Full text of Business Conditions Digest : December 1984

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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Sidney L. Jones, Under Secretary for Economic Affairs

BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Edward K. Smith, Associate Director for
National Analysis and Projections
Feliks Tamm, Editor
This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication are—
Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541)
The cooperation of Government and private agencies that provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series titles and
sources at the back of this report.
This publication is prepared under the general guidance of a technical committee consisting
of the following persons:
Ronald E. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of
Labor
Ahmad Al-Samarrie, Office of Management and Budget
Lincoln F. Anderson, Council of Economic Advisers
John H. Auten, U.S. Department of the Treasury
Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce
Charles A. Waite, Bureau of the Census, U.S. Department of Commerce
Helmut F. Wendel, 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.

Annual subscription price: $44.00 domestic,
$55.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are
available on request. Address correspondence

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.
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.
concerning subscriptions to Superintendent of
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Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

BCII

iii

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

1
1
1
1
4
5
5
6

DECEMBER 1 9 8 4
Data Through November
Volume 24, Number 12

PART I.
CYCLICAL INDICATORS

Al
A2
A3
A4

COMPOSITE INDEXES AND
THEIR COMPONENTS
Composite Indexes
Leading Index Components
Coincidentjlndex Components
Lagging Index Components

Bl
B2
B3
B4
B5
B6
B7

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
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

Cl
C2
C3

DIFFUSION INDEXES
AND RATES OF CHANGE
Diffusion Indexes
Selected Diffusion Index Components
Rates of phange

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




...

t

i
,

.

Chart
10
12
14
15

Table
60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

74
77
—

for printing this periodical has been approved
by the Director of the Office of Management
and Budget through April 1, 1985.

BCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
Al
A2
A3
A4
A5
A6
A7
A8

GNPand Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income

Chart

Table

40
41
42
43
44
45
46
47

80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY
Bl
B2

Price Movements
Wages and Productivity

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

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

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

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

PART III. APPENDIXES
A. MCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators}
B. Current Adjustment Factors (November 1984 issue]
C. Historical Data for Selected Series
D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions (July 1984 issue)
F. Specific Peak and Trough Dates for Selected Indicators (August 1984 issue}
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97

105
110
114

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

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to incorporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
other senes, changes
in composition of
indexes, etc.
Changes in this issue are as follows:

1. Series 33 (change in mortgage debt held by financial
institutions and life insurance companies) and series 111
(change in credit outstanding — business and consumer borrowing) have beeni revised for the period 1983 to date. These
revisions reflect the annual updating of data on mortgages
held by savings and loan associations.
Further information concerning these revisions may be
obtained from the U.S. Department of Commerqe, Bureau of
Economic Analysis, Statistical Indicators Division.
2. Appendix C contains historical data for series 10,
12, 13, 20, 24, 27, 36, 48, 54, 59, 62, 345^ 346, and 950-2.
3. Appendix G contains cyclical comparisons for series
47, 48, 80, 82, 910, and 920.
The January issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on February 5.




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METHOD OF PRESENTATION
This report is organized'into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been foiind to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly thi-ee-fourths of these are
individual indicators, the reist are related analytical
measures: Composite indekes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists lof quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), arid each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1959, but those for the composite
indexes and their components (part I, section A)
begin with 1948, and a few charts use a two-panel
format which covers only the period since 1972.
Except for section F inj part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1984
Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; hpwever, a separate holiday




adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
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.
MCD Moving Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe .cyclical
movements in a monthly series. (See 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.

Part 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
Reference Turning Dates
scores relate to cyclical behavior of the series
The historical business cycle turning dates used during the period 1947-70. This analysis produced
in this report are those designated by the National a new list of indicators classified by economic
Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
NBER, aggregate economic activity reached its relating to section B.)
cyclical high or low levels. As a matter of general
This information, particularly the scores relating
practice, neither new reference turning dates nor to consistency of timing, served as a basis for the
the shading for recessions will be entered on the selection of series to be included in the composite
charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring
the new reference trough bounding the shaded area series from many different economic-process
have been designated.
groups and combine those with similar timing
The historical reference turning dates are subject behavior, using their overall performance scores as
to occasional reviews by NBER and may be changed weights. Because they use series of historically
as a result of revisions in important economic tested usefulness and given timing characteristics
time series. The dates shown in this publication (for example, leading at both peaks and troughs),
for the 1948*70 time period are those determined with diversified economic coverage and a minimum
by a 1974 review. Since then, NBER has designated of duplication, composite indexes give more
turning points for recessions in 1973-75, 1980, and reliable signals over time than do any of the
1981-82.
individual indicators. Furthermore, much of the

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

LEADING (L)
INDICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
(U)
(8 series)

II.
PRODUCTION
AND
INCOME
(10 series)

111.
CONSUMPTION,
TRADE,
ORDERS, AND
DELIVERIES
(13 series)

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY
AND CREDIT
(26 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)

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

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)

Comprehensive
employment
(1 series)

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

Consumption
and trade
(4 series)

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

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

Duration of
unemployment
(2 series)

Business
Investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

Trade
(1 series)

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

Inventories on
hand and on
order
(4 series)

Business
Investment
commitments
(1 series)

Unit labor costs
and labor share
(4 series)

1 nterest rates
(4 series)
Outstanding
debt
(3 series)

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

Interest rates
(1 series)

PRICES.COSTS,
AND PROFITS
(17 series)

VI.

VII.
MONEY
AND CREDIT
(26 series)

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

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

Profits
(2 series)

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

Unit labor costs
and labor share
(4 series)

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

B. Timing at Business Cycle Troughs
\ ^

Economic
\Process

Cycllcal\
Timing
N.

LEADING (L)
INDICATORS
(47 series)

r\ \J hj KZM n I** T

COINCIOENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

1.

EMPLOYMENT
UNEMPLOYMENT
(18 series)

II.

PRODUCTION

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

IV.

V.

FIXED
CAPITAL
INVESTMENT
(18 series)

AND

AND

AND

Marginal
employment
adjustments
(3 series)

Industrial
production
(1 series)

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

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

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

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

Consumption
and trade
(3 series)

Business

Unfilled orders
(1 series)

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

Marginal
employment
adjustments
(1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and
duration
_f

INCOME
(10 series)

INVENTORIES

INVENTORY
INVESTMENT
(9 series)

Inventory
Investment
(4 series)

Investment
commitments
(1 series)

Inventories on
hand and on
order
(5 series)

OT

unemployment
(5 series)

TIMING
UNCLASSIFIED
(U)
(1 series)




Bank reserves
U series)

independent measurement error and other "noise"
in the included series are'smoothed out in the
index as a whole. The indexejs include only monthly
series that are acceptable jin 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 samfe time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of bbsiness cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
i

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 in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (withdut 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 1984

Handbook of 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, "CM 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 period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.

Section B. Cyclical Indicators by Economic Process
This section covers 111 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,

August '57, April '60, and December '69); 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 1984

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

Part II. OTHER IMPORTANT ECONOMIC
MEASURES
This part is divided into six sections which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity.
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries. The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor resources; government receipts,
expenditures, and defense-related activities; exports and imports; and selected indicators for a few
key foreign countries.
Section A. National Income and Product
The national income and product accounts,
compiled by BEA, summarize both receipts and
final expenditures for the personal, business,
foreign, and government sectors of the economy.
Section Al shows the gross national product,
final sales, and personal and disposable personal
income. The four major components of the gross
national product—persona I consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services—are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in

the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary
disbursements, other labor income, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income is the personal
income available for spending or saving. It consists
of personal income less personal taxes and nontax
payments to government.
Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.




Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
in the physical volume of inventories held by
private business. The former include all private
purchases of dwellings, whether purchased for
tenant or owner occupancy. Net purchases of used
goods are also included.
Government purchases of goods and services
(A4) is the compensation of government employees
and purchases from business and from abroad. It
excludes transfer payments, interest paid by
government, and subsidies. It includes gross
investment by government enterprises but excludes
their current outlays. It includes net purchases of
used goods and excludes sales and purchases of
land and financial assets.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
of the national production; imports are not, but are
included in the components of GNP and are
therefore deducted. More detail on U.S.
international transactions is provided in section E.
National income (A6) is the incomes that
originate in the production of goods and services
attributable to labor and property supplied by
residents of the United States, Thus, it measures
the factor costs of the goods and services produced. It consists of the compensation of
employees, proprietors' income, rental income of
persons, corporate profits, and net interest.
Saving (A7) is the difference between income
and expenditures during an accounting period.
Total gross saving includes personal saving,
business saving (mainly undistributed corporate
profits and capital consumption allowances), and
government surplus or deficit.
Shares of GNP and national income (A8).—The
major expenditure components of GNP
(consumption, investment, etc.) are expressed as
percentages of GNP, and the major income
components of national income (compensation of
employees, corporate profits, etc.) are expressed as
percentages of national income.

Section 8. Prices, Wages, and Productivity
The important data on price movements include
the monthly consumer and producer price indexes
and their major components. Based largely on
these series are the quarterly price indexes from
the national income and product accounts, notably
the GNP implicit price deflator (with weights
reflecting the changing proportions of different
expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are
presented for the period since 1972.
The group of series on wages and productivity
consists of data on average hourly earnings and
average hourly compensation (including earnings
and other benefits) in current and constant dollars,
output per hour of work in the business sector, and
rates of change for most of these measures.

Section C. Labor Force, Employment, and
Unemployment
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the tabcr
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 1972) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1972) tend to be significant as
leading indicators.

HOW TO REAP CHARTS
Basic Data

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

Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
Arabic number indicates latest
month for which data are
plotted, ("9" = September)

Solid line indicates monthly
data. (Data may be actual
monthly figures orj 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)

i

Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (datamot available, extreme value, etc.).

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.

Diffusion Indexes

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

Arabic number indicates latest
month for which data are
used in computing the indexes.

Broken line with plotting
points indicates i 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 covfer.
Solid line indicates percent
changes over 3- or 6-month
spans.

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change
ISn

*i&(u^^

[IT

5

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-rnonth spans.

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

Solid line with plotting points
indicates percent changes over
3- or 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
series titles, o r -




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 data1
Unit
of
measure

Series title and timing classification1

Percent change

Annual average
1st Q
1984

2dQ
1984

3dQ
1984

Sept.
1984

Oct.
1984

Nov.
1984

1 2dQ
to
3d Q
1984

6
b:

Sept.
to
Oct.
1984

Oct.
to
Nov.
1984

1st Q
to
2dQ
1984

1.3
0.6
-1.3
2,0

1.0
2.4
4.3
-1.8

-2.1
1.2
3.4
-2.1

910
920
930
940

913
914
915
916
917

1982

1983

136,8
136.3
123.0
110.9

156.0
139.9
111.7
125.4

166.3
150.4
111.3
135,1

167.9
154.0
116.1
132.7

164.4
155.8
120.0
129.9

165.4
156.0
121 . 1
128.8

164.5
156.1
122.3
127 . 6

166.6
157 . 0
120.7
130.1

-0.5
0.1
1.0
-0.9

NA
104.3
97.2
93.7
122.8

NA
108.8
102.8
104.7
130.7

NA
111.1
106.9
109.0
135.2

NA
111.0
107.3
110.5
138.3

NA
109.9
103.9
NA
138.3

NA
110.2
103.7
NA
139.4

NA
109.9
103.9
NA
138.9

NA
111.5
104.0
NA
139.8

NA
-0.3
0.2
NA
-0.4

NA
1.5
0.1
NA
0.6

NA
-0.1
0.4
1.4
2.3

NA
-1.0
-3.2
NA
0.

38.9
2.3
578

40.1
3.0
426

40.8
3.5
352

40.3
3.4
353

40.5
3.3
364

40.6
3.3
368

40.4
3.3
405

40.5
3.4
397

-0.5
0.
-10.1

0.2
0.1
2.0

0.
-0.1
-0.3

-0.7
-0.1
-3.1

1
21
5

L,Lg,U,... Ratio
L,Lg.U.... 1967-100

0.243
86

0.271
96

0.421
125

0.449
128

0.461
132

0.454
129

0.477
135

0.497
136

0.023
4.7

0.020
0.7

0.028
2.4

0.012
3,1

60
46

U.C.C.... A.r., bil. hrs
U.C.C.... Millions
do
C,C,C...
L.C.U.... Thousands

166.02
96.12
89.57
23,813

168.15
97.45
90.14
23,394

174.48
100.42
92.76
24,518

176.73
101.75
93.79
24,862

177.81
101.90
94.56
25,056

178.87
101.92
94.81
25,010

178.39
102.47
95.15
25,078

177,24
102.52
95.45
25,131

-0.3
0.5
0.4
0.3

-0.6
0.
0.3
0.2

1.3
1.3
1.1
1.4

0,6
0.1
0.8
0.8

48
42
41
40

57.05

57.15

58.32

58.96

58.83

58.79

58.93

59.03

0.14

0.10

0.64

-0.13

90

10,678
9.7
4.6
15.6
3.2

10,717
9.6
3.8
20.0
3.8

8,866
7.9
2.9
19.4
2.7

8,496
7.5
2.7
18.5
2.4

8,510
7.5
2.7
17.5
2.3

8,460
7.4
2.7
17.1
2,3

8,431
7.4
2.7
16.5
2.2

8,154
7.2
2.8
17.5
2.1

0.3
0.
0.
3.5
0.1

3.3
0.2
-0.1
-6.1
0,1

4.2
0.4
0.2
4.6
0.3

1480.0
1254.5
1072.0

1534.7
1284.6
1095 .0

1610.9
1339.5
1150.8

1638.8
1361.6
1172.2

1645 . 2
1375.7
1186.8

1380.3
1191.9

1380.8
1191.4

1385.7
1195.8

215 .9

213 .5

222.6

225 . 0

225 .6

225 , 2

224.4

225 6

-0

138.6
124.7
156.2
660.6

147.6
134.5
168.1
688.6

159.8
150.2
176.7
744.9

163.1
153.6
180.1
767.4

165 .6
157.3
181 .3
766.8

165.0
157.0
180.5

164.3
156 .3
181 . 0

165.0
157.1
181 . 4

70
71 . 1
70.0

74
75.2
75 . 2

NA
80.7
81.6

NA
81. 8
82.7

NA
82,5
82.9

L,L,L.... Bil dol
75.00
do
L f L,L.
32.47
.do
L.L.L.
29.44
L,L,L...
..do....
-1.81
L.Lg.U.
Bil. dol.. EOP ., 2 8 7 . 0 1
l,L,L. Percent
37

87.85
37.01
34.12
2.69
319.30
54

102.32
99.92 100.80
98.68
96.07 104.00
41 . 4 1
42.48
41.13
40.54
39.55
42.62
3
7
.
4
7
38.15
37.45
36.68
36.90
36.96
1.34
6.13
2.35
-4.36
-0.27
1.91
337.70 344.76 348.78 348.78 344.42 346.34
57
52
68
69
58
50

367.06
161.70
151 .7
97.83
47,75
88.3
87.5

400.62
172.67
159.7
105.32
50.68
101.9
99.5

1. C Y C L I C A L I N D I C A T O R S
A. C o m p o s i t e I n d e x e s
910.
920,
930.
940.

L.L.L.... 1967 = 100
do
C.C.C,.,.
do
Lg.Lg.Lg....
do
L.L.L....

Twelve leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio, coincident index to lagging index

Leading Indicator Subgroups:
913 Marginal employment adjustments
„
914. Capital investment commitments
915. Inventory investment and purchasing
916 Profitability
„
.
917. Money and financial flows

...

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

do
do
do
do
do

B. C y c l i c a l I n d i c a t o r s b y E c o n o m i c P r o c e s s
B l . Employment and U n e m p l o y m e n t
Marginal Employment Adjustments:
* 1 . Averitge workweek, prod, workers, mfg
21 Avg weekly overtme, prod workers, mfg.J
•5. Avg weekly initial claims (inverted')
Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising
Comprehensive Employment:
48. Employee-hours in nonagri. establishments
42. Persons engaged in nonagri. activities
* 4 1 . Employees on non«igri. payrolls
40. Employees in mining, mfg., construction
90. Ratio, civilian employment to total population
of working age'
Comprehensive Unemployment:
37. Total unemployed (inverted')
43. Unemployment rate, total (inverted')3
45. Avg. weekly insured unemployment rate (inv,')s
• 9 1 . Avg. duration of unemployment {inverted')
44. Unemployment rate, 15 weeks and over (inv,')s
B2.

L.L.L.... Hours
do
LC,L....
L,C,L... Thousands

U,Lg,U.... Percent

Ug.U....
L,Lg,U....
L,Lg,U....
Lg,Lg,Lg....
LgtLg,Lg--

Thousands
Percent
00
Weeks
Percent

37
43
45
91
44

Production and Income

Comprehensive Output and hcome:
50. GNPin 1972 dollars
52. Personal income in 1972 dollars
*51. Pers. income loss transfer pay., 1972 dollars
53. Wages ,md salaries in mining, mfg., and
construction 1972 dollars

CC,C...

Industrial Production:
•47. Industrial production, total
73. Industrial production, durable mfrs
74, Industrial production,.nondurable mfrs
49. Value of goods output, 1972 dollars

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

Capacity Utilization:
•83. Capacity utilization rate, mfg., BEA3
82, Capacity utilization rfrte, mfg,, FRBJ
84. Capacity utilization rate, materials, FRB3

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

B3.

-0.2
0.
0.
5 .4
0,1

C,C,C... A.r., bil. dol
do
C CtC...
do
C,C,C...
do.

Percent
do
do

0.4
0.4

1 .7
1.6
1.9

0,4
1.0
1.2

50
52
51

4

0 5

1 .1

0 3

53

-0.4
-0.4
0.3

0.4
0.5
0.2

2.1
2.3
1.9
3.0

1.5
2.4
0.7
-0.1

47
73
74
49

NA
0. 7
0 2

83
82
84

0.
0.

NA
1 .1
1 1

C o n s u m p t i o n , T r a d e , O r d e r s , and Deliveries

Orders and Deliveries:
6. New orders, durable goods
I New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls, 1972 dol
25. Change in unfilled orders, durable goods , . ,,
96. Mfrs.' unfilled orders, durable goods^
*32. Vendor performance1 (§)
Consumption and Trade:
56. Manufacturing and trade sales
•57. Manufacturing and trade sales, 1972 dollars
75. Industrial production, consumer goods
54. Sales of rotail stores
59. Sales of rotail stores, 1972 dollars
55. Personal consumption expenditures, automobiles
58. Index of consumer sentiment <g>
B4.

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

Bil, dol
343.34
do
152.49
1967 = 100
142.6
Bil. dol
89.55
do
44.67
A.r., bil, dol
73.6
IQ 1966 = 100
68.0

410.91
176.65
162.0
108.35
52.21
104.6
96.6

411.03 410.50
176.43 176.02
162.6
161.6
107.43 108.24
51.53
51.81
100 .9
98.9
100.9

410.80
17 6 . 8 5
161 .7
108.40
51.76

NA
NA
163.3
110.35
52.62

96.3

95.7

-2.6
-2.4
0.6
-4.09
-1.2
-6

8.3
7.8
0.2
6.27
0.6
-2

-2.3
-3.2
-1,8
-3.7 8
2.1

0.1
0.5
0.1
0.1
-0.1

NA
NA
1.0
1.8
1.7

-4.6

-0.6

0.3

0.6

0.9
0.7
0.1
-1.01
1.2
12

6
7
8
25
96
32

2.6
2.3
1.4
2.9
3.0
2 .6
-2.9

0.
-0.1
0.4
-0.8
-1.3
- 3 .5
2.4

56
57
75
54
59
55
58

-0.4
—0 1

0.7

12
i \

Fixed Capital I n v e s t m e n t

Formation of Business Enterprises:
*12. Net business formation...
13. New business incorporations
Business Investment Commitments:
10. Contracts and orders, piant and equipment,..,
*20. Contracts find orders, plant and equipment,
1972 dollars
24, New orders, capital goods indus., nondefense.
27. New orders, capital goods industries,
nondefense, 1972 dollars




L,L,L... 1967 = 100
L L,L
Number

L,L,L... Bil. dol

113.2
114.8
47 15 3 50 162

117.5
117.0
53 35 3 53 276

117.8
NA

119.6
NA

119.9
NA

120.6
NA

24.79

26.76

30.12

31.94

31.91

31 .92

30.39

32,71

-4.8

7.6

6.0

-0.1

10

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

do
do

12.31
20.63

13.43
22.73

15.23
26.32

15.89
27.62

15 . 5 4
27.33

15.77
27 . 8 4

14.97
25 . 3 8

16.27
2 7.85

-5.1
-8.8

8.7
9.7

4.3
4.9

-2.2
-1.0

20
24

L.L.L....

do

1O S * 5 2

11 . 7 2

13.65

14.11

13.65

14.08

12.89

14.25

-8.5

10.6

3.4

-3.3

27

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Series title and timing classification

Unit
of
measure

1

Percent change

Annual average
1st Q

1982

1983

1984

57.38
21.28
70.76

63.86
22.00
73.50

71 .28
26.82
78.65

2dQ
1984

3d Q

Sept

1934

1934

Nov.
1984

Sept.
to

Oct.
1984

Oct.
to
Nov.
1984

1st Q
2dQ
1984

2dQ
to
3d Q

1984

I. C Y C L I C A L I N D I C A T C - R S — C o n .
B4. Fixed Capital I n v e s t m e n t — C o n ,
Business Investment Commitments—Con.:
9. Construction contracts, commercial and
industrial buildings, floor space....,
11. Newly approved capital appropriations, mfg
97. Backlog of capital appropriations, rnfg.s
Business Investment Expenditures:
61. Business expend., new plant and equipment
69. Machinery and equipment sales and business
construction expenditures
(
76. Industrial production, business equipment
86. Nonresid. fixed investment, total, 1972 dollars
Residential Construction Commitments and Investment:
28. New private housing units started,! total
*29. New building permits, private housing
89. Fixed investment, residential, 1972 dollars
B5.

L,C,U... Mil.sq.ft
U,Lg,lL.. Bil. do!
C,Lg,Lg... Bil. do!., EOP .

79.49
37.15
92.52

79.70
28.72
96.31

75.12

83.50

3.9

6.9

302.70 313.11

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

282.71 269.22 2 9 3 . 1 5

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

325.69
157.9
166.9

L,L,L.. A.r., thousands.
L,L,L... 1967=100
L,L,L.. A.r., bil. dol

1,062
80.7
37.9

1,703
12 9.4
53.7

1,968
146.1
60.6

1,895
141 .9
60.8

1,664
121 .4
60.1

320.57 350.48 373.30 382.40 398.45 385.50
153.3
171.6 177.0
186.5
185.0
186.4
193.3 202.9
171.0
209.5
1,6 83
116.3

1,538
114.5

11.5
38.5
17.6

0.3
-22.7
4.1

3.3

3.4

NA
184.4

-3.2
-0.8

NA
-0.3

6.5
3.1
5.0

2.4
5.4
3.3

1,528
128.5

-8.6
-1.5

-0.7
12.2

-3.7
-2.9
0.3

-12.2
-14.4
-1 .2

-11.3

10.3

Inventories and Inveritory Investment

Inventory Investment:
30. Change in business inventories, 1972 dollars3
*36. Change in inventories on hand and on order,
1972 dollars (smoothed6)3
31. Change in mfg. and trade inventories3
38. Change in materials on hand and on order3
Inventories on Hand and on Order:
71. Mfg, and trade inventories, book value ! . .
70. Mfg. and trade inventories, 1972 dollars5
65, Mfrs.' inventories of finished goods*
.. . .
*77. Ratio, constant-dollar inventories to sales, mfg
3
and trade
78. Stocks of materials and supplies on hand and on
order, mfg.s
. .

L,L,L...

do

-10.4

-3.6

31.6

20.3

30.6

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

....do
do
I. dol

•16.00
-18.1
-2.13

1.91
8.8
1.46

25 . 4 2
73.7
2.66

32.26
56.3
1 .28

16.56
55.1
0.75

20.16
56.5
-2.98

3.25
7 .3
-3.35

505 .55 514.34 532.77 5 4 6 . 8 3 560.62 560.62 5 6 5 . 3 2
259.40 259.02 265.12 2 7 0 . 0 3 276.10 276.10 278.29
80.87
85.02
86.54
89.08
89.53
89.08
82.87
1.59
Lg.Lg.Lg..,
1.74
1.52
1.57
1.57
1.55
1.52
208.59
L.Lg.Lg... Bil. dol., EOP ...
191.12
2
2
0
.
4
4
2
2
2
.
7
0
2
1
9.72
2
2
2
.
7
0
216.59

0.8
0.8
0.5

Lg.Lg.Lg...
Lg,Lg,Lg...
Lg,Lg,Lg...

16.91
49.2
0.37

Bil. dol,, EOP .
do

do

6.84 -15.70
-17 .4
-1.2
- 1 .38 - 0 . 5 3
2.6
1.9
4.4
0.

0.

2.5
2.2
2.9
0.03
1.0

-1.3

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3
23. Spot market prices, raw industrials ©
*99. Change in sensitive materials pricek (smoothed6)3

L,L,L...
ircent
U,L,L.... 1967 = 100...
L,L,L... 'ercent

Stock Prices:
*19. Stock prices, 500 common stocks ©

L,L,L.

Profits and Profit Margins:
16. Corporate profits after taxes
18. Corporate profits after taxes, 1972 dollars
79. Corp. profits after taxes with IVA and CCAdj .. .
80
do
1972 dollars
15. Profits (after taxes) per dollar^ sales, mfg.3
26. Ratio, price to unit labor cost, nonfarm business

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

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 per unit of real gross domestic
product, nonfin. corporations
62. Labor cost per unit of output,'manufacturing
a) Actual data
:
*b) Actual data as percent of trend
64. Compensation of employees as percent of
national income3
,

-0.38
242.5
-0.67

0.32
285 . 5
0.52

-0.56
288.1
0.18

-0.91
276.6
-0.92

0.88
274.0
-1.06

1941-43 = 10., 119.71 160.41 160.36 155.76

160.54

.11

1.23
25 8.5
1.03

-0.84
266.4
-0.81

0.27
268.3
-0.46

-1.72
-2.8
0.25

1.11
0.7
0.35

-0.88
0.9
-0.34

-0.35
-4.0
-1.10

164.82 166.27

-0.8

0.9

-2.9

3.1

1977=100.

104.8
50.6
98.4
47.6
3.4
96.2

127.4
60.5
149.4
71 .2
4.0
98.0

150.6
71.0
184.7
87.5
4.9
98.7

150.2
70.3
195.2
92.1
4.9
99.8

141.7
65.7
199.8
93.6
4.4
99.7

-0.3
-1.0
5.7
5.3
0.
1.1

-5.7
-6.5
2.4
1.6
-0.5
-0.1

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

260.4
121.9

318.9
149.3

360.4
167.5

169.3

168.4

1 .7
1.1

0.
-0.5

.. Lg.Lg.Lg.... 1977 = 100...

153.6

156.0

157.7

156.5

157.6

-0. 8

0.7

- Lg.Lg.Lg.... Dollars

1.397

1.40 9

1.415

1.414

1.434

-0.1

1.4

. Lg,Lg,Lg... 1967 = 100...
. Lg,Lg,Lg... Percent

226.8
102.0

219.6
91.9

218.5
87.3

218.0
85 . 6

216.7
83.5

-0.2
-1.7

-0.6
-2.1

75.0

73.5

73.3

73.4

-0.2

0.1

0.70
0.75
0.86
198.7
814.3

0.75
0.93
0.81
213.8
888.8

0.62
0.51
0.90
217.6
90 6.7

0.68
0.63
1.02
218.9
913.9

0.16
0.49
NA
.219.5
920.0

0.40
0.64
NA
219.4
921 .6

-0.62
0.51
NA
217.3
923.0

0.71
1 .25
NA
218.3
932.4

6.6 96
1.376

6.490
1.297

6.669
1 .316

6.737
1.322

6.753
1.329

1.331

1.329

1.321

66.58
73.92
75 . 3 0
13.0

NA
39.59
NA
10.3

.r., bil. dol,.,
do...
. ' . . . . do . . .
do . . .
Cents

. Lg,Lg,Lg....

217.6
83.4

218.3
83.1

219.1
82.9

0.3
-0.3

0.4
-0.2

B7. Money and Credit
Money:
85. Change in money supply ( M l ) 1
.....
102. Change in money supply (M2) 1
5 3
104. Change in total liquid assets (smoothed ) ...
105. Money supply ( M l ) , 1972 dollars
*106. Money supply (M2), 1972 dollars

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

Velocity of Money:
107. Ratio, GNP to money supply ( M l ) 3
108. Ratio, personal income to money supply (M2) 3

C,C,C...
C,Lg,C...

Credit
33.
112.
•113.
*111.
110.

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

Bil. dol
....• d o . .

..do

Flows:
Change in mortgage debt3
Change in business loans3....
Change in consumer installment credit3
Change in credit outstanding3
Total private borrowing

L,L,L... A.r., bil. dol....
do
L,L,L...
do
L.L.L....
L,L,L... A.r., percent...
L,L,L... A.r., bil. dol....

-5.12
91.52 1 2 9 . 3 5 1 1 7 . 9 8 144.07
37.44
17.32
3.66
52.25
88.38
29.59
38.03
13.36
39.77
97.87
69.55
51 .40
67 .79
21.8
13.4
16.1
5.0
1.9
14.7
2 7 1 . 4 1 3 9 0 . 9 9 401.01 496.80 380.72

Credit Difficulties:
14. Liabilities of business failures (inv.4) <g)
39. Delinquency rate, installment loans (inv. 4 ) 3S

L,L,L... Mil. dol
L,L,L... Percent, EOP .

1300.9
2.18




NA
1 .94

NA
1.85

NA
2.02

NA
2.10

NA
2.10

-1.02
-0.13
NA
-1 .0
0.2

1.33
0.74
NA
0.5
1.0

-0,002 -0.008
•77 . 4 9
NA
35.89 - 3 4 . 3 3
23.90
NA
-3.1
-2.7

0.06
0.12
0.12
0.6
0.8

-0.52
-0.14
NA
0.3
0.7

0.068
0.006

0.016
0.007

37 . 8 3
36.13
30.08
7.1
23.9

-11.37
-5 8.7 9
-28.32
-8.4
-23.4

NA
-0.17

NA
-0.08

Table 1, Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data3
Unit
of
measure

Series title and timing classification1

Percent change

Annual average

Sept.
1st 0

2dQ

1984

1984

1M ^

198?

1983

L.U.U... Mil. dol
....do..,
L.Lg.U...

-692
1,052

-545
1,034

LU.lg... Percent
....do...
C,lg,Lg....
....do...
Lg.Lg.Lg...
....do...
C,Lg,Lg....
do...
U,Lg,Lg....
do...
Lg.Lg.Lg....
LgiLg.Lg...
do..
Lg,Lg,Lg...

12.26
10.72
14.68
12.23
11.66
15 .30
14.69
14.86

9.09
8.62
12.25
10.84
9.51
13.11
10.64
10.79

Oct.

1st Q

3dQ
1984

Sept.
1984

Oct.
1984

to

to

1984

Oct.
1984

Nov.
1984

2dQ
1984

-6,424
7,061

-6,622
7,242

-5,410
6,017

-3,940
4,617

-1 ,212
-1,225

-1,470
-1,400

1,906
1,762

Nov

to

2dQ

to

3dQ
1984

I. CYCLICAL E N D I C A T O R S = C o n .
6 7 . Money and C r e d i t — C o n .
Bank Reserves:
93. Free reserves (inverted*)3 @.....
94, Borrowing from Ida Federal Reserve5 @
Interest Rales:
119. Federal funds ratcj3 @
114. Treasury bill rate (u)
116. Corparate bond ytel«V@
115. Treasury bond yields 3 ®
117. Munisipal bor;d yields'®
,
,
118. Mortgage yields, r@stdential3 ®
67. Bank rales m sricrMerm business loans1 ®
*109. Average prime rats charged by banks3 ©
Outstanding Detot:
66. Consumer installment credit5
72. Commercial and industrial loans outstanding
•101. Commercial and industrial loans outstanding.
1972 dollars
*35. Ratio, eorfsumer install credit to pers, income1

10 - 1 , 8 9 6
745
2,507

10.56
9.84
14.18
12.69
10.37
14.57
12 .45
12.31

11 .39
10.34
13.72
12.34
10 .17
14.26
13 .29
12.99

11 .30
10.41
13.37
11 .97
10.10
13.99

9.99
9.97
13.02
11 .66
10.25
13.43

9.43
8.79
12.40
11 .25
10.17
12.90

-0.35
-0.31
0.15
-0.56

-0.56
-1.18
-0.62
-0.41
-0.08
-0.53

12.97

12.58

11 .77

-0.39

-0.81

Lg,Lg,lg... lil. dol., EQP
Lg,Lg,Lg.... Bil. dol

348.94 388.72 4 0 5 . 6 6 430.13 447 .52 447.52 45 3.7 9
NA
268.24 264.94 273 . 7 2 296.24 308.94 311.38 317.54 320.83

1.4
2.0

Lg,Lg,Lg....
Lg,Lg,Lg..., Percent

106.74 104.13 1 0 5 . 3 9 113.31 118.40 119.81 122 .22 123.11
NA
13.10 13.34 1 3 . 6 8 14.12 14.53 14.59 14.74

2.0

0.15

9.69
9.13
12.94
11 . 5 4
9.73
13.32
11 . 0 6
11 . 0 7

-1.31
-0.44

0.87

4,528
4,554

0.63
0.50

0.71
1.24
1.15
0.64
1.25
1.39
1.24

-0.46
-0.35
-0.20
-0.31
0.84
0.68

NA
1.0

6.0
8,2

4.0
4.3

0.7
NA

7.5

4.5

0.44

0.41

II. OTHER I M P O R T A N T E C O N O M I C MEASURES
B. Prieas, Wages, a n d P r o d u c t i v i t y
B l . Price M o v e m e n t s
310.
320.
320e.
322.
330.
335,
331.
332.
333.
334.

Implicit price deflator, GNP
Consumer price index (CPI), all items (u)
Change in CPI, all items, S/A3
CHI, food
Producer price index (PPI), all commodities @
PPI, industrial commodities©...
PPI, crude materials
PPI, inter mediate materials
PPI, capital equipment
,
PPI, finished msumer goods

.,
,

1972-100...
1967-100..,

207.4
289.1

215 .3
298.4

Percent
1967 = 100...

0.3

0.3

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

222 .4
309.7

224.6
313.1

314.5

315.3

315.3

0.3

0.4

0.4

0.4

0.2

301 .3
311 .4
323.2
333.9
320.5
294.1
290.4

303.4
310.8
323.2
328.4
320.5
2 95.8
290.6

303.8
309.5
322.3
327.0
320.1
296 .3
290,0

304.9
309.4
323.2
324.0
320.5
294.6
289.9

305.6
310.4
323.8
330.4
321 .6
295.3
291 .6

285 .7
299.3
312.3
319.5
310.4
279.6
280.9

291.7
303.1
315 .8
323.6
312.4
287.3
284.6

220.6
306.4
0.4
301 .4
309.3
320.5
334.7
318.0
291 .6
289.8

148.3

155.1

158.7

159.9

161 .0

161.6

161 .4

162.1

-0.1

0.4

93.4
154.1
96.8
100*9
100.0

94.8
161 .6
98.3
103.7
103.4

94.9
165 . 9
98.2
105 . 7
105 . 2

95.2
167 .4
98.1
107.0
106.6

94.5
169.0
98.2
107.5
106.6

94.2

93.9

94.3

-0.3

0.4

0.3
0.
0.4
0.
0.3

-0.9
0.1

-0.6
0.

0.

0.8
1.1

1.0
1.1
0.1
0.7

-0.2

-0.1

0.2
0.3
0.2
2.0
0.3
0.2
0.6

0.
0.7
0.8

-0.2

-0.2

-1.6

0.8
0.9
0,2

0.
0.6
0.1

0.8

0.7

0.3

-0.7
1,0

0.

B 2 . Wages a n d P r o d u c t i v i t y
340. Averagti hourly earn ngs, predneton workers,
private nonfarm economy
341 Real average hojrly earnings, production
workers, private mmfarm economy
345. Average tieurly compensation, nonfarm business
346, Real average dourly compensation, nonfarm business
370. Output per hour, private business sector
358. Output per hour, nonfarm business sector

1977
do
do
do
do
do ..

0 .9
-0 .1
1.2
1.3

0.1

0.5
0,

C. L a b o r F o r c e , E m p l o y m e n t , a n d
Unemployment
441.
442.
37,
444.
445.
446.
447.
Labor
451.
452.
453.

Total civilian labor force
...............
Total civilian employment., ,.„......
Number of persons unemployed
Unemployed males, 29 years and over......
Unemployed females. 20 years and over...
Unemployed persons, 16 19 years of age...
Number jnempktjied, full-time workers
Force Participation Rate
Males, 2(1 years and over3..........
Females, 20 years ami over'
Both sexes, 16-19 years of age3.,

Dl.
500.
501.
502.
510.
511.
bl2.

Millions
Thousands...
do

'. doL.
do
do

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

110.20 111.55 1 1 2 . 6 1 113.64 113.71
99.53 100.83 1 0 3 . 7 4 105.15 105.20
10,678 10,717 8 , 8 6 6
8,496 8,510
5,089 5,257 4 , 1 4 9 3,904 3,878
3,613 3,632 3 , 1 4 9 3,088 3,163
1 ,977 1,829 1 , 5 6 8
1 ,503 1 ,468
9,006 9,075 7 , 3 7 2 6,993 7,009
78.7
52.7
54.1

78.5
53.1
53.5

78.3
53.2
53.7

78.3
54.0
54.5

78.3
53.8
53.7

113.70 114.02 114.03
105.24 105 .59 105.87
8,460 8,431 8,154
3,875 3,758 3,751
3,053 3,204 3,038
1,532 1,470 1,365
6,986 7,000 6,809
78.3
53.5
54.3

78.3
53.9
53.6

78.3
53.8
53.5

0.3
0.3

0.
0.3

0.9
1.4

-0.3
-3.0

-3.3
-0,2
-5 .2
-7 .1
-2.7

-4.2
-5.9
-1.9
-4.1
-5.1

0.

0.
0.8
0.8

4.9

-4.0
0.2
0.
0.4

-0.7

-0.1
-0.1

0.1
0.
0.2

-0.7
2.4

-2.3
0.2
0.

-0.2
-0.8

D. G o v e r n m e n t A c t i v i t i e s
Receipts and Expenditures

Federal Government surplus or deficit3
Federal Government recQjpts
,
Federal Government expenditures
State and local government surplus or deficit3
State and local government receipts..
State andi local Rovernmgnt expenditures ,

A.r.,biJ.doL
...do
...do..
...do...
...do..,

- 1 4 8 . 2 - 1 7 8 . 6 - 1 6 1 . 3 -163.7 -180.6
616.7 641 .1 6 8 6 . 4 704.3 706.2
764.9 819.7 8 4 7 . 6
868.0 886 . 8
44.1
32.9
53.9
54.5
47.6
441 .9 478.2 5 0 9 . 6 520 .6 524.6
409,0 434.1 455 . 7 466.1 477 .0

-2 .4
2 .6
2 .4
0 .6
2 .2
2 .3

-16 , 9
0 .3

11 . 8

2.2

-6 . 9
0.8

2 .3

0 2 . Defense Indicators
517.
§2§.
548.
557,
570.
564.

Defense Department obSigations incurred
Defense Department prw;e contract awards
New order;;, defense products
Output of defense end; pace equipment............
Employment in defense products industries
National defense p u r e t a s

Mil. dol
do
1967 — 100
Thousands

18,908 20,635 2 2 , 4 1 9 19,769 22,092 22,191 13,331
NA
10,718 10,787 1 4 , 3 8 0 10,834 11,396 11 ,441
6,256 6,772 8 , 4 7 9 6,306 7,128 6,586 4,916
109.4 119.9 1 2 9 . 3 133.3 137.1 138.5 140.5
1,367 1 ,355 1 , 3 9 1 1,420 1 ,453 1,463 1 ,474
179.5 200.5 2 1 3 . 4 220 .8 220.3

NA
NA

9,801
141.7
NA

-3 9.9
-25.4

99.4

-11 .8
-24.7
-25 .6

1.4
0.8

0.9
NA

3.1
2.1

NA

NA
NA

5.2

13.0
2.9

3 .5

2 .3
-0 .2

-0.3
-10.0
-0.8
-0.3
12.9

-2.0
10.8
-,14.0

4.6

9.0

E. U.S. I n t e r n a t i o n a l T r a n s a c t i o n s
El
Merchandise Trade
602.
604.
606,
612.
614.
616.

Exports, excluding military aid shipments, total
Exports of domestic agrisultural products...............
Exports of nonelectrical machinery
General imports, total.......
...
Imports of petroleum and products
Imports oi cutomobi'es and parts




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

17,6 94 16 ,722 1 7 , 7 5 5 17,702 18,552 18,177 18,387
3,053 3,011 3 , 3 3 0 2,997 3,137 3,153 2,799
4,007 3,536 3 , 8 7 4 3,844 3,769 3,640 4,007
20,329 21 ,513 26 , 5 0 1 26 ,431 29,293 29,430 26,313
4,964 4,3 83 4 , 6 6 7 5 ,267 4,532 4,444 4,034
2,442 2,935 3 , 6 0 9 3,774 4,113 4,6 81 3,460

NA
NA
NA
NA
NA
NA

1 .2
-11 .2
10.1
-10.6
-9.2
-26 .1

NA
NA
NA
NA
NA
NA

4.8
4.7

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Series title

Unit
of
measure

Percent change

Annual average
1982

3d Q

2<tQ
1983

1983

-7.71
81.36
89.07
-14.87
48.74
63.62
18.97
13.00

-9.70
84.83
94.53
-17.50
50.44
67.94
20.80
13.63

4th Q
1983

1st Q
1984

2dQ
1984

3dQ
1984

4th Q
to
1st Q
1984

1st Q
2dQ
1984

2dQ
to
3dQ
1984

II. OTHER I M P O R T A N T E C O N O M I C
MEASURES—Con.
E2. G o o d s a n d S e r v i c e s M o v e m e n t s E x c e p t
Transfers Under Military Grants
667.
668.
669.
622.
618.
620.
651.
652.

Balance on goods and services3. .
Exports of goods and services . . .
.
Imports of goods and services
Merchandise trade bafance3
Merchandise exports
Merchandise imports
Income on U.S. investments abroad
. .
Income on foreign investments in the U.S..

Bil. dot.
do.
do
..do.
..do..
do..
. . do
do

3.28
93.93
90.65
-7.00
59.27
66.27
21 .60
13.09

-0.28 -8.23
87.36 83.05
87.65 91.28
-9.12 -15.26
52.80 50.06
61.92 65.33
20.96 19.25
14.01 13.37

-14.13 - 1 7 . 5 3 - 2 2 . 5 5 - 3 0 . 0 8
84.91 90 .69 8 8 . 9 0 91 . 6 7
99.04 108.22 111 .45 121 . 7 5
-19.41 - 2 5 . 8 6 - 2 5 . 8 4 - 3 3 . 1 3
51 .83 53 .94 54.56 55 .50
71 .24 79.79 80,41 88.63
19.61 23.30 20.82 22.50
14.49 15.55 17.36 18.82

-3.40
6 .8
9.3
-6.45
4.1
12.0
18.8
7.3

-5.02
»2.0
3.0
0.02
1.1
0.8
-10.6
11 .6

-7.53
3.1"
9.2
-7 .29
1.7
10,2
8.1
8.4

667
668
669
622
618
620
651
652

3694.6
1645.2
6,933 6,943
1618.5 1614.6
2554.3 2606 .4
1165.3 1176.5
4,930 4,965
4,865

3.5
2.4
2.2
0.9
3.0
2.1
1.9

2.6
1 .7
1.5
2.5
2.1
1.5
1.3

1 .4
0.4
0
-0.2
2.0
1 .0
0.7

200
50
217
213
224
225
227

2181.4 2230.2 2276 .5 2332.7 2361 .4
1015 .6 1032.4 1044.1 1064.2 1065.9
2 84.1 299
310.9 320.7 317.2
159.6 167
173.7 1 7 8 . 6 177.0
811 .7 823.0 841 .3 85 8.3 861.4
3
83.2
378.5
3 87.1 396.6 3 95.5
10 85.7 1107.5 1124.4 1153.7 1182.8
477.6
482.0 4 8 3 . 4 488.9 493.5

2.1
1.1
3.7
3.9
2.2
1.0
1.5
0.3

2.5
1.9
3.2
2
2.0
2.5
2.6
1 .1

1.2
0.2
-1 .1
-0.9
0.4
-0.3
2
0.9

230
231
232
233
236
23 8
237
239

0
-0.6
4
3.9
-23.2
-11 .3

5 .7
5.7
2.5
2.2
21 .2
10,3

240
241
242
243
245
30

A. N a t i o n a l I n c o m e a n d P r o d u c t
A l . GNP and Personal Income
200.
50.
217.
213.
224.
225.
227.

GNP, current dollars
GNP, 1972 dollars
Per capita GNP, 1972 dollars
Final sales, 1972 dollars
Disposable personal income, current dollars
Disposable personal income, 1972 dollars.
Per capita disposable personal income, 1972 dollars.

230.
231.
232.
233.
236.
238.
237.
239.

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

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

Total, current dollars
Total, 1972 dollars
Total fixed investment, current dollars
Total fixed investment, 1972 dollars
Change in business inventories, current dollars3..
Change in business inventories, *1972 dollars3

A2.

A3-

Ax, bil. dol.
.do.
...do.
.do..
.do.
...do.
.do..
...do..

1849.1 19 84.9 2155 .9 2141 .6
950.5 963.3 1009.2 1006,2
235.4 245 .1 279.8 276.1
140.9 140.5 157.5 156.2
730.7 757.5 801 .7 7 96.9
3 6 0 . 8 363.1 3 7 6 . 3 374.9
883.0 982.2 1074.4 1068.6
4 4 8 . 8 45 9.8 475 .4 475 .1

3553.3
1610.9
6,82 9
1579.3
2502 .2
1147 .6

3644.7
1638.8

484.2
230.9
45 8.1
...do...
...do...
...do...

219.6
26 .0

11 .3

414.9
194.3
441 .0
204.7
-26.1
-10.4

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

596 .5
287.0
228.9
110.3
367.6
176.8

650,
292,
25 8,
117 ,
391 ,
175.7

6 85 .5
291 .9
26 9.7
116.2
415.8
175.7

6 82 .2
292,4
270.5
117.2
411 .6
175.2

689.8
292.0
269.2
115.6
420.6
176.4

691 .4
288.8
266.3
113.0
425 .1
175 .8

704.4
289.5
267.6
112 .2
436 .8
177 .3

743.7
302.1
296.4
123.2
447.4
178.9

761 .0
306,1
302 .0
125 .0
45 8.9
181.1

1.9
0.2
0.5
-0.7
2.8
0.9

5.6
4.4
10.8
9.8
2.4
0.9

2.3
1.3
1.9
1.5
2.6
1 .2

260
261
262
263
266.
267

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

28.0
43.8
369.9
160.2
341 .9
116.4

19.0
29.7
348.4
147.6
329 .4
118.0

-8.3
12.6
336.2
139.5
344.4
126 .9

-6.5
13.6
328.1
137 .0
334.5
123 .4

-16.4
11.9
342.0
141.6
358.4
129.7

-29.8
2.0
346 .1
141 .0
375 .9
139.1

-51 .5
-8.3
358.9
144.9
410.4
153.2

-58.7
-11 .4
362.4
144.7
421 .1
156 .2

-90.6
-27.0
368.6
147.4
459.3

-21 .7
-10.3
3.7
2.8
9.2
10.1

-7.2
-3.1
1.0
-0.1
2.6
2.0

-31 .9
-15 .6
1.7
1.9
9.1
11.7

250
25 5
252
256
253
257

2363 . 8 2446 .8 2646 .7 2609.0 2 6 8 4 . 4 2766 .5 2873 .5 2944.8 2 9 84,9
1765.4 1864.2 1984.9 1962.4 2 0 0 0 . 7 2055 .4 2113.4 2159.2 2191 .9
125 .1 111 .1 121 .7 116 .9 123.3 131 .9 15 4.9 149.8 153.7
42.3
51 .5
58.3
59.0
56.2
60.4
61 .0
62.0
63.0
189.9 159.1 225 .2 216 .7 245.0 2 6 0 . 0 277 .4 291 .1 282.8
241 .0 260.9 256.6 254.2 25 9.2 25 8.9 266.8 2 8 2 . 8 293 .5

3,9
2.8
17.4
1 .0
6.7
3.1

2.5
2.2
1.6
4.9
6.0

1 .4
1.5
2.6
1 .6
-2.9
3.8

220
280
282
284
236
288

12.0
2.5
18.5
21 .9
0.8

1.3
3.3
-5,0
-1 .8
-0.4

1 .0
1 .9
13.3
-23 .8
0.6

290
295
2 9,2
298
293

471 .6
221 .0
485.1
224.6
-13.5
-3.6

449.6
212.6
469.0
218.7
-19.4
-6.1

491.9
230.6
229.8
-4.3
0.9

540.0
249.5
527 .3
242.2
12.7
7 .2

623.8
285 .5
550.0
253.9
73 .8
31 .6

627.0
283.9
576 .4
263.7
50.6

662.8
300.2
591 .0
269.6
71.8

20.3

30.6

15.5
14.4
4.3
4.8
61 .1
24.4

496.2

Government Purchases
of G o o d s a n d S e r v i c e s

Total, current dollars
Total, 1972 dollars.
Federal Government, current dollars
Federal Government, 1972 dollars
State and local governments, current dollars.
State and local governments, 1972 dollars.
Foreign Trade

Net exports of goods and services, current dollars3.
Net exports of goods and services, 1972 dollars3....
Exports of goods and services j current dollars.'.
Exports of goods and services,, 1972 dollars
Imports of goods and services, current dollars
Imports of goods and services,, 1972 dollars
A6.

3267 .0 3346.6 3431 .7
1 5 2 4 , 8 1550.2 1572.7
6,510 6,602 6,6 81
1530.9 1549.3 1565 .4
2302.9 2367.4 2428.6
1082.0 1102.2 1124.3
4,670
4,619 4,694
4,776

Gross P r i v a t e D o m e s t i c I n v e s t m e n t

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

3304.8
1534.7
6,543
1538.3
2340.1
1095.4

2957.8
1512.2
6,572
1500.9
2041 .7
1049.3
4,561

Personal C o n s u m p t i o n Expenditures

A4.

260.
261.
262.
263.
266.
267.

3069.3
1480.0
6,370
1490.4
2180.5
1058.3
4,555

A r, bil. dol
do..
A r, dollars
A r, bil. dol
...do..
... . d o
A r, dollars .

N a t i o n a l I n c o m e a n d Its C o m p o n e n t s

220.
280.
282.
284.
286.
288.

National income
Compensation of employees
Proprietors' income with IVA and CCAdj .
Rental income of persons with CCAdj
Corporate profits with IVA and CCAdj
Net interest

290.
295.
292.
298.
293.

Gross saving (private and government) ...
Business saving
Personal saving
Government surplus or deficit3
Personal saving rate3

A7.

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

Saving
. . .do..
...do.
do.
. ..do.,
Percent...,

484.3 4 0 8 . 8 437 .2
372.6 388.0 45 3.6
137 .4 136.0 118.1
-26 .7 -115.3 - 1 3 4 . 5
6.7
6.2
5 .0

NOTE; Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal
movement. Series indicated by an1 asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise j specified. For complete series titles and sources, see "Titles and Sources of
Series" at the back of this issue. NA, not available, a, anticipated. EOP, end of period. A.r., annual rate. S/A,
seasonally adjusted (used for special emphasis). IVh, inventory valuation adjustment. CCAdj, capital consumption
adjustment.
'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.




414.7
455 .2
441 .4 469.7
96.7
119.0
123.4 -133.5
4.2
5 .0

4 85 .7 543 .9 551 .0 556.4
486.4 4 9 8 . 8 515.3 525.3
128.7 152.5 144.8 164.1
•129.3 -107 .4 -109.2 -133.0
5 .3
6.1
5 .7
6.3

1
For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual
figures published by the source agencies are used if available.
3
Differences rather than percent changes are shown for this series.
"Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
s
End-of-period series. The annua! figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.

CYCLICAL INDICATORS
IA

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
Nov.
P

Oct.
T

July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Dec. Nov.
P T
]

i
j

i

m

i

Nov.

Mar
T

P

w

JanJuly July Nov.
P T
P
T

}}}

1If
1

iff '*

180170160-

1
•U--

^":^

91(fc bidex of 12 leading indicators

ft

150-

140-

|ijseries 1,$% 12,19, 20,29, 32,36,99,106,

130120-

!

, tadex * f k r roughly coincident indicators
(seriesgi 47, 51,57)

930,1 Index of six lagging indicators
|; (series 62,77, 91, 95,101,

194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 841985
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.

10




DECEMBER 1984

not

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite Indexes—Continued
Nov. Oct.
P T

JuSyj May
P T

Aug. Apr.
P T

Apr, Feb.
P T

Nov. Mar.
P
T

Dec. Nov.
P T
IF—v.r

Jan. July July Nov.
P T
P
T

I Inttex: 196^1001
jl
i! •

914.jiGapitalinvestmentGommttments (sjerie|12*20 t 29)
||

•

:

"

'

:

:

]

]

.

'

H

'

j|

.'

'''

-11

9 j & Inventory!Investment and purchasing (series 8, 32J, 36, 99)

150140-

917. Money andfinancialflows (series 104,

130-

\r

-12

12011010090-

-25
70-

- 1 4 |i
150140-

940. Ratio, coincident index to lagging index

-n

130120-

-13

11010090-

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 841985
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.

ItCII DECEMBER 1984




11

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components
Urn. Oct.
P T

July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Dec. Nov.
P
T

Nov. Mar.
P
T

Jan. July July
P T
P

Urn.
T

1. Average Workweek, production workers, manufacturing (hours)

Aufiratrp weekly initial darns. State imenttnvnfant insurance

(thousands—inverted scale)

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

jf

Net business formation (index: 1967 — 100)

Contracts anil orders for pint and equipment m
1972 dollars (bi. dol.)

X943 49 50 51 b< 53 54 55 56 57 58 59 60 61 62 63 64 65 6@ 67

70 71 72 73 74 75 76 77 78 79 80 81 82 83 841985

Currant data tor these series are shown on pages 61, 64, 65, and 66.

12



DECEMBER 1984

KCII

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components—Continued
Nov. Oct.
P T

July [fay
P T

Aug. Apr. •
P T

Apr. Feb.
P T

Dec. Nov.
P T

Nov.
P

29. New building permits, private housing units (index: 1967 ==i 1QQ)

Jan. July July Nov.
P T P T

180*

2HH

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

99. Change in sensitive materials prices, smoothed1 (percent)

LLL

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

106. Money supply M2 in 1972 dollars (bil doL)

Lit

111. Change in credit outstanding—business and consumer
borrowing (ann. rate, percent) f X T T l
+30*

£

-1!JJ
S9 70 71 72 73
'This 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, 7 1 , and 72.

IICII

DECEMBER 1984




13

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
Hm. Oct.
P T

July May
P T

AUR.

Apr.

Dec. Nou.
P T

Apr. Feb.

FT

p T

Nov.
P

Mar.
T

Jan. July iufy H&v,
P T P T

100'
90-

41. Employees on nonagricultural payrolls (millions)

1300
12001100'

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

1000 <
900'
800'

170*
160'
150140-

j—sr

130'

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

.

V

/

120 •

no100
190
180
170'
160'
150

57. Manufacturing and trade sales in
1972 dollars (bl. dol.)

/

140>

V

130'
120'
110'
100-

70-

V

1948 49

50 Bl i^2 g3 94 §S 36 57 58 99 I

©3 64 65 ©i ©7 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 841988

Current data for these series are shown on pages 62, 63, and 65.

14




DECEMBER 1984

ItCII

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
Aug. Apr.
P T

Dec. Nov.

Apr. Feb.
P T

P

Nov.

T

Mar.

PI

Jan. July July Nov.
P T
P
T

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

77. Ratio, constant-dollar inventories to sales,iCTfadwillg

62. Labor cost per unit of output, manufacturing—actual data
as percent of trend (percent)

109. Average prime rate charged^^banksJgercentJ

101. Commercial and industrial loans outstanding
in 1972 dollars (bil. dol.)
Lg,U,Lg

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

1948 49 50 51 52 b3, 54 §5 5S a? 58 59 6© 61

8X 82 83 841985

Current data for these series are shown on pages 62, 68, 70, and 73.

ItCII

DECEMBER 1984




15

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart B l . Employment and Unemployment
Api,

Feb.

Dflc.

Nov.

P

T

P

Jan. !u:-y
? 1

I

^
I-

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

40-

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

m

3-

5. Average weekly initial claims, State unemployment insurance
(thousands—inverted scale) [• C i I

[job Vacancies]
SJk RiJiOj.help-wanted, advertising to number
of persons unemployed (ratio)

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

^

-

"

—

~

•"

"

«

-

f

•

=

"

"

•

•

•Ml

O

61

m

S3

S4

65

sa

§4

Current data for theso series are shown on page 6 1 .

16



DECEMBER 1984

ItCII

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
Apr. Feb.
P T

Dec.
f

Nov.
T

Urn.
P

Mar.
T

Jan. July
P T

July
P

Nov
T

[Comprehensive Employment|

48. Employee-hours in^ nonagricultural establishment^^
(ann. rate, bii. hours)
|tlC,C

42. Persons engaged in nonagricultural activities (millions)

41. Employees on nonagricultural payrolls (millions)
C

40. Employees in goods-producing industries—mining, ^ ^
manufacturing, and construction (millions)

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

77
Current data for these series are shown on pages 61 and 62.

BCII DECEMBER 1984




17

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Aj.r.

Feb.

Dec.

Nov.

P

T

f»

I

Won.

P

Mar.

Jan. July

T

P

T

July

P

[Comprehensive Unemployment |
37. Number unemployed (miltkMis—inverted scale)

V7
43. Unemployment rate, total (percent—inverted scale)

ttflf

\7

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

TOT

A/V A/'
91. Average duration of unemployment (weeks—inverted scale)

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

\

YT
1099 60

61

S2

63

64

65

67

68

SS

81

BZ

S3

84

8B 1986

Current data for those series are shown on page 62.

18




DECEMBER 1984

IN:

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
Apr. Feb.
P T

Dec.
P

Nov.
T

Nov.
P

Jan. July
P T

Mar.
T

July
P

Nov.
T
1800-

[Comprehensive Output and Income |

1700160015001400-

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

1300-

c,c,c

12001100-

15001400130052. Personal income in 1972 dollars (ann. rate, bil. dol.)

12003,1001000900800-

1300-1
12001100-

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

1000900-

700600 J

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

^

260240-

^ lc;c t c|

220200180160-

140-

1959 60

61

62

63

84

Si

66

67

68

69

70

71

73

74

75

7S

77

78

79

SO

81

84

85 1986

Current data for these series are shown on page 63.

BCII DECEMBER 1984




19

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart IB2. Production and Income—Continued
Iks.
P

Nay.
P

Nav.
T

fa
T

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

74. Industrial production, nondu^blejnapufactu|es
(index: 1967 = 100)
\

/
73. Industrial production, durable manufactures
(index; 1967=100)
C,C,C I

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

[Capacity Utilization

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

84. Rate of capacity utilization, materials, Q (percent)

L_2_
19S9

©O

(31

it

S3

64

SS

SS

-

71

12

1986

Current data for these series are shown on pages 63 and 64.

20




DECEMBER 1984

ltd)

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

C h a r t B 3 . C o n s u m p t i o n , T r a d e , O r d e r s , a n d Deliveries
Apr. Feb.
P
T

Dec.

P

Nov.
. T

Nov.

Mar.

p

T

Jan. July
P T

July

Nov.

P

T

no10090-

[Orders and Deliveries]
6. New orders, durable goods industries, in
current dollars (bit dol.)

7060-

\

50-

7. New orders, durable goods industries, in 1972 dollars

rt
30-

8. New orders for consumer goodyndhiiaterials
in 1972 dollars

40*
353025-

25. Change in unfilled orders, durable goods imjysjrjei
(bi. dol.; MCD moving avg.—4-term)

PI

+4+ 2-

-2-

380340 «
300260-

96. Manufacturers' untied orders, durable goods industries
(bl. dol.)
fOTul
T—r—

140-

100-

60-"

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

UJLl
50-

1959 60

62.

62

S3

M

6i

81

82

83

84

85 1986

Current data for these series are shown on page 64.

DECEMBER 1984



21

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Apr, Feb.
P

Dec. Nov.
P

T

Nov.

Mar.

P

T

T

Jan. July
F

T

July
P

NOT.
1

iiOO-

[Consumption and Trade)
400350300-

ffiQ-

56. Manufacturing and trade sales in currentjiollars

(bi.dd)

[c£cl

\T
15057. Manufacturing and trade sales
in 1972 doiars ( b i dol.)

100-

170-

75. Industrial production, consumergo*
(index: 1^67 =- 1 0 ( j y — — -

150130-

TSMT

110-

li'o11)0.

54. Sales of retail stores in current dollars (bsJ. dd.)
70fiO60-

59. Sales of retai stores in 1972 dollars (bi. dol.)
120-1
110-

807060-

30-

5bn*ersonal consumption expenditures,
automobiles, Q (arm. rate, b i dol.)

Index of consumer sentiment (1st Q 1966-100)
v

„ *fcl.|fllfrr^nYmrrifn •

-,,

110-

|L,L,L|

—

100-

• \t||C..-,T7i!iJ
80-

w/
1959 6 0

6 1 62 63 64

S5

67

68

71

72 73

7S

70*

v
76 77

0084

8B 1986

Current data for these series are shown on page 65.

22




DECEMBER 1984

RCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
Apr. Feb.
P
T

Dec. Nov.
P
T

Nov

Jan. July July
F T P

p

Nov.
T

Formation of Business Enterprises
12. Net business formation (index: 1967 = 100) I L L L

13. New business incorporations (thousands)

m

10. Contracts and orders for plant and equipment
in current dollars (bil. do),) J Z L

[Business investment Commitments

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

IXX

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

IXX

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

(mil. sq. ft. of floor area; MCD moving avg.—6-term)

1959 6®

61

(38

'S9 Id

11

11

81

82

84

85 1986

'This is a copyrighted series; used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
Current data for these series are shown on pages 65 and 66.

B C D DECEMBER 1984




23

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart 134. Fixed Capital Investment—Continued

[Business Investment Commitments—Con

97. Backlog of capital appropriations, manufacturing, Q
(KdoL)

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

61. Business expenditures for new plant and equipment, Q
(am. rate, bi. doi.)

Investment Expenditures]

69. Machinery and equipment sales and business
CQnstructiQn eKeejiclSyr^ (ann, rate, bij, dol.)

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

isg@
Current data for these serves are shown on pages 66 and 67.

24




DECEMBER 1984

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
Apr. Feb.
P T

Dec. Nov.
P
T

| Business Investment Expenditures—Con.,|

!;

Mar.
T

Jan. July
P T

Ju!y Nov.
P
T

;

Nonresidential fixed investment in 1972 dollars, Q (ann. rate, bil.
86. Total, Q

88. Producers7 durable equipment, Q

[Residential Construction Commitments and Investment!
28. New private housing units started (ann. rate, millions)
|L t L,L|

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

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

ILLL]

Current data for these series are shown on page 67.

K C I I DECEMBER 1984



25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
Apr. Feb.
P
T

Dec. Nov.
P
T

[inventory Investment]

P

kn. July
P T

T

ii%
P

30. Change in business inventories in 1972 d p l n Q (jwwate,_bl.JoL) ^

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

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

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

|L,L,Ll

+3*

!

0-

1959 60

61

@4

SB

66

67

68

©9

70

71

7S

11 7B

84

85 198S

'This 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.

26




DECEMBER 1984

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

| Inventories on Hand and on Order |

T

July

UQV.

P

T

~
1

71. Manufacturing and trade inventories,
book value (bil. dol.)
\ ^
|Lg,Lg f Lg|
s ^

i

^

w

jp^^-

600550500400-

^

350-

!

300250-

70. Manufacturing and trade inventories in 1972 dollars (bil. dol.)
200-

150110100 «

7060-

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

50"

40-

30-

77. Ratio, constant-dollar inventories to sales, manufacturing and trade
(ratk))

rv

|LgtLg,Lg|

1.8-1
1.71.61.51.4-

2801
260240220200180160 -

78. Stocks of materials and supplies on hand andcmorderr
manufacturing (bil. dol.) JjjLg.lgl

140120-

100-

so-

40 J
1999 60

il

S2

63

84

S3

71

72

78

77

78

79

81

82

84

85 1986

Current data for these series are shown on page 68.

Bill DECEMBER 1984




27

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits
Apr. Feb.
P T

Dee. Nov.
P
T

[Sensitive Commodity Prices)

98. Change in producer prices for 28 sensitive materials
(percent; MCO moving avg.—6-term)

-6-

99. Change in sensitive materials prices (percent; moving
1
aV g.—4-term ) | L,L,L

44-

23, Spot market prices, raw industrials2 (index: 1967
|U,L,L|

19. Stock prices, 500 commonjtocks (index: 1941-43-10)

Profits and Profit Margins!
18. Corporate profits after taxes in 1972 do!arsf* Q •"
(ann. rate, bil. dol.)

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

IXX

1959 60

62

S3

®4

©3

84

'This Is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of thespan.
'Beginning with data for June 1981, this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
Current data for these series are shown on page 69.

28



DECEMBER 1984

IMJI

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Apr. Feb.
P
T

Nov.
P

Dec. Nov.
P
T

Mar.
T

Jan. July
P T

July
P

Nov.
T

240-

[Profits and Profit Margins—Con.)

200160120-

79. Corporate profits after taxes with IVA and CCAdj in
current dollars, Q••-(ann, rate, bit. dol.) ^ ^

40-J

80. Corporate profits after taxes with IVA and CCAdj in
1972 dollars, Q (ann. rate, bil. dol.) [ f c T ]
14-

22. Ratio, corporate profits after taxes to corporate domestic

121086-

81. Ratio, corporate profits after taxes with IVA and CCAdj V
7
to corporate domestic income, Q (percent) | u L L l I j Y /

4-*

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

75-

26. Ratio, price to unit labor cost, nonfarm business sector, 0 (index; _1977_^ 100L

104-i
102100-

\

^

HI

1

9896-

450-1
400350300-

[Cash! Flows]

250200-

34. Net cash flow* corporate, in current dollars, Q(ann. rate, bit dot.)

150-

100-

35. Net cash flow, corporate, in 1972 dollars, Q
(ann. rate, bl. doL) F L J J ]
50 J

1959

60

61

62

63

64

§5

66

67

68

70

71

72

73

74

7S

76

77

7§

79

80

81

84

85 1986

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

ItCII

DECEMBER

1984




29

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Apr. Feb.
P T

Dae.
P

Nev.
T

Jan July July
F T P

Nov.
P

Nov.
T

180170160 •
ISO*
140 -

lUnitlabor Costs and Labor Share]

130*
120-

ZZL

110100-

63. Unit labor cost, private business sector, Q
(index: 1977=100) , _ = = = :

90-

Z

801.6l.S1.41.3U-

68. Labor cost in current dollars per unit of real iross domestic product,
te
nonfinancial corporations, Q (dollars)

1.1-

<f
—

1.00.9-

62. Labor cost per unit of output, manufacturing (index: 1967=100)
160-

140-

120-

10080-

64. Compensation of employees as a percent of national income,
Q (percent)
\T7T7u\

78-

76- •

A^

V

74-

701959 60

61

6,1

63

64

65

66

6?

69

70

71

72

73

74 75

76

77

78 79

80

81

82

83

84

85 1986

Current data for these series are shown on page 70.

30




DECEMBER 1984

,

CYCLICAL
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—-Continued

Chart B7. Money and Credit
Apr. Feb.
P

Nov.
P

Dec. Nov.
P
T

T

Mar.
T

Jan. July
P T

July
P

Nov.
T

85. Change in money supply M l
(percent; MCD moving avg.—6-term) I LL.L

—-HM----fM"
102. Change in money supply M2
(percent; MCD moving avg.—6-term)

i u tK(['*\
w.Wi
v yun- M !/ i

i

104. Change in total liquid assets (percent; moving avg.—4-term1) 1L,L,L
+ 0.8-

\ih

UJtf^rw^^

+ 0.40.0-

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

250230210190950-

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

900 «
850iOO750-

/

700-

S

650 -

7.5-

ui

^r

107. Ratio, GNP to money supply M l , Q (ratio)

7.06.56.05.55.0-

j Velocity of MoneyJ
1.45-

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

nJ\

1.40-

rc,Lg,ci
J£J^

,r*s*

I^a^^i

^v

<S

J^

n

1.351.301.251.20-

1959 60

61

62

63 64

§7

§8 ©9

72

73

76

77 78 79 80 81 82 S3 84 85 1986

'This 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 71.

HCII DECEMBER

1984




31

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr Feb.

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

112. Change in business bam (arm. rate, bil. dol
MCD moving avg.—(Merm)

113. Change in consumer instalment credit (ann. rate, bl. dol.)
IXX

111, Change in credit outstanding—business and consumer
borrowing (ann. rate, percent) f[~j7[

"^

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

1959 60

61

(•>£

63

84

@§

66

71

82

83

84

85 1986

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

32




DECEMBER 1984

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr,

Feb.

Dec.

Nov.

P

T

P

T

Nov

Ma'.

Jan. July

-

P

T

July

Nov.

P

T

[CreditliDifficultiesI

/t

j

,'M i( 14. Current liabilities of business failures (mil. do!.—
I <!, i f \ ||
inverted scale; MCD moving avg.—6-term)

39. Delinquency rate, 30 days and over, consumer instalment loans
(percent—inverted scale) ;

[Bank Reserves(
93. Free reserves (bil. dof.—Inverted scale)

J

-3-2-1
0
+1
876

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

|L,Lg,Ul > ^ -

-

_

5-

_

43

1-

1959 60

01

82

63

64

SS

69

70

71

72

73

74

7S

76

77

78

79

80

31

82

83

84

89 1986

Current data for these series are shown on page 72.

DECEMBER 1984




33

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr, Feb.
P

Dec;.
P

T

Nov.
P

Nov.
T

Mar.
I

[Interest Rates]
119. Federal funds rate (percent)

116. Corporate bond yields (percent)

115. Treasury bond yields (percent)
Clgl

118. Secondary market yields on FHA mortgages (percent)

117. Municipal bond yields (percent)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

7%

7%

77

78

79

84

85 1986

Current data for these series are shown on pages 72 and 73.

34



DECEMBER 1984

KCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr. Feb.
P T

Jan. July
P T

July
P

Nov.
T
21

T

20191817161514131211109-

500450400109,

Average prime rate charged by banks (percent)

350300250200-

1 Outstanding Debt |
fifi r.nmitmer installment credit

(M.M^

150380340300260-

7L

220180-

72. Commercial and industrial loans outstanding in current
dollars (bil. dol.)
X

140-

100-

101, Commercial and industrial loans outstanding in 1972 dollars
60 J
1695. Ratio, consumer installment credit to personal income (percent)
141210../l/Li!

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

75

76

77

78

7©

82

84

85 1986

Current data for these series are shown on page 73.

ItCII DECEMBER 1984




35

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
Apr,

t-eb.

P

1

Bee. Nov.
P
T

Ian. July

NOV.

P

p

T

to'y

Naw.

P

T

[Percent rising]

950. Twelve leading indicator components (6-mo. s p a n — , 1-mo. span-—)

100-

50-

II-

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

, 1-mo. span-—)
100-

:

mp'PT" % f

I!! I!

50-

0-

952. Six lagging indicator components (6-mo. s p a n — f 1-mo. span—-)
100 -I

!

* f & .htr
'Jl] ii' I t !HV fu1 f

\n\

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

, 1-mo. s p a n — )

962. Initial claims, State unemployment insurance—51 areas (percent declining; 9-mo. span

, 1-mo. span-—)
100-

so-

il «

963. Employees on private nonagricultural payrofts—172-186 industries (6-mo. s p a n — , 1-mo. s p a n — )
100*

50*

19S9 60

@1

©2

63

64

65

66

67

68

69

71

72

74

75

76

77

78

79

80

81

32

83

84

8S 1986

Current data for these seroes are shown on page 74.

36




DECEMBER 1984

CYCLICAL IMDSCATORI
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
Ape Feb.
P

Dec. Nov.
P
T

T

Nov.
P

Mar.
T

Jan. July July
F T P

Nov.
T

964. New orders, durable goods industries—34-35 industries
(9-mo. s p a n — * , 1-mo. s p a n — )
100-

50-

5. Newjy

A

A

r

A

h

966. Industrial production—24 industries (6-mo. s p a n — - , 1-mo. s p a n — )
100-

50-

0-

967. Spot market prices, raw industrials—13 industrial materials(9-nro. span—», 1-mo. s p a n — )
100

50-

0-1

968. Stock prices, 500 common stocks—46-82 industries (9-mo. span-~~, 1-mo. s p a n — )
100-

960. Net profits, manufacturing—about 600 companies1 (4-Q span)

1959 60

61

62 i S3

64

6S

SB

67

68

69

70

71

72

73

74

79

76

77

78

79

80

81

82

83

84

85 1986

'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
Current data for these series are shown on page 75.

KCII DECEMBER 1984




37

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
Nov.
P

Jan. July
P T

Mar.
T

July
P

Nov.
P

Nov.
T

Actual
Anticipated

[Percent rising)

Jan. July
P T

Mar.
T

July
P

Nov.
T

Actual
Anticipated

[Percent rising |

970. Business expenditures for new plant and
equipment—21 industries (1-Q span)
(a) Actual expenditures
974. Number of employees, manufacturing and trade (4-Q span)1
70-

>*••.

i

60-

y

50-

975. Level of inventories, manufacturing and trade ( M j ^>an)'
(a) Actual expenditures
70-

I

vf

w

*•
•*

605040 J

L New orders, manufacturing (4-Q span)

1

976. Selling prices, manufacturing (4-Q span) i
100 •*

/v

\

90*

/if \

•J;*

8070-

•

60-

§01

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

977. Selling prices, wholesale trade

1

(4-Q span)

100-

SO
-

•
"' ' *

•>.
*.
J *fr **

•

If

/ ~ \

so
7060

~<<

9080-

a ;-\i

7060»

50

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

978.

Selling prices, retail trade

(4-Q span)1

rA

9080-

**•

1972 73

74

75

76

77

78

79

80

81

82

83 1984

1972 73

70-

••*

*
74

73

76

77

78

79

80

81

82

83 1984

'This Is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400
business executives.
Current data for these series are shown on page 76.

38



DECEMBER 1984

BCD

C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change
Apr. Feb.
P
T

Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan. July
P T

July

Nov
T

P

1-month spans - - l f 3-month spans — 4 -

| Percent change at annual rate |
910c. Composite index of 12 leading indicators

920c. Composite index of four roughly coincident indicators

930c, Composite index of six lagging indicators

47c. Index of industrial production

50c. GNP in 1972 dollars (1-Q span)
+ 10-1
0-5-

J
48c. Employee-hours in nonagricultural establishments

51c. Personal income less transfer
payments in 1972 dollars

1959

§0

<Bt

©2

S3

M

®S

SS

®7

S8

®9

JO

Jl

?2

73

74

75

76

77

78

79

SO

81

82

83

84 - 8 5 1986

NOTE: Data for these percent changes are shown.occasionally in appendix C. The "Alphabetical Index—Series Finding Guide" indicates the latest issue in which the data for each series were published.

DECEMBER 1984




39

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

Chart A L GNP and Personal Income
Apr. Hb.
P T

Dec. Nov.
P
T

P

Jan. July July
P I P

T

Nov.
T

4500*400035003000
2500-

200. GNP in current dollars, Q (aim. rate, bit. dol.)
20001500'

223. Personal income in current dollars
(aim. rate, bi. dol.)'
IOOOJ

224. Disposable personal income in current
dollars, Q (am, rate, bil. dol.)
1800
1600<

50. GNP in 1972 dollars, Q (aim. rate, blTdbT)

14001200'
1000 J

18001600*

213. Final sales in 1972 dollars, Q (aim, rate, on. oof.)

1400
1200
1000-

600-1

876-

217, Per capita GNP h 1972 dollars, Q (aftn. rate, ihous. M )

54-

227. Per capita disposable personal income en

3-

, g (ann. rate, tnous. m.)

1959

60

61

62

63

64

65

66

Current data foe these series are shown on pages 63 and 80.

40




67

68

69

70

71

72

73

74

7§

76

77

78

79

80

81

82

83

84

85 1986

'

DECEMBER 1984

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures
Apr Feb.
P T

Nov.
P

Dec. Nov.
P
T

Mar.
T

Jan. July
P T

July
P

Annual rate, billion dollars (current)]^

Personal consumption expenditures—

Annual rate, billiofi dollars (1972)1

1959 60

61

62

63 64

65

66

67

68

69

70

71

72

73

74 75

76

77

78 79

80

81

82

83

84

85 1986

Current data for these series are shown on pages 80 and 8 1 .

ItCII DECEMBER 1984




41

OTHER IMPORTANT ECONOMIC HEASURI
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
Now.
P

Dec. Now.
P
T

Apr. Feb.
P
T

Mar,
T

k n , July
P T

July
P

Now.
I

| Annual rate, billion dollars (current) |

Gross private domestic investment—

245. Change in business inventories, Q

| Annual rate, bion dollars (1972)1

30. Change in business inventories, Q

1959 60

61

6?

63

64

ig

67

68

69

70

71

72

73

74

84

8S 1988

Current data for theso series are shown on page 81.

42




DECEMBER 1984

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A4. Government Purchases of Goods and Services
Apr. Feb.
P
T

Dec. Nov.
P
T

Jan. July
P T

July
P

Nov.
T

Government purchases of goods and services—

Annual rate, bidn dollars (1972) |

267. State and local governments, Q

1959 60

61

62

83

64

65

66

67

68

69

70

71

72

73

74

79

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 8 1 .

KCII DECEMBER 1984




43

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

I

JuEy

Nov.

P

T

| Annual rate, biion dollars (current) |-

8004S0400 3S03002S0-

200-

180-

~253. Imports of goods and services, Q

252. Exports of goods and services, Q ——

100-

50 J

250. Net exports of goods and services, Q

Annual rate, bifon doters (1972)1

256. Exports of goods and services, Q — * -

257. Imports of goods and services, Q

255. Nut exports of goods and services, Q

1959 60

61

62

63

64

®5

66

67

71

It

74

75

78

77

81

82

84

8S 1986

Current data for these series are shown on page 82.

44




DECEMBER 1984

IECII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A6. National Income and Its Components
Apr. Feb.
P
I

Nov.
P

Dec. Nov.
P
T

Mar.
T

Jan. July
P T

July
P

Nov.
• T

| Annual rate, billion dollars (current) |

34003000 2600*
22001800 «

1400-

220. National income, Q

1000-

- * — 280. Compensation of employees, Q
600-

400360-

Illll

Corporate proms with inventory valuation and capital consumption
adjustments, Q
\
«—,•,,., .VS

320280 240-

/

200*
180160140120100SOSO-

r
A

^-M.

A

70-

r

Net interest, Q

§0-

Proprietors' income with inventory valuation and
284. Rental income of persons with capital
consumption adjustment, Q
/

20-

10 J
1959

60

61

©2

63

64

©5

68

69

70

71

72 73

7$

11

IB 79

84

89 1986

Current data for these series are shown on page 82.

I B C I ) DECEMBER 1984



45

OTHER IMPORTANT ECONOMIC MEASURES
I A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
Apr. l-eb.
P
T

Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan. Juiy
P T

July

P

Mow
T

Annual rate, bilkxi dollars (current)

290. Gross saving (private and government), Q
:

298, Government surplus or deficit, Q

| Percent |

; 293. Personal saving rate, 0

Bill
^

^

1959 60

v

^^—*

61

62

63

64

6S

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

80 1986

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

46




DECEMBER 1984

Bill

OTHER IMPORTANT ECONOMIC MEASURES
A

|

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
Apr. Feb.
P
T

Nov.
P

Dec. Nov.
P
T

Mar.
T

Jan. July
P T

July
P

Nov.
T

| Percent of GNP~|
70-

235. Personal consumption expenditures, Q

65-

6U20-

268. State and local government purchases
of goods and services, Q
15 H
265, Federal Government purchases of goods and services, Q

248. Nonresidential fixed investment, Q

249. Residential fixed investment, Q

^247.

Change in business inventories, Q

251. Net exports of goods and services, Q

I Percent of National Income]
80 T
64. Compensation of employees, Q

75 H

70-

65 J

287. Corporate profits with inventory valuation and
:
capital consumption adjustments, Q
io H
283. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
289. Net interest, Q
285. Rental income of persons with capita! consumption adjustment, Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

79

76

77

78

79

SO

81

82

83

84

85 1986

Current data for these series are shown on page 83.

BCII DECEMBER 1984




47

OTHER IMPORTANT ECONOMIC IV1EASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

Chart B l . Price Movements
k n, Ju y
P

P

1

T

jdy

Key.

P

T

to
P

[fe.
1

i:%
p'

310c. Implicit price deflator,

fttiv.
T

[Percent change at animal rate |

L

+15-

310, tmplcit price deflator, GNP, Q
311c. Fixed-weighted price index, gross business product (1-Q span)

3 1 1 Fixed-weighted price index,
gross business product, Q

1972 73

74

?9

76

77

78

J0

i@

m

S3 1984

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




DECEMBER 1984

KCII

B

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued
Apr. Feb.

P

Jan. July
P T

T

July
P

Nov.
I

Consumer prices-

Chart B2. Wages and Productivity
I Index: 1 9 7 7 - 1 0 0 1

200"i

M

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

18016Q«
14012010080-

0. Average nounyearnings" of production workers,
private nonfarm economy (current dollars)1

200180160140-

346. Real average hourly compensation, all employees,•
nonfarm business sector, Q

120-

y
nonfarm business sector, Q (current dollars)
40 J

1959 $0

61

71

72

J§

76

11

89 1986

'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonally.
Current data for these series are shown on pages 84, 87, and 88.

IUj|

DECEMBER 1984




49

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B2. Wages and Productivity—Continued
Apr, Feb.
P
T

Nov.
P

Dec. Nov.
P
T

[Wages-HCon,

Nlar.
T

Jan. July
P T

idy
P

[Percent change |

6-month spans (ann. rate)

Change jn average hourlyly earnings of production
workers! private nonfarm 1

\

\\

t

Nov.
T

4=15-

. /:.<

•

i

[j|/'iJL

ii I
+ 10+ 5 **

340c.

0-

1-month spans2
\
W e . Real earnings

i

+ 10+ 5-

> f ^ ^ ^ ^

0-

-s-10-

Change in average hourly compensation, all employees,
nonfarm: business sector, Q—
1-quarter spans (ann. rate;

345c. Current-ddar compensation

,

4-quarter spans '•'

^ i ^*7~~"

+ 5'

[in]

0J

346c, Real compensation

+ 10-

T-quarter spans (ann. rate)
.
X

+5-

-8'

Negotiated wage and benefit decisions, all industriesM8, First year average changes, Q (ann. rate)—*l k
349. Average changes over life of
contract, Q (ann. rate)
lhd»x:1977«1001

358. Output per hour, all persons,
nonfarm business sector, Q
90-

5

8070 J

370c. Change in output per hour, private business sector, Q

| Percent change |
+i0n

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonally. JOne-month percent changes have been multiplied by a constant (12) to make them comparable
with the annualized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for those series are shown on pages 87 and 88.

50



DECEMBER 1984 Hi

•^•k

At

OTHER IMPORTANT ECONOMIC MEASURES
C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components
Apr. Feb.
P
T

Jan. July
P T

Dec. Nov.
P
T

July
P

Nov.
T

441. Civilian labor force (millions)

44Z. total employed (millions)

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

453. Both sexes 16-19 years of age
^^V

452. Females W years ana over
Number unemployed (millions)—
37. Total unemployed

444. Males 20 y e a r s ^ ^
and over
44b. Females zu years
and over
446. Both sexes 16-19 years of age

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

.5

44o. raumoer empioyeu pan-ume lur economic

reasons (millions)
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

82

83

84

85 1986

Current data for these series are shown on page 89.

KCII DECEMBER 1984




51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Chart D l . Receipts and Expenditures
Apr.

feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

T

hi)
P

T

[Annual rate, bitxi dolars (current)
1300*
1100900"
700500-

502. Federal Government expenditures, Q

300-

501. Federal Government receipts, Q

100-

500. Federal Government surplus or deficit, Q

600500*
400-

511. State and local government receipts, Q

300-

200-

512. State and local government expenditures, Q
100+

11

510. State and local government surplus or deficit, Q -

80-

+60+ 40+20-

1959 60

62

62

63

64

SS

§7

68

69

7©

71

72

73

74

75

76

77

78

79

80

81

83

84

85 1986

Current data for these series are shown on page 90.

52




DECEMBER 1984

BCII

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
Jan. July
P T

July
P

Nov.
T

[Advance Measures of I; Defense Activity |

517. Defense Department gross obligations incurred
(bil. dol.; MCO moving avg.—6-term)

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

543, Defense Department gross unpaid obligations outstanding (bif. dol.)

548. Manufacturers' new orders, defense products
(bil. (tol; MCD moving avg.—iHflrip

.LTLJLJL

1959 60

\ :

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

, • . LflJ L f U U l ! •

81

82

83

84

85 1986

Current data for these series are shown on page 90.

DECEMBER 1984




53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Nov.
P

Die. Nov.
P
T

Apr. Feb.
P
T

Mar.
T

Jin. July July
P I P

Nov.
T

[Jnterhriediate and Final Measures of Defense Activity]

JSL

557. Output of defense and space equipment (index: 1967-100)

160140120100-

18-

14-

559. Manufacturers' inventories, defense products (bi. doi.)

1

(ID

242016-

12-

580. Defense Department net outlays, rritary functions andmitary
assistance ( b i doi.; MCD moving avg^6~term)

54-

588. Manufacturers' shipments, defense products
(Ml doi.; MCD moving avg—4-term)

3-

2-

1959 60

61

62

63

64

65

Current data for these series are shown on page 91.

54




66

67

68

69

70

71

72

73

74

7S

76

77

78

79

80

81

S3

84

85 1986

t

DECEMBER 1984

Kill

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Apr. Feb.
P
T

Dec. Nov.
P
T

Nov.
P

Mar.
T

Jan. July
P T

July
P

Nov.
T

|Intermediate and Final Measures of Defense Activity—Q^n.} ^
.

5

7

0

.

ifi defense jprodu^ts indtistHe^;

j | ^

1.81.6*
1.41.2J

1.0

Defense Department personnel (millions)

578. Civilian, direct hire employment

240220200180-

564. Federal Government purchases of goods and services tor national
defense, Q (ann. rate, bil. dot.)
'r"

160 140120100-

80-

60-

40-

987654. -.: i • / . : . - .

1959 60

61

62

63

64

'-\:.\

65

, , . J . . . .: • .

66

67

•'

68

. J L / U l . H ! ^ I I ^ V i i: . ' . \ '•

69

70

71

72

:

I . . , ''. '} i J U L A. J L '•. .' i. .i ' ...I I. ^ =. - ^ ^ ^

73

74

75

76

77

...

78

'. . .

79

80

ijV'..

81

1 JlJ LA. AJo

82

83

. ... . .

84

'. .

'•'•...•[/

85 1986

Current data for these series are shown on page 91.

KCII

DECEMBER 1984




55

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS
Chart E l . Merchandise Trade
Apr. r@fe.
P
T

Dee.
P

Nov.
T

tow.

Mar.
T

P

Jan. Juiy Juiy
P I P

Nov.
T

24-

602. Exports excluding military aid shipments
(bi. dol.; MCO moving ayg,-5-term)

61

43-

j

604. Exports of domestic agricultural products
(bi. dol.)
1-

606. Exports of nonelectrical machinery
(bil.dol)

34*!
30*
26-

18-

10-

612, General imports (bit. dol.; MCD moving avg.^-4-term)
9.0
8.0*
7.06.0-

4.0 •
l

i

3.0-

614. Imports of petroleum and petroleum products
(bil. dot.)
|

2.0-

1.0-

616. Imports of automobiles and parts (bi. dol,

0.80.6-

0.4-

0.2-

1999

60

61

62

63

64

6S

Current data for these series arc shown on page 92.

56




66

67

68

69

70

71

72

73

74

75

76

77

78

79

81

82

83

84

85

1986

•

DECEMBER 1984

KCII

OTHER IMPORTANT ECONOMIC IVIEASURES
E

I

U.S. INTERNATIONAL TRANSACTIONS—Continued

Chart E2. Goods and Services Movements
Jan. July
P T

July
P

Nov.
T

Annual Hate, billion dollars

Excess of receipts
Excess of payments

Goads and services—

Merchandise, adjusted—

622. Merchandise trade balance, Q

Investment income—
651. Income on U.S. investments abroad, 0

Income on foreign investments in the U.S., Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 93.

DECEMBER 1984




57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Chart F l . Industrial Production
Apr.

Feb.

P

T

Dec, NOT,
P
T

NOT.

Mar.

P

T

Jan. July
P

T

July

Nov.

P

T

I Index: 1967 = 100
280-

Industrial production—

HI

260240220200-

y

W

180160140120-

47. United States^

100-

722. UnlTed7(«ng(fom

728. Japan
60-

1959 60

61

32

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data For these series are shown on page 94.

58




DECEMBER 1984

IICI)

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued
Chart F3. Stock Prices

Chart F2. Consumer Prices
Nov.
P

Jan. July
P T

Mar.
T

July
P

Nov.
P

Nov.
T

Jen. July
P T

Mar.
T

July
P

Nov.
T

81

82

[Percent change at annual rate
Consumer prices—

^S/

1972 73

74

75

76

77

78

>^'h'i.

79

1

8X

82

83

1972 73

74

79

76

77

78

79

80

83 1984

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

DECEMBER 1984




59

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS

Q

Year
and
month

910. Index of
12 leading indicators {series
1, 5, 8, 12, 19,
20, 29, 32, 36,
99, 106, 111)

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

{1967-100)

(1967-100)

930. Index of
6 lagging indicators (series
62,77, 91,
95, 101, 109)

(1967-100)

COMPOSITE INDEXES

940. Ratio,
coincident
index to
lagging index

(1967 = 100)

Leading indicator subgroups
914. Capital
investment
commitments
{series 12, 20,
29)
(1967-100)

915. Inventory
investment
and purchasing
(series 8, 32, 36,
99)
(1967-100)

916. Profitability (series
19, 26, 80)

(1967-100)

917. Money
and financial
flows (series
104, 106, 111)

(1967-100)

1982
J

135.1
135.7
134.7

138.4
139.9
139.2

126.1
125.3
125.1

109.8
111.7
111.3

104.2
104.2
104.0

96.7
96.5
96.6

94.5
93.2
92.6

123.3
122.1
122.2

April
May
June

136.0
136.2
135.5

138.0
138.8
137.3

125.9
125.1
124.8

109.6
111.0

110.0

104.9
104.2
102.9

96.4
97.1
97.6

93.1
93.0
92.4

123.0
122.4
122.?

July
August
September

136.2
136.1
137.5

136.4
135.2
134.5

124.3
122.3
121.4

109.7
110.5
110.8

103.9
102.9
103.4

97.8
98.1
98.3

92.6
92.4
93.9

122.5
124.5
124.2

October
November
December

138.6
139.4
140.9

132.9
132.7
132.6

120.2
118.2
116.7

110.6
112.3
113,6

104.7
105.4
107.0

98.0
97.0
96.4

95.0
95.5
96.4

122.7
122.5
122.5

145.2
147.4
150.2

134.3
133.5
134.6

115.7
115.8
114.4

116.1
115.3
117.7

106.3
107.0
107.2

97.7
99.2
101.3

97.6
98.6
100.5

127.2
129.1
129.8

April
May
June

152.5
154.4
157.3

135.6
137.9
139.8

113.5
111.0
109.8

119.5
124.2
127.3

107.7
109.3
110.3

101.9
102.3
102.5

102.5
104.6
105.7

129.7
129.0
131.5

July
August
September

158.2
158.9
160.0

140.7
140.8
143.3

109.7
110.3
109.7

109.4
108.9
109.3

103.1
104.4
104.7

106.5
107.0
107.9

132.4
132.0
130.2

October
November
December

162.4
162.5
163.4

145.0
145.9
147.5

109.6
110.0
110.9

128.3
127.7
130.6
132.3
132.6
133.0

110.4
110.1
rlO9.2

105.4
105.2
106.1

108.4
108.6
108.8

131.1
132.0
133.9

164.5
rl66.9
167.4

149.5
150.6
151.0

109.6
111.4
113.0

1)136.4
135.2
133.6

110.3
©112.1
111.0

106.1
106.9
107.6

109.2
108.4
109.3

133.5
135.3
136.7

168.2
H>rl68.5
166.9

152.6
153.9
155.5

114.6
116.3
117 4

133.2
132.3
132 5

111.0
111.0
110 9

107.9
D1O7.9
106 0

110.1
110.8
rllO 5

r!37.2
rl38.7
rTW 0

July
August
September ,

163.9
164.0
rl65.4

155.7
rl55.7
rl56.0

118.8
120.0
rl21.1

131.1
129.8
rl28 8

rlO9.4
110.0
110.2

rlO4.6
103.5
103.7

rll0.3
|H>111.7
(NA)

r!38.2
rl37.4
r!39 4

October
November .
December .

a

164.5
166.6

156.1
[H}3157.0

H>122.3
"120.7

rl27.6
pl30.1

rlO9.9
pill.5

rlO3.9
P104.0

January , . ,
February
March

1983
January
February
March

.

1984
January . . .
February . .
March
April
May
June

138.9
lH)pl39.8

NOTE: Si;ries are seasonally adjusted except for those, indicated by (§), that appear to contain no seasonal movement. 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 listed at the back
of this issue. The " r " indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of theso series are shown on pages 10 and 11.
includes a substitute value for series 1. See "New Features and Changes for This Issue" on page iii of the March 1982 issue.
a
lixcludes series 36, for which data are not available.
3
Hxeludes series 57, for which data are not available.
Hixeludes series 77 and 95, for which data are not available.

60



DECEMBER 1984

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process .
L, L, L

L,C, L

L,C,L

1. Average workweek
of production workers,
manufacturing

21. Average weekly
overtime hours,
production workers,
manufacturing

L, Lg, U

5. Average weekly
initial claims, State
unemployment
insurance1

60. Ratio, help-wanted
advertising to persons
unemployed

(Ratio)

(Thous.)

(Hours)

(Hours)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

U, C,C

L, Lg, U

46. Index of helpwanted advertising
in newspapers

48. Employee-hours
in nonagricultural
establishments

(1967 = 100)

(Ann. rate,
bit. hours)

1982
January
February
March

37.4
39.5
39.1

2.3
2.4
2.3

563
514
566

0.336
0.316
0.288

106
103
96

164.24
168.94
168.32

April
May
June

39.0
39. 1
39. 1

2.4
2.3
2.3

566
585
551

0.254
0.250
0.241

87
85

167.52
167.63
166.55

July
August
September . . .

39.1
39.0
38.8

2.3
2.3
2.3

533
605
653

0.227
0.213
0.193

83
78
73

165.91
165.52
165.14

October
November . . .
December . . .

38.9
39.0
39.1

2.3
2.3
2.3

651
616
531

0.196
0.195
0.208

76
78
83

164.36
163.50
164.61

January
February
March

39.5
39.1
39.7

2.4
2.4
2.6

507
478
479

0.214
0.215
0.216

83
83
83

165.75
164.04
165.06

April
May
June

40.1
39.9
40.1

2.9
2.7
2.9

470
453
406

0.212
0.232
0.245

81
87
92

166.67
167.07
167.47

July
August
September . . .

40.2
40.3
40.7

3.0
3.0
3.2

380
408
387

0.281
0.272
0.282

100
97
98

168.29
168.25
170.68

October
November . . .
December . . .

40.6
40.6
40.6

3.3
3.3
3.4

386
381
378

0.334
0.360
0.392

111
114
121

171.12
170.69
172.73

January
February
March

40.9
40.9
40.7

3.5
3.5
3.5

364

E>345
348

0.406
0.436
0.421

123
129
124

174.01
175.02
174.40

April
May
June

40.6
40.6

3.3
3.3

360
348
350

0.418
0.437
0.491

124
125
134

176.89
176.31
176.99

July
August
September . . .

40
40
40

3.3
3.3
3.3

365
358
368

0.481
0.447
0.454

0)138
128
129

177.06
177.49
[H>rl78.87

3.3
p3.4

405
397

rO.477
.497

rl35
pl36

rl78.39
P177.24

1983

1984

E>3.7

October
November . . .
December , . .

r40.4
p40.5

See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
l
Data exclude Puerto Rico, which is included in figures published by the source agency.

DECEMBER 1984




61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

m

.

Minor Economic

Comprehensive Employment-Continued

Process

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT—Continued
Comprehensive Unemployment

U, C, C

C ( C, C

L. C, U

U, Lg, U

L, Lg, U

L, Lg, U

L, Lgt U

Lg, Lg, Lg

Lg, Lg, Lg

42, Persons
engaged in nonagricultural
activities, labor
force survey

41, Employees
on nonagricultural payrolls,
establishment
survey

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

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

37. Number of
persons unemployed, labor
force survey

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate,
State programs'

91. Average
duration of
unemployment

44, Unemployment rate,
persons unemployed 15
weeks and over

(Thous.)

(Thous.)

(Thous.)

(Percent)

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

1982

96,301
96,419
96,374

90,402
90,409
90,301

24,691
24,667
24,524

57.46
57.48
57.38

9,393
9,693
9,910

8.6
8.9
9.0

4.1
4.1
4.3

13.4
14.1
14.0

2.2
2.5
2.7

96,223
96,726
96,314

90,059
90,006
89,755

24,299
24,165
23,920

57.23
57.51
57.15

10,303
10,363
10,480

9.4
9.4
9.5

4.5
4^6
4.6

14.4
14.8
16.0

2.8
2.9
3.1

96,086
96,183
96,046

89,412
89,208
89,103

23,716
23,528
23,376

57.01
56.99
56,84

10,896
10,910
11,267

9.9
9.9
10.2

4.6
4.7
4.9

15.4
16.1
16.6

3.3
3.4
3.5

95,703
95,537
95,550

88,820
88,674
88,646

23,101
22,930
22,873

56.63
56.52
56.44

11,544
11,887
11,894

10.4
10.7
10.7

5.1
5.1
4.8

17.2
17.4
18.4

3,8
4,0
4.2

95,734
95,757
95,930

88,827
88,728
88,945

22,959
22,827
22,832

56.48
56.45
56.48

11,523
11,516
11,419

10.4
10.4
10.3

4.5
4.5
4.4

19.4
19.1
19.2

4.2
4.2
4.1

96,214
96,388
97,264

89,259
89,578
89,927

22,949
23,087
23,241

56.60
56.63
57.14

11,369
11,188
11,162

10.2
10.1
10.0

4.4
4.1
3,9

19.2
20.2
21.4

4.0
4.1
4.0

97,726
98,035
98,568

90,274
89,918
91,018

23,414
23,532
23,669

57.35
57.45
57.62

10,600
10,633
10,353

9.5
9.5
9.2

3.7
3.5
3.3

21.3
19.9
20.2

3.9
3.6
3.5

98,730
99,349
99,585

91,345
91,688
92,026

23,895
24,058
24,198

57.61
57.92
58.05

9,896
9,429
9,195

8.8
8.4
8.2

3.2
3.2
3.1

20.1
20.2
19.6

3.3
3.1
3.0

January
February . . . . . .
March . . . ,

99,918
100,496
100,859

92,391
92,846
93 058

24,383
24,577

58.06
58.41
58.49

9,026
8,801
8,772

8.0
7.8
7.8

3.0
2.9

20.5
18.8

2.9
2.6

O Q
C . 3

1Q 8

0 C
1. D

April
May
June

101,009
101,899
102,344

93,449
93,786
94,135

24,760
24,851
24,974

58.59
59.04

©59.24

8,843
8,514
@>8,130

7.8
7.5
E>7.1

July . . . .
...
August . . . .
September . . . .

102,050
101,744
101,923

94,350
94,523
r94,807

25,059
25,098
r25,010

58.99
58.70
58.79

8,543
8,526
8,460

102,472

r95,150
H>p95,453

r25,078
B>p25,131

58.93
59.03

8,431
8,154

January
February . .
March
April

. .

May
June

. . . . . . . . . . .

July
August
September
October
November
December

.

1983
January , , . , ,
February
March
April

May
June
July
August
September
October
November

.

December

. . . . . . .

1Q8/1

October
November ,
December .

. .

©102,519

OA CQC

2.8
2.7
2.7

lo.o
18.5
18.4
18,6

2.5
2.5
2.3

7.5
7,5
7.4

2.7
fiH>2.6
2.7

18.1
17.3
17.1

2.4
2.3
2.3

7.4
7.2

2.7
2.8

E)16.5

2.2

17.5

See note on page 60.
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



DECEMBER 1984

ICO

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

n

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

PRODUCTION AND INCOME

Comprehensive Output and ncome

Timing Class

C, C, C

50. Gross national product
in 1972 dollars

Year
and
month

(Ann. rate,
bil. dol.)

c, c, c

c, c, c

52. Constant
(1972) dollars

51. Personal
income, less
transfer payments, in 1972
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

C, C, C

Persona income
223. Current
dollars
(Ann. rate,
bil. dol.)

Industrial Production

c, c, c

47. Index of
industrial
production,
total

(1967=100)

c, c, c

73. Index of
industrial
production,

durable manufactures
(1967 = 100)

C, L, L

74. Index of
industrial
production,
nondurable

c, c,c

49. Value of
goods output
in 1972 dollars

manufactures
(1967 = 100)

(Ann. rate,
bil. dol.)

1982
January
February
March

1,483.5

2,521.5
2,542.6
2,545.2

1,246.4
1,256.2
1,255.0

1,072.0
1,080.7
1,077.9

222.9
223.7
222.7

140.7
142.9
141.7

127.1
129.3
128.2

155.1
157.8
157.3

669.0

April
May
June

1,480*5

2,561.2
2,570.7
,2,572.7

1,260.4
1,258.9
1,248.3

1,081.2
1,079.5
1,070.1

221.8
220.2

126.7
126.1
125.5

156.1
155.0
155.3

662*0

217.1

140.2
139.2
138.7

July
August
September

1,477*. 1

2,591.4
2,591.5
2,599.8

1,251.9
1,248.9
1,249.3

1,067.8
1,064.9
1,064.2

214.8
212.7
211.0

138.8
138.4
137.3

125.9
124.9
123.5

155.7
156.9
156.7

657*9

October
November
December

1,478*8

2,617.0
2,645.0
2,656.3

1,249.2
1,261.9
1,267.3

1,060.8
1,070.3
1,074.8

208.3
207.3
208.4

135.7
134.9
135.2

120.3
119.3
119.9

156.2
155.3
155.6

653*6

1,491.0

2,659.7
2,656.8
2,671.8

1,264.1
1,260.9
1,265.7

1,075.5
1,071.1
1,074.8

210.5
209.4
210.2

137.4
138.1
140.0

122.5
123.9
126.3

157.4
159.0
160.7

658.9

2,693.2
2,715.8

1,077.6
1,083,0
1,091.3

210.6
210.9
212.2

142.6
144.4
146.4

129.1
131.0
133.2

163.3
165.4
167.8

681*6

• 2,734.4

1,268.0
1,275.6
1,282.6

1983
January
February
March
April

1,524*8

May
June
July
August
September

1,550*2

2,744.9
2,759.9
2,785.0

1,283.3
1,284.9
1,291.1

1,094.2
1,096.8
1,104.1

213.3
213.6
216.0

149.7
151.8
153.8

136.8
138.8
.141.6

170.6
172.9
174.6

698 !i

October
November
December

1,572*7

2,814.9
2,834.2
2,860.4

1,306.2
1,312.1
1,321.2

1,119.1
1,121.9
1,130.8

217.1
218.2.
219.8

155.0
155.3
156.2

142.8
143.6
145.0

175.6
174.8
173,9

715*5

January
February
March

1,610-9

2,897.4
2,923.5
2,940.6

1,332.8
1,341.7
1,344.0

1,144.1
1,153.1
1,155.3

221.9
223.1
222.9

158.5
160.0
160.8

148.6
150.5
151.4

175.2
177.2
177.6

744*9

April
May
June

1,638.8

2,968.5
2,978.8
3,006.5

1,354.2
1,358.9
1,371.6

1,165.0
1,169.7
1,181.8

224.7
224.7
225.7

162.1
162.8
164.4

152.6
153.3
154.9

179.1
179.9
181.3

E>767.4

July
August
September

E>rl,645*2

r3,027.7
r3,045.8
r3,068.3

rl,373.7
rl,373.2
"rl,380.3

rl,184.5
rl.183.9
rl,191.9

225.7
E>225.8
r225.2

165.9
[H>rl66.0
rl65.0

157.2
E>rl57.8
rl57.0

rl80.5

October
November
December

U , 656*7

r3,079.1
H>p3,099.8

rl.380.8
[H>pl,385.7

rl,191.4
[H)pl,195.8

r224.4
p225.6

rl64.3
pl65.0

rl56.3
pl57.1

rl81.0
P181.4

1984

D181.8
181.7

r766.8

See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.

'"Flash" estimate.

KCII

DECEMBER 1984



63

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ J

Minor Economic
Process

Capacity Utilization

Timing Class

Year
and
month

Q j

PRODUCTION AND INCOME—Continued

L, C, U

83. Rate of
capacity
utilization,
manufacturing
(BEA)
(Percent)

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

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Orders and Deliveries
L.C.U

84. Rate of
capacity
utilization,
materials

(Percent)

L, L, L

L.L.L

L, L,L

L, Lg, U

L, L, L

7. Constant
(1972) dollars

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

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

32. Vendor
performance,
companies receiving slower
deliveries ®

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

L. L,L

vaiue or manuiaciurers new
orders, durable goods industries
6. Current
dollars
(Bil. dol.)

(Percent
reporting)

1982
January . . .
February . .
March
April
May . . . .
June . . . .

73!6

76.13
77.37
78.60

33.29
33.83
34.31

29.04
29.50
30.48

-0.53
-1.34
-0.24

308.24
306.89
306,65

32
36
35

7CL7

76.91
75.83
74.92

33.50
32.89
32.42

29.40
30.48
29.94

-1.04
-3.54
-3.64

305.61
302.08
298.44

31
30
38

7lI6

69^4

75.23
72.05
73.23

32.51
31.12
31.52

30.04
29.23
29.75

-3.24
-4.49
-3.22

295.20
290.71
287.49

37
40
40

69-6

67." i

71.55
71.54
76.61

30.76
30.68
32.79

28.25
28.42
28.70

-1.64
-1.64
2.81

285.84
284.21
287.01

44
40
38

70.'7

70.1

81.84
77.52
79.80

35.06
32.96
33.87

31.42
31.64
31.70

3.83
-0.38
0.15

290.85
290.47
290.61

41
42
50

73^8

73* 5

82.86
83.29
89.46

35.16
35.19
37.64

32.02
33.56
33.86

2.74
1.28
3.87

293.36
294.63
298.50

52
52
52

77^4

77^5

87.88
88.82
91.51

36.91
37.23
38.35

34.60
35.20
35.31

2.80
2.09
2.55

301.30
303.39
305.94

52
61
60

78.9

79.6

94.78
97.99
98.44

39.72
40.95
41.09

36.09
36.60
37.49

5.60
5.68
2.09

311.53
317.21
319.30

64
59
67

80.7

81 "i

99.44
102.34
0)105.18

41.50
42.52
0)43.43

0)38.59
38.38
37.49

4.15
6.06
E>8.19

323.46
329.51
337.70

63
68
»72

81.8

82.7

98.32
102.26
99.17

40.49
42.13
40.76

37.28
38.44
36.64

2.62
4.31
0.13

340.32
344.63
344.76

71
70
66

H>r82.*5

E>82.*9

101.70
102.02
98.68

r41.82
41.86
40.54

r37.83
37.90
36.68

3.30
0.98
-0.27

348.06
[H)349.O5
348.78

60
54
58

r96.07
P104.00

r39.55
P42.62

r36.90
p36.96

r-4.36
pi.91

r344.42
P346.34

52
50

72^9
72

*71

July . . . .
August . .
September

*69

October
November
December ., ,

*68

"!:!

1983
January . . . . . .
February . . .
March

70

April
May . . . . . . .
June

*73

July
August
September . . ,
October
November . . .
December . . .

*76

B77

1984
January
February
March
April
May
June
July . .
August '
September . . .

(NA)

October
November . , .
December . . .
See note on |
Graphs of these series are shown on pages 12, 20, and 21.

64




DECEMBER 1984

KOI

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ 9

• 1
l i l

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

Minor Economic
Process

Formation of Business Enterprises

Consumption and Trade

Timing Class

C, C, C

C.C, C

Manufacturing and trade sales
Year
and
month

56. Current
dollars

57. Constant
(1972) dollars

(Mil, dol.)

(Mil. dol.)

C, L, C

75. Index of industrial production, consumer
goods

(1967 = 100)

C,L, U

U, L, U

Sales of retail stores
54. Current
dollars

(Mil. dol.)

FIXED CAPITAL
INVESTMENT

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

L, C,C

55. Personal
consumption
expenditures,
automobiles

L, L, L

58. Index of
consumer,
sentiment (u)

(Ann. rate,
bil. dot.)

dstQ
1966 = 100)

L, L, L

12. Index of

net business
formation

(1967-100)

L, L, L

13. Number of
new business
incorporations

(Number)

1982
January
February
March

341,593
347,076
| 346,824

151,294
154,569
154,775

139.6
141.8
141.5

86,468
88,846
87,882

43,539
44,826
44,340

7ll4

71.0
66.5
62.0

113.2
115.6
113.5

43,330
47,234
46,899

April
May
June

345,177
: 350,022
1
345,717

153,447
155,152
152,840

142.1
143.6
144.8

88,268
89,794
88,048

44,557
45,145
43,870

70.4

65.5
67.5
65.7

115.2
114.7
112.1

46,876
46,995
45,936

July
August
September

345,663
341,974
342,109

152,873
152,012
151,628

145.8
144.1
143.4

89 252
89,251
90 019

44,382
44,381
44,719

73.4

65.4
65.4
69.3

112.4
112.6
110.4

44,525
46,981
45,552

October
November
December

336,574
339,344
338,065

149,396
151,182
150,684

142.2
141.3
142.0

90,511
92,747
91,861

44,785
45,937
45,566

79.'i

73.4
72.1
71.9

111.5
112.9
114.4

45,530
48,474
©57,507

345,890
• 342,742
348,227

154,406
153,118
155,385

143.6
143.4
144.3

92,526
92,211
93,804

45,782
45,672
46,323

78*4

70.4
74.6
80.8

111.4
113.3
112.7

49,999
48,296
48,032

April
May
June

351,012
360,488
368,971

155,865
159,952
163,600

147.7
150.4
152.4

95,125
97,239
98,638

46,767
47,666
48,328

88! i

89.1
93.3
92.2

112.0
114.8
116.4

48,903
50,211
50,992

July
August
September

370 181
373,283
379 229

162,835
163,471
165,070

154.8
156.3
157.3

98,832
98,277
99,537

48,258
47,847
48,366

90.2

93.9
90.9
89.9

115.2
114.4

48,601
52,828
50,445

382,457
386,564
i 395 582

166,410
168,444
171,812

156.9
156.1
157 7

100,923
101,896
102,438

48,968
49,464
49,607

96*3

89.3
91.1
94.2

• 401,133
398,815
401,905

173,478
172,113
172,420

159.5
159.4
160.2

106,602
105,482
103,873

51,300
50,810
49,915

101.9

405,880
412,725
0)414,124

174,134
177,407
[H>178,417

161.4
161.7
163.0

107,505
108,237
109,322

51,660
52,162
53)52,813

411,410
r410,505

rl76,517
176,762
rl76,023

0)163.8
162.5
161.6

107,442
106,602
rlO8,24O

51,655
51,128
r51,814

p410,801
(NA)

pl76,847
(NA)

rl61.7
pl63.3

rlO8,395
0)pl.lO,349

r51,765
p52,622

1983
January
February
March

•.

October
November
December

115.8
118.0
117.8
116.3

50,441
51,642
51 557

100.1
97.4

0)101.0

115.9
119.1
117.6

53,044
53,591
53,424

0)104.* 6

96.1
98.1
95.5

118.5
115.8
116.6

53,933
51,166
54,729

96.6
99.1
100.9

115.5
118.2
119.6

(NA)

rlOO.,9

96.3
95.7

0>pl2O.6

1984
January
February
March
April
May
June
July
August
September
October
November
December

/111

17C

119.9

See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.

Ittll DECEMBER 1984




65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

FIXED CAPITAL INVESTMENT—Continued

Minor Economic
Process . .

Business Investment Commitments

Timing Class

Lt L, L

L, L, L

Contracts and orders for plant
and equipment
Year
and
month

10. Current
dollars

(Bil. dol.)

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

L, L, L

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

L, C, U

L.L.L

9. Construction contracts for commercial and industrial buildings'

27. Constant
(1972) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

Square meters of
floor space 2
(Millions)

U, Lgf U

C Lg, Lg

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

97. Backlog of
capital appropriations, 1,000
manufacturing
corporations

(Bil. dol.)

(Bil. dol.)

1982

21.85
22.59
21.91

11.00
11.61
11.30

58.18
63.29
61.15

5.40
5.88
5.68

25! is

22.45
20.13
19.62

12.07
10.16
9.64

58.93
53.71
64.87

5.47
4.99
6.03

20.'02

11.63
11.06
11.96

20.33
18.62
20.28

10.13
9.30
10.21

57.80
59.78
55.95

6.37
5.55
5.20

18^44

23.23
23.70
24.47

11.71
11.58
12.58

19.93
20.01
19.84

10.29
9.99
10.60

54.65
50.69
49.55

5.08
4.71
4.60

21*49

January
February
March

23.26
24.07
23.83

11.62
11.77
12.59

20.48
19.17
20.13

10.44
9.67
11,01

66.89
57.77
52.65

6.21
5.37
4.89

20.07

April .
May
June . .

25.77
28.31
27.24

13.14
13.84
14.07

21.96
21.85
23.83

11.52
11.09
12.61

54.32
61.20
65.40

5.05
5.69
6.08

20.87

July
August
..,..,..
September . . . . . . .

25.59
27.60
29.09

12.86
13.62
15.15

22.06
22.89
25.30

11.36
11.62
13.54

61.78
65.26
69.20

5.74
6.06
6.43

22.78

29.50
r28.92
27.99

14.71

rl4.08
13.76

25.50
24.68
24.89

13.01
12.28
12.45

71.35
73.65
66.89

6.63
6.84
6.21

24.26

28.85
30.66
30.85

14.57
15.41
15.71

25.09
27.02
26.86

13.00
13.89
14.06

77.59
62.61
73.63

7.21
5.82
6.84

26! 82

29.55
H>34,47
31.80

14.61
©17.09
15.97

25.88
E>28.96
28.03

13.11
1)14.82

14.41

80.03
[H>84.39
74.04

7.43

E)7.84

32.66
31.14
31.92

15.41
15.45
15.77

27.65
26.50
27.84

13.33
13.53
14.08

79.71
84.26
75.12

7.41
7.83
6.98

r25.38
p27.85

rl2.89
pl4.25

78.08
83.50

7.25
7.76

January
February
March

26.75
29.54
26.15

13.10
14.60
13.11

April . . .
May
June

25.88

23.81
23.10

13.54
11.74
11.13

July
August
September

23.81
22.70
24.34

.
.......

October
November
December . .

....

90*20

82'.88

74! 15

70.'76

1983

October
November
December

.......

f\Q fin

O3 • OU

70.68

72.57

73*. bO

1984
January
February
March
April
May
June

,

July
August'
September .
October
November
December

r30.39
p32.71

rl4.97
pl6.27

78*65
H>37*15

6.88

92,52
p28.*72

[B)p96'.31

See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
l
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems
Company, F.W. Dodge Division.
2
Converted to metric units by the Bureau of Economic Analysis.

66



DECEMBER 1984

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

Residential Construction
Commitments and Investment

Business Investment Expenditures

Timing Class

Year
and
month

FIXED CAPITAL INVESTMENT—Continued

C Lg, Lg

C, Lg, Lg

C Lg, U

6|1. Business „,
expenditures
fOr new plant
and equipment,
total

69. Machinery
and equipment
sales and business
construction
expenditures

76. Index of
industrial production, business
equipment

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(1967 = 100)

C, Lgr C

Lg, Lg, Lg

C Lg, C

Nonresidentia 1 fixed investment in 1972 dollars
86. Total
(Ann. rate,
bil. dol.)

87. Structures
(Ann. rate,
bil. dol.)

88. Producers'
durable equipment
(Ann. rate,
bit. dol.)

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.)

1982
January
February
March

293^46

335.85
345.85
343.90

172.2
171.6
169.0

175.2

55!4

119i8

853
880
920

64.1
65.3
72.0

36-2

April
May
June

288.'04

329.13
335.67
329.55

164.9
159.9
156.7

166!9

53)7

'113i2

935
1,020
913

71.7
77.0
73.7

37)6

July
August
September

279]6i

326.30
316.14
318.53

154.9
153.9
150.5

163)9

S2A

Ilil5

1,173
1,026
1,148

84.3
74.8
84.2

36)8

269.80

310.36
309.83
307.12

147.1
146.4
148.1

161.5

51,9

109!7

1,156
1,355
1,296

92.8
99.3
109.1

40)8

January
February
March

26l)H

307.65
298.73
310.69

146.6
142.7
143.7

i6i!e

49)6

112!5

1,632
1,706
1,592

115.6
117.6
120.5

46)2

April
May
June

26l)l6

308.89
302.96
327.25

146.9
147.7
150.2

165) 3

48! 1

117)2

1,549
1,779
1,743

125.7
134.1
142.5

53)i"

July
August
September

27o)o5

319.56
320.14
331.57

153.3
156.6
158.7

172)6

48.3

124!3

1,793
1,873
1,679

141.5
135.0
124.4

57)2

October
November . . . . .
December .

283!%

325.11
339.42
354.91

161.3
164.1
167.3

184! 5

S1A

133! i

1,672
1,730
1,694

133.3
133.2
129.4

57)8

January
February
March

293.15

343.03
345.94
362.47

170.7
171.9
172.1

193.3

54!l

139)2

1,980
E)2,262
1,662

145.3
B>153.6
139.5

60.6

April
May
June

302.70

358.57
375.62
385.72

173.5
176.5
181.1

202.9

56.8

146.0

2,015
1,794
1,877

142.0
141.0
142.8

B>60.8

July
August
.
September . . . . . . .

E>313.11

372.15
r376.59
E)r398.45

185.5
E>rl87.6

[H>r209.5

E>r57.*i

H>rl52'.4

1,754
1,554
rl,683

126.4
121.6
116.3

October
November
December

ira321.40

p385.50
(NA)

rl85.0
pl84.4

rl,538
pi,528

114.5
128.5

October
November
December

;

1983

1984

1

rl86.4

60.1

C )

See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
Anticipated expenditures for 1985: 1st quarter, 337.85; 2d quarter, 344.86.

BCII

DECEMBER 1984



67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

a

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

INVENTORIES ANC INVENTORY INVESTMENT
Inventories on Hand and on Order

Inventory Investment

Timing Class

Year
and
month

L, L, L

L, L, L

L, L, L

L, L, L

30, Change in
business inventories in 1972
dollars

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

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

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

Monthly
data

Smoothed
data1

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

January
February
March

-26.80
-23.28
-5.68

-10.17
-17.89
-20.44

-28.7
-18.7
-3.0

April
May
June

-9.73
-31.19
-5.84

-15.74
-14.22
-15.56

-4.46
-24.55
-9.04

(Ann. rate,
bit. do!,)

Lg, Lg, Lr

Lg, Lg, Lg

Manufacturing and trade
inventories
71. Book
value

70. Constant
(1972) dollars

L, Lg, Lg

Lg Lg, Lg

Lg, Lg, Lg

65, Manufacturers' inventories of
finished
goods, book
value

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

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

(Bil. dol.)

(Ratio)

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

-2.27
-2.71
-1.89

521.24
519.67
519.42

268.00
267.06
266.85

89.30
90.07
90.03

1.77
1.73
1.72

214,45
211.74
209,85

23.7
-52.7
13.8

-1.82
-2.08
-3.67

521.40
517.01
518.16

267.45
265.30
265.53

89.42
88.58
87.71

1.74
1.71
1.74

208,03
205.95
202,28

-14.71
-12.72
-12.15

2.8
-23.6
-18.3

-2.16
-2.35
-2.20

518.39
516.42
514.90

265.85
264.88
264.38

88.14
88.03
87.49

1.74
1.74
1.74

200.11
197,76
195.56

-19.56
-36.52
-19.96

-15.20

-19.71
-23.53

-19.2
-66.8
-26.2

-1.72
-1.81
-0.92

513.30
507.73
505.55

263.25
260.61
259.40

87.18
85.98
85.02

1.76
1.72
1.72

193,85
192.04
191.12

-16\5

-13.50
3.06
-15.16

-24.34
-16.73
-9.33

-40.0
10.0
-44.1

0.08
0.97
0.69

502.21
503.04
499.37

257.82
257.60
256.06

83.84
83.63
82.34

1.67
1.68
1.65

191.19
192,16
192,85

-6.1

2.08
12.73
-2.32

-5.94
-1.73
2.02

10.7
9.3
-5.0

0.13
1.16
1.58

500.26
501.04
500.62

255.89
256.22
255.65

82.08
82.10
81.88

1.64
1.60
1.56

192.98
194,13
195,72

(L9

16.86
16.97
13.01

6.63
9.80
13.06

9.2
34.9
32 4

1.64
E>2.92
1.64

501.38
504.28
506 98

255.86
256.31
256.78

82.23
82.14
81.72

1.57
1.57
1.56

197.36
200.27
201.91

Y.2

18.91
18.14
15.34

15.96
16.49
17.08

26.2
27.4
34.6

2.47
1.77
2.44

509.17
511.45
514.34

257.29
258.06
259.02

81.54
81.72
80.87

1.55
1.53
1.51

204,38
206.15
208.59

E>3L6

28,30
[H)46.84
25.49

19.03
25.38
31.85

44.7
E>109.8
66.6

2.86
2.71
2.42

518.06
527.22
532.77

260.17
263.23
265.12

80.77
81.87
82.87

1.50
1.63
1.64

211.45
214.16
216.59

20! 3

38.32
34.76
-11.39

©35.21
34.87
26.71

99.5
58.2
11.1

2.28
2.55
-0.98

541.06
545.91
546.83

267.98
270.03
270.03

84.06
85.30
86.54

1.54
1.52
1.51

218.87
221.42
220.44

r26.60

rl9.73
r20.18

rl8.61
rl4.15
rl6.91

54.4
61.8
r49.2

2.40
-0.51
r0.37

551.37
556.52
r560.62

r272.ll
r274.34
r276.10

87.26
88.52
r89.08

1.54
1.55
1.57

(H) 222.85
222.33

P14.52
(NA)

p20.16
(NA)

p56.5
(NA)

p-2.98
(NA)

[H>p565.32
(NA)

DP89.53
(NA)

[H)pl.57
" (NA)

(Bil, dol.)

1982

July . . .
August
September

-6!i

October
November , , .
December

-24.6
...

1983
January
February
March
April
May
June
July
August
September
October
November
December

,....,,
„. •

1984
January
February
March

, .
,

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

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

See note an page 60,
Graphs of these series are shown on pages 13, 15, 26, and 27.
M'his s c r i e s I s a weighted 4-tcrm moving average (with weights 1 , 2 , 2 , 1 ) p l a c e d on t h e t e r m i n a l month of t h e span.




DECEMBER 1984

r?2ZJQ
p219.72
(NA)

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

g |

Minor Economic
Process

Year
and
month

Stock
Prices

Sensitive Commodity Prices

Timing Class

L. L, L

98. Change in
producer prices
for 28 sensitive
materials

I (Percent)

23. Index of
spot market
prices, raw
industrials 1

(1967 = 100)

L, L, L

L, L, L

U. L, L

PRICES, COSTS, AND PROFITS

99. Change in sensitive materials
prices
Smoothed
data 2

Monthly
data

(Percent)

(Percent)

19. Index of
stock prices,
500 common
stocks @

(1941-43 = 10)

Profits and Profit Margins
L, L, L

L,L,L

Corporate profits after taxes
16. Current
dollars

18. Constant
(1972) dollars

U C, L

L.C, L

Corporate profits after taxes
with IVA and CCAdj 3
79. Current
dollars

80. Constant
(1972) dollars

L, L, L

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

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Percent)

1982

-0.21
-1.61
-0.62

January
February
March
April
May
June

261,
254,

-0.22
-1.10
-1.06

-1.06
-0.82
-0.76

117.28
114.50
110.84

104.7

51.2

97.0

47.6

5.7

247.4
245.5
232.2

-1.16
-0.32
-1.96

-0.95
-0.98
-1.00

116.31
116.35
109.70

106.9

51.7

98.8

47.8

5.7

263.4

July
August
September . . .

0.11
-1.48
0,26

237.0
236.3
239,0

-0.88
0.51

-0.84
-0.64
-0.32

109.38
109.65
122.43

107.0

51.5

101.4

48.7

5.7

October
November . . .
December . . .

-0.15
-0.26
0.90

235.5
230.4
227.4

-0.51
-0.79
0.09

-0.10
-0.28
-0.33

132.66
138.10
139.37

100.8

48.1

96.6

46.1

5.3

1.68

232.1
241.3
248.8

1.50
j>2.58

144.27
146.80
151.88

102.6

48.9

120.0

57.3

5.3

1.93

-0.07
0.83
1.70

253.2
251.5
250.5

0.44
0.70
1.22

[H>1.83
1.34
0.91

157.71
164.10
166.39

123.4

58.9

141.9

67.9

6.3

1983

January
February
March

0)2.75
2.00

April
May
June

-0.18

July
August
September . . .

0.37
1.14
-0.20

256.0
265.2
267.9

0.86
1.62
0.21

0.86
1.08
1.06

166.96
162.42
167.16

142.6

67.9

160.2

76.5

7.1

October
November . , .
December . . .

0.96
1.12
0.81

273.4
279.8
282.4

1.09
1.29
0.70

0.94
0.92
0.94

0)167.65
165.23
164.36

141.1

66.4

175.5

83.0

6.9

January
February
March

-0.94
1.17
0.74

283.6
283.6
289.2

-0.37
0.61
0.93

0.78
0.43
0.35

166.39
157.25
157.44

0)150.6

{H>71.0

184.7

87.5

7.1

April
May
June

-0.54
-0.55
-0.58

288.6
E>289.5
286.2

-0.32
-0.20
-0.65

0.40
0.27
-0.13

157.60
156.55
153.12

150.2

70.3

195.2

92.1

(8)7.1

July
August
September . , .

r-2.24

280.1
275.6
274.0

-1.79
-1.20
0.29

-0.64
-1.05
-1.06

151.08
164.42
166.11

rl41.7

r65.7

0>rl99.8

[H)r93.6

6.5

October
November . . .
December . . .

-0.84
0.27

266.4
268.3
"263.4

-1.25
0.34

-0.81
-0.46

164.82
166.27
5
164.11

1984

r-1.36
0.88

See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
x
This is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
2
3
See footnote 1 on p|age 68.
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
"Average for December 1-20.
5
Average for Decembeir 5, 12, and 19,

DECEMBER 1984




69

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS .
Minor Economic
Process

B H

U, L, I

1, L, L

Year
and
month

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

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

(Percent)

(Cents)

Unit Labor Costs and Labor Share

Cash Flows

Profits and Profit Margins-Continued

Timing Class . . . . . .

PRICES, COSTS, AND PROFITS—Continued

L, L, L

1, L, L

L, L, L

26. Ratio, price
Net cash flow, corporate
to unit labor
cost, nonfarm
business sector 34. Current
35. Constant
dollars
(1972) dollars

(1977-100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

63. Index of
unit labor cost,
private business
sector

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

(1977-100)

(Dollars)

Lg, Lg, Lg

Lg, Lg, Lg

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

(1967-100)

Actual data
as a percent
of trend

64. Compensation of employees as a percent
of national
income

(Percent)

(Percent)

1982
January
February
March

5.1

3.9

96.8

249.4

118.4

150.0

1.372

225.8
223.3
223.5

104.9
103.2
102.6

75.7

April
May
June

5.2

3.6

96.4

259.0

121.6

153.4

1.395

226.5
228.2
228.5

103.4
103.5
103.0

76.0

July .
August
September . . ,

5.3

3.5

96.0

266.6

124.3

155.3

1.404

226.9
226.2
226.4

101.7
100.8
100.3

76.5

October
November . . ,
December . , .

5.0

2.8

95.6

266.7

123.4

155.9

1.419

227.9
229.0
229.1

100.3
100.2
99.6

76.5

January . .
February ,
March . , ,

6.5

3.3

96.4

280.0

130.9

156.8

1.421

227.4
225.6
223.9

98.3
96.9
95.6

76.0

April
May
June . . . . . . .

7.5

4.0

97.9

310.5

146.2

155,4

1.408

221.9
220.4
219.0

94.2
93.0
91.9

75.2

July
August
September . . .

3.1

4.2

98.7

339.6

159.2

155.1

1.400

216.4
214.7
214.4

90.2
89.0
88.3

74.5

October
November . . .
December . . .

8.9

4.5

98.8

345.6

160.9

156.8

1.408

215.0
217.1
219.2

88.0
88.4
88.7

74.3

January . ,
February .
March . . ,

9.1

4.9

98.7

360.4

167.5

B>1B7.7

1.415

218.4
218.5
218.7

87.8
87.3
86.9

73.5

April
May . . . .
June

9.6

[H>99.8

366.7

E&169.3

156.5

1.414

218.9
218.1
217.0

86.4
85.6
84.7

73.3

p99.7

[H)r366.7

rl68.4

p!57.6

B>rl.434

r215.8
r216.6
rj>17.6

r83.7
r83.B
r83.4

r/3.4

1
H>p219.1

r83.1
p82.9

1983

1964

July . . . .
August .'.
September

8^9.7

p4.4

October . ,
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
l
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

70




DECEMBER 1984

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Q H

j
'

MONEY AND CREDIT

Money

Timing Class

L, L, L

85. Change in
money supply
Ml

Year
and
month

L, C, U

102. Change
in money
supply M2

L,L, L

104. Change in total liquid assets
Monthly
data

(Percent)

(Percent)

Smoothed
data1

(Percent)

Credit Flows

Velocity of Money

(Percent)

L, Lt L

L, L, L

105. Money
supply Ml
in 1972
dollars

106. Money
supply M2
in 1972
dollars

(Bil. dol.)

(Bil. dol.)

C, Lg, C

L U

108. Ratio,
personal income
to money supply
M2

33. Net change

C, C, C

107. Ratio,
gross national
product to
money supply
Ml

(Ratio)

(Ratio)

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

Revised 2
1982

,
:

0.98

1.07
0.75
0.82

0.92
0.89
0.87

199.3
197.8
198.0

803.0
802.7
807.8

6.742

-0.04

0.21
0.50

1.390
1.398
1.393

36.72
18.02
4.75

April
May
June

0.45
0.38
0.18

0.68
0.80
0.63

0.89
0.88
0.98

0.85
0.84
0.89

198.2
197.1
195.3

810.4
809.2
805.7

6.783

1.392
1.386
1.379

10.64
4.73
-7.61

July
August
September

0.18
1.02
1.27

0.66
1.02
0.87

0.93
0.81
0.83

0.92

0.92
0.88

194.7
196.1
198.5

806.8
812.8
819.6

6.722

1.380
1.366
1.358

-5.03
-5.84
-13.14

October
November
December

1.45
1.30
0.86

0.78
0.87
1.01

0.98
0.45
0.56

0.87
0.81
0.71

200.6
203.2
205.6

822.9
830.1
841.1

6.537

1.357
1.359
1.352

-50.09
-7.82
-46.81

0.96
1.24
1.10

E>2.65

0)1.33
0.82

207.0
209.7
211.8

860.7
876.9
882.0

6.465

0.71

0.72
0.84
0.93

1.318
1.293
1.292

47.20
35.71
-39.20

0.28

E>1.77
0.85

0.69
0.98
0.70

0.96
0.78
0.99

0.89
0.82
0.86

211.0
213.8
215.1

882.2
886.9
891.4

6.467

1.294
1.292
1.292

5.16
-30.88
32.78

July
August
September

0.78
0.49
0.29

0.45
0.41
0.59

0.88
0.50
0.75

0.90
0.84
0.75

216.0
216.3
216.1

892.1
892.4
894.5

6.471

1.291
1.293
1.297

66.52
72.61
7.21

October
November
December

0.52
0.27
0.44

0.90
0.69
0.65

0.52
0.99
1.00

0.65
0.67
0.80

216.4
216.2
216.6

898.9
901.8
905.5

6.557

1.299
1.299
1.302

63.65
76.86
111.60

0.89
0.55
0.43

0.48
0.72
0.33

0.71
0.94
1.30

0.87
0.89
0.93

217.2
217.6
218.1

904.2
907.4
908.4

6.669

1.313
1.315
1.319

82.06
82.16
110.33

C04

1.06
0.94

0.58
0.70
0.60

r0.80
r0.98
rl.32

1.00
rl.02
rl.03

217.1
219.0
[H>220.7

909.5
914.1
918.1

6.737

1.324
1.319
1.323

134.10
(H)142.32
111.64

July
August
September

-0.09
0.16
0.40

0.43
0.40
0.64

rl.12

0>rl.O9
pi. 08
(NA)

219.9
219.3
219.4

919.4
918.9
r921.6

[H>r6.753

1.327
1,329

0)1.331

118.49
91.37
144.07

October
November
December

-0.62
pO.71
3
0.51

r0.51
pi.25

217.3
p218.3

r923.0
B>p932.4

rl.329
pi.321

p66.58
(NA)

January
February
March

1.90
-0.49

1983
January
February
March . . .

.

April
' May
June

1.81
0.66

1984
January
February
March
April
May
June

•.

pO.62
(NA)

See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
lf

This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
See "New Features and Changes for This Issue," page iii.
3
Average for weeks ended December 3 and 10.
2

DECEMBER 1984



71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS . ,

JSM

Minor Economic
Process

Year
and
month

Credit Difficulties

Credit Flows-Continued

Timing Class

L, L, L

L. L, L

112. Net change 113. Net
in business
change in
consumer inloans
stallment
credit
(Ann, rate,
bil. dot.)

(Ann. rate,
bil. dol.)

L, L, L

111. Change
in credit outstandingbusiness and
consumer
borrowing
(Ann. rate,
percent)

MONEY AND CREDIT—Continued

L, L, L

110. Total
private
borrowing

(Ann. rate,
mil. dol.)

L, L, L

14. Current
liabilities
of business
failures (u)

(Mil. dol.)

Bank Reserves

Lt L, L

L, U. U

39. Delinquency 93. Free
rate, 30 days
reserves <§>
and over, consumer installment loans

(Percent)

(Mil. dol.)

Interest Rates

L, Lg, U

94. Member
bank borrowing from the
Federal
Reserve ©

(Mil. dol.)

C Lg, Lg

L, Lg, Lg

119. Federal
funds rate ©

114. Treasury
bill rate (§>

(Percent)

(Percent)

Revised1
1982
January
February
March

77.99
61.63
24.17

5.00
2.00
7.60

10.7
8.2
3.0

246,632

645.14
913.46
836.01

April
May
June

64.98
44.36
29.44

19.48
22.13
24.28

6.8
4.8
3.0

295,528

July
August
September . . .

3.13
2.54
14.87

10.07
3.07
15.07

-2.2
-0.2
0.8

October
November , . .
December . . .

11.80
-64.49
-62.64

-1.57
24.18
29.02

38.41
-4.84
11.70

2.48
2.39
2.24

-1,101
-1,414
-1,254

1,526
1,713
1,611

13.22
14.78
14.68

12.41
13.78
12.49

1,309.33
2,850.45
1,020.25

-1,307
-745
-895

1,581
1,105
1,205

14.94
14.45
14.15

12.82
12.15
12.11

268,224

1,425.60
2,759.58
1,024.66

-378
-199
-592

669
510
976

12.59
10,12
10.31

11.91
9.01
8.20

-3.1
-5.3
-4.1

275,268

1,299.04
733.27
794.00

2.18

-51
-177
-197

455
579
697

9.71
9.20
8.95

7.75
8.04
8.01

31.14
0.26
35.24

8.2
0.9
-0.3

263,148

2.24
2.23
2.22

46
-122
-415

500
557
852

8.68
8.51
8.77

7.81
8.13
8.30

-36.02
-47.33
4.38

24.49
27.26
46.33

-0.5
-4.5
5.5

389,164

2.07
2.00
1.92

-517
-453
-1,234

993
902
1,714

8.80
8.63
8.98

8.25
8.19
8.82

July . . . . . . .
August
September , , .

-2.59
8.72
-5.54

44.47
49.12
30.64

8.1
8.9
1.1

1.95
1.90
1.88

-875
-1,127
-943

1,382
1,573
1,441

9.37

384,480

9.12
9.39
9.05

October
November . . ,
December . , .

5.59
20.02
51.36

61.12
57.83
69.38

8.6
10.8
13.4

E>527,176

1.91
1.86
1.94

-332
-383
-184

837
912
745

9.47

8.71
8.71
8.96

-17.78
55.30
i)119.22

53.63
79.30
70.44

8.1
15.3
20.7

r401,012

1.84
G>1.78
1.85

-102
375
-243

715
567
952

9.56
9.59
9.91

8.93
9.03
9.44

90.92
69.83
104.38

76.90
[©122.80
93.90

19.8
0)23.9
21.8

r496,796

2.06
1.96
2.02

-744
-2,411
-2,533

1,234
2,988
3,300

10.29
10.32
11.06

9.69
9.90
9.94

39.17
11.57
38.03

85.27
71.98
51.40

14.1
10.1
16.1

p380,716

1.96
1.93
2.10

-5,317
H>-7,334
-6,622

5,924
3)8,017
7,242

11.23
13)11.64
11.30

10.13
ED10.49
10.41

73.92
p39.59

75.30

13.0
plO.3

(NA)

r-5,410
p-3,940

6,017
p4,617

1983
January
February
March . . . . . .
April
May
June

(NA)

1984
January
February
March . . . . . .
April
May
June
July :
August
September . . ,
October . ,
November
December
See note on page 60.
Graphs of these series are
*See "New Features
a
Average for weeks
3
Average for weeks

72

(NA)

2

9.99
9.43
8.51

shown on oages 13, 32, 33, and 34.
and Changes for This Issue/' page iii.
ended December 5, 12, and 19.
ended December 6, 13, and 20.




DECEMBER 1984

3

9.97
8.79
8.29

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

H

Minor Economic
Process

MONEY AND CREDIT-Continued

Interest Rates-Continued

Timing Class

Lg. Lg, l g

116. Corporate
bond yields (§)
Year
and
month

(Percent)

C Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

Outstanding Debt
Lg, Lg, Lg

115. Treasury 117. Municipal 118. Secondary 67. Bank rates
on short-term
bond yields @ bond yields (§) market yields
on FHA
business loans
mortgages <§)

(Percent)

(Percent)

(Percent)

(Percent)

Lg. Lg. Lg

109. Average
prime rate
charged by
banks ®

(Percent)

Lg, Lg, Lg

66. Consumer
installment
credit

Lg, Lg, Lg

Commercial and industrial
loans outstanding
72. Current
dollars

(Mil. dol.)

Lg, Lg, Lg

(Mil. dol.)

Lg, Lg, Lg

101. Constant
(1972) dollars

95. Ratio,
consumer installment credit
to personal
income

(Mil. dol.)

(Percent)

1982
January
February
March

16.34
16.35
15.72

13.73
13.63
12.98

13.28
12.97
12.82

17.38
17.10
16.41

17* 13

15.75
16.56
16.50

332,197
333,227
333,574

254,352
259,488
261,502

101,538
103,505
104,517

13.17
13.11
13.11

April
May

12.84
12.67
13.32

12.59
11.95
12.45

16.31
16.19
16.73

17.11

June

15.62
15.37
15.96

16.50
16.50
16.50

335,225
336,804
338,475

266,917
270,614
273,067

106,681
107,943
108,662

13.09
13.10
13.16

July
August
September

15.75
14.64
13.78

12.97
12.15
11.48

12.28
11.23
10.66

16.29
14.61
14.03

13^27

16.26
14.39
13.50

338,994
339,306
340,415

273,328
273,540
274,779

108,377
108,505
109,343

13.08
13.09
13.09

October
November
December

12.63
11.89
12.15

10.51
10.18
10.33

9.69
10.06
9.96

12,99
12.82
12.80

11.26

12.52
11.85
11.50

341,293
342,852
348,944

275,762
270,388
265,168

109,560
107,254
105,017

13.04
12.96
13.14

January
February
March

12.04
12.11
11.81

10.37
10.60
10.34

9.50
9.58
9.20

12.87
12.65
12.68

10.'20

11.16
10.98
10.50

351,539
351,561
354,498

268,369
267,966
268,941

106,580
106,083
106,553

13.22
13.23
13.27

April
May
June

11.58
11.24
11.90

10.19
10.21
10.64

9.05
9.11
9.52

12.50
12.41
12.96

10.31

10.50
10.50
10.50

356,539
358,811
362,672

265,939
261,995
262,360

105,364
103,514
103,332

13,24
13.21
13.26

July
August
September

12.46
12.89
12.68

11.10
11.42
11.26

9.53
9.72
9.58

14.23
13.78
13.55

11.09

10.50
10.89
11.00

366,378
370,471
373,024

262,144
262,871
262,409

102,963
102,764
102,383

13.35
13.42
13.39

October
November
December

12.54
12.86
12.87

11.21
11.32
11.44

9.66
9.75
9.89

13.23
13.23
13.25

10.95

11.00
11.00
11.00

378,117
382,936
388,718

262,875
264,543
268,823

102,326
103,136
104,600

13.43
13.51
13.59

12.65
12.80
13.36

11.29
11.44
11.90

9.63
9.64
9.93

13.08
13.20
13.68

ll!06

11.00
11.00
11,21

393,187
399,795
405,665

267,341
271,949
281,884

103,380
104,838
107,960

13.57
13.68
13.80

13.64
14.41
10)14.49

12.17
12.89
ffftn no

9.96
10.49
0)10.67

13.80
H>15.01
14.91

12!45

11.93
12.39
12 60

412,073
422,306
430,131

289,461
295,280
303,978

110,735
112,918
116 288

13.88
14.18
14.31

14.25
13.54
13,37

12.82
12.23
11.97

10.42
9.99
10.10

14.58
14.21
13.99

E>13.29

13.00
fi>13.00
12.97

437,237
443,235
447,518

307,242
308,206
311,375

rll7,313
118,087
119,806

14.44
14.55
14.59

11.66
11.25
11.23

10.25
10.17
2
9.96

13.43
12.90

12.58
11.77
11.25

E>453,793
(NA)

317,535
H)P320,834

122,223
Dpl23,114

1983

1984
January
February
March
April .
May .
June

. .

July
August
September
October .
November
December

l

13.02
12.40
12.48

l

3

See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
'Average for weeks ended December 7, 14, and 21.
a
Average for weeks eitded December 6, 13, and 20.
3
Average for December 1 through 21.

DECEMBER 1084




73

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

DIFFUSION INDEXES

Year

and

950. Twelve leading
indicator components
(series 1, 5,8, 12, 19,
20, 29, 32, 36, 99, 106,
111)

952. Six lagging
indicator components
(series 62, 77, 91,
95, 101, 109)

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

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

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

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

month

1-month
span

6-month
span

1-month
span

6-month
span

1-month
span

6-month
span

1-month
span

9-month
span

1-month
span

9-month
span

1-month
span

6-month
span

11.8
31.4
43.1

27.6
47.6
35.7

19.2
22.2
21.9

1982
January
February
March

45.8
58.3
33.3

41.7
41.7
45.8

0.0
87.5
37.5

0.0
50.0
50.0

75.0
33.3
33.3

41.7
33.3
33.3

5.0
95.0
25.0

7.5
30.0
25.0

96,
24

April
May
June

66.7
37.5
37.5

66.7
50.0
45.8

25.0
75.0
0.0

25.0
0.0
0.0

58.
41.
58.

3333,
33.

22.
65.
70.0

20.0
20.0
82.5

62.7
68.6
19.6

15.
23,
9,

31.
41.
33.

24.6
20,3
21.4

July
August
September , . .

58.3
58.3
62.5

50.0

41,
62,

25.0
0.0
12.5

0.0
0.0
0.0

33.3
50.0
33.3

33,
16.
16.

37.5
42.5
35.0

35.0
65.0
82.5

67.6
9.8
17.6

17.6
72,
82,

34,
32,
37.

21.4
18.6
23.2

October
November , . .
December . . ,

75.0
58.3
66.7

83.
87.

91.7

0.0
50.0
75.0

50.0
50.0
75.0

16.7
0.0
16.7

0.0
8.3
16.7

52,
80,
62.5

57.5
85.0
97.5

88.2
60.8
76.5

71.6
66.7
84.3

28.
32,
45.7

27.3
29,5
35.4

January
February , . . .
March

75.0
70.8
66.7

100.0
100,0
100.0

100.0
25.0
100.0

100.0
100.0
100.0

33.3
50.0
25.0

16.7
16,
16,

77.5
12,5
100.0

90.0
90.0
80.0

68.6
57.8
35.3

98.0

96.1
100.0

54.
46,
60,

50.8
63.0
69.2

April
May
June . . . . . . .

87.5
70.8
87.5

91.7
100.0
91.7

87.5
100.0
100.0

100.0
100.0
100.0

25.0
8.3
25.0

16,
16.
33.

90.0
30.0
85.0

85.0
95.0
95.0

80.4
48.0
78.4

84.3
90.2
92.2

68,
69,
64.

75.1
80.0
82,4

July . . . . . . .
August
September . . .

62.5
62.5
66.7

91.7
83.3
66.7

75.0
75.0
100.0

100.0
100.0
100.0

58,
58.

33.
41.
66.7

70.0
62.5
92.5

95.0
95.0
92.5

70.6
7.8
96.1

88,
94,
80,

74.3
68,6
69.5

84
82,

October
November . . .
December . . .

75.0
45.8
62.5

83.3
83.3
79.2

100.0
100.0
100.0

100.0
100.0
100,0

41.7
58.3
75.0

66.7
66.7
66.7

40.0
62.5
55.0

95.0
85.0
92.5

58.8
35.3
60.8

84,
86.
68.6

75.4
69.7
73.8

85.9
86.8
83.8

January . . . .
February . . .
March

58.3
70.8
50.0

75.0
70.8
62.5

100.0
75.0
100.0

100.0
100.0
100.0

8.3
75.0
75.0

66.7
66.7
75.0

77.5
50.0
22.5

80.0
30.0
32.5

36,
72,
68.6

76.5
90.2
56.9

71.1
73.2
67.0

81.9
82.7
79.7

April
May . . . . . .
June . . . . . .

58,
41.
29,

25.0
25.0
33,3

100.0
100.0
100.0

100.0
100.0
100.0

75.0
66.7
50.0

83.3
83.3
83.3

87.5
7.5
37.5

43.1
29.4
92.2

66.7
p68.6

63.8
64.1
63.0

75.4
69.2

July
August
September . .

16.7
45.8
66.7

33.3
27.3

75.0
r75.0
50.0

100.0
100.0

83.3
75.0
66.7

83.3
"50.0

37.5
60.0
r?0.0

r63.Z
p64.1

October
November . .
December . .

41.7
•81.8

62.4
57.6
r40.8
r66.2
p55.1

5.9

1983

16.7

84.6

1984

2

3

62.5
100.0

3

58.3
"25.0

r25.0
p75.0

27
r52

rlS
p30.0

19.6
51.0
p72.5
(NA)

(NA)

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 and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated b y ® , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order, Complete titles and sources are listed at the back of this issue. The V indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
1

Figures are the
Excludes series
Exeludes series
*Excludes series
2

3

74

percent of components declining,
36, for which data are not available.
57, for which data are not available.
77 and 95, for which data are not available.




DECEMBER 1984

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q [ DIFFUSION

Year
and
month

964. Value of manufacturers' new orders,
durable goods industries (34 industries)

1-month
span

9-month
span

966. Index of industrial
production (24
industries)

965. Newly approved
capital appropriations,
deflated (17 manufacturing industries)

1-quarter
span

INDEXES—Continued
967. Index of spot
market prices, raw
industrials (u)
(13 industrial materials)

968. Index of stock
prices, 500 common
stocks ' <§)

4-Q moving
average

1-month
span

6-month
span

'io

33.3
75.0
31.3

0.0
12.5
33.3

42.3
34.6
38.5

30.8
26.9

10.6
34.6
28.8

34.6
42.3
38.5

*50

20.8
41.7
54.2

41.7
37.5
33.3

30.8
34.6
23.1

26.9
19.2
19.2

88.5
54.8
11.5

18.0
56.0
79,6

*53

*52

33.3
25.0
37.5

61.5
53.8
61.5

26.9
15.4
23.1

52.9
26.5
100.0

87.8
87.8
89.8

58

*50

60.4
52.1
41.7

45.8
60.4
75.0

46.2
30.8
46.2

50.0
57.7
65.4

98.0
85.7
51.0

89.8
98.0
100.0

66

*57

25.0
33.3
41.7

79.2
87.5

'56

75.0
58.3
75.0

91.7

61.5
76.?
57.,

80.8
61.5
57.7

63.3
59.2
73.5

100.0
98.0
93.9

*52

83.3
91.7
79.2

91.7
95.8
95.8

65.4
46.2
46.2

80.8
96.2
88.5

81.6
91.8
65.3

89.8
87.5
86.5

*74

95.8
91.7
81.3

57.7
73.1
57.7

88.5
80.8
73.1

52.0
30.6
85.4

91.5
80.9
72.3

82

*59

87.5
83.3
75.0

79.2
83.3
87.5

69.2
76.9
42.3

80.8
80.8
73.1

47.9
57.4
61.7

38.3
40.4
34.0

81

60

62.5
56.3
70.8

87.5
79.2
68.8

89.6
91.7
83.3

38.5
61.5
65.4

73.1
65.4
42.3

52.1
10.6
60.6

41.5
25.5
58.7

(NA)

34.6
30.8
30.8

43.6
36.2
36.2

30.4
37.0
37.0

23.1
15.4

34.8
93.5
73.9

60.9

1-month
span

9-month
span

1-month
span

960. Net profits,
manufacturing2®
(about 600 companies)

9-month
span

(4-quarter span)

1982
January
February
March

35.3
52.9
38.2

20.6
20.6
35.3

53

April
May
June

38.2
58.8
32.4

23.5
23.5
38.2

24

July
August
September

47.1
27.9
67.6

26.5
26.5
52.9

53

October
November
December

35.3
70.6
44.1

39.7
50.0
73.5

77

January
February
March

67.6
52.9
55.9

88.2
88.2
83.8

April
May
June

70.6
73.5
67.6

86.8
88.2
88.2

53

July
August
September

47.1
58.8
64.7

91.2
88.2
85.3

50

October
November
December

64.7
67.6
55.9

94.1
91.2
88.2

59

61.8
: 47.1
55.9

85.3
73.5
82.4

71

April
May
June

29.4
67.6
35.3

70.6
55.9
r41.2

59

62.5
64.6
70.8

77.1
r66.7
r62.5

50.0
50.0
42.3

July
August
September

58.8
44.1
41.2

p50.0

p39

70.8
r39.6
r29.2

58.3
p62.5

34.6
46.2
46.2

October
November
December

r41.2
p58.8

15.4

1983
45

1984
January
February
March

D57

r39.6
p75.0

3

30.8
57.7
19.2

3

34.8
78.3

See note on page 74.
Graphs of these series are shown on page 37.

^ased on 52 industries through August 1982, on 50 industries in September 1982, on 49 industries through August 1983, on 48 industries
through October 1983, on 47 industries through June 1984, and on 46 industries thereafter. Data for component industries are not shown in
table C2 but are available from the source.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc.
3
Based on average for December 4, 11, and 18.

DECEMBER 1984




75

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q j

Yuar
and
quarter

(1-Q span)

b. Later
anticipations

c. Early
anticipations

(4- Q span)

(4-Q span)

(4-Q span)

(1-Q span)

(1-Q span)

Actual

Anticipated

Actual

Anticipated

Actual

973. Net sales, manufacturing
and trade' ©

972. Net profits, manufacturing
and rade' ©

971. New orders manufac
turing' ©

970. Business expenditures for new plant and
equipment (21 industries)
a. Actual
expenditures

DIFFUSION NDEXES—Continued

Anticipated

<4>Q span)

(4-Q span)

(4-Q span)

1982
First quarter . . .
Second quarter . . . .
Third quarter
Fourth quarter

52.4
26.2
23.8
21.4

47 6
23. 8
33. 3
57. 1

38.1
38.1
76.2
81.0

57. 1
40. 5
90. 5

71 ,4

52
50
52
56

60
68
64
60

53
52
52
54

61
66
66
60

63
58
57
60

66
74
78
84

66
77
82
85

62
66
71
74

64
73

66
74
74
80

68
78

on

81'.

52 .4
3E .1
66 7
76 \z

78. 6
61. 9
78. 6
66. 7

54 .8
76 .2
66 .7
61 .9

90
86

88
91
90
88

80
79

85
84

88
90
90
88

.6

5/ .1

ee>.7

65

70
72
65

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

ou
81

QA

OH

86

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

76.2
71.4
95.2

(NA)

84
86
88
84

(NA)

(NA)

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

54 .8

0 1
Voar
rSoT

and
quarter

DIFFUSION NOEXES-Continued

974. Number o employees,
manufacturing i nd trade l ©

975. Level of inventories,
manufacturing < nd trade' ©

976. Selling prices, manu
facturing' ©

Actual

Actual

Actua

Anticipated

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

54
56
56
50

72
68
63
60

80
76
68
66

no
DC

C1

977. Selling prices, wholesale
trade > ©

978. Selling prices, retail
trade l ©

Actual

Actual

Anticipated

(4-Q span)

(4-Q span)

Anticipated

(4>Q span)

(4-Q span)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

48
46
46
46

50
51
51
48

58
52
52
52

72
67
68
61

82
78

78
75

72
68

74
68

82
81
76
72

53
62

68
64

68
72

69
67

11
68

70
74

1983
First quarter
Second quarter
Third quarter , , . . ,
Fourth quarter

48
54
58
61
65
63

en

3U

59
60

59
62
68

62
64

62
64

72
70

66
70

64
62

(NA)

70
66

56

58

01

60
65
68

66
70
69

74
70
(NA)

74
76

68
70

68
72

73
69

72
76

69
11

70
71

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter , . .

(NA)

76
72

(NA)

75
72

(NA)

74
68

1985
First quarter . . . . .
Second quarter
Third quarter
Fourth quarter
...

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for 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.

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

76



DECEMBER 1984

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

1984

Diffusion index components
April

May

June

July

August

September

October1"

NovemberP

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

41.1

40.6

40.6

40.5

40.5

40.6

40.4

40.5

Percent rising of 20 components .

(88)

(8)

(38)

(38)

(60)

(70)

(25)

(75)

Lumber and wood products ..
Furniture and fixtures

40.4
39.7

39.6
39.7

39.4
39.1

39.3
39.8

39.4
39.1

+
+

40.2
r39.9

39.6
39.6

39.5
39.8

Stone, clay, and glass products.
Primary metal industries

42.3
42.2

42.1
42.1

41.8
41.7

41.9
41.5

41.7
41.0

+
+

r42.0
41.3

41.8
41.4

42.0
41.5

Fabricated metal products .
Machinery, except electrical

41.8
42.3

41.4
41.9

41.3
42.0

41.3
41.8

41.1
42.0

41.5
42.0

41.3
41.8

41.1
41.5

Electric and electronic equipment .
Transportation equipment

41.
43.

41.0
42.4

40.8
42.3

40.8
42.2

40.9
42.4

r41.2
r42.8

40.9
42.4

41.2
42.3

Instruments and relate^ products ...
Miscellaneous manufacturing

41.4
39.5

40.7
39.3

41.3
39.2

41.3
38.9

41.1
39.1

41.5
39.6

41.2
39.5

41.6
39.7

Food and kindred products
Tobacco manufacturers ....

40.1
39.5

39.7
39.6

39.8
40.5

39.5
37.5

39.7
39.2

r39.6
r39.6

39.6
40.1

39.8
40.4

Textile mill products .,
Apparel and other textile products

41.2
37.4

40.0
36.5

40.0
36.4

39.8
35.8

39.4
36.0

39.2
r35.9

38.7
36.0

39.1
36.2

Paper and allied products
Printing and publishing

43,
38.

43.1
38.0

42.9
37.7

43.3
37.7

43.1
37.8

43.1
37.9

43.0
37.9

43.2
38.1

Chemicals and allied products
Petroleum and coal products

42.0
43.7

41.8
43.5

.41.9
43.1

41.9
43.2

42.0
43.9

r41.8
43.1

41.7
43.5

41.7
43.7

Rubber and miscellaneous plastics products .
Leather and leather products

42.1
37.5

41.7
36.5

41.9
36.7

41.2
37.0

41.4
36.0

r41.5
r36.5

41.4
36.4

41.7
36.4

Durable goods industries:

Nondurable goods industries:

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

-

Percent rising of 34 components .

98,317

+ 102,256

99,171

+ 101,704

+ 102,015

98,676

96,067

+ 103,997

(29)

(68)

(35)

(59)

(44)

(41)

(41)

(59)

Primary metals
Fabricated metal products.

+
-

11,877 10,889 +

10,653
11,573

10,155
11,084

+
-

11,183
11,024

+
+

11,245
12,034

-

10,281
11,878

+
+

10,597
12,054

+
+

10,773
12,381

Machinery, except electrical
Electrical machinery

-

16,873 +
14,716 +

18,797
17,535

18,512
15,988

+

18,149
16,267

+

17,549
16,403

+
+

18,049
16,792

-

16,962
14,631

+
+

18,233
14,926

Transportation equipment ......
Other durable goods industries.

+

24,523
19,439

+

23,776
19,922

24,055
19,377

+
+

25,267
19,814

-

25,096
19,688

-

22,113
19,563

+

21,912
19,911

+
-

28,282
19,402

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.
x
Data are seasonally adjusted by the source agency.
2
Data for most of the diffusion index components are not available for publication, but they are included in the totals and directions of
change for the six major industry groups shown here.

DECEMBER 1984



77

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued

1984

Diffusion index components

April

May

June

July

August

September1'

Octoberr

November^3

966. INDEX OF INDUSTRIAL PRODUCTION
(1967-100)

+

All industrial production

Percent rising of 24 components

2

162.1

+

(62)

162.8

+

164.4

165.9

(65)

(71)

(71)

rl66.0

165.0

164.3

(40)

(29)

(40)

(75)

(NA)
(NA)

+

165.0

Durable manufactures!:
Lumbar and products...
Furniture and fixtures ..

151.2
186.6

+

146.3
190.5

148.5
191.9

+

146.0
192.6

+
+

148.8
rl95.3

149.2
194.3

+

148.8
196.5

Clay, alass, and stone products.
Primary metals

160.0
99.3

+

160.6
98.2

159.7
97.9

+

160.9
94.5

-

r160.0
r94.4

158
93

-

158.1
92.0

+

(NA)
92.6

Fabricated metal products
Nonelectrical machinery...

135.5
174.9

+
+

136.5
178.8

138.7
182.0

+
+

140.6
186.9

+

rl40.0
r189.1

139.6
187.9

+
-

140.0
185.5

-

139.2
183.8

Electrical machinery
Transportation equipment

214.6
134.5

o
+

214.5
135.0

216.0
137.2

221.5
140.6

o r221.5
+ rHl.O

223.0
137.6

o

220.8
137.6

+
+

221.1
142.9

Instruments
Miscellaneous manufactures .

171.0
152.1

+
-

171.8
151.5

174.5
150.8

176.7
152.4

+
-

177.4
149.2

178.0
147.6

0

177.7
147.6

+
o

178.5
147.6

+
+

^

Nondurable manufactures:
Foods
Tobacco products , . .

163.1
113.3

164.2
112.8

165.1
118.3

164.9
115.1

-

rl64.7
113.8

164.5
113.1

Textile mill products
Apparel products....

140.0
(NA)

140.5

140.7

139.8

+

rl40.3
(NA)

136.0
(NA)

-

Paper and products
Printing and publishing ..

172.4
166.3

174.1
167.5

174.6
169.0

176.7
172.6

o
+

rl76.7
rl73.1

177.6
171.3

+

176.0
172.0

+
+

176.5
172.6

Chemicals and products .
Petroleum products

228.3
126.8

227.9
127.9

231.0
127.5

232.0
124.7

-

r231.6
124.3

230.8

+
+

23ZJ
125.3

+

125.4

Rubber and plastics products.
Leather and products

328.0
63.5

334.1
61.4

341.0
60.0

341.4
60.6

o
-

341.6
r59.1

338.4
57.9

-

337.1

83.4
171.7

84.3
173.7

-

127.8

+

rl22.5
153.5

122.0
154.8

+
-

122.5
152.9

+

(NA)

(NA)

(NA)

(NA)
(NA)

(NA)
(NA)

135.4

(NA)
(NA)

(NA)

122.6

(NA)
(NA)
(NA)

56.B

Mining:
Metal mining , . .
Coal...........

98.5
151.4

+

98.0
153.9

96.8
161.5

96.4
176.5

Oil and gas extraction
Stone and earth minerals

118.8
140.4

+
+

120.4
144.0

121.6
147.9

122.8
151.9

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA". not available.

(*)

rising, (o)

+

unchanged, and (• •)

82.4

• falling,

78

123.4
(NA)

The "r" indicates revised, "p",

M)uta are seasonally adjusted by the source agency.
"Where'actual data for separate industries are not available, estimates are used to compute the percent rising.




(NA)
128.5

DECEMBER 1984

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

j Q

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change--Continued

Diffusion index components

1984
April

May

July

June

August

September

October

November

December1

+

-

967. INDEX OF SPOT MARKET PRICES , RAW INDUSTRIALS 2

Raw industrials price index (1967 = 100) . . . .

-

Percent rising Of 13 components .

288.6

289.5

(50)

(50)

-

286.2

-

(42)

280.1

-

(35)

275.6

274.0

(46)

(46)

-

266.4
(31)

268.3

263.4

(58)

(19)

Dollars

Copper scrap

(pound).
(kilogram)..

+

0.546
1.204

_

.+

0.150
0.331

0

-

95.750
105.545

-

5.882
12.967

-

5.772
12.725

-

5.680
12.522

-

5.585
12.313

-

5.404
11.914

+

5.515
12.158

-

5.443
12.000

0.533
1.175

0.530
1.168

_

0.502
1.107

-

0.491
1.082

-

0.476
1.049

0.454
1.001

o

0.454
1.001

o

0,454
1.001

0.300
0.328

0.313
0.342

+

0.329
0.360

+

0.336
0.367

+

0.366
0.400

+

0.395
0.432

+

0.396
0.433

-

0.395
0.432

_

0.763
1.682

_

0.683
1.506

-

0.640
1.411

-

0.625
1.378

+

0.626
1.380

-

0.610
1.345

+

0.617
1.360

0.784
0.857

-

0.762
0.833

+

0.768
0.840

0.762
0.833

+

0.779
0.852

+

0.794
0.868

+

0.798
0.873

-

0.778
0.851

3.500
7.716

+

3.512
7.743

-

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

0.744
1.640

+

0.748
1.649

+

0.766
1.689

+

0.771 +
1.700

0.795
1.753

-

0.716
1.578

-

0.625
1.378

"47.000

0

47.000
103.616

0

47.000

o

47.000
103.616

o

47.000
103.616

o

47,000
103.616

0

47.000
103.616

o

47.000
103,616

+

0.465
1.025

-

0.464
1.023

-

0.437
0.963

-

0.426
0.939

-

0.422
0.930

0.201
0.443

+

0.218
0.481

0.216
0.476

+

0.223
0.492

-

0.815
0.891

-

o

3.500
7.716

0

,.;

•'

Rubber

47.000
103.616

0

0.568
1.252

_

0.514
1.133

_

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

0.218
0.481

+

0.249
0.549

+

(100 pounds)..
(100 kilograms)..

Tallow

(pound), .

o

0.137
0.302

5.890
12.985

0.803
1.770

Rosin

-

86.000
94.798

0.771 +
1.700

+

0.141
0.311

-

+

0.712
1.570

+

86.500
95.349

-

(pound)..
(kilogram)..

0.120
0.265

-

0.306
0.335

.J

-

88.000
97.002

o

Hides

0.143
0.315

-

_

(pound)..
(kilogram)..

-

92.000
101.412

0.536
1.182

.j

0.171
0.377

+

+

Wool tops

0.447
0.985

86.000
94.798

(pound)
(kilogram)..

(yard).,
(meter)..

-

+

5.845
12.886

.,

0.458
1.010

85.000
93.696

+

Print cloth

+

-

(pound)..
(kilogram)..

(pound)
(kilogram)..

0.421
0.928

94.250
103.892

.,

.

-

-

Tin

Cotton

0.435
0.959

98.600
108.687

(U.S. ton).,
(metricton)..

(yard).,
(meter)..

-

0.188
0.414

.,

.,

0.460
1.014

+

Steel scrap

Burlap

+

0.158
0.348

(pound)..
(kilogram)..

Zinc

0.459
1.012

+

.,

+

_

0.150
0.331

Lead scrap

+

0.479
1.056

0.508
1.120

103.616

103.616
0.464
1.023

0.475
1.047
0.259
0.571

_

0.208
0.459

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( —) = falling.
preliminary; and "NA", not available.

0.586
1.292

0.206
0.454

The "r" indicates revised; "p".

l

The index is the average for December 1- through 20; component prices are averages for December 4, 11, and 18.
Data are not seasonally adjusted. These series are based on copyrighted data Used by permission; they may not be reproduced without
written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis.
2

DECEMBER 1984



79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

GNP AND PERSONAL INCOME

Year
and
quarter

200.

a. Total

b. Difference

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

217. Per capita
GNP in 1972
dollars

50. Gross national product in 1972 dollars

Gross national product in current dollars
c. Percent
change at
annual rate

b. Difference

a. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

(Ann. rate,
dollars)

213. Final sales
in 1972 dollars

(Ann. rate,
bil. dol.)

1981
First quarter . .
Second quarter

Third quarter .
Fourth quarter

2,875.8
2,918.0
3,009.3
3,027.9

139.8
42.2
91.3
18.6

22.1
6.0
13.1
2.5

1,513.5
1,511.7
1,522.1
1,501.3

35.6
-1.8
10.4
-20.8

10.0
-0.5

3,026.0
3,061.2
3,080.1
3,109.6

-1.9
35.2
18.9
29.5

-0.2
4.7
2.5
3.9

1,483.5
1,480.5
1,477.1
1,478.8

-17.8
-3.0
-3.4
1.7

-4.6
-0.8

3,173.8
3,267.0
3,346.6
3,431.7

64.2
93.2
79.6
85.1

8.5
12.3
10.1
10.6

1,491.0
1,524.8
1,550.2
1,572.7

121.6
91.4

14.9
10.7
r5.6
l
5.8

1,610.9
1,638.8

6,603
6,580
6,607
6,500

1,505.4
1,499.4
1,504.6
1,494.0

-0,9
0.5

6,408
6,381
6,349
6,341

1,490.3
1,484.5
1,483.5
1,503.4

12.2
33.8
25.4
22.5

3.3
9.4
6,8
5.9

6,379
6,510
6,602
6,681

1,507.5
1,530.9
1,549.3
1,565.4

38.2
27.9
r6.4

10.1
7.1
rl.6

6,829
6,933
r6,943

1,879,3
1,618.5

2.8
-5.4

1982
First quarter . ,
Second quarter
Third quarter .
Fourth quarter
1983
First quarter . .
Second quarter
Third quarter .
Fourth quarter
1984

3,553.3
3,644.7

First quarter . .
Second quarter
Third quarter .
Fourth quarter

r49.9

r3,694.6
1
3,747.2

l

52.6

rl,645.2

PERSONAL CONSUMPTION EXPENDITURES

GNP AND PERSONAL INCOME-Continued

quarter

230. Total in current
dollars

Disposable personal income

Year
and
224.

Current dollars

225. Constant
(1972) dollars

(Ann, rate,
bil. dol.)

First quarter . .
Second quarter
Third quarter .
Fourth quarter

(Ann. rate,
bil. dol.)

rl,614.6

U,656.7

231. Total in 1972
dollars

232. Durable goods
in current dollars

233. Durable goods
in 1972 dollars

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

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1,972.5
2,006.0
2,078.6
2,109.8

1,042.5
1,040.7
1,058.1
1,056.0

4,548
4,530
4,593
4,572

1,797.9
1,829.3
1,877.3
1,891.8

950.2
949.1
955.7
946.8

237.8
232.4
242.5
228.9

146.1
140.0
143.5
134.0

2,132.0
2,156.8
2,195.8
2,237.5

1,052.8
1,054.8
1,057.9
1,067.6

4,548
4,546
4,548
4,578

1,931.3
1,960.9
2,001.3
2,046.1

953.7
958.9
964.2
976.3

239.4
241.6
244.5
255.0

138.5
138.8
139.3
145.2

2,261.4
2,302.9

1,073.1
1,082.0
1,102.2

1,124.3

4,591
4,619
4,694
4,776

2,070.4
2,141.6
2,181.4
2,230.2

982.5
1,006.2
1,015.6
1,032.4

259.4
276.1
284.1
299.8

146.8
156.2
159.6
167.2

1,147.6
1,165.3
rl,176.5

4,865
4,930
4,965

2,276.5
2,332.7

1,044.1
1,064.2
rl,065.9

310.9
320.7
r317.2

178.6
rl77.0

1*182
First quarter . .
Second quarter
Third quarter .
Fourth quarter
1983
First quarter . ,
Second quarter
Third quarter .
Fourth quarter

2,367.4
2,428.6

1984
First quarter , ,
Second quarter
Third quarter .
Fourth quarter

2,502.2
2,554.3

r2,606.4

r2,361.4

173.7

NOTE: Series are seasonally adjusted except for those, indicated by <g), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships er order.
Complete tit es and sources are listed at the back of this issue. 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.
x
"Flash" estimate.




DECEMBER 1984

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

^ H

Year
and
quarter

PERSONAL CONSUMPTION EXPENDITURES—Continued

Q

236. Nondurable
goods in current
dollars

238. Nondurable
goods in 1972
dollars

237. Services in
current dollars

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

GROSS PRIVATE DOMESTIC INVESTMENT
241. Total in
1972 dollars

(Ann. rate,
bil. dol.)

242. Fixed investment, total, in
current dollars

243. Fixed investment, total, in
1972 dollars

(Ann, rate,
bil. doi.)

(Ann. rate,
bil. dol.)

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

715.4
727.9
736.8
742.6

358.7
361.2
361.6
361,7

844.8
869.0
898.0
920,3

445.4
447.9
450.5
451.2

468.1
481.1
505.8
481.7

228.5
232.8
238.5
223.7

446.2
457.3
466.2
462.8

220.4
220.5
221.0
216.4

....

746.4
750.6
762,5
770.6

360.5
362.0
363.7
366.0

945.4
968.6
994.2
1,020.6

454.7
458.1
461.2
465.1

436.2
431.2
415.9
376.2

204.7
200.4
194.3
177.8

453.2
442.1
431.3
437.3

211.4
204.5
200.7
202.4

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

775.2
796.9
811.7
823,0

368.8
374.9
378.5
383.2

1,035.8
1,068,6
1,085.7
1,107.5

466.8
475.1
477.6
482.0

405.0
449.6
491.9
540.0

191.3
212.6
230.6
249.5

447.9
469.0
496.2
527.3

207,8
218.7
229.8
242.2

841.3
858.3
r861.4

387.1
396.6
r395.5

1,124.4
1,153.7

483.4
488.9
r493.5

623.8
627.0
r662.8

285.5
283.9
r300.2

550.0
576.4
r591.0

253.9
263.7
r269,6

1982
First quarter
Second quarter
Third quarter
Fourth quarter

....

1983

1984
First quarter
Second quarter
Third quarter
Fourth quarter

....

rl,182.8

• •
GROSS PRIVATE
• S I DOMESTIC INVEST.-Con.
245. Change in
business inventories in current
dollars

Year
and
quarter

(Ann. rate,
bil. dol.)

30. Change in
business inventories in 1972
dollars
(Ann. rate,
bil. dol.)

M l
260. Total in
current dollars

(Ann. rate,
bil. dol.)

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

GOVERNMENT PURCHASES OF GOODS AND SERVICES
262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

266. State and
local government
in current dollars

(Ann. rate,
bil. dol.)

267. State and
local government
in 1972 dollars

(Ann. rate,
bil. dol.)

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

21.9
23.7
39,7
18.9

8.1
12.4
17.5
7.2

576.6
585.3
601.3
622.7

286.0
285.1
287.4
289.6

215.6
220.9
232.2
246.9

107.4
108.2
111.7

-17.0
-10.9
-15.3
-61.1

-6.7
-4.0
-6.4
-24.6

630.9
633.7
656.3
681.0

290.2
287.0
292.8
300.6

-42.9
-19.4
-4.3
12.7

-16.5
-6.1
0.9
7.2

678.8
682.2
689.8
691.4

73.8
50.6
r71.8

31.6
20.3
r30.6

704.4
743.7
r761.O

113.8

361.0
364.4
369.1
375.8

178.6
176.9
175.7
175.9

249.8
245.0
261.6
279.4

114.8
111.0
117.2
124.8

381.1
388.7
394.7
401.6

175.4
176.0
175.7
175.8

294.3
292.4
292.0
288.8

273.0
270.5
269.2
266.3

119.0
117.2
115.6
113.0

405.8
411.6
420.6
425.1

175.3
175.2
176.4
175.8

289.5
302.1
r306.1

267.6
296.4
r302.0

112.2
123.2
rl25.0

436.8
447.4
r458.9

1982
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1983
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

177.3
178.9

rl81.1

See note on page 80.
Graphs of these series are shown on pages 41, 42, and 43.

DECEMBER 1984



81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

• •
HIM

mm FOREIGN TRADE
Year
and
quarter

255. Constant
(1972) dollars

250. Current
dollars

(Ann. rate,
bil. dol.)

(Ann, rate,
bil. dol.)

Ann. rate,
bi . dol.)

(Ann. rate
bl. dol.)

(Ann. rate,
bil. dol.)

Hollar*;
UUlldfS

257. Constant
(1972) dollar >

253 Curren
dollars

256 Constant
(1972) dollars

252. Current
dollars

220. National income in current

Imports of goods and services

Exports of goods and services

Net exports of goods and services

NATIONAL INCOME
AND ITS COMPONENTS

(Ann. rate,
bil. dol.)

(Ann, rate,
bil. dot.)

280. Compensation of
employees

(Ann. rate,
bil. dol.)

1981
First quarter
Second quarter . . . .
Third quarter .
Fourth quarter . . . .

33.1
22.4
24.8
31.7

48. 8
44. 8
40. 6
41. 2

368.4
369.8
368.7
372.8

161. 2
161. 0
159. 3
159. 4

335 .3
347 .5
343 .9
341 .1

112 .5
116 .3
118 .7
118 .2

2,299.4 \
2,330.6 \
2,407.1\
2 , 4 1 7 . i)

1,716.1
1,747.6
1,785.5
1,812.5

27.7
35.5
6.6
6.3

34. 9
34. 1
25. 7
24. 1

359.4
366.3
346.3
321.7

152. 2
155. 1
146.6
136. 7

331 .7
330 .8
339.7
315 .4

117 .3
121 .0
120 .9
112 .6

2 , 4 2 2 . ;\
2,443.5 )
2,452.^ \
2,468.£

1,834.2
1,857.7
1,876.3
1,888.7

19.6
-6.5
-16.4
-29.8

22. 9
13. 6
11. 9
2. 0

328.5
328.1
342.0
346.1

138. 2
137. 0
141. 6
141. 0

308 .9
334 .5
358 4
375 9

115 .3
123 .4
129 .7
139 .1

2,527.C )
2,609.C )
2,684.'
2.766.E

1,921.3
1,962.4
2,000.7
2,055.4

-51.5
-58.7
r-90.6

-8. 3
-11. 4
r-27. 0

358.9
362.4
r368.6

144. 9
144. 7
rl47. 4

410 4
421 1
r459 3

153 2
156 .2
174 4

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter . . . . .
Fourth quarter . . . .

^ J
Vpar
Tear

ana
quarter

282. Proprietors'
income with inve V
tory valuation ant
capital consumption adjustments

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Q

NATIONAL 1NCOME ANO ITS COMPONENTS-Continued
284. Renta 1 ni come
of persons with
capital consumption adjustment

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

3,873.5
2,944.1
r2,9B4.S

288 Net interest

290. Gross saving
(privat ; and government)

(Ann. rate,
bil. dol.)

(Ann. rate,
Dil. dol.)

2,113.4
2,159.2
2,191.9

SAVING

295. Business
saving

(Ann. rate,
bil. dol.)

292. Personal
saving

(Ann. rate,
bil. dol.)

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

127.
123.
129.
119.

8
9
7
1

38 .7
40 .8
42 .9
46 .8

194 .8
184 .3
195 .7
184 .9

222.
233.
253.
254.

0
9
9
4

469.0
475.9
503.0
489.5

355.8
364.1
380.3
390.2

145.0
160.6

116.
107.
102.
117.

8
7
2
6

47 .8
48 .3
52 .9
57 .0

159 .9
161 .7
163 .3
151 .6

263.
268.
257.
253.

6
5
7
8

447.0
445.4
397.9
344.8

378.3
386.2
393.8
393.9

142.6
136.7
134.5
130.2

114. 7
116. 9
123. 3
131. 9

57 .7
59 .0
56 .2
60 .4

179 . 1
216 .7
245 .0
260 .0

254.
254.
259.
258.

2
2
2
9

393.4
414.7
455.2
485.7

417.0
441.4
469.7
486.4

128.0
96.7
119.0
128.7

154. 9
149. 8
rl53. 7

61 .0
62 .0
63 .0

277 .4
291 .1
r282 .8

266. 8
282. 8
r293. 5

543.9
551.0
r556.4

498.8
515.3
r525.3

152.5
144.8
rl64.1

121.8
122.1

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quartet . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

See note on page 80,
Graphs of these series are shown on pages 44, 45, and 46.

82




DECEMBER 1984

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Q
Year
and
quarter

SAVING-Continued

298. Government
surplus or deficit,
total

Q

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

(Ann. rate,
• bil. dol.)

Percent of gross national product
235. Personal consumption expenditures, total
(Percent)

(Percent)

SHARES OF GNP AND NATIONAL INCOME

248. presidential
fixed investment

249. Residential
fixed investment
(Percent)

(Percent)

247. Change in
business inventories

251. Net exports of
goods and services

(Percent)

(Percent)

1981
-9.7
-11.4
-23.3
-62.4

6.2
6.1
7.0
7.6

62.5
62.7
62.4
62.5

11.6
11.9
12.1
12.2

3.9
3.7
3.4
3.1

0.8
0.8
1.3
0.6

1.2
0.8
0.8
1.0

-73.8
-77.6
-130.4
-179.2

6.7
6.3
6.1
5.8

63.8
64.1
65.0
65.8

12.1
11.5
11.1
10.9

2.9
3.0
2.9
3.1

-0.6
-0.4
-0.5
-2.0

0.9
1.2
0.2
0.2

-151.7
-123.4
-133.5
-129.3

5.7
4.2
5.0
5.3

65.2
65.6
65.2
65.0

10.5
10.4
10.6
11.2

3.6
4.0
4.3
4.2

-1.4
-0.6
-0.1
0.4

0.6
-0.2

-107.4
-109.2
r-133.0

6.1
5.7
6.3

64.1
64.0
63.9

11.2
11.5

4.3
4.3
4.2

2.1
1.4
1.9

-1.4
-1.6
r-2.5

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

-0.5
-0.9

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

j Q
Year
and
quarter

rll.8

SHARES OF GNP AND NATIONAL INCOME-Continued
Percent of national income

Percent of GNP—Continued
265. Federal Government purchases of
goods and services

268. State and local
government purchases
of goods and services

64. Compensation of
employees

(Percent)

(Percent)

(Percent)

283. Proprietors'
income with IVA
and CCAdj •

285. Rental income
of persons with
CCAdj'
(Percent)

(Percent)

287. Corporate
profits with IVA
and CCAdj '
(Percent)

289. Net interest

(Percent)

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

7.5
7.6
7.7
8.2

12.6
12.5
12.3
12.4

74.6
75.0
74.2
75.0

5.6
5.3
5.4
4.9

1.7
1.8
1.8
1.9

8.5
7.9
8.1
7.6

9.7
10.0
10.5
10.5

8.3
8.0
8.5
9.0

12.6
12.7
12.8
12,9

75.7
76.0
76.5
76.5

4.8
4.4
4.2
4.8

2.0
2.0
2.2
2.3

6.6
6.6
6.7
6.1

10.9
11.0
10.5
10,3

8.6
8.3
8.0
7.8

12.8
12.6
12.6
12.4

76.0
75.2
74.5
74.3

4.5
4.5
4.6
. 4.8

2.3
2.3
2.1
2.2

7.1
8.3
9.1
9.4

10,1
9,7
9,7
9.4

7.5
8.1
8.2

12.3
12.3
12.4

73.5
73.3
r73.4

5.4
5.1
r5.1

2.1
2.1
2.1

9.7
9.9
r9.5

9.3
9,6
9.8

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

See note on page 80.
Graphs of these series are shown on pages 46 and 47.
^ V A , inventory valuation adjustment; CCAdj, capital consumption adjustment.

BUI

DECEMBER 1984



83

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

Q |
Implicit price deflator,
gross national product
Year
and
month

310. Index

(1972-100)

310c. Change
over 1-quarter
spansl

(Ann. rate,
percent)

PRICE MOVEMENTS

Fixed-weighted price index,
gross business product
311. Index

(1972 = 100)

311c. Change
over 1-quarter
spans'

Consumer prices, food

Consumer prices, all terns
320. Index <g)

320c. Change
over 1-month
spansl

320c. Change
over 6-month
spansl

(1967 = 100)

(Percent)

(Ann. rate,
percent)

(Ann. rate,
percent)

322. Index

(1967 = 100)

322c. Change
over 1-month
spans'

(Percent)

322c. Change
over 6-month
spans*

(Ann. rate,
percent)

°
1982
January . . ,
February
. .
March
......

20416
.,.

April
May
June

206.8

July
August
September

208^5

October
November
December

210*3

4.6

5.3

282.5
283.4
283.1

0.4
0.2
-0.1

3.5
4.4
6.0

281.8
283.4
282.7

0.9
0.6
-0.2

3.7
4.8
5.8

4.4

284.3
287.1
290,6

0.4
0.9
1.1

6.2
6.2
6.6

283.4
285.3
287.2

0.2
0.7
0.7

4.2
2.4
3.2

5.6

292.2
292.8
293.3

0.5
0.3
0.0

6.6
4.7
1.8

287.6
286.8
287.2

0.1
-0.3
0.1

3.0
1.8
0.6

3.7

294.1
293.6
292.4

0.4
0.0
-0.3

1.4
0.7
0.8

287.6
287.9
288.0

0.1
0.1
0.0

0.9
1.6
2.2

2.7

293.1
293.2
293.4

0.3
-0.1
0.1

1.4
2.3
3.3

288.9
289.1
290.3

0.3
0.1
0.4

2.7
2.9
2.4

3.9

295.5
297.1
298.1

0.7
0.4
0.2

3.4
4.3
5 0

291.5
292.1
291 5

0.4
0.2
-0 2

1.6
1,8
1 4

4.5

299.3
300.3
301.8

0.4
0.4
0 4

4.4
4.2
4 3

291.2
291.7
292 3

-0.1
0.2
0 2

1,4
1.4
2 7

3.5

302.6
303.1
303.5

0.4
0.4
0.2

4.8
4.8
4.5

293.5
294.1
295.4

0.4
0.2
0.4

6,3
7.3
6.6

4.2

305.2
306.6
•307 ^

0.6
0.4
0 2

4.6
4.3
4 1

300.2
302.2
^m ft

1.6
0.7
-n l

A

4.1

308.8
309.7
310.7

0.5
0.2
0.2

3.4
3.6
3.9

301.7
300.9
301.3

0.0
-0,3
0.1

1.3
1.3
1.3

4.0

311.7
313.0
314.5

0.3
0.5
0.4

3.7
3.7

302.2
304.1
303.8

0.3
0.6
-0.1

2.1
3.1

315.3
315.3

0.4
0.2

304.9
305.6

0.4
0.2

211.7

5.6
214.1

3.4
217.0

3.4
218.9

1983
5.0

January
February
March

212.9

April .
May
June

214.2

July
August
September

215.9

October
November
December

218^2

220.4

2.6
222^5

3,1
225.0

4.4
226\9

1984
January
February
March

220.6

April
May
June

222.4

4.4

3.3

July
August
September
October . ,
November
December

229.3

231,6

r3.9
r224.6

233^9

2

......

a

226\2

2.9

5.7
4.7
n

See note on page 80.
Graphs of these series are shown on pages 48 and 4 9 .
'Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and
1-quarter changes are placed on the 1st month of the 2d quarter.
a
"Mash" estimate.




DECEMBER 1984

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

| M

Producer [jrices, industrial commodities

Producer prices, all commodities
Year
and
month

330, Index

©

330c. Change
over 1-month
spans' (u)

(1967-100)

(Percent)

PRICE MOVEMENTS—Continued

330c. Change
over 6-month
spans' ®

(Ann. rate,
percent)

335. Index ©

(1967 = 100)

335c. Change
over 1-month
spans' @

(Percent)

Producer prices, crude materials

335c. Change
over 6-month
spansl ©

(Ann. rate,
percent)

331. Index

(1967 = 100)

331c. Change
over 1-month
spans'

(Percent)

331c. Change
over 6-month
spans'

(Ann. rate,
percent)

1982

2.4

311.8
311.6
311.0

0.6
-0.1
-0.2

0.6
0.2
0.4

320.4
319.5
317.9

1.3
-0.3
-0.5

-2.2
3.0
4.8

0.0
0.2
0.2

1.4
1.1
0.9

309.9
309.6
310.6

-0.4
-0.1
0.3

0.6
1.0
1.1

320.0
324.2
323.7

0.7
1.3
-0.2

0.2
-1.1
-1.3

299.3

0.4
-0.1
-0.3

1.2
1.1
0.9

312.8
313.2
312.7

0.7
0.1
-0 2

2.9
3.5
3 0

320.8
317.8
315.8

-0.9
-0.9
-0 6

-2.9
-3.1
-3 7

299.8
300.3
300.7

0.2
0.2
0.1

-0.3
0.5
0.9

314.3
315.0
315.2

0.5
0.2
0.1

0.7
0.4
0.5

315.4
319.1
317.7

-0.1
1.2
-0.4

-2.8
0.4
2.8

January
February
March

299.9
300.9
300.6

-0.3
0.3
-0.1

0.5
0.8
1.1

313.9
313.9
313.5

-0.4
0.0
-0.1

-1.2
-0.9
0.1

316.2
318.5
320.2

-0.5
0.7
0.5

5.0
1.6
2.2

April
May
June

300.6
301.5
302.4

0.0
0.3
0.3

2.2
2.5
3.2

312.4
313.6
315.3

-0.4
0.4
0.5

1.7
2.2
2 3

323.2
321.6
321.1

0.9
-0.5
-0 2

1.1
4.1
5 4

July
August
September

303.2
304.7
305.3

0.3
0.5
0.2

3.6
2.7
2.5

316.5
317.3
317.1

0.4
0.3
-0.1

3.9
3.0
2.0

317.9
325.0
328.8

-1.0
2.2
1.2

3.7
5.5
7.9

October
November
December

306.0
305.5
306 1

0.2
-0.2
02

3.2
2.8
3 8

318.5
318.3
318.4

0.4
-0.1
00

1.6
2.1
•a 1

329.2
330.4
333.6

0.1
0.4
1 0

11.7
3.7
5 1

January
February
March

308.0
308.9
311.0

0.6
0.3
0.7

3.5
4.0
3.4

319.1
320.6
321.9

0.2
0.5
0.4

2.6
3.1
3.4

336.0
330.9
337.1

0.7
-1.5
1.9

4.7
2.1
-1.6

April
May
June

311.3
311.5
311.3

0.1
0.1
-0.1

r2.5
1.3
-1.0

322.6
323.2
323.8

0.2
0.2
0.2

r3.0
1.8
0.2

336.9
333.8
330.9

-0.1
-0.9
-0.9

r-3.0
-2.2
-5.9

r311.9
310.9
309.5

0.2
r-0.3
-0.5

-1.2
-0.7

r323.9
323.5
322.3

rO.O
r-0.1
-0.4

0.4

r331.0
327.2
327.0

rO.O
r-1.1
-0.1

-7.5
-2.0

309.4
310.4

0.0
0.3

323.2
323.8

0.3
0-2

324.0
330.4

-0.9
2.0

January
February
March

298.3
298.6
298.0

0.8
0.1
-0.2

1.3
2.1

April
May
June

298.0
298.6
299.3

July
August .
September

300.4
300.2

October
November
December
1983

1984

July
August . . .
September
October
November
December

0.4

See note on page 80.
Graphs of these series are shown on page 48.

Changes are centered within the spans:

DECEMBER 1984



1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month.

85

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

Q j

Producer prices, intermediate materials
Year
and
month

332. Index

(1967100)

332c. Change
over 1-month
spans'

(Percent)

PRICE MOVEMENTS-Continued

Producer prices, finished consumer goods

Producer prices, capital equipment

332c. Change
over 6-month
spans'

(Ann. rate,
percent)

333. Index

(1967 100)

333c. Change
over 1-month
spans'

(Percent)

333c. Change
over 6-month
spans'

334. Index

(Ann, rate,
percent)

(1967-100)

334c. Change
over 1-month
spans'

(Percent)

334e. Change
over 6-month
spans'

(Ann, rate,
percent)

1982
January
fpbruary
March . . . . . . . . .

311.6
311.1
310.1

0.3
-0.2
-0.3

-0.5
-0.7
-0.6

275.2
274.5
276.0

0.6
-0.3
0.5

4.9
4.4
4.4

278.2
278.3
277.5

0.7
0.0
-0.3

April ,
May
June

309.0
309.1
309.8

-0.4
0.0
0.2

-0.7
-0.6
0.2

276.8
277.9
279.5

0.3
0.4
0.6

3,9
5.4
4.3

277.8
277.4
280.1

0.1
-0.1
1.0

July ,
August .
September . . . . . . .

310.5
310.2
310.4

0.2
-0.1
0.1

0.8
1.3
1.0

280.5
281.8
281.9

0.4
0.5
0.0

3.7
3.6
3.5

281.4
282.6
282.7

0.5
0.4
0.0

October
November
December

310.3
311.1
311.3

0.0
0.3
0.1

-0.5
-0.2
-0.8

281.9
282.8
284.3

0.0
0.3
0.5

2.6
2.3
2.8

283.8
285.6
286.1

0.4
0.6
0.2

0.0

309.8
309.9
309.1

-0.5
0.0
-0.3

-1.5
-1.3
0.0

284.1
285.0
285.8

-0.1
0.3
0.3

2.9
2.6
1.9

283.4
283.4
282.7

-0.9
0.0
-0.2

-0.8
-1.5
-1.0

307.9
309.1
311.3

-0.4
0.4
0.7

1.6
2.3
4.1

285.9
286.5
287.0

0.0
0.2
0.2

2.4
2.7
1.9

282.6
283.5
284.7

0.0
0.3
0.4

0.8
1.5
2.4

July
August
September , . . . . , ,

312.2
313.4
315.3

0.3
0.4
0.6

5.5
4.9
3.8

287.5
288.8
288.5

0.2
0.5
-0.1

1.9
1.8
2.0

284.6
285.5
286.1

0.0
0.3
0.2

1.4

October
November
December

316.2
316.6
317.1

0.3
0,1
0.2

3.1
2.7
2.6

288.6
289.0
289.8

0.0
0.1
0.3

2.1
2.0
2.8

286.6
286.3
286.7

0.2
-0.1
0.1

2.9
3.0
3.5

January
February . . . . . .
March . , . . . .

317.0
317.6
319.3

0.0
0.5

2.1
2.4
2.9

290.5
291.7
292.5

0.2
0.4
0.3

4.0
3.4
3.1

288.7
289.8
291.0

0.7
0.4
0.4

2.8
?,. 8
2.S

April
, .
May . . . . . . . .
June . . . . .

319.5
320.3
321.6

0.1
0.3
0.4

2.5
1.8
0.5

294.3
293.9
294.2

0.6
-0.1
0.1

r3.1
3.1
2.6

290.6
290.3
290.2

-0.1
-0.1

July . . , . . . . . .
August
... ...
September

321.0
320.5
320.1

0.6
0.8

r294.9
296.2
296.3

r0.2
rO.4
0.0

0.2
1.0

r291.0
290.7
290.0

r0.3
r-0.1
-0.2

October .
November
Decemter

320.5
321.6

294.6
295.3

-0.6
0.2

289.9
291.6

0.0
0.6

.......

2.3
1.3

2.7
2.3
3.1

3.8
4.4
6.0
4.3
1.4
0.6

1983
January . .
February
March
April
May
June

.......

.

......

1984

......
.., .

0.2

-0.2
-0.2
-0.1
0.1
0.3

0.0

See note M I page I
Graphs of these series are shown on page 48.

x

Clmn#es are centered within the spans:




1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month.

DECEMBER 1984

rl.6
0.6
-0.7
-0.5
0.9

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

Q j

WAGES AND PRODUCTIVITY

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

(1977-100)

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

Current-dollar compensation

Real earnings

Current-dollar earnings
340. Index

Average hourly compensation, all employees,
nonfarm business sector

1

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

341. Index

(1977 = 100)

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

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

345. Index

(1977 = 100)

345c. Change
over 1-quarter
spans2

345c. Change
over 4-quarter
spans2

(Ann. rate,
percent)

(Ann. rate,
percent)

1982
January
February
March

145.1
145.2
145.7

1.2
0.1
0.3

6.6
6.5
6.8

93.2
93.0
93.5

0.8
-0.1
0.5

3.3
2.2
1.0

15CL7

April
May
June

146.5
147.6
148.1

0.5
0.7
0.4

5.5
6.5
6.4

93.7
93.5
92.9

0.2
-0.2
-0.7

-0.6
0.4
-0.3

152.9

July
August
September

149.0
149.9
150 3

0.6
0.6
0 2

6.1
5.1
5 6

92.9
93.2
93 4

0.0
0.3
02

-0.6
0.3
3 5

155^6

October
November
December

150.9
151.3
152.2

0.4
0.3
0.6

5.2
5.0
4.5

93.4
93.6
94.5

0.0
0.3
0.9

4.2
4.5
3.6

157!5

152.9
153.6
153.6

0.4
0.5
0.0

4.4
4.6
3,8

94.8
95.3
95.1

0.4
0.5
-0.2

3.1
2.5
1.0

159^7

April
May
June

154.2
154.7
155.1

0.4
0.3
0.2

3.7
2.4
3.4

94.8
94.8
94.9

-0.2
0.0
0.1

0.3
-1.9
-1.1

i6i!6

July
August
September

155.6
155.4
156.2

0.4
-0.1
0.5

3.7
3.2
3.5

94.9
94.4
94.5

0.0
-0.6
0.2

-0.3
-0.5
-0.1

161*.9

October
November
December

157.1
157.2
157.8

0.5
0.1
0.4

3.7
4.0
3.7

94.7
94.6
94.9

0.2
-0.2
0.3

-0.3

January
February
March

158.4
158.5
159 1

0.4
0.1
0 4

3.6
3.1

94.8
94.8
95 1

0.0
-0.1
03

1.4
0,7
0.7

April
May
June

159.9
159.6
160.3

0.5
-0.2
0.4

3.0
2.6
r3.2

95.4
94.9
95.2

0.3
-0.5
0.3

0.7
-1.5
r-1.8

rl.9

95.2
94.1
r94.2

0.0
-1.2
0.2

r-3.0
p-1.3

r93.9
p94.3

r-0.3
p0.4

10.6

7^7
5.8

7^2
7.4

616

5.0
5^3

1983
January
February
March

..

0.8
1.2

5.7

3.3
3*.9

2.3
3^9

4.5
163.*7

3.9

1984

July
August
September
October
November
December

160.8
160.6

0.3
-0.2

rl61.6

r0.6

rl61.4
P162.1

r-0.1
p0.4

p3.1

5.4
165*.9

p4*.3

3.5

p3.8

pl69!6

See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
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.
2

DECEMBER 1984




87

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

M

Negotiated wage and benefit
decisions, all industries @

Average hourly compensation, all employees,
nonfarm business sector—Continued
Year
and
month

348. First year
average changes

Real compensation
346. Index

(1977=100)

WAGES ANO PRODUCTIVITY—Continued

346c. Change
over 1-quarter
spans'

346c. Change
over 4-quarter
spans !

(Ann. rate,
percent)

(Ann, rate,
percent)

(Ann. rate,
percent)

349. Average
changes over
life of
contract

(Ann. rate,
percent)

Output [>er hour, all persons , private
business sector
370. Index

(1977-100)

370c. Change
over 1-quarter
spansl

370c. Change
over 4-quarter
spans '

(Ann. rate,
percent)

(Ann. rate,
percent)

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

(1977-100)

1982
6.6

January
February
March

96\5

April , . , .
May
June

96.6

July
August
September

96\6

1.9

0.3

.
. .

2.6

3.4

100.3
6.2

2.*6

-2.3

2.1

4.7

2.*3

97^4

2.5
100! 9

2.6
0.2

October
November
December

1.2

l.B

99^8

i.*3

99:4

1*2

100*3

3.*3

lob! 5

2.4
100.9

3.3

-CL6

2.7

4.8

loi.'e

1933
January .
....
February , .
March . . . . . .

5.3

98*.5

July
...
August
September

98.0

-1.8

0.1

°:<
-6.*6
-6*.3

2.1

1.4
102^2

!:!
-1.0

April
May
June

October
Novembrr
December

-1.6

98^7

!:!
4.4

3.6

5.9

io3!e
':'
5.0

4.3

2.8
104 .'3

4.9

3.1

3.5

104! i

3.3

104 .*4

P3!O

105^2

1.4
104 .'7

.......

1984
January
February
March .

98^2

April .
May
June . . . . . . . . . . .

98.1

July
August
September . . . . . . .

p98.*2

October . . . .
November
Decemtar

0.4

-0.1

pole

5.1

4.0

4.7
105.7

3.5

3.2

4.9
106 6

p0.2

P2.9

P3.3

pi.7
plO7*.5

plO6*.6

....

See note on page 80.
Graphs of these series are shown on pages 49 and 50.

H-hanges are centered within the spans:
on the middle month of the 3d quarter.




1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are placed

DECEMBER 1984

IUII

OTHER IMPORTANT ECONOMIC MEASURES
C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q
Civilian labor force
Year
and
month

441. Total

442. Employed

|

CIVILIAN LABOR FORCE AND MAJOR COMPONENTS

Labor force participation rates
451. Males
20 years
and over

452. Females
20 years
and over

Number unemployed

453. Both
sexes, 16-19
years of age

37. Total

444. Males
20 years
and over

445. Females
20 years
and over

446. Both
sexes, 16-19
years of age

447. Fulltime
workers

448. Number employed
part-time
for economic
reasons

(Thous.)

(Thous.)

(Percent)

(Percent)

(Percent)

(Thous.)

(Thous.)

(Thous.)

(Thous.)

(Thous.)

(Thous.)

1982

109,075

January
February
March

109,503
109,664

99,682
99,810
99,754

78.6
78.7
78.7

52.2
52.4
52.6

54.2

54.8
54.2

9,393
9,693
9,910

4,374
4,427

54.5
55.5
52.4

4,615

3,117
3,293
3,405

1,902
1,973
1,890

7,820
7,989
8,335

4,961
5,413
5,591

10,303
10,363
10,480

4,766
4,787
5,065

3,571
3,568
3,550

1,966
2,008
1,865

8,605
8,739
8,914

5,756
5,781
5,696

June

109,901
110,542
110,133

99,598
100,179
99,653

78.8
79.0
78.8

52.6
52.9
53.0

July . .
August
September

110,399
110,473
110,679

99,503
99,563
99,412

78.8
78.6
78.9

53.0
53.0
52.8

53.2
53.9
54.1

10,896
10,910
11,267

5,207
5,245
5,563

3,682
3,668
3,693

2,007
1,997
2,011

9,128
9,188
9,580

5,627
5,886
6,436

October
November
December

110,690
110,923
110,873

99,146
99,036
98,979

78.8
78.8
78.6

52.7
52.9
53.0

54.2
54.5
53.7

11,544
11,887
11,894

5,710
5,847
5,836

3,814
3,995
4,026

2,020
2,045
2,032

9,907
10,115
10,171

6,445
6,344
6,367

January
February
March

110,677
110,688
110,735

99,154
99,172
99,316

78.2
78.2
78.2

53.0
52.9
52.9

53.5
53.1
53.2

11,523
11,516
11,419

5,623
5,717
5,595

3,979
3,933
3,891

1,921
1,866
1,933

9,811
9,865
9,744

6,678
6,362
6,169

April
May
June

110,975
110,950
ill,905

99,606
99,762
100,743

78.4
78.4
78.7

52.9
52.8
53.2

53.0
52.6
54.7

11,369
11,188
11,162

5,682
5,!583
5,352

3,780
3,748
3,837

1,907
1,857
1,973

9,727
9,514
9,332

6,077
5,965
5,886

July
August
September

111,825
112,117
112,229

101,225
101,484
101,876

78.7
78.6
78.6

53.1
53.3
53.4

53.7
54.4
53.8

10,600
10,633
10,353

5,217
5,150
5,065

3,524
3,598
3,512

1,859
1,885
1,776

8,985
8,964
8,747

5,700
5,866
6,027

October
November
December

111,866
112,035
112,136

101,970
102,606
102,941

78.4
78.4
78.3

53.2
53.2
53.2

52.8
53.3
53.7

9,896
9,429
9,195

4,809
4,596
4,392

3,366
3,215
3,181

1,721
1,618
1,622

8,319
7,900
7,658

5,724
5,848

January
February
March

1)12,215
112,693
112,912

103,190
103,892
104,140

78.3
78.4
78.3

53.0
53.3
53.4

53.0
53.9
54.2

9,026
8,801
8,772

4,300
4,128
4,020

3,182
3,120
3,144

1,543
1,553
1,608

7,532
7,283
7,301

5,943
5,808
5,463

April
May
June

113,245
113,803
113,877

104,402
105,288
105,748

78.3
78.3
78.4

53.7
54.2
54.0

54.4
54.4
54.7

8,843
8,514
8,130

4,095
3,861
3,755

3,186
3,124
2,955

1,562
1,529
1,419

7,398
7,058
6,524

5,593
5,353
5,491

July
August
September

113,938
113,494
113,699

105,395
104,969
105,239

78.3
78.3
78.3

54.1
53.8
53.5

54.4
52.3
54.3

8,543
8,526
8,460

3,906
3,853
3,875

3,173
3,264
3,053

1,464
1,409
1,532

7,061
6,980
6,986

October
November
December

l!l4,017
114,026

105,586
105,872

78.3
78.3

53.9
53.8

53.6
53.5

8,431
8,154

3,758
3,751

3,204
3,038

1,470
1,365

7,000
6,809

5,300
5,324
5,496
5,479
5,373

April

May

1983

5,712

1984

See note on page 80.
Graphs of these series are shown on page 51.

DECEMBER 1984




OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

y y j RECEIPTS
Federal Governmen
Year
and
month

1

Q |

\ND EXPENDITURES

State and local governments1

DEFENSE INDICATORS

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,
bi«.. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann, rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

525. Defense
Department
military prime
contract
awards

543. Defense
Department
gross unpaid
obligations
outstanding

548. Value of
manufacturers'
new orders,
defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

1982
January . . . . . . . . .
February
March

-106*3

622'.9

729.3

32.5

430.1

397.6

19,361
20,608
18,869

9,756
13,761
9,870

98,818
102,677
105,418

6,987
6,639
6,917

April
May
June

-112*6

625*9

737.9

34*4

440 .'i

405*7

20,793
17,786
17,503

10,518
9,657
14,296

108,428
108,841
109,654

6,386
5,273
5,752

609*9

773*6

33*3

445.9

412.6

17,669
16,448
18,387

8,610
8,928
10,296

110,885
110,787
111,857

5,055
5,762
4,149

-210.6

608*3

818.9

31.5

451.6

420.2

16,476
18,599
24,396

5,423
10,209
17,298

111,866
113,647
119,788

5,978
5,769
10,410

-185.'?

619*8

805 .*6

34*1

458.' 3

424 .*2

21,340
19,502
20,444

16,908
13,042
7,351

122,628
123,803
125,570

9,419
5,105
6,751

•"?;?

649*3

816*7

43*9

473*5

429*6

19,332
19,554
21,518

10,132
10,111
10,814

126,165
126,532
129,720

7,309
4,805
7,692

-180*9

640 '.2

821 ! l

47.4

486.' i

438.7

19,409
20,489
20,388

11,017
10,727
10,921

131,172
130,829
133,056

6,750
5,103
5,154

-180.5

655.6

835*5

si'a

495! 6

443*8

17,201
24,242
24,204

2,820
16,140
9,463

131,130
139,062
141,820

6,566
9,004
7,600

January
Februaiy . . . . . . . .

-161*3

686*4

847*6

53*9

509*6

455!?

21,145
22,667
23,445

15,089
14,273
13,779

142,169
145,648
150,842

6,608
7,289
11,539

April
May .

..,,.....

-163.7

704.3

868.0

54.5

520.6

466.1

19,185
20,342
19,781

11,398
9,459
11,644

149,369
149,452
151,538

6,248
5,679
6,990

July
August
September . . . . . . .

r-180*6

r706*2

r886.8

r47.6

r524.6

H77.0

20,988
23,098
22,191

10,101
12,647
11,441

152,8^8
156,271
156,950

7,215
7,584
6,886

pl3,331
(NA)

(NA)

159,226
(NA)

r4,916
p9,801

... .
....

July .'
August
September , . . . . , ,
October
November
December
1983
January
February
March
April .
May .
June
July
August
September .
October . . .
November .
December .

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

1984

km

October . . . . . . . . .
November
December
See note on page 80.
Graphs of these series are shown on pages 52 and 53.
1
Based on national income and product accounts.

90




DECEMBER 1984

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES-Continued

Q |

DEFENSE INDICATORS-Continued
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Output of
defense and
space equipment

559. Manufacturers' inventories, defense
products

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays

(l|967-100)

(Mil.dol.)

(Mil.dol.)

(Mil.dol.)

588. Manufacturers' shipments, defense
products

570. Employment in defense products
industries

(Mil.dol.)

(Thous.)

Defense Department
personnel
577. Military,
active duty ©

578. Civilian,
direct hire
employment ©

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

565. Federal
purchases as
a percent of
GNP

(Ann. rate,
bil. dol.)

(Percent)

1982
January
February
March

105.2
106.5
107.0

13,677
13,841
14,024

81,014
83,275
85,687

14,152
14,689
15,075

4,110
4,378
4,505

1,386
1,380
1,377

2,104
2,109
2,107

1,008
1,013
1,018

168*4

5.6

April
May
June

107.2
107.7
107.6

14,172
14,251
14,421

87,763
88,318
89,149

15,670
15,379
15,334

4,311
4,717
4,921

1,375
1,370
1,368

2,106
2,104
2,108

1,022
1,028
1,045

175.3

5.,7

July
August
September

109.5
109.5
109.5

14,473
14,714
15,092

89,432
90,418
89,575

16,312
15,050
16,881

4,772
4,776
4,992

1,368
1,358
1,360

2,110
2,109
2,109

1,051
1,043
990

183.3

6.0

October
November
December

111.9
113.6
115.9

15,402
15,594
15,938

90,534
91,326
96,654

15,972
17,087
16,779

5,020
4,977
5,082

1,356
1,354
1,350

2,108
2,114
2,113

1,016
1,024
1,027

191.0

6*i

January
February
March .

116.4
116.1
117.0

16,545
16,458
16,774

100,886
100,716
102,234

17,058
16,772
16,804

5,187
5,275
5 233

1,344
1,346
1,342

2,120
2,122
2,127

1,024
1,028
1,030

194*7

6.'i

April
May
June

118.2
117.6
118.0

16,782
17,185
17,295

104,234
103,804
106,114

17,529
16,854
17,189

5,309
5,235
5,382

1,345
1,349
1,354

2,123
2,120
2,116

1,029
1,040
1,049

199.3

6!i

July
August
September

120.4
120.2
121.8

17,400
17,803
17,508

107,287
106,908
106,596

16,975
18,455
17,463

5,577
5,482
5,466

1,361
1,344
1,364

2,113
2,115
2,123

1,053
1,052
1,026

200*9

6.0

October
November
December

122.9
124.0
125.7

17,358
17,363
17,759

107,522
110,839
112,761

17,781
17,329
18,726

5,640
5,687
5,678

1,369
1,369
1,378

2,120
2,126
2,124

1,034
1,040
1,045

207*2

6.'6

January
February
March

128.3
129.5
130.1

17,812
18,217
18,537

113,650
115,087
120,894

18,448
17,801
17,794

5,718
5,852
5,731

1,382
1,391
1,400

2,130
2,135
2,140

1,042
1,043
1,046

213.4

6.0

April
May
June

133.2
133.1
133.5

18,925
19,492
19,989

121,158
121,088
122,100

18,525
18,609
18,953

5,985
5,749
5,977

1,408
1,420
1,433

2,138
2,141
2,143

1,049
1,061
1,071

220.8

6'i

July
August
September

135.9
! 136.8

rl38.5

20,776
21,263
22,206

123,319
124,774
125,223

18,405
19,181
19,469

5,993
6,129
6,136

1,443
1,452

1,079
1,074
1,043

r220.*3

6.0

rl,463

2,142
2,144
2,138

October
November
December

rl40.5
pl41.7

22,627
(NA)

rl23,790
pl27,316

rl8,687
p20,154

r6,350
p6,274

pi,474
(NA)

2,138
p2,141

pi,058
(NA)

1 QQ"i

1984

See note on page 80.
Graphs of these series are shown on pages 54 and 55.

DECEMBER 1984




91

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS

Q |
602. Exports, excluding
military aid shipments,
total

Vear
and
month

(Mil.dol.)

604. Exports of domestic agricultural
products

(Mil.dol.)

MERCHANDISE TRADE

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.)

mz
January
February
March . . . . . . . . . .

18,584
18,614
18,462

3,258
3,590
3,225

4,346
4,054
3,997

22,573
19,570
20,018

6,810
4,396
4,290

2,389
2,135
2,596

April
May .
June .

3,400
3,527
3,332

3,932
3,957

.

18,005
18,124
18,823

4,211

17,714
20,477
21,187

3,894
4,180
4,855

2,389
2,785
2,626

......

18,060
17,463
17,320

2,789
2,763
2,648

4,305
3,856
4,197

19,849
22,930
20,581

5,624
5,731
4,903

2,455
2,795
2,370

,

16,671
15,852
16,347

2,681
2,783
2,637

3,829
3,686
3,719

21,006
18,892
19,154

5,433
4,757
4,694

2,444
2,130
2,189

January
February . . . . . . . .
March

17,232
16,312
16,690

3,128
2,985
2,811

3,644
3,359
3,499

20,127
18,804
19,528

4,166
2,859
3,261

2,329
3,019
2,676

April
May . .
June

16,095
15,655
16,959

2,891
2,715
2,977

3,513
3,433
3,265

19,914
21,446
20,916

A ?rn

f

LUJ

> ART

July
August
September

16,486
16,582
17,257

3,072
2,973
3,322

3,655
3,290
3,718

21,828
22,714
22,451

5,220
4,828
5,538

2,988
2,762
2,547

October
November
December

17,033
17,063
17,298

2,979
3,109
3,175

3,689
3,686
3,683

24,333
23,115
22,976

5,232
5,036
3,713

3,154
3,425
3,724

January
February
March

18,326
17,212
17,727

3,457
3,198
3,336

4,009
3,848
3,764

26,586
26,147
26,771

4,456
4,258
5,287

3,776
3,323
3,728

April .
May
June .

17,522
17,950
17,633

3,030
3,245
2,715

3,811
3,976
3,746

28,368
25,569
25,356

6,348
4,783
4,671

4,011
3,682
3,630

July .
August
September

19,442
18,036
18,177

3,236
3,022
3,153

3,790
3,878
3,640

31,883
26,567
29,430

5,103
4,049
4,444

4,010
3,648
4,681

October
November . . , . . , .
December ,

18,387
(NA)

2,799
(NA)

4,007
(NA)

26,313
(NA)

4,034
(NA)

3,460
(NA)

July .
August
September
October
November
December
1983

.

....

3,252
5,284
4 ,

2,746
3,001

1984

See noto on page 80.
Graphs of these series are shown on page 56.

92




DECEMBER 1934

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

Q

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted l

Goods and services
Year
and
month

6^7. Balance

[Mil. doi.)

668. Exports

(Mil.dol.)

669. Imports

(Mil.dol.)

622. Balance

(Mil.dol.)

618. Exports

(Mil.dol.)

Income on investments
620. Imports

(Mil.dol.)

651. U.S. investments abroad

(Mil.dol.)

652. Foreign
investments in
the United
States

(Mil.dol.)

1982
January
February
March

2,270

90,082

87,812

-7,064

55,482

62,546

20,889

13,653

April
May
June

3,729

91,274

87,545

-5,803

55,118'

60,921

22,307

14,772

July
August
September

-3,231

87,158

90,389

-12,363

52,079

64,442

21,505

14,390

October
November
December

-3,908

80,936

84,844

-11,239

48,519

59,758

19,162

13,243

January
February
March

-1,370

81,111

82,481

-9,277

49,246

58,523

i7,ei8

12,380

April
May
June

-7,712

81,355

89,067

-14,870

48,745

63,615

18,973

12,995

July
August
September

-9,703

84,826

94,529

-17,501

50,437

67,938

20,802

13,630

October
November
December

-14,127

84,910

99,037

-19,407

51,829

71,236

19,609

14,490

-17,526

90,689

108,215

-25,855

53,935

79,790

23,300

15,552

April
May
June

r-22,547

r88,900

rill,447

r-25,845

r54,563

r80,408

r20 s 822

rl7,363

July
August
September

p-30,082

p91,672

pl21,754

rp-33,134

rp55>497

rp88,631

p22,501

pl8,823

1983

1984
January
February
March

October
November
December
See note on page 80.
Graphs of these series are shown on page 57.
balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).

DECEMBER 1984



93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

^ |
47. United States,
index of industrial production

Year
and
month

721. OECD1
European countries, index of
industrial
production

INDUSTRIAL PRODUCTION

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

723. Canada,
index of industrial production

(1967 100)

(1967-100)

118
118
118

161.9
169.9
165.6

155.5
153.8
152.2

157
157
157

119
120
119

164.7
162.7
154.9

149.4
150.2
147.0

148
150
148

154
154
154

119
120
120

159.6
146.4
154.0

142.4
148.6
144.6

225.7
230.7
228.4

146
146
145

155
157
154

120
118
120

149.8
155.4
151.9

140.5
141.1
140.3

150
150
150

229.5
228.0
232.7

146
148
150

157
155
155

122
122
120

152.0
152.2
149.4

147.7
147.6
148.3

....

142.6
144.4
146.4

150
151
153

233.0
235.2
235.9

150
150
156

155
160
157

122
123
120

142.1
144.4
144.4

150.0
151.7
155.0

July . .
August
........
September
.

149.7
151.8
153.8

153
153
153

236.4
242.3
245.0

150
150
153

159
159
157

124
124
125

153.8
148.9
148.3

156.9
159.1
162.0

Oetobei . . . . . . . .
November . . . . . . .
December . . .

155.0
155.3
156.2

153
156
154

244.5
247.7
250.9

154
156
157

155
162
160

125
125
127

150.2
rl53.3
r!49.6

162.7
164.1
165.3

158.5
160.0
160.8

158
158
156

251.4
260.2
256.4

157
159
154

162
160
162

125
125
124

r\S?,A
rl50.2
rl55.6

168.4
163.2
16b.3

162.1
162.8
164.4

153
156
151

257.7
263.9
265.2

154
156
140

157
162
159

123
122
rl23

149.4
154.9
156.2

165.9
167.1
r168.0

July . .
August
Septet* bur

165.9
rl66.G
rl65.0

158
158
pi 58

266.4
268.4
p265.2

161
157
pl57

165
165
pl59

120
rl?2
pl?3

rl54.3
rl56.6
pl58.3

r174.0
173.3
169.2

October
November
December

r!64.3
pl65.0

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

P169.1
{NA)

(19S7 100)

(1967 100)

(1967-100)

(1967-100)

January
February . . . . . , . ,
March .

140.7
142.9
141.7

153
154
154

232.7
231.4
233.4

153
154
156

157
155
155

April
...
May . . . . , . . .
June . . . . . . . . . .

140.2
139.2
138.7

153
153

151

230.5
228.2
231.4

154
153
151

July
August
September , . , .

138.8
138.4
137.3

150
148
150

230.5
230.7
231.8

October
November . . . ,
December . . . . .

135.7
134.9
135.2

148
150
148

January
February , .
March . . .

137.4
138.1
140.0

April
May
June . . . .

(196/

100)

(1967-100)

727. Italy, index
of industrial
production

1982

1983

1984
January
r-ebruary
March
April
May . . .
June . ,

., .
..... ,

., .

See no IK on t;a^ 80,.
Graphs of these series are shown on page 58.
Organization for Economic Cooperation and Development.

94




DECEMBER 1984

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q
Japan

United States
Year
and
month

320; Index ®

(1967 = 100)

320c. Change
over 6-month
spans'

(Ann. rate,
percent)

738. Index @

(1967 = 100)

CONSUMER PRICES
France

West Germany

738c. Change
over 6-month
spans •

(Ann. rate,
percent)

735. Index (g)

(1967 = 100)

735c. Change
over 6-month
spans'

736. Index <g)

(Ann. rate,
percent)

(1967 = 100)

United Kingdom

736c. Change
over 6-month
spans '

(Ann. rate,
percent)

732. Index (u)

(1967 = 100)

732c. Change
over 6-month
spans '

(Ann. rate,
percent)

1982
January
February
March

282.5
283.4
283.1

3.5
4.4
6.0

300.7
299.8
300.4

1.9
0.5
0.1

192.3
192.8
193.1

3.0
3.5
4.9

356.0
359.6
363.8

13.0 '
12.0
12.0

499.0
499.1
503.5

8.4
7.3
6.0

April
May
June

284.3
287.1
290.6

6.2
6.2
6.6

302.9
303.8
303.8

-0.5
2.9
4.0

194.0
195.2
197.1

4.9
5.4
6.3

368.2
371.1
373.7

9.9
8.2
7.2

513.6
517.3
518.9

6.0
6.0
4.7

July
August
September

292.2
292.8
293.3

6.6
4.7
1.8

301.5
303.8
309.1

4.4
4.1
3.7

197.6
197.3
197.9

6.8
5.9
4.0

374.7
375.9
377.5

5.8
6.9
7.3

518.9
519.0
518.7

5.3
5.3
4.2

October
November
December

294.1
293.6
292.4

1.4
0.7
0.8

310.0
306.6
306.0

4.0
0.7
0.9

198.5
198.9
199.4

2.7
2.3
2.3

379.5
383.2
386.4

9.5
10.3
10.8

521.3
523.9
522.9

4.0
5.6
4.6

293.1
293.2
293.4

1.4
2.3
3.3

306.6
305.5
307.5

-0.3
1.7
0.5

199.8
200.0
201.2

1.4
1.5
1.9

390.1
392.9
396.5

12.3
11.2
10.2

523.5
525.8
526.7

2.3
1.7
2.8

295.5
297.1
298.1

3.4
4.3
5.0

308.6
312.0
309.7

0.7
1.7
0.3

201.7
202.2
202.9

3.4
4.8
4.5

401.8
404.5
406.9

9.8
9.7
9.6

534.1
536.4
537.7

4.5
4.3
6.1

July . . .
AugUSt . . . :
September

299.3
300.3
301.8

4.4
4.2
4.3

308.3
307.4
311.4

3.2
1.9
3.1

203.6
204.3
204.9

5.0
4.4
4.4

410.4
412.8
416.0

8.6
8.3
8.4

540.6
543.0
545.4

7.7
7.4
7.7

October
November
December

302.6
303.1
303.5

4.8
4.8
4.5

314.2
312.2
311.4

3.0
4.2
4.5

204.9
205.2
205.7

3.4
2.6
1.8

419.2
420.9
422.4

8.3
8.2
7.5

547.3
549.2
550.7

6.0
5.0
4.6

January
February
March

305.2
306.6
307.3

4.6
4.3
4.1

312.3
314.2
315.1

1.7
2.3
1.1

206.6
207.1
207.3

1.2
1.6
1.5

425.4
428.0
431.0

6.8
7.0
7.1

550.4
552.6
554.4

3.3
2.9
2.9

April
May
June

308.8
309.7
310.7

3.4
3.6
3.9

315.9
318.2
315.6

2.3
-0.3
0.1

207.7
207.8
208.6

1.0
0.7
1.1

433.6
436.2
438.4

6.8
7.0
7.0

561.8
563.9
565.3

3.2
5.1
5.0

July
August
September . . . . . .

311.7
313.0
314.5

3.7
3.7

316.2
313.4
318.5

1.8
(NA)

208.2
207.8
208.0

2.6
(NA)

441.5
443.7
445.9

7.7
(NA)

564.7
570.0
571.1

6.5
6.8

1983
January
February
March
, April
May
June

1984

October . .
November
• December

315.3
315.3

321.0
(NA)

209.2
(NA)

449.0
(NA)

574.6
576.4

See note on page 80.
Graphs of these series are shown on page 59.

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

DECEMBER 1984




95

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

STOCK PRICES

CONSUMER PRICES-Continued

Year
and
month

Italy

Canada

737. Index © 737c. Change
over 6-month
spans l

733. Index © 733c. Change
over 6-month
spans'

19. United
States, index
of stock
prices, 500
common
stocks ©

748. Japan,
index of
stock
prices ©

745. West
Germany,
index of
stock
prices ©

746. France,
index of
stock
prices ©

742. United
Kingdom,
index of
stock
prices ©

747. Italy,
index of
stock
prices ©

743. Canada,
index of
stock
prices ©

(1967 = 100)

(1967 100)

(1967-100)

(1967-100)

(1967-100)

(1967 100)

(1967 100)

(1967-100)

(Ann. rate,
percent)

(1967-100)

(Ann. rate,
percent)

January
February
March

517.7
524.4
529.1

13.8
13.6
13.1

288.7
292.1
295.8

10.5
11.4
11.4

127.6
124.6
120.6

518.9
516.9
486.2

116.8
118.4
120.1

185.7
193.1
145.9

291.1
300.1
298.8

95.0
98.8
104.2

185,
176.
173.1

April
May
June

533,9
539.8
545.2

15.9
19.0
18.7

297.5
301.5
304.5

11.
10.
9.

126.5
126.6
119.7

484.5
503.4
489.6

120.6
117.6
114.2

184.8
183.3
166.3

303.2
315.4
314.6

96
91
83.1

171.
168,
153.8

July
August
September . . .

553.
563.
571.

20.6
19.8
19.1

306.1
307.6
309.2

9.4
8.2
7.2

119.0
119,
133.

480,
474,
481.

113.
112.
115.6

161.
169
168

313.2
320.1
343.5

78.4
86.1
85.8

156.8
177.4
177.3

October . .
November
December

582.
590.
594.4

16.7
13.7
14.4

311.2
313.3
313.4

5.7
4.7
5.0

144.
150.
151.6

490.
512.
528.2

118.2
118.8
124.3

170.7
174.5
169.9

360.7
372.0
365.0

86,4
88.8
91.2

192.6
189.7
199.5

January
February . . . .
March

602.7
610.5
616.0

12.9
13.2
13.1

312.5
313.9
317.1

3.8
2.8
3.8

156.9
159.7
165.2

533.3
530.8
544.2

126.0
131.9
143.9

159.1
165.0
179.1

371.9
381.6
388.3

95.5
109.1
118.7

210.0
216.6
219.5

April
May
June

622,
628.
632.

14.0
13.6
13.6

317.1
317.9
321.5

5.5
6.3
4.9

171.6
178.5
181.0

559.7
573.4
583.3

157.0
158,
159,

188.7
200.4
196.8

410.4
403.7
426.1

115.8
111.6
110.3

240.0
251.8
260.2

July
August
September . . .

538.
641.
649.

13.6
12.5
12.0

322.9
324.15
324.5

5.8
5.7
5.3

181.6
176.7
181.8

598.7
606.4
619.7

169.0
166.
164.

206.1
220.2
224.9

418.9
431.8
422.6

112.9
120.5
118.4

264,
267.
273.0

October
November . . .
December . . .

660.4
667.0
670.3

11.1
11.0
11.1

326.13
326.5
327.5

5.4
4.9
4.4

182.4
179.7
178.8

621.0
621.5
638.6

173.
176.
179.2

225.3
239.5
247.6

411.2
424.1
432.6

111.6
112.7
112.8

251.1
273.6
268.6

January
February
March

678.3
685.8
690.6

10,
10.
11.

329.;?
331.1
331.9

4.3
4.2
3.0

181.0
171.
171.

687.
699,
736.

185.3
182.3
178.4

275.9
263.4
261.1

457.2
457.2
485.3

125.3
128.7
128.5

259
259
260.0

April
May
June

695.4
699.6
703.8

10.0
9.8
8.3

332.7
333.3
334.7

2.9
2.5
3.2

171.4
170,
166.

776.0
744.6
711.2

177.9
178.0
175.8

285.4
277.1
272.3

495.0
489.6
468.7

124.9
122.5
119.6

252.0
p245.6
p242.6

July
August
September . , .

705.9
708.0
713.0

7.0
6.2

336.6
336,6
336.9

2.3
3.9

164.3
178.9
180.7

701.3
728.8
738.6

167.2
172.0
178.3

256.7
274.3
287.0

447.5
478.6
497.0

121.4
128.7
127.6

P234.0
p252.5
p256.6

October
November . . .
December . . .

720.1
724.4

179.3
180.9
p!78.5

P759.6
rp787.4
p800.4

185.2
185.1
pl85.8

p295.0
rp294.7
p290.0

503.7
525.9
p550.4

127.4
rpl28.8
pl31.9

p257.1
rp259.2
p255.1

1982

1983

1984

337.5
339.7

See note on page 80.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th month.

96




DECEMBER 1984

C. Historical Data for Selected Series
Year

Jan.

Feb.

Mar.
48.

1950...
1951 . . .
195 2 . . .
195 3 . . .
1954.. .
195 5 . . .
1956,..
195 7 . . .
195 8 . . .
195 9 . . .
1960...

89.16
98.69
100.52
103.81
100.48
101.24
106.88
107 .71
104.90
106.43
110.00

88.72
98.99
101.00
104.34
100.86
101.87
107.09
108.51
103.14
106.64
110.14

Apr.

90.40
99.38
100.48
104.67
100.59
103.11
106.67
108.22
102.80
107.65
109.78

90.99
99.95
100.02
104.59
100.13
103.21
107.38
107.63
101.83
108.57
110.32

196 2 . . .
1963 . . .
1964...
1965...
1966...
1967...
1968...
1969...
1970. . .
1971...
1972...
1973...

109.41
113 . 2 3
114.60
120.96
126.60
131.41
132.44
137.62
139.91
137.97
141.16
146.64

111.36
113.40
116.59
121.64
127.74
130.70
133.68
13 7 . 8 2
139.97
137.34
141 . 8 6
147.91

112.02
113.50
116.75
122,06
128.42
130.61
133.61
138.52
140.26
13 7 . 84
142.06
148.61

112.58
114.34
117.43
122.11
128.38
130.55
133.76
138.72
139.83
137.95
142.87
148.82

1975...
1976...
1977...
1978.. .
197 9
1980...
1981...
1982...
1983...
1984...

147.82
151 . 1 2
152.23
159.18
16 8 21
172.04
171.61
164.24
165.75

146.29
150.76
154.82
160.72
168.59
171.61
170.45
16 8. 94
164.04

U5.31
150.56
154.79
162.33
169.82
170.86
171,30
168.32
165.06

145.37
149.70
155.49
164.12

48C.

May

June

July

Aug.

170.03
170.10
167.52
166.67

92.32
99.75
100.46
104.06
99.67
104.41
107.12
107.65
102.04
108.94
110.03
108.27
112.80
114.66
117.47
122.87
128.58
130 . 9 2
134.48
139.38
139.07
138.33
142.93
149.19
151 . 7 3
145.76
151.37
156.56
164.32
169.65
169.11
170.87
167,63
167.07

96.34
99.42
00.72
03.35
99.26
04.98
07.39
07.64

IV Q

Oct.

Nov.

Dec.

I Q

II Q

96.33
99.19
102.35
102.57
99.36
105.62
107.53
107.19

96,89
99.16
10 2 . 8 0
103.29
99.79
105.89
108.08
106.06

97 . 4 4
99.60
103 . 1 2
102.29
100.93
106.46
108.23
105.72

97.19
99.93
103.94
101.66
101 .20
106.80
108.56
105.54

89.43
99.02
100 .67
104.27
100.64
102 .07
106.88
108.15

92.21
99.61
100 .06
104.28
99.83
104.07
107.30
107.61

95.67
99.44
100 .75
103.32
99.36
105.13
107.01
107.48

97.17
99.56
103.29
102 . 4 1
100.64
106.38
108.29
105.77

93 .6 2
99.46
101.19
103.57
100,12
104.41
107.37
107.25

108.98
110.08

108.37
109.65

108.62
108.43

108.22
109.53

Sept.

EMPLOYEE-HOURS IN HOHAGRICULTURAL ESTABLISHMENTS
(ANNUAL RATE, BILLIONS OF EMPLOYEE-HOURS)

III Q

Annual

AVERAGE FOR PERIOD

93.32
99.74
99.70
104.19
99.69
104.58
107.39
107.56
102.14
109.42
109.89
108 91
112,90
114.91
117.72

94.33
99.71
99.19
104.05
99.45
104.80
106.10
107.61
109.08
109.69
10 9 2 9
112 . 9 4
115.11
118.06

107.84
108.18
109.24
109.81
L 0 9 70 10 9 24
113.57
L13.22
115.56
L15.18
118.31
118.31

107 .71

108.20

109.95

106 .91

110 06
113.09
115.93
118.72

110 87
113.38
115.87
119.67

110 6 8
113.21
115.84
120 .60

111.10
113.38
116.05

114.64
117.54

115 . 2 8
118.23

115.88
119.66

114.79
117.87

129.53
131.23
134.97
139.58
138.75
138.56
143.53
149.52
151 . 5 8
145.31
151 .16
157 .17
165.35
170.56
168.52
170.99
166.55
167.47

129.49
131 .43
135.52
13 9 . 8 3
139.04
138.09
143.25
149.87
151.43
145.59
151.69
157.75
165.78
17 0 7 0
167.52
171 .23
165.91
168.29

L2 9 . 8 6
L31 .77
3 5.86
L40.33
138.54
138.63
143.92
150.01
151 . 3 3

12 9 . 8 0
132.34
136.14
140.46
134.34
138.41
144.89
150.29

130.44
132.07
136.46
140,56
137.31
138.02
144.96

130 .76
133.02
136.42
140.20
136.78
139.80
146.00

130.98
133.11
136.90
140.7 3
137 .77
140 .26
146.10

127.59
130.91
133.24
137.99
140.05
137.72
141.69
147.72
151 30

128.83
130.90
134.40
139.23
139.22
138.28
143.11
149.18
150 80

129.72
131 .85
135.84
140.21
137.31
138.38
144.02
150.06
151 41

130.73
132.73
136.59
140 .50
137.29
139.36
145.69
150.94
149 92

151.62
158.07
166.00
17 0 6 5
168.33
171 . 2 4
165.52
168.25

152.10
15 8 . 8 0
166.23
17 0 94
168.99
167.25
165.14
170.68

152.12
159.42
166.57
17 0 5 9
169.49
169.82
164.36
171.12

152.66
159.70
168.08
17 0 61
169.42
169.02
163.50
170 . 6 9

153.22
159.60
168.12

150,81
153 .95
160.74

150.74
156.41
164.60

151.80
15 8 . 2 1
166.00

152 .67
159.57
167.59

129.22
131.60
135 . 0 2
139.48
138.46
138.43
143.63
149.47
150 86
146.79
151.51
157 . 0 3
164.73

170.46
169.18
164.61
172.73

171 .50
171.12
167.17
164.95

16 9 . 2 2
170.65
167.23
167 .07

168.28
169.91
165.52
16 9 . 0 7

169.79
169.34
164.16
171 .51

169.70
170.26
166.02
168.15

CHANGE IN EMPLOYEE-HOURS IN NOHAGRICULTURAL ESTABLISHMENTS OVER 1-MONTH SPANS

1950...
1951.. .
195 2 . . .
1953...
1954...

3 .7
20.2
7 .3
-1.5
-13.1

-5 . 8
3.7
5.9
6.3
4.6

25.2
4.8
-6.0
3.9
-3.2

8.1
7.1
-5.4
-0.9
-5.4

19.0
-2.4
5.4
-5.9
-5.4

13.8
-0.1
-8.7
1.5
0.2

13.8
-0.4
-6.0
-1.6
-2.9

28.8
-3.4
20.2
-7.8
-2.3

-0.1
-2.7
21 .2
-8.7
1.2

7 .2
-0.4
5.4
8.8
5.3

7 .0
5.5
3.8
-11.0
14.6

-3.0
4 .0
10.0
-7.1
3.3

7 .7
9.6
2.4
2.9
-3.9

13.6
1.5
-2.9
-1.8
-3.5

14.2
-2.2
11.8
-6.0
-1.3

3 .7
3 .0
6.4
- 3 ,1
7.7

9.8
3.0
4.4
-2.0
-0.3

195 6 . . .
195 7 . . .
195 8 . . .
195 9 . . .
1960 . . .
1961 . . .
1962 ...
1963...

0.9
-9.0
-7.0
12 .1
0.5
11 JO

2.4
9.3
-18.4
2.4
1.5
1 .0

-4.6
-3.2
-3.9
12.0
-3.9
0 .1

8.3
-6.3
-10.8
10.8
6.1
-1 .9

-2.9
0.2
2.5
4.2
-3.1
7 .1

3.1
- 1 .0
1.2
5.4
-1.5

-13.5
0.6
3.7
-3.7
0.0

15.6
0.3
6.8
-9.5
-0.9

1.6
-4.9
12.6
-3.7
-6.1

6.3
- U .9

1.7
-3.8

3.7
-2.0

-0.4
-1.0

2.8
-2.4

1.2
-1.3

3.9
-5.9

1.9
-2.6

-1 .4
-2.7

5.6
6.0

21 .2

8.8
-0.6

6.8
0.5

-5.6
-2.3

0,2

9.3

3.4

1.1
2.6

0.4
2.1

3.0
0.7

3.8
4.0

-3.0
3.9

3.1
-0.6

- .8
-0.3

5.4
1.0

3.2
5.1

2.4
2.3

3.6

1.1
1.7
4.2

4.6
-2.5
3 8
2.5
2.4

1965.. .

1.8
20.4
7.0

8,5
-7.6
5 5
-1.2
1*0

0.5

7.7

-1.1

3.7

4.9

2.6

7.2

7.6

7.9

4,9

2.4

3.7

7.6

4.6

1967...
196 8 . . .

4.0
-5.9

-6.3
11.8

2.9
4.5
1.7
-2.7

5.3
2.5

-2.4
2,9

9.0
-0.4

0.8
4.3

-1 .0
1.8

2.0
4.2

3.4
3.5

2.5
2.3

1.7
2.9

0.5
-5,3
6.1
10.9
3.5
- 1 1 .7
-2.8

3.5
6.7
5.9
-6.3

3.1
3.1

-6.8
1.8
8.0
4.5
-2.5
-1.9
16.4

-0.5
1.4
1.7
-3.6
1 .0
7.1
1.7
-15.7
0.5
-6.6

1.8
5.0

1970...
1971...
1972...
1973...
1974...
1975,..
1976...

-0.8
-0.6
6.3
2.5
4.5
1.7
5.8
-2.6
-7.7
-1.6

2.5

-4.2

-30.9

30.0

-4.5

9.0

-1.3

-4.2

-10.9

11.5

3.0
23.4
3.3
14.2

2.7
- 1 .2
-3.6
-1.7

2.8
-1.2
2.3
4.3

1.1
-0.8
13.5
-0.6

2.3
1.1
3.4
3.9

0.6
-3.8
3.5
2.1
0.2

9.0
15 .0
-15.6
4 .7
4.3

0.8
-1.0
-12.9
7 .1
4.5

5.3
7 .1
-0.5
- 7 .1
4.0

4.3
2.5
2.2
0.1
2.0

4.0
2.1
-0.3
6.4
2,5

3.5
3.4
-8.3
4.6
3.0

-1.2
2.0
4.2
3.8
- 1 .7
1.0
2.9

197 8 . . .
197 9
1980.. .
1981...
1982...

- 3 .1
0 6
7.2
8.4
-29.9

12.2
2 7
-3.0
-7.8
40.3

12.7
9 1
-5.1
6.2
-4.3

14.1
-22 4
-5.7
-8.1
-5.6

1.5
27 4
-6.3
5.6
0.8

7.8
6 6
-4.1
0.8
-7.5

3.2
1 0
-6.9
1.7
-4.5

1.6

1.7

2.5

11 .4

0.3

6.0
0.1
-2.8

4.8

3.6
20.1
-5.5

-0.5
-5.5
- 6 .1

7.6
1 .1
8.5
15 3

7.3
4 1
-0.3
2.3
2.0

7.8
3 9
-5.4
-0.6
-4.1

2.2
0 9
1.3
-7.6
-3.3

4,7
0 3
3.6
5.2
-1.0
5.1

5.5
2 3
-0.2
- 0 .2
-1,6
5 .2

9.3

7.2

-4.2

18.5

-3.9

4.7

0.5

3.0

-3.2

-7.5

4.1

6.4

15.4
1.2
-2.8
-1.6
-3.6
7.5

1984 . . .

-24.6
-2.7
9.7

48 C. CHANGE IN EMPLOYEE-HOURS IN NOHAGRICULTURAL ESTABLISHMENTS OVER 3-MONTH SPANS
(COMPOUND ANNUAL RATE , PERCENT)

AVERAGE FOR PERIOD

8.5

17.2

13.6

15.5

18.6

13.5

11 .3

4.6

3 .6

.6

2.2
2.8
-4.1
7 .8
-0.5
-1.2
-10.0
8.7
-0.6
3.9
4.9
1.0

-2.0
3.0
-1.4
6.0
1.9
-0.3
-11.2
8.3
1.2
-0.3
10.1
4.0

-2.1
-1.1
-4.6

-3.1
-1.8
-3.5

-3.3
-2.0
-2.7

1.0
-2.7
-1 .6

11 .1
-6.1
-1.3

15.4
-2.9
1.4

9.9
-4.0
6.9

6.4
-3,5
7.6

t.O
- 1 ( .4
.9
.8

5.5
7.0
2 .0
3.5
-3.7
6 .5

0.1
-3.1
-4.2
8.9
-0.4
1.7
5.3
4.5

2.7
-2.4
-2.5
6.7
0.4
4.1
3,2
5.1

-4.7
-0.1
2.5
1.9
-1.6
6.2
1.3
2.7

1.0
0.0
3.9
-2.8
-0.8
5.4
1.5
1.8

0.5
-1.4
7.6
-5.7
-2.3
1.2
2.4
2.3

-5.6
6.5
-4.9
-3.2
2.8
0.5
2.9
2.3

-6.9
8.1
0.1
-1.1
4 .3
0 .6
2,4
4.7

- 6 .0
5 .5
8.1
-8.7
5.4
-1.3
1.0
8.0

•. 3
? .4
8.8
- 4 .6
-0.5
0.5
-3.8
7.8

-0.2
-10.2
7 .8
2 .7
-0.8
5.6
1 .7
5.1

7.8
-0.2
2.0

7 .4
-1.1

5.7
-2.6

2.7
0.7

3.5
1.9

3.5
2.7

4.0
2.6

0.6
3.4

3.0
2.0
2.8

2.8
3,8

3 .7
2 .3

3.0
1.1

-0.7
1 .6

-1.3
0.2
5.2
7.1
-0.6
- 7 .2
3.6
4.2
7 .0
4.1
-0.4
2.0
-2.0
1 .1
3.9

-0.2
-0.1
4.9

-2.5
2 .9
3.1

-4.2
2.1
4.2

-2.2
0.4
1.1

-1.5
0.9

- 1 2 .1

-4.9

-5.0

-5 .3
-6.5
-3.7
8.8
13.0
-4.6
-4.6
-3.5
8.2
2 .2
6.8

0.5
-1.4
1 .6
4.6
9.3
2.5
-5.7
1.0
-3.1
7.6
3.0

1.0
0.0
1 .6
6.3
7.7
1.8
-5 .4
-0.7
-4.1
6.0
6.1

6.4
0.6
5.4
5.9
4.1
11.1
-5.8
2.7
-3.8
3.9
0.4

-1.1
3.8
0.7
3.9
4.2
2,4
-1.8
0.9
-4.9
2.9
2.7

-0 .3
6.3
2.5
4 ,2
2 .1
0.9
1.1
-8.5
-3.3
7.9
4.3

1.3
6.2
1 .1
4.3
1 .9
-0.3
4.8
-3.3
-3,7
6.9
3.0

-4.0
3.4
2.8
4.2
5.1
-0.1
2.6
-5.1
-4.8
5.9
-0.6

-8.7
4.6
3.0
2.0
4.6
0.2
3 .5
4 .7
-1.3
4.9

-10 .3
9.3
0.3
- 0 .6
4.0
3.4
5.1
-12.5
3 .4
6.9

1950. . .

1.1

195 2 . . .
1953 . . .
1954...
1955 . . .
1956 ...
195 7 . . .
195 8 . . .
195 9 . . .
1960. ..
1961 .. .
1962.. .
1963 .. .
1964.. .
1965...
1966.. .
1967...
196 8 . . .
196 9 . . .
1970...
1971 . . .
1972...
1973...
1974...
1975...
1976...
1977...
1978.. .
1979.. .
1980...
1981...
1982...
1983...
1984...

5.7
4.6
-5.5
3.8
2.4
1.0
-9.4
6.3
7 ,4
-6.1
1 .8
0.1
2.5

5:5
-0
9 . 10
6.6
5.8
2.6
1.2
2.4
2.5
-0.2
1.3
10.5

7.0

NOTE: These series contain revisions beginning with 1976. Percent changes are centered within the spans: 1-month
changes are placed on the 2d month and 3-month changes are placed on the 3d month. Quarterly and annual figures are
averages of the centered changes.




4.4

- 1 .S
- 1 .4.
5 .t
- 0 .5
4.C
3.3
4.1
2.9

14.5
-1.9
9.2
-3.9
-0.5
3.5
3 .1
-2.3
6 .0
- 4 .5
- 2 .1
3.1
1.5
2.3
2.4

5.3
3.1
6.8
-6.0
6.8
4 .7
1.9
-5.7
7 .7
5.7
-4.8
3.1
-0.1
-0.1
6.8

10 .2
2.4
3.8
-2.0
-0,2
5.6
1.4
-2.5
0.5
3 .7
-1.2
2 .3
2 .6
2.0
4 .3

7 ,0
-1.3

3.2
1.8
4.0

2.6
2.7
3.5

3.2
2.4
2 .5
-0.5

-2.0
-7.6
2.2
6.3
7.5
0.2
-0.9
0.3
2.0
1.5
7.1

2,6
-0.3
2.9
5.6
7,0
5.1
-5.6
1.0
-3.7
5.8
3.2

0.0
5.4
1.4
4.1
2.7
1.0
1.4
-3.6
-4.0
5.9
3.3

-7 .7
5.8
2,0
1.9
4.6
1.2
3.7
-4.3
-0.9
5 .9

4 .0
1.4
3.1
2 .4
-1.8
2.1
4 .2
3.5
-1.8
0.8
2.1
4.5
5.5
1.9
-0.3
-1.6
-1.6
4.8

(DECEMBER 1984)

97

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

8.74
7.93
8.58
7,46
6.61
9.45
10.17
9.02
9.02
10.46
10.26
10.5 9
10.95
12.23

8.43
8.09
7.69
7.20
7.08
10 .10
10.71
8.52
8.95
10.29
10.03
10.66
11.81
13.34

30. 82
26.05
36.64
41.33
37.83
34.33
41 .11
40.6 2
41.28
45.11
49.49

15.06
16.78
18.48

56.74
63.19
75.32

26.02
26.60
24.05
27.28
32.84
42.86
43.17
37.32
49.70
58.24

98.19
109.24
98.19
106.99
121.98
154.99
176.77
157.84
186.6 9
219.24
276,2,9
3 21.7 4
316.44
335.57
297.48
321 .17

10 . CONTRACTS AND ORDE RS FOR PLANT AND EQUIPMENT IN CURRENT DOLLARS
(BILLIONS OF DOLLARS)
95 0 . . .
951 . . .
95 2 . . .
954!!!
95 5 . . .
956...
95 7 . . .
195 8 . , .
195 9 . . .
1960...
1961...
1962...
1963 . . .
1965!!!
1966...
1967
1968!.!
1969,..
1970...
1971 . . .
197 2 , . .
1973,. ,
1974,,,
1975...
1976...
1977 . . .
1978...
1979...
1980...
1981...
1982.. .
1983.. .
1984.. .

3.01
2.36
3.34

2.71
2.63
2.50

2,72
2.63
2.36

3.00
2.83
2.83

4.94
10.13
7.65

2 ! 15
2.97
J .43
(.06
2.75
3.61
J .41
3.49
3.65
3.96

2.31
3,33
3.33
2.83
3.14
3.63
3.44
3.43
3.64
4.20

2.43
3.20
3.34
2.89
3.04
3.50
3.34
3.51
.73
+ .28

2.25
3.45
3.79
2.89
3.00
3.30
3.20
3.72
4,00
4.50

2.40
3.45
3.58
2.74
2.91
3.49
3.49
3.43
4.08
4.56

6.35
8.37
9.89
10.72
8.10
10,01
9.89
10.13
11 .21
11 .59

5.99
10.55
7.64
7.80
6.01
8,72
10.56
9.57
8.26
10.35
10.44
9.90
11.14
12.33

.10
<>.21

5.27
6.64

5,08
6.22

5.49
6.79

.51
.20

5.45
6.14

5.82
6.14

15,04
18.23

15.53
18,96

15.84
19.65

.24
3.85
N80
P.73
^.39
1 1.73
1 + .17
1 +. 15
15.97
18.88
21.25
26.37
25.26
28.70
23.10
27.24

8.30

26.35
26.53
28.42
23.81
25.59

8.39
8.75
7.72
8.88
9.69
13.11
15.12
14.63
15.32
18.91
24.09
25.35
26.24
28.04
22.70
27.60

7 .77
9.93
7.94
9.39
11.07
13 .02
15.61
12.53
16.55
20.34
24.93
26 .38
26.60
28.06
24.34
29.09

K29
3.84
.04
3.49
1 ).65
1/ + .41
1/ + .94
12.52
16.98
18.33
28.20
26.19
26.35
26.90
23.23
29.50

7.98
8.81
8.11
9.25
10.98
14.55
13.52
12.76
16.23
18.95
25.42
28.17
27.46
27.84
23.70
28.92

8.75
8.95
8.90
9.54
11 .21
13.90
14.71
12.04
16.49
20.96
22.74
27.59
28.28
25.78
24,47
27.99

25.18
27.00
26.43
26.17
27.92
35.22
42.79
3 7.86
43.52
49.39
63.20
82.91
80.3 5
83,07
82.44
71 .16

22.53
28.13
23.90
27.27
29.99
37.74
43.44
42.26
44.44
55.56
64.89
78.80
74.63
87.46
72.79
81.32

24.46
27.51
23.81
26.27
31.23
39.17
47.37
40.40
49.03
56.05
71.84
78.08
79.37
84.52
70.85
82.28

1 ,60
3.51
,55

1.74
3.19
2.59

1 .74
3.21
2.56

2.16
4.36
2.39

.09
,98
1.69

2.53
2.84
2,76

2.20
2.50
3.3S
3.6fi
2.11
3.0 3
3.27
3.48
3.62
3.89
4.70
4 ! (19
5.81
5.39
7.7 4
8.98
9.20
8.21
8.7 5
11 .26
13,38
13.38
14.47
16.65
20.05
25 .35
28.07
28,43
26.7 5
23,26

.24
.72
.26
.55
,67
3.19
3.35
3.40
3.94
3.91 A
& **
+ .93
.28
.69
.81
).33
3.86
3.94
8.23
1 .95
1 + .27
1 1.45
1 + .15
1( ) . 7 6
2 1.64
2 .70
2( > .36
2 3.68
2 S.54
24.07

K91
3.15
3.28
3.52
2.66
3.73
3.27
3.25
3.65
3.88
4,43
5^2
6.14
5.81
9.63
8.69
8.37
9.02
9.94
12.01
14.6 4
12.03
14.90
15.98
0 .51
9.86
5.92
: 7.96
6.15
23.83

l!96
2.93
3,40
3.15
2.69
3.35
3,52
3,27
3.85
3,98

2*00
2 ! 80
3.56
3.29
2.72
3.46
3.51
3.22
3.68
4,36

.05
1.99
.60
$.13
1.85
.54
.41
1.41
.61
J.99

5.25
6.41

5.18
6.34
5 88
7.32
9.35
8.10
8.65
10.79
12.85
15.34
14.34
13.66
19,19
23.02
24.86
23.22
28.46
23.81
28.31

12.

8.83
8.15
8.00
1 5.47
1 3.04
1 5.64
1 3 .24
1 7.16
1 &.80
2 2.82

89.9
89.7
92.2
94.2
88.0
98.5
98.5

90.8
90.1
93.1
93.7
87.8
98.6
97.5

93.1
88.8
91 .3
93.1
89.1
98.2
98.2

91.3
88.6
93.0
92.3
89.7
98.7
98.1

92.9
88.7
93,6
91.6
90.1
99.4
96.9

92.1
88.9
92,3
91.5
90.8
98.9
96.3

91.1
88.9
94,6
91.8
91 .2
98.5
95.4

89.3
89.6
95 .0
89.4
92.3
98.6
95.2

89.6
90.1
94.5
89.9
94.2
97.8
96.4

90.1
91.2
94.0
88.6
95,4
98.2
94.6

89.4
90.4
94.2
89.5
95.1
98.2
94.2

89.3
89.7
92.2
94.3
88.1
98.3
97.9

92.4
88.7
92.6
92.3
8 9 . <>
98. 5
97. 1

90.8
89.1
94.0
90.9
91.4
98.7
95.6

88 ! 9
98.3
99 ,6
88.9
93,2
94.0
96.8
100*4
102»0
97..0
104,1
112.9
112.1
104.5
113,5
116,7
109,5
99,7
114.2
120.3
125.2
128.3
128.1
121.6
113.2
111 .4

88^
98.6
98.3
90.8
94 .0
94.8
97,8
100.8
102.8
96.7
104 .8
113 .7
111.5
103.7
113.2
117.1
110.0
99 .4
114.1
120.7
127.3
128.1
127.9
120.7
115.6
113,3

88.3
100.1
97.3
91.4
94.5
95 .2
97.4
100.0
102.9
97.4
105.2
12.8
09.0
06.0
14.2
17.7
09.9
00 .2
14.3
22 .1
28.5
29.1
24.6
20.8
13.5
112.7

88'.2
99.8
97.4
92,4
94.0
94.1
98.2
99.2
100.6
96.9
103,2
113.7
108.2
106.3

90.9
100.0
96.1
92,3
93.7
94.5
99,7
99.4
99.9
98.2
102.1
113.6
106.1
107.7

91.8
98.4
96.1
92.8
93.1
95.2
97.8
100.5
99.8
100.0
103.7
113.3
104.9
109.9

92.3
98.4
96.0
93.2
93.3
95.2
97.8
100.5
99.3
100.4
106.2
113.2
104.0
110.4

94.1
98.5
94.6
91.7
93.6
96.0
98.2
100.1
98.2
102.3
107.7
112.6
103.4
109.9
116.1

95,3
97.8
94.1
91 .8
94.4
95.8
100.2
99.9
97.4
101 .7
109.0
111.5
103.9
109.0
117.7

95! 2
97.4
93.9
92.8
94.1
96.1
100.8
99.5
98.2
101 .6
112.8
113.5
104.3
110.6
118.9

116.0
112.7
101 .3
114.5
120.2
128.5
127 .9
121.9
121.9
115.2
112.0

115.9
112.6
103.3
113.3
120.8
127.7
129.1
121.1
119.1
114.7
114.8

115.5
113.4
108.7
116.1
123.5
129.3
126.7
118.9
117.3
112.1
116.4

114.5
112.3
115.7
122.8
129.3
128.4
119.1
118.2
112.4
115.2

112.7
111.4
113.9
125.3
127.3
127.9
120.6
118.7
112.6
114.4

108.5
111 .2
115.5
124.0
127.6
130.0
121.1
117.6
110.4
115.8

103.0
110.5
117,2
126.4
130.3
127.0
121.6
114.8
111.5
118.0

96 !l
98.7
91.7
93.8
93.3
95 .4
98.9
100.6
95.4
103.8
110.5
111 .5
105.3
111 .4
118.5
114.1
101.7
H I .1
119.7
126.2
129.9
127.9
121.1
117,4
112.9
117.8

96 ! 6
98.8
90.9
93.8
93.1
96.0
100.2
100.9
96.1
103,8
112.7
112.8
104.4
112.3
118.1
110.7
101 .8
114.3
119.0
126 .3
127.5
129.7
122.7
115.2
114.4
116.3

88^
99.0
98.4
90.4
93.9
94.7
97.3
100.4
102,6
97.0
104.7
113.1
110.9
104.7
113.6
117 .2
109.8
99.8
114.2
121.0
127.0
128.5
126.9
121 .0
114.1
112.5

90.
J
99. *
96. >
92. >
93. 1
94. i
98. s
99. 1
100.
98. +
103, 3
113. >
106 J*
108. )
114, i
115. 3
112. »
104. +
114. i
121 .
128.
127. 3
120.
119, +
114.0
114,4

92 .5
93.9
98.2
94.9
92.2
93.8
95.7
98.7
100.2
98.3
101.5
107.6
112.4
103.8
109.8
116.5
114.2
111.9
111.6
115.0
124.0
128.1
128.8
120.3
118.2
111.8
115.1

7,092

7,059
7,119
8,265
8,556

7,007
7,181
8,096
8,6 96

24,183

11,761
11,186
10,788
14,599
15,6 95
14,264
16,149
14,951
15,759
16,804
17,606
16,206
17,958
20,890
23,125
22,217
25,510
26,234
26,718
25,555
28,634
33,183
38,308
41,423
44,540
46,750
49,413
48,474
51,642

11^560
11,139
10,791
15,577
15,959
14,097
15,881
14,985
15,867
17,021
17,625
16,583
18,238
20,619
22,404
22,272
25,634
27,699
24,681
25 ,003
29,282
33,124
38,900
42,179
43,563
47,840
47,556
57,507
51,557

35*424
35,660
33,976
33,133
49,149
47,068
42,835
47,027
45,877
48,236
50,769
52,804
48,934
54,640
65,552
66,510
66,480
76,5 85
85,512
80,025
74,816
90,3 85
103,173
113 ,6 95
127,356
131,764
142,599
137,463
146,327

7,830

8,07 8

8,132

1952!!!
195 3 . . .

7,080
8,304

7 ,214
8,351

6,937
7,348
8,634

7,082
7,499
8,534

8,403
6,848
7,441
8,785

195 5 . . .
1956...
1957...
195 8 . . .
1 95 9 . . .
1960...
1961 . . .
1962...
1963.. .
1964.. .
196S...
1966...
1967 . . .
196 8. . .
196 9 . . .
1970...
1971...
1972,,.
1973...
1974.. .
1975.. .
1976.. .
1977...
1978.. .
1979...
1980. ..
1981...
1982.. .
1983,, ,
1984.. .

11 ,90 2
11 ,620
11 ,250
11 ,042
16,346
16,361
13,607
15,599
14, 924
15,993
16,7 84
18,087
16,703
18,061
21,364
22,196
22,563
25,270
2 7,7 96
26 ,511
24,809
29,613
34,311
36 ,414
42 ,043
44,230
46,03 9
43,330
49,§99

11,843
12,44 9
11,359
11 ,049
16,255
15,274
14,570
15,758
15 , 3 90
16,326
16,854
17.451
15,987
18,041
22,105
22,968
21 ,034
25 ,084
28,752
27,056
24,931
29,772
33,844
39,434
42 ,014
44 ,175
48,588
47 ,234
4 8,2 96

11 ,679
11,591
11,367
11,042
16,548
15,233
14,658
15,670
15,563
15 ,917
17 ,131
17 ,266
16,244
1 8, 5.1 8
22 ,083
21,346
22,883
26,231
28,964
26,45 8
25,0/6
31,000
35,018
3?,847
43,299
43,359
47,972
46,899
48,032

11,215
11,888
11,507
10,636
16,604
1 5 , 2 80
5,327
5,372
5,305
6,132
6,664
7*057
6,760
8,663
13,262
21,829
22,814
26,630
28,522
29,071
26,708
30,808
34,529
3 9,5 85
43,401
42,240
49,413
46,876
48,903

11,521
12,245
11,109
11,752
16,296
15,176
15,298
15,245
15,682
16,473
16,580
16,644
17,627
18,723
23,118
21,874
23,960
26,270
28,286
27,562
26,632
28,784
35,256
39,059
44,317
42,710
48,997
46,995
50,211

8,275

7,898
6,796
7 , 6 83
8,757

6 ,880
8,065
8,515

6,952
8,259
8,185

7,176
6 ,995
8,341
8,698

12,072
11 , 9 9 9
11,739
12,032
15,204
15,630
15,431
14,947
15,536
16,282
17,017
16,57?
17,799
18,839
23,439
21,796
24,481
26,175
27,999
25,785
26,307
31,420
36,694
39,860
43,504
40,648
49,172
45 , 9 3 6
50,992

11,655
11,851
11 ,6 86
12,504
15,658
15,828
15,492
15,171
15,431
16,550
16,844
16,074
16,300
19,407
23,366
21,614
24,677
26,789
27,477
27,790
28,655
31,037
36,874
40,152
44 , 5 1 3
43,621
49,038
44,525
48,601

11 ,572
11,707
11 ,593
13,644
15,813
15,114
15,277
15,056
16,0 93
15,692
16,901
16,343
17,674
19,947
22,871
21 ,7 96
25,012
26,365
26,689
26,495
27,810
31,301
38,180
41,007
43,634
44,255
48,631
46,981
52,828

11 ,968
11,193
11 ,318
13,933
15,728
15,112
15,402
15,249
15,689
16,948
17,136
15.764
17,818
20,582
22,594
22,181
23,623
27,168
26,240
26,313
28,359
31,921
37,271
41,553
44,173
45,7 46
48,450
45,552
50,445

11,668
11 ,925
11,251
13,669
15,383
15,035
16,035
14,892
16,275
16,728
16,994
16,233
17,654
21,093
24,263
21,712
25,356
27,529
26,80 9
25,404
29,079
32,160
38,213
41,437
45,295
45,945
47,947
45,530
50,441

7,6 84

89.7
90.6
94,2
89.3
94.9
98,1
95.1
90 .3
96,0
98.3
92.2
93.5
93.5
95.8
100.0
100,3
96.6
103.1
112.0
112.6
104.7
111 .4
118.5
112.3
102,2
112.0
118.6
126.3
129.2
128.2
121.8
115.8
112.9
117.4

90.6
89.5
93.3
91 .7
91.0
98.4
96.6
92 .4
92,2
96.7
95.5
92.1
93.7
95.2
98.6
100.2
99.4
100.0
106.8
112.9
106.4
108.5
115.9
114.9
109.2
107.0
115.6
123.2
128,2
128.3
122.4
118.6
113.2
114.8

TOTAL FOR PERIOD

8,394
6,759
7,700
8,605

NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.
'This series contains revisions beginning with 1982.




81.95
82.09
80.5 2
71 .40
86.41

AVERAGE FOR PERIOD

87.3
89.3
91.4
95 .1
88.6
97.7
97.7

13 . NUMBER OF NEW BUSINESS INCORPORATIONS
(NUMBER)
1950...

28.10
36.70
31.56

IN
(1967-100)

195 0 . . .
1951...
19S2.. .
195 3 . . .
1954.. .
195 5 . . .
195 6 . . .
195 7 . . .
1 95 8 ! ! !
195 9 . . .
1960...
1961 . . .
196 2 . . .
1963...
1964...
1965...
1966...
1967.,.
1968.. .
196 9 . . .
1970.. .
1971.. .
197 2 . . .
1973.. .
1974.. .
1975.. .
1976.. .
1977,. .
1978...
1979.. .
1980...
1981...
1982...
1983...
1984.. .

Annual

TOTAL FOR PERIOD

3.20
2.73
2.48
2 23
2! 15
3.15
3.41
3.13
3.13
3.22
3.41
3.67
3.66
4.07

1.60
3.43
2.51

7.97
9.93
8.00
8.89
9.81
U.16
13.93
13.77
14.81
17 .49
20.62
27.57
26.15
30.30
25.88
25,77

IV Q

III Q

24,929
fi f\

21*642
25,289

£

22,674

Q A

2 0 , 6 89
22,640
25,924
97
Hi
27,870
34,808
36,132
34,355
34,420
48,104
46,086
46,056
45,564
46,523
48,887
50,261
50,278
5 2,186
56,225
69,819
65,499
71,255
79,O7§
84,807
82,418
79,647
91,012
106,479
118,504
131,222
125,598
147,582
139,807
150,106

O n

ft

£

1

O

20,628
24,007
25,457
ft a ? 4 n
29,739
35,195
34,751
34,597
40,081
47,199
46,054
46,171
45,476
47,213
49,190
50,881
48,181
5 1 , 7 92
59,936
68,831
65,591
73,312
80,322
80,406
80,598
84,824
94,259
112,325
122,712
132,320
133,622
146,119
137,058
151,874

21,242
21,2 95
24,702
25,950
33 ,546
34,989
34,250
32,830
43 ,845
47,037
4 3 , 3 96
48,065
44,828
47,901
50,553
52,225
49,022
53,850
62,602
6 9,7 92
66 ,201
76,500
81,462
7 8,408
75,962
86,995
98,467
115 ,421
125,039
13 3 , 3 9 8
140 ,535
144 ,916
151 ,511
153,640

93,028
83,77 9
92,991
102,620
117,885
140,416
140,7 93
135,758
151,479
191,469
182,604
183,127
162,895
187,514
196,866
204,136
200,285
206,762
233,403
273,994
263,801
267,54?
317,444
329,133
319,003
326,262
374,123
437,398
479,950
S24,296
531 ,519
581,216
565,839
601,947

(DECEMBER 1984)

C. Historical Data for Selected Series—Continued
Year

Jar

Feb.
20.

1950.. .
1951 . . .
195 2 . . .
1 95 3 . . .
1954...
1955...
195 6 . . .
195 7 . . .
195 8 . . .
195 9 . . .
1960. . .
1961...
1962...
1963.. .
1964...
1965 . . .
1966 . . .
1967.. .
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975 . . .
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...
24.
1950...
1951 . . .
195 2 . . .
1953...
1954...
195 5 . . .
195 6 . . .
195 7 . . .
195 8 . . .
195 9 . . .
1960 . . .
1961...
1962...
1963...
1964...
1965...
1966...
1967 . . .
196 8 . . .
1969...
1970...
1971...
197 2 . . .
1973...
1974...
1975..,
1976 . . .
1977 . . .
1 978. . .
197 9 . . .
1980...
1981...
1982. . .
1983 . . .
1984.. .

Mar.

3.14
5.97
4.28
4.87
3.66
4.41
4.95
4.96
3 .67
4.31
4.47

3 . 42
5 . 40
4 . 34
4 . 42
3 . 12
5 . 09
4 . 94
4 . 92
3 . 65
5 . 08
4 . 35

4 . 85
5 . 06
6 . 22
6 . 40
7 . 49
6 . 51
9 . 17
10. 46
1 0 . 16
8 . 60
6 . 88
11 . 13
1 2 . 88
1 0 . 19
1 0 . 47
1 1 . 41
U . 83
1 5 . 11
66
14* 3 8
14, 10
11. 62

5.30
5.21
5 .61
6.46
6.04
6.99
9,24
10.69
9.74
9.30
9.36
11.75
13.12
9.44
10.35
11 .47
14.52
16.57
14.32
13.69
14.60
11 .77

4.
5 . 16
5 . 83
6 . 81
7. 83
7 . 15
1 1 . 34
9 93
9 17
9 31
1 0 . 06
11 72
13 19
9 08
10 55
10 90
13 15
1 8 61
13 7 8
14 03
13 11
12 59

VALUE OF MANUFACTURERS '

06
18
57
78
09
72
96
28
62
73
74
06
21
94
13
79
43

1.42
3.09
2.25
2.43
1.86
2.29
2.55
2.96
2.16
2.70
2 .83
2.76
3.27
3.29
3.52
4.06
5.25
4.69

85
18
81
28
49
26
11 94
11 25
14 1 8
40
21 20
25 .03
24 . 7 9
21 . 8 5
20 . 4 8

7.99
7.09
7.36
8.05
10 .04
12.51
10.83
11 .62
13.95
17.96
24 .30
23.80
22.80
22.59
19,17

2
2
1
2

1

1
2
2
3
3
3
4
4
4
6
7
6
7
9
12

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec

II Q

IQ

iv q

Annual

3,41
5 .42
4,30
4.80
3.19
4 .76
5.08
4.37

4.20
7.52
4.01
4.59
3.27
4.52
5.26
4.57

4.05
5.02
4.53
3.54
3.36
4.78
5.32
4.34

4.85
4.79
4.65
4.38
3.51
4.73
5.06
4.22

5.98
4.61
4.18
3.64
3.52
4.98
4.98
4.30

5.55
3.97
5.71
4.21
3.78
5.22
4,78
3.85

4.92
4.41
4.23
4.49
4.00
4.96
4.76
3.95

4.90
4.42
3.99
3.84
3.69
5.34
5.35
3.94

5 . 21
4 . 77
4 . 80
3 . 49
3 . 92
5 . 29
5 . 04
3 . 75

9 . 72
17 . 22
1 2 . 84
14 . 07
10 . 3 8
1 3 . 57
1 5 . 00
1 5 . 02

1 1 . 66
17 . 96
1 2 . 84
1 2 . 93
9 . 82
14. 06
15.66
13. 28

16.38
13.37
14.54
12.23
10.81
14.93
14.82
12 .37

15 . 03
1 3 . 60
1 3 . 02
11 . 82
1 1 . 61
1 5 . 59
1 5 . 15
11 . 64

3.6 8
4.55
4.72

3.72
4.66
4.72

3 . 92
4.75
4.56

4.84
4.60

4.29
4.59

4.87
4.66

4.70
4.52

4.42
4.33

4 . 66
4 . 71

13. 58
1 3 . 19

1 3 . 96
14.00

5.30
5.89
6.86
6.14
6.97
9.29
11 . 2 5
8.72
9.21
9.91
11 .76
12 .44
10.25
10 .68
11 . 88
13 .17
15.96
13.67
14.77
13,54
13.14

5.86
6.34
6.78
7.98
7.18
6.63
10.68
8.74
8.92
10.87
12 .4 3
13.27
10 .66
9.73
12 .98
14 .67
14.34
12-.48
14.21
11 .74
13.84

5.32
6.52
6.60
7.78
7.46
8.52
10,02
8,40
10.01
9.43
12.30
12.08
10.47
11 .27
12.65
13.36
15 .27
13.95
14.28
11 .13
14.07

5.25
6.12
6.83
8.31
7.34
9.73
9.95
8.70
8.23
10.50
12.58
13.82
9.78
12.08
11 .29
14.30
14.89
15.11
13.91 '
11 .63
12.86

6.18
6.56
7.77
7.59
9.89
9.83
8.23
9.06
9.68
12.59
12.35
10.76
10.81
12.66
14.98
14.11
13.80
14.09
11.06
13.62

6.26
7.12
8.51
7 .40
9.07
11 .04
8.43
9.60
11.01
12 .49
12 .49
9.25
11 .64
13 .37
15 .38
14.63
14.13
14.15
11.96
15.15

6.31
7.12
7.66
7.50
10.81
9.85
7 .40
8.67
10.59
13 .71
11 .71
9.17
11 .91
12 .08
17.19
14.64
13.59
13.39
11.71
14.71

6.76
6.99
7.58
7.49
9.22
9.73
8.52
9.45
10.88
13.80
10.55
9.29
11 ,25
12.27
15.34
15.99
14 .29
14.43
11 . 5 8
14.08

5 . 52
6. 10
6. 85
7. 46
7. 54
7. 65
1 0 . 12
9 . 88
9 . 30
9 . 71
11 . 06
1 3 . 09
1 1 . 25
8 79
1 1 . 48
1 3 . 50
1 3 , 60
1 5 . 27
14 90
12 . 83
12. 58
1 3 . 76

1 5 . 09
15 . 43
1 7 . 66
1 9 . 67
2 3 . 36
2 0 . 65
2 9 . 75
31 . 0 8
2 9 . 07
2 7 . 21
2 8 . 30
3 4 . 60
3 9 . 19
2 8 . 71
31 . 37
33. 78
4 0 . 50
5 0 . 29
4 3 . 76
4 2 . 10
4 0 . 81
3 5 . 98

14. 93
1 6 . 48
1 8 . 75
20 . 24
23 . 90
2 1 . 61
2 6 . 44
3 1 . 95
25 . 86
2 6 . 14
3 0 . 21
36.49
37 . 79
31 , 3 8
31 . 6 8
3 7 . 51
41 . 20
45 . 57
4 0 , 10
4 3 . 26
36 . 41
4 1 . 05

14.00
13.85
14.18
14.69
16.21
18.56
20.51
24.59
22 .33
28.69
30,82
25 .36
26.89
31,19
37 .66
38.66
29.79
34.53
37.32
44.66
43.63
43,04
42.15
34,65
41.63

13.
13.
14.
15.
17.
19
21.
22
22
30.
29
25
27
32
40
33
27
34
37
46
45
42
40.
35,
42,

NEW ORDERS ,

CAPITAL GOODS INDUSTRIES ,

2.64
2 .11
2.20
1 .88
1.94
2.57
2.84
2.42
2.56
3.04
2.75
2.91
3.06
3.53

2.40
2.40
2.19
1 .80
1.93
2.64
2.88
2.36
2.48
2.93
2.69
2 .94
3 .11
3.54

2.37
2.38
1.97
1.78
1 .83
2.77
3.21
2.33
2.58
2.74
2.60
3.04
3.34
3.45

5.57
5.13

5.20
5.24

5.46
4.99

>3
5 . . 16
5 . )4

7.51
6.35
8.17
7.94
10.53
12.42
10.58
12.49
15.90
18.74

7.42
6.68
6.68
8.89
11.00
14.34
11.36
14 .08
14.72
18.94

22.13
24.36
19.62
23.83

22.29
23.72
24.46
20.33
22.06

7.49
6.36
7.12
8.30
10 . 7 4
13.39
11 .07
12.86
15.16
20.18
22.79
21.90
24.64
18.62
22.89

8.56
6.62
8.02
9,33
11 .15
13.42
10 .85
13.36
16.25
21.19
23 .39
23.45
24 .45
20.28
25.30

T\ 19
6 . 10
7. Z6
9 . )1
12.04
12.00
11.07
13.94
16.49
22.64
22.91
22.92
22 .46
1 9.93
25.50

4.72
5.15
5.12
6.73
7^6
6.79
7.77
9.35
12.31
11 .88
11 .45
13.31
16.54
22.35
24,01
23.55
24.33
20.01
24.68

68
37
19
76
95
87
07
16
47
96
86
88
15
61
15
05
19
40
27
7 20
7 48
8 15
9 56
12 11
11 61
10 72
14 10
17 17
19 98
23 99
24 80
21 . 2 6
19 . 8 4
24 . 8 9

5.07
4.72
4.34

4.96
4.68
3.89

5 .41
4 .66
4 .32

43
92
30
29
56
62
68
83
21
06

1.49
2 .88
2 .22
2 .41
1.65
2.30
2.82
2.61
2.25
2.79

1.88
2 .74
2.04
2.30
1.61
2.31
2.99
2.63
2 .26
2.92

1 .81
2.56
2.23
1.90
1.65
2.47
3.02
2.53
2.28
3,00

2.22
2.46
2.36
2.09
1.75
2.43
2.77
2.52
2.29
3.03

2
2
3
3
4
5
4

76
92
34
77
40
17
.73

2 .73
3.20
3.35
3 .72
4.34
5.33
4.7 8

2 .66
3.02
3.49
4.12

2.81
2.97
3.33
4.23

2.94
3.00
3.36
3.90

5.37
4.88

5.31
5.03

7 .44
6 .77
7 .38
8 .37
10 . 4 0
12 . 9 7
10 . 3 0
11 . 6 9
13 . 9 3
17 . 4 3
25
23 . 0 4
24 . 1 8
21 . 9 1
20 . 1 3

8.88
6.28
7.22
8.19
10.80
12.61
11.16
12.37
14.59
18.58

7.64
6.80
7.21
9.12
10.96
12.58
10.83
12.46
14.88
19.14

23.67
25 .74
22.45
21 .96

20.90
24 .41
20.13
21 .85

3 .04
6 .08
4 .30
.07
.38
3 .94
4 .82
4 .80
3 .56
4 .05
4 .12
4 .14
4 .63
4 .85
5 .93
6 .15
7 .04

3.2 7
6.13
+ .43
+ .79
3.53
+ .31
+ .48
+ .77
3.37
4.17
4.26
4.16
4.95
4.99
5.28
6.04
7.68

1968...
1 96 9 . . .
1970.. .
1971...
1972...
1973...
1974...
197 5 . . .
1976...
1977 . . .
1978...
1979...
1980...
1981...
1982...
1983...
1984...

7 .82
7 .71
7 .77
7 .06
7 .40
9 .41
11 . 4 8
9 .18
8 .23
9 .74
10 . 5 3
12 . 8 5
14 . 2 0
12 . 7 9
11 . 0 0
16 . 4 4

7.76
8.98
7.65
7.57
8.16
9.91
11.64
8.30
8.59
9.59
11.58
14.73
13.11
11.98
11.61
9.67

5.68
4.36

5.40
4.00

5.04
4.40

4.84
4.66

4 .64
4.06

4.30
4 .88
4.18
3.49

4.32
5.12
4.20
3 .51

4.59
5.15
4.04
3.54

4.49
4.73
4.01
3.56

4.74
4.80
4.05
3.82

4.63
4.73
3 .80
3.99

4.74
4.76
3.69
3 .86

4.94
5.25
3.64
4.00

5 ,09
5 .00
3 .38
3 .82

4 .16
4 .41
5 .07
5 .66
6 .55
7 .54

4.13
4.82
5.08
5.56
6 .46
7 .74

4.03
4.55
5.26
6.17
6.28
7.76

9 .74
8 .34
7 .29
7 .55
8 .47
10 . 2 0
11 . 8 3
7 .87
8 .32
9 .54
11 . 2 3
16 . 4 6
12 . 4 3
12 . 3 8
11 . 3 0
11 . 0 1

8.36
9.93
6.73
7.41
8.27
10 .49
11 .38
8.41
8.99
9.96
11 .92
13.14
12.52
12.79
12.07
11.52

6.94
8.54
7.25
7.39
9.18
10 .65
11 .10
8.20
8.90
10 .14
12.32
13.18
11.41
12.44
10 .16
11 .09

4.25
4 .49
5.02
6.34
6.48
7.64
7.01
6.78
8.36
6.75
8.36
7.96
10.23
10.74
7.97
8.87
10.71
11 .87
13.70
12.53
12.38
9.64
12.61

4.45
4.53
5.06
5.83
6.60
7.99
7.14
7.97
8.21
7.04
6.84
8.91
10.67
12.10
* 8.47
9.96
9.93
12.02
12.80
13.83
12.19
10.13
11.36

4.67
4.52
5.23
5.89
6.42
7.44
7.28
7*57
8.28
6.71
7.23
8.28

4.41
4.63
5.31
5.86
6 .64
7.7 9
6 • 93
7 .22
9.38
6.96
8.17
9.29
10 .78
10 .91
8.07
9.43
10.73
13.24
13 .13
12.71
12.59
10 .21
13.54

4.45
4.69
5.33
6.00
6.84
7.60
6.98
8.68
7 .99
6.47
7.40
8.97
11.57
9.61
8.15
9.82
10.90
14.06
13 .02
12 .04
11.47
10.29
13 .01

4.60
5.05
5.19
6.06
6.96
7.27
7 .06
7.59
6.36
7.07
7.91
9.29
11.80
9.38
8.37
9.25
10.74
13.63
13.96
12.55
12.91
9.99
12.28

4 .37
4 .76
5 .41
6.20
7 .44
7 .30
7 .41
8 .20
7 .80
7 .74
8 .29
9 .45
11 . 5 0
9 .05
7 .87
9 .85
11 . 1 1
12 .07
13 . 5 2
13 . 3 6
10 . 8 9
10 . 6 0
12 . 4 5

.78
.51
.50
.95
.90
.70^
.54
.45

78
56
32
83
83
92
57
78
64
15
46
22
83
53
60
51
25
64
85
13
90
78
65
87
55

5 5 . 32
5 4 . 60
5 5 . 49
6 0 . 54
6 5 . 95
7 4 . 89
8 1 . 99
94. 63
8 7 . 23
1 1 5 . 03
1 2 3 . 31
1 0 5 , 51
1 1 0 . 07
122 23
149 35
149 15
1 1 7 . 13
1 3 2 . 22
146 . 46
1 7 2 . 49
1 8 5 . 39
169. 68
1 6 8 . 16
1 4 7 . 74
1 6 1 . 21

4
9
6
7
5
7
7
8
6
8
g
8
9
9
11
12
15
13
21
22
21
21
23
29
37
33
34
42
51

17
07
73
29
20
00
95
75
65
38
34
26
25
84
23
59
21
85
88
28
04
55
70
93
74
07
56
06
79

5 18
8 18
6 49
6 61
4 91
7 08
8 83
7 77
6 79
8 71
g 66
8 20
9 19
10 17
12 07
12 95
16 01
14 69
1 9 26
24 03
19 43
22 60
25 25
32 29
37 61
32.57
37 32
45 37
56 46

7 .67
6 .92
6.63
5,81
5.43
7.59
8.45
7.50
7 .31
8.86
8.31
8.93
9.05
10.36
11.76
13.30
16.23
15.36
20 .01
23,47
19.66
21.82
26.52
32.89
41.15
33.28
40.30
46.13
60.31

7
7
6
5
5
8
9
6
7
8
g
8
9
10
12
14
15
15
21
22
20
23
27
36
35
33
41
50
64

45
15
35
34
71
28
16
85
53
63
15
86
60
60
22
40
70
56
68
15
47
18
92
46
.49
24
.35
.20
.97

71
71
66
59

87
77
.35
.78

66
74
62
67

70
51
20
64

69.07
73.55
59.23
70 .25

71
68
59
75

.27
.05
.78
.07

24
31
26
25
21
29
34
30
28
34
33
34
37
40
47
53
63
59
82
91
80
89
103
131
151
132
153
183
233
278
278
287
247
272

.44
.06
.55
.13
.83

53
61
51
48
40

47
32
20
05
25
95
39
87
28
58
46
25
09
97
28
24
15
46
83
93
60
15
39
57
99
16
53
76
53
.98
.91
.88
.56
.74

TOTAL FOR P BRIOD
5.69
4.15
4.34

3
5
4
4
2
4
4
4
3

79
15
24
. 05
62
15
63
31

TOTAL FOR PI RIOD
2
2
2
1
1
2
3
2
2
2
2
2
3
3
4
5
5
5

2.81
2.35
2.07
1.84
1.74
2.59
2.84
2.56
2.46
2.79
2.78
3.08
2.99
3.47

1
2
2
2
1
2
2
2
2
3

52.
62.
53.
51
42.
58.
60.
52,

2
NORDEFENSE, IN CURRENT DOLLARS

(BILLIONS OF DOLLARS)
195 0 . . .
1951 . . .
195 2 . . .
1953...
1 954.. .
1955...
195 6 . . .
195 7 . . .
195 8 . . .
1 95 9 . . .
1960...
1961...
1962,..
1963...
1964...
1965...
1966...

10.41
11.08
8.26
9.11
10.23
12.72
12.82
11 .85
12.61
9.30
11.62

'this series contains revisions beginning with 1969. 2This series contains no revisions but is reprinted for
the convenient of the user. 3This series contains revisions beginning with 1970.




III Q

1
CONTRACTS AND ORDERS FOR PLANT AND EQUIPMENT IN 1972 DOLLARS
(BILLIONS OF DOLLARS)

3 . 16
5, 85
4 . 22
4. 78
3 . 60
4 . 07
5. 11
5. 14
3 . 81
4 . 19
4. 37

1 32

Apr.

9 .58
17 .99
13 . 2 4

11 . 8 0
16 .12
12 . 7 6

16 .81
13.63
13.08

.86
13 .15
14 .00
14 . 1 1
10 . 3 8
12 .93
12 .58
12 .46
13 . 9 9
14 . 9 1
16 . 8 7
18 . 7 4
22 .26
1 9. 3 6
25
25 !o3
22 . 7 1
22 . 1 8
24 . 0 3
29 . 5 2
34 . 9 5
25 . 3 5
25 . 1 4
28 .87
33 . 3 4
44 . 0 4
39 . 7 4
37 . 1 5
33 . 9 1
31 . 1 2

9 .28

10 .31

15
14
12
10
10

15 . 1 5
12 . 4 2
10 .54
13 . 3 1
13 .06
12 .41
13 . 8 6
15 . 3 8
16 . 0 7
19 . 2 2
23 . 1 4
20 .5 0
22 . 0 8
26 . 8 3
20 . 7 3
23 . 1 6
25 . 4 1
31 . 3 7
33 . 2 2
24 . 5 8
26 . 7 6
30 . 8 1
36 . 1 1
40 . 0 2
36 . 4 6
37 . 6 1
31 . 8 7
35 . 2 2

14.26
11.86
11.37
13.39
12.56
13.53
13.68
15.60
17 .58
19.66
23.22
21.35
22,76
25.87
20.71
22.24
26.48
31.86
34 .09
24.60
28.50
30 .89
37.98
38,75
38.39
37 .39
29.64
36.52

15 .01
10 . 7 1
11 . 6 8
13 .04
12 .35
13 .42
14 . 5 0
15 . 9 3
16 .26
21 . 2 4
22 .17
21 .45
24 . 4 7
24 . 1 5
21 . 2 8
23 . 6 0
27 . 7 1
34 . 8 7
28 . 0 4
24 . 3 9
28 . 9 2
32 . 7 5
39 . 7 6
40 . 5 0
37 . 9 5
35 . 2 7
30 . 8 8
37 . 7 4

.63
.80
.63
.36
,28
,99
58 .42
49 . 1 0
43 .97
52 .67
50 .55
51 .82
56 . 0 3
61 . 8 2
70 . 7 8
78 .86
90 .79
82 .6 8
94 . 6 3
101 . 8 6
85 . 4 3
91 . 1 8
103 . 6 3
127 . 6 2
130 . 3 0
99 . 1 2
109 .32
123 . 3 2
147 . 1 9
163 . 3 1
152 , 5 4
147 . 4 2
126 . 3 0
140 . 6 0

(DECEMBER 1984)

gg

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

2 51
34 .26
-2 , 0 9
4 .85
-12 .13
5 .12
11 . 4 7
-2 .90
- 1 9 .32
30 . 0 5
0 .37
-6 .86
12 . 0 8
12 . 4 6
7 .01
16 . 0 9
27 . 1 3
7 .26
6 .66
12 . 4 3
-0 .74
13 . 0 8
8 .03
30 . 1 9
16 . 7 6
- 4 2 .52
10 . 9 3
13 . 0 1
18 . 2 0
13 , 9 8
-7 .79
14 . 8 0
-23 .28
3 .06

7 .64
36 , 1 6
14 . 8 8
-0 .48
- 1 9 .21
15 . 8 0
- 0 .16
-5 . 7 8
-13 .42
19 . 8 0
- 9 .96
- 2 .16
5 .65
15 . 8 8
9 .23
19 . 6 8
32 . 2 3
3 .31
3 .92
13 . 3 0
•1 . 7 6
14 . 7 6
8 .09
31 . 1 8
18 , 2 0
- 1 9 .81
14 . 8 8
8 .28
33 . 6 7
6 .85
-1 .92
- 4 .57
-5 .68
- 1 5 .16

Apr.

May

June

July

Aug.

Sept.

II

5 .48
53 . 1 1
7 .58
49 . 5 7
-19 .99
2 .56
11 . 7 2
-2 . 7 0
-33 .06
12 . 2 9
-6 .47
- 9 .17
17 . 1 2
9 .05
14 . 2 9
24 , 4 6
2C . 3 6
17 . 2 8
12 . 5 4
13 . 6 0
-13 .60
21 . 8 2
10 . 0 8
43 . 8 2
18.07
-43 .61
-1 .00
U .54
11 . 1 4
2 J.09
-i . 3 8
••11 . 8 7
-26 ,80
-13 . 5 0
36.

5 .48
33 . 2 2
11 . 3 0
10 . 5 0
-15 .53
-2 .84
16 . 1 3
1 .33
- 1 2 .01
16 . 4 3
- 1 9 .12
6 .18
-13 .63
10 . 5 8
12 . 6 4
2 .48
18 . 3 1
7 .96
9 .28
13 . 1 0
11 . 7 1
-3 .12
9 .18
23 . 9 2
4 .02
-37 .02
11 . 0 3
15 . 6 1
32 . 4 1
21 . 7 9
1 .92
-5 .33
- 9 .73
2 .08

19.28
31 .81
2.11
4.72
-12.79
8.76
7.15
-3.01
-5.03
-1.36
-4.28
8.77
5.23
7.58
8.05
12.05
24.74
-0 .38
11.92
16 . 2 1
-7.24
-5.50
16 . 0 4
25.76
17.35
-26 .40
10.08
13.42
21 . 4 6
6.92
-12.80
13.45
-31 .19
12.73

13.62
22.03
25 . 9 4
1.79
- 1 5 .17
15.59
5.11
-5.05
1.30
5.11
-4.49
6.85
3.30
3.02
15.17
15.0826.74
3.04
2 .60
11.89
5.66
-10.42
11 .03
24.58
26.58
-1.01
22.15
9.36
13.92
14.17
-26.39
8.58
-5.84
-2.32

10.75
19.10
6.52
-11 .28
-15 . 0 8
9.77
16,91
-9.70
5.04
13.67
0.46
5.65
6 .04
5.45
11.92
16.37
18.16
12.66
-9.97
16.07
4.56
-9.10
3.01
22.68
-9.40
-25.54
-1.33
9.01
8.84
10.09
-11.66
2.83
-4.46
16.86

43.79
12.17
-3.30
-18.26
-13.52
7.76
10.39
-3.64
0.36
11.66
-4.46
9.58
3.02
2.56
6.38
7.58
18.02
18.78
10.12
8.56
5.16
3.91
28.75
7.45
-17.58
-5.26
-2.36
21 .85
20.69
-0.92
-7.64
-0.10
-24.55
16.97

III Q

Nov.

Dec.

IQ

16 . 3 8
11 .23
9 .77
-23 .06
2 .42
13 . 8 8
-1 .06
-23 .74
4 .84
13 . 8 6
- 8 .23
5 .11
9 .53
9 .91
11 . 1 0
8.60
23 . 6 8
3 .52
17 . 0 0
6 .80
-7 . 2 6
4 .12
17 . 5 1
20 .95
- 1 9 .16
-18 .79
-3 .24
2 .84
20 . 7 4
0 .08
- 0 .07
-6 .94
- 1 9 .56
18 .91

19 37
11 . 2 9
3 .23
-21 .32
0 .08
5 .34
3 .96
-10 .52
7 .45
2 .53
-2 .20
15 . 9 4
- 1 .15
6 .70
17 . 3 6
13 . 9 1
14 . 3 4
16 . 9 7
15 . 6 2
0 .37
6 .13
1 .27
20 . 5 0
34 , 2 1
-7 . 5 7
-10 .73
4 .90
18 . 0 4
22 . 1 6
-17 .39
-4 .34
3 .18
-36 .52
18 . 1 4

9 .97
12 . 1 3
7 .37
- 1 5 .96
0 .29
10 . 8 2
0 .04
-6 .25
12 . 5 9
11 . 2 0
-22 .73
15 . 7 1
5 .71
2 .44
IE . 6 0
20 . 8 6
9 .90
25 . 9 7
12 . 3 1
3 .58
3 .98
11 . 1 1
14 . 3 9
34 . 2 1
1 .37
13 . 7 0
17 . 5 1
21 . 4 6
2< . 9 2
-11 . 7 8
-1 .63
-16 .82
-15 .96
15 . 3 4

5 21
41 18
6 79
17 96
- 1 7 .11
7 .83
7 .66
-3 .79
-21 ,94
20 . 7 1
-5 .35
-6 .06
11 . 6 2
12 . 4 6
10 . 1 8
20 . 0 8
26 . 5 7
9 .28
7 .71
12 .7 8
-5 .03
16 ,55
8 .73
34 . 7 3
17 . 6 6
-34 .98
8 .27
11 . 9 4
23 . 0 0
16 . 3 1
-4 .70
-0.55
- 1 8 .59
-8.53

12 79
29 . 0 2
13 . 1 2
5 .67
-14 .50
7 .17
9 .46
-2 .24
-5 .25
6 .73
- 9 .30
7 .27
-1 .70
7 .06
12 . 0 2
9 .87
23 . 2 6
3 .54
7 .93
13 . 7 3
3 .36
-6 .35
12 . 0 8
24 . 7 5
15 , 9 8
-21 .48
14 . 4 2
12 . 8 0
22 . 6 0
14 . 2 9
-12 .42
5 .57
-15 .59
4 .16

IV Q

Annual

AVERAGE FOR PERIOD

(ANNUAL RATE, ]IILLIONS OF DOLLARS)
195 0 . . .
1 95 1 . . .
195 2 . . .
195 3 . . .
1 95 4 . . .
195 5 . . .
195 6 . . .
195 7 . . .
195 8 . . .
195 9 . . .
1960. ..
1961.. .
1962...
1963...
1964...
1965...
1966.. ,
1967.. .
1968.. .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977 .. .
1978.. .
1979.. .
1980...
1981...
1982...
1983...
1984...

8

Oct.

18 . 6 5
3 .55
12 . 7 9
-20 .50
2 .12
1 .12
4 .73
-1 .81
13 .25
11 . 0 9
3 .65
8 .96
8 .76
4 .09
26 . 4 2
2 .17
11 . 0 5
7 .62
15 . 3 4
15 . 6 8
- 4 .31
11 . 1 4
27 . 5 3
28 . 3 0
20 . 8 3
17 . 6 0
25 . 7 4
23 . 5 6
18 . 2 9
- 2 0 .81
-2 .24
7 .42
- 9 .04
13 . 0 1

24 . 4 0
11 . 6 1
5 .34
-16 .68
- 8 .83
6 .22
10 . 6 8
-5 .05
6 .22
12 . 1 4
-0 .12
8 .06
5 .94
4 .03
14 , 9 1
8 .71
15 . 7 4
13 . 0 2
5 .16
13 . 4 4
1 .80
1 .98
19 . 7 6
19 . 4 8
- 2 .05
- 4 .40
7 .35
16 . 1 4
15 . 9 4
-3 .88
-7 . 1 8
3 .38
-12 .68
15 . 6 1

14 41
23 34
8 .01
-3 .29
-9 .68
7 .61
7 .20
-6 .15
- 3 .17
12 . 1 9
- 6 .45
5 .36
5 .14
7 .48
13 . 2 0
13 . 2 8
20 . 3 9
10 . 3 3
6 .94
10 . 8 8
0 .27
4 .42
14 .51
27 . 1 9
5 .79
-16 .62
9 .11
14 .25
21 .45
4 .26
-6 .58
0 .39
- 1 8 .05
7 .18

15 24
11 55
6 79
- 2 0 .11
0 .93
10 . 0 1
0 .98
-13 .50
8 .29
9 .20
-11 .05
12 .25
4 .70
6 .35
15 . 6 9
14 . 4 6
15 . 9 7
15 . 4 9
14 . 9 8
3 .58
0 .95
5 .50
17 . 4 7
29 . 7 9
- 8 .45
-5 .61
6 .39
14 . 1 1
24 . 2 7
- 9 .70
-2 .01
-6 .86
- 2 5 .35
17 . 4 6

1
NKT C HANGE IN INVENTORIES ON HAND AND ON ORDER IN 1 9 7 2 DOLLARS, SMOOTHED DATA

AVERAGE FOR PERIOD
195 0 . . .
1951...
195 2 . . .
195 3 . . .
1954...
1955...
1 95 6 . . .
195 7 . . .
195 8 . . .
195 9 . . .
I960..,
1961...
196 2 . . .
1963...
1964...
1965...
1966...
1967 . . .
196 8 . . .
196 9 . , .
1970...
1971...
1972...
1973...
197 4 . . .
1975...
1976...
197 8*.!!
1979.. .
1980...
1981...
1982...
1983...
1964...

-t . 8 6
2] , 3 6
H .94
13 . 4 2
-19.60
0.95
>.65
.71
-1 .06
J.54
> .81
-1J . 2 1
H. . 2 6
4.62
.08
1" . 9 1
1( . 4 2
14.91
.99
14.24
).35
.60
>.49
2 .69
29.31
-12.36
-2.64
9.35
16.5G
25.50
-10.44
-3.9H
-10 .17
-24.34

-3 .22
29 . 9 7
8 .10
20 . 3 3
- 1 7 .56
1 .82
10 . 3 2
.71
-18 .08
14 . 5 4
2 .06
-12 .14
15 . 6 1
6 .80
7 .86
19 . 9 3
20 . 5 8
12 . 6 6
16 .77
12 . 9 8
- 3 .07
.80
8 .61
27 . 5 2
25 . 9 2
-22 . 1 0
3 .93
13 . 67
18 .91
25 . 3 6
-9 .58
- 2 .76
-17 . 8 9
-16 . 7 3

~o

n

1 .84
36 . 8 1
6 .33
19 . 2 9
-16 ,57
5 .24
9 .51
-2 .82
-20 .74
19 .51
-1 .83
- 9 .49
13.29
10 . 7 7
9 .04
19 . 9 0
24 . 6 8
10 . 3 8
11 . 3 8
12 . 6 1
-4 .14
14 .76
9 .24
31 , 9 3
20 . 3 4
- 3 1 .45
7 .91
. 48
2C .97
20 . 1 5
-6 ,34
-0 .06
- 2 0 .44
-9.33
54.

22 . 2 0
8 .84
7 .51
-21 .12
-0 ,73
7 .18
3 .62
-10 .88
7 .33
10 . 6 8
-2 .64
8 .94
6 .41
6 .21
16 . 4 6
7 .17
16 . 9 7
9 .67
15 . 0 7
8 .98
-1 .98
5 .95
23 . 2 2
23 . 3 6
-3 .64
- 3 .06
7 .92
15 .45
20
- 9 .96
- 2 .77
0 .67
- 1 9 .71
16 . 4 9

16 . 6 9
1C . 1 2
1 .69
-21 . 8 7
.24
i.4O
.76
-15 . 7 6
1,40
,18
-( .66
1 .13
.20
.62
If . 9 9
1] . 3 4
H .16
1, . 4 3
IS . 4 8
.60
-1 .43
.51
19.66
2 8.81
_ .21
- V-79
7.76

-2 .75
29 . 3 8
8 .46
17 . 6 6
-17 .91
2 .67
9 .83
-0 .94
-17 .96
14 . 5 3
2 .01
-10.95
14 . 3 9
7 .40
7 .99
19 .25
20 , 5 6
12 . 6 5
15 . 0 5
13 . 2 8
-2 .29
10 . 7 9
8 .11
27 . 0 5
25 . 1 9
-21 .97
3 .07

8 .34
34 . 4 6
9.14
7 .23
-15 .76
6 .92
8 .48
- 2 .65
-12 .89
15 . 6 1
-9 .34
.31
1 .80
11 .36
10 . 2 8
13 . 0 4
25 . 3 0
5 .40
7 .60
13 . 4 7
1 .05
5 .13
9 .98
28 . 3 7
14 . 3 4
- 2 9 .70
11 . 6 8

18 . 6 2
20 . 8 0
10 . 1 6
-5 .45
-13 .53
9 .70
10 . 2 0
-5 .23
.06
8 .46
-3 .43
7 .37
3 .70
4 .86
12 .11
12 . 2 7
21 . 2 3
8 .29
2 .99
13 . 4 9
2 .91
-5 .24
13 . 4 0
21 . 5 7
6 .12
-13 .73
9 .11

21 . 4 1
9 .75
7 .03
-20 .21
_1 . 8 0
7 .49
4 .35
-10 .34
7 .30
10 . 6 8
-3 .62
9.35
6 .04
5 .87
16 . 0 7
6 .64
16 . 6 0
11 . 2 0
13 . 4 0
8 .82
-0 .86
5 .22
21 . 6 9
23 . 7 9
-4 .18
-3 .71
7 .57

15 | 2 i
1 !95
-11 ,20
3 .58
-12 .15
13 . 0 6

25 . 3 4
10 . 3 0
5 .68
-18 .64
-5 .91
6 .90
7 .68
-7 .39
6 .18
12 ,17
-1 .56
7 .97
6 .52
4 .78
14 .77
7 .41
16 . 6 6
11 . 5 0
9 .66
11 . 8 9
- 0 .17
4 .19
22 . 1 6
19 . 1 9
-3 .68
-3 .28
7 .03
.11
17
- 5 !55
- 5 .25
1 .76
-15 .20
15 . 9 6

2 t!34
-1 .20
-2.11
-2.82
-23.53
1 r.os

18
23
-8
-2
-16
-16

;79
.67
.79
.27
.17
,80

26 . 6 9
13 . 7 9
-5 .14
1 .78
- 1 5 .17
-1 .86

16 . 1 6
7 .79
-13 .99
5 .51
-13 .19
9 .83

20
-8
-3
-0
-19
16

,14
.90
.38
.13
.46
.51

11 . 4 1
23 , 6 0
6 .69
-0 .19
- 1 2 .25
6 ,70
8 .21
-4 .79
-5 .62
12 . 3 7
- 3 .59
.77
6 .46
7 .37
11 . 6 2
13 . 3 0
20 . 9 2
9 .39
9 .76
12 . 2 6
0 .20
3 .97
13 . 3 0
25 . 1 9
10 . 3 7
-17 .28
7 .91
13 . 34
20 *.45
9 .09
-7 .62
1 .22
-16 ,00
1 .91

13,349

1 2 , 6 94

1 2 , 358

1 2 , 069

12 , 9 5 9

3 4 , 602

35, 977

3 9 , 343

3 7 , 3 86

1 4 7 , 213

12 , 6 5 1
13,512
14,090
13.991

12,936
13,212
14,017
13.996

1 2 , 855
1 3 , 43 0
1 4 , 007
14. 073

891
855
406
652
106
699
048
699
071

14 ^266
3 ,719
4 ,671
5 ,531
6 ,193
L6 , 6 4 7
L7 , 6 0 5
L7 , 6 1 7
L7 , 9 3 9

3 9 , 194
4 3 , 0 95
4 1 , 7 87

4 0 , 801
4 2 , 531
4 2 , 220

4 0 , 1S4
4 2 , 114
4 2 , 060

3 9 , 117
4 2 , 204
4 1 , 634
4 3 , 156

4 6 , 526
4 9 , 417
4 9 , 352
5 3 , 155
5 4 , 3 90
53 ,
5 7 , 351

47,
49,
49,
54,
55,

156 , 5 4 8
1 6 2 , 353
1 6 9 , 0 94
1 6 9 , 133
651
1 8 9 , 729
2 0 0 , 002
2 0 0 , 353
2 1 5 , 413
2 1 9 , 529

465
815
342
302
518

65,
69,
74,
72,
79,

5 .21
37 . 8 6
7 .41
11 . 4 7
-16 ,37
6 .93
8 .41
-3 .12
- 1 8 .43
21 . 4 0
-7 .46
-3 .50
6 .49
12 , 7 2
9 .94
16 . 4 1
26 . 2 3
7 .73
7 .16
12 . 6 6
-0 .98
12 . 4 0
8 .58
31 . 5 6
15 . 3 4
- 3 4 .05
10 . 2 8

8.00
34.14
8.73
4.94
-15.73
6.63
8.43
-2.47
-12.54
16.86
-10.34
1 .66
0,23
12 .16
9 .87
12 . 0 8
25.49
4.90
7.50
13.57
1.99
5.14
9.77
27.69
13.09
-30.43
12.14

11.80
31 . 3 8
11.27
5.29
-15.17
7.20
8.59
-2.37
-7.70
9.18
-10.21
5.77
-1.31
9.20
11 . 0 3
10 . 6 4
24.16
3.58
8.15
13 , 9 7
2.14
-2.15
11 . 5 9
25.85
14.59
-24.61
13.21

13.67
26.67
12.32
2 .04
-14.42
9.27
9.59
-4 .08
-2.40
6.27
-6.03
7.18
1.58
6.20
11 .87
12 .1 6
23 . 2 4
4.32
4.72
14.23
2.19
-7.34
11.06
24.55
13.75
-19.56
12.36

18.64
21 . 0 4
10.62
-5.42
-14.47
11 . 2 1
10.26
-6.02
1.34
7.98
-2.80
7.22
4.49
4.51
11 . 4 4
13.76
22.09
8.30
1.22
13.45
3 .06
-6.77
12.14
21.29
5.69
-14.13
8.23

23 . 5 6
14 . 6 9
7 .53
- 1 2 .96
-11 .71
8 .63
10 . 7 4
-5 .59
4 .23
11 . 1 4
-1 .47
7 .71
5 .03
3 .86
13 . 0 3
10 . 8 6
18 . 3 6
12 .26
3 .04
12 . 8 0
3 .47
-1 .61
17 . 0 1
18 . 8 6
-1 .09
-7 .50
6 .75

25 !55
15 . 2 6
- 3 .65
0 .54
-15 .74
-5 .94

28!64
13!o3
-3.43
1.41
-14.22
-1.73

25*89
-8.34
3.38
-15.56
2.02

18.67
12.34
-14.69
6.93
-14.71
6.63

u',61
9.09
-16.09
6 .03
-12.72
9.80

11,916

12,345

13,300

1 2 , 735
1 3 , 208
1 4 , 218
1 3 . 991
15 , 255

12,840
13,708
14,167
13,957

12 ,7 92
13,685
14,146
14,272

n!o7

S/ LE8 OP B
TC

as)
1950...
1951 . . .
195 2 . . .
195 3 . . .
195 4 . . .
195 5 . . .
1956...
195 7 . . .
195 8 . . .
195 9 . . .
1960...
1961 . . .
1962...
1963 . . .
1964.. .
1965.. .
1966.. ,
1967.. .
1968...
1971 ., ,
1973!!.
1974, . .
1975...
1976..,
1977 . . .
1978...
197 9. . .
1980...
1981...
1982...
1963...
1984...

u, 716

11 , 3 3 9
13 , 8 8 5
13 , 0 3 0
14 , 3 5 2
13 , 7 1 2
14 ,76!i

11. 589
1 3 , 716
1 3 , 274
14 , 325
U , 055
14 , 896

11, 674
13 , 021
1 2 , 890
1 4 , 418
1 4 , 020
15 , 005

16 , 3 2 9
16 , 6 5 9
17 ,5 83
16
1 7 , 953
19 , 0 0 9
20 , 3 0 1
21 , 0 4 6
22 , 9 1 8
24 , 9 1 9
23 , 9 6 3
25 , 4 4 0

1 6 , 635
16, 374
1 7 , 712
1 8 , 159
17 , 889
1 9 , Oil
20 , 148
2 1 , 143
2 3 , 063
2 4 , 993
2 3 , 579
2 5 , 748

1 6 , 453
16, 319
1 7 , 860
1 8 , 139
1 8, 07 8
1 9 , 331
2 0 , 30 9
21 , 2 96
2 2 . 834
2 5 , 430
2 3 , 760
2 6 , 330

1 6 , 493
1 6 , 535
1 7 , 871
1 6 , 615
17 , 75 8
1 9 , 436
2 0 , 3 97
21, 472
2 3 , 026
2 5 , 0 84
2 3 , 871
2 6 , 313

16,534
16,517
16,011
18,337
16,025
19,568
20,26 8
21 , 7 6 2
23,383
24,653
23,871
26,446

16,820
16,476
18,175
18,312
18,15 9
19,317
20,419
21 , 7 7 9
23,243
25,222
24,430
26,898

15,744
16,799
16 , 7 4 6
18,169
18,128
18,145
19,623

15,826
16,967
16,853
18,285
18,190

1 5 , 906
1 6 , 841
16 , 7 45
1 8 , 046
1 8 , 173

1 9 ,7 45

21!887
23,622
25 , 3 2 8
24,324
27,239

22^195
2 3 , 6 97
25 , 6 1 5
24 , 4 1 3
27,538

1 9 , 804
20 , 57 9
2 2 , 404
2 3 , 760
25 , 667
2 4 , 841
2 7 , 059

44 9
2 9 ! 989
3 2 , 527
35 , 3 80
4 1 , 861
4 3 , 339
4 7 , 184
5 2 , 904
50, 509
6 2 , 940
7 1 , 911
7 9 , 0 84
86, 499
8 8 , 846
9 2 , 211

2 9 ! 963
3 2 , 657
36 ,
4 2 , 012
4 3 , 905
4 6 , 182
5 2 , 966
5 8 , 888
6 4 , 226
7 3 , 100
7 7 , 804
8 6 , 7 83
8 7 , 882
9 3 , 804

074
3 3 ! 155
36 , 235
4 1 , 969
93
44 64 ,, 5667
5 3 , 709
5 9 , 441
6 6 , 004
7 3 , 227
77, Oil
86, 362
8 8 , 268
9 5 , 12S

30^551
33,092

3 0 , 7 84
33 , 6 6 4

30^948
33,633

3o!979
34,101

34!

42^316
46,981
50,032
54,934
60,822
68,096
76,379
80,327
88,714
89,251
98,277

3 8,
4 2 , 975
208
46,
50, 359
5 4 , 967
61, 039
6 8 , 45 8
7 7 , 046
8 0 , 881
8 8 , 297
90, 019
9 9 , 537

,on

29
32
35
41
43
46
52
57
61
71
79
85
66
92

[in
,253
, 100
,315
,166
,358
,8/9
, 3 -»0
,480
,414
,692
,3<t9
,468
,526

41!980
44,895
48,556
53,296
59,714
66,814
73,807
76,993
8 5 , 7 25
8 9 , 7 94
97,239

45,200
48,862
54,418
59,523
67,583
74,148
78,105
87,138
88,048
98,638

45 ,7 85
49,469
54,614
60,524
67,470
74,151
79,538
86,985
89,252
98,63 2

107
477

14,
14 t
14,
15,
15,
16,
16,
18,
16,

2 0 , 115
937
2 l ! 538
2A | 373
2 5 , 557
2 4 , 739
2 7 , 7 89
47 3
155
3 4 ! 816
43,
45
50,
55
62
69
76
82
86
90
100

NOTE: Unless otherwise noted, these series contain revisions beginning with 1981.
This series 1s 0 weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal
month of the span0 a Th1s series contains no revisions but 1s reprinted for the convenience of the user.

100




047
060
0 81
715
933
7 82
662
178
333

13!
13!
14,
15,
16,
16,
17,
17,
18,

2 0 , 220

20 , 2 1 6

7 40
667
566
121
211
532
723
3 5 ! 520

22
24
25
25
28
29
31
35

*751
[755
,3 84
,801
,113
81 2
!595
,336

63!
68!
75,
71,
77,

42
880
45
526
51
143
57
224
62
630
71
570
6 94 7 8
83
994
87
037
7 47 91
896 102

,828
,285
,923
,553
,254
,447
,086
,465
,117
,861
,438

125,
130,
139,
158,
174,
188,
216,
236,
258,
263,
278,

2l!
24|
25,
25,
28,
29

43,
258
45,
775
424
51,
56,
545
62,
009
7 86 7 0 ,
77,
961
62,
097
87,
949
92,
511
923 1 0 1 ,

89 \ 748
97, 437
188
412
7 24
749
727
646
425
5 80
651
196
541

0 84
847
526
057
264

5 8 ! 321

47,
50,
50,
54,
54,

476
607
344
500
491

5 9 ! 172

4 6 , 232
SO, 128
5 1 , 315
5 3 , 494
5 4 , 343
3 95
6 0 ; 551

9 1 , 409
9 9 , 911

9 3 , 034

6 6 , 029
7 3 , 7 95
7 6 , 507
7 5 , 661
8 4 , 113
88
9 3 ! 473

1 2 6 , 006
134, 668
1 4 4 , 0 85
1 6 1 , 423
178, 678
2 0 0 , 401
2 2 1 , 182
23 2, 109
2 5 9 , 225
2 6 6 , 110
2 9 1 , 002

1 2 7 , 750
1 3 8 , 974
1 4 9 , 860
1 6 4 , 515
1 6 2 , 3 85
2 0 4 , 024
2 2 7 , 576
2 4 0 , 7 46
2 6 3 , 996
2 6 8 , 522
2 9 6 , 646

1 2 9 , 966
1 3 6 , 5 86
1 5 3 , 490
169, 322
1 8 6 , 693
2 1 1 , 803
23 2 , 741
2 4 8 , 556
2 6 1 , 103
2 7 5 , 119
3 0 5 , 257

013
652
959
172
657

66,
71,
76,
73,
81,

466
079
610
578
836

23S *563
261,
2 84,
303,
292,
324,
346

870
126
956
936
358
717
403
4 0 6 , 234
06 9
5 0 9 , 538
5 4 0 , 968
5 8 8 , 146
6 5 7 , 375
7 2 5 , 220
8 0 6 , 898
899, 379
9 6 0 , 767
1 , 0 4 3 , 524
1 , 0 7 4 , 561
1 , 1 7 3 , 966

(DECEMBER 1984)

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

1
5S . SALES OF RETAIL STORES IH 1 9 7 2 DOLLARS
(MILLIONS OF DOLLARS)

1950...
1951 . . .
195 2 . . .
195 3 . . .
1 954 . . .
1955...
1956...
195 7 . . .
1 95 8 . . .
195 9 . . .
1960...
1961 . . .
1962..,
1963...
1964...
1965...
1966...
1967...
1968...
196 9 . . .
1970...
1971...
1972...
1973...
1974...
1975...
1976 . . .
1977...
1978...
1979...
1960...
1981...
1982...
1983...
1964...

18,527
18,43 2
18,100
20,292
19,755
21,440
22,513
22,814
21,731
23,973
24,089
23,850
25,203
26,205
27,060
28,722
31,356
28,800
30,688
31,558
32,286
33,806
36,439
40,474
38,345
36,916
40 , 3 4 0
42,580
44,263
46,120
44,409
45,675
44,340
46,323

18,368
19.667
18,596
20,138
19,805
2 1 , 2 84
22,117
23,066
21,966
23,774
24,052
23,569
24,851
26,031
26,865
29,047
30,932
28,615
30,150
31,929
32,281
33,777
35,737
40,721
38,285
37,960
40 , 3 5 4
42,45 9
43,617
45,716
4 5 , 7 40
45,864
44,826
45,67 2

17,995
20.219
18,192
20,153
19,321
21,097
22,270
22.771
22,535
23,633
24,027
2 3 , 6 85
24,913
26.229
26,742
28,864
30,994
29,081
29,659
31,815
32,177
33,597
35,598
40,465
38.612
37.446
40,335
41,847
42,754
45,866
46,495
45,5 7 9
43,539
4 5 , 7 82

62.

18,521
18,069
18,547
20,011
19,737
21,823
22,249
22,818
21,924
23,956
24,623
23,427
25,274
26.353
27,249
28,964
30,816
28,900
30,597
31,706
32,234
34,216
36,527
4 0 , 0 85
38,676
37,215
40,812
42,856
45,054
45,738
4 3 , 6 82
45,263
44,557
46,767

18,716
18,219
19,249
19,916
I A
T I * >
19,712
21,882
22,508
22,848
21,944
24,111
24,287
23,748
25,446
26,152
27,652
29,339
30,286
28,830
30,609
31,844
32,640
34,045
37,021
39,829
38,536
38,628
40 , 2 5 4
42,929
45,175
45,729
43,450
44,695
45,145
47,666

19,315
18,172
19,498
19,886
*)ft
i o n
20,180
21,740
22,440
23,165
22,049
24,201
24,254
23,925
25 , 1 2 0
26.279
27,673
29,054
30,947
29,363
31,060
31,643
32,819
34,492
37,086
39,676
38,501
38,596
41 , 0 0 8
42,577
45,297
45,573
43,805
45,314
43,870
48,328

20,651
17,951
18,95 2
19,807
19,851
22,140
22 , 2 1 0
23,058
22,386
24,193
24,042
23,812
2 5 , 5 84
26,482
27,775
29,528
31,03 9
29,131
31,381
31,633
32,923
34,390
37,245
3 9 , 9 80
38,735
38,67)
40,97]
43,139
45,010
45 , 2 9 7
44,435
44,977
4 4 , 3 82
48,256

18,688
18,451
19,679
19,766

18,050
18,363
19,483
19,522

19,099
17,981
20,010
19,331

22,134
22.351
23,183
22,561
24,315
24,093
24,075
25,676
2 6 , 3 81
28,166
2 9,6 5 8
31,238
29,132
31,617
31,904
32,886
34,797
37,515
39,291
39,315
38,905

22,480
22,412
23 ,037
22,356
23,965
24,102
24,054
25,554
26,350
28,359
29,774
31,225
29,573
30,925
32,210
32,917
35,253
37,702
39,865
38,157
39,099

22,534
22,322
22,982
22,275
24,077
24,282
24,551
25,988
26,739
27,367
30,504
31,016
29,346
31 , 6 1 4
32,281
32,760
35,527
38,576
39,832
37,459
38,937

22)470
22,564
22,792
22,670
23,536
23,872
24,724
26,15 8
26,438
27,554
3 0 , 7 95
30,989
29,694
31,985
32,135
32,204
36,208
38,775
40,000
37,013
39,371

22,270
22,634
22,670
23,349
23,427
23,666
24,734
26 , 1 5 3
26 , 9 5 0
28,726
30,790
30,768
30,462
31,802
32,334
32,980
35,874
39,558
38,688
36,609
39,727

41 , 0 2 6
43,197
45,216
46,375
44,380
45,729
4 4 , 3 81
47,847

4 3 , 2 90
45,247
46,413
44,221
45 , 2 3 4
44,719
48,366

43,823
4 5 , 7 91
46,029
44,691
44,407
4 4 , 7 85
48,96(

43,982
46,004
46,137
44,66 2
4 4 , 2 94
45 ,93 7
49,464

43^565
46,364
45 , 9 8 7
44,801
44,222
45,566
49,607

5 8,881
63,821
66,900
68,651
66,232
71 , 3 80
72,168
71,104
74,967
78,465
80,667
86,633
93,282
86,496
9 0 , 6 97
95,302
96,746
101,160
107,774
121,660
115,242
112,322
121 , 0 2 9
126,886
130,634
137,702
136,644
137,118
132,705
137,777

81.3
88.8
89.7
93.0
93,7
92.3
96.4
100.2
98.8
101.8
102.4
98.8
99,6
97,8
97.0
96.0
99.2
99.7
104.0
108.6
112.8
111.9
113.5
119.9
135.5
141.9
148.1
158.1
167.2
1 80 .1
200.6
218.6
229.0
217.1

81.6
69.5
90.7
94.4
92 .9
91 . 6
96,5
100.7
99.2
98.5
102 . 4
98.1
99.6
98.6
96 . 9
95.6
98.7
100.0
104.9
109.8
112.8
113.3
113,5
120.8
140.8
143,1
148.5
159.4
168.1
181.8
200.5
221.3
229.1
219.2

79.0
82.8
89.4
90.8
94.6
91.3
92.6
96.2
101.9
98.0
98.7
103.1
99.4
96.9
97.9
96.1
96.3
99.7
101.4
104.8
111.9
113.3
113.4
115.5
123.0
145.8
143.4
150.4
162.9
171.1
185.8
201.8
224.2
225.6

77.8
85,9
90.5
91.3
94.0
90.1
93.7
97.1
101.5
97.2
100.7
101 . 0
100.5
97.3
97.7
95,2
97.1
99.9
102.2
106.6
112.3
113.3
113.6
116 7

97.0
103.2
101.8
103.5
100.2
96.9
99.8
102 .6
99.9
98.3
101 .7
98 . 2
100.6
101.2
100.6
99 .0
100.0
98.2
99.8
103.8
103 . 2
99.8
95.6
96.9
105.8
101 .5
99.7
100.3
98.4
98.4
100.9
103.5
99.6
88.7

96.2
98.0
102.5
101 . 4
103.4
96.2
97.6
99.2
103.6
98.6
98.4
102 .5
99.5
100.1
100.7
99 . 8
99.5
100.6
98.9
99.7
105.2
103.1
99.2
96.5
97.7
108.5
100.8
100.0
101 . 2
98.9
99.4
100.3
103.6
96.9

94.0
100.8
103.1
101 .4
102,4
96.5
98.2
99.8
102.9
97.6
100.2
100 .6
100.9
98.8
100.9
98.9
99.8
100.1
98.9
101.2
104.7
102.3
98.3
96.4
97.7
106.3
99.*
100.1
99.7
98. (
103.3
100.a
103.3
93.C

INDEX OF LABOR COST PER UNIT OF OUTPUT, TOTAL MANUFACTURING
(1967-100)
78.5
83.8
89.7
91.2
94.7
90.8
93.2
96.2
102.6
97.8
99.9
102.7
99.3
98.5
98.5
95.8
96.4
100.3
101.8
105.2
112.4
113.6
114.1

77.8
85.3
89.6
91.3
94.5
90.1
93.1
97.1
102.8
97.1
100.0
101.4
100.3
97.2
97.6
95.2
97.0
99.5
102.2
106.0
112.2
113.3
113.3

78.3
85.6
90.6
91.0
94.1
90.1
93.7
97.2
101.7
97.0
100.8
101.1
100.4
97.1
97.6
95.0
97.0
100.0
102.1
106.9
112.1
113.4
113.7

77.2
86.7
91.1
91.6
93.4
90.2
94.3
96.9
100.0
97.6
101.4
100.5
100.8
97.5
97.9
95.3
97.4
100.3
102.2
106.8
112.6
113.1
113.7

76 , (
87.f
89.3
91.3
93.1
90.6
97.7
96. S
100 .3
99.3
100.'
99.(
100 .1
98.:
97.(
94. i
97.:
100. i
1 0 2 . (»
106 .<)
1 1 2 . tJ
112,f 1
in.; [

76.6
88.7
89.9
90.9
93.5
91.0
95.7
97.6
99.8
100.6
100.6
99.3
100.0
97.8
98.0
94.8
98.3
101.0
102.9
107.7
112,9
114.2
113.1

77.8
88.7
90.1
91.1
92.6
91.2
95.4
97.1
100.0
101 .1
101.1
96.8
99.7
97 .9
98.5
94.9
98.2
100.4
103.6
106.0
112.9
112.4
113.2

79. 8
88.3
90.3
92.1
93.C
91.0
96.1
98.3
98.«
101 .6
101.4
98. t
99. <
97.5
98.2
95.:
97.
99.
104.S
108.2
112.9
112.0

1973 . . .
1974...
1975...
1976...
1977...
197 8 . . .
197 9 . . .
1980...
1981...
1982...
1983...
1984...

115.0
122.4
144.1
143.9
149.3
161.6
170.4
183.9
201.9
225.8
227.4

115.7
123.2
145.6
143.0
151.2
163.5
171.5
185.6
200.9
223.3
225.6

115.7
123.5
147.7
143.4
150.7
163.5
171.5
188.0
202.6
223.5
223.9

124.4
145.9
144.0
151.8
162.5
175.0
192.0
204.2
226.5
221.9

125.2
145.7
144.3
152.9
163.4
173.5
196.8
205.1
228.2
220.4

125.7
143.3
144.2
154.0
163.7
174.4
201.3
206.6
228.5
219.0

126 . i
141..
144.5
154.(
164., I
176.4
202.' i
206.,
226. )
216. i•

127 .6
141.0
145.3
155.5
164.4

128.4
140.6
146.7
156.5
165.4
178.9
201.7
210.3
226 .4
214.4

131 It
142.4t
147.J
157.1
165. )
179.! >
200. }
214. 3
227. ?
215. )

96.9
96.9
102.6
101.4
103,4
98.5
97.3
99.6
103.0
99.2
97.2

1961., .
1962 . . .
1963 . . .
1964...
1965...
1966 . . .
1967...
196 8 . . .
196 9 . . .
1970...
1971 . . .
1972...
1973...
1974...
1975...
1976...
1977...
197 8 . . .
197 9 . . .
1980...
1981...
1982...
1963...
1964...

102.5
99.8
100.4
100.1
100 .0
99 .1
100.4
98.8
99.6
105.4
103.2
98.8
96.5
97 .7
107.7
101.6
99.6
101.0
99.1
99.0
101 ,0
104.9
98.3

203.0
207.6
226.2
214.7

99.3
100.0
100.6
100.0
100.0
100.4
99 .0
99.4
104.8
103.1
99.5
96.7
97.8
108.3
100.5
100.5
101.6
99.1
99.2
99.8
103.2
96.9

95.4
98.9
102.6
101.7
103.4
97.5
98.1
99.1
104.2
96.3
99.5
99.5
99.8
101.5
99 .5
99 .4
101.1
99 .0
100 .0
105.4
103.1
99.4
96.3
97.5
109.4
100.3
99.7
101.0
98.5
99.9
100 .1
102.6
95.6

94.3
100.4
102.5
101.6
103.0
96.6
97.8
99.9
104.3
97.5
99.5
100 .6
98.6
100.7
98.9
99 .9
100.0
99.2
100 .7
104.9
102.5
98.4
96.5
97.7
107.5
100.2
99.9
99.8
99 .8
101.4
100 .2
103.4
94.2

94.6
100.5
103.2
101.0
102.5
96.4
98.2
99.9
103.1
97.4
100.3

93.1
101.5
103.6
101.5
101.6
96.4
98.6
99.5
101 . 2
97.9
100.8

i An
7
1 UU » /

inn
*>
1 l/U • Z

100.8
98.6
100.8
98.7
99.7
100.2
98.6
101.5
104.5
102.3
98.3
96.
97.(J
106. )
9 9 . <i
100.]
99.(J
96.:
103.:
100.
103..
93.0

101.2
99.1
101.2
99.0
99.9
100.2
98.7
101.4
104.7
101.7
98.0
96.2
97.6
104.6
99.4
100.3
99.4
98.2
105.0
100.2
103.0
91.9

92 J•
102. >
101. I
100 . 9
101 . I
96. >

102. 3
99. 3

101. i

99. +

100. 3
5

100 ! 5
100 . D
101 . 3
98. 0
99. 5

100. S
99. D

101. k
104. 5
101. 1

97. 2
96. 1
97. 9
102. 6
99. 2
100. 2
99. 1
98. 6
104. 9
99. 4
101. 7
90. 2

91.9
103.3
101.8
100.3
101.5
96.9
99.7
99.9
100.9
100.7
100.0
99.1
10<K6
99.7
101.5
98.4
100.5
100.4
98.9
102.1
104.4
102.0
96.7
96.1
98.0
101.9
99.3
100.1
98.6
99.0
104.6
99.5
100.8
89.0

NOTE: Unless otherwise noted, these series contain revisions beginning with 1980.
'This series contains revisions beginning with 1981.




56,552
54,460
5 7 , 2 94
5 9,813
5 9,629
65,445
67,197
68,831
65,917
72,268
73,164
71,100
75,840
78,784
82,574
87,357
92,049
87,093
92,266
95,193
97.693
102,753
110,634
119,590
115,713
114,439
122,074
128,362
135,526
137,040
130,937
135,272
133,572
142,761

60,707
54,545
56,276
59,158
5 9,865
66,754
66,973
69,278
67,305
72,473
72,237
71,941
76,814
79,213
64,300
88,960
93,502
87,836
93,923
95,747
98,726
104,440
112,462
119,136
116,207
116 ,6 82
122,804
129,626
135,473
138,085
133,036
135,940
133,462
144,471

55,837
5 4 , 7 95
59,172
58,619
61 , 7 3 9
67,274
67,520
68,444
6 8,2 94
71,040
71,820
74,009
78,299
80,127
63,647
92,089
92,773
89,502
95,401
96,750
97,944
107,609
116,909
118,520
111,081
118,035
12 4 •, 6 51
131,370
138,159
138,153
134,354
132,923
136,288
148,039

227,986
222,118
227,630
238,173
240,114
263,294
268,590
275,204
267,748
267,161
289,389
288,154
305,920
316,589
331,188
355,039
371,606
350,927
372,287
382,992
391,109
415,982
447,779
478,906
458,243
461,478
490 ,55 8
516,244
539,792
550,980
534,971
541 ,253
536,047
573,048

U3J
118.

125 II
145.0
144.2
152.9
163.2
174.3
196.7
205.3
227.7
220.4

77.1
86.4
89.7
91.1
93.1
90.9
96.3
97.2
100.0
100.3
100.9
99.3
99.9
98.0
98.1
94.7
97.9
100.8
103.1
107.5
112.9
113.1
113,2
117.5
127!6
141 . 0
145.5
155.5
164.7
177.9
202.4
20 8 . 1
226.5
215.2

80.9
86.9
90.2
1
93.2
93.2
91.6
96.3
99.7
98.9
100.6
102.1
98.6
99.7
98.0
97.4
95.6
98.6
99.8
104.5
108,9
112.8
112.4
113.4
119.9
136.*0
142.5
147.9
158.2
167.1
180.5
200.6
21 8 . 2
228.7
217.1

78.7
86.5
90,0
91.6
93.7
91.0
94.7
97.5
100,6
99.0
100.6
100.5
99.9
96,0
97.8
95.4
97.5
.100,0
102.8
107,0
112.5
113.0
113.4
117.4
127 ,*9
143.6
145.2
154.3
164.4
175.9
196.4
208.4
226.8
219.6

=ENT OF IREND

LABOR COST PER 0KIT OF OUTPUT, MANUFACTURING—ACTUAL DATA
(PERCENT)
96.4
98.2
102.3
101.2
103.3
98.6
97.5
98.9
103.5
98.4
96.4

Annual

AVERAGE FOR PERIOD

79.2
83.0
89.2
90.6
94.5
91.7
92.5
95.9
101.8
97.8
98.7
103.4
99.1
98.8
97.8
96.3
96.8
99.5
101 .5
104.6
111.5
113.3
113.7

17B.3

IV Q

TOTAL FOR PERIOD
54,890
56,318
54,868
60,583

19,461
18,240
18,815
19,668

79.4
81.7
89.2
90.5
94.5
91.4
92.1
96.4
101.2
98.5
97.5
103.1
99.7
99.3
97,4
96.3
95.8
99.3
100.9
104.7
111.8
113.1
112,5

1950...
1951 . . .
195 2 . . .
1953...
1954...
1955...
1956...
195 7 . . .
195 8 . . .
195 9 . . .
1960...

III Q

20,595
18,354
18,509
1 9 , 6 83

1950...
1951 . . .
195 2 . . .
1953...
1954...
1955...
1956...
195 7 . . .
195 8 . . .
195 9 . . .
1960...
1961...
1962...
1963...
1964...
1965,..
1966...
1967...
1968...
196 9 . . .
1970...
1971...
1972...

62.

II Q

AVERAGE FOR PERIOD
93.1
103 .0
101.8
100.3
100.4
97.0
99.2
99.3
101.0
101.2
100 .4
98.7
100 ^4
100.0
102.1
96.5
100.2
99.5
99 .3
102.3
104.1
100.1
96 .4
95.9
98.0
101 .3
99.8
100.2
98.6
98.7
103.2
100.1
100.3
88.3

95. }
102. )
101. 1
101. I
100. 1
96. >
99. 3
100. 3
99 . 7
101. 5
100. 7
98. B
100 . 6
99. 7
102. 0
98. 9
99. 6
96. 5
99. 9
102. 4
103. 8
99. 4
96. 0
96. 4
99. 8
102. 0
99. 7
100 . 0
98. 4
98. 4
102. 1
101. 7
100. 3
88. 0

96.6
102.6
100.9
102.1
101.3
97.8
99.9
102.2
99.6
101.7
101.7
98.9
100.4
100.2
100.7
99.5
100.7
98.2
99.2
Ift2.7
103.5
99.0
96.C
96.7
102.3
101.1
99.9
100. C
98.5
98.1
101.2
102.(
100.;
88.4

92.5
102 . 9
101.6
100.5
101.0
96.8
100.3
99.5
101 .1
100.4
100.2
99 .3
100.5
99.9
101.6
98.3
100 .1
100.2
99.1
101.5
104.4
101.1
96. £
96.0
98.0
101.9
99.4
100.2
98. i
98.(
104.3
99.7
100. <
89.3

96.4
102.7
101 .5
102.3
100.7
97.1
99.6
101.7
99.7
100.5
101.4
96.6
100.5
100.4
101 . 1
99.1
100.1
98.3
99.6
103.0
103.5
99.4
95.9
96.7
102 ,6
101.5
99.8
100.1
98.4
98.3
101.4
102.7
100.0

68.4

94.8
101.1
102.2
101.4
101; 9
97.2
99.0
100.0
101.8
99.3
100.0
100 .2
100.4
99.6
101.1
99,0
99.9
99.6
99.1
101.4
104.4
101.4
97,5
96.4
99.0
104.6
100.0
100.1
99.5
98.7
102.1
100.7
102.0
91.9

(DECEMBER 1984)

101

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.
950,

1950...
1 951 . . .
195 2 . . .

83.3
3 0.0
!»8.3

:> o . o
1954 . . .
195 5 . . .
1956...
195 7 . . .
195 8 . . .
195 9 . . .
1960...
1961 . . .
1962...
1963..,
1964...
1965...
1966...
1967...
196 6 . . ,
196 9 . . ,
1970...
1971 . . .
197 2 . . .
19? 3 . . .
1 9? 5 ! ! !
1976..,
1978!!!
1979.. .
1980.. .
1981...
1982...
19fi3...
1984...

!>8.3
72,7
45 . 8
L6.7

75 !o
29.2
62.§
41 .1
62.5
66.7
83.3
79.2
62.5
45.6
7 5.C
13.6
66.?
79.2
75,C
41 .7
25.6
83.3
58.3
25.0
66.7
58.3
8.3
45.0
7 5.0

83 .3
54.2
54.2
50 .0
75.0
87.5
25.0
37 .5
29.2
75.0
37.5
58.3
87.5
66.7
58.3
70.8
66.7
41.7
58.3
41.7
18.2
66.7
79.2
75.0
41 .7
33.3
58.3
75.0
62.5
41.7
25 .0
33.3
58.3
70,8

54.2
50.0
50.0
66.7
50.0
66.7
50,0
50.0
58.3
87.5
8.3
87.5
50.0
66.7
45.6
58.3
66.7
54.2
41 .7
20.8
16.7
66.7
79.2
41.7
41.7
41.7
66.7
66.7
75.0
79.2
33.3
53.3
33.3
66.7
950.

19§0...
1951. . ,
195 2 . . .
1 95 3 . . .
195 4 . . .
19S5...
195 6 . . .
195 7 . . .
1958...
195 9 . . .
1960...
1961...
196 2 . . .
1 963 . , ,
196 4 . , .
196 5 . . .
1966...
1967 . . .
196 8 . . .
196 9 . . .
19/0...
1971...
1972...
1973...
1974...
1975...
1976...
197 7 . . .
197 8 . . .
19? 9 . . .
1980...
1981...
1982...
1983...
1984...

95. 6
41 .7
5 8.3
54.2
5 8.3
91 .?
58.3
12.§
33.S
91 .7
2 9.2
54.2
66.7
7 5.0
83.3
6 2.5
63.3
33.3
7 5 !o
8.3
100.0
100.0
7 5.0
16.7
33.3
63.3
91.7
63.3
33.3
8.3
7 5.0
41 ,1
100 ,0

100.0
45.8
58.3
33.3
66.7
83.3
25.0
8.3
50.0
83.3
41 .7
91.7
29.2
91.7
83.3
70.8
66.7
41.7
62.5
45.8
16.7
100.0
91.7
58.3
8.3
50.0
100.0
91.7
87.5
25.0
16.7
54.2
41 .7
100 .0
951.

195 0 . . .
1951 . . .
195 2 . . .
1 95 3 . . ,
193 4 . . .
195 5 . . .
195 6 . . .
1 95 8 ! ! !
195 9 . . .
1960...
1961...
1962...
1963...
196 4 . . .
1965...
1966...
1967...
196 8 . . .
196 9 . . .
1970..,
1971...
197 2 . . .
197 3 . . ,
1974.. .
197 5 . . .
1976,..
1977 . . .
197 8 . . .
197 9 . . .
1980...
1981...
1982. , .
1983...
1984...

7 5.0
75.0
7 5.0
100 .0
25.0
10 0 . 0
50.0
25 .0
0.0
75.0
100.0
50.0
25 .0
6 2.,c»
100.0
7 5.0
100.0
160 A)
25.0
75.0
0.0
100.0
160.0
100.0
50.0
25,0
100.0
f!7 .S
25.0
50.0
100.0
100.0
0.0
100.0

50.0
50,0
100.0
100 .0
50.0
100 .0
50.0
100.0
12.5
100.0
25.0
37.5
87.5
100.0
100 .0
100 .0
100 .0
25.0
75.0
100.0
75.0
50.0
75.0
100,0
25 .0
25 .0
100.0
100.0
100 .0
75.0
12.5
87.5
87.5
25.0

Apr.

May

June

July

Aug.

Sept.

87.5
41 .7
29.2
45.8
83.3
45.8
58.3
25.0
50.0
62,5
58.3
83.3
50,0
66.7
87.5
45 .8
45.8
50.0
33.3
66.7
25.0
58.3
62.5
41.7
25.0
95.6
66.7
54.2
54.2
29.2
12.5
100.0
66 ,7
87.5

75.0
29.2
70.8
25.0
83.3
50.0
16.7
58.3
83.3
62.5
54.2
79.2
16.7
66.7
83.3
75.0
12.5
66.7
54.2
29.2
75.0
50.0
33.3
50.0
25.0
83.3
54.2
62.5
41 .7
45.8
25.0
41,7
37.5
70.8

58.3
16.7
91.7
16.7
91.7
62.5
33.3
66.7
87.5
37.5
62.5
79.2
25.0
45.8
45.8
37.5
20.8
79.2
66.7
37.5
58.3
41.7
75.0
33.3
25 .0
83.3
62,5
83.3
50.0
25.0
50.0
25.0
37,5
87.5

75.0
25.0
50.0
41.7
79.2
62.5
41 .7
33.3
91 .7
29.2
54.2
66.7
87.5
45.8
70.8
41.7
25.0
75.0
66.7
25.0
54.2
50.0
58,3
41 .7
45.8
83.3
66.7
25.0
29.2
29,2
79.2
33.3
58.3
62.5

66.7
45.8
50.0
37.5
58.3
54 .2
37.5
41.7
75.0
58.3
33 .3
83.3
79.2
50 .0
75.0
50 .0
33 .3
100.0
45.8
37.5
41 .7
50.0
79.2
20.8
12.5
41.7
50.0
83.3
58.3
16.7
83.3
41 .7
58.3
62.5

41.
66.
75.
12.
79
54
41
37
91
41
66
50
75
83
75
50
16
58
87
58
70
66
70
41
25
66
50
54
58
58
91
8
62
66

102

Nov

Dec.

I Q

100.0
25.0
66.7
25.0
79.2
81.8
25 .0
12.5
79.2
83.3
16.7
91 .7
33.3
83 .3
83.3
58,3
45.8
58.3
50.0
25.0
25.0
79.2
83.3
75.0
25.0
66.7
87.5
83.3
83.3
33.3
16.7
58.3
45.8
100.0

95.8
16.7
75.0
16.7
91 .7
91 .7
25 .0
25.0
91 .7
75.0
16 .7
91 .7
50.0
91 .7
83.3
41 .7
37.5
66.7
66.7
33.3
18.2
70.8
83.3
45.8
29.2
91.7
83.3
75.0
83.3
25.0
8.3
45.8
66.7
91 .7

II Q

III Q

Annual

IV Q

AVERAGE FC R PF RIQD
7
7
0
5
2
2
7
5
7
7
7
0
0
3
0
0
7
3
5
3
8
7
8
7
0
7
0
2
3
3
7
3
5
7

0
6
1
4
3
7
4
8
9
7
2
0
8
5
7
8
0
9
2
6
1
0
5
7
1
3
3
I
3
8
2
7
7
1

60.
45,
57.
41.
74
56.
40
35
68
54
41.
72
55
61
65
60
38
64
59
40
46
61
66
45
28
60
61
62
52
39
51
37
54
69

1
5
6
7
7
8
3
8
I
5
0
9
9
8
6
4
6
9
7
3
4
8
8
5
1
8
1
2
4
6
7
8
8
4

69 .5
33 . 3
7 7.6
13 , 9
97 . 2
61 . 1
30 .5
8 .3
100 .0
19 .4
36 , 1
91 .1
66 .1

37 .5
69 .5
75 .0
41 7
97 .2
37 5
34 .7
12 5
88 . 9
19 .4
34 .7
93 .0
80 .6

72
39
73
26
86
66
31
14
85
43
32
89
57

.6
.9
6
7
5
5
2
.9
.1
.7
.6
.6
.3

80 .6
83.3
45.8
25 .0
80.6
63.9
33.3
25.5
68.1
83.3
26.4
15.3
97.2
72.2
70.8
62.5
22.2
30.5
45.8
54,2
94.5

.8
7 6 .4
75 ,0
4 .2
100 .0
90 .3
5 .5
38 .9
66 . 7
90 .3
20 . 8
2 ,8
87 .5
61 . l
66 ,1
47 . 2
22 .2
91 .6
11 . 1
51 .4
80 .6

16
73 .6
88 . 9
34 .7
81 . 9
86 . 1
8 .8
80 .5
94 .5
90 . 3
20 . 8
5 .5
94 .5
5 8 .4
68 .1
58 .3
16 .6
61 . 1
13 . 9
87 .5
81 . 9

7 9 *2
79
6 8 !4
32 . 3
76 .7
75 .4
24 . 1
40 .4
80 .6
88 . 9
34 .4
10 . 1
82 . 3
70 .5
74 .0
63 . 2
22 . 9
49 . 3
33 . 3
59 .0
89 . 2

83 . 3
56 . 2
68 .8
50
57 . 3
91 .7
68 .8
34 .4
60 .4
71 . 9
27 . 1
83 . 3
76 .0
84 ,4
85 ,4
92 .7
66 .5
76 .0
82 . 3
79 .2
40 .6

41 .7
54,2
45.8
50 .0
100 .0
20.8
41 .7
33.3
66.7
25,0
16.7
79.2
54,2
79.2
58.3
62.5
25.0
33.3
87 .5
33.3
50.0
66 ,7
75.0
54.2
12.5
66.7
58.3
70.8
70.8
16,7
54.2
25.0
75.0
75.0

12. 5
50. 0
58. 3
33. 3
83. 3
66. 7
58. 3
0. 0
79. 2
33. 3
33. 3
75. 0
62 5
45 8
62 5
66 7
29 2
70 8
66 7
16 7
58 3
75 0
66 7
54 2
16 7
58 3
66 7
58 3
54 2
25 0
66 7
50 0
58 3
45 8

41.7
62.5
58.3
70.8
54.5
37.5
33.3
29.2
45.8
66.7
37.5
70.8
41 .7
62.5
58.3
83.3
41 .7
87.5
62.5
41 .7
75.0
83.3
66.7
16.7
25.0
50.0
50.0
54.2
50.0
41 .7
41 .7
29.2
66.7
62.5

73.6
51.4
54.2
55.6
61 .1
75,6
40,3
34.7
48.6
79.2
25.0
69.4
59.7
65.3
56.9
70,6
70.9
52.6
48.6
45.8
16 .2
66.7
79.2
63.9
41 .7
33.3
69.4
66.7
54.2
62.5
38.9
33.3
45 .8
70.8

73.6
29.2
63.9
29.2
86.1
52.8
36.1
50.0
73,6
54.2
58.3
80.6
30.6
59.7
72.2
52.8
26.4
65.3
51.4
44.5
52.8
50.0
56.9
41.7
25.0
87.5
61.1
66.7
48.6
33.3
29.2
55 .6
47.2
81.9

50.0
75.0
58.3
50.0
100.0
29.2
33.3
20.8
91 .7
8.3
37,5
95.8
75.0
7 0.8
62.5
83.3
45.8
7 0.8
75.0
0,0
100,0
91.7
87.5
16.7
8.3
100.0
66.7
79.2
62,5
8.3
50.0
25.0
91.7
79.2

98.6
37.5
61 .1
37.5
68.1
85.6
36.1
11.1
54.2
86.1
29.2
79.2
43.1

84.7
19.5
80.6
13.9
83.3
82.0
23.6
27.8
97.2
50.0
30.6
94.5
38.9

83 ,2
83.3
63.9
65.3
44,4
61.1
48.6
16.7
93.1
91.7
69.4
16 .7
50 .0
90.3
88.9
84.7
30.5
13.9
62.5
43.1
100.0

DIFFUSION INDEX OF 12 LEADING INDICATOR COMPONENTS
(PERCENT RISING OVER 6-MONTK SPANS)

61 1
45 8
58 3
30 6
72 2
57 0
40 3
37 5
86 1
43 1
51.4
66 7
80 .6
59 .7
73 6
47 2
25 .0
77 . 8
66 .7
40 . 3
55 .6
55 .6
69 .4
34 ,7
27 . 8
63 . 9
55 .6
54 . 2
4 8 .6
34 .7
84 .7
27 . 8
59 .7
63 . 9

32.
55.
54.
51.
79
41
44
20
63
41.
29
75
52
62
59
70
32
63
72
30
61
75
69
41
18
58
58
61
58
27
54
34
66
61

AVERAGF, FOR P ERIOD

83.3
16.7
66.7
16.7
70.8
87.5
33.3
33.3
100.0
45.8
33.3
100.0
29.2

75.0
25.0
100.0
8.3
87.5
66.7
12.5
25.0
100.0
29.2
41 .7
91 .7
37.5

75.0
25.0
75.0
8.3
91.7
58.3
8.3
25.0
100.0
25 .0
41.7
91.7
54.2

66.7
33.3
83.3
8.3
100.0
66 .7
50.0
0.0
100 .0
8.3
33 .3
91 .7
7 5.0

66 .7
41 .7
75 .0
25 .0
100 . 0
5 8 .3
33 . 3
0 .0
100 .0
25 .0
33 . 3
91 .7
70 . 8

45.8
66.7
83.3
33.3
91 .7
50.0
45.8
8.3
91.7
25.0
33,3
83 .3
87.5

7 5.0
83.3
45.8
20,8
83.3
54.2
25.0
25.0
66.7
83.3
16.7
8.3
100 .0
66.7
75.0
62.5
16.7
33.3
58.3
50.0
100.0

7 5.0
83.3
50.0
16 .7
91 .7
70.8
41 .7
33.3
66.7
83.3
16.7
8.3
100.0
66.7
62.5
41.7
25.0
50.0
33.3
45.8
91.7

66.7
75.0
0.0
100.0
87.5
8.3
33.3
50.0
87.5
20.8
8.3
91 .7
54.2
75.0
41.7
25.0
83.3
8.3
50.0
91.7

70.8
66.7
4.2
100.0
91 .7
0.0
33.3
75.0
91 .7
20.8
0.0
87.5
62.5
62.5
58.3
16.7
95.8
16.7
41.7
83.3

91 .7
83 .3
8 .3
100 .0
91 .7
8 .3
50 .0
75 .0
91 , 7
20 . 8
0 .0'
83 . 3
66 , 7
66 . 7
41 . 7
25 .0
95 . 8
8 .3
62 .5
66 . 7

83.3
100.0
25.0
91 ,7
91 .7
18.2
58.3
100.0
91.7
25.0
0.0
91.7
41 .7
66.7
58.3
20.8
75.0
8.3
83.3
83.3

16 7
66 7
83 3
41 7
100 0
33 3
25 0
8 3
83 3
25 0
33 3
100 .0
79 .2
7
75 0
83 3
33 ,3
83 . 3
91 .7
8 .3
83 .3
91 .7
91 .7
20 . 8
8 .3
91 .7
66 .7
5 8 .3
54 . 2
20 . 8
5 8 .3
8 .3
87 .5
83 .3

75.0
87.5
87.5

50 .0
62 .5
50 .0

100.0
75.0
100.0

75.0
66.7
75.0

100,0
54.2
54.2

83 . 3
29 . 2
66 . 7

75 .0
75 .0
79 .2

100.0
75.0
100.0
0.0
87.5
50 .0
25.0
100.0
100.0
100.0
12 .5
100.0
100 .0
37.5
100 .0
100.0
0.0

100 .0
100 .0
62 .5
0 .0
100 .0
75 .0
0 .0
100 .0
87 .5
50 .0
100 .0
100 .0
50 .0
100 .0
100 .0
0 .0
0 .0

100.0
100 .0
100.0
0.0
75.0
100.0
25.0
100.0
37.5
75.0
100.0
100.0
87.5
100.0
75.0
62.5
100.0

25 .0
100 .0
54.2
62.5
4.2
91 .7
41 .7
62.5
70.8
87 .5
87.5
91.7
100.0
66.7
66.7
91 .7
45.8

50.0
91 .7
66.7
33.3
58.3
100.0
41.7
87.5
70.8
91.7
91,7
91 .7
83.3
75.0
91 .7
75.0
29,2

54 .2
83 . 3
66 .7
41 . 7
91 . 7
20 . 8
8 .3
83 . 3
87 .5
83 . 3
91 . 7
87 .5
83 . 3
83 . 3
79 .2
95 . 8
54 .2

100 !o
100 .0
0 .0
87 .5
100 .0
100 .0
100 .0
50 .0
75 .0
0 .0
50 .0
100 .0

ioo!o

9L7
91.7
45 .«
16 .7
100.0
95.£
75.0
75.C
45.«
87.5
41.7
75.0

9l!?
66.7
66.7
79.2
83,3
95.8
79,2
58.3
12.5
66.7
33.3
95.8

87 !s
75 .0
33 , 3
91 . 7
75 .0
91 . 7
83 . 3
62 .5
75.0
45 . 8
12 .5
83 . 3

100
91 . 7
87 ,5
0 .0
87 .5
75 .0
16 . 7
100 .0
75 .0
75 .0
70 . 8
100 .0
79 . 2
79 . 2
91 .7
54 . 2
33 . 3
87 .5
100 .0
75 .0
12 .5
83 . 3
83 . 3
100 .0
100 .0
70 . 8
91 . 7
0 .0
41 . 7
100 ,0

DIFFUSION INDEX OP 4 ROUGHLY COINCIDENT INDICATOII COMPOHENTS
(PERC !NT RISING OVER 1-MONTH S PANS)
100.0
75.0
50.0
100 .0
0.0
100.0
62.5
62.5
0.0
100.0
0,0
100.0
100.0
100.0
62.5
100.0
100.0
75.0
100.0
100 .0
62.5
87 .5
100.0
75.0
62.5
0.0
100.0
100.0
100.0
100.0
25.0
75.0
37.5
100.0

100 .0
62.5
50,0
75.0
25.0
100 .0
100.0
25.0
0.0
100.0
75.0
62.5
100.0
100.0
100 .0
100.0
75 .0
75.0
75.0
75,0
25.0

100.0
50.0
62.5
6 2.5
50.0
100 .0
25.0
0.0
75.0
100.0
37.5
100.0
62.5
75,0
100,0
75.0
75.0
75.0
100.0
50.0
37.5

100.0
50.0
50.0
50.0
75,0
75.0
75.0
75.0
100.0
100.0
12.5
100 .0
50.0
100.0
75.0
100.0
100.0
+7 5.0
100.0
100.0
25.0

100.0
50.0
37.5
62.5
100.0
100.0
100.0
12.5
0.0
50.0
25.0
87.5

100.0
75.0
87.5
100.0
75.0
87.5
62.5
87.5
0.0
50.0
75.0
100.0

75.0
75.0
75.0
75.0
75.0
100.0
75.0
75.0
37.5
100.0
0.0
100.0

100.0
12.5
0.0

100.0
50 .0
100.0

50 .0
25 .0
100 .0

6 2.5
37 .5
100 .0
0.0
62.5
100.0
37.5
0.0
75.0
100.0
75.0
100.0
100.0
75.0
75.0
75.0
100.0
100.0

25.0
50 .0
100 .0
62.5
75.0
0.0
0.0
100.0
100.0
75.0
75.0
75.0
100 .0
100.0
75.0
100.0
25.0

100
100
100
0
100
25
25
75
62
100
100
87
75
75
87
87
37

.0
.0
.0
.0
.0
.0
.0
.0
.5
.0
.0
.5
.0
.0
.5
.5
.5

6°!s

ioo!o

ioo!c

37.5
12 .5
100 .0
75.0
100 .0
100 .0
50.0
75.0
25.0
0.0
75.0

100
100
37
100
50
100
75
50
100
37
12
100

!o

87 !s

,0
.5
.0
.0
.0
.0
.0
.0
.5
.5
.0

100.0
37.5
87.5
50.0
100.0
100.0
62.5
100 .0
0 .0
0 .0
100.0

50.0
75.0
100.0
75.0
75.0
87.5
50,0
75.0
25.0
75.0

NOTt;: Those series contain no revisions but are reprinted for the convenience of the user.




Oct.

DIFFUSION INDEX OF 12 LEADING INDICATOR COMPONENTS
(PERCENT RISING OVER 1-MONTH SPANS)

25.0
0.0
75.0
100.0
100.0
100.0
100.0
100.0
0.0
75.0
100.0

!o

92 !?
77 , 1
39 .6
67 .7
85 .4
95 . 8
84 .4
66 .7
56 . 2
50 .0
32 . 3
88 .5

(DECEMBER 1984)

C. Historical Data for Selected Series—Continued
Year

Mar

Feb.

Jan.

951

Apr.

D I F F U S I O N

June

May

Aug.

July

Sept

Nov.

Oct.

Dec.

IV Q

III Q

ll Q

IQ

Annual

I N D E X OF 4 ROUGHLY COINC [DENT IND ICATOR COMPONENTS

s;
195 0 . . .
1951 . . .
195 2 . . .
195 3 . . .
1954...
1955...
195 6 . . .
195 7 . . .
195 8 . . .
195 9 . . .
1960...
1961 . . .
196 2 . . .
1963...
1964...
1965...
1966...
1967 . . .
196 8 . . .
1969...
1970...
1971...
1972. . .
1973 . . .
1974...
197 5 . . .
1976 . . .
1977 . . .
197 8 . . .
1979.. .
1980...
1981..,
1982...
1983...
1984 . . .

1 0 0 . 0
7 5 . 0
1 0 0 . 6

loo.o
0.0

100 ,0
100.0
50.0
0.0
100 , 0
100.0
25.0
100 . 0
100.0
100 .0
100 .0
100.0
75.0
100 .0
100.0
50.0
100.0
100.0
ioo .0
50 . 0

o.b

loo.b
1 0 0 . p
100 .0
7 5 . 0
2 5 . 0
1 0 0 . 0
0 .0
1 0 0 . 0

1
1
1
1

0 0 . 0
0 0 . 0
00 .0
0 0 . 0
0.0
100 .0
6 2 . 5
6 2 . 5
0 .0
100 .0
1 0 0 . 0
7 5 . 0
1 0 0 . 0
1 0 0 . 0
100 .0
100 .0
1 0 0 . 0
75 .0
1 0 0 . 0
1 0 0 . 0
50 .0
1 0 0 . 0
1 0 0 . 0
100 .0
2 5 . 0
0,0
1 0 0 . 0
1 0 0 . 0
100 .0
100 .0
0.0
1 0 0 . 0
5 0 . 0
1 0 0 . 0

1 0 0 .
75.
62.
1 0 0 .
25.
1 0 0 .
50.
50.
0.
100
50.
100
1 0 0 .
100
100
100
100
75
100
100
25
100
100
100
75
0
100
100
100
87
0
100
50
100

0
0
5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
0
0
0
0

1 0 0 . 0
5 0 . 0
5 0 . 0
1 0 0 . 0
5 0 . 0
1 0 0 . 0
2 5 . 0
6 2 . 5
3 7 . 5
1 0 0 . 0
5 0 . 0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
7 5 . 0
1 0 0 . 0
1 0 0 . 0
3 7 . 5
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
6 2 . 5
7 5 . 0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
0.0
7 5 . 0
2 5 . 0
1 0 0 . 0

100.
50.
100.
62.
25.
100.
62.
25.
75
75
25
100
100
100
100
100
100
100
100
100
25
100
100
75
50
100
100
100
100
75
0
75
0
100

0
0
0
5
0
0
5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

100.0
50.0
100.0
0.0
62.5
100.0
100.0
25.0
100.0
50.0
25.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0
100.0
100.0
50.0
100.0
100.0
75.0
50.0
100.0
100.0
100.0
100.0
50.0
0.0
50.0
0.0
100.0

100. 0
62. 5
100. 0
12. 5
50. 0
100. 0
100. 0
25. 0
100. 0
12. 5
25. 0
100. 0
100. 0
100. 0
100. 0
100. 0
100. 0
100. 0
100. 0
100. 0
0. 0
100 0
100 0
100. 0
25, 0
100 0
100 0
100 0
100 0
100 0
50 0
50 0
0 0
100 0

100.0
75.0
100.0
0.0
100 .0
100.0
100.0
1 2 . 5
1 0 0 . 0
5 0 . 0
0.0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
1 0 0 , 0
1 0 0 . 0
1 0 0 . 0
0.0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
0.0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
1 0 0 . 0
5 0 . 0
1 0 0 . 0
2 5 . 0
0.0
1 0 0 . 0

9 5 2 .

75. 0
0
100. 0
0
.100. 0
0
0. 0
0
100 0
0
100 0
too. 0
100 0
100. 0
0. 0
0. 0
100 0
100. 0
100 0
100. 0
0 0
0. 0
100 0
100. 0
100 0
100. 0
1 0 0 . 0 • 10c 0
100 0
100. 0
100 0
100. 0
100 0
100. 0
100 0
100. 0
100 0
100. 0
50 0
50. 0
50 0
50. 0
100 0
100 0
100 0
100 0
50 0
50 0
0 0
0 0
100 0
100 0
100 0
100 0
100 0
too 0
100 0
100 0
50 0
62 5
100.0
100 0
0 0
0 0
50 0
50 0
100 0
100 0

75.
100.
100.
0.
100.
75.
100.
0.
100.
100,
25.
100.
100.
100.
100
100
75.
100
100
50
75
100
100
50
0
100
100
100
100
25
100
0
75
100

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

100. 0
83. 3
87. 5
100. 0
8. 3
100. 0
70 . 8
54. 2
0, 0
100. 0
83. 3
66. 7
100. 0
100. 0
100. 0
100 0
100 0
75 0
100 0
100 0
41 7
100 0
100 0
100 0
50 0
0 0
100 0
100 0
100 0
87 5
8 3
100 0
33 3
100 0

50
100
75
58
41
58
41
66
91
33
50
66
75
58
41
58
75
58
83
66
0
33
41
75
50
50
33
75
66
33
33
75

0
0
0
3
7
3
7
7
7
3
0
7
0
3
7
3
0
3
3
7
0
3
7
0
0
.0
.3
.0
.7
.3
.3
.0

30
69
63
58
27
55
83
52
33
50
75

6
5
9
3
8
5
3
8
3
0
0

58
41
63
63
69
55
61
75
58
19
38
72
38
30
38
44
75
61
63
25

75.
100.
100.
0.
100.

100. 0
50. 0
83. 3
54. 2
45, 8
100.0
62.5
37 5
70 8
75 0
33 3
100 0
100 0
100 0
100 0
100 0
91 7
91 7
100 0
100 0
37 5
100 0
100 0
83 3
54 2
91 7
100 0
100 0
100 0
75 0
0 0
66 7
8 3
100 0

75.0
100.0
100.0
0.0
100.0
91.7
100 .0
0,0
100.0
100 .0
8.3
100 .0
100.0
100.0
100 .0
100.0
91.7
100 .0
100.0
50.0
58.3
100.0
100 .0
50.0
0.0
100 .0
100.0
100 .0
100.0
45,8
100.0
0.0
58.3
100.O

100.0
62. 5
100, 0
4. 2
83. 3
100 .0
100 0
12 5
100 0
37 5
8 3
too 0
100 0
100 0
100 0
100 0
100 0
100 0
100 0
95 8
0 0
100 0
100 0
100 0
8 3
100 0
100 0
100 0
100 0
66 7
83 3
29 2
0 0
100 0

93.8
74.0
92.7
39.6
59.4
97.9
83.3
26.0
67 .7
78.1
33.3
91 .7
100.0
100.0
100.0
100.0
95.8
91.7
100.0
86.5
34.4
100.0
100 .0
83.3
28.1
72.9
100,0
100 .0
100.0
68.8
47.9
49.0
25 .0
100.0

HENTS
(PERCENT

195 0 . . .
1951 . . .
195 2 . . .
1 953 . . .
1954...
195 5 . . .
1 95 6 . . .
1 95 7 . . .
195 8 . . .
195 9 . . .
1960...

4 1 . 7
66 .7
5 8 . 3
5 8 . 3
1 6 . 7
5 0 . 0
91 .7
6 6 . 7
2 5 . 0
33 .3
41.|?

41
66
41
5 8 .
2 5 .
5 8 .
7 5 .
1 6 .
33
5 8 .
91.

.7
.7
.7
3
0
3
0
7
.3
3
7

8
75
91
58
41
58
83
75
41
58
91

3
0
7
3
7
3
3
0
7
3
7

1962!!!
1963...
1964...
1965...
1966...
1967 . . .
196 8 . . .
196 9 . . .
1970 . . .
1971 . . .
1972...
1973...
1974. , .
1975...
1976...
1977...
197 8 . . .
1979...
1980..
1981..
1982 . .
1983..
1984..

83^
3 3 . 3
25 .0
7 5 . 0
6 6 . 7
50 .0
7 5 . 0
7 5 . 0
9 1 . 7
8.3
8.3
8 3 . 3
5 0 . 0
41 .7
3 3 . 3
3 3 . 3
8 3 . 3
8 3 . 3
5 0 . 0
8.3
75 .0
3 3 . 3

5 0 . 0
3 3 . 3
41 .7
9 1 . 7
5 8 . 3
7 5 . 0
5 8 . 3
5 8 . 3
8 3 . 3
33 .3
33 .3
4 1 . 7
91 .7
66 .7
1 6 . 7
5 0 . 0
5 8 . 3
6 6 . 7
5 8 . 3
7 5 . 0
25 .0
33 .3
5 0 . 0

25
58
50
75
58
66
58
50
66
50
16
66
41
0
33
33
41
75
41
66
41
33
25

3
0
0
3
7
3
0
7
0
7
7
7
0
.3
.3
.7
.0
.7
.7
.7
.3
.0

952.

100. 0
50. 0
100. 0
0. 0
100. 0
100 . 0
100. 0
0 .0
100. 0
50. 0
0. 0
100 0
100 0
100 0
100 0
100 0
100 0
100 0
100 0
87. 5
0 0
100 0
100 0
100 0
0 0
100 0
100 0
100 0
100 0
50 0
100 0
12 5
0 0
100 0

41
5 8
4 1
8 3
1 6
4 1
6 6
91
41
5 8
6 6

.
.
.
.
.
.
.
.
.

.7
3
7
3
7
7
7
7
.7
3
7

83! 3
5 0 . 0
5 8 . 3
6 6 . 7
1 0 0 . 0
5 0 . 0
8 3 . 3
83.3
5 0 . 0
1 6 . 7
5 0 . 0
1 0 0 . 0
5 8 . 3
0.0
4 1 . 7
6 6 . 7
5 8 . 3
9 1 . 7
5 0 . 0
83.3
5 8.3
2 5 . 0

i^V ERAGE FOR PERIOD

R I S I N G OVER 1-MONTH SPANS)
41
75
75
66
25
58
100
75
0
75
91

7
0
0
7
0
3
0
0
0
0
7

41.7
75.0

91.7
66.7
25.0
75.0
83.3
41 .7
8.3

75.0
83.3

58
66
58
41
33
58
75
75
25
91
41

3
7
3
7
3
3
0
0
0
7
7
7
3
0
0
0
7
3
7
7
7
7
3
0
0
0
,7
.7
.3
.7
.7
.3
.3

7
5
2
5
3
1 0
3
5

5 . 0
8 . 3
5 . 0
8 . 3
3 . 3
0 . 0
3 . 3
8 , 3
8.3
91.7
5 0 . 0
|7
7 5 . 0
8 3 . 3
7 5 . 0
5 8 . 3
2 5 . 0
5 8 . 3
5 8 . 3
5 8 . 3
83.3
41 .7
5 8 . 3
8 3 . 3
1 6 . 7
7 5 . 0
83.3
6 6 . 7
6 6 . 7
1 6 . 7
5 0 . 0
5 0,0
5 8 . 3

91 7
66 7
50 0
66 7
25 0
83 3
58 3
83 3
56 3
66 7
50 0
58 3
66 7
66 7
83 3
58 3
50 0
75 0
66 7
66 7
8 3
41 7
41 7
58 3
66 7
16 .7
66 .7
75 .0
66 .7
75 .0
33 . 3
83 . 3

66
58
41
50
41
83
58
41
41
83
58
50
66
58
75
58
50
58
50
75
50
33
50
66
33
58
58
66
16
66
16
75

7
3
0
3
0
3
0
0
0
3
0
7
3
3
3
.7
7
.7
.7
.0

75 0
83 3
58 3
58 3
58 3
83 3
83 3
75 0
41 7
66 7
75 0
41 7
58 3
91 7
25 0
58 3
75 0
33 3
75 .0
66 . 7
16 . 7
33 . 3
5 8 .3
50 .0
66 .7
16 .7
33 . 3
83 . 3
91 .7
41 .7
33 . 3
66 .7

33
.7
16

41 .7

5 8 .3

7
3
7
0
7
3
3
7
7
3
3
Q

75 0
75 0
58 3
75 0
75 0
50 0
41 7
83 3
41 7
58 3
83 3
50 .0
83 3
0 .0
5 8 .3
83 . 3
83 . 3
41 . 7
50 .0
66 .7
41 . 7
8 .3

9l! 7
83.3
83.3
75.0
75.0
50.0
50.0
83.3
75.0
16.7
50.0
83.3
50.0
58.3
83.3
75.0
66.7
33.3
41.7
5 8.3
25.0

66
58
50
50
75
66
58
41
16
66
41
58
50
50
50
41
66
58
16
66
33
58

66.7
75.0

83 . 3
83 . 3

83.3

66 . 7
8 .3
91 .7
83 . 3
83 . 3

6 6 . 7
8.3
91.7
8 3 . 3
7 5 . 0

75 !o
8 .3
91 . 7
75 .0
66 , 7

83 . 3
83 . 3
5 8. 3
58
25 !o
100 .0
50 .0
66 .7

16
100 .0
66 . 7
25 .0
83 . 3
83 . 3
75 .0
58 . 3
66 .7
58 . 3
66 t 7
100 !o
41 . 7
58 .3
66 .7
66 .7
66 . 7
16 . 7
66 . 7
91 .7
83 .3
83 . 3
16 . 7
83 . 3
33 . 3
33 . 3

1 0 0 . 0
6 6 . 7
2 5 . 0
6 6 . 7
91 .7
5 8 . 3
5 8 . 3
83.3
3 3 . 3
6 6 . 7
83 !3
3 3 . 3
5 0 . 0
5 0 , 0
91.7
5 8 . 3
1 6 . 7
3 3 , 3
7 5 , 0
8 3 . 3
83.3
0.0
6 6 . 7
1 6 . 7
41 .7

100 .0
5 8 . 3
41 .7
75 .0
75 .0
58 .3
75 .0
83 . 3
33 .3
83 .3
83 . 3
16 . 7
50 .0
50 .0
100 .0
50 .0
33 . 3
50 .0
83 . 3
83 . 3
66 . 7
16 . 7
66 . 7
16 . 7
66 . 7

83 . 3
50 . 0
58 .3
66 .7
75 .0
66 .7
66 . 7
83 . 3
33 . 3
100 .0
75 .0
8 .3
16 .7
66 .7
83 . 3
50 .0
0 .0
66 . 7
100 .0
91 . 7
66 .7
33 . 3
66 , 7
0 .0
66 .7

0.0

6 6

75 .0

7
4
5
2
2
3
3
5
7
.4
6

75
63
44
55
30
80
55
72
30
83
47

0
9
4
6
5
5
5
2
5
4
2

63.9
80 .5
58.3
55.5
47.2
75.0
61.1
61.1
58.4
61 .1
61.1

52.8
70.8
59.0
60.4
32,0
67.3
70.8
63.9
34.7
66 .0
66.0

3
7
9
9
5
5
1
0
3
4
9
2
9
6
.9
.4
.0
.1
.9
.0

83 3
69 .4
66 6
72 2
83 3
50 0
58 .3
83 . 3
55 .6
30 .6
61 . 1
77 . 8
63 . 9
0 .0
52 . 8
77 . 8
72 .2
66 . 7
44 .4
63 . 9

66
66
72
61
61
55
61
55
27
63
41
58
66
27
63
66
66
66
22
66

7
7
2
1
1
.6
.1
.6
.8
.9
.7
.3
.7
.8
.9
.7
.7
.7
.2
.7

66,7
69.4
47 .2
58.3
66.7
50.0
69.4
69.5
22 .2
33 . 3
50 .0
63.9
50.0
41.7
41.6
75.0
58.4
47.2
27.8
72.2

6 a ! s
61.8
62.5
63.9
70.1
52.8
62.5
70.8
41 .0
36.8
47,9
68.0
54.9
25.0
49.3
66.0
68.1
60.4
39.6
57.0

36 . 1

19 .4

44 .4

58.3

3 9^6

41 . 7
83 . 3
80 . 5
86 . 1
22 .2
44 .5
100 . 0
83 . 3
22 t 2
63 .9
77 . 8
33 . 3
86 , 1
47 .2
63 .9
63 .9
97 .2
61 .1
75 .0
100 .0
50 .0
0 .0
27 . 8
91 .7
83 , 3
22 . 2
30 .6
5 8 .3
69 .5
86 .1
61 . 1
3 8 .9
36 . 1
16 .7

50 .0
77 .8
58 i
83 . 3
2 .6
61 , 1
94 .4
91 . 7
t(
94 .t
86 .1
25 .0
91 .7
63 .9
69 .4
69 .4
86 .1
52 .8
77 .8
91 .7
33 .3
27
66
77
72
0
58
83
66
83
30 .5
61 .1
33 .3
22 .2

41
69
69
72
22
58
83
69
16
69
80

.

DIFFUSION
AVERAGE FOR PERIOD

195 0 . . .
1 951 . . .
1952 . . .
1 95 3 . . .
1 95 4 . . .
1955...
195 6 . . .
195 7 . . .
1958,.
1 95 9 . .
I960..
1961..
1962..
1963..
1964..
196 5 . .
1966..
1967 . .
196 9 ! ! !
1970 . . .
1971...
1972.. .
1973 . . .
197 4 . . .
1975 . . .
1976 . . .
197 7 . . .
1978.. .
197 9 . . .
1980...
1981...
1982...
1983...
1984.. .

41 .7
8 3 . 3

41 .7
83 .3

7 5.0
8 3 . 3
3 3 . 3
4 1 . 7
1 0 0 . 0
91 .7
3 3 . 3
5 8 . 3
66 .7
5 0 . 0
75 .0
4 1 . 7
7 5 . 0
5 8.3
9 1 . 7
6 6 . 7

91
3 3
4 1
1 0 0
8 3
33
6 6
7 5
2 5
91
5 8
5 8
5 8
1 0 0
5 0

1 0 0 . 0
5 0.0
0.0
33 ,3
83 .3
100 .0
33 .3
16 .7
50 .0
6 6 . 7
1 0 0 . 0
6 6 . 7
1 6 . 7
41 .7
1 6 . 7

1 0 0 . 0
5 0 . 0
0.0
16 .7
91 .7
83.3
33 .3
41 .7
5 0 . 0
6 6 . 7
7 5 . 0
6 6 . 7
6 6 . 7
3 3 . 3
16.7

.7
3
7
0
3
,J
. 7
. 0
. 0
.7
. 3
. 3
. 3
. 0
. 0

.
.
.
.

41 .7
83 . 3

4 1 . 7
83.3

41 . 7
75 .0

83 ; 3
0 .0
50 .0
100 .0
75 .0
0 .0
66 .7
91 . 7
25 .0
91 . 7
41 . 7
5 8 .3
75 .0
100 .0
66 . 7

83! 3
8.3
4 1 . 7
1 0 0 . 0
7 5 . 0
0 . 0
83.3
91.7
2 5 . 0
91.7
4 1 . 7
5 8 . 3
5 8 . 3
8 3 . 3
6 6 . 7

83 *3
0 !o
75 .0
100 . 0
100 .0
0 .0
100 .0
83 . 3
25 .0
91 .7
66 .7
75 .0
75 .0
91 . 7
41 .7

100
50
0
33
100
66
0
33
75
75
83
50
33
33
16

.0
.0
.0
.3
.0
.7
.0
.3
.0
.0
.3
.0
.3
.3
.7

1 0
3
1
6
8
6
5
7
6
6
3
6
3
1

0 . 0
3 . 3
6 . 7
6 . 7
3 . 3
6 . 7
0.0
0 . 0
5 . 0
6 . 7
6 . 7
3 . 3
6 . 7
3 . 3
6 . 7

[

91 7
33 . 3
16 .7
66 . 7
66 . 7
66 .7
0 .0
58 .3
75 .0
66 . 7
83 . 3
33 . 3
50 .0
33 . 3
16 . 7

0.0

66.7
83.3
100 .0
0.0
100 .0
83.3
25 .0
91.7
83.3
75.0
75.0
83.3
50.0
100.0
83 !3
33.3
50.0
66.7
83.3
83.3
0.0

66.7
100 .0
66.7
100.0
25.0
66.7
33.3
33.3

1 0 0 . 0
83.3

100 .0
83 . 3

NOTE: These series contain no revisions but are reprinted for the convenience of the user.




83
83
41
58
41
83
66
50

.3
.3
17
!7
.3
.7
.0

66 .7
50 .0
5 8 .3
66 .7
75 .0
66 .7
66 . 7
5 8 .3
50 .0
91 .7
75 .0
0.0
16 . 7
75 .0
83 . 3
50 .0
0 .0
66 .7
100 .0
100 .0
66 .7
33 .3
66 .7
8 .3
66 . 7

83
83
41
50
41
100
58
50

.3
.3
m 7
.0
.7
.0
.3
.0
17

75 !o
33 . 3
58 .3
41 . 7
83 . 3
5 8 .3
83 . 3
66 . 7
33 . 3
91 . 7
50 .0
0 .0
16 ,7
66 .7
66 .7
33 . 3
16 .7
50 .0
100 .0
50 .0
50 .0
16 .7
50 .0
16 .7
66 . 7

94 .4
83 . 3
41 . 7
69 .5
8 .3
91 .7
80 .5
75 .0
27 . 8
100 .0
63 . 9
30 .6
75 .0
83 . 3
63 . 9
63 . 9
77 . 8
41 .6
72 .2
88.9
30 .6
52 . 8
55 .6
86 . 1
58 .3
22 .2
50 .0
83 . 3
83 . 3
77 . 8
11 . 1
72 .2
22 .2
47 .2

83.3
83.3
47 .2
55.5
36 .1
94.4
58.3
55.6
50,0
44 !4
58.3
58.4
77.8
63.9
72.2
69.4
38.9
94 .5
66.7
2 .8
16 .7
69.5
77 .8
44.4
5.6
61 .1
100 .0
80.6
61 .1
27.8
61.1
8.3
66.7

67.4
81 .9
56.9
73.6
17,4
72.9
83,3
76.4
25.0
83 !3
68.]
36.
77 .
68.]
65.:
67.<
82. (
48. i
7 9.
86.
29.3
24..
• 54.
83..
64. f
12.5
50.t
81.i
75.(
77 .
32.<
58.'
25.(
38.2

(DECEMBER 19S4)

103

C. Historical Data for Selected Series—Continued
Year
345.

IQ

IQ

III Q

Annual

IV Q

1ND EX OF AVERAGE, HOURLY COMPENSATION. ALL EMPLOYEES.
(1977-100)
NONFARM B U S I N E S S SECTOR'

1 950...
1951...
195 2 . . .
195 3 . . .
1954...
1955... , ,
1 956 ., .
195 7 . . .
195 8 . . .
1 95 9 . . .
1960...
1961 . . .
196 2 . . .
1963...
1964...
1965...
1966...
1967...
196 8 . . .
196 9 . , .
1970...
I 971 . . .
197 2 . . .
1973 .. .
1974...
197 5 , . .
1976...
1977...
1978,..
1979...
1980...
1981..,
1962...
1983...
1 9 8 4 . . . ••

21 . 3
23.2
24.6
26.0
27.1
27.9
29 .4
31.3
32 .6
34 .0
35.5
36 , 6
38.1
39.4
41 , 0
42 .4
44.5
47 .1
50.3
53.7
57.2
61 . 3
65.3
70 .1
75.3
63.9
90.2
97.3
105.5
114.6
125.3
138.5
150.7
159.7

21 . 6
23.6
24.9
26.4
27 . 2
28.2
29.9
31 . 7
32.9
34 . 3
35.8
37 . 0
38.4
39.5
41 . 3
4 2 .7
45.3
47.7
51.1
54.5
58.2
62.3
66.2
71.1
77.5
85.4
92.1
99.0
107.2
116.7
128.9
141.1
152.9
161.0

22 . 0
24.0
25.2
26 . 7
27.4
28.6
30 . 4
32.1
33 . 3
34 .5
36,0
37 . 2
38.6
39.9
42 . 0
43.2
45 . 9
48.3
51.9
55.4
59.5
63 . 3
67.1
72.4
79.6
86.8
93.9
100 . 9
109.4
119.4
131.9
144.4
155.6
161.9

22.6
24 . 3
25.7
26.9
27.7
28.9
30.8
32.4
33 . 6
34 . 8
36.3
37 . 5
39.0
40,4
42 . 2
43.8
46.4
48.9
52.9
56.3
60.2
63 . 7
68.3
73.8
81,8
88.4
95.6
102 . 8
111 . 9
122.0
135.0
147.0
157.5
163.7

3 4 5 C . 4-QUARTER PERCENT CHANGE IN AVERAGE HOURLY
COMPENSATION, NOHFARM B U S I N E S S 1 3 (ANNUAL RATE, PERCENT)
195 0
1 95 1 . . .
195 2 . . .
1953...
1954,..
195 5 . . .
195 6 . . .
195 7 . . .
195 8 . . .
1 95 9 . . .
1960...
1961...
196 2 . . .
1963...
1964...
1965...
1966...
1967...
196 6 . . .
196 9 . . .
1970...
1971 . . .
1972... t
1973...
1974...
197 5 . . .
1976 ,. .
1977 ,. .
197 8 . . .
197 9 . . .
* *
1 980
1981., .
1982...
I 983 , . ,
1984...

6.2
9.0
it . 8
J.O
1.9
i.l
i.4
S .5
J.8
J.7
i .2
J.4
J.7
J.4
i .1
3.0
5.3
5.1
?,5
>. 7
7.4
, .5
&.0
7.9
9.8
9.1
8 .2
7 .4
8.4
9 .2
10 .4
9 .5
7.7
4 .1

8.9
7.
5.
4,!
2.
4..
6.
5.
3.
3.
4.
3.
3.
3.
4 ,i
3.
6.
5.
6.
6.
6.
5 .8
7.3
8.0
10.6
8.2
8.1
7 .5
8.8
9 .0
10.7
8.8
7.2
3 .9

J.7
> .4
.6
.2
1.0
.3
> .6
.1
+ .2
tt . 6
1.1
- .1
1.3
i.O
J.4
> .0
,9
i.8
> .7
J.6
1.1
l\l
1.4
1 .4
1.6
7 . H

8 .4
8.7
9 .3
10.5
8.8
6.0
3.9

12.2
-6 .2
3.6
5 .7
2 .4
3.2
7 .3
3 ,2
-2.3
3.7
7 .7
3.2
4 .9
2.8
3.7
0.4
2.7
4,2
7.1
0,7
-0,5
3 .9
6 .9
4.3
-3.4
2.1
3.5
-0.3
3,4
0.0
-4.5
-0.5
6.6
5.3

3.1
4 .4
3.4
4.3
2,7
4 .7
4.8
1 .1
0.7
2.8
0 ,5
4.4
1 .1
0 .4
2.9
0.6
3.7
3,0
2.8
0.2
1.5
2.9
3 .2
- 2 .4
0.9
2.3
4.8
-0.1
-2.7
-5.4
-2.2
-1.1
0.3
-1.0

0.2
6.9
1.2
2 .4
4.0
4.9
1 .9
1 .3
5.2
0.9
2 .0
0.6
1.1
1.5
5.3
3.5
2.3
0.8
0.7
0.5
4 .3
2t6
1.9
-0,6
-0.9
-1.5
1.8
1.9
-0.9
-3.4
2.1
-1.5
0.2
-1.8

9.3
5.5
5.9
3.2
3,5
6.1
5.9
3.8
4.2
4.4
3.4
3 .7
3.0
4.6
3.4
6.0
5.3
7.2
6.6
6.8
7.1
6 .3
7.3
9.0
10.2
7 .8
7 .6
8 .2
6.9
10 . 4
9 .5
8.3
5.3
3 .9

2 .4
-0.7
8.9
2 .4
.0
r 5
[3
.6
.3
, 15
.1
.3
.2

!o

_i

_»

-

-

_

21 . 9
23.8
25.1
26.5
27.4
28.4
30 . 1
31.9
33 , 1
34 . 4
35.9
37 .1
38.5
39.8
41 .6
43.0
45.5
48.0
51.6
54.9
58.7
62.6
66.8
71.8
78.5
86.1
93.0
100.0
108.5
118.2
130.3
142.8
154.1
161.6

AVERAGE

3 4 6 C . CHANGE FROH FRECBDING PERIOD IN REAL AVERAG E HOURLY
COMPENSATION, HOMFARH B U S I
1950
1951 . . .
195 2 . . .
195 3 . . .
195 4 . . .
195 5 . . .
195 6 . . .
195 7 . . .
195 8 . . .
195 9 . . .
1960 . . .
1961...
1 962
1963 . . ,
1964...
1965,..
1966...
1967...
196 6 . . .
196 9 . . .
1970...
1 971
1972.. .
1973...
1974..,
197 5 . . .
1976...
1977...
197 8 . . .
197 9 . . .
1980.. .
1981...
1982...
1983...
1984...

AVERAGE

.2
.3
(.0
.1
1.8
.5
.0

.2
.2
.4
.9
) .2
.9
.7
) .4
.4
) .1

8.3
7.1
5.5
4.5
3.1
5.0
6.4
4.6
4.0
4.1
3.7
3 .7
3.5
3.9
4.1
4.4
5.9
6.1
7.2
6.6
7.1
6 .3
7.0
8.1
10.6
8.2
7 .9
7 .9
8.7
9 .5
10.3
8.6
6.6
4 .0
PERCENT
CHANCE 2
4.8
0,7
3^3
4 .8
2,8
4 *0
4 .6
2 .3
1.0
3.1
2 .7
2.2
2.7
2,1
3.2
1.7
2.9
2.5
3.1
1.1
0.9
2 .3
3 .2
1.3
-1.5
0.5
2.1
1.0
0.8
-2.1
-2.9
-0.7
1.7
1.6

1Q

Year

1 95O
1951
195 2
195 3
1 95 4
1955
1 95 6
195 7
195 8
195 9
1960
1 961
196 2
1963
1 96 4 .
196 5
1966
1967
196 8
196 9
1970
1 971
1972
1 973
1974
1975
1976
1977
1978
1979
1960
1981
1982
1983
1984

10.9
10.1
5.2
4.5
3.3
3.8
7 .4
6.6
2 .5
4 .4
8.2
4.1
6.5
4.1
5 .5
1.6
6.7
5.6
11.9
5.7
6.1
7 .5
10.8
10 . 8
8.7
10.9
8.4
7.3
10.7
10.3
11.5
10.8
10.6
5.7

104

II Q

6 ,3
8.5
4.6
6.0
2.1
4.1
7 .5
4.7
3 .5
3 .5
3.0
4 .3
2.6
1 .2
3 .5
3.3
7.5
5.3
6.8
6.5
7.4
6 .9
5.7
5 .8
12.0
7 .t
8.'
7#
6.
7 ..
11.
7 ..
5.
3.,

IV Q

1950
1951
195 2
1 95 3
1954
1 95 5
1956
195 7
195 8
195 9
1960
1 961
196 2
1963
1964
1965
1966
1967
196 8
196 9
1970
1 971
1972
1973
1974
1975
1 976
1 977
197 8
1 97 9
1 98O
1981 . . .
1982
1983
1984

.

54.7
54.6
56.5
59.2
60.9
63.1
66.3
68.3
68.7
71 . 0
73.2
74 . 3
76.7
78.3
80.3
82.1
84.1
86.5
89.1
90.7
91.0
93 . 0
95 .7
98.7
96.5
96.7
97 , 8
99 . 6
101 . 4
100 . 4
96 . 1
95 . 5
96.5
98 .7

55.1
55.2
57.0
59.9
61.3
63.9
67.1
68.5
68.8
71.5
73.3
75.2
76.9
78.4
80.8
82.2
84.8
87.1
89.7
90.7
91 . 3
93 . 7
96.5
98.1
96.7
97.2
98 . 9
99 6
100.7
99 .0
95 .5
95 . 2
96.6
98.5

10 . 9
5.3
9.4
3.2
3.2
4 .3
6 .1
4.3
4 .0
3 .7
3.1
3 .7
4.4
5.4
2 .5
5.2
4.5
5.3
8.2
7.1
4.9
2.2
7.2
7 .5
11.6
7.9
7.3
8.0
9.4
8.9
9.9
7.2
5.0
4.5

7 .7
6.7
4.0
4.3
3.0
5.2
6 .2
4.9
5 .0
3 .0
2.2
2 .1
2.2
4.0
6 .2
4.8
5.9
5.1
6.0
6.6
9.0
6.8
5.6
7 .8
11 . 2
6.6
8.3
7.6
8.5
9.5
9.6
9.8
7.4
2.3

3 4 6 . INDEX OP REAL AVERAGE HOURLY CO
4
EMPLOYEES, NONFARM BUSINESS SECTOR

(1977-100)

55.1
56.1
57.2
60.2
62.0
64.6
67,4
68.7
69.7
71.6
73.7
75 . 3
77.2
78.7
81.9
82.9
85.3
87.3
89.9
90.8
92.3
94 .2
97.0
98.0
96.5
96.9
99 . 4
100 . 1
100.5
98 . 2
96 . 0
94 . 9
96.6
98.0

1950
1951
1952
1 95 3
1 954
1955
1 956
1 95 7
1 95 8
1 95 9
1960
1961
1 962
1963
1 964
1965
1966
1967
196 8
1 96 9
1970
1 971
1 97 2
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1 984

....

....
.

.

4.1
1 .8
1.9
5 .3
2.9
4.3
4 .3
2 .0
1.4
2.7
2.8
2.1
2 .5
2 .0
4 .0
1.3
2.9
2.3
3.0
1.1
1.6
2 .1
"2.9
1.0
-1.5
0.4
2 .6
0.7
0.4
-2,3
-2.2
-1.2
1.8
1.5

4.4
1.0
4.3
3.7
3 .4
4.0
4 .1
2 .0
1.8
2.2
2 .6
2.8
2 .6
2 .2
3.1
1.9
2.5
2.3
3.4
0.6
1.1
2 .2
3 .8
-0.4
-1.2
0.8
2,9
0.8
-0.1
-3.2
-1.6
-0.7
2.6
0.6

-0.2
3 .5
4.8
2 .9
3 .6
5.0
3 .1
0 .6
3.3
3.2
1.5
3 .2
2.1
2.4
2 .2
2.5
2.8
3.0
1.8
0.3
2.2
2 .9
3 .1
-2.2
0.2
1.1
1.9
1.6
-1.0
-4.3
-0.6
1.1
2.3
-0.6

Annual
PERCENT
CHANCE2
5 .8
8.7
5 .5
5.5
3.2
3.7
6 .1
5.8
3 .8
4 .0
4.3
3 .3
3.9
3.3
4 .5
3.4
5.9
5.4
7,5
6.6
6.9
6 .6
6.6
7 .6
9.3
9.6
8.0
7.5
8.5
9.0
10.2
9.6
8.0
4.9

AVERAGE

55.5
56.0
58.4
60.6
62.6
65.1
67.8
69.1
70.3
71.9
73.8
75.8
77.8
79.S
82.0
83.5
85.6
87.6
90.5
91.1
92.1
94 .1
97.7
97.3
96.2
96.9
99 .7
100 .8
100.4
97 . 2
95 .6
95 .0
97.4
98.1

3 4 6 C . 4-QUARTER PERCENT CHANGE IN REAL AVERAGE HOURLY
COMPENSATION, NONFARM BUSINESS 3 4 (ANNUAL RATE, PERCENT)

'This series contains revisions beginning with 1948. 2Year-to-year changes are computed from annual data.
Changes are centered on the 3d quarter of the span. Annual figures are averages of the centered changes. 4 Th1s
series contains revisions beginning with 1949.




II Q

3 4 5 C . CHANGE FROH PRECEDING PERIOD IN AVERAGE HOURLY
COMPENSATION, NONFARM BUSINESS 1
(ANNUAL RATE , PERCENT)

0 .1
3 .3
5.0
2 ,5
4 .1
5.0
2 .2
0 .5
3.8
2.6
2 .5
2 .4
1.9
3 .1
1.7
3.2
2.7
3.0
1.1
0.7
2.6
3 .0
1.7
-1.4
0.6
1.7
0.7
1.1
-1.7
-3.5
-0.3
1.4
2.0
-0.3

5S.1
55.5
57.3
60.0
61.7
64.2
67.1
68.6
69.3
71.5
7 3.4
75.1
77.1
78.7
81.2
62.6
85.0
87.1
89.8
90.8
91.6
93 . 7
96.7
98.0
96.5
96.9
99 . 0
100 .0
100.6
98 ,7
95 . 6
95 .1
96.8
98,3

AVERAGE
2 .1
2 ,4
4.0
3 .6
3 .5
4.6
3 .4
1 .3
2.6
2.7
2 .4
2 .6
2 ,3
2 .4
2.8
2.2
2.7
2.6
2,3
0.7
1.9
2 ,6
2 .9
-0.7
-0.5
1.0
2.0
1 ,1
-0.6
-3.3
-1.2
0.2
2.2
0.3
(DECEMBER 1984)

G. Experimental Data and Analyses

(Nov.)
P

TTT TTT

< Components of BCD series 26 *
Year
and
quarter

Implicit price
deflator, gross
nonfarm business
prouucL
(Index: 1977=100)

Unit labor cost,
al 1 persons, nonfarm
business sector

(Mar.)
T

(Jan.)Uuly) (July)
P T
P

(Nov.)
T

ITT TTT ITT TTT

TTT

TTT

160
150
140
130
120
110

Components of BCD series 26-

t*\ v* f\ s\ n / * 4 "

(Index: 1977=100)

1982
146.5
148.6
149.3
150.2

I Q....
II Q...
Ill Q..
IV Q...

151.4
154.2
155.6
157.1

Ratio scale
170

Implicit price deflator, gross nonfarm
business product, Q
(index: 1977-100)

170
160

1983

150

I Q....
II Q...
Ill Q..
IV Q...

140

157.6
155.9
155.9
157.1

151.9
152.7
153.8
155.2

130

Unit labor cost, all persons, nonfarm
business sector, Q
(index: 1 9 7 7 - 1 0 0 )

120
110

1984

100
158.3
157.6
pl59.1

156.3
157.3
pl58.7

I Q....
II Q...
Ill Q..
IV Q...

90
80

Inventory-sales ratios in 1972 dollars 2
Year
and
month

Manufacturing
(Ratio)

Merchant
wholesalers
(Ratio)

Arithmetic
scale

Inventory-sales ratios in 1972 dollars (ratio)-

Retail trade
2.2

(Ratio)0

2.1

1983
Jan
Feb...
Mar...
Apr...
May...
June.. •

1.96
1.96
1.91
1.90
1.87
1.81

1.44
1.47
1.45
1.46
1.38
1.34

1.36
1.38
1.35
1.35
1.33
1.31

July..
Aug...
Sept..
Oct...
Nov...
Dec...

1.83
1.80
1.78
1.77
1.74
1.69

1.35
1.35
1.35
1.34
1.34
1.32

1.31
1.33
1.32
1.32
1.32
1.31

2.0
1.9
1.8
1.7
1.5

1984
Jan
Feb...
Mar...
Apr... #
May...
June..

1.71
1.72
1.72
1.74
1.74
1.75-

1.30
1.34
1.33
1.34
1.30
1.29

1.29
1.33
1.36
1,34
1.32
1.30

1.4

July..
Aug... t
Sept..
Oct...
Nov...
Dec... •

1.77
1.76
1.80
pi. 80
(NA)

1.32
1.34
1.37
pi.36
(NA)

1.33
rl.34
1.33
pi.36
(NA)

1.5

1.3
1.2

1.4

III III I I I I !
III III III III 111 Hill Itl
1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984

un

1.3

NOTE: The "r" indicates revised; "p", preliminary; and "NA", not available.
Source: U.S. Department of Labor, Bureau of Labor Statistics.
2
Source: U.S. Department of Commerce, Bureau of Economic Analysis.




105

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident and Lagging Composite Indexes
Net contribution to index

Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
5. Average weekly initial 1claims, State
unemployment insurance (thousands)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies receiving
slower deliveries (percent)
12. Net business formation
(index: 1967=100)
20. Contracts and orders for plant and equipment
in 1972 dollars'(billion dollars)
29. New building permits, private housing
units (index: 1967=100)
36. Change in inventories2 on hand and on order in
1972 do!., smoothed (arm. rate, bil. dol.) .
99. Change in sensitive materials prices,
smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
106. Money supply <M2) in 1972 dollars
(billion dollars)
111. Change in credit—business and consumer
borrowing (annual rate, percent)
910. Composite index of 12 leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars).
47. Industrial production, total
(index: 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars)
920. Composite index
of 4 roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
77. Ratio, constant-dollar inventories to sales,
manufacturing and trade (ratio)
62. Labor cost per unit of output, manufacturing-actual data as a percent of trend (percent) .
109. Average prime rate charged by banks
(percent)
101. Commercial and industrial loans outstanding
in 1972 dollars (million dollars)
95. Ratio, consumer installment credit to
personal income (percent)
930. Composite index of 6 lagging indicators3
(index: 1967=100)

Sept.
1984

Aug.
1984

Oct.
1984

Aug.
to
Sept.
1984

Nov.
1984

Sept,
to
Oct.
1984

Oct.
to
Nov.
1984

\
40.5

40 .6

r40.4

p40.5

0.08

-0.15

0.08

358

368

405

397

-0.08

-0.27

0.06

37.90

36.68

r36.90

p36.96

-0.16

0 .03

0.01

54

58

52

50

0.16

-0 .24

-0.09

118.2

119.6

119.9

pl20.6

0.16

0.04

0.09

15.45

15.77

rl4.97

pl6.27

0.04

-0 .11

0.20

121.6

116.3

114.5

128.5

-0.05

0.37

rl4.15

rl6.91

p20.16

NA

-1.05

-1.06

-0.81

164.42

166.11

918.9
10.1

-0.13

0.15

0.18

-0.46

-0 .01

0 .10

0.15

164.82

166.27

0.06

-0.05

0.06

r921.6

r923.0

p932.4

0.09

0.05

0.35

13.0

pl0.3

0.31

-0.16

-0.15

164.0

rl6.1
•
rl65.4

rl64.5

pl66.6

0.85

-0.54

1.28

94,523

r94,807

r95,15O

p95,453

0.25

0.30

0.34

rl,183.9

rl,191,9

r l , 1 9 1 .4

pi,195.8

0.34

-0.02

0.24

rl66 .0

rl65.0

rl64.3

pl65.0

-0.17

-0.12

0.15

176,762

rl76,023

pl76,847

NA

-0.09

0.10

NA

rl55.7

r l 5 6 .0

rl56.1

pl57 .0

0.19

0.06

0.58

17.3

17 .1

16.5

17 .5

0.08

0.26

-0.62

1.55

1.57

pi.57

NA

0.26

0.00

NA

r83.5

r83.4

r83.1

P82.9

-0 .04

-0.11

-0.11

13.00

12.97

12.58

11.77

-0 .02

-0 .27

-0.83

118,087

119,806

122 ,223

pl23,114

0.38

0.53

0.28

14.55

14.59

pl4.74

NA

0.15

0.58

NA

120.0

rl21.1

rl22.3

0 .92

0.99

-1 .31

pl20.7

NA

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 February 1983 issue of BUSINESS CONDITIONS DIGEST
(pp. 108-109) for the weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
1
This
2

series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on 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 0.139; for the coincident index, -0.175; for the Tagging index, 0.018.

106




G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
11111111111111II1 i\It 111IIiiiii

Deviations
from
reference
peaks

47. Industria production index

[ c,c,c |

Actual
data
for
current
cycle

1970

Median. JT

JT

If

t^

me
r

•

180

•

175

- +15

•

- +10

- +5
— 0

-

-5

•

170

•

165

•

160

•

155

•

150

•

145

•

140

•

135

- -10

TU//

1

- -15

48. Employee hours in nonagricultural
establish nents
QJ
1970^

- +4
- +3

•

•

•

180

156.2
158.5
160.0
160.8

12/83
1/84

17
18
19
20

5.3
5.8
6.8
7.8

162.1
16 2 . 8

4/84
5/84
6/84
7/84

21
22
23
24

7.9
7.2
6.8
7.2

166.0
165.0
164.3
165.0

\

8/84
9/84
10/84
11/84

176

13
14
15
16

15.8 •
17.5
18.6
19.2

156.2
158.5
160.0
160.8

12/83
1/84
2/84

\

ft

Median 1

17
18
19
20

20.2
20.7
21.9
23.0

162.1
162.8
164.4
165.9

4/84
5/84
6/84
7/84

21
22
23
24

23.1
22.3
21.8
22.3

166.0
165.0
164.3
165.0

8/84
9/84
10/84
11/84

V
48. Employee hours in nonagricultural
estab'lishnnents

SERIES
48
ANN. RATE
BIL. HOURS
0.9
12/83
172.73
1.6
174.01
1/84
2.2
175.02
2/84
1.9
174140
3/84

• 174

176.89
176.31
176.99
177.06

4/84
5/84
6/84
7/84

•

21
22
23
24

3.7
4.5
4.2
3.5

177.49
178.87
178.39
177.24

9/84
10/84
11/84

-

-2

- - 3

•

•

-6

11111111111) i 111 i j 1 ( n 1) 11111
0 + 6
+12 +18 +24 + 3 0

168

-5

SERIES
48
ANN. RATE
BIL.
HOURS
12/83
5.6
172,73
174.01
6.4
1/84
7.0
175.02
2/84
6.7
3/84
174.40

166

13
14
15
16

164

17
18
19
20

8.2
7.8
8.3
8.3

176.89
176.31
176.99
177.06

4/84
5/84
6/84
7/84

21
22
23
24

8.6
9.4
9.1
8.4

177.49
178.87
178.39
177.24

8/84
9/84
10/84
11/84

-4
•

-

170

-1

15

-

10

Months from reference troughs

•

160

•

155

•

150

•

145

•

140

•

180

•

178

•

176

•

174

•

172

•

170

•

168

•

166

•

164

5

Percent
-

11

-

10

-

9

-

6

/

1 J^
Jj

-

7

-

6

-

5

-

4

-

3

J f Median

8/84

DEVIMONTHS
FROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
SPEC.
DATA
11/82
YEAR
TROUGH

165

I A
^^ u

DEVIMONTHS
FROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
TROUGH
7/81
DATA
YEAR

3.3
3.0
3.4
3.4

•
-

-

-

•

20

3/84

17
18
19
20

172

Percent

-

MI

/

/

Jx.

-

NOTE:

mj7f

3/75

SERIES
47
1967=100

13
14
15
16

Actual
data
for
current
cycle

2/84
3/84

MONTHS
DEVIFROM ATIONS CURRENT MONTH
FROM
SPEC.
ACTUAL
AND
TROUGH
11/82
DATA
YEAR

178

- +2
I JT 1 1975

ft
IWlif

OS

1.5
3.0
4.0
4.5

- +6

f

M

-12

Icccj

13
14
15
16

164.4
165.9

Deviations
from
specific
troughs

47. Industrial production index

47

Percent

- +5

wN.

SERIES

t1i1[iTTTTTTTTTT 11111 III1II 1111 II111111111 111

1967-100
-i +20

1982.

DEVIMONTHS
FROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
TROUGH
7/81
DATA
YEAR

M
if ™

U L A km

V

-

2

-

1

-

0

11 1 11 N 1 1 11111l|11111111111 | II 1 1 1 11 111 1 11 1111
-12
-6
0 + 6
+12 +18 +24 +30
Months from specific troughs

For an explanation of these charts, see "How to Read Charts." on p. 106 of the July 1984 issue.




107

G. Experimental Data and Analyses—Continued

Cyclical Comparisons: Current and Selected Historical Patterns-Continued
niiiiiiMiif

Deviations
from

80. Corporate profits after taxes with
IVA and CCAdj.f 1972 dollars

reference
peaks

Actual
data
for
current
cycle

m
Percent

-1+75

QRTRS.
DEVIFR6M ATIONS CURRENT QRTR.
FROM
AND
REF.
ACTUAL
TROUGH 111/81
DATA
YEAR

H|...M,MIH|..,M|M,M|IHM|.m.

Deviations

80. Corporate profits after taxes with
and CCAdj, 1972 dollars

from
specific
troughs

80
SERIES
ANN. RATE
B I L . D0L
IV/82
46.1

0

-18.4

1
2
3
4

1.4
20.2
35.4
46.9

57.3
67.9
76.5
83.0

1/83
11/83
UI/83
IV/83

5
6
7

54.9
63.0
65.7

87.5
92.1
93.6

1/84
11/84
CII/84

Actual
data
for
current
cycle

100
•

90

•

30

QRTRS.
DEVIFROM ATIONS CURRENT QRTR.
SPEC.
FROM
AND
ACTUAL
TROUGH
IV/82
YEAR
DATA

+ 50
•

+25

•

SERIES 80
ANN. RATE
B I L . DOL.
0.
46.1
IV/82

80

70

1
2
3
4

24.3
47.3
65.9
80.0

5 7.3
1/83
67.9 11/83
76.5 111/83
83.0
IV/83

5
6
7

89.8
99.8
103.0

87.5
1/84
92.1 11/84
93.6 111/84

75

• 70

50

•

60

•

50

25

-25
• 40

• 30
~i

82. Rate of capacity utilization,
manufacturing (FRB)

-50

Actual
data
(percent)

- i 90

85

QRTRS.
FROM
REF.
TROUGH

CURRENT QRTR.
ACTUAL
AND
DATA
YEAR

82. Rate of capacity utilization,
manufacturing (FRB)

SERIES
82
PERCENT

Actual

0

69.0

1
2
3
4

70.7
1/83
73.8 1 1 / 8 3
77.4
111/83
78.9
IV/83

5
6
7

80.7
1/84
81.8 1 1 / 8 4
82.5
111/84

IV/82

- i 20

• 85

• 80
10

QRTRS,
DEVIFROM ATIONS CURRENT QRTR.
SPEC.
FROM
ACTUAL
AND
TROUGH
IV/82
DATA
YEAR
SERIES
82
PERCENT

75

- I 70

nl

I

-12

-6

.mil.1.1,In ...I

I.....

0

0.

69.0

1
2
3
4

1.7
4.8
8.4
9.9

70.7
1/83
73.8 1 1 / 8 3
77.4
111/83
78.9
IV/83

5
6
7

11.7
12.8
13.5

80.7
1/84
81.8 1 1 / 8 4
82.5
111/84

IV/82

0 +6 +12 +18 +24 +30
Months from reference troughs

NOTE:

108

For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1984 issue.




• 70

ill n n nil tliniilitii i In in in ill LLI
-12

-6

0

+

6

+12+18

Months from specific troughs

+24+30

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns-Continued
1 1 11IIIIM [1 1 1 1 1

Deviations
from
reference
peaks

910. Compos ite index of 12 leading
indicatejrs

Actual
data
for
current
cycle

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
TROUGH
DATA
YEAR
7/81

13

14.3
15.1
16.8
17.1

163.4
164.5
166.9
167.4

12/83

19

17.7
17.9
16.8

20

14.7

168.2
168.5
166.9
163.9

4/84
5/84
6/84
7/84

21
22
23

14.8

14
15
16
17
18

- +25
1970

- +20

• 170

24

- +15

1982^

7r

• 160

f

- +5

• 150

-5

r\
1975

-

-10

• 130

21
22
23
24

21.3

- - , 5

-

• 120

8/84
9/84

22.1
23.9
24.3

25
26
27
28

24.9
25.1
23.9
21.7

168 .2
1 6 8 .5
166 .9
163 .9

4/84
5/84

29
30
31
32

21.8
22,8
22.1
23.7

164
165
164
166

.0
.4
.5
.6

• 175

• 170

25

\r

910

12/83
1/84
2/84
3/84

20
• 160

15

• 155

Median

6/84
7/84

•

150

•

145

10

8/84
9/84
10/84
11/84

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
7/81
DATA
YEAR
SERIES

-20

indicate)rs

m

[ c,c,c [

Vcent

- +15
• 165

- +10

1

M

fr

iff
/

15
16

-0.1
1.3
2.0
2.3

147.5
149.5
150.6
151 .0

12/83
1/84
2/84

17
18
19
20

3.4
4.3
5.4
5.5

152.6
153.9
155.5
155.7

4/84

21
22
23
24

5,5
5.7
5.8
6.4

155.7
156.0
156.1
157.0

14

- +5

• 155

M35

920

1967-100

920. Compos te index of 4 coincident

-12

30

10/84
11/84

1 6 3 .4
1 6 4 .5
166 .9
167 . 4

13

1982

- i 35

3/82

/

\

166.6

Percent

1/84
2/84
3/84

1967 = 1 0 0

-

VV

164.0
165.4
164.5

15.7
15.1
16.6

SERIES

• 140

J

indicators

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
3/82
DATA
YEAR

- +10

Ifjt

Median

DeviActual
ations
data
from
for
specific current
troughs, cycle

910. Composite index of 12 leading

SERIES 9 1 0
1967=100

EE

Percent

I II I j I II I M I I M I I I I I I I I 1 I I I I [ I I I I I | I I I I I I I I I [ I j I

920. Composite index of 4 coincident
indicators
P«rc»nt

3/84

-I

25

5/84
6/84
7/84
8/84

20

9/84
10/84
11/84

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
12/82
DATA
YEAR

15
• 150

SERIES 920
1967=100

Median y
-

0

12

11.2

147.5

12/83

13
14
15
16

12.7
13.6
13.9
15.1

149.5
150.6
151 .0
152.6

1/84
2/84
3/84
4/84

17
18
19
20

16.1
17.3
17 . 4
17.4

153.9
155.5
155.7
155.7

5/84
6/84
7/84
8/84

21

17.6
17.7
18.4

156.0
156.1
157.0

9/84
10/84
11/84

• 145
-

-5

1975

• 135
-

-10

-

-15

1. M K I . M M L M M
..In... ..,.,1
-6
0 +6 +12 +18 +24 +30

• 125

22
23

Months from reference troughs

10

• 145

11/70
I 140

-1 0
Imnlmulnml

-12

-6

1 . , . , • I „ .. • I • i.»• I . .

0 +6 +12 +18 +24 +30
Months from, specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1984 issue.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Serins title
(Sue complete titles in "Titles and
Sources of Series," following this index)
A
Accession rate, manufacturing
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Prices, manufacturing, Dl
Prices, retail trade, Dl
Prices, wholesale trade, Dl...
Profits, manufacturing and trade, Dl
Sales, manufacturing and trade, Dl
Automobiles
Imports of automobiles and parts
Personal consumption expenditures
B
Balance of payments—See International transactions.
Bank loans—See Business Loans.
Bank rates—See Interest rotes.
Bank reserves
Free reserves
Member bank borrowing from the Federal Reserve
Bonds—See Interest rates,
Borrowing—See Credit.
Budget—See Government.
Buildjng—See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Business failures, current liabilities
Business formation, index
,
Business incorporations
Business inventories—See Inventories.
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Business saving
C
Canada—See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing

Backlog.

Newly approved
,
Newly approved, Dl
Capital equipment, producer price index
Capital investment-See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force—See also Employment.
Employment
Employment as percent of population
Total labor force
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded
Commercial and industrial loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Compensation—See also Income.
Compensation, average hourly, nonfarm
business sector
Compensation of employees, NIPA
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
,
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, real nverage hourly, production workers,
private nonfarm economy
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Four coinciders, index
Four eoineklers, rate of change
Ratio to lagging indicator index
Lagging indicators
SiK laggers, index
Sin laggers, rate of change
Leading indicators
Cspital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
See notes at end of index.

110



Current issue

Series (page numbers)
number Charts Tables

Historical
data
(issue date)

Series
description

7
56

n

2
604

56

92

8/81
11/84

61
970
58
974
975
971
976
978
977
972
973

24
38
22
38
38
38
38
38
38
38
38

67
76
65
76
76
76
76
76
76
76
76

8/84
8/84
1/84
5/83
5/83
5/83
5/83
5/83
5/83
5/83
5/83

23
23
20
37
37
37
37
37
37
37
37

616
55

56
22

92
65

11/84
9/84

56
39

93
94

33
33

72
72

6/83
6/83

35
35

29 13,25
76
24
61
24
970 38
14
33
12 12,23
13
23

67
67
67
76
72
65
65

7/84
8/84
8/84
8/84
5/83
12/84
12/84

24
12
23
23
34
21
21

101 15,35
72
35
112 32
295 46

73
73
72
82

6/84
6/84
6/84
11/84

32
32
32
26

83
82
84

20
20
20

64
64
64

12/83
8/83
8/83

14
14
14

97

24

11
965
333

24
37
48

66
66
75
86

12/83
12/83
12/83
3/84

22
22
22
51

914
35
34

11
29
29

60
70
70

7/84
9/84
9/84

5
26
26

89
62
89

2/84
2/84
2/84
2/84

9
9
9
9
5

60
66

1/84
1/84
12/84
7/84
12/83

"5
5
21

101 15,35
72
35
112 32

73
73
72

6/84
6/84
6/84

32
32
32

345
280

49
45

87
82

12/84
10/84

46
46

442 51
90
17
441 51
37 18,51
920
920c
951
940
9

10
39
36
11
23

62,89

60
'74*

64

30,47

70,83

9/84

46

346

49

88

12/84

46

340

49

87

8/84

5

341
348
349

49
50
50

87
88
88

8/84
12/83
12/83

5
53
53

53

19

63

9/84

11

920
920c
940

10
39
11

60

1/84
1/84
7/84

5

*60'

930
930c

10
39

60

1/84
1/84

5

914
915
913
917

11
11

60
60

11

60

7/84
7/84
2/83
7/84

5
5
5
5

Series title
(See complete titles in "Titles and
Sources of Series/' following this index)
Profitability
Twelve leaders, index
Twelve leaders, rate of change
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales...
Gross private domestic fixed investment
Nonresidential, percent of GNP
No presidential structures, constant dollars
Nonresidential, total, constant dollars
Residential, percent of GNP
Residential, total, constant dollars
Housing starts
Consumer finished goods, producer price index
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices-See also International comparisons.
AH items

Pood ZZZ.

Consumer sentiment, index
Consumption expenditures—See Personal
consumption expenditures.
Contract awards, Defense Department
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars..,
Corporate bond yields.
Corporate profits—See Profits.
Costs—See Labor costs and Price indexes.
Credit
Borrowing, total private
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Credit outstanding, percent change
Mortgage debt, net change
Crude and intermediate materials, change in
producer prices
Crude materials, producer price index

Debt-See Credit.
Defense and space equipment, output
Defense Department
Gross obligations incurred
Gross unpaid obligations
Net outlays

Personnel, civilian

Personnel, military
Prime contract awards
Defense products
Inventories, manufacturers'
New orders, manufacturers'
Shipments, manufacturers'
Unfilled orders, manufacturers'.,.
Defense products industries, employment
Defense purchases, goods and services, NIPA
Defense purchases, percent of GNP
Deficit—See Government.
Deflators—See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Business expenditures, new plant and equipment...
Capital appropriations, manufacturing
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagricultural payrolls
Industrial production
Industrial production, components
Initial claims, State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components
New orders, manufacturing
Profits, manufacturing
Profits, manufacturing and trade
Raw industrials, spot market prices
Raw industrials, spot market prices, components.,
Sales, manufacturing and trade
Selling prices, manufacturing
Selling prjces, retail trade
Selling prices, wholesale trade
Stock prices, 500 common stocks
Workweek, manufacturing production workers
Workweek, manufacturing production workers,
components
Disposable personal income—See income.

Current issue
Series (P a 2 e "umbers)
number Charts Tables
916
910
910c

11
10
39

60
60

13,25

Historical
data
(issue date)

Series
description
<•)

7/84
1/84
1/84

67

7/84

9
69

23
24

66
67

12/83
9/84

21
17

248
87
86
249
89
28
334
8
75

47
25
25
47
25
25
48
12,21
22

83
67
67
83
67
67
86
64
65

10/84
9/84
9/84
10/84
9/84
4/84
3/84
4/84
8/84

40
40
40
40
40
24
51
15
12

66
35
113
32
95 15,35
39
33

73
72
73
72

6/84
6/84
9/84
11/83

33
33
33
34

4/84
4/84
1/84

49
49
20

29

320
322
58

49
49
22

525

53

90

11/84

55

20

12,23

66

12/84

21

10
116

23
34

66
73

12/84
8/83

21
35

110

32

101
72
112

15,35

35
32

6/84
6/84
6/84

32
32
32

6/84
6/84
9/84
11/83
6/84
5/84

33
33
33
34
31
31

3/84
3/84

51
50

66
113
95
39

15,35

in

13,32

33

32

73
72
73
72
72
71

98
331

28
48

69
85

557

54

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

1/84
11/84
7/83
1/84
1/84
11/84

55
55
56
56
56
55

559
548
588
561
570
564
565

54
53
54
54
55
55
55

91
90
91
91
91
91
91

6/84
6/84
6/84
6/84
7/84
9/84
9/84

17
15
17
15
43
43

72
64

11/83
5/83

34
17

76
75
74
76
74
75
78
74
76
74
74
75
77
76
75
76
75
79
76
76
76
76
75
74

8/84
12/83
12/84
5/83
7/84
8/84

23
22

39
32

35
32

11/84

73
73
72

33

33
12,21

970
965
951
974
963
966

38
37
36
38
36
37

962
975
952
950
964

36
38
36
36
37

971
960
972
967

38
37
38
37

973
976
978
977
968
961

38
38
38
38
37
36

11/84

5/83
5/83
12/84
12/84
6/84
5/83
12/83
5/83
6/83
5/83
5/83
5/83
5/83
6/83
7/84

37
12
37
5
15
"37*
37
3?
25
•3?"
37
37
37
25
5

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Earnings—See Compensation.
Employment and unemployment
Accession rate, manufacturing
;
Civilian labor force, total
Defense Department personnel, civilian
Defense Department personnel, military
Employee-hours in nonagncultural establishments
Rate of change
Total
Employees in mining, manufacturing,
and construction
,
Employees, manufacturing and trade, Dl
Employees on nonagncultural payrolls
Employees on private nonagncultural payrolls, Dl
Employment in defense products industries
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, manufacturing 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
i
Unemployment rate, 15 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate, total
' Unemployment, total civilian
Workweek, manufacturing production workers
Workweek, manufacturing production workers,
components
*
Workweek, manufacturing production workers, Dl
Equipment—See Investment, capital.
Exports—See International transactions.
Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowing from..
Final sales in constant dollars
i
Financial flows, Cl
,
Fixed investment—See Investment, capital,
fixed-weighted price index, gross domestic
business product
Food—See Consumer prices.
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves
,

Goods output in constant dollars
Government budget, NIPA
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
.
.
Federal, current dollars .
Federal, percent of GNP
National defense
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Gross domestic business product, fixed-weighted
price index ,.
.
. . ..
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 Ml
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars.
Gross private domestic investment—See Investment, capital.
H
Help-wanted advertising in newspapers
Help-wanted advertising, ratiu to unemployment
Hours of production workers, manufacturing

Current issue
Series (page numbers)
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

2
441
578
577

51
55
55

89
91
91

8/81
2/84
1/84
1/84

7
9
56
56

48c
48

39
17

'6i'

12/84
12/84

"5

40
974
41
963
570
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

17
38
14,17
36
55
17
51
16
16
12,16
36

62
76
62
74
91
62
89
61
61
61
74

i6'

'e'i'
89

51
51
15,18
18
18
18
18,51
12,16

961

36

51
51
51
51
17

'si'
51

119

34

94
213
917

33
40
11

311

48

89
89
89
62
'89'
89
89
89
62
62
62
62
62,89
61
77
74

7/84
5/83
7/84
7/84
7/84
2/84
2/84
2/84
2/84
5/83
5/83
8/81
2/83
7/84
2/84
2/84
2/84
2/84
2/84
8/81
2/84
2/84
2/84
2/84
2/84
2/84
4/84
2/84
2/84
7/84

"9
9
9
9
9
9
8
9
9
5

7/84

"5

5
37
5
5
5
9
9
9
9
8
8
7
5
5
9
9
9
9
9

10/83

72
80
60

6/83
10/84
7/84

35
38
5

9/84

93

33

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90
90
83

263
262
265
564
565
267
266
268
261
260

43
43
47
55
55
43
43
47
43
43

311
68

6/83

9/84

53
53
53
53
53
53
48

81
81
83
91
91
81
81
83
81
81

9/84
9/84
9/84
9/84
9/84
9/84
11/84
10/84
10/84
10/84
9/84
9/84
10/84
10/84
10/84
10/84
10/84

43
43
43
43
43
43
43
43
43
43

48
30

84
70

9/84
9/84

49
28

50
50b
50c
200
200b
200c
107
49
310
217

19,40

"l\
20
48
40

63,80
80
80
80
80
80
71
63
84
80

10/84
10/84
10/84
10/84
10/84
10/84
9/84
9/84
9/84
10/84

38
38
38
38
38
38
30
14
38
38

46
60

16
16

61
61

2/84
2/84

9
9

'39'
40

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Average weekly overtime
Average workweek
Average workweek, components
Average workweek, Dl '.
Housing
Housing starts
Housing units authorized by local building permits..
Residential GPD1, constant dollars
Residential GPOI, percent of GNP

Current issue
Series < P * n u m b e r s >
number Charts Tables

21
1
961

16
12,16

28
29
89
249
310

48

345
280

49
45

87
82

Historical
data
(issue date)
7/84
7/84

36

61
61
77
74

25
13,25
25
47

67
67
67
83

4/84
7/84
9/84

Series
description

7/84

10/84

24
24
40
40

I
Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, real average hourly, production workers,
private nonfarm economy
Income on foreign investments in the United States
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 transfer payments, constant dollars
Rate of change
Total
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
,
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also international comparisons.
Business equipment
Consumer goods
Durable manufactures
Nondurable manufactures
Total
Total, components
Total, Dl
Total, rate of change
Industrials, raw, spot market prices
Components
.
Diffusion index
Spot market index
Installment credit-See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, 01
Average weekly insured unemployment rate
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, producer price index
International comparisons
Consumer prices
Canada
France .
Italy
Japan
United Kingdom
United States
West Germany
Industrial production
Canada
France
.
....
Italy
Japan.
OECD, European countries..,
United Kingdom
United States
West Germany

9/84

12/84
10/84

46
46

64

30,47

70,83

9/84

46

346
95
286

49
15,35
45

88
73
82

12/84
9/84
11/84

46
33
26

287
225
224

47
40
40

83
80
80

11/84
10/84
10/84

26
11

227

40

80

10/84

11

340

49

87

8/84

5

341
652
651
288
289
220
52
223

49
57
57
45
47
45
19
40

87
93
93
82
83
82
63
63

8/84
8/84
8/84
11/84
11/84
10/84
9/84
9/84

5
57
57
47
47
46
11
11

51c
51
108
282

39
14,19
31
45

63'
71
82

9/84
9/84
9/84
10/84

"3ii
0

283
284

47
45

83
82

10/84
10/84

47
47

285
348
349

47
50
50

83
88
88

11/84
12/83
12/83

47
53
53

53
13
335

19
23
48

63
65
85

9/84
12/84
3/84

11
21
51

8/84
8/84
8/84
8/84
8/84

12
12
12
12
12

8/84
8/84

i2

24
76
67
65
75
22
63
73
20
63
74
20
47 14,20,58 63,94
78
75
37
966
47c
39

U

47

28

79
75
69

6/83
6/83

25
25

5
962
45
288
289

12,16
36
18
45
47

61
74
62
82
83

5/83
5/83
4/84
11/84
11/84

8
8
8
47
47

67
116
119
118
117
109
114
115
332

35
34
34
34
34
35
34
34
48

73
73
72
73
73
73
72
73
86

12/83
8/83
10/83
10/83
10/83
7/83
8/83
8/83
3/84

35
35
35
35
35
35
35
35
50

733
736
737
738
732
320
735

59
59
59
59
59
49
59

96
95
96
95
95
84,95
95

4/84
4/84
4/84
4/84
4/84
4/84
4/84

60
61
61
61
60
49
61

94
58
723
94
726
58
94
727
58
94
58
728
94
721
58
94
58
722
47 14,20,58 63,9494
58
725

5/84
5/84
5/84
5/84
5/84
5/84
8/84
5/84

59
59
59
59
58
58
12
59

967
23

•37'

See notes at end of index.




111

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Stock prices
Canada...,.
,
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, excluding military
Exports, merchandise, total excluding military aid
Exports of domestic agricultural products
Exports of goods and services, constant dollars, NIPA
Exports of gcods and services, current dollars, NIPA
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, excluding military
Imports, merchandise, total
Imports of automobiles and parts
Imports of goods and services, constant dollars, NIPA
Imports of goods and services, current dollars, NIPA
Imports of goods artd! services, total
Imports of petroleum and products
Income on foreign investments in the United States
Income on U.S. investments abroad
Net exports of goods and services,
constant dollars, NIPA
Net exports of goods and services,
current dellars, NIPA
Net exports of goods and services, percent of GNP
Inventories
Business inventories, change, constant dollars, NIPA
Business inventories, change, current dollars, NIPA
Business inventories, change, percent of GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories on hand and on order, net change
Inventories; to sales ratio, manufacturing and trade, . „
Inventory investment and purchasing, Cl
Manufactiring and trade, book value
Manufacturing and trace, change in book value
Manufacturing and trade, constant dollars ..
Manufacturing and trade, Dl
Materials and supplies on hand and on order,
manufacturing
Materials and supplies on hand and on order,
manufacturing, change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business, plus machinery
and equipment sales
Gross private domestic investment
Business inventories, change—See Inventories.
Fixed investment, constant dollars
,
Fixed investment, current dollars
Nonresidential, constant dollars
Nonresidential, percent of GNP
Producers' durable equipment, nonresidential,
constant dollars
Residential, constant dollars
Residential, percent of GNP
Structures, nonresidential, constant dollars
Total, constant dollars
Total, current dollars
New orders, capital goods, nondefense,
constant dollars
New oiders, capital goods, nondefense,
current dollars
Plant find equipment
Business expenditures, new
Business expenditures, new, Ol
Contracts and orders, constant dollars
Contracts and orders, current dollars
Investment, foreign
Income on foreign investments in the United States
Income on U.S. investments abroad
Italy—Sue International comparisons.

Cufrertt issue

Series (page n u n i b e r s >
number Charts Tables

Historical
data
(issue date)

Series
description

C)

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

1/84
1/84
1/84
1/84
1/84
1/84
1/84

63
63
63
63
63
25
63

667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
652
651

57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
57
57

93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
93
93

8/84
8/84
8/84
11/84
11/84
10/84
10/84
8/84
11/84
8/84
11/84
11/84
10/84
10/84
8/84
11/84
8/84

57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
57
57

255

44

82

10/84

250
251

44
47

82
83

10/84
10/84

44
44

68,81
81
83
91
68
68
68
60
68
68
68
76

9/84
10/84
10/84
6/84
6/84
12/84
11/84
7/84
11/84
11/84
11/84
5/83

40
40
40
17
17
17
17
5
17
17
17
37

30
26,42
245
42
247
47
559
54
65
27
36 13,26
77 15,27
915
11
71
27
31
26
70
27
975
38

6/84

78

27

38

26

97
11
965
914
9

24
24
37
11
23

66
66
75
60
66

12/83
12/83
12/83
7/84
12/83

22
22
22
5
21

69

24

67

9/84

17

243
242
86
248

42
42
25
47

81
81
67
83

v10/84
10/84
9/84
10/84

40
40
40
40

88
89
249
87
241
240

25
25
47
25
42
42

67
67
83
67
81
81

9/84
9/84
10/84
9/84
10/84
10/84

40
40
40
40
40
40

27

23

66

12/84

24

23

66

12/84

61
24
970
38
20 12,23
10
23

67
76
66
66

8/84
8/84
12/84
12/84

23
23
21
21

652
651

93
93

8/84
8/84

57
57

57
57

68

6/84

J
Japan—See International comparisons.
L
Labor cost per unit of gross domestic product
Labor cost per unit of output, manufacturing
Actual data.
Actual data as percent of trend
Labor cost per unit of output, private business sector
Labor cost, price pec unit of, nonfarm business
Labor force=See Employment.
Lagging indicators, SIK
Composite index
Composite index, rate of change
Diffusion index
Layoff rate, manufacturing
Leading indicators, twelve
Composite index
Composite index, rate of change
See notes at ersd ot index.

112




68

30

70

9/84

62
62
63
26

30
15
30
29

70
70
70
70

12/84
12/84
11/84
9/83

28
28
28
28

930
930c
952
3

10
39
36

60

5

74"

1/84
1/84
12/84
8/81

910
910c

10
39

60

1/84
1/84

V
7
5

Sorip* titlP

(See complete titles in "Titles and
Sources of Series," following this index)
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans—See Credit.

,

,

Historical
data
(issue date)

Series
description
<•>

Series
number Charts

Tables

950
14
104

36
33
31

74
72
71

2/83

5

78

27

68

6/84

17

38
8

26
12,21

68
64

6/84
4/84

17
15

84

20

64

8/83

917

11

60

7/84

104
105
85
106
102
107
108
33
118
117

31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

5/84
5/84
5/84
5/84
5/84
9/84
9/84
5/84
10/83
10/83

29
29
29
30
29
30
30
31
35
35

27
24
8

23
23
12,21

66
66
64

12/84
12/84
4/84

15
15
15

20

12,23

66

12/84

21

10
548
7
6

23
53
21
21

12/84
6/84
6/84
6/84

21
15
15
15

964
971

37
38

66
90
64
64
77
75
76

6/84
5/83

'is

88
87
86
248

25
25
25
47

67
67
67
83

9/84
9/84
9/84
10/84

40
40
40
40

517
543
721

53
53
58

90
90
94

1/84
11/84
5/84

55
55
58

580

54

91

7/83

56

557
49

54
20

91
63

11/84
9/84

13
14

62
62
358
370
83
82
84
21

30
15
50
50
20
20
20
16

70
70
88
88
64
64
64
61

12/84
12/84
12/83
12/83
12/83
8/83
8/83
7/84

28
28
52
52
14
14
14
5

453
452
451

51
51
51

89
89
89

2/84
2/84
2/84

9
9
9

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

9/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84

39
39
39
39
39
39
39
39
39
39

292
293
614

46
46
56

82
83
92

11/84
11/84
11/84

48
48
56

61
970
20
10
90

24
38
12,23
23
17

67
76
66
66
62

8/84
8/84
12/84
12/84
2/84

23
23
21
21
9

12/84
5/83
5/84

5
34
29

M
Man-hours—See Employment.
Marginal employment adjustments, Cl
Materials and supplies on hand and on order,
manufacturing
Materials and supplies on hand and on order,
manufacturing, change
Materials, new orders for consumer goods and
Materials prices—See Price indexes.
Materials, rate of capacity utilization
Merchandise trade—See International transactions.
Military—See Defense.
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Money supply M l , constant dollars
Money supply M l , percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields

913

N
National defense-See Defense.
National Government—See Government.
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment, GPDI
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
0
Obligations incurred, Defense Department
Obligations unpaid, Defense Department
OECD, European countries, industrial production
Orders—See New orders and Unfilled orders,
Outlays, Defense Department
Output—See also Gross national product and
Industrial production.
Defense and space equipment, output
Goods output, constant dollars
Labor cost per unit of
Actual data
Actual data as percent of trend
Per hour, nonfarm business sector
Per hour, private business sector
Ratio to capacity, manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity, materials
Overtime hours, manufacturing production workers
P
Participation rates, civilian labor force
Both sexes, 16-19 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income—See Income.
Personal saving
Personal saving rate
Petroleum and products, imports
Plant and equipment—See also Investment, capital.
Business expenditures, new
Business expenditures, new, Dl
Contracts and orders, constant dollars
Contracts and orders, current dollars
Population, civilian employment as percent of

,

....

37

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Price indexes
Consumer prices—See also International comparisons.
All items
Food
.....
Deflators, NIPA
Fixed-weighted, gross domestic business product
Implicit price deflator, GNP
(
Labor cost, price per unit of, nonfarm business
Producer prices
All commodities
Capital equipment
Crude materials
Finished consumer goods
'.
Industrial commodities
Intermediate materials
t
Sensitive crude and intermediate materials
(taw industrials, spot market prices
Components
Diffusion index
Spot market index
,
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, Dl
Retail trade, Dl
Wholesale trade, Dl
Prime contract awards, Defense Department
Prime rate charged by banks
Producer prices—See Price indexes.
Producers' durable equipment, nonresidential, GPDI
Production-See Gross national product and
Industrial production.
Productivity
Output per hour, nonfarm business sector
Output per hour, private business sector
Profitability Cl
Profits
Corporate profits after taxes
Constant dollars
Current dollars
,
With IVA and CCAdj, constant dollars.:
With IVA and CCAdj, current dollars
Corporate profits, total
With IVA and CCAdj
:
With IVA and CCAdj, percent of national income
Manufacturing and trade, Dl
i
Manufacturing, Dl
(
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCAdj to corporate
domestic income
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent of
national income

Current issue
Series

tpage

numbers)

number Charts

Tables

description

4/84
4/84

49
49

9/84
9/84
9/83

49
38
28

3/84
3/84
3/84
3/84
3/84
3/84
3/84

50
51
50
51
51
50
51

C)

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Current issue
Series

<P a 8 enumbers >
Charts Tables

Historical
data
(issue date)

Series
description
(•)

s
320
322

49
49

311
310
26

48
48
29

330
333
331
334
335
332

48
48
48
48
48
48
28

967
23

37
28

79
75
69

6/83
6/83

25
25

98
99

28
13,28

69
69

3/84
3/84

51
25

13 f 8
29

69
75
70

1/84
6/83
9/83

25
25
28

38
53
35

76
76
76
90
73

5/83
5/83
5/83
11/84
7/83

37
37
37
55
35

976
978
977
525

84,95

85
86
85

9/84

Salaries—See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, manufacturing and trade..,
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving, private and government
Personal saving
,
Personal saving rate
,
Selling prices—See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Shipments of defense products
Spot market prices, raw industrials
Components
Diffusion index
Spot market index
State and local government—See Government.
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
;
Stocks of materials and supplies on hand and on order..,
Stocks of materials and supplies on hand and on
order, change
Surplus—See Government.

358
370
916

50
50
11

88
88
60

12/83
12/83
7/84

52
52
5

Treasury bill rate
Treasury bond yields

18
16
80
79

28
28
29
29

69
69
69
69

9/84
9/84
9/84
9/84

26
26
26
26

286
287
972
960
15
916
22

45
47
38
37
29
11
29

82
83
76
75
70
60
69

11/84
11/84
5/83
12/83
5/83
7/84
9/84

26
26
37
37
27
5
26

81
282

29
45

70
82

9/84
10/84

26
47

283

47

Unemployment
Duration of unemployment, average.
Help-wanted advertising, ratio to unemployment
Initial claims for unemployment insurance.
Initial claims for unemployment insurance, Dt .
Layoff rate, manufacturing
Number unemployed, civilian labor force
Both sexes, 16-19 years of age
Females 20 years and over
Full-time workers
Males 20 years and over
Total unemployed.
Quit rate, manufacturing.
Unemployment rates
15 weeks and over. ..
Insured unemployment
Total
Unfilled orders, manufacturers'
Defense products.
.
Durable goods industries
Durable goods industries, change
United Kingdom-See International comparisons

213

10/84

22
22

67
65
65
76
68
65
65

9/84
11/84
11/84
5/83
11/84
12/84
12/84

17
17
17
37
17
20
20

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11/84
11/84
11/84
11/84
11/84

26
48
48
48
48

98
99
588

28
13,28

69
69
91

3/84
3/84
6/84

51
25
17

79
75
69

6/83
6/83

25
25

69
75
68

1/84
6/83
6/84

25
25
17

69
57
56
973
77
59
54

24
14,22

22
38
15,27

54

967
23

•37"

19
968
78

13,28

28

37
27

6/84

114
115

34
34

72
73

8/83
8/83

91
60
5
962
3

15,18
16
12,16
36

62
61
61
74

2/84
2/84
5/83
5/83
8/81

446
445
447
444
37

51
51
51
51
18,51

89
62,89

44
45
43

18
18
18

62
62
62

2/84
4/84
2/84

561
96
25

54
21
21

91
64
64

6/84
6/84
6/84

15
15
15

71
71
64

9/84
9/84
5/83

30
30
17

61
77
74

7/84

35
35

U

10/84
8/81

Quit rate,

Raw industrials, spot market prices
Components
;
Diffusion index
Spot market index
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Reserves, free
Residential fixed investment, constant dollars, GPDI..
Residential fixed investment, percent of GNP....
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars

Series

Historical
data
(issue date)

967
23
284

37
28
45

79
75
69
82

6/83
6/83
10/84

25
25
47

285
93
89
249

47
33
25
47

83
72
67
83

11/84
6/83
9/84
10/84

47
35
40
40

59
54

22
22

65
65

12/84
12/84

20
20

Velocity of money
GNP to money supply Ml, ratio
Personal income to money supply M2, ratio..
Vendor performance, slower deliveries

107
31
108
31
32 12,21

Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek of manufacturing production workers
Average workweek
Components
Diffusion index

1

12,16

961

'36*

2/84
2/84
2/84
2/84
2/84
8/81

7/84

NOTE: CCAdj, capital consumption adjustment; Cl, composite, index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment; NIPA, national income and product accounts.
* The number shown is the page of the Handbook of Cyclical Indicators (1984) on which the series description appears.




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. "NT 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.

Bureau of Economic Analysis (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)
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)

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
Analysts
(32,71)
34. Net cash flow, corporate, in current dollars ( Q ) . Source 1
(29,70)
35. Net cash flow, corporate, in 1972 dollars (Q).-Source
1
(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)

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, 5, 8, 12, 19, 20, 29, 32, 36, 99,106, 111)
(M).-Source 1
(10,39,60)

15. Profits (after taxes) per dollar of sales, all
manufacturing corporations (Q).—Federal Trade Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)

39. Percent of consumer installment loans delinquent 30
days and over ( E O M ) . - A m e r i c a n Bankers
Association
(33,72)

913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)

16. Corporate profits after taxes in current dollars ( Q ) . ~
Source 1
(28,69)

915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 99) (M).-Source
1
(11,60)
916. Composite index of profitability (includes series 19,26,
80) (M).-Source 1
(11,60)

18. Corporate profits after taxes in 1972 dollars ( Q ) . Source 1
(28,69)

917. Composite index of money and financial flows (includes
series 104, 106, 111) (M).-Source 1
(11,60)
920. Composite index of four roughly coincident indicators
(includes series 4 1 , 47, 5 1 , 57) (M).-Source
1
(10,39,60)
930. Composite index of six lagging indicators (includes
sisries 62, 77, 91, 95, 101, 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. Average workweek of production workers,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).—Source 3
3. Layoff rate, manufacturing (M).—Source 3
4. Quit rate, manufacturing (M).—Source 3
5. Average weekly initial claims for
insurance, State programs (M).-U.S.
Labor, Employment and Training
seasonal adjustment by Bureau
Analysis

unemployment
Department of
Administration;
of Economic
(12,16,61)

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)

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, persons unemployed 15 weeks and
over(M).-Sources2 and 3
(18,62)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,66)

45. Average weekly insured unemployment rite, State
programs (M).—U.S. Department of Labor, Employment
and Training Administration
(18,62)

21. Average weekly overtime hours of production workers,
manufacturing (M).-Source 3
(16,61)

46. Index of help-wanted advertising in newspapers ( M ) . The Conference Board
(16, 61)

22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)

47. Index of industrial production, total (M).—Source
4
(14,20,39,58,63,78,94)

23. Index of spot market prices, raw industrial materials
(M),—Source 3 and Commodity Research Bureau, Inc.
(Used by permission. Beginning with June 1981, this
series may not be reproduced without written permission
from Commodity Research Bureau, Inc.)
(28,69,79)
24. Value of manufacturer's new orders, capital goods
industries, nondefense, in current dollars (M).—Source
2
(23,66)

48. Employee-hours in nonagricultural establishments
(M).-Source 3
(17,39,61)

25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)
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)

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

32. Vendor performance, percent of companies receiving
slower deliveries (M).—Purchasing Management
Association of Chicago
(12,21,64)

114

40. Number of employees in nonagricultural goodsproducing industries-mining, manufacturing, and
construction (M).-Source 3
(17,62)

19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)

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)




38. Change in stocks of materials and supplies on hand and
on order, manufacturing ( M ) . - Source 2
(26,68)

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 (QtM).—University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M),-Sources 1
2, 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 ) . - S o u r c e s 1, 2, 3, and The Conference
Board
(16,61)

61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)
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)

86.

Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1(25,67)

87.

Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(25,67)

88.

Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)

Diffusion index of net profits, manufacturing-about
600 companies (Q).-Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)

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 and Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)

963.

Diffusion index of number of employees on private
nonagricultural payrolls—172-186 industries (M).—
Source 3
(36,74)

964.

Diffusion index of value of manufacturers' new orders,
durable goods industries- 34-35 industries ( M ) . Sources 1 and 2
(37,75,77)

965.

Diffusion index of newly approved capital
appropriations, deflated—17 manufacturing industries
(Q).-The Conference Board
(37,75)

65.

Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).-Source
2
(27,68)

94.

Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)

95.

Ratio, consumer installment credit to personal income
(M).-Sources 1 and 4
(15,35,73)

96.

Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)

97.

Backlog of capital appropriations, 1,000 manufacturing
corporations (EOQ).-The Conference Board
(24,66)

98.

Change in producer prices for 28 sensitive crude and
intermediate materials (M).—Sources 1 and 3 (28,69)

70.

Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)
Manufacturing and trade inventories in 1972 dollars
(EOM).-Sourcesl,2,and3
(27,68)

99. Change in sensitive materials prices (smoothed) (M).-Sources 1, 3, and Commodity Research Bureau, Inc.

(13,28,69)
101.

Commercial and industrial loans outstanding in 1972
dollars (M).-Sources 1, 3, and 4
(15,35,73)

966.

Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78)

967.

Diffusion index of spot market prices, raw industrials—
13 industrial materials (M).—Sources 1, 3, and
Commodity Research Bureau, Inc.
(35,75,79)

968.

Diffusion index of stock prices, 500 common stocks—
46-82 industries (M).-Standard & Poor's Corporation
(37,75)

970.

Diffusion index of business expenditures for new plant
and equipment, total—21 industries (Q).—Source
1
(38,76)

971.

Diffusion index of new orders, manufacturing—about
600 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

972.

Diffusion index of net profits, manufacturing and
trade—about 1,400 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 t r a d e about 1,400 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 1,400 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 1,400 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
600 businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

102.

Change in money supply M2 ((VI).—Source 4 (31,71)

(27,68)

104.

Commercial and industrial loans outstanding in current
dollars (M).-Sources 1 and 4
(35,73)

Change in total liquid assets (smoothed) (M).-Sources
1 and 4
(31,71)

105.

Money supply M l in 1972 dollars (M).-Sources 1,3,
and 4
(31,71)

73.

Index of industrial production, durable manufactures
(M).-Source 4
(20,63)

106.

Money supply M2 in 1972 dollars (M).-Sources 1, 3,
and 4
(13,31,71)

74.

Index of industrial production,
manufactures (M).-Source 4

107.

71. Manufacturing and trade inventories, total book value
(EOM).-Sources 1 and 2
72.

nondurable
(20,63)

Ratio, gross national product to money supply

(Q).-Sources 1 and 4

Ml

(31,71)

75.

Index of industrial production, consumer goods ( M ) . Source 4
(22,65)

108.

Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)

76.

Index of industrial production, business equipment
(M).-Source 4
(24,67)

109.

Average prime rate charged by banks (M).-Source
4
(35,73)

77.

Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total
(M).Sources 1, 2, and 3
(15,27,68)

110.

Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)

78.

Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)

111.

Change in credit outstanding (business and consumer
borrowing) (M).—Sources 1, 4, and Federal Home
Loan Bank Board
(13,32,72)

79.

Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars

(Q).-Source 1

(29,69)

1.12. Net change in business loans (M).-Sources 1 and 4
(32,72)
113.

Net change in consumer installment credit (M).-Source
4
(32,72)

(29,69)

114.

Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)

81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(29,70)

115.

Yield on long-term Treasury
Department of the Treasury

82.

Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)

116.

Yield on new issues of high-grade corporate bonds
(M).—Citibank and U.S. Department of the
Treasury
(34,7,3)

83.

Rate of capacity utilization, manufacturing (EOQ).Source 1
(20,64)

117.

Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(34,73)

84.

Rate of capacity utilization, materials (Q).-Source
4
(20,64)

118.

85.

Change in money supply M l (M).-Source 4

Secondary market yields on FHA mortgages (M).-U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

80.

Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars

(Q).-Source 1




(31,71)

Diffusion index of four roughly coincident indicator
components (M),-Source 1
(36,74)

960.

Free reserves (member banks excess reserves minus
borrowings) (fvi).—Source 4
(33,72)

69.

951.

Ratio, civilian employment to total population of
working age (M).-Sources 1, 2, and 3
(17, 62)

93.

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)

Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)

90.

Compensation of employees as a percent of national
income (Q)-Source 1
(30,47,70,83)

68.

950.

Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)

64.

Bank rates on short-term business loans (Q).-Source
4
(35,73)

1-C. Diffusion Indexes

952.

91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(15,18,62)

67.

(34,72)

Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1
(25,67)

Index of unit labor cost, private business sector ( Q ) . Source 3
(30,70)

(35,73)

Federal funds rate (M).-Source 4

89.

63.

66. Consumer installment credit (EOM) .-Source 4

119.

bonds

(M).—U.S.
(34,73)

115

TITLES AND SOURCES OF SERIES- Continued
977. Diffusion index of selling prices, wholesale trade-about
400 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 400
businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

Il-A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 doMars (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)
200. Gross national product in current dollars (Q) -Source
1
(40,80)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)
217. Per capita gross national product in 1972 dollars ( Q ) . Sources 1 and 2
(40,80)
220. National income in current dollars (Q).-Source
1
(45,82)
223. Personal income in current dollars (M).-Source
1
(40,63)
224. Disposable personal income in current dollars (Q).~
Source 1
(40,80)
225. Disposable personal income in 1972 dollars ( Q ) . Source 1
(40,80)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)
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. Persona) 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)

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)
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)

292. Personal saving (Q).-Source 1

(46,82)

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).-Source 1 (46,83)
295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q),-Source
1
(46,82)
298. Government surplus or deficit, total (Q),—Source
1
(46,83)

Il-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)

253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

322. Index of consumer prices, food (M).-Source 3(49,84)

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)

331. Index of producer prices, crude materials for further
processing (M)-Source 3
(48,85)

257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (44,82)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)

330. Index of producer prices, all commodities (M),-Source
3
(48,85)

332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3
(48,86)
333. Index of producer prices, capital equipment (M).-~
Source 3
(48,86)
334. Index of producer prices, finished consumer goods
(M).-Source 3
(48,86)
335. Index of producer prices, industrial commodities ( M ) . Source 3
(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)

265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)
266. State and local government purchases of goods and
services in current dollars (Q),-Source 1
(43,81)
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)

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)

268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).-Source
3
(49,88)

280. Compensation of employees (Q).-Source 1

348. Negotiated wage and benefit decisions, all industriesaverage (mean) first year changes (Q).-Source
3
(50,88)

(45,82)

282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).-Source 1
(45,82)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(49,87)

236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(41,81)
237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)

283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).—Source 1
(47,83)

349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract ( Q ) . Source 3
(50,88)

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q)-Source 1
(41,81)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

358. Index of output per hour, alt persons, nonfarm business
sector (Q).-Source 3
(49,88)

239. Personal consumption expenditures, services, in 1972
dollars (Q).^Source 1
(41,81)

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)

240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)
241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)
242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)

116



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)
288. Net interest (Q).-Source 1

(45,82)

289. Net interest as a percent of national income ( Q ) . Source 1
(47,83)
290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)

Il-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
441. Total civilian labor force, labor force survey ( M ) . Sources 2 and 3
(51,89)
442. Total civilian employment, labor force survey (M).—
Sources 2 and 3
(51,89)
444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

U. S. GOVERNMENT PRINTING OFFICE : 198S 461-O02/3O9

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)

446.

Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)

570.

447.

Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)

Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)

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)

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)

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)
452.

Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)

453.

Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)
588.

Il-D. Government Activities
500.

Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)

47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)
320.

United States, index of consumer prices, all items
(M).-Source 3
(48,59,84,95)

721.

Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

722.

United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)

723.

Canada, index of industrial production (Wl).—Statistics
Canada (Ottawa)
(58,94)

725.

West Germany, index of industrial production ( M ) . Statistisches Bundesamt (Wiesbaden)
(58,94)

726.

France, index of industrial production <M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)

727.

Italy, index of industrial production
Centrale di Statistica (Rome)

728.

Japan, index of industrial production (M).
International Trade and industry (Tokyo)

732.

United Kingdom, index of consumer prices (M).
Department of Employment (London); percent changes
seasonally adjusted by Bureau of Economic Analysis

Value of manufacturers' shipments, defense products
(tvi).—Source 2
(54,91)

tt-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)

510.

State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)

604. Exports of domestic agricultural products (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

(M).—Istituto
(58,94)
Ministry of
(58,94)

(59,95)

606.

Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

733.

Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)

612.

General imports, total (M).-Source 2

735.

West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

736.

France, index of consumer prices (M).—Institut
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).—Istituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by
Bureau of Economic Analysis
(59,96)

738.
(Q).-Source
(57,93)

Japan, index of consumer prices (M).—Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)

742.

652.

United Kingdom, index of stock prices (M). Central
Statistical Office (London)
(59,96)

548. Value of manufacturers' new orders, defense products
( M ) . - Source 2
(53,90)

Income on foreign investments in the United States
(Q).-Source 1
(57,93)

743,

667.

Balance on goods and services (Q).—Source 1(57,93)

Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)

557.

668.

Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

745.

West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)

669.

Imports of goods and services, total (Q).-Source
1
(57,93)

746.

France, index of stock prices (M). Institut National de
la Statistique et des Etudes Economiques (Paris)

747.

Italy, index of stock prices (M).—Banca d' Italia
(Rome)
(59,96)

748.

Japan, index of stock prices (M).—Bank of Japan
(Tokyo)
(59,96)

511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)
512.

517.

525.

543.

State and local government expenditures; national
income and product accounts (Q).-Source 1 (52,90)
Defense Department gross 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)
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)
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)

Output of defense and space equipment (M).— Source

4
559.

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)




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

622.

Balance on merchandise trade (Q).-Source 1 (57,93)

651. Income on U.S.
1

(54,91)

Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)

(56,92)

614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)

adjusted, excluding

investments abroad

(59,95)

military
(57,93)

(59,96)

Il-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)

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