.)

-5

-10
• 115

-15

-J -20

•IDS

40. Ratio, coincident index to lagging
index

40

3 3. 9

142.5

6/78

41
42
43
44

3 2. 1
3 3. 4
34 , 2
35.2

141.2
141.9
142.8
143.8

7/78
8/78
9/78
10/78

45
46
47
48

34 .6
35,1
34.3
34.6

143.2
143.7
142 .9
1 43.2

1 1/ 7 8
12/78
1/79
2/79

143. 7
3/79
49
35.1
32.2
140 .7
4/79
50
141.1
32.6
5/79
51
52
32.4
140.9
6/79
MONTHS
DEVIFROM ATIONS CURRENT 'MONTH
RE F .
FROM ACTUAL
AND
TROUGH
11/73
DATA
YEAR

+10

+5

940. Ratio, coincident index to lagging index

mi

SERIES 940
1967=100
Percent

+15

•US

+10

+5

0

•loo

+25

39
40

-1 . 1
-1.9

98.7
97.9

6/78
7/78

41
42
43
44

-1.8
-3.1
-3.0
-5.1

98.0
96.7
96.8
94.7

8/78
9/78
10/78
11/78

+20

45
46
47
48

-5.8
-7.6
-8.3
-7.2

94.0
92.2
91.5
92.6

12/78
1/79
2/79
3/79

+15

49
50
51

-10.6
-10.2
-11.2

89.2
89.6
88.6

4/79
5/79
6/79

• 100

+10

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
1/75
DATA YEAR

+5

SERIES 940
1967=100

-5
41
42
43
44

20.
19.
19.
17.8

98.7
97.9
98.0
96.7

6/78
7/78
8/78
9/78

45
46
47
48

17.9
15.3
14.5
12.3

96.8
94.7
94.0
92.2

10/78
11/78
12/78
1/79

49
50
51
52

11.4
12.8
8.6
9.1

91.5
92.6
89.2
89.6

2/79
3/79
4/79
5/79

53

7.9

88.6

6/79

-10

-15

-20
-12 -6

*85

•80

0 +6 +12 +18 +24 +30 +36 +42 +48
Months from reference troughs

-15
-12 -6

0 +6 +12 +18 +24 +30 +36 +42 +48
Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the June 1979 issue.




107

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued

'20. Four coincident indicators, composite
index
Q
c,c,c'

Deviations
from

Actual
data
for
current
cycle

ref.

peak

MONTHS DEVIFROMi ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR
SERIES 920
1967=100

Percent

39
40

8.0
8.3

140.1
140.5

6/78
7/78

41
42
43
44

9.3
9.2
10.4
11.5

141.7
141.6
143.2
144.6

8/78
9/78
10/78
11/78

45
46
47
48

12.4
11.9
11.8
13.2

145.8
145.1
145.0
146.8

12/78
1/79
2/79
3/79

49
50
51

11.3
12.2
11.6

144.3
145.5
144.8

4/79
5/79
6/79

Deviations
from
spec.
trough

920. Four coincident indicators, composite
index
r

-1-15

+30

+10

• 135

0

1958

• iso

+25

+20

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA YEAR
3/75

+15

• 125

SERIES 920
1967=100

-5
• 120

-10
H15

-15

•no

39
40

24.8
25.1

140.1
140.5

41
42
43
44

26.2
26.1
27.5
28.8

45
46
47
48

29.8
29.2
29.1
30.7

49
50
51
MONTHS
FROM

REF.
TROUGH

930. Six lagging indicators, composite inde

6/78
7/78

+10

141.7
141.6
143.2
144.6

8/78
9/78
10/78
11/78

+5

145.8
145.1
145.0
146.8

12/78
1/79
2/79
3/79

28.5
144.3
4/79
29.6
145.5
5/79
28.9
144.8
6/79
DEVIATIONS CURRENT MONTH
FROM ACTUAL
AND
DATA YEAR
11/73

930. Six lagging indicators, composite index
Lg,Lg,Lgl

0

+40

SERIES 930
1967=100

+20

+15

• 155

• 150

• 145

+10
»140

39
40

9.2
10.4

142.0
143.5

6/78
7/78

41
42
43
44

11.2
12.6
13.8
17.5

144.6
146.4
148.0
152.7

8/78
9/78
10/78
11/78

45
46
47
48

19.3
21.0
21.9
21.9

155.1
157.3
158.5
158.5

12/78
1/79
2/79
3/79

49
50
51

24.4
24.8
25.8

161.7
162.3
163.5

4/79
5/79
6/79

+35

+30

+25

+20

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
4/76
DATA YEAR

+5

+15

SERIES 930
1967=100

0

• ISO

M25

-5
H20

-10

-12-6

26
27
28

19.6
20.9
21.8

142.0
143.5
144.6

29
30
31
32

23.3
24.7
28.6
30.7

33
34
35
36
37
38

6/78
7/78
8/78

+10

146.4
148.0
152.7
155.1

9/78
10/78
11/78
12/78

+5

32.5
33.5
33.5
36'.2

157.3
158.5
158.5
161.7

1/79
2/79
3/79
4/79

36.7
37.7

162.3
163.5

5/79
6/79

0 4 - 6 +12 +18 +24 +30 +36 +42 +48
Months from reference troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the June 1979 issue.


http://fraser.stlouisfed.org/
108
Federal Reserve Bank of St. Louis

,.l

hunlm..!.....!,....!.....!.....!

-12 -6

Lmliimln

0 +6 +12 +18 +24 +30 +36 +42 + 48
Months from specific troughs

0140

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
1

'' I ' ' ' ' ' I

I"' iTpnpmpmpnpmprrTT

50. GNP in 1972 dollars
c,c,c|

Deviations
from
ref.
peak

Actual
data
for
current
cycle

+20

QRTRS . DEVIFROM ATIONS CURRENT QRTR.
REF.
FROM ACTUAL
AND
IV/73
TROUGH
DATA
YEAR

50. GNP in 1972 dollars

SERIES
50
A N N . RATE

Percent

B I L . DOL.

11

9.6

1361.3

IV/77

12

10.1

1367.8

1/78

13

12.3

1395.2

11/78

14

13.3

1407.3 HI/78

15

14.8

1426.6

IV/78

16

15.1

1430.6

1/79

17

14.2

1418.8

11/79

M450

+15

Actual
data
for
current
cycle

Deviations
from
spec,
trough

+25
• 1450

M400

+10

+20

• 1400

• 1350

+5

• 1300

+15

QRTRS. DEVIFROM ATIONS CURRENT QRTR.
AND
FROM ACTUAL
SPEC.
YEAR
DATA
TROUGH
1/75

• 1300

SERIES
50
A N N . RATE

• 1250

+10

B I L . DOL.

11

16.2

1361.3

IV/77

12

16.7

1367.8

1/78

13

19.1

1395.2

11/78

14

20.1

1407.3 HI/78

15

21.8

1426.6

IV/78

16

22.1

1430.6

1/79

17

21.1

1418.8

11/79

• 1250

• 1200

-5

86. Nonresidential fixed investment, total,
1972 dollars

+5

H200

86. Nonresidential fixed investment, total,
1972 dollars

QRTRS . DEVIFROM ATIONS CURRENT QRTR.
AND
FROM ACTUAL
REF.
TROUGH
DATA
YEAR
IV/73
SERIES
86
ANN . RATE

• 150

• 140

• 130

BIL. DOL
131.7 IV/77

11

-0.5

12

0.5

133.1

13

6.0

140.3

11/78

14

6.9

141.6

HI/78

15

9.9

145.5

IV/78

16

11.2

147.2

1/79

17

9.8

145.4

11/79

+30 .145

1/78

+25

+20

QRTRS. DEVIFROM ATIONS CURRENT QRTR.
SPEC.
FROM ACTUAL
AND
TROUGH
IV/75
DATA
YEAR

8

SERIES
86
' A N N . RATE
BIL. DOL.
17.8
131.7
IV/77

9

19.1

133.1

1/78

10

25.5

140.3

11/78

11

26.7

141.6

HI/78

12

30.1

145.5

IV/78

13

31.7

147.2

1/79

14

30.1

145.4

11/79

• 135

H30

+15

+10

+5
• 115

-1 -15
• 110

-12-6

• 120

0 +6+12+18+24+30+36+42+48
Months from reference troughs

..I.....!

T

•12-6

0 + 6 + 1 2 + 1 8 + 2 4 + 3 0 + 3 6 + 42+48

I.....I

I

I.....I

I.....I.....I.

Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the June 1979 issue.




109

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Cur re

Series lilies
Sines," following t h i s i n d e x )

mbersi
number
Charts

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diti

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11 umir t n n n v n t , i I f x
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f n'ont , nicinuhit ing
i i v rd i-> m a n u f a c t u r i n g
j

1

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pi nt ind °q ( p r i n t
plant ind equipment Dl
ml trKJf Dl
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Dl

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2
604

16
56

61
92

4/79

61
970
58
974
975
971
976
978
977
972
973

24
38
22

67
76
65

2/79

38
38
38
38
38
38
38
38

76
76
76
76
76
76
76
76

2/79

12/78

2/79
8/78
2/79
2/79
2/79
2/79
2/79
2/79
2/79

55
616

22
56

65
92

9/78

11/63*
11/68*

I

6/79

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72
72

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Wage and benefit decisions, f i r s t year
Wage and benefit decisions, life of contract
Wages and salaries, mining, manufacturing, and
construction

f

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2/78

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13,25
24
24
38
33
12,23
23

67
67
67
76
72
65
65

295

46

82

6/79

1
t

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11/68
11/68*

J

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2/79

11/78

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20
20
20

64
64
64

1/78

1 immni il mi i i

1/78

97
11
965

24
24
37

66
66
75

1/78
1/78

t in n f mm I , t J ht
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Coo H t r n ' il MM
i

2/79

M i r t ] ]i i j . h t

Ci id
11
29
29

60
70
70

3/79

442
90
441
37

51
18
51
18,51

920

9/78

i/72'

9/78

1/72

89
62
89

4/79

4/72*

62,89

4/79

3/79
3/79

4/72*
4/72*

10
39
36
11
23
15,35
32

60

3/79

951
940
9
72
112

74
60
66
73
72

6/79
3/79

6/79

11/72
11/72

345

49

87

6/76*

10/72*

920c

345c

280

50
45

11/75*

7/79

1/78
6/79

87
82

6/76*

10/72*

11/78

10/69

64

30,47

70,83

9/78

10/69*

346

49

88

6/76*

10/72*

346c

50

88

6/76*

10/72*

340

49

87

8/78

6/72*

340c

50

87

8/78

6/72*

341

49

87

8/78

6/72*

341 c
348
349

50
50
50

87
88
88

8/78

6/72*
6/72*
6/72*

53

19

63

8/78
8/78
4/79

3/79

60

3/79

60
60
60
60
60
60

910c

11
11
11
11
11
10
39

29
9
69

13,25
23
24

67
66
67

248
87
86
249
89
28

47
25
25
47
25
25

83
67
67

8
75

12,21
22

64
65

66
113
95
39

35
32
15,35
33

73
72
73
72

320

49

320c

49,59

84,95
84,95

322

58

49
49
22

84
84
65

8/78

20
10
116

12,23
23
34

66
66
73

6/78

9/68

1/7°

7/64

112
110
72

32
32
15,35

72
72
73

66
113
95
39
33

35
32
15,35
33
32

73
72
73
72
71

525
564
548
517

53
55
53
53

90
91
90
90

8/78

39
32

33
12,21

72
64

1/78

11/72
12/74

970
965
951
974
963
967

38
37
36
38
36
37

2/79

11/68*

966

37

962
975
952
950
964

36
38
36
36
37

76
75
74
76
74
75
79
75
78
74
76
74
74
75
77

971
968
976
978
977
969
972
973
961

38
37
38
38
38
37
38
38
36

'n ^r ii"

t

in

110

3/79
3/79
3/79
3/79
3/79
3/79

5/75*

7/79

n ' j nt i m n it d il
m e

n r,t '

L

i i ]

1 kins

'

i ' indino

i , i ir v r i f p

u i jt
C

6/79

4/69

1/78
9/78

9/68*

11/78

10/59*

83
67
67

•

9/78
9/78

11/78

10/69*

9/78
5/79

6/72"

5/79
2/78
5/79
6/79
6/79
2/79
5/79
5/79
5/79
5/79

10/72
10/72

ii/72
5/69*
5/69*
5/69*
5/69*
11/63*

-i ( i ( i in

9/78

6/79

11/72

2/79

7/64

6/79

11/72

5/79
6/79

10/72
10/72

6/79
2/79

11/72

7/78

M l\i 1 ,,1. inc'
D

Debt-See C r e d i t .
Oefi^nse
M i l i t a r , p r r n e L mtract avvr]^
National defense p u r c h a s t ^
New o r d e r s , diffuse pro i i c 1
Obligations incurred
Deficit-See Government.
Deflators-See Price indexes.
Delinquency r a t e , consumer installment loans
Deliveries, vendor p e r f o r m a n c e
D i f f u s i o n indexes
Business e x p e n d i t u r e s , new plant and equipment
Capital a p p r o p r i a t i o n s , m a n u f a c t u r i n g
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagnculturai p a y r o l l s
Industrial materials p r i c e s
Industrial materials prices, components
Industrial p r o d u c t i o n
Industrial p r o d u c t i o n , components
Initial claims, State unemployment insurance
Inventories, m a n u f a c t u r i n g and trade
Lagging i n d i c a t o r s
Leading indicators
New o r d e r s , d u r a b l e g o o d s industries
New o i d e r s , d u r a b l e goods industries, components . . . .
New orders, m a n u f a c t u r i n g
,
Prices, 500 common stocks
,
Prices, selling, m a n u f a c t u r i n g
Prices, selling, retail trade
Prices, selling, wholesale trade
Profits, m a n u f a c t u r i n g
,
Sales, net, m a n u f a c t u r i n g and trade
Workweek, mfg. production w o r k e r s
W o r k w e e k , mfg. p r o d u c t i o n workers, components . . . .
Disposable personal income-See Income.

index; GPDI, gross p r i v a t e domestic investment, and NIPA, national income and product accoui




11/75*

7/79

i( ,

i

83
82
84

1/78

i

i]

m 1 ^} i i

S P '
<t
< p

f

f

i

1

BM n , t i 1 m »
B IK 10 n_| t Jt il pri it

914
35
34

60

10
39

322c

5/79
7/78

11/75*

n

4/69

2/79

0,tn

930

(

2/78
2/79

3/79

SSu

7/79

r i

) I

29
76
61
970
14
12
13

60

JpSrriptl

~ n t It

'f V

11/72

C
Canada -See Internationa! comparisons.
Capacity utilization
Manufacturing ( B E A )
Manufacturing ( F R B )
Maiorials . . .'
C a p i t a l appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital investment-See Investment, capital.
Capital investment commitments, C!
Cash How, corporate, constant dollars
Cash f l o w , c o r p o r a t e , current d o l l a r s
Civilian labor force-See also Employment.
t mployment
Employment as percent of population
Total
Unemployed
Coincident indicators, f o u r
Composite index
Composite index, rate of change
D i f f u s i o n index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, c o n t r a c t s awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compensation, average hourly, all employees,
n o n f a r m business sector
Compensation, average hourly, all employees,
nontarm 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,
p r i v a t e nonfarm economy, percent changes
Earnings, real average hourly, production
w o r k e r s , private nonfarm economy
Earnings, real average hourly, production

'

M

,
t

^
P

i uesi foinuition
>•! ,in. >s i n c n r p u i a t i o n s
B i i us nventnnes-See Inventories

(q

.

10
39

dit.

dssje dat •

M"t
J

See G o v e r n m e n t

f^kim^iRnmrnewfHVdtehriusinq
b " !' 's, equipment mdustnal ps'diHtiun
!J MIII ,s e x p e n d i t u r e s new plant and e pnpment

Hi

33
33

I

i

-r

Tables

Hr-t-nrd'

940

914
915
913
917
916
910

i

1 [ lr

iPid

C
^

11/72
11/72

T t
J

•

T

10/69*

f

920c

930c

i i n

Currer
,'pagen jii hers)

s ,, ri ,,.

number
Charts

)

t

l

T

I

itc

l [ t
M

f

93
94

L

I ph

11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
ll/6<,*

12/73

6/79

T M i md x

of

1

920

t

r

73
72

i

ind Sn

f r n,i)
T M
r

V I ] , '

g

15,35
32

I

,

iMlhJlH

i

72
112

s

I ni i t n1 v
r UN i j t i |
h
If
f u
F
•
]
f
11/68
L.j) i
ll/6u*
} 1 i

L,

B > 1 ' i e o f )i m nts See Intern itiirn' tr „ <. ,,
H,ii,i in, ins to businesses, uians nutstan iinq
Lin1 ! o iur 10 h usmt>w s net change

i

8/68

[

n if i Sun
id mit

r ipiete t t

uf f l i t )

Tables

A
A n ,i 1 i tap n inuhcturmg

'i i 1 1

76
75
76
76
76
75
76
76
74
77

8/78
9/78
8/78

2/79

10/69*

2/79
6/79
2/79

11/68*

6/79
4/78

4/69*

12/77
6/78'
2/79

6/69*
11/68*

6/79
6/79
7/78
2/79
6/77
2/79
2/79
2/79

11/68*
5/69*
11/68*
11/68*
11/68*

8/78

? 1/ 7l 9
L
y

1 1/68*

2/79

11/68*

12/78

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series, " f o l l o w i n g this index)

Curren t issue
(page n jmbers)

Series
number

Charts

Tables

Historical
Series
descriptions
data
(issue date) (issue date)

E
Earnings-See Compensation.
Employment and unemployment
Accession rate, manufacturing
Civilian labor force, total
Employee hours in nonagricultural
establishments
Employee hours in nonagricultural
establishments, rate of change
Employees in mining, mfg., and construction
Employees, manufacturing and trade, Dl
Employees on nonagricultural payrolls
Employees on private nonag. payrolls, Dl
Employment, ratio to population
Employment, total civilian
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl
Layoff rate, manufacturing
Marginal employment adjustments, Cl
Overtime hours, mfg. production workers
Participation rate, both sexes, 16-19 years old
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
Quit rate manufacturing
Unemployed, both sexes, 16-19 years old
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment rate, 1 5 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate total
Unemployment, total civilian
Workweek, rnfg. production workers
Workweek, mfg. production workers, components . . . .
Workweek, mtg. production workers, Dl
Equipment-See Investment, capital.
Exports-See Foreign trade and International transactions.

16
51

61
89

4/79

48

17

61

7/79

8/68*

48c
40
974
41
963
90
442
46
60
5
962
3
913
21
453
452
451
448
42
4
446
445
447
444
91
44
45
43
37
1

39
17
38
14,17
36
18
51
17
17
16
36
12,16
11
16
51
51
51
51
17
16
51
51
51
51
15,18
18
18
18
18,51
12,16

7/79

8/68*

961

36'"

2
441

62 "
76
62
74
62
89
61
61
61
74
61
60
61
89
89
89
89
62
61
89
89
89
89
62
62
62
62
62,89
61
77
74

3/79

8/68

4/72*

12/78
2/79

ii/68*

12/78

8/68

6/79
3/79
4/79
7/79

4/72*
12/74

Foreign trade-See also International transactions.
Balance on goods and services
Balance on merchandise trade
E x p o r t s , merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
E x p o r t s of agricultural products
Exports of goods and services, constant dol., NIPA . . . .
E x p o r t s of goods and services, current dol., NIPA
E x p o r t s of goods and services, exc. military
E x p o r t s of nonelectrical machinery
Imports, merchandise, adjusted, exc. military
Imports, merchandise, total
Imports of automobiles and parts
Imports of goods 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 e x p o r t s , goods and services, constant dol., NIPA
Net exports, goods and services, current dol., NIPA . . .
Net exports, goods and services, percent of GNP, NIPA
France-See International comparisons.
Fiee reserves

7/79
6/78
4/79

6/69"
6/69*
8/68*

3/79

12/78

12/74

4/79
4/79
4/79
4/79
4/79

4/72"

4/79
4/79
4/79
4/79




...

3/79

4/72"

7/79

6/69

4/79

4/72

4/79

4/72*

12/78

8/68

12/78

34

72

1/79

94
213
917

33
40
11

72
80
60

2/78

311

48
48

84
84

9/78

311c

667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251

57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
44
44
47

93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
82
82
83

11/78
11/78
11/78
12/78
12/78
11/78
11/78
11/78
12/78
11/78
12/78
IP/78
11/78
11/78
11/78
12/78
11/78
11/78
11/78

11/73

10/78
3/79

9/78

5/69*
5/69*

5/69

5/69*
5/69*
5/69*

5/69

5/69*

5/69"
10/69*

93

33

72

49

20

63

9/78

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90
90
83

10/78
10/78
10/78
10/78
10/78
10/78

7/68*
7/68*
7/68*

11/78

10/69

43
43
47
55
43
43
47
43
43

81
81
83
91
81
81
83
81
81

311
311c

Tables

48
48
30

84
84
70

19,40

9/78
9/78
9/78

7/68

10/78
10/78
10/78
10/78
10/78
10/78

10/69*
10/69*
10/69*
10/69
10/69
10/69

217

31 "'
20
48
48
40

63,80
80
80
80
80
80
71
63
84
84
80

10/78

10/69*
10/69*
10/69

46
60

17
17

61
61

7/79

12/74

21
1

16
12,16

12/78
12/78

961

36" '

61
61
77
74

28
29
89
249

25
13,25
25
47

67
67
67
83

310
310c

48
48

345

49

68
50
50b
50c
200
200b
200c
107
49
310
310c

39
40

2/79
9/78
9/78
9/78

H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours of production workers, manufacturing
Average weekly overtime
Average workweek
Average workweek, components
Average workweek, Dl
Housing
Housing starts
Housing units authon/ed by local bldg. permits
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

3/79

12/74
8/68

12/78
5/79

6/72

6/79

4/69

9/78

11/78

10/69*

84
84

9/78
9/78

10/69*
10/69*

87

6/76*

10/72*

1

3/79

119

263
262
265
564
267
266
268
261
260

Charts

Series
Historical
descriptions
data
(issue
date)
(issue date)

4/79

12/78

11/72

G
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 o r 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

Gross business product
Fixed weighted price index
Fixed weighted price index, percent changes
Gross domestic product labor cost per unit
Gross national product
GNP, constant dollars
GNP constant dollars differences
GNP, constant dollars, percent changes ,
GNP, current dollars
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply
Goods output in constant dollars
Implicit price deflator
Implicit price d e f l a t o r , percent changes
Per capita GNP, constant dollars
Gross private domestic invest. -See Investment, capital.

Curren t issue
(page n jmbers)

Series
number

3/79

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 investment -See Investment, capital.
Fixed weighted price index, NIPA
Fixed weighted price index, percent changes, NIPA

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

11/78
11/78
11/78
9/78

11/78
11/78
11/78
11/78
11/78

11/73
10/69
10/69*
10/69*
11/73
10/69
10/69*
io/69

Implicit price deflator GNP
Implicit price deflator GNP percent changes
Imports-See Foreign trade and International transactions.
Income
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average 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,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Consumer installment debt, ratio to personal income . .
Corporate p r o f i t s with IVA and CCA
Corp. profits with IVA and CCA, pet. of nat'l. income .
Disposable personal income, constant dollars
Disposable personal income, current dollars
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, p r o d u c t i o n
w o r k e r s private n o n f a r m economy
Earnings, real average hourly, production
w o r k e r s , private n o n f a r m economy, percent changes .
Income on foreign investment in the U.S
Income on U.S. investments abroad
Interest, net
Interest, net, percent of national income
National income
Personal income constant dollars
Personal income, current dollars
Personal income, less transfers, constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
P r o p r i e t o r s ' income with IVA and CCA
P r o p r i e t o r s ' income with IVA and CCA, percent
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
Industrial materials prices
Industrial materials prices, components
Industrial materials prices Dl
Industrial production - See also International comparisons.
Consumer goods
Durable manufactures
Nondurable manufactures
Total
Total, components
,
Total, Dl
Total rate of change
Installment debt-See Credit.
Insured unemployment
Avg. weekly initial claims, unemploy. insurance
Avg. weekly initial claims, unemploy. insurance, Dl ...
Avg. weekly insured unemployment rate

345c
280
64

50
45
30,47

87
82
70,83

6/76*
11/78
9/78

10/72*
10/69
10/69*

346

49

88

6/76*

10/72*

346c
95
286
287
225
224
227

50
15,35
45
47
40
40
40

88
73
82
83
80
80
80

6/76*

10/72*

11/78
11/78
10/78
10/78
107 78

10/69
10/69*
10/69
10/69
10 / 6 9

340

49

87

8/78

6/72*

340c

50

87

8/78

6/72*

341

49

87

8/78

6/72*

341 c
652
651
288
289
220
52
223
51
51c
108
282

50
57
57
45
47
45
19
40
14,19
39
31
45

87
93
93
82
83
82
63
63
63

8/78

6/72*
5/69*
5/69*
10/69
10/6910/69

283
284
285
348
349
53
13
23

47
45
47
50
50
19
23
28

967

37'

76
75
73
74
47

24
22
20
20
14,20,58

966
47c

37
39

5
962
45

16
36
18

6/79

11/78
11/78
11/78
11/78
10/78
9/78
9/78
7/79

7/68*

7/79

71 '"

3/79

82

11/78

10/69

83
82
83
88
88
63
65
69
79
75

11/78
11/78
11/78

10/69*
10/69
10/69*
6/72*
6/72*

67
65
63
63
63 94
78
75

8/78
8/78
4/79
7/78
1/78

4/69

4/78

4/69*

2/78
2/78
2/78
2/78
7/79

11/68

12/77
7/79

61
74
62

7/79

6/69

6/78

6/69*

7/79

6/69

111

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(Sec complete titles in "Titles and Sources of
Series," following this index)

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
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
E x p o r t s of agricultural products
E x p o r t s of goods and services, exc. military
E x p o r t s 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. and 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, Ci
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 m-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


http://fraser.stlouisfed.org/
112
Federal Reserve Bank of St. Louis

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date) issue date)

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

288
289

45
47

82
83

11/78
11/78

10/69
10/69*

67
116
119
118
117
109
114
115

35
34
34
34
34
35
34
34

73
73
72
73
73
73
72
73

7/78

12/74

1/79

7/64

1/79

11/73

1/79

7/64

1/79

7/64

1/79

11/73

1/79

7/64

1/79

7/64

96
96
95
95
96
96
95
95
95
95
84,95
84,95
95
95

1/79

9/72*

L

9/72*

2/79

Labor cost per unit of gross domestic product
Labor cost per unit of o u t p u t , manufacturing
Labor cost per unit of output, private business sector . . . .
Labor cost, price per unit of, manufacturing
Labor force-See Employment and unemployment.
Lagging i n d i c a t o r s , six
Composite index
Composite index, rate of change
D i f f u s i o n mde>
Layofl rate, manufacturing
Leading indicators, twelve
Composite index
Composite index, rate of change
D i f f u s i o n index
Liabilities of business f a i l u r e s
Liquid assets, change in total
,
Loans-See Credit.

Plant and equipment
Business expenditures, new
Business expenditures, new, Dl
Contracts and orders, constant dollars
Contracts and orders, current dollars
Investment, f o r e i g n
Income on foreign investments in U S
Income on U.S. investments abroad
Italy-See International comparisons.

Current issue
(page numbers)

Series
number

Charts

Tables

Series
Historical
descriptions
data
issue
date)
(issue date)

61
970
20
10

24
38
12,23
23

67
76
66
66

6/78

9/68

652
651

57
57

93
93

11/78
11/78

5/69*
5/69*

68
62
63
17

30
15,30
30
29

70
70
70
70

9/78

7/68

9/78
9/78

11/68
10/72
11/68

930
930c
952
3

10
39
36
12,16

60

3/79

11/75*

74" '
61

6/79
4/79

8/68*

910

60

3/79

5/75*

950
14
104

10
39
36
33
13,31

74'
72
71

2/79

913
78

11
27

60
68

3/79

38

26

68

6/78

8
84

12,21
20

64
64

5/79

917

11

60

3/79

104
105
85
106
102
107
108
33
118
117

13,31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

3/79

27
24
8
20
10
548
7
6

23
23
12,21
12,23
23
53
21
21

2/79
2/79

11/68
11/68*

9/78

J

Japan-See International comparisons.
733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c

59*"

59'"
59""
59""

59
49
49,59
59'"

1/79
7/79
7/79
1/79

9/72*

1/79
1/79

9/72*

1/79
1/79

9/72*

1/79
5/79
5/79
1/79

5/69*
5/69*
9/72*

1/79

723
726
727
728
721
722
47
725

58
58
58
58
58
58
14,20,58
58

94
94
94
94
94
94
63,94
94

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

6/79

667
622
618
602
604
668
606
620
612
616
669
614
652
651

57
57
57
56
56
57
56
57
56
56
57
56
57
57

93
93
93
92
92
93
92
93
92
92
93
92
93
93

11/78
11/78
11/78
12/78
12/78
11/78
12/78
11/78
12/78
12/78
11/78
12/78
11/78
11/78

2/79
2/79
2/79

10/72*
10/72*
10/72*
10/72*

910c

1/77

7/79

7/79
6/79
3/79

2/79
2/79
7/79
2/79

10/72*
11/68
10/72*

6/79
6/79
6/79
6/79
6/79

M

Man-hours-Sen 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.

6/79

5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*

Materials, rate of capacity u t i l i z a t i o n
Merchandise trade-See Foreign trade.
Military-See Defense.
Money and f i n a n c i a l f l o w s , Cl
Money supply
Liquid assets, change in t o t a l
Money supply Ml
Money supply Ml , percent changes
Money supply M2
Money supply M2, percent changes
R a t i o GNP to money supply M1
Ratio persona! income to money supply M2
Mortgage debt, net change
Mortage yields secondary market
Municipal bond yields

6/78

1/78

3/79
3/79

10/72

3/79
3/79

10/72

9/78
3/79
7/78
1/79

7/64

1/79

7/64

N
30
245
247
65
36
77
915
70
71
31
975
78

26,42
42
47
27
13,26
27
11
15,27
27
26
38
27

68,81
81
83
68
68
68
60
68
68
68
76
68

38

26

68

97
11
965
914
9

24
24
37
11
23

66
66
75
60
66

9/78

11/78
11/78

10/69
10/69*

6/78

9/68

5/79
6/79
3/79

National defense-See Defense.
National Government-See Government.
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondefense, constant dol
Capital goods industries, nondefense, current dol

10/78
5/79

2/69

5/79

2/69

2/79
6/78

11/68*

6/78

C o n t r a c t s and orders, plant and equip., constant dol. . .
Contracts and orders, plant and equip., current dol. . . .
Defense p r o d u c t s
Durable goods industries, constant dollars
Durable goods industries, current d o l l a r s
Components
,
,
Diffusion index

1/78

Nonresidential f i x e d investment, GPDI
Producers' durable equipment, constant d o l l a r s
Structures, constant d o l l a r s
Total, constant dollars
,
Total percent of GNP

1/78
2/79
3/79
1/78

69

24

67

9/78

243
242

42
42

81
81

11/78
10/78

86
248
88
89
249
87
241
240

25
47
25
25
47
25
42
42

67
83
67
67
83
67
81
81

9/78

27

23

66

6/78

24

23

66

6/78

964
971

37
38

66
66
64
66
66
90
64
64
77
75
76

88
87
86
248

25
25
25
47

67
67
67
83

517
721

53
58

90
94

49
62
358
370
370c
83
82
84
21

20
15,30
50
50
50
20
20
20
16

63
70
88
88
88
64
64
64
61

6/78
6/78

9/68

5/79
9/78
6/78

9/68'

8/78
6/79
6/79

9/68*

7/78'
2/79

11/68*

9/78
9/78
9/78

11/78

ib/69*

9/68*
O

11/78

10/69*

9/78
9/78

11/78

10/69*

9/78

10/78
10/78

10/69

9/68

Obligations incurred, Defense Department
OECD, European countries, industrial production
Orders-See New orders and Unfilled orders.
Output-See also Gross national pioduct and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
Per hour, nonfarm business sector
„
Per hour, private business sector
Per hour, private business sector, percent changes
Ratio to capacity, manufacturing (BEA)
Ratio to capacity, manufacturing ( F R B )
Ratio to capacity, materials
Overtime hours, production workers, manufacturing . . . .

8/78
2/79

9/78
9/78

ii/68

6/76*
6/76*
6/76*

6/68*
10/72*
10/72*

1/78
1/78
1/78

12/78

12/74

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series t i t l e s
(See complete t i t l e s in "Titles and Sources of
Series," following this index)

Currei
( p a g e n imbers)

Series
number

Charts

Tables

Historical
data
inscriptions
(issue date) issue d a t e )

Reserves, f r e e
Residential f i x e d investment, constant d o l l a r s , GPDI . . . .
Residential f i x e d investment, percent of GNP
Residential s t r u c t u r e s - S e e Housing
R e t a i l sales, constant d o l l a i s
Retail sales, c u r r e n t d o l l a r s

P

P a r t i c i p a t i o n mtes, civilian tabor f o r c e
f ernales 20 years and over
Miles 20 years and over
Personal t onsumption e x p e n d i t u r e s
Autumubiles
D u r a b l e qoods, i (instant d o l l a i s
D u i a b l e q o o d s , cmrent d o l l a i s
Nonduiable qoods, cunstant d o l l a r s
Mmidurable qoods, c u r r e n t dollars
Servnes, constant dolla's
Services, c u r r e n t dollars
Tot il, constant dollars
T o t a l , cuirent f l o l l a r s
T o t a l , permit of GNP
Personal nnome- See Income.
Persona! sa.mg
Personal saving f a t e
P"tm!eum and products, imports
Plant and equipment See also Investment, ( apital.
business expenditures to.
l!u i n i ' s s e x p e n d i t u e s t n i , Dl
[initial ts and o r d e r s f o r , ronstant d o l l a r s
C o n t r a i l s and oideis t i n , c u r r e n t dollars
Population, 1 1\ ih in employment as peicent of
Prifeinde-e,
Consumer prices Sec also International comparisons.
All items, mde'
Ail mmis, pen ent changes
hind, index
Fund, neieent changes
D e i l a t u r s , NIPA
PIMM! weighted, gross business p r o d u c t , index . . .
f ixed weighted, gios, business p r o d u c t , pet. changes
Implicit mice doflalur, GNP, index
linpliut price d e f l a t o r , GNP, percent changes
Irnhstnal rnaleiials
hid islnai m a t e r i a l s , [)l .
Labor mst, p r u e pei ooh nl
Seiutuenrne,, (hangem
l

)00 ( o n , mon . t u c f s
b O O i o m m o n s h u t s , 1)1
Wholesale [lines
All (ummodities, index
All i ommodities, p e r c e n t change
Cmi.umer finished gouds, index
Cunsunnn finished (joints, p e r c e n t > h mges
Guide m a t e r n l s , nulev

453
452
451

51
51

51

89
89
89

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

9/78
10/78
10/78
10/78
10/78
10/78
10/78
10/78
10/78
10/78

10/69*

292
293
614

46
46
56

82
83
92

11/78
11/78
12/78

10/69

61
970
20
10
90

24
38
12,23
23
18

67
76
66
66
62

2/79
2/79
9/78
6/78
3/79

11/68

320
320c
322
322c

49
49,59

84,95
84,95

49
49

84
84

5/79
5/79
5/79
5/79

311

Pit pnetors' income with I V A a n d CCA
P r o p r i e t o r ' mcome with IVAand CCA, pet. of nat'l. i n t . .

10/69
10/69
10/69
10/69
10/69*

7/68*

11/63*

9/68'

5/69*
5/69*
5/69*
5/69*

9/78
9/78
9/78
9/78
1/78
4/78'
9/78
4/79

4/69*

23
967
17
92

37
29
13,28

19
968

13,28
37

69
75

12/77
6/77

5/69

330
330c
334
334c
331

85
85
86
86
85
85
86
86
86
86
70

4/79
4/79
5/79
5/79
4/79
4/79
4/79
4/79
5/79
5/79
9/73

6/69*

332
332c
333
333c
17

48
48
48
48
48
48
48
48
48
48
29

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

2/79
2/79
2/79
8/78
1/79

11/68*
11/68*
11/68*

88

25

67

9/78

358
370
370c
916

50
50
50
11

88
88
88
60

18
16

28
28

69
69

9/78
9/78

80
79
286
287
972
969
15
916
22

28
28
45
47
38
37
29
11
29

69
69
82
83
76
75
70
60
69

9/78
9/78
11/73
11/78
2/79
8/78
1/78
3/79
9/78

81
282
283

29
45
47

70
82
83

9/78
11/78
11/78

310
310c

6/76*
6/76*
6/76*

10/69*
10/69*

™".:..f'...!b:w!.1 ' . .":



!.!!...

Tables

93
89
249

33
25
47

72
67
83

12/78
9/78
11/78

59
54

22
22

65
65

5/79
6/79

S ^ h r P, S i Ci mpr i iti m
Stle
F i n i l s i l t s c m ' mt di II r
M Khnif r y tnd i imprni ot s i t e s n d hu me s
cons r u c t i n f \\ null UK c
M i n u l a t t u r i n q nd tndt i t f c n s t m t d illars
M nuheturmq md tr idt i l t s LI r u nt d ill ir
Miniif n t u M i i ] md ir d i t Dl
R i t i u in t ntunes to - . i l f s mt ] in I t uii
R t t n l sin c o o s t m i ' i
R i t n lit c ir i i 1 II
S vinij
IJ isim-ss savmq
C o v t inn mt su f h i h f i c i t
Gross s i mq pnv n md i i rumen'
Person il s t v m g
P( rsona 1 s i mi] i it
S i l l i n g p t i u s SM Pun, 1 i q
Si n it t puns i1 n ]( u
oMU ud 1 it il a
ii i ut St f I M mi it
Su il lot r n , t i ml
npins n
5 tnb in i,
r
IR) c imm i i -j H
50(1 i n m i n t , i Dl
Shn^ it i i n i i 1 i t i h no O i n d md mi id i
S ( or , if m iti M
id -, i i i
i i 1 toil md i u i id
( n tnqi
oiirplu r t G .nni

213

40

80

10/78

11/72
10/69*

6/72

69
57
56
973
77
59
54

24
14,22
22
38
27
22
22

67
65
65
76
68
65
65

9/78
5/79
5/79
2/79
6/79
5/79
6/79

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11//8
11/78
11/78
11/78
11/78

92

13,28

69

4/79

19
968
78

13,28
37
27

69
75
68

12/77
6/77
6/78

38

26

68

6/78

114
115

34
34

72
73

1/79
1/79

7/64
7/64

91
60
5
962
3

15,18
17
16
36
12,16

62
61
61
74
61

3/79
3/79
7/79
6/78
4/79

6/69

446
445
447
444
37
4

51
51
51
51
18,51
16

89
89
89
89
61

4/79
4/79
4/79
4/79
4/79
4/79

44
45
43

18
18
18

62
62
62

3/79
7/79
4/79

4/72
6/69
4/72

96
25

21
21

64
64

6/78
6/78

9/68
9/68

107
108
32

31
31
12,21

71
71
64

2/79
3/79
1/78

12/74

330
330c
334
334c
331

48
48
48
48
48
48
48
48
48
48
13,28
12,16

85
85
86
86
85
85
86
86
86
86
69
61

4/79
4/79
5/79
5/79
4/79
4/79
4/79
4/79
5/79
5/79
4/79
12/78

36'"

77
74

12/78

9/68*

2/69
11/68*

6/72'

10/69
10/69
10/69
7/68*

5/69
5/69*

T

11/68
Treasury b i l l r a t e
f r e a s u i y hone! y i e l d s
5/69*
U

U u m p i i mm'
Dm t i m )' i i m p ' o m i n t i i i iqi
Hf l,t t i i t i i d e i t s n ] t i um mpl ), 11 nt r it
loitnl d nm i g uu H i IIP tip 1 i y msm met
1 n t i i l i m i g vi H
i m lo nvormn- D 1
1 1 , 1 f t it r i n if id n i ]
N until in MI,
td u MI n bb n 1 irn
I 1th ( u

11/68

11/73

6/68*
10/72*
10/72*

H V)

t ir S if ,(](

FM in 20 v f ir md
r
f ml i 1 ( lib i
M tk 20
r tnd i t i
Tot i uo mpl i y i d
' i n t i in m i h t i i ig
l l n i m p h v m f . i t r t.
1'j
(t m l
Ins n d i n if)' v i U
Totil
Out i d or 1
11 1 1 u t i i
D ibleg i i
h ,11 r
D u b , q t in 1 i' , biniqi n
Or it 1 r n 1
S i i i t f n t t i mil uimpm in

62,89

6/69*
8/68*

4/72*

V

3/79
1/72
7/68

V e l o c i t y of money
GNP to money supply M1, ratio
Personal mcome to money supply M2, r a t i o
Vendor p e r f o i r n a n c e

10/69
10/69*
11/68*

W

Wages and salaries-See Compensation.
West Germany- See I n t e r n a t i o n a l comparisons.
3/69
Wholesale prices
All commodities, index
7/68'
All commodities, percent chanqes
Consumer finished goods, index
Consumer finished goods, percent changes
10/69
Crude
materials, index
10/69*

331c

4

16

61

4/79

284

45

82

11/78

10/69

Intermediate materials, index
Intermediate materials, percent chanqes
Producer finished goods, index
Producer finished goods, percent changes
Sensitive prices, change in
W o r k w e e k of p r o d u c t i o n w o r k e r s , manufacturing
Workweek of p r o d u c t i o n workers, manufacturing,

285

47

83

11/78

10/69*

Workweek of p r o d u c t i o n workers, manufacturing, Dl . . . .

R

Rental income of persons, with CCA

Charts

Historical
Series
data
descriptions
(issue date) (issue date)

4/69

Q

Ouil iate, manufacturing

Currei issue
(page u mbers)

Series
number

S

10/69

84
84
84
84
69
79
75
70
69

331c

I n t i i m e d i a t e m a t e r i a l s , mde.
l u ' e i m e d i a t e material , peicent changes
Piudmei fmiohed goods, index
P r o d m i r Inihhed (jouds, pen ent i hanges
P r n e t o unit labor i osl, manufat t i l l i n g
Pines, selling
Manufai luring, Dl
Relai! t r a d e , Dl
Wholesale hade, Dl
p Mmr m n t u t t s , m i h t a i /
Pi ime r a t e ( barged In banks
Piudmei f u n J i e d goods See Wholesale puces
Pmdmers' durable equipment, nnnresid., GPDI
Pruduftion See industrial production and CNP.
PrnduetMty
O u t p u t pei oour, n o n f a r m business 1 s e c t o r
O u t p u t per hour, private business sector
O u t p u t per hour, p r i v a t e business sector, pet. changes
Pmlit i t n l i t y , Cl
Piolits
C ' l i p ' i r ite a f t e r t ixes iiinsl mt d o l l a r s
C o i u o r a t e , aitei taxes, ( o r i e n t d o l l a r s
C o i p o r a t e , a f t e r taxes, with IVA and CCA,
( unstaut drill ir
C o r p o r a t e , aftei taxes, A/ith IVAand CCA, cur do) . .
O r p o r i t c , with I V A a n d C C A
C o r p o r a t e , with IVA and CCA, pet. of n a t ' l . imome
M a n u i a i t u r m g a n d tiade, Dl
iUtnufar. hiring, Dl
Per dull, it of sales, m a n u f a c t u r i n g
P r o f i t a b i l i t y , Cl .
R a t i o , p r o f i t s to i orpoiate domestic income
R a t i o , p r o f i t s with IVA and CCA to c o i p o r a t e domestic

4/79

4/79
4/79

48
48
48
48
28

311c

!Se(M:ompiete titles in "Titles and S o o r c e s of
Series, " f o l l o w i n g this index)

332
332c
333
333c
92
1

961

6/69*

8/68

113

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—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2-U.S. Department of Commerce,
Bureau of the Census; Source 3-U.S. Department of Labor,
Bureau of Labor Statistics; Source 4-Board of Governors of
the Federal Reserve System.

Economic Research, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(23,66)
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 (23,66)
11. Newly approved capital appropriations, 1,000
manufacturing corporations (Q).—The Conference
Board
(24,66)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
American Council of Life Insurance; Federal National
Mortgage Association; U.S. 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
(32,71)
34. Net cash flow, corporate, in current dollars (Q).Source 1
(29,70)

12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)

35. Net cash flow, corporate, in 1972 dollars (Q).—Source
1
(29,70)

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.

13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

I-A. Composite Indexes

14. Current liabilities of business failures (M).—Dun &
Bradstreet, Inc.
(33,72)

910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
(M).-Source 1
(10,39,60)
913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(11,60)
916. Composite index of profitability (includes series 17, 19,
80) (M).-Source 1
(11,60)
917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)
920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)
930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(10,39,60)
940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source
1
(11,60)

1-B. Cyclical indicators
1. A v e r a g e workweek of production w o r k e r s ,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).—Source 3 (16,61)
3. Layoff rate, manufacturing (M).-Source 3 (12,16,61)
4. Quit rate, manufacturing (M).-Source 3

(16,61)

5. Average weekly initial claims for unemployment
insurance, State programs (M).-U.S. Department of
Labor, Employment Training Administration; seasonal
adjustment by Bureau of Economic Analysis (16,61)
6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).-Sources 1, 2, and
3
(12,21,64)
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

http://fraser.stlouisfed.org/
114
Federal Reserve Bank of St. Louis

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
(29,70)
16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)
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 (29,70)

36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)

38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).—Source 2
(26,68)
39. Percent of consumer installment loans delinquent 30
days and over ( E O M ) . — A m e r i c a n B a n k e r s
Association
(33,72)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).-Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)
44. Unemployment rate, 15 weeks and over (M).—Sources 2
and 3
(18,62)

18. Corporate profits after taxes in 1972 dollars (Q).Source 1
(28,69)

45. Average weekly insured unemployment rate, Mate piugrams (M).-U.S. Department of Labor, Employment
Training Administration
(18,62)

19. Index of stock prices, 500 common stocks (M).Standard & Poor's Corporation
(13,28,59,69,96)

46. Index of help-wanted advertising in newspapers (M).—
The Conference Board
(17,61)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,64)

47. Index of industrial production, total (M).-Source
4
(14,20,39,58,63,78,94)

21. Average weekly overtime hours of production workers,
manufacturing (M).—Source 3
(16,61)
22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)
23. Index of industrial materials prices (M).-Source
3
((28,69,79)
24. Value of manufacturers' new orders, capital goods
industries, nondefense, in current dollars (M).—Source
2
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)
27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).—Sources
1, 2, and 3
(23,66)
28. New private housing units started, total (M).-Source
2
(25,67)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26,42,68,81)
31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies reporting
slower deliveries (M).-Purchasing Management
Association of Chicago
(12,21,64)

48. Employee-hours in
(M).-Source 3

nonagricultural

establishments
(17,39,61)

49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(14,19,39,63)
52. Personal income, total, in 1972 dollars (M).-Source

1

(19,63)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)
54. Sales of retail stores in current dollars (M).—Source
2
(22,65)
55. Personal consumption expenditures, automobiles (Q).—
Source 1
(22,65)
56. Manufacturing and trade sales in current dollars (M).—
Sources 1 and 2
(22,65)
57. Manufacturing and trade sales in 1972 dollars (M).Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (Q,M).-University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
and 3
(22,65)

TITLES AND SOURCES OF SERIES- Continued
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).-Sources 1, 2, 3, and The C o n f e r e n c e
Board
(17,61)

84. Rate of capacity utilization, materials (Q).—Source
4
' (20,64)

119. Federal funds rate (M).-Source 4

85. Change in money supply Ml (demand deposits plus
currency) (M).-Source 4
(31,71)

1-C. Diffusion Indexes

61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)

86. Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1(25,67)

950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)

62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of
industrial production, manufacturing (M).—Sources 1
and 4
(15,30,70)

87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(25,67)

951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)

88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)

952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)

63. Index of unit labor cost, private business sector (Q).—
Source 3
(30,70)

89. Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1 (25,67)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

90. Ratio, civilian employment to total population of
working age (M).-Sources 1, 2, and 3
(18,62)

65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).—Source
2
(27,68)

91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(15,18,62)

66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)

92. Change in sensitive prices (WPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M).—
Sources 1 and 3
(13,28,69)
93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)

67. Bank rates on short-term business loans (Q,M).—Source
4
(35,73)

94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)

68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).—Source 1
(30,70)

95. Ratio, consumer installment debt to persona! income
(EOM)-Sources 1 and 4
(15,35,73)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)

96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations,
(EOQ).-The Conference Board

manufacturing
(24,66)

(34,72)

961. Diffusion index of average workweek of production
workers, manufacturing—20 industries (M).—Sources 1
and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M).—Source 1
and U.S. Department of Labor, Employment Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)
963. Diffusion index of number of employees on private
nonagricultural payrolls—172 industries (M).—Source
3
(36,74)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries—35 industries (M).—Sources
1 and 2
(37,75,77)
965. Diffusion index of newly approved capital appropriations, deflated—17 industries (Q).—The Conference
Board
(37,75)
966. Diffusion index of industrial production—24 industries
(M)-Sources 1 and 4
(37,75,78)
967. Diffusion index of industrial materials prices—13
industrial materials (M).-Sources 1 and 3 (37,75,79)

102. Change in money supply M2 (demand deposits and
currency plus time deposits at commercial banks other
than large CD's) (M).-Source 4
(31,71)

968. Diffusion index of stock prices, 500 common stocks—
58-82 industries (M),-Standard & Poor's Corporation
(37,75)

71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (27,68)

104. Change in total liquid assets (smoothed) (M).-Sources
1 and 4
(13,31,71)

72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).—Source 4;
s e a s o n a l a d j u s t m e n t by Bureau of E c o n o m i c
Analysis
(15,35,73)

105. Money supply Ml (demand deposits plus currency) in
1972 dollars (M).-Sources 1, 3, and 4
(31,71)

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.
(37,75)

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, 4 (13,31,71)

970. Diffusion index of business expenditures for new plant
and equipment, total—18 industries (Q).—Source
1
(38,76)

107. Ratio gross national product to money supply Ml (Q).—
Sources 1 and 4
(31,71)

971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

70. Manufacturing and trade inventories, total book value,
in 1972 dollars (EOM).-Sources 1, 2, and 3(15,27,68)

73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of industrial production,
manufactures (M).-Sourr° 4

nondurable
(20,63)

75. Index of industrial production, consumer goods (M).—
Source 4
(22,65)
76. Index of industrial production, business equipment
(M).-Source 4
(24,67)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).—
Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).-Source 1
(28,69)
80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(28,69)
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(29,70)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).Source 1
(20,64)




108. Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to business (M).—Source 4;
seasonal a d j u s t m e n t by Bureau of E c o n o m i c
Analysis
(32,72)
113. Net change in consumer installment debt (M).—Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M)-Source 4
(34,72)
115. Yield on long-term Treasury bonds (M).-U.S.
Department of the Treasury
(34,73)
116. Yield on new issues of high-grade corporate bonds
(M).-Citibank and U.S. Department of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).—The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).—U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
974. Diffusion index of number of employees, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
976. Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

115

TITLES AND SOURCES OF SERIES- Continued
977.

Diffusion index of selling prices, wholesale trade—about
450 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

978. Diffusion index of selling prices, retail trade—about 250
businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47,83)
248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).—Source
1
(47,83)
249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).—Source
1
(47,83)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

II-A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(47,83)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)

255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)

217. Per capita gross national product in 1972 dollars (Q).—
Sources 1 and 2
(40,80)

257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)

200. Gross national product in current dollars (Q).—Source
1
(40,80)

220. National
1

income

in

current

dollars

(Q).—Source
(45,82)

260. Government purchases of goods and services, total in
current dollars (Q).-Source 1
(43,81)

Personal income
1

in

current

dollars

(M).-Source
(40,63)

261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)

224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)

262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)

225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80)

263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)

227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)

265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)

223.

230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1
(41,80)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(41,80)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(41,80)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).—Source 1
(47,83)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(41,81)

266. State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)

II-B. Prices, Wages, and Productivity
310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)
311. Fixed weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer prices, all items (M).—Source
3
(49,59,84,95)
322. Index of consumer prices, food (M).-Source 3(49,84)
330. Index of wholesale prices, all commodities (M).-Source
3
(48,85)
331. Index of wholesale prices, crude materials for further
processing (M).-Source 3
(48,85)
332. Index of wholesale prices, intermediate materials, supplies, and components (M).—Source 3
(48,86)
333.

Index of wholesale prices, producer finished goods
(M).-Source 3
(48,86)

334. Index of wholesale prices, consumer finished goods
(M).-Source 3
(48,86)
335. Index of wholesale prices, industrial
(M).-Source 3

commodities
(48,85)

340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)
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
(49,87)

348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
(50,88)

(45,82)

282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)


http://fraser.stlouisfed.org/
116 Bank of St. Louis
Federal Reserve

(Q).—Source
(46,83)

280. Compensation of employees (Q).-Source 1

239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)

245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)

or deficit, total

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)

298. Government surplus
1

268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)

242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)

295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).—Source
1
(46,82)

345.

283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)

(46,82)

267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)

237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)

240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)

292. Personal saving (Q).-Source 1

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1
(46,83)

286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).—Source 1
(47,82)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(49,87)

349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)
370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)

II-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

(45,82)

441. Total civilian labor force survey (M).—Sources 2 and
3
(51,89)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)

442. Total civilian employment, labor force survey (M).—
Sources 2 and 3
(51,89)

290. Gross saving-private saving plus government surplus or
deficit (Q).-Source 1
(46,82)

444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

288. Net interest (Q).-Source 1

TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)

47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)

446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)

570. Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)

320. United States, index of consumer prices, all items
(M).-Source 3
(48,59,84,95)

447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).—Sources 2 and

3

(51,89)

451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)

577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
578. Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)

453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)

580. Defense Department net outlays, military functions and
military assistance (M).—U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)

452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)

II-D. Government Activities

588. Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)

500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)

II-E. U.S. International Transactions

501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)

602. Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)

502. Federal Government expenditures; national income and
product accounts (Q).—Source 1
(52,90)

604. Exports of agricultural products (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

510. State and local government surplus or deficit; national
income and product accounts (Q).-Source 1 (52,90)
511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).—Source 1 (52,90)
517. Defense Department obligations incurred (M).—U.S.
Department of Defense, OSD, Comptroller, Directorate
for Program and Financial Control; seasonal adjustment
by Bureau of Economic Analysis
(53,90)
525. Defense Department military prime contract awards for
work performed in the United States (M).-U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
548. Value of manufacturers' new orders, defense products
(M)- Source 2
(53,90)
557. Output of defense and space equipment (M).— Source

(56,92)

614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military grants
(Q).-Source 1
(57,93)
620. Merchandise imports,
(Q).-Source 1

adjusted, excluding military
(57,93)

622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income on U.S. investments abroad (Q).—Source
1
(57,93)
652. Income on foreign investments in the United States
(Q).-Source 1
(57,93)
667. Balance on goods and services (Q).-Source 1(57,93)

(54,91)

668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

559. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)

669. Imports of goods and services, total (Q).—Source
1
(57,93)

4

561. Value of manufacturers' unfilled orders, defense products (EOM)-Source 2
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)




722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).—Statistics
Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M).—
Deutsche Bundesbank (Frankfurt)
(58,94)
726. France, index of industrial production (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
727. Italy, index of industrial production (M).—Institute
Centrale di Statistica (Rome)
(58,94)

606. Exports of nonelectrical machinery (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports, total (M).-Source 2

721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

II-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)

728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, index of consumer prices (M).Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

(59,95)
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
(59,95)
737. Italy, index of consumer prices (M).—Institute Centrale
di Statistica (Rome); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).—Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)
742. United Kingdom, index of stock prices (M).—The
Financial Times (London)
(59,96)
743. Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)
745. West Germany, index of stock prices (M).-Statistisches
Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).—Institute Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock prices (M).—Tokyo Stock
Exchange (Tokyo)
(59,96)

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U.S. Government Printing Office
Washington, D.C. 20402
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