Full text of Business Conditions Digest : August 1987
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A
U.S. DEPARTMENT OF COMMERCE
Clarence J. Brown, Acting Secretary
Robert Ortner, Under Secretary for Economic Affairs
BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Director
Carol S. Carson, Deputy Director
Edward K. Smith, Associate Director for
National Analysis and Projections
FeliksTamm, 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
Mary D. Young—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
John H. Auten, U.S. Department of the Treasury
Andrea Kusko, Board of Governors of the Federal Reserve System
Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce
Peter M. Taylor, Council of Economic Advisers
Charles A. Waite, Bureau of the Census, U.S. Department of Commerce
ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.
Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Annual subscription price: $44.00 domestic,
$55.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are
available on request. Address correspondence
concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.
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.
BUSINESS CONDITIONS DIGEST
New Features and Changes for This Issue
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
ItCIt
iii
1
1
1
1
4
5
5
6
AUGUST 1987
Data Through July
Volume 27, Number 8
PART I.
CYCLICAL INDICATORS
Al
A2
A3
A4
COMPOSITE INDEXES AND
THEIR COMPONENTS
Composite Indexes
Leading Index Components
Coincident Index 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
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
—
DIFFUSION INDEXES
AND RATES OF CHANGE
Cl
C2
C3
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change
The Secretary of Commerce has determined
that the publication of this periodical is necessary in the transaction of the public business
required by law of this Department. Use of funds
for printing this periodical has been approved
by the Director of the Office of Management
and Budget through September 30, 1987.
itcn
PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
Al
A2
A3
A4
A5
A6
A7
A8
AND PRODUCT
GNP and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income
Chart
40
41
42
43
44
45
46
47
Table
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
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 1987 issue)
F. Specific Peak and Trough Dates for Selected Indicators (April 1987 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series
97
98
106
110
114
Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Feliks Tamm, Chief, Statistical
Indicators Division, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, DC 20230
NEW FEATURES
AND CHANGES
FOR THIS ISSUE
A limited number of
Changes in this issue are as follows:
changes are made from
time to time to in-
1. The series on manufacturing and trade sales in 1982
dollars (series 57) and the ratio of manufacturing and trade
inventories to sales in 1982 dollars (series 77) have been
revised for the period 1984 to date to incorporate recent revisions in the national income and product accounts. (See
item 1 on page iii of the July 1987 BCD.)
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, Statistical Indicators Division.
corporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
concept,
composition,
comparability, coverage,
seasonal adjustment
2. The series on productivity and costs (series 26, 63,
345, 346, 358, and 370) have been revised by the source agency for the period 1984 to date. These revisions incorporate
recently revised output and compensation measures reported in
the national income and product accounts (see item 1 on page
iii of the July 1987 BCD) and revised data on employment and
average weekly hours (see item 1 on page iii of the June 1987
BCD).
Further information concerning these revisions may be
obtained from the U.S. Department of Labor, Bureau of Labor
Statistics, Office of Productivity and Technology, Division
of Productivity Research.
3. Beginning with data for January 1987, the series on
merchandise exports excluding military aid shipments (series
602) has been revised to incorporate adjustments for undocumented U.S. exports to Canada. In addition, both this series
and the series on general merchandise imports (series 612)
now are shown without seasonal adjustment for the period 1984
to date.
Further information concerning these series may be obtained from the U.S. Department of Commerce, Bureau of the
Census, Foreign Trade Division.
4. Appendix C contains historical data for series 1, 21,
40, 41, 69, 107, 108, 340, 341, 570, 960, 961, and 971-978.
5. Appendix G contains cyclical comparisons for series
1, 46, 53, and 57.
The September issue of BUSINESS CONDITIONS DIGEST is scheduled for release on October 6.
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 series, changes
in composition of
indexes, etc.
:
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UHHIII
IIIIIIIIIHI HANDBOOK
Hull nWII |NDICATORS
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• I I H H I I I I U I 18
94
BUSINESS CONDITIONS DIGEST (BCD)
HANDBOOK OF CYCLICAL INDICATORS
. . . a monthly report that helps you analyze the current
economy and future trends.
. . . a statistical and technical supplement that helps you
make maximum use of the monthly Business Conditions
Digest
BCD has "a plethora of charts that. . . provide more
information and perspective per minute of reading time than
anything else you can find," according to Edgar R. Fiedler,
former president of the National Association of Business
Economists. (Across the Board, February 1984.)
The HANDBOOK contains:
• Descriptions of all BCD series, providing definitions,
methods of compilation, coverage, and sources.
• Historical data for 1947-82 for all BCD series.
BCD contains:
• Composite index methodology explaining the construction of the indexes in step-by-step detail.
• Charts providing a 25-year perspective for about 300
economic time series that cover all major aspects of
the economy. Expansions and contractions in the U.S.
economy are clearly marked so that the leading, coincident,
and lagging characteristics of the series are easy to
observe.
• Reference materials including—
Scores for cyclical indicators
Average leads or lags for cyclical indicators
• Tables listing current data for all 300 series.
Measures of variability
• Appendixes providing historical data, cyclical turning
points, cyclical comparisons, and seasonal adjustment
factors.
Business cycle turning dates
Bibliography
Addresses of data sources.
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METHOD OF PRESENTATION
This report is organized into two major parts.
Part lr Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 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 of 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), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1962, but those for the composite
indexes and their components (part I, section A)
begin with 1950, and a few charts use a two-panel
format which covers only the period since 1975.
Except for section F in 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; however, a separate holiday
adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
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.
Reference Turning Dates
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to occasional reviews by NBER and may be changed
as a result of revisions in important economic
time series. The dates shown in this publication
for the 1948-70 time period are those determined
by a 1974 review. Since then, NBER has designated
turning points for recessions in 1973-75, 1980, and
1981-82.
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
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the
Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
\ .
Economic
>v Process
Cyclical^.
Timing
1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)
II.
PRODUCTION
AND INCOME
(10 series)
III.
CONSUMPTION,
TRADE, ORDERS,
AND DELIVERIES
(13 series)
IV.
FIXED CAPITAL
INVESTMENT
(19 series)
V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)
VI.
PRICES, COSTS,
AND PROFITS
(18 series)
VII.
MONEY AND
CREDIT
(28 series)
Marginal employment
adjustments
(3 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)
Capacity utilization
(2 series)
Orders and deliveries
(6 series)
Consumption and
trade (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)
Sensitive commodity
prices (2 series)
Profits and profit
margins (7 series)
Cash flows (2 series)
Money (5 series)
Credit flows
(5 series)
Credit difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)
Comprehensive
employment
(1 series)
Comprehensive
output and income
(4 series)
Industrial
production
(4 series)
Consumption and
trade (4 series)
Business investment
commitments
(1 series)
Business investment
expenditures
(6 series)
\
LEADING (L)
INDICATORS
(61 series)
ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)
LAGGING (Lg)
INDICATORS
(19 series)
TIMING
UNCLASSIFIED (U)
(8 series)
Business investment
expenditures
(1 series)
Comprehensive
unemployment
(2 series)
Comprehensive
employment
(3 series)
Consumption and
trade (1 series)
Velocity of money
(2 series)
Interest rates
(2 series)
Business investment
commitments
(1 series)
Unit labor costs
and labor share
(4 series)
Interest rates
(4 series)
Outstanding debt
(4 series)
Sensitive commodity
prices (1 series)
Profits and profit
margins (1 series)
Inventories on
hand and on
order
(4 series)
Interest rates
(1 series)
B. Timing at Business Cycle Troughs
Economic
N . Process
Cyclical\.
Timing
^v
1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)
II.
PRODUCTION
AND INCOME
(10 series)
III.
CONSUMPTION,
TRADE, ORDERS,
AND DELIVERIES
(13 series)
IV.
FIXED CAPITAL
INVESTMENT
(19 series)
V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)
VI.
PRICES, COSTS,
AND PROFITS
(18 series)
VII.
MONEY AND
CREDIT
(28 series)
Marginal employment
adjustments
(1 series)
N.
industrial
production
(1 series)
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)
Inventory
investment
(4 series)
Stock prices
(1 series)
Sensitive commodity
prices (3 series)
Profits and profit
margins (6 series)
Cash flows (2 series)
Money (4 series)
Credit flows
(5 series)
Credit difficulties
(2 series)
Marginal employment
adjustments
(2 series)
Comprehensive
employment
(4 series)
Comprehensive
output and income
(4 series)
Industrial
production
(3 series)
Capacity utilization
(2 series)
Consumption and
trade (3 series)
Business investment
commitments
(1 series)
Profits and profit
margins (2 series)
Money (1 series)
Velocity of money
(1 series)
Orders and deliveries
(1 series)
Business investment
commitments
(2 series)
Business investment
expenditures
(7 series)
Unit labor costs
and labor share
(4 series)
Velocity of money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(4 series)
LEADING (L)
INDICATORS
(47 series)
ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(41 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(5 series)
TIMING
UNCLASSIFIED (U)
(1 series)
Inventories on
hand and on
order
(5 series)
Bank reserves
(1 series)
independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The 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 (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1984
Handbook of Cyclical
Indicators)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are other indexes based on leading indicators that
have been grouped by economic process. Taken
together, these additional indexes include many
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident
indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. " L " denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at peaks and troughs,
all but one component of the leading index are
denoted UL,L,L," all components of the coincident
index "0,0,0," 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 ot 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 112 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 18
series at all turns (of the 18, 14 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—personal consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services—are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in
the Survey of Current 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 B. 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 1975.
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
Unemployment
Force, Employment, and
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense
Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1975) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1975) tend to be significant as
leading indicators.
HOW TO READ CHARTS
Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.
Basic Data
Arabic number indicates latest
month for which data are
plotted. ( " 9 " = September)
Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)
Dotted line indicates anticipated data.
Broken line indicates actual
monthly data for series where
a moving average is plotted.
Roman
number
indicates
latest quarter for which data
are plotted. ( " I V " = fourth
quarter)
Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).
Diffusion Indexes
Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.
Various scales are used to
highlight the patterns of the
individual series. "Scale A "
is an arithmetic scale, "scale
L - 1 " is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.
Arabic number indicates latest
month for which data are
used in computing the indexes.
Broken line with plotting
points indicates
quarterly
data over 1-quarter spans.
Roman
number
indicates
latest quarter for which data
are used in computing the indexes.
Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.
Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
Dotted line indicates anticipated quarterly data over
various spans.
Rates of Change
Solid line indicates percent
changes over 3- or 6-month
spans.
Arabic number indicates latest
month used in computing
the changes.
Broken line indicates percent
changes over 1-month spans.
Broken line with plotting
points
indicates
percent
changes over 1 -quarter spans.
Solid line with plotting points
indicates percent changes over
3- 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.
Basic c ata2
Series title and timing classification
Unit
of
measure
1
Percent change
Annual average
1985
1986
4th Q
1986
1st Q
1987
2dQ
1987
May
1987
June
1987
July
1987
May
to
June
1987
June
to
July
1987
4th Q
to
1st Q
1987
1st Q
to
2d Q
1987
number 1
Table 1. Summary of Recent Data and Current Changes for Principal Indicators
M
1. CYCLICAL INDICATORS
A l . Composite Indexes
910
920.
930.
940.
168.6
160.3
127.0
126.3
179.3
164.7
131 .9
124.8
183.6
166.1
132.3
125.6
186.3
167.1
131.5
127.1
189.2
167 .7
130.1
128.9
188.9
167 .5
130.1
128.7
190.8
167.9
129.8
129.4
191 . 8
168.8
129.1
130.8
1 .0
0.2
-0.2
0.5
0.5
0.5
-0.5
1 .1
1 .5
0.6
-0 .6
1 .2
1 .6
0.4
-1 .1
1 .4
910
920
930
940
110.3
102.0
115.2
138.8
109.5
103.4
119.0
143.9
109.3
103.8
117.7
147 .7
NA
104.6
120.5
146.2
NA
105.9
NA
142.5
NA
105 .9
121.3
141 .9
NA
106.8
NA
143.2
NA
107.2
NA
NA
NA
0.8
NA
0 .9
NA
0.4
NA
NA
NA
0.8
2.4
-1 .0
NA
1 .2
NA
-2.5
914
915
916
917
40.5
3.3
383
40.7
3.5
370
40.8
3.5
347
41 .0
3.6
354
40.9
3.7
326
41.0
3.8
326
41.0
3.7
327
41 .0
3.8
327
0.
-0.1
-0.3
0.
0 .1
0.
0.5
0 .1
-2.0
-0.2
0.1
7.9
1
21
5
L,Lg,U.... Ratio
L,Lg,U.... 1967 = 100
0.497
139
0.501
139
0.526
144
0.548
146
0.591
148
0.568
144
0.635
155
0.651
158
0.067
7 .6
0.022
1 .4
0.043
1 .4
60
46
U.C.C... A.r., bil. hrs
U.C.C.... Millions
do
C.C.C....
L,C,U.... Thousands
182.11
103.97
97.61
24,930
185.31
106.43
100.17
24,940
186.6 4
107.24
100.40
24,624
188.43
108.03
101.13
24,733
188.95
108.91
101.70
24,762
189.69
109.11
101.71
24,752
189.44
109.08
101.81
24,775
189.79
109.51
102.12
24,849
-0.1
0.
0.1
0.1
1 .0
0.7
0.7
0.4
0.3
0.8
0 .6
0.1
48
42
41
40
59.38
59.95
60.13
60.38
60.71
60.86
60.70
60.89
-0.16
0.19
0.33
90
8,312
7.2
2.8
15.6
2.0
8,237
7.0
2.8
15.0
1.9
8,138
6.8
2.7
15.0
1 .8
7,948
6 .7
2 .6
14.8
1 .8
7,435
6 .2
2.4
14.9
1 .7
7 ,546
6 .3
2.4
14.9
1 .8
7,260
6.1
2 .4
14.8
1 .7
7,224
6.0
2.4
14.0
1 .6
3.8
0.2
0 .
0.7
0.1
0.5
0.1
0.
5.4
0.1
2.3
0.1
0.1
1 .3
0.
6 .5
0.5
0.2
-0.7
0.1
37
43
45
91
44
3607.5
2977.0
3713.3
3093.6
3731.5
3118.5
3772.2
3132.6
3793.7
3135.5
3133.6
3131 . 4
3138.1
-0.1
0 .2
1 .1
0.5
0.6
0 .1
50
52
do
2538.8
2639.9
2661 .5
2676 . 1
2678.2
2673.3
2675.7
2680.6
0.1
0 .2
0.5
0.1
51
do
539.2
541 . 4
542.1
538.9
534.5
535.1
534.1
532.9
-0.2
-0.2
-0.6
-0.8
53
123.8
127.3
125.1
1548.6
125.1
127.9
130.9
1595 .0
126.0
128.6
132.9
1602.6
127 .0
130.0
134.4
1626.0
128.2
130.5
136.5
1632.4
128.3
130.6
136.6
128.8
130.9
137.2
129.8
132.0
138.4
0.4
0 .2
0.4
0.8
0.8
0.9
0.8
1 .1
1 .1
1 .5
0.9
0 .4
1 .6
0 .4
47
73
74
49
0.4
0.3
0.2
0.7
82
84
. L L,L .. 1967 = 100
do
C,C,C...
do
Lg.Lg.Lg....
do
L.L.I—
Twelve leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio* coincident index to lagging index
Leading Indicator Subgroups:
914. Capital investment commitments
915 Invpntorv investment and Durchasins
916 Profitability
917 Monev and financial flows
L,L,L....
L LL
L.L.L....
LLL
do
do
do
do
B. Cyclical Indicators by Economic Process
B l . Employment and Unemployment
Marginal Employment Adjustments:
• 1 . Average weekly hours, mfg
21. Average weekly overtime hours, mfg.3
*5 Average weekly initial claims (inverted4)
L.L.L.... Hours
do
L,C,L....
L,C,I Thousands
Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising in newspapers
Comprehensive Employment:
48. Employee hours in nonagricultural establishments
42. Persons engaged in nonagricultural activities
* 4 1 . Employees on nonagricultural payrolls
40. Employees in goods-producing industries
90. Ratio, civilian employment to population
of working age3
U,Lg,U.... Percent
Comprehensive Unemployment:
37. Number of persons unemployed (inverted4)
43. Unemployment rate (inverted4)3
45. Avg. weekly insured unemployment rate (inv. 4 ) 3
• 9 1 . Average duration of unemployment (inverted4)
44. Unemployment rate, 15 weeks and over (inv.4)3
L,Lg,U....
L,Lg,U....
L,Lg,U....
Lg.Lg.Lg....
Lg.Lg.Lg....
Thousands
Percent
do
Weeks.
Percent
0.016
1.9
0 .2
0.4
0 .3
0.3
0.25
B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars
52. Personal income in 1982 dollars
* 5 1 . Personal income less transfer payments
in 1982 dollars
53. Wages and salaries in 1982 dollars, mining, mfg.,
and construction
C.C.C....
Industrial Production:
*47 Industrial production
73 Industrial production durable mfrs
74 Industrial production nondurable mfrs
49. Value of goods output in 1982 dollars
CC'C .1977 = 100
do
C C,C. .
do
C L.L .
C.C.C.... A.r., bil. dol
Capacity Utilization:
82 Capacity utilization rate mfg3
84. Capacity utilization rate, materials3
L C U Percent
do
L,C,U....
80.1
80.2
79.8
78.5
79.8
78.4
80 .2
78.7
80.4
79.4
80.4
79.3
80.5
79.8
81 .0
80.3
0.1
0.5
0 .5
0.5
L,L,L... Bil. dol.
do
L LL
99.57
93.47
100.11
93.12
102.34
94.52
101.23
93.24
107.70
98.84
106.99
98.07
109.13
100.12
107.48
98.24
2 .0
2.1
- 1 .5
- 1 .9
- 1 .1
- 1 .4
6 .4
6.0
6
7
79.29
do
LL L
do
0.66
L.L.l
Bil. dol., EOP ... 3 6 3 . 0 3
L,Lg,U....
Percent
45
L.L.I
80.72
-0.02
362.74
52
82.01
-0.49
362.74
55
83 . 6 4
-1.33
358.76
54
84.42
4.49
372.24
58
83.74
4.52
367.51
60
85 .43
4.73
372.24
57
82.27
4.62
376.86
62
2.0
0.21
1 .3
-3
-3.7
-0.11
1 .2
5
2 .0
-0.84
-1.1
-1
0.9
5.82
3.8
4
8
25
96
32
419.27
406.32
120.2
114.97
107.52
121.3
93 .2
425.52
419.39
124.5
121.20
113.23
135.3
94.8
434.57
427.07
125 .8
123.80
115.16
141.3
92 .0
437.76
427.92
127.3
122.48
112.23
117 .5
90 .5
447.92
430.60
127 .4
125 . 4 8
113.39
123.6
91 . 8
446.28
429.14
127.8
124.87
112.80
453.13
432.44
127.9
126.62
113.87
NA
NA
128.8
127 . 5 7
114.52
1 .5
0.8
0 .1
1 .4
0.9
NA
NA
0 .7
0.8
0.6
91 . 1
91 .5
93 .7
0.4
2 .4
0.7
0.2
1 .2
-1 .1
-2.5
-16.8
-1 .6
2.3
0.6
0.1
2.4
1 .0
5.2
1 .4
56
57
75
54
59
55
58
120.9
55,230
120.4
58,438
120.0
59,810
120.8
58,422
119.6
120.1
NA 5 6 , 1 1 1
118.5
NA
117.9
NA
-0.9
NA
-0.5
NA
0.7
-2.3
-0.6
NA
12
13
-0.5
-3 .9
9.0
10
C,C,C... A.r., bil. dol
do
C,C,C...
C.C.C...
B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6 Mfrs' new orders durable goods
7 Mfrs' new orders in 1982 dollars durable goods
•8. Mfrs.' new orders in 1982 dollars, consumer goods
and materials
25. Change in mfrs.' unfilled orders, durable goods3
96 Mfrs' unfilled orders, durable goods5
*32. Vendor performance, slower deliveries3 (u)
Consumption and Trade:
56 Manufacturing and trade sales
.
*57 Manufacturing and trade sales in 1982 dollars
75. Industrial production, consumer goods
54. Sales of retail stores
59 Sales of retail stores in 1982 dollars
55. Personal consumption expenditures, automobiles
58 Index of consumer sentiment (u)
... C,C C...
C,C,C...
C.L.C....
C.L.U....
ULU
L.C.C....
L LL
Bil. dol
do
1977 = 100
Bil. dol
do ...
A.r., bil. dol
IQ 1966=100
B4. Fixed Capital Investment
Formation of Business Enterprises:
12 Net business formation
13. New business incorporations
Business Investment Commitments:
10 Contracts and orders for plant and equipment
*20. Contracts and orders for plant and equipment
in 1982 dollars
24. Mfrs.' new orders, nondefense capital goods
27. Mfrs.' new orders in 1982 dollars, nondefense
capital goods
L,L,L... 1967 = 100
L.L.L... Number
L LL
Bil dol
31.85
31 . 1 0
32.52
31 .26
34.08
33.96
35.48
35.30
4.5
LLL
L.L.L..
do
do
34.23
26.97
34.07
26.62
35.69
28.09
33.88
27 . 0 1
37.40
29.42
37 .50
30.03
38.43
29.91
38.50
30 . 3 8
2.5
-0.4
0 .2
1 .6
-5.1
-3.8
10.4
8.9
20
24
L.L.L..
do
29.80
30.09
31.75
30.14
33.33
34.07
33.58
34.21
- 1 .4
1 .9
-5.1
10.6
27
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Unit
of
measure
Series title and timing classification1
Percent change
Annual average
4th Q
1986
1st Q
1987
78.49
22.10
69.72
76.62
22.96
69.16
79.43
NA
NA
C,Lg,Lg.... A.r., bil. dol...
387.13 379.27 3 8 8 . 6 9
372.24
392.02
do
C,Lg,Lg....
C,Lg,U..., 1977 = 100...
C,Lg,C... A.r., bil. dol...
399.12 391.85 3 9 9 . 4 6 383.87 392.22 3 9 0 . 0 9
138.3
139.6
138.6
139.9
141.7
443.8 443.2
435.6
454.1
426.0
May
to
June
1987
June
to
July
1987
2d Q
1987
May
1987
June
1987
July
1987
4th Q
to
1st Q
1987
1st Q
to
2dQ
1987
I. CYCLICAL INDICATORS—Con.
B4. Fixed Capital Investment-Con.
Business Investment Commitments—Con.:
9. Construction contracts awarded for commercial and
industrial buildings, floor space
L,C,U. Mil. sq. ft
11. Newly approved capital appropriations, mfg
U,Lg,U.... Bil. dot
97. Backlog of capital appropriations, mfg.5
C,Lg,Lg.... Bil. dol., EOP .
Business Investment Expenditures:
61. Expenditures for new plant and equipment
69. Mfrs.' machinery and equipment sales and business
construction expenditures
76. Industrial production, business equipment
86. Nonresidential fixed investment in 1982 dollars
Residential Construction Commitments and Investment:
28. New private housing units started
*29. Building permits, new private housing units
89. Residential fixed investment in 1982 dollars
L,L,L... A.r., thousands
L,L,I 1967 = 100
L,L,L... A.r., bil. dol
86.42
27.22
94.58
1,7 42
138.1
174.6
77.03
21.42
69.72
1 ,806
141 .3
196.4
84.21
396.33
NA
143.7
1 .6
0.4
1,597
121 . 0
1,611
118.6
-0.6
1 .6
-2.4
3.9
-0.8
13.5
3.7
NA
NA
1 ,795
134.2
198.2
1 ,615
122.5
197 .1
1 ,606
119.1
0.9
-2.0
5.3
-3.9
1.2
-3.9
2.2
1 .3
2.3
5.5
-2.8
-2.0
-10.0
-8.7
-0.6
62.0
1 ,702
138.0
202.2
-4.2
NA
0.8
-9.8
16.38
3.4
B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories in 1982 dollars3
*36. Change in mfg. and trade inventories on hand and on
order in 1982 dollars (smoothed6)3
31. Change in mfg. and trade inventories3
38. Change in mfrs.' inventories, materials and supplies
on hand and on order3
Inventories on Hand and on Order:
71. Mfg. and trade inventories5
70. Mfg. and trade inventories in 1982 dollars5
65. Mfrs.' inventories, finished goods5
*77. Ratio, mfg. and trade inventories to sales in
1982 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order5
L,L,L...
do..
L,L,L...
L,L,L...
do
13.8
0.85
9.4
5.28
2.0
-7.73
-1 .1
17 .42
41 .2
33.80
44.6
32.40
68.8
37.88
30.6
5.48
-38.2
25.15
42.3
-O .67
-0.29
0.21
0.28
2.12
0.59
2.54
1.95
0.07
Lg,Lg,Lg.... Bil. dol., EOP . 65O.7O 652.70 652.70 663.01 674.16 6 7 1 . 6 1 674.16
Lg.Lg.Lg....
do
638.17 643.29 643.29 651.82 656.90 6 5 5 . 8 6 656.90
Lg,Lg,Lg....
do
105.76 103.17 103.17 104.59 103.35 104.28 103.35
0.4
0.2
-0.9
1 .6
1.3
1.4
-0.01
0.01
L,L,I Bil. dol
Lg,Lg,Lg..., Ratio
1.56
L,Lg,Lg... Bil. dol., EOP .
1.54
1.51
1 .52
1.52
1 .53
1.52
0.4
230.20 226.73 226.73 2 2 7 . 5 8 233.94 231.40 233.94
1 .7
0.8
-1.2
0.
2.8
B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3
23. Spot market prices, raw industrial materials©
*99. Change in sensitive materials prices (smoothed6)3
L,L,L... Percent
U,L,L... 1967 = 100..,
L,L,I Percent
Stock Prices:
*19. Stock prices, 500 common stocks (u)
L,L,I 1941-43 = 10... 186.84 236.34 243.69
Profits and Profit Margins:
16. Corporate profits after tax
18. Corporate profits after tax in 1982 dollars
79. Corporate profits after tax with IVA and CCAdj
80
do
, in 1982 dollars
15. Profits after taxes per dollar of sales, mfg.3
26. Ratio, price to unit labor cost, nonfarm business
Cash Flows:
34. Corporate net cash flow
35. Corporate net cash flow in 1982 dollars
L,L,L..
L,L,L..
L,C,L..
L,C,L..
L,L,L..
L,L,L
L,L,L..
L,L,L..
Unit Labor Costs and Labor Share:
63. Unit labor cost, business sector
Lg,Lg,Lg..
68. Labor cost per unit of real gross domestic product,
nonfinancial corporations
Lg,Lg,Lg..
62. Labor cost per unit of output, mfg.
a) Actual data
Lg,Lg,Lg..
*b) Actual data as percent of trend3
Lg,Lg,Lg..
64. Compensation of employees as percent of
national income3
Lg,Lg,Lg..
-0.22
244.8
- 0 .43
0.30
228.9
0.14
0.84
242.2
1 .01
- 0 .30
248.8
0.43
1 .18
267 .6
0.72
2.03
272.6
0.69
1 .93
276.4
1.57
2.02
284.2
1 .97
-0.10
1.4
0.88
0.09
2.8
0.40
-1 .14
2 .7
-0.58
1.48
7.6
0.29
5.0
289.12 301.38 310.09
A.r., bil. dol...
do
do
do
Cents
1977 = 100....
128.1
120.8
180.9
175.0
3.8
99.1
126.8
116.7
179.4
170.0
3.7
99.2
134.0
122.7
167.1
156.0
3.5
98.4
129.0
116.1
165.9
153.3
4.4
99.1
134.4
120.3
163.8
150.0
N
A
99.3
-3.7
-5.4
-0.7
-1 .7
0.9
0.7
4.2
3.6
-1 .3
-2.2
N
A
0.2
A.r., bil. dol..
do
369.4
369.5
368.9
369.0
376 . 7
375.9
378.7
378.6
384.5
0.5
0.7
1 .6
1 .6
1977 = 100....
163.6
166.9
169.0
169.4
170.2
0.2
0.5
Dollars
0.702
0.715
0.720
0.724
0.727
0.6
0 .4
1977 = 100....
Percent
137.8
86.1
137.8
81.4
137.5
79.5
136.5
77.8
135.7
76.3
do
135.8
76.3
135.5
75.8
134.3
74.8
-0.2
-0.5
-0.9
-1 .0
-0 .7
-1 .7
-0.6
-1.5
-1.23
0.03
-0.57
- 1 .2
-0.3
0.99
0.14
N
A
-0.1
0.
-1 .36
-0.48
-0.43
2.0
0.3
-0.09
-0.10
0.17
0.4
-0.6
-0.069
0.004
0.
0.011
72.9
B7. Money and Credit
Money:
85. Change in money supply Ml 3
102. Change in money supply M23
104. Change in total liquid assets3
105. Money supply M l in 1982 dollars
*106. Money supply M2 in 1982 dollars
Velocity of Money:
107. Ratio, GNP to money supply Ml 3
108. Ratio, personal income to money supply M23
Credit
33.
112.
113.
*111.
110.
Flows:
Net change in mortgage debt3
Net change in business loans3
Net change in consumer installment credit3
Change in business and consumer credit outstanding3
Funds raised by private nonfinancial borrowers
L,L,L.
L.C.U
L,L,L
L,L,L
L,L,L
C,C,C.
C,Lg,C.
-0.86
0.13
1 .28
1 .77
0 .41
0.32
0.37
0.99
0.06
0.20
0.03
0.72
0.77
0.19
0 .68
0.29
0.19
N
A
0.76
0.68
0.42
0.63
0.70
0.25
634.4
633.8
642.2
624.8
639.5
532.6
592.5
637.0
2226.6 2360.5 2 4 2 8 . 9 2 4 3 6 . 1 2420.8 2 4 2 0 . 9 2413.6 2412.9
5.930
1 .297
5.930
1.308
NA
77.64
NA
NA
16.53
22.53
10.50
49.11
8.50
76.62
54.99
26.05
10.2
2.9
6.6
8.5
647.34 6 2 9 . 5 4 7 5 6 . 7 0 4 2 8 . 5 9
NA
-5.87
27 . 2 9
5.0
NA
6.757
1.341
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...
Credit Difficulties:
39. Delinquency rate, installment loans (inverted4)3 \ . ... L,L,L.
.do.
.do.
.do.
I. dol.
Percent, EOP
6.301
1 .293
1.85
1.85
2.28
1.308
1.311
1.313
0.002
NA
NA
NA
NA
NA
- 3 . 0 5 - 2 5 . 4 6 -45.49 - 2 2 . 4 1 - 2 0 . 0 3
NA
41.52
NA 4 5 . 3 4
-3.82
NA
4.8
NA
0.9
3.9
NA
NA
- 3 2 . 5 8 -22.40
18.79
-17 . 5 5
2.1
-5.6
N
A
-43 .4
- 0 .43
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Unit
of
measure
Series title and timing classification1
Percent change
Annual average
May
4th Q
1st Q
1987
2d Q
1987
May
1987
June
1987
July
1987
to
July
1987
4th Q
to
1st Q
1987
1st Q
to
2dQ
1987
I. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Bank Reserves:
93. Free reserves (inverted 4 ) 3 ©
94. Borrowings from the Federal Reserve3 ©
L.U.U.... Mil. dol...
L,Lg,U....
-492
1,321
93
836
224
807
511
554
97
935
Interest Rates:
119. Federal funds rate3 ©
114. Discount rate on new Treasury b i l l s 3 ©
116. Yield on new high-grade corporate b o n d s 3 ©
115. Yield on long-term Treasury bonds3 ©
117. Yield on municipal bonds3 ©
118. Secondary market yields, FHA mortgages3 ©
67. Bank rates on short-term business loans3 ©
*109. Average prime rate charged by banks 3 ©
L,Lg,Lg.... Percent
do..
C,Lg,Lg....
do..
Lg,Lg,Lg....
do..
C,Lg,Lg....
do..
U,Lg,Lg....
do..
Lg,Lg,Lg....
do..
Lg,Lg,Lg....
do..
Lg,Lg,Lg....
8.10
7.49
11.75
10.75
9.10
12.24
9.74
9.93
6.80
5.97
9.23
8.14
7.32
9.91
8.11
8.33
6.27
5.34
9.05
7.84
6.93
9.42
7.28
7.50
6.22
5.53
8.62
7.64
6.63
8.85
7.46
7.50
6.65
5.73
9.65
8.58
7.78
10.32
8.24
8.05
Outstanding Debt:
66. Consumer installment credit outstanding5
72. Commercial and industrial loans outstanding
*101. Commercial and industrial loans outstanding in
1982 dollars
*95. Ratio, consumer installment credit to
personal income3
414
776
672
-370
-259
326
-104
-287
-253
414
381
6.85
5.75
9.95
8.79
8.00
10.61
6.73
5.69
9.64
8.63
7.79
10.33
6.58
5.78
9.70
8.70
7.72
10.38
-0.12
-0.06
-0.31
-0.16
-0.21
-0.28
-0.15
0.09
0.06
0.07
-0.07
0.05
8.14
8.25
8.25
0.11
0.
-0.05
0.19
-0.43
-0.2 0
-0.30
-0.57
0.18
0.
0.43
0.20
1.0 3
0.94
1 .15
1 .47
0.78
0.55
0.6
-0.6
NA
-1.1
0.4
3.8
1 .2
-0.8
44
1 ,035
NA
Lg,Lg,Lg.... Bil. dol., EOP . 522.80 577.79 577.79 579.91 586.74 583.28 5 8 6 . 7 4
331.62 342.53 346.81 359.97 357 .07 357 .69 355.57 3 5 1 . 7 8
Lg,Lg,Lg.... Bil. dol
321.49 341 .98 347.74 356.89 348.15 348.29 344.88 3 3 9 . 5 6
Lg.Lg.Lg-Lg.Lg.Lg.... Percent
- 1 .0
14.64
15.71
16.07
15.82
15.74
15.71
15.76
NA
0.05
1982=100...
1967 = 100...
Percent
1967-100...
....do
....do
....do
....do
....do
do
Ill .2
322.2
0.3
309.8
308.7
323.8
306.1
318.7
300.5
291.8
114.1
328.4
0.1
319.7
299.8
312.1
280.0
307.6
306.5
284.9
114.9
330.8
0.2
326.3
298.5
309.7
278.8
304.7
309.6
284.8
116.1
334.5
0.5
329.1
301.9
314.7
285 .7
308.9
310.5
287.2
117.2
338.8
0.4
332.2
307.0
318.7
302 .2
312.9
311.5
291 .8
338.7
0.3
332.0
307.3
318.6
304.8
312.8
311 .6
291 .8
340.1
0.4
334.4
308.5
320.2
306.0
314.6
311.6
292.8
340.8
0.2
333.8
310.2
322.6
307.8
317.0
312.0
293.3
0.4
0.4
0.5
0.4
0.6
0.
0 .3
1977-100
165.2
169.2
170.8
171.7
172.8
172.9
172.9
173.2
0.
94.1
174.6
98
107
105.8
95.0
181.2
100 .1
109.5
107 .5
95.3
183.6
100.7
109.6
107.5
94.6
184.1
99.8
109.7
107.6
94.0
185.5
99.3
110.0
107.9
94.0
93.8
93.7
-0.2
2 .6
-0.25
OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
B l . Price Movements
310.
320.
320c.
322.
330.
335.
331.
332.
333.
334.
Implicit price deflator for gross national product
Consumer price index for all urban consumers (CPI-U) © . .
Change in CPI-U (S/A) 3
Consumer price index for all urban consumers, food
Producer price index (PPI), all commodities ©
PPI, industrial commodities ©
PPI, crude materials for further processing
PPI, intermediate materials, supplies, and components
PPI, capital equipment
PPI, finished consumer goods
0.2
-0.2
-0.2
0.6
0.7
0.6
0.8
0.1
0 .2
1.0
1 .1
0.3
0.9
1 .1
1 .6
2.5
1 .4
0.3
0.8
0.9
1.3
-0.1
0.9
1 .7
1 .3
5.8
1.3
0.3
1 .6
B2. Wages and Productivity
340. Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls
341. Real average hourly earnings of production or
nonsupervisory workers on private nonagricultural payrolls
345. Average hourly compensation, nonfarm business sector
346. Real average hourly compensation, nonfarm business sector
370. Output per hour, business sector
358. Output per hour, nonfarm business sector
do
do
do
do
do
0.2
0 .6
-0.1
-0.6
0.8
-0.5
0.3
0 .3
0.1
C. Labor Force, Employment, and Unemployment
441.
442.
37.
444.
445.
446.
447.
Civilian labor force
Civilian employment
Number of persons unemployed
Number unemployed, males 20 years and over
Number unemployed, females 20 years and over
Number unemployed, both sexes 16-19 years of age
Number unemployed, full-time workers
Millions
do
Thousands...
do
..do...
..do..,
Civilian Labor Force Participation Rates:
451. Males 20 years and over3 ..
452. Females 20 years and over
453. Both sexes 16-19 years of ageJ
115.46 117.83 118.56 119.20 119.62 119.99 119.52 119.95
107.15 109.60 110.42 111 .25 112.18 112.45 112.26 112.73
7,260
7,224
8,312 8,237
8,138 7 ,948 7,435 7,546
3,323
3,437
3,715 3,751
3,7 86 3,647 3,427 3,436
3,032
2,680
2,877 2,661
2,683
2,588
3,129
2,945
1 ,424 1 ,347 1 ,430 1,235
1 ,218
1 ,468 1 ,454 1,407
5,837
5,998
6,793 6,708
6,609 6,432 6,023 6,052
78.1
54.7
54.5
78.1
55.5
54.7
78.1
55.7
54.4
78.2
55.9
54.6
78.1
56.1
54.1
78.2
56.3
55.2
78.0
56.1
53.0
78.0
56.4
53.8
-0.4
-0.2
-3.8
0
-3
-13.6
-0.9
0.4
0 .4
-0.5
-3.3
3.7
-1 .4
-2.7
0.5
0.8
-2.3
-3.7
-2.3
1 .2
-2.7
0.4
0.8
-6.5
-6.0
-7.5
-5.4
-6.4
-0.2
-0.2
-2.2
0.
0.3
0.8
0.1
0 .2
0.2
-0.1
0.2
-0.5
18.2
3.1
0
-9
0
2.2
28.6
4.8
1
8.6
3.0
5 .0
22.2
-16.8
0 .5
-0.3
3.0
NA
0.8
43
0
-0.1
2.7
2
-12.5
-2.8
-2 .2
29.5
-10.3
7.8
15.7
5.7
8.2
5.6
5.4
D. Government Activities
D l . Receipts and Expenditures
500.
501.
502.
510.
511.
512.
Federal Government surplus or deficit'
Federal Government receipis
Federal Government expenditures.
State and local government surplus or deficit3
State and local government receipts
State and local government expenditures,
517.
525.
548.
557.
570.
564.
Defense Department gross obligations incurred
Defense Department prime contract awards
Mfrs.' new orders, defense products
Industrial production, defense and space equipment..
Employment, defense products industries
Federal Government purchases for national defense .
, bil. dol.
.do.
.do.
.do.
.do.
.do.
-196.0 -204.7 - 1 8 8 . 7 -170.5 -141.9
827.4 852.5
879.3 921 .8
788.6
984.6 1032.0 1041.2 1049.8 1063 .7
63.1
49.6
50.6
41 .0
56.8
650.8
579.6
632.1
629.1
618.8
591 .1 601 .2
516.5
561 .9 5 7 8 . 5
D2. Defense Indicators
Mil. dol..
...do...
...do...
1977 = 100...
Thousands
A.r., bil. dol...
NA
NA
NA 3 2 , 8 0 1
26,883 2 9 , 9 8 8 28,436 29,855
NA
9,655 11 ,803 11,902 10 ,571 13,201
12,240 11,980
8,685
9,173
9,185
7,225 10,352 9,441 10,609 10 ,096
185.1
180.3
186.1
170.6
186.3
186.2
186.5
185.9
1 ,599 1 ,594 1 ,592 1 , 5 9 3
1,585
1,544
NA
1,590
279.0
277.8
287.5 295.3
259.3
NA
24.9
12.4
-0.3
-0.2
Mil. dol
do...
17,732 18,052 1 8 , 8 3 2 19,296 20,801 20,781 21 ,126
2,334
2,445
2,426 2 , 1 6 4
2,043
2,363 2,410
4,099
4,338
3,917 3,907
4,212 4,176
3,985
28,773 30,505 3 1 , 6 7 9 30,990 33,521 33,313 35,266
4,180 2,894 2 ,414 3,127 3,301
3,685
3,375
4,6
5,578 6,143
5,811
6,093
5,823
5,511
1
1.5
3.9
5.9
-8.4
-4.4
NA
NA
-4.8
0 .2
NA
E. U.S. International Transactions
El. Merchandise Trade
602.
604.
606.
612.
614.
616.
Exports, excluding military aid shipments ©
Exports of domestic agricultural products
Exports of nonelectrical machinery
General imports @
Imports of petroleum and petroleum products
Imports of automobiles and parts
do...
do..
do..
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Series title
Percent change
Annual averag
of
measure
1984
1985
1986
1st Q
1986
2dQ
1986
3dQ
1986
4th Q
1986
^
_
E
3d Q
to
4th Q
1986
4th Q
to
1st Q
1987
1st Q
to
2dQ
1987
NA
NA
NA
-39,52
59.98
99.50
NA
NA
-1.59
0.7
1 .8
-1 .48
0.9
2.1
-2.5
1 .9
-0.19
4.7
3 .6
-0.16
-0.1
0.1
10.4
17.2
NA
NA
NA
-0.76
5.2
3.9
NA
NA
667
668
669
622
618
620
651
652
4 3 7 7 . 7 4447.7
3 7 7 2 . 2 3793.7
15,525 15,581
3 7 2 4 . 5 3755.9
3 1 2 5 . 9 3135.4
2 6 7 4 . 6 2647.8
1 1 , 0 0 8 10,875
0.5
0.4
0 .1
0.9
0.8
0.1
-0.1
2.1
1 .1
0.9
-0.6
2.1
0.7
0.5
1 .6
0 .6
0.4
0.8
0.3
-1 .0
-1 .2
200
50
217
213
224
225
227
2893.8
2475.9
396.1
375.9
969.9
883.2
1527.7
1216.9
2947 .3
2489.0
407.5
384.1
982.3
879.1
1557.5
1225.9
0.8
0.1
-1.8
- 1 .6
0.7
0.1
1 .6
0.7
1 .2
-0.2
-5.6
-5.8
2.5
0.3
2 .4
1.3
1 .8
0.5
2.9
2 .2
1 .3
-0.5
2 .0
0 .7
230
231
232
233
236
238
237
239
1st Q
1987
2dQ
1987
II. OTHER IMPORTANT ECONOMIC MEASURES-Con.
E2. Goods and Services Movements Except
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
Balance on merchandise trade3
Merchandise exports, adjusted
Merchandise imports, adjusted
Income on U.S. investment abroad
Income on foreign investment in the United States
Bil dol
do
do
do
do
do
do
do
-23.71 -25.27 - 3 1 . 4 2 -30.02 -29.59 -32.25 -33.84 -34.03
90 .19
89.86
93.20
92.13
93.89
93.54
93.24
98.33
1 1 3 . 9 0 1 1 5 . 1 4 1 2 4 . 6 2 1 2 2 . 1 5 123 .13 1 2 5 . 4 9 1 2 7 . 7 3 1 3 2 . 3 7
-28.13 -30.54 - 3 6 . 0 8 -34.98 -33.65 -37.12 -38.60 -38.76
53.98
54.98
56.09
53.88
57.02
56.93
56.53
56.99
84.52
83.10
92.18
88.86
95.62
90.58
93.65
95.75
22.08
21.48
22.05
24.08
20.79
22.01
21.33
22.95
15.72
16.85
16.84
17.65
16.30
17.43
15.99
19.11
A r, bil dol
do
A r, dollars
A r, bil dol
do
do
A r, dollars
3772.2
3501.4
14,770
3439.1
2668.6
2469.8
10,419
4010.3
3607.5
15,073
3600.1
2841.1
2542.2
10,622
A r, bil dol
do
do
do
do
do
do
do
2430.5
2249.3
335.5
323.1
867.3
825.9
1227 .6
1100.3
2629.4 2 7 9 9 . 8
2352.6 2450.5
368.7
40 2 . 4
352.7
383.5
913.1
939.4
849.5
877.2
1347.5 1 4 5 8 . 0
1150.4 1 1 8 9 . 8
A. National Income and Product
Al. GNP and Personal Income
200.
50.
217.
213.
224.
225.
227.
Gross national product
Gross national product in 1982 dollars
Per capita gross national product in 1982 dollars
Final sales in 1982 dollars
Disposable personal income
Disposable personal income in 1982 dollars
Per capita disposable personal income in 1982 dollars
230.
231.
232.
233.
236.
238.
237.
239.
Total
Total in 1982 dollars
Durable goods
Durable goods in 1982 dollars
Nondurable goods
Nondurable goods in 1982 dollars
Services
Services in 1982 dollars
240
241
242.
243.
245.
30
Total
Total in 1982 dollars
Fixed investment
Fixed investment in 1982 dollars
Change in business inventories3
Change in business inventories in 1982 dollars3
4235.0
3713.3
15,368
3699.5
3022.1
2645.1
10,947
4174.4
3698.8
15,362
3663.4
2966.0
2610.5
10,842
4211 .6
3704.7
15,352
3676 .7
3022.4
2660.2
11,024
4265.9
3718.0
15,370
3711 .9
3038.2
2653.2
10,968
4288.1
3731.5
15,388
3745.8
3061 .6
2656.7
10,956
A2. Personal Consumption Expenditures
2 7 3 7 . 9 2 7 6 5 . 8 2 83 7 . 1 285 8.6
2409.7 2434.3 2477.5 2480.5
427.6
386.4
419.8
375.9
40 5.5
369.6
399.0
359.8
940.0
934.3
946.3
936.8
879.8
880.0
880.3
868.8
1 4 2 5 . 2 1 4 4 5 . 1 146 9 . 5 1 4 9 2 . 4
1192.2 1201.1
1181.2 1184.7
A3. Gross Private Domestic Investment
do
do
do
do
do
do
664.8
658.4
597.1
596.1
67.7
62.3
641 .6
636.1
631.6
628.7
10.0
7.4
671.0
654.0
655.2
640.2
15.7
13.8
683 .4
674.4
645 . 1
639.1
38.3
35.3
679.4
665.6
651 .9
637.6
27 .5
28.1
660.8
645.0
657.3
638.8
3.5
6 .1
660.2
631.0
666.6
645.4
-6.4
-14.4
699.9
671.8
648.2
624.2
51.6
47 . 6
700.9
670.5
660.4
632.7
40 .4
37 . 8
-0.1
-2.2
1.4
1 .0
-9.9
- 2 0 .5
6.0
6.5
-2.8
-3.3
58.0
62 .0
0.1
-0.2
1.9
1 .4
- 1 1 .2
-9.8
240
241
242
243
245
30
do
do
do
do
do
do
735.9
677.7
310.5
2 90.8
425.3
387.0
818.6
726.9
353.9
324.2
464.7
40 2.7
869.7
754.5
366.2
332.5
503.5
422.1
846.9
737.6
356.7
322.1
490.2
415.5
867.2
751 .6
368.4
330.6
498.8
421.0
878.5
7 57.2
371.2
332.6
507.3
424.6
886.3
771.8
368.6
344.6
517 .7
427.1
896.2
759.6
366.9
327.3
529.3
43 2 . 3
918.2
767 .5
3 80.3
333.1
537 .8
434.4
0.9
1 .9
-0.7
3.6
2 .0
0.6
1 .1
- 1 .6
-0.5
-5.0
2 .2
1.2
2.5
1.0
3.7
1 .8
1 .6
0.5
260
261
262
263
266
267
do
do
do
do
do
do
-79.2 -105.5
-58.9
-93.8 -100.8 -110.5 -116.9 -112.2 -118.6
-84.0 -108.2 - 1 4 5 . 8 -123.0 -146.8 -161.6 -151.8 - 1 3 5 . 2 -133.3
369.9
383.5
376.2
371.3
373.5
397 . 3
411.0
376.6
383.3
365.3
371.8
377.4
370.2
371.5
397.8
40 9 . 3
379.6
388.3
449.2
442.4
481 . 7
47 2 . 1 487 . 1 5 0 0 . 2
467 .3
509.5
529.7
455 .8 473 .6
523 . 2
51 7 .0 541 .2
494.4
533 . 0
542 .6
540 . 1
-6.4
9.8
1 .8
2 .3
2 .7
-0.2
4.7
16.6
3.7
2.4
1 .9
- 1 .3
-6.4
1.9
3.4
2.9
4.0
1 .8
250
255
252
256
253
257
3597.8
2623.7
327.7
18.9
296.5
331 . 1
0.9
1.5
1 .8
7 .0
- 1 .9
-1.8
2.2
1.5
7.8
8.7
4.6
0.6
1 .4
1.3
2 .1
-5.5
0.9
2 .3
220
280
282
284
286
288
549.5
547.8
94.0
-92.3
3.0
-0.2
- 1 .3
0.1
6.0
0.
7.6
0 .2
27.0
8.6
0.8
-0.9
0.5
-32.1
37.2
- 1 .4
290
295
292
298
293
A4. Government Purchases
of Goods and Services
260.
261
262
263
266.
267.
Total
Total in 1982 dollars
Federal Government
Federal Government in 1982 dollars
State and local government
State and local government in 1982 dollars
250
255.
252.
256.
253.
257.
Net exports of goods and services3
Net exports of goods and services in 1982 dollars3
Exports of goods and services
Exports of goods and services in 1982 dollars
Imports of goods and services
Imports of goods and services in 1982 dollars
A5. Foreign Trade
A6. National Income and Its Components
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 before tax with IVA and CCAdj
Net interest
290.
295.
292.
298
293
Gross saving
Business saving
Personal saving
Government surplus or deficit3
Personal saving rate3
do
do
do
do
do
do
3 0 2 8 . 6 3 2 2 9 . 9 3422 .0 3 3 6 4 . 2 3 4 1 4 . 1 3 4 3 8 . 7 3 4 7 1 . 0 3 5 4 8 . 3
2213.9 2370.8 2 5 0 4 . 9 2464.8 2487.6 2515.1 2552.0 2 5 8 9 . 9
289.8
234.5
257 .3
270.8
297.8
298.1
292.5
320.9
16.7
9.0
14.0
18.4
8.5
17.4
17.2
20.0
284.4
277 .6
288.0
281.1
282.3
286.4
294.0
266.9
326.1
315.3
326.6
321 .7
328.7
327 .5
323.6
304.8
A7. Saving
do
do
do
do
Percent
568.5
531.3
532.0
557.8
538.7
509.4
537.2
549.2
553.4
547.7
164.1
127.1
130.6
138.4
166.0
-105.0 -132.9 -147 .8 -134.0 -175.0
6.1
4.5
4.3
4.7
5.5
NOTE: Series are seasonally adjusted except for those, indicated by ( § ) , that appear to contain no seasonal
movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles 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). IVA, inventory valuation adjustment. CCAdj, capital consumption
adjustment.
1
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all
Jurns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified.
516.2
515.3
554.3
551.5
544.4
545.3
108.9
109.0
138.4
-144.1 -138.1 -129.5
3 .6
3.6
4.4
2
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.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.
CYCLICAL INDICATORS
!A
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart A l . Composite Indexes
July May
P
Aug. Apr.
T
P
T
Apr. Feb.
P
T
Jan. July July
P T
P
Nov.
T
1950 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 84 85 86 1987
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
1
Beginning with data for January 1984, series 12 has been suspended from this index.
Current data for these series are shown on page 60.
1
0
AUGUST 1987
ItCII
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite Indexes—Continued
ii .
Dec Mov
P
Mjr
T
Jan luly IuH
P T
P
N.
T
914. Capital investment commitments (series 12,20,29)
-8
-13
-30
-10
\ ^
-2
-1
-2
915. Inventory investment and purchasing (series 8,
TV
-19
-4
-6
916. Profitability (series 19,26,80)
S
-u .
i*~
Xf^
yA..
V
-3
•.,,
-6
917. Money and financial flows (series 104,106, 111)
H fc f
.
V
^\.J
w
S_
-25
-2
^
\y^{
-14
940. Ratb, coincident index to lagging index
-A
h/^
-4
1950 51
JS
- ^ 2
-2
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 84 85 86 1987
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.
K€l»
AUGUST 1987
11
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours)
full
5. Average weekly initial claims for unemployment insurance, State programs (thousands—Inverted scale)
1
HO-i
100-
8. Manufacturers' new orders in 1982 dollars, consumer goods
and materials industries (biL dol.) [ p j | ~ ~ ~
"
90-
ft
sS
8070-
9
60-
flSHI
50-
i
40-
i
32. Vendor performance, percent of companies receiving slower deiveries (percent)
M
30
il
J
100755025-
45-i
40-
20. Contracts and orders for plant and equipment in
1982 dollars (bil. dol.)
3530-
IXX
2520-
1950 51 52 53 54 55 56 57 58 59 60
61 6?
64 65 66
78 79 80 81 82 83 84 85 86 1987
Current data for these series are shown on pages 61, 64, and 66.
12
AUGUST 1987
ItCII
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A 2 . Leading Index C o m p o n e n t s — C o n t i n u e d
building permitc (index: 1967—100)
36. Change in manufacturing and trade inventories on hand and on order in 1982 dollars, smoothed1 (arm. rate, bit. dol.)
40 -
99. Change in sensitive materials pricesLsmoothe£fe|0ercent)
/
71
3!)0 - I
300-j
POO -
19. Stock prices, 500 common stocks (kidex#U-43=10)
mo
150 -
%
2800 2400 -
106. Money supply M2 in 19S2 Hnllars ( h i
2000 -
IUJI
1600 -
111. Change In business and consumer credit outstanding
(ann. rate, percent)
l u l l
4 20 f 10-
o1950 51 :;
••
56 67 6B 69
?
9 80 81 82 83 84 85 86 1987
1
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.
ItCII
AUGUST 1987
1
3
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A3. Coincident Index Components
11010090-
41. Employees on nonagricultural payrolls (millions)
80-
70-
2800260024002200 -
51. Personal income less transfer paymentsJo._
1982 doHars(ann. rate, bil.dol.)
200018001600-
140130-
v
47. industrial production (index: 1977 = 100)
z
\/
z
120 1101009080450400 -
350-
57. Manufacturing and trade sales in
1982 dolars (bl. dol.)
300-
250-
200-
150-
1950 b
••-•:>
'V< ^c
;
,5
5b
r:
J
5B
?9 eo
61 62
63
64
65
66
67
68
69
7
^ 76 77 78 79 80 81 82 83 84 85 86 1987
Current data for these series are shown on pages 62, 63, and 65.
1
4
AUGUST 1987
Bill
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A4. Lagging Index Components
91. Average duration of unemployment {wee
77. Ratio, manufacturing and trade j
1*4
N/VgV"
62. Labor cost per unit of output, manufacturing
l bend (pcitcnl)
j | j * jjj I ^ j
109. Average prime rate charged by
101. Commercial and industrial loans outstanding in 1982 dollars (bil.
95. Ratio, consumer i
(perceiit)
1950 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 84 85 86 1987
Current data for these series are shown on pages 62, 68, 70, and 73.
AUGUST 1987
1
5
CYCLICAL INDICATORS
C Y C L I C A L I N D I C A T O R S BY E C O N O M I C P R O C E S S
Chart B l .
Employment and Unemployment
[Marginal Employment Adjustments]
1. Average weekly hours of production or nonsupervisory workers,
manufacturing (hours)
[177
21. Average weekly overtime hours of production or nonsupervisory workers,
manufacturing (hours)
ffcXl
5. Average weekly initial claims for unemployment insurance,
State programs (thousands—inverted scale) O X ]
[Job Vacancies 1
60. Ratio, help-wanted advertising in newspapers to number
of persons unemployed (ratio) \ u j j j \
46. Help-wanted advertising in newspapers
(index: 1967=100)
lULgUi
J
1962 6 5
64
65
'
66
67
s \
/ ~\
\y
69
70
V
Vs\J
n
68
y
71
72
73
74
75
76
V
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 6 1 .
1
6
AUGUST 1987
CYCLICAL INDICA"SV.
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . E m p l o y m e n t and U n e m p l o y m e n t — C o n t i n u e d
40. Employees on nonagricultural pa
industries
1962
63
64
65
66
67
68
69
70
71
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on pages 61 and 62.
IMJI
AUGUST 1987
1
7
CVCUCAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
| Comprehensive Unemployment |
37. Number of persons unemployed (millions—inverted scale)
5-
9-
1113-
43. Unemployment rate (percent—inverted scale)
4567-
1011-
45. Average weekly insured unemployment rate, State programs (percent—inverted scale)
2-
; IK,Lg,uj
3-
rx
t
45-
91. Average duration of unemployinent (weeks—inverted scale}
1012-
\
'
.
•
j^^S/^
17
_J
•
2022-
44. Unemployment rate, persons unemptoyed 15 weeks and over (percent—inverted scale)
0-1
1-
19b; j
o3
:• r
S:>
66
67
68
69
70
71
72
73
74
75
76
77
78
79
SO
81
82
83
84
85
86
87
88 1 9 8 9
Current data for these series are shown on page 62.
18
AUGUST 1987
Bill
CYCLICAL I N D I C A T O R B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income
4400-
| Comprehensive Output and Income]
4000 -
3600 -
in 1982 dollars, Q (ann. rate, bil. do!.)
50.
|
3200-
2800 -
2400 -
52. Personal income in 1982 dollars (ann. rate, bil. dot)
§s » v ^
Jig
LJ
z
51. Personal income less transfer payments in 1982
(arm. rate,
18U01601) -
53. Wages and salaries in 1982 dollars, mining, manufacturing,
and construction (ann. rate, bil. dol.)
1962 63
64
65
66
67
68
6;
11
78
79
80
81
82. 83
84
8b
86
Current data for these series are shown on page 63.
ItCII
AUGUST 1987
1
9
CYCliCAL iM;u A ; . •
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income—Continued
[industrial Production[
47. Industrial production (index: 1977=
73. Industrial production, durable manufactures
(index: 1977=100)
74. Industrial production, nondurable manufactures
(index: 1977=100)
1800 17001600 1500 -
fclll
1400-
49. Value of goods output in 19S2 dollars, Q
(arm. rate, bil. doL) ~ |c t c,C
130012001100 1000900800-
|Capacity Utilization!
82. Capacity utilization rate, manufacturing (percent) h e Ul
9080- ,
7060-
84. Capacity utilization rate, materials (percent) | L,C,U|
90
L962
63
64
65
66
6V
n8
n
". c
Current data for these series are shown on pages 63 and 64.
20
AUGUST 1987
\\i\\
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries
| Orders and Deliveries 1
7. Manufacturers' new (refers in 1982 dollars, durable goods
industries (ML dot.)
fQJ]
6. Manufacturers1 new orders in current dollars,
durable goods industries (bil. dol.) x
8. Manufacturers' new orders in 1$$2 dollars, consumer
goods and materials industries (bil. dol.)
dm
25. Change in manufacturers' unfilled orders, durable goods industries >, ,
(bil. dot; MCD moving avg,—4-term)
96. Manufacturers' unfilled orders, durable goods industries
/
z
32. Vendor performance, percent of companies
receiving slower deliveries (percent)
1962
63
64
65
66
67
68
69
7<-
71
88 1989
Current data for these series are shown on page 64.
IICII
AUGUST 1987
21
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Dec.
P
550-
[ Consumption and "fradif
500 -
Manufacturing and trade sales
in 1982 dollars (bil. dol.)
450 400 350 300 250 200 -
56. Manufacturing and trade sates in current dollars
150 -
140 -
75. Industrial production, consumer goods
(index: 1 9 7 7 - 1 0 0 ) f c T c l
120100-
59. Sales of retail stores in 1982 dollars (bil. dol.)
54. Sales of retail stores in current dollars (bil. dol.)
55. Personal consumption expenditures,
automobiles, Q (ann. rate, bil. dol.)
1962 63
64
65
66
67
68
69
70
7]
7?
75
76
77
78
79
80
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 65.
22
AUGUST 1987
ItCII
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment
160140120-
100 70 60504030-
454035302520-
15-
4035302520-
15-
24. Manufacturers'
Capital goods!
10-
110-t
1009080706050-
1962 63
64 65 66
67 68 69
70
71
72
73 74
75 76
77
78 79
80
81
82 83 8 4
85 86 87
88 1989
1
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.
ItCII
AUGUST 1987
23
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital I n v e s t m e n t — C o n t i n u e d
[Business Investment Commitments—Con. 1
\
97. Backlog of capital appropriations, 1,000 manufacturing
corporations, Q (bil. dol.)
11. Newly approved capital appropriations, 1,000 manufacturing
corporations, Q (bil. dol.)
100. Expenditures in 1982 dollars for new plant and equipment)
| Business Investment Expenditures |
^L
/_
61. Expenditures in current dollars for new plant and
equipment, Q (ann. rate, bil. dol.)
lcitj.1
69. Machinery and ecpipment sales and
business tonstructlon expe
(am. rate, bil. M ) ( C I T
/o. mausviai production, business equipment
(index: 1977=100)
1962 63
64
65
66
67
68
69
70
71
72
73
83
34
85
86
87
88
1989
Current data for these series are shown on pages 66 and 67.
24
AUGUST 1987
K€l»
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
[Business Investment Expenditures—CorSI;
Gross private nonresidential fixed investment in 1982 dollars (ann. rate, nil rinl)
ion
I Residential Construction Commitments aflri Investment 1
28. New private housing units started (ann. rate, mil
2.62,42.22.01.81.6 - I
10-
29. New private housing units authorized by local building permits
(index: W&^ 100) ^A f T T
89. Gross private residential fixed investment in
1982 dollars, Q (ann. m, bii. dol.)
220 J
200-j
180
180-
160'
Z
1962
63
f--'»
:.:»
^6
6,
68
7
2
75
'
7]
75
\i
m
7(- 77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 67.
RCII
AUGUST 1987
25
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B5. Inventories and Inventory Investment
P
ian. July
P T
T
July
P
Nov.
T
I Inventory tlvtstrfifn|
30. Change in business inventories in 1982 dollars, Q (ann. rate, bil.
IXX
36. Change in manufacturing and trade inventories on hand
H j t e in 1982 dollars i i i i t t e , fail. doL; moving avg.—4
31. Change in manufacturing and trade inventories
; ] § § | n . rate, bil. dol.; M i l l i n g avg.—6-term)
in manufactui^^|ntories, materials and suppyefjjri
and on order ( b f i H H |CP moving avg.—4-term) p
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
i
81
82
83
84
85
86
87
88 1989
1
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
AUGUST 1987
ItCII
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B5. Inventories and Inventory Investment—Continued
Nov.
T
800-
I Inventories on Hand and on Order]
700-
i Manufacturing and ^||Inventories in 1982 dollars ( b i l o l . )
LJ
§
600 500-
400-
H . Manufacturing and i § d | inventories
in current dollars $ A I | D L ) X
300-
200-
100 908070-
65. Hilfacturers' inventoried fnislied goods
60-
M
50-
40-
30-
I-:
ilt':
77. Ratio, manufacturing and trade inventories to sales in 1982 dollars
I.8-1
1.71.61.51.4 J
260-.
78. Manufacturers' inventories, materials and supplies on hand
f i d on order (bil. d d ; | M £ g } L g I
"
~~
~
220-
"
180-
140-
100 -
60-
1962 63
64
65
66
67
88
69
76
77
>0
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 68.
ItCII
AUGUST 1987
27
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits
[Sensitive Commodity Prices]
98< Change l n p r o d u c e r
P r j c e s t e 2 8 sensitivecrudeandinterme(liatematerials
(percent; MCD moving avg.—6-term) | L L L |
Mr
+ 4-
iUA .Ar.jui
+ 20-2-4-6-J
99. Change in sensitive materials prices (percent; moving
avg.-4-term 1 )
>r'»*Vy
340 2
23. Spot market prices, raw industrial materials (index: 1967=100)
3C0-
J"
260 -
180-
380 -
1
340 -
H
300 260 220-
[Stock Prices|
180 -
19. Stock prices, 500 common stocks (index: 1941-43=10)
140 -
100-
18. Corporate profits after tax in 1982 dollars, Q
[Profits and Profit Margins]
(arm. rate, bil.dol.) [ g T ]
X
240200-
160120- ,
80- •
16. Corporate profits after tax in current dollars, Q
(arm. rate, bil. dd.) |"gTJT|
1962 63
73
74
75
76
77
78
79
30
8i
82
83
84
85
86
37
88 1989
iThis is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
2
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
AUGUST 1987
BCII
CYCLICAL INDICATOR*
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B 6 . Prices, Costs, a n d P r o f i t s — C o n t i n u e d
1 Profits and Profit Margins—Con.|
280240-
SO. Corporate profits after tax with IVA and CCAdj in
1982 dollars, Q (ann, rate, bil. dol.)
200-
160120-
79. Corporate profits after tax with IVA and CCAdj in
current dollars, Q (ann. rate, bil. dot,)
40 J
22. Ratio, corporate domestic profits after tax to corporate domestic
141210-
6-
81. Ratio, corporate domestic profits after tax with IVA and CCAdj V
to corporate domestic income, Q (percent) l y ^ y j
\ /
15. Profits after taxes per dollar of sales, manufacturing corporations, Q (cents) | i , L , l |
753-
26. Ratio, implicit price deflator to unit labor cost, nonfarm business
sector, Q (index: 1977 * 4 f l 0 )
102-i
100 989694-
[Cash Flows]
500 -
35. Corporate net cash flow in 1982 dollars, Q
(ann. rate, bil. dol.)
\
400 -
300-
200-
34. Corporate net cash flow in current dollars, Q
(,ann. rate, oil. aoi.;
1962
63
64
Gfc
GO
67
SM
6S
75
76
78
79
80
3:
83
'
100-
84
85
86
87
88 1989
Current data for these series are shown on pages 69 and 70.
BCD
AUGUST 1987
29
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued
190-
[Unit Labor Costs and Labor Share]
180170160-
63. Unit labor cost, business sector, 0
(index: 1977-100)
15014013012011010090-
0.800.750.700.650.60-
68. Labor cost in current dollars per unit of gross domestic product
in 1982 dollars, nonfinancia! corporations, Q (dollars)
0.550.500.45-
0.40 -
160150-
J
140130-
62. Labor cost per unit of output, manufacturing
1977-100)
12011010090-
70-J
64. Compensation of employees as a percent of national income,
Q (percent)
7876747270-
196/
6/-.
b-\
<:•*>
66
6/
6K
72
84
35
86
87
88 1989
Current data for these series are shown on page 70.
3
0
AUGUST 1987
f; / ,
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit
P
r
T
P
\i\? immm m
102. Change in money supply M2
104. Change in total liquid
mwmt-.~*m- . " > y
1982 dollars (bil. dol.)
107. Ratk), gross na
to money supply M l , Q (rati
elocity of Moneyj
108. Ratio, personal income to money supply M2 (ratio)
1962
63
64
65
Sfc
67
bd
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 71.
ItCII
AUGUST 1987
31
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
1 Credit Flows
33. Net change in mortgage debt heW by financial institutions
" ! insurance compaKp||nn. rate, bil. do!.)-
20-
40-J
112. Net change in business loans (ann. rate, bil. do!.;
$!CD moving avg.—&JMUT [ T J J ]
+ 120-
113. Net change in consumer irtstallrnent credit (am. rate, bil. dol.;
ft^ttioving
avg.—6t#f|X
i$£k\
> -ik>. \y'%'. .
ft-"'. A
+ 100+ 80-
r*
v: . r '•
+ 60-
K
r^
+ 40+ 200-20-
111. Change in business and consumer credit outstanding (am. rate, percent)
+ 30+ 20+ 100—
-10-
110. Funds raised by private nonfinancial borrowers in credit
l i (am. rate,
1962 63
64
65
66
67
68
69
70
71
72
d^fftn
73
74
75
82
33
84
85
86
88 1989
Current data for these series are shown on pages 71 and 72.
32
AUGUST 1987
Kill
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
C h a r t B 7 . M o n e y and C r e d i t — C o n t i n u e d
1firedit piffictilties
ies of business failures (mil. dol.
i
of consumer installment loans delinquent 30 days and over
93. Free reserves (bii. do!.—inverted scale)
UJJJ
94. Member bank borrowings from the Federal Reserve (bil. dol.
1962 63
64
65
66
67
68
69
(
•72
73
74
75
76
77
78
79
80
81
32
83
84
85
86
87
88 1989
Current data for these series are shown on page 72.
ItCII
AUGUST 1987
33
.•_'C,\L INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
1 Interest Rates
ai funds rate (percent)
wscouni raie on mm issues OT ai-aay treasury DIIIS
i
high-grade corporate bonds
n o . Yieia on long-ierm ireasury oonas
Secondary market yields on I HA mortgages ^percent)
J
117. Yield on municipal bonds, 20-bond average (percent)
lU.lg.Lgl
68
69
70
71
72
73
74
75
76
77
78
79 80
M 1989
Current data for these series are shown on pages 72 and 73.
34
AUGUST 1987
KCII
CYCLICAL INDICA10F<%
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
Interest Rates—Con.
109. Average prime rate charged by banks (percent)-—.
[Outstanding Debt]
1 0 1 Commercial and industrial loans outstanding in 1982 dollars
72. Commercial and industrial loans outstanding in current
66. Consumer installment credit outstanding (bil. dol.)
95. Ratio, consumer installment credit outstanding to personal income
(percent) \igXg
'
1962 63
64
65
66
67
68
I
S3
84
85
86
87
Current data for these series are shown on page 73.
ItCII
AUGUST 1987
35
DIFFUSION INDEXES AND RATES OF CHANGE
Chart C l . Diffusion Indexes
950. Twelve leading indicator components1 (6-mo. s p a n — , 1-mo. span—-)
100 T
50-
951. Four roughly coincident indicator components (6-mo. s p a n — , 1-mo. s p a n — )
nmra
' Ma
wyrapy mm
50-
952. Six lagging indicator components (6-mo. span—, 1-mo. span—.)
100-i
50-
961. Average weekly hours of production or nonsupervisory workers, 20
manufacturing industries (9-mo. span , 1-mo. span—-)
50-
962. Initial claims for unemployment insurance, State programs, 51 areas
(percent declining; 9-mo. span—, 1-mo. span—-)
100-1
50-
963. Employees on private nonagricultural payrolls, 172-186 industries
(6-mo. span—, 1-mo. span—)
100
T
50-
1962 63
64
65
66
67
68
69
70
n
7? 73
75
76
11
78
79
SO
8:
85
86
87
88 1989
1
Beginning with data for January 1984, series 12 has been suspended from this index.
Current data for these series are shown on page 74.
36
AUGUST 1987
\\i\\
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
new oraers. 34-35 durable goods industries
100-j
50-
0-
807060-
i MI m" •; xT i
;
50-
u
403020-
100-
50-
0-
100-
50-
Stock prices, 500 common stocks, 40-82 industries
100-1
tffillalA
50-
90 - j
80 706050401962 63
64
65
66
67
68
6S
?C
88
1989
1
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.
AUGUST 1987
3
7
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
Actual
Anticipated
[Percent rising |
974. Number of employees, manufacturing and trade (4-Q span)
100755025-
oLevel of inventories, manufacturing and trade
975.
(4-Q span)1
80-
100755025-
v
V
B
0
70-
]**
60
Vf
50-
0-
40-
976. Selling prices, manufacturing (4-Q span)
1
90-
100-
80-
90-
70-
80-
60-
70-
50-
60-
Selling prices, wholesale trade
977.
(4-Q span)1
90-i
100-
80-
90-
*'
70-
80-
• f
60-
70-
VI4
50-
60-
978. Selling prices, retail trade (4-Q span)
1
100-j
100-
A
90-
A
£
90#
80-
• /
-
•
•
'
Vi
\
80-
•
7060-
1975 76
77
78
79
80
81
82
83
7060-
82
83
84
85
86 1987
i 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
AUGUST 1987
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C3. Rates of Change
48c. Employee hours in nonagricultural establishments
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
73
80
81
82
83
84
85
86
87
88 1989
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.
1
Beginning with data for January 1984, series 12 has been suspended from this index.
9 AUGUST 1987
39
•^ih
A
I
IMPORTANT
NATIONAL INCOME AND PRODUCT
Chart A l . GNP and Personal Income
5000 •
II
7
**********
4500'
4000 3500 -
200. Gross national product in current dollars, Qa rate,
( rm.
3000-
bil. M ^ ^ / ^ 3 - " - ^
25002000-
223. Personal income in current dollars
(ann. rate, biL doL) V
^
^s*^
S ^ ^
^
^
\
1500-
1000-
224. Disposable personal income in current
dollars, Q (am. rate, bil. dol.)
45004000-
50. Gross national product in 1982 dollars, Q
(ann. rate, bil. dol.)
35003000 25002000-
4500-
213. Final sales in 1982 dollars, Q (am. rate, bil. dol.)
4000350030002500 -
2000 -
1500 -
217. Per capita gross national product in 1982 dollars, Q
(am. rate* thous. dol.)
18
sr
1
16141210-
227. Per capita disposable personal income in
1982 dollars, Q (am. rate, thous. dol.)
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
^9
80
81
8-
82
83
84
85
86
87
88 198Q
Current data for these series are shown on pages 63 and 80.
40
AUGUST 1987
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
C h a r t A 2 . Personal C o n s u m p t i o n Expenditures
Jrir.. Jiiiy i i : ; v
II ::U fiNl 3te, billion dollars
iiS
!H
:
Personal consumption expenditures—
s i l
• •
•"•••
:
t||i
64
66
68
69
.:
«i
1962 63
•Sip
' '"11fStpS
ill
70
71
72
73
74
75
76
77
78
79
80
m$
:!§§ m :
81
82
:•
:
::
83
84
85
86
87
88 1989
Current data for these series are shown on pages 80 and 81.
ItCII
AUGUST 1987
41
OTHER IMPORTANT ECONOMIC Itf
A
I
NATIONAL INCOME AND PRODUCT—Continued
Chart A3. Gross Private Domestic Investment
Ian. July
P
July
Nov.
T
P
T
80
81
245. Change in business inventories, 0
30. Change in business inventories, Q
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
82
83
84
85
86
87
1989
Current data for these series are shown on page 8 1 .
42
AUGUST 1987
II
OTHER IMPORTANT ECONOMIC iViU'
NATIONAL INCOME AND PRODUCT—Continued
Chart A4. Government Purchases of Goods and Services
1 rate, billion dollars (current) |
|S;tff|j|
1200-1
11001000900800700 600-
Government purchases of goods and services—
Ill:/
500-
260.
400300-
200-
266. State and local
government, Q
100-1
^ I Annual rate, bion dollars (1982) j
267. State and local government, Q
1962 63
64
65
66
6? 6F
75
76
77 78
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 81.
AUGUST 1987
43
A
NATIONAL INCOME AND P R O D U C T — C o n t i n u e d
Chart A5. Foreign Trade
[Annual rate, billion dollars (current)
600
550
500
450
400
350
300 250-
252. Exports of goods and services, Q
200-
150-
- 253. Imports of goods and services, Q
100-
50 J
250. Net exports of goods and services, Q
+•500-50-100--150-
1 Annual rate, bBon doHars (1982)1
257. Imports of goods and services, Q
256. Exports of goods and services, Q
255. Net exports of goods and services, Q
1962
63
64.
f-
•:•••
SO
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 82.
44
AUGUST 1987
BCD
OTHER IMPORTANT ECONOMIC MEASURES
IA
I
NATIONAL INCOME AND PRODUCT—Continued
Chart A 6 . National I n c o m e and Its C o m p o n e n t s
Mar.
]
Amual rate, billion doflars (current)]
£- 280. Compdlpon (||i||^ees, Q
1000 J
400 -
360320 280 24G -
286. Corporate profits before tax with inv
and capital consumption adjustments, 0
200180160 »
140120
•1
100 -
90 8070-
L
60-
282. Proprietors' income with inventory valuation and
capital consumption adjustments, Q
nisi
40 i<
30-
284. Rental income of persons with capital
conswmptkm adjustment, QS
10-
1962
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
/9
84
85
86
87
88 1989
Current data for these series are shown on page 82.
ItCIt
AUGUST 1987
45
A
NATIONAL INCOME AND PRODUCT—Continued
Chart A7. Saving
Annual rate, billion dollars (current)
800 T
700500500 -
400-
300 250-
200 -
150-
100 -
so-
40
J
2§§. Government surplus or deficit, Q
196/
f ••
:
-4
\y.':
B-
C;?
oh
h9
72
8..1
84
85
86
8?
88 1989
Current data for these series are shown on pages 82 and 83.
46
AUGUST 1987
KCII
OTHER IMPORTANT tiVh^SC
A I
MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A8. Shares of GNP and National Income
[Percent of GNPl
235. Personal consumption expenditures, Q
268. State and local government purchases
of goods and services. Q
265. Federal Government purchases of goods and services, Q
[5]
248. Nonresidential fixed investment, Q
fnl
249. Residential fixed investment, Q
247. Change in business inventories, Q
251. Net exports of goods and services, Q
[Percent of National Income!
64. Compensation of employees, Q
287. Corporate profits before tax with inventory valuation
and capital consumption adjustments, Q
GI
D
283. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
285. Rental income of persons with capital consumption adjustment, Q
1962
63
64
65
66
67
6>?
72
73
74
75
76
77
78
79
80
81
82
83
84
?,':
Current data for these series are shown on page 83.
KCII
AUGUST 1987
47
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY
Chart Bl. Price Movements
[Index: 1982=1001
310c. Implicit price deflator for gross
[Percent change at annual rate|
+ 15 -j
+ 10 -
310. Implicit price deflator fornational product
+5 0 -
311c. Fixed-weighted price index, gross domestic business product
+ 15 -
(1-Qspan)
+ 10 -
M
311. Fixed-weighted price index,
gross domestic business product,
+ 50-
6-month spans
Producer price indexes—
330c. All commodities
20-I
70 J
+ 10-
\
Index: 1967=1001
0 -
Producer price indexes—
'XT m
340 •
320
300
280260
-10 -
335c. Industrial commodities
+ 20 + 10-
240-
s
220
\/m
200'
180-J
-io -
360-1
340320-
-st
\
J
\
\y
20-
332c. Intermediate materials, supplies, and components
331. Crude materials for further processing
i
J
331c. Crude materials for
further processing
340-j
320300280260240220200180-
335. Industrial commodities
J -io
332. Intermediate materials, suoolies.
+ 20+ 10 -
300-
280260
240
220-
333c. Capital equipment
200-
+ 20-
NT
+ 10-
340
320'
300'
280'
260'
240-
333. Capital equipment
|HUjpUUUuCJkUnM^^^M
0-
334c. Finished consumer goods
220200 -
XT
180-
334. Finished consumer goods
1975
76
77
73
79
80
81
82
83
84
85
86 1987
1975 7b
?8
79
SO
Rl
82
33
84
85
-,n J
86 1987
Current data for these series are shown on pages 84, 85, and 86.
AUGUST 1987
BUI
OTHER IMPORTANT E C O R ^ C : ^ : t
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B l . Price Movements—Continued
Jan. July
July
P I P
Nov.
T
I Index: 1967=1001
Consumer price indexes—
380340300-
260 - .
220-
322. All urban consumers, food -—
180-
320. All urban consumers
140-
320c. All urban consumers (6-month span)
j Percent change at annual rate |
+ 20-I
+ 10-1-5
A
322c. All urban consumers, food (6-month span)
Chart B2. Wages and P r o d u c t i v i t y
llndex: 1977=1001
200 «|
180 160-
341. Real average hourly earnings of production or nonsupervisory '
workers on private nonagricuftural payrolls1
1.40120100- 1
\
340. Average hourly earnings of production or nonsupervisory workers
on private nonagricultural payrolls (current dollars)1
_
220 200180160-
346. Real average hourly compensation, all employees,
nonfarm business sector, Q .
14012010080-
1457 Average hourly compensation, all employees,
nonfarm business sector, Q (current dollars)
1962 63
64
65
66
67
68
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
Current data for these series are shown on pages 84, 87, and 88.
IICII
AUGUST 1987
49
B
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B2. Wages and Productivity—Continued
lWages
Con
-1 Change in average hourly earnings of production or nonsupervisory workers on private nonagricdtura! payrolls 1 -
1 Percent change |
340c. Current-dollar earnings
u
ftftftxfi'fi'
* u 1/tff tft;; y 1 u\ \i' f ; | ;
^ ; ; v i if -
1-month spans2
\
6-month spans (am. rate)
341c. Real earnings
+ 5
0
-5
-10
Change in average hourly compensation, all employees,
nonfarm business sector, Q—
+ 15
345c. Current-dollar compensation - r — 4 - q u a r t e r spans
+ 10-
1-quarter ^jans (aim. rate)
0-
346c. Real compensation
+ 10-
l-quarter spans (arm. rate)
„
V
•W
A. /^OSv^
a
L^.
+ 50- D
Negotiated wage and benefit decisions—
348. Average first-year changes, Q (arm. rate)
349. Average changes over life of
1 Index: 1977 =-1001
1 Productivity"!
358. Output per hour, all persons,
nonfarm business sector, Q
\
370. Output per hour, i t persons,
80 J
I Percent change [
370c. Change in output per hour, all persons, business sector, Q
72
1
73
74
75
Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
with the annualized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.
50
76
2
77
78
79
80
31
82
33
84
85
87
88
1989
One-month percent changes have been multiplied by a constant (12) to make them comparable
;
AUGUST 1987 K C I I
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart C l . Civilian Labor Force and Major C o m p o n e n t s
441. Civilian labor force (millions)
442. Civilian employment (millions)
Civilian labor force participation rates p^pent)—
**« t y ^ ofl vears and over
453. Both sexes 16-19 years of age
Number unemployed (millions)—
37. Persons unemployed
rNi>»
f
/Sw~.
445. Females 20 years and over
444. Males 20 years—
(Hid over
446. Both sexes 16-19 years of age
447. Number unemployed, full-time workers (mP&ns)
^ 4 4 8 . Number of persons employed part time for economic
reasons (millions)
1962 63
64
65
86
6/
be
Current data for these series are shown on page 89.
ItCII
AUGUST 1987
51
OTHER IMPORTANT E? f
C MEASURES
GOVERNMENT ACTIVITIES
Chart D l .
Receipts and Expenditures
[tonal rate, billion dollars (current)]
502.
Federal Government expenditures, Q
400 -
501.
Federal Government receipts, Q
200
-i
500. Federal government surplus or deficit, Q
900-j
800 700 600500400 -
511. State and local government receipts, Q —-*^.
300 200-
512. State and local government expenditures, Q
100
-1
+ 100+ 80-
510. State and local government surplus or deficit, Q
1962
6<
64
65
66
67
68
~?&
75
76
11
78
79
80
+ 60-
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 90.
52
AUGUST 1987
Kill
'./•**•
•
•
'• UG!WC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
P
T
P
40-
I Advance Measures of Defense Activity 1
3530-
2520-
517. Defense
(HLdoL;
gross obligations incurred
avg,~~6-terni)
15 J
22-i
201816141210-
525. Defense Departn
6-J
240220200 180 160140120100 -
141210-
6-
548. Manufacturers new orders, defense products
(bil. do!.; MO) moving avg.-6-term)
1962 63
64
G5
o-."-
' '
/*>
77
78
79
SO
87
88 1989
Current data for these series are shown on page 90.
B€l» AUGUST 1987
53
OTHER IMPORTANT ECONOMIC W£i^
i«ES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Dec. Nov.
P
I
220-
| Intermediate and Final Measures of Defense Activity]
200180-
_\T
160-
557. industrial production, defense and space equipment
(index: 1977=100)
14012010038-irW
343026-
J
559. Manufacturers' inventories, defense products
22-
/
18-
<
561. Manufacturers' unfilled orders,
defense products (bil. dol.)
343026221814-
580. Defense Department net outlays, military functions and military
assistance (bil. dol.)
109- '
7- '
588. Manufacturers' shipments, defense products (bil.
w
L
dol,)
f
3-
2J
1962 63
84
65
66
67
68
69
70
71
7?
75
76
77
"/,
85
86
87
88
1389
Current data for these series are shown on page 91.
54
AUGUST 1987
BCII
OlrftiK IMPORTANT ECONOMIC MEASURES
J) I
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
[ Intermediate and final Measures of Defjjift Activity—Con7| ;'..;- ,
570. Employment, defense products industries (millions)
2.01.81.61.41.2-
T
1.0 J
3|pJff
pip
Defense D e p l ^ k f personnel (mfllions)3.5-1
3.0-
577. Military personnel on active duty
'111
2.5-
HI
2.0-
1.5-
1.0-
400350-
w
1 National Defense Purchases 1
300250-
200-
services, national
564.
l§|n$e,Q (arm. rate,
150-
100-
565. National defense purchases as a percent of GNP, Q (percent)
10-1
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 9 1 .
Kill
AUGUST 1987
55
OTHER IMPORTANT ECONOMIC »\
E
I
U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
25
T
20 15-
602. Exports, excluding military aid shipments (bil
109875-
2-
604. Exports of domestic agricultural products
(bi!. dol.)
606. Exports of nonelectrical machinery (bil. dol.)
j
4035302520-
10987543-
614. Imports of petroleum and petroleum—
products (bil. dol.)
0.8-
b l O r f o r t s o f autorrioBIIesaMparts (bit.dot.)
0.6-
1962
63
84
65
66
67
68
69
70
71
77
84
85
36
37
88 1989
Current data for these series are shown on page 92.
56
AUGUST 1987
licit
U.S. INTERNATIONAL T R A N S A C T I O N S — C o n t i n u e d
Chart E2. Goods and Services Movements
|;
[Annual rate, billion dollars I
| Excess of receipts
} Excess of payments
Goods and services-
667. Balance on goods and services, Q
668. Exports, Q
Merchandise, adjusted—
622. Balance on merchandise trade, Q
651. U.S. investment abroad, Q -*-
1962 63
64
oS
66
67
68
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 93.
B€l>
AUGUST 1987
57
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
Mar.
Jan. Juiy
P
T
T
July
Mar
Nov
P
I
Jan. jiiiv
T
P
T
July
P
I Indtx; 1977=1001
140130 -
130-
m
721, HCD la«)|i#i! cfflii^m
120-
120 -
110-
110-
100-
100-
90 -
90
J
160'
150
130 T
140'
120 -
130'
110-
J4^
120
110 -
WmW
10090-
10090-
130120110-
m
100-
90 ~»
90-
130120 -
120 -
I
110100-
110 100 -
90-J
90-
1975 76
77
78
79
80
81
82
83
84
85
86 1987
1975 76
77
78
79
80
81
82
83
84
85
86 1987
Current data for these series are shown on page 94.
58
AUGUST 1987
IICII
OTHER IMPORTANT;.;/
INTERNATIONAL COMPARISONS—Continued
Chart F2. Consumer Prices
Chart F3. Stock Prices
Mar.
n: v
Mar.
?
I
Jan. M Y
T
P
V
| Percent change at annual rate [
| 6-month spans |
Jan. July
P
T
July
Nov
P
T
Stock prices—
Consumer prices—
100
1975 76
r
>'B 7 ^
Kf
•:!
'.
79
80
81
82
83
84
85
J
86 1987
Current data for these series are shown on pages 95 and 96.
AUGUST 1987
59
CYCLICAL INDICATORS
A
I
COMPOSITE INDEXES AND THEIR COMPONENTS
Q
Year
and
month
910. Index of
twelve leading
indicators (series
1, 5, 8, 12, 19,
20, 29, 32, 36,
99, 106, 111)1
(1967 = 100)
920. Index of
four roughly
coincident indicators (series
41, 47, 51, 57)
(1967 = 100)
930. Index of
six lagging indicators (series
62, 77, 91, 95,
101, 109)
(1967 = 100)
COMPOSITE INDEXES
940. Ratio,
coincident index
to lagging index2
Leading indicator subgroups
914. Capital
investment
commitments
(series 12, 20,
29) 2
(1967 = 100)
(1967 = 100)
915. Inventory
investment and
purchasing
(series 8, 32, 36,
99)2
(1967 = 100)
916. Profitability (series
19, 26, 80)
(1967 = 100)
917. Money and
financial flows
(series 104, 106,
111)
(1967 = 100)
(3)
1985
January
February
March
165.5
166.5
167.2
158.4
159.0
159.3
123.7
124.3
125.4
128.1
127.9
127.0
109.2
111.0
April
May
June
165.9
166.9
167.3
160.5
160.2
159.5
125.1
126.7
126.5
128.3
126.4
126.1
July
August
September
168.5
169.3
170.2
159.7
160.9
160.9
126.9
127.2
128.4
October
November
December
171.2
171.1
174.0
160.8
161.6
163.0
January
February
March
174.1
175.0
176.4
April
May
June
110.8
102.6
102.5
102.0
113.1
114.1
114.2
139.0
138.6
138.9
110.0
109.7
110.1
101.8
101.6
101.5
114.5
115.0
115.8
137.1
135.9
135.6
125.8
126.5
125.3
110.5
110.6
111.2
101.5
101.5
101.6
116.7
116.9
115.6
137.7
139.0
140.0
129.7
129.7
130.2
124.0
124.6
125.2
110.3
109.5
110.5
102.1
102.3
102.7
114.8
114.9
116.5
141.1
140.6
162.9
163.4
162.9
131.6
131.9
133.0
123.8
123.9
122.5
108.9
110.2
109.9
103.3
103.3
103.5
117.3
119.0
119.8
142.2
140.3
140.0
178.1
178.5
178.3
165.6
164.3
163.7
131.2
132.0
131.8
126.2
124.5
124.2
110.4
109.5
109.6
103.8
103.5
103.0
119.9
119.7
120.4
140.3
142.4
142.6
179.9
141.9
1986
July
August
September
rl80.3
180.0
164.4
164.8
165.8
131.8
131.9
131.2
124.7
124.9
126.4
109.8
108.8
108.9
103.3
rlO2.9
102.8
120.0
rl20.4
118.9
144.9
145.6
145.5
October
November
December
181.3
182.8
rl86.7
rl65.3
rl65.8
167.2
132.8
132.4
rl31.6
rl24.5
125.2
rl27.1
108.4
108.6
111.0
102.8
103.6
104.9
rll7.8
rll7.4
rll7.9
147.3
146.7
0)149.1
January
February
March
185.5
rl85.9
rl87.6
rl65.6
168.0
167.7
E)rl33.2
131.1
130.2
rl24.3
128.1
128.8
108.9
(NA)
104.3
104.4
105.0
rll9.3
rl20.8
0)121.5
148.7
146.2
143.8
April
May
June
rl87.9
188.9
190.8
167.8
167.5
167.9
rl30.4
130.1
129.8
rl28.7
128.7
rl29.4
105.1
rlO5.9
rlO6.8
121.3
P121.3
(NA)
rl42.5
rl41.9
P143.2
[H>M91.8
g>5168.8
6
P130.8
P107.2
1987
July
August
September
129.1
(NA)
October
November
December
NOTE: Series are seasonally adjusted except for those, indicated by ® , that appear to contain no seasonal movement. Current high values are indicated by 0 ) ; for series that move counter to movements
in general business activity, current low values are indicated by 0 ) . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are 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 10 and 11.
beginning with data for January 1984, series 12 has been suspended from this index.
2
The following series reached their high values before 1985: series 940 (136.2) in January 1984, series 914 (111.5) in February 1984, and
series 915 (107.9) in April 1984.
3
See "New Features and Changes for This Issue" on page iii of the March 1987 issue.
''Excludes series 36 and 111, for which data are not available.
5
Excludes series 57, for which data are not available.
6
Excludes series 77 and 95, for which data are not available.
6
0
AUGUST 1987
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
Marginal Employment Adjustments
Timing Class
Year
and
month
EMPLOYMENT AND UNEMPLOYMENT
L.L.L
L, C f L
L.C.L
1. Average weekly hours
of production or nonsupervisory workers, manufacturing
21. Average weekly overtime hours of production
or nonsupervisory workers,
manufacturing
5. Average weekly initial
claims for unemployment
insurance, State programs1
(Hours)
(Thous.)
(Hours)
Comprehensive
Employment
Job Vacancies
U,C,C
L, Lg, U
L, Lg, U
60. Ratio, help-wanted
advertising in newspapers
to number of persons
unemployed
46. Index of help-wanted
advertising in newspapers
(Ann. rate,
bil. hours)
(1967 = 100)
(Ratio)
48. Employee hours in
nonagricultural establishments
1985
January
February
March
40.5
40.0
40.5
3.3
3.3
3.2
378
402
389
0.490
0.501
0.502
140
141
141
180.12
179.92
181.32
April
May
June
40.3
40.4
40.5
3.3
3.1
3.2
387
383
392
0.470
0.474
0.500
132
132
141
181.01
181.68
181.97
July
August
September
40.5
40.6
40.7
3.2
3.3
3.4
381
375
381
0.497
0.490
0.491
141
134
136
181.82
182.41
182.86
October
November
December
40.7
40.7
40.9
3.3
3.4
3.6
367
371
391
0.503
0.524
0.527
140
144
145
184.16
183.90
184.20
January
February
March
40.8
40.6
40.7
3.5
3.4
3.4
375
384
393
0.538
0.498
0.490
143
142
138
184.62
184.05
184.41
April
May
June
40.7
40.7
40.6
3.4
3.5
3.4
374
378
378
0.472
0.452
0.500
132
128
141
184.84
184.90
184.64
July
August
September
40.6
40.8
40.8
3.5
3.5
3.5
370
379
369
0.506
0.495
0.485
140
134
135
184.97
185.55
185.84
October
November
December
40.7
40.8
40.8
3.5
3.5
3.6
343
342
356
0.510
0.530
0.539
141
147
144
186.20
186.86
186.87
40.9
E>41.1
40.9
3.6
3.6
3.6
359
361
341
0.527
0.549
0.568
142
147
150
187.64
188.94
188.71
April
May
June
40.6
41.0
41.0
3.5
3.8
3.7
E>324
326
327
0.571
0.568
rO.635
144
144
rl55
July
P41.0
g>p3.8
327
E>P0.651
E>pl58
1986
1987
January
February
March
At imict
MUgUol
187.72
rl89.69
rl89.44
E)pl89.79
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
x
Data exclude Puerto Rico, which is included in figures published by the source agency.
AUGUST 1987
61
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
Comprehensive Employment—Continued
Timing Class
Year
and
month
EMPLOYMENT AND UNEMPLOYMENT-Continued
U.C.C
42. Number
of persons
engaged in nonagricultural
activities
(Thous.)
C.C.C
41. Employees
on nonagricultural payrolls
(Thous.)
L, C, U
40. Employees
on nonagricultural payrolls,
goodsproducing
industries
(Thous.)
Comprehensive Unemployment
U, Lg, U
90. Ratio,
civilian employment to population of
working age
(Percent)
L, Lg, U
L, Lg, U
37. Number of
persons unemployed
L, Lg, U
43. Unemployment rate
45. Average
weekly insured
unemployment
rate, State
programs1
(Percent)
(Percent)
(Thous.)
Lg, Lg, Lg
91. Average
duration of
unemployment
(Weeks)
Lg, Lg, Lg
44. Unemployment rate,
persons unemployed 15
weeks and over
(Percent)
1985
January
February
March
102,979
103,269
103,676
96,364
96,512
96,880
[H>24,993
24,926
24,977
59.18
59.31
59.46
8,506
8,365
8,351
7.4
7.3
7.2
2.9
2.9
2.9
15.9
15.9
16.2
2.0
2.1
2.1
April
May
June
103,612
103,719
103,403
97,058
97,299
97,409
24,943
24,901
24,852
59.41
59.39
59.08
8,364
8,291
8,385
7.3
7.2
7.3
2.8
2.8
2.8
16.4
15.3
15.5
2.1
2.0
2.0
July
August
September
103,711
104,030
104,558
97,572
97,785
97,968
24,812
24,799
24,752
59.19
59.30
59.50
8,438
8,141
8,242
7.3
7.1
7.1
2.8
2.8
2.8
15.5
15.3
15.3
2.0
2.0
2.0
October
November
December
104,720
104,923
104,998
98,230
98,445
98,658
24,782
24,784
24,799
59.55
59.60
59.64
8,288
8,171
8,184
7.1
7.0
7.0
2.7
2.8
2.8
15.3
15.6
15.2
2.0
1.9
1.9
January
February
March
105,612
105,452
105,555
98,776
98,914
99,013
24,821
24,768
24,711
59.86
59.63
59.71
7,902
8,485
8,380
6.8
7.2
7.2
2.8
2.8
2.8
15.0
15.2
14.6
1.8
2.0
1.9
April
May
June
105,770
106,014
106,449
99,252
99,389
99,323
24,770
24,708
24,628
59.75
59.80
59.99
8,323
8,422
8,392
7.1
7.2
7.1
2.8
2.8
2.8
14.7
14.8
15.2
1.8
1.9
1.9
July
August
September
106,763
107,010
106,845
99,601
99,772
100,039
24,628
24,639
24,620
60.08
60.12
60.02
8,230
8,057
8,285
7.0
6.8
7.0
3.0
2.9
2.8
15.1
15.6
15.5
1.9
1.9
2.0
October
November
December
107,030
107,217
107,476
100,209
100,415
100,567
24,611
24,630
24,630
60.07
60.14
60.19
8,222
8,243
7,949
6.9
6.9
6.7
2.7
2.7
2.6
15.2
14.8
15.0
1.8
1.9
1.8
January
February
March
107,866
108,146
108,084
100,919
101,150
101,329
24,708
24,743
24,749
60.30
60.45
60.38
8,023
7,967
7,854
6.7
6.7
6.6
2.6
2.6
2.6
15.0
14.6
14.9
1.8
1.8
1.7
April
May
June
108,545
109,112
109,079
101,598
rl01,708
rl01,811
24,759
r24,752
r24,775
60.58
60.86
60.70
7,500
7,546
7,260
6.3
6.3
6.1
2.4
2.4
2.4
14.9
14.9
14.8
1.7
1.8
0)109,508
0)plO2,115
p24,849
0)60.89
0)7,224
H)6.0
0)2.4
0)14.0
0)1.6
1986
1987
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
x
Data exclude Puerto Rico, which is included in figures published by the source agency.
62
AUGUST 1987
1.7
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q j
Minor Economic
Process
Comprehensive Output and Income
Timing Class
Year
and
month
PRODUCTION AND INCOME
C,C,C
50. Gross national product
in 1982 dollars
C, C, C
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
C,C,C
52. Constant
(1982) dollars
51. Personal
income less
transfer payments in 1982
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
Personal income
223. Current
dollars
Industrial Production
C, C, C
53. Wages and
salaries in 1982
dollars, mining,
mfg., and construction
(Ann. rate,
bil. dol.)
C, C, C
47. Index of
industrial
production
(1977 = 100)
C.C.C
73.Index of
industrial
production,
durable manufactures
(1977 = 100)
C.L.L
74. Index of
industrial
production,
nondurable
manufactures
(1977 = 100)
C, C, C
49. Value of
goods output
in 1982 dollars
(Ann. rate,
bil. dol.)
1985
January
February
March
3,56^7
3,234.2
3,263.2
3,280.1
2,945.5
2,963.9
2,963.1
2,509.2
2,525.2
2,525.0
539.9
536.6
538.7
122.7
123.2
123.4
126.6
126.4
127.3
122.6
123.5
123.7
1,537!6
April
May
June
3,587.1
3,305.5
3,294.2
3,313.3
2,980.6
2,957.1
2,966.2
2,542.4
2,520.4
2,530.4
537.5
537.9
538.4
123.3
123.6
123.6
127.5
127.4
127.0
124.1
124.7
124.8
1.54CK7
July
August
September
3,623.0
3,325.8
3,337.0
3,351.7
2,972.1
2,976.8
2,979.3
2,529.5
2,538.6
2,540.5
537.3
539.7
539.7
123.4
124.4
124.3
126.9
128.1
127.4
125.4
126.0
126.4
I,557i7
October
November
December
3,65CL9
3,381.6
3,394.9
3,442.7
2,995.2
2,996.4
3,027.9
2,556.3
2,557.9
2,589.8
543.3
540.0
541.7
123.6
124.8
125.6
126.7
128.2
128.7
125.8
127.2
127.5
I,558i9
January
February
March
3,698*.8
3,444.4
3,463.8
3,482.1
3,021.4
3,051.8
3,073.3
2,576.6
2,604.2
2,622.7
540.1
539.2
542.1
126.2
125.3
123.6
129.5
128.7
126.8
129.3
128.7
127.7
1,589!5
April
May
June
3,704!7
3,525.8
3,525.9
3,528.1
3,111.9
3,103.8
3,094.8
2,660.2
2,650.4
2,641.8
544.3
543.7
539.7
124.7
124.2
124.2
128.1
127.0
126.2
129.6
129.9
131.2
1,59^4
July
August
September
3,718*.6
3,540.3
3,552.9
3,567.5
3,102.8
3,103.0
3,104.9
2,642.4
2,647.4
2,648.8
540.2
542.0
539.8
124.9
125.1
124.9
127.4
127.5
128.1
131.7
132.2
131.4
I,593i7
October
November
December
3,73l!5
3,577.5
3,590.3
3,613.0
3,108.2
3,116.6
3,130.8
2,651.5
2,659.7
2,673.3
0)544.9
541.1
540.2
125.3
126.0
126.7
128.1
128.6
129.2
132.3
132.7
133.7
1,602'.6
3,772.2
3,631.5
3,671.2
3,683.4
3,117.2
[H>3,143.2
3,137.5
2,660.3
2,685.5
2,682.4
540.1
538.7
537.8
126.5
127.2
127.3
129.0
130.4
130.5
134.1
134.3
134.8
1,626.0
[H>r3,793.7
r3,7O3.7
r3,713.3
r3,723.2
r3,141.4
r3,133.6
r3,131.4
E>r2,685.7
r2,673.3
r2,675.7
534.2
r535.1
r534.1
rl27.4
rl28.3
rl28.8
rl30.0
rl30.6
rl30.9
rl35.8
rl36.6
rl37.2
@>p3,737.5
p3,138.1
p2,680.6
P532.9
E>pl29.8
E>pl32.0
E>Pl38.4
1986
1987
January
February
March
April
May
June
July
Augusti •
nuguu
September
B>rl,632.4
.
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.
AUGUST 1987
63
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC
MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class
• H
MM
PROCESS—Continued
PRODUCTION AND
INCOME-Continued
Q [
Capacity Utilization
L,C,U
82. Capacity
utilization rate,
manufacturingr
Orders and Deliveries
L, C,U
84. Capacity
utilization rate,
materials1
Year
and
month
L.L.L
(Percent)
L, L,L
Manufacturers' new orders,
durable goods industries
6. Current
dollars
(Percent)
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
(Bil. dot.)
7. Constant
(1982) dollars1
(Bil. dol.)
L, L, L
L, L, I
8. Manufacturers' new
orders in 1982
dollars, consumer goods
and materials
25. Change in
manufacturers'
unfilled orders,
durable goods
industriesx
(Bil. dol.)
(Bil. dol.)
L, Lg, U
96. Manufacturers' unfilled
orders, durable
goods industries
(Bil. dol.)
L, L, L
32. Vendor
performance,
companies receiving slower
deliveries x @
(Percent
reporting)
1985
January
February
March
80.2
80.2
80.4
81.4
81.3
81.2
98.98
98.44
97.45
93.47
92.87
91.85
81.30
78.95
78.43
1.64
0.74
-1.16
356.76
357.49
356.33
47
48
46
April
May
June
80.4
80.3
80.0
80.5
80.1
80.2
96.25
98.26
102.64
90.71
92.26
96.29
78.58
79.28
78.21
-1.64
-0.13
4.37
354.70
354.57
358.93
44
44
44
July
August
September
79.9
80.3
80.0
79.7
79.8
79.5
98.44
101.20
101.74
92.17
94.75
95.53
78.11
78.86
79.95
1.02
1.61
2.65
359.95
361.55
364.21
44
42
42
October
November
December
79.4
80.1
80.2
79.1
79.4
80.3
101.71
95.59
104.14
95.15
89.33
97.24
80.03
80.08
79.66
0.41
-5.15
3.56
364.61
359.47
363.03
46
42
46
January
February
March
80.8
80.2
79.1
80.1
79.6
78.5
99.02
101.26
100.94
92.63
94.73
94.33
81.47
80.64
79.01
0.63
2.18
3.23
363.66
365.84
369.06
46
48
50
April
May
June
79.9
79.4
79.3
78.7
78.1
78.0
98.18
97.30
r97.90
91.58
90.68
r91.24
80.92
78.79
r80.24
-2.76
-1.32
-1.70
366.30
364.98
363.28
50
55
50
July
August
September
79.7
79.7
79.6
78.3
77.9
78.1
r99.78
r96.46
103.47
r92.91
r89.73
96.07
r79.04
r79.66
82.79
r-0.05
r-1.60
2.59
r363.23
361.63
364.21
54
51
52
October
November
December
79.6
79.7
80.0
77.8
78.4
78.9
100.39
100.66
105.97
92.87
92.94
97.75
81.18
79.56
85.30
-1.14
0.44
-0.77
363.08
363.52
362.74
54
56
56
79.9
80.3
80.3
78.8
78.7
78.7
95.54
101.93
106.21
87.98
94.03
r97.71
80.52
84.70
[H)r85.69
-3.77
-1.67
1.46
358.97
357.30
358.76
55
52
55
April
May
June
r80.2
r80.4
r80.5
r79.2
79.3
r79.8
106.98
rlO6.99
DrlO9.13
98.32
r98.07
rl00.12
84.09
r83.74
r85.43
4.23
r4.52
r4.73
363.00
r367.51
r372.24
57
60
57
July
August
September
P81.0
P80.3
P107.48
P98.24
P82.27
p4.62
[H)P376.86
62
1986
1987
January
February
March
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.
x
The following series reached their high values before 1985: series 82 (81.3) in July 1984; series 84 (82.9) in August 1984; series 7
(100.61) in March 1984; series 25 (9.80) in March 1984; and series 32 (72) in March 1984.
64
AUGUST 1987
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
| Q
Minor Economic
Process
C,C,C
CCC
Manufacturing and trade sales
56. Current
dollars
(Mil. dol.)
57. Constant
(1982) dollars
(Mil. dol.)
CL, C
75. Index of
industrial
production,
consumer
goods
(1977 = 100)
C, L, U
U, L, U
Sales o retail stores
f
54. Current
dollars
(Mil. dol.)
FIXED CAPITAL
INVESTMENT
Formation of Business Enterprises
Consumption and Trade
Timing Class
Year
and
month
• •
l i l
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued
59. Constant
(1982) dollars
(Mil. dol.)
L,C,C
55. Personal
consumption
expenditures,
automobiles
(Ann. rate,
bit. dol.)
L, L, L
58. Index of
consumer
sentiment1©
L, L, L
12. Index of
net business
formation
L.L.L
13. Number of
new business
incorporations
(1st Q
1966 = 100)
(1967 = 100)
(Number)
Revised2
1985
January
February
March
410,285
413,449
417,197
399,063
401,841
403,012
118.0
119.1
119.3
110,569
111,839
112,500
104,606
105,409
105,535
115*.9
96.0
93.7
93.7
121.2
122.1
121.4
52,328
53,086
54,574
April
May
June
419,063
420,705
416,284
405,564
407,873
402,381
118.9
119.7
119.9
114,511
114,504
114,163
107,220
107,213
106,894
H8*.b
94.6
91.8
96.5
120.8
120.4
120.4
54,690
55,394
54,313
July
August
September
415,616
422,298
423,010
404,125
411,182
411,084
119.4
120.9
121.1
115,185
116,904
119,091
107,750
109,256
111,300
133*.7
94.0
92.4
92.1
121.5
121.2
120.7
54,558
55,843
56,180
October
November
December
421,003
425,318
427,016
409,171
411,573
409,028
120.5
122.7
123.3
115,711
116,412
117,389
108,040
108,190
108,794
117*.8
88.4
90.9
93.9
121.2
120.4
119.9
57,644
56,570
57,583
424,035
419,569
415,705
411,322
411,123
409,587
123.8
123.3
121.8
118,393
117,590
117,259
109,421
109,692
110,310
122,4
95.6
95.9
95.1
119.3
120.8
121.5
57,636
59,114
58,867
April
May
June
421,276
417,493
r422,031
418,962
413,181
415,160
124.5
124.3
124.4
118,113
119,507
rll9,605
111,744
112,530
rll2,411
126*2
96.2
94.8
99.3
122.4
120.7
120.3
59,156
r57,747
r57,446
July
August
September
r420,897
423,559
437,895
418,913
421,216
432,003
125.2
125.1
124.2
rl20,301
122,156
0)128,952
rll2,959
114,271
[H>119,955
H>15l".3
97.7
94.9
91.9
120.7
119.3
rl20.4
57,618
r56,299
r57,942
October
November
December
430,012
429,944
443,766
423,892
423,849
433,476
124.7
125.6
127.2
122,121
121,678
127,613
113,919
113,400
118,160
14l'.3
95.6
91.4
89.1
119.7
118.3
121.9
57,081
r56,656
(0)65,692
425,080
443,169
445,032
418,148
0)434,102
431,517
126.8
127.5
127.5
118,579
124,280
124,593
109,189
113,914
113,576
lll'.'b
90.4
90.2
90.8
rll8.0
121.0
0)123.3
54,974
59,385
60,907
444,357
r446,282
B>p453,133
430,221
429,145
p432,443
126.6
rl27,8
rl27.9
124,960
rl24,867
r!26,620
rll3,497
rll2,798
rll3,867
rl23.6
92.8
91.1
91.5
rl22.3
119.6
118.5
r58,252
P56.111
(NA)
(NA)
(NA)
0)pl28.8
pl27,574
pll4,519
93.7
P117.9
1986
January
February
March
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 22, and 23.
x
2
Series 58 reached its high value (101.0) in March 1984.
See "New Features and Changes for This Issue," page iii.
not
AUGUST 1987
65
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q j
Minor Economic
Process
Timing Class
Business Investment Commitments
L.L.L
L, L,L
Contracts and orders for
plant and equipment
Year
and
month
FIXED CAPITAL INVESTMENT—Continued
10. Current
dollars
(Bil. dol.)
20. Constant
(1982) dollars
(Bil. dol.)
L, LTL
L, L, L
Manufacturers' new orders,
nondefense capital goods industries
24. Current
dollars
(Bil. dol.)
U, Lg, U
L,C, U
9. Construction contracts awarded for
commercial and industrial buildings1
27. Constant
(1982) dollars
Square feet of
floor space
(Bil. dol.)
(Millions)
Square meters of
floor space2
(Millions)
11. Newly
approved capital
appropriations,
1,000 manufacturing corporations3
(Bil. dol.)
C, Lg, Lg
97. Backlog of
capital appropriations, 1,000
manufacturing
corporations
(Bil. dol.)
1985
January
February
March
29.12
33.44
32.62
30.08
37.25
34.76
24.68
29.00
27.58
26.01
33.17
30.13
81.14
82.48
87.41
7.54
7.66
8.12
29.94
April
May
June
29.87
30.48
31.92
31.29
32.71
34.04
25.05
25.39
27.32
26.88
28.08
29.88
91.95
83.99
69.68
8.54
7.80
6.47
27.56
July
August
September
31.44
31.65
33.35
33.79
34.41
35.84
26.19
27.00
28.10
29.04
30.21
31.10
91.89
91.41
8.54
8.49
B>93.19
E>8.66
October
November
December
33.94
29.86
34.46
36.97
32.59
37.00
28.42
25.00
29.89
32.01
28.22
32.90
92.00
92.61
79.23
8.55
8.60
7.36
27.19
29.25
32.76
24.96
27.66
26.61
26.92
31.78
29.53
70.66
78.41
69.96
6.56
7.28
6.50
23.'39
30.99
30.77
36.35
33.44
April
May
June
30.06
29.69
r30.70
32.22
32.59
r33.93
25.36
25.43
r25.85
28.05
28.80
r29.64
84.26
76.71
75.88
7.83
7.13
7.05
19.99
July
August
September
r31.20
r29.60
31.35
r34.91
r33.46
34.14
26.53
r25.58
27.14
30.78
r29.91
30.42
73.10
79.09
80.82
6.79
7.35
7.51
20.20
October
November
December
31.90
31.62
34.03
34.76
34.91
37.39
27.65
27.30
29.31
30.99
31.06
33.20
71.77
85.41
78.29
6.67
7.93
7.27
22'. 10
30.73
30.85
32.19
32.89
33.67
35.09
26.78
26.86
27.40
29.39
r30.15
30.89
83.02
70.82
76.02
7.71
6.58
7.06
P22.96
(NA)
99^35
E>99*.88
24.17
97!l8
94.58
1986
January
February
March
92^22
85.77
80.71
69.72
1987
January
February
March
April
May
June
July
August
September . . . . . . . .
32.80
r33.96
[H>r35.48
36.27
r37.50
r38.43
28.31
r30.03
r29.91
32.33
T34.07
r33.58
77.91
75.12
85.27
7.24
6.98
7.92
P35.30
H>p38.50
0>p3O.38
DP34.21
84.21
p69*16
7.82
(NA)
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
1
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.
3
Series 11 reached its high value (34.12) in 2d quarter 1984.
6
6
AUGUST 1987
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q J
Minor Economic
Process
Timing Class
Residential Construction
Commitments and Investment
Business Investment Expenditures
C Lg, Lg
C Lg, Lg
Expenditures for new plant
and equipment
Year
and
month
FIXED CAPITAL INVESTMENT-Continued
61. Current
dollars
(Ann. rate,
bil. dol.)
100. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
C Lg, Lg
69. Machinery
and equipment
sales and
business
construction
expenditures
(Ann. rate,
bil. dol.)
C Lg, U
76. Index of
industrial production, business equipment
(1977 = 100)
C, Lg, C
Lg, Lg, Lg
C Lg, C
28. New private housing
units startedx
Gross private nonresidential
fixed investment in 1982 dollars
86. Total
(Ann. rate,
bil. dol.)
87. Structures
L, L, L
88. Producers'
durable equipment
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
thous.)
L, L, L
29. Index of
new private
housing units
authorized by
local building
permits l
(1967 = 100)
L, L, L
89. Gross private residential
fixed investment
in 1982 dollars
(Ann. rate,
bil. dol.)
1985
January
February
March
373*56
371.84
377.04
391.20
404.77
138.3
139.2
138.9
440.0
149.1
291.0
1,754
1,673
1,810
132.4
132.5
137.7
172.6
April
May
June
387.86
387*31
397.44
397.59
401.10
140.7
140.8
138.5
457.' 2
|H)151.7
305.' 5
1,816
1,683
1,678
132.7
136.3
136.8
171.2
July . . . .
August
September
389*23
388.58
394.00
401.99
395.78
139.5
141.0
140.4
454*i
149*5
304.5
1,681
1,743
1,679
135.3
144.2
152.8
174*9
K>397*88
[H>397'57
404.89
405.00
138.3
140.8
140.0
(H>465*2
147 .*2
E>418.62
318.'6
1,813
1,690
1,887
139.0
134.9
143.1
179*7
October
November
December
1986
January
February
March
377'.94
374!18
381.52
394.74
394.11
141.5
140.5
137.7
453*2
145.4
307.' 8
2,004
1,923
1,887
147.4
141.1
144.3
185*9
April
May
June
375*92
372.73
395.29
383.39
r388.43
138.6
137.9
136.6
441.0
128*4
312*6
1,945
1,848
1,842
149.4
141.8
143.0
196.5
July
August
September
374.55
368 .'54
r389.46
388.79
388.06
137.9
139.3
139.3
437.' 7
122*7
315*0
1,786
1,800
1,689
141.8
137.8
134.5
201.1
October
November
December
388*69
381.20
394.85
390.78
412.74
139.1
138.6
137.1
443.' 2
124*6
H>318.6
1,657
1,637
1,813
132.7
132.9
148.5
[H>202.'2
372.24
365*89
373.01
386.71
391.88
138.1
140.8
140.8
426.0
120.4
305.6
1,816
1,838
1,730
131.7
133.7
137.1
198.2
April
May
June
a385.22
r390.25
r390.09
P396.33
rl40.8
rl41.9
rl42.5
1,643
a392*02
r435.6
rl20.7
r314*.9
rl,606
rl,597
127.4
119.1
121.0
rl97*l
July
August
September
(NA)
H)pl43.7
pi,611
118.6
a397.06
a390*93
October
November
December
a402*26
a396*3i
1987
January
February
March
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
1
Series 28 reached its high value (2,260) in February 1984; series 29 reached its high value (158.5) in February 1984.
AUGUST 1987
67
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
INVENTORIES AND INVENTORY INVESTMENT
Minor Economic
Process
Timing Class . .
Year
and
month
Inventory Investment
30. Change in
business inventories in 1982
dollars 1
(Ann. rate,
bil. dol.)
L, L, L
L, L, L
L, L, L
36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars1
Smoothed2
Actual
(Ann. rate,
bil. dol.)
Inventories on Hand and on Order
(Ann. rate,
bil. dol.)
31. Change
in mfg. and
trade inventories x
(Ann. rate,
bil. dol.)
L, L,L
38. Change in
mfrs.' inventories, materials and supplies on hand
and on order1
(Bil. dol.)
Lg, Lg, Lg
Lg, Lg, Lg
Manufacturing and trade
inventories
71. Current
dollars
(Bil. dol.)
70. Constant
(1982) dollars
(Bil. dol.)
Lg, Lg, Lg
65. Manufacturers' inventories,
finished
goods
L, Lg, Lg
Lg, Lg, Lg
77. Ratio,
mfg. and
trade inventories to
sales in
1982 dollars
(Bil. dol.)
78. Mfrs.'
inventories,
materials and
supplies on
hand and on
order1
(Ratio)
Revised
(Bil. dol.)
3
1985
January
February
March
19.5
22.13
11.47
-16.33
7.78
9.85
7.57
14.3
33.2
-2.3
0.20
-1.04
-4.71
642.52
645.28
645.09
632.24
633.78
633.51
108.04
108.54
E>108.77
1.58
1.58
1.57
238.42
237.38
232.66
April
May
June
\Y.3
-3.85
-8.26
9.94
1.43
-6.19
-5.10
-4.4
-6.3
20.0
1.44
-2.10
0.72
644.73
644.20
645.87
634.08
634.01
635.32
108.25
108.11
107.84
1.56
1.55
H>1.58
234.10
232.00
232.72
July
August
September
-5.7
-5.21
-17.57
0.88
-0.95
-2.73
-5.79
-4.0
-12.8
-0.3
-1.55
-0.40
-1.00
645.54
644.47
644.45
635.70
635.17
635.59
106.73
106.34
105.82
1.57
1.54
1.55
231.17
230.77
229.77
October
November
December
-1.6
17.48
-6.61
12.06
-3.52
2.09
5.78
32.3
23.4
19.3
0.00
-2.33
2.76
647.14
649.09
650.70
637.74
637.77
638.17
105.37
105.54
105.76
1.56
1.55
1.56
229.77
227.44
230.20
January
February
March
35.3
21.82
16.38
42.60
8.37
12.92
21.84
14.3
0.1
24.2
-0.23
1.22
-0.45
651.88
651.89
653.90
639.55
640.54
644.56
105.75
105.43
105.21
1.55
1.56
1.57
229.97
231.18
230.73
April
May
June
28.1
10.85
-39.11
r20.70
25.11
14.03
rl.13
12.9
-25.5
r8.6
-0.96
-1.95
r-1.33
654.98
652.85
r653.57
646.10
643.87
645.89
105.17
104.87
rl03.80
1.54
1.56
1.56
229.77
227.83
r226.49
July
August
September
6!l
r25.06
r-24.90
-28.87
r-0.15
r4.58
r-1.31
r41.0
-18.8
-29.2
r-0.79
r-1.10
1.49
656.98
655.42
652.98
648.98
647.14
644.01
104.23
103.73
102.56
1.55
1.54
1.49
r225.70
224.60
226.08
October
November
December
-li'.i
24.59
-21.16
-4.69
r-9.65
r-9.10
-4.45
43.7
-5.2
-41.8
-1.01
-0.04
1.69
656.62
656.19
652.70
646.72
645.45
643.29
102.85
103.82
103.17
1.53
1.52
1.48
225.08
225.04
226.73
47^6
64.25
2.18
r48.05
6.19
16.69
r29.37
76.0
17.2
30.5
-0.58
-0.73
2.15
659.04
660.47
663.01
649.53
649.55
651.82
104.63
104.48
104.59
1.55
1.50
1.51
226.15
225.42
227.58
r37*.8
r22.01
r52.09
P31.04
r31.12
r32.40
P37.88
34.4
r68.8
P30.6
3.23
rO.59
p2.54
665.88
r671.61
E>p674.16
r652.74
r655.86
0>p656.9O
104.22
rlO4.28
P103.35
1.52
1.53
p i . 52
230.80
r231.40
P233.94
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
1986
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
x
The following series reached their high values before 1985: series 30 (83.4) in 1st quarter 1984, series 36 actual (91.14) in February
1984, series 36 smoothed (78.58) in May 1984, series 31 (85.3) in February 1984, series 38 (3.58) in October 1983, and series 78 (243.82)
in July 1984.
2
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
3
See "New Features and Changes for This Issue," page iii.
68
AUGUST 1987 I M ] I
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
L.L.L
U, L, L
98. Change in
producer prices
for 28 sensitive
crude and
intermediate
materialsx
23. Index of
spot market
prices, raw
industrial,
materials12@
(Percent)
Year
and
month
Stock
Prices
Sensitive Commodity Prices
Timing Class
(1967 = 100)
PRICES, COSTS, AND PROFITS
L, L, L
L, L, L
99. Change in sensitive materials
prices l
Smoothed 3
Actual
(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 tax
16. Current
dollars1
18. Constant
(1982) dollars1
L.C.L
L, C, L
Corporate profits after tax
with IVA and CCAdj4
79. Current
dollars
80. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
L, L, L
22. Ratio, corporate domestic profits after
tax to corporate domestic
income1
(Percent)
1985
January
February
March
-O.O7
-1.69
-0.72
-1.20
-0.26
-0.53
-0.68
-0.82
171.61
180.88
179.42
123*.6
lu'.O
17L6
165\9
-0.38
255.8
253.1
252.4
5.'6
April
May
June
-0.96
0.90
0.52
257.1
252.0
242.9
0.04
-0.13
-0.78
-0.60
-0.30
-0.20
180.62
184.90
188.89
124*.8
117.6
isi "6
17^3
4^9
July . . . .
August
September
-0.07
-0.34
-0.65
240.7
239.8
238.0
-0.31
-0.31
-0.53
-0.35
-0.44
-0.42
192.54
188.31
184.06
129*.7
122^2
!>192;3
H)186.'6
5\2
October
November
December
0.59
-0.55
0.00
236.9
234.5
235.0
0.18
-0.62
0.09
-0.30
-0.27
-0.22
186.18
197.45
207.26
134*.4
126^4
178!8
172." 1
5.'i
0.45
-1.24
0.91
236.9
233.3
223.1
0.45
-1.07
-0.85
-0.07
-0.10
-0.33
208.19
219.37
232.33
120.9
11 i". 9
189^9
182.8
4.*3
0.93
0.65
0.00
219.9
221.3
225.0
0.09
0.50
0.50
-0.55
-0.35
0.14
237.98
238.46
245.30
122.3
112.5
180! 2
17K3
ij
July
August
September
0.61
-2.57
1.36
227.6
212.0
221.2
0.67
-3.38
1.93
0.46
-0.09
-0.50
240.18
245.00
238.27
130.2
119.5
180.3
i7o!i
October
November
December
1.37
0.78
0.37
235.5
243.7
247.5
2.62
1.41
0.65
0.06
1.19
1.77
237.36
245.09
248.61
134!6
12^7
167*1
156\6
5.'i
-1.14
-0.37
r0.61
252.8
247.2
246.3
0.00
1.12
-0.86
rO.22
0.31
-0.14
264.51
280.93
292.47
129.6
116.1
165.9
153*.3
4.6
r-0.41
2.03
1.93
253.8
272.6
276.4
rO.69
E>3.19
1.42
r-0.10
0.69
rl.57
289.32
289.12
301.38
P134.4
P120.3
P163.8
P150.0
p4.8
284.2
288.0
1.89
Dl.97
0)310.09
6
328.81
1986
January
February
March
April
May
June
1987
January
February
March
April
May
June
July
August
September
2.02
5
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
1
The following series reached their high values
(152.5) in 1st quarter 1984, series 18 (149.4) in
ries used by permission; it may not be reproduced
5
page 68.
' S e footnote 1 on page 70.
'e
Average
AUGUST 1987
before 1985: series 98 (2.90) in February 1983, series 23 (289,5) in May 1984, series 16
2
1st quarter 1984, and series 22 (6.9) in 1st quarter 1984.
This is a copyrighted se3
without written permission from Commodity Research Bureau, Inc.
See footnote 2 on
6
for August 3 through 26.
Average for August 5, 12, 19, and 26.
69
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class
g j
Cash Flows
Profits and Profit Margins—Continued
L, L, L
U, L, L
L, L T L
81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
income 1
15. Profits after
taxes per dollar
of sales, manufacturing corporations
26. Ratio, implicit price deflator to unit
labor cost,
nonfarm business sector
(Percent)
Year
and
month
(Cents)
(1977 = 100)
Revised
1985
January
February
March
7^6
April
May
June
7*.9
July
August
September
October
November
December
PRICES, COSTS, AND PROFITS—Continued
L,L, L
Unit Labor Costs and Labor Share
L, L, L
Corporate net cash flow
34. Current
dollars
(Ann. rate,
bil. dol.)
Lg, Lg, Lg
63. Index of
unit labor cost,
business sector
35. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
3
(1977 = 100)
Revised
Lg, Lg, Lg
Lg, Lg, Lg
68. Labor cost
per unit of real
gross domestic
product, nonfinancial corporations
(Dollars)
Lg, Lg, Lg
62. Index of labor cost per unit
of output, manufacturing
Actual data
(1977 = 100)
Actual data
as a percent
of trend
(Percent)
64. Compensation of employees as a
percent of national income
(Percent)
3
99.1
355^7
355! i
161.9
0.698
137.6
136.8
137.1
88.2
87.3
87.1
73.3
3!)
99.3
365.3
365.1
162.8
0.701
136.8
137.2
137.9
86.5
86.3
86.4
73.4
E>8!4
2.1
99.5
375*.5
37^8
163.6
0.699
137.8
137.5
137.7
85.9
85.3
85.0
73.3
7*.4
3*.6
98.5
381'. 3
381'. 9
166.1
0.709
H>140.1
138.3
138.5
86.1
84.6
84.3
January
February
March
7^8
3.6
[H>99.5
364^6
365^8
165.0
0.709
137.2
137.5
139.5
83.2
82.9
83.8
73^3
April
May
June
7!6
4^3
99.3
363.3
363.2
166.2
0.714
137.6
138.5
138.0
82.2
82.4
81.7
72.9
July
August
September
7.3
3.4
99.4
37CK9
167.5
0.717
137.2
137.5
137.5
80.8
80.6
80.3
73*. 1
October
November
December
6.'7
P 3'.5
98.4
376.7
375*.9
169.0
0.720
138.6
137.4
136.6
80.5
79.4
78.6
73^5
6\4
p4.4
99.1
378^7
378.6
169.4
0.724
137.0
136.4
136.1
78.5
77.8
77.2
73.0
rl35.9
p6*.2
(NA)
99.3
0)p384.5
H>17Ch2
H>p0.727
rl35.8
rl35.5
76.8
r76.3
r75.8
p72*9
P134.3
P74.8
1986
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
X
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
2
Series 15 reached its high value (4.9) in 2d quarter 1984.
3
See "New Features and Changes for This Issue," page iii.
70
AUGUST 1987
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
Money
Timing Class
Year
and
month
MONEY AND CREDIT
L, L, L
85. Change
in money
supply M l
UC,U
102. Change
in money
supply M2 1
(Percent)
(Percent)
L.L.L
Velocity of Money
L.L.L
104. Change
in total liquid
assets x
105. Money
supply Ml in
1982 dollars
(Percent)
(Bil. dol.)
L.L.L
106. Money
supply M2 in
1982 dollars
(Bil. dol.)
C, C, C
107. Ratio,
gross national
product to
money supply
Ml1
(Ratio)
Credit Flows
C, Lg, C
108. Ratio,
personal income
to money supply
M2 1
(Ratio)
L, L, L
L, L, L
33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies1
(Ann. rate,
bil. dol.)
112. Net change
in business loans
(Ann. rate,
bil. dol.)
1985
January
February
March
0.83
1.35
0.58
April
May
June
513.6
518.4
513.6
2,188.7
2,202.5
2,199.5
6.900
0.40
0.74
0.96
0.61
1.350
1.348
1.350
71.21
59.26
101.14
54.62
22.08
40.85
0.63
0.97
1.41
0.07
0.64
1.14
0.20
0.47
0.83
520.1
523.5
529.7
2,193.5
2,200.6
2,221.0
6.815
1.359
1.346
1.339
86.62
66.98
73.73
9.59
28.55
-42.54
July
August
September
0.97
1.33
1.21
0.65
0.79
0.60
0.46
0.82
0.78
533.9
540.1
545.9
2,231.3
2,245.6
2,256.2
6.694
1.335
1.329
1.327
58.92
68.39
42.35
18.52
1.20
-18.55
October
November
December
0.46
0.86
1.23
0.34
0.57
0.80
0.64
0.99
0.94
546.4
548.3
553.3
2,255.7
2,256.6
2,267.6
6.618
1.334
1.332
1.340
125.47
71.12
106.55
56.11
56.44
43.50
January
February
March
0.30
0.52
1.31
0.20
0.30
0.64
0.60
0.48
0.38
553.1
557.5
567.1
2,264.5
2,277.4
2,301.1
6.585
1.338
1.341
1.340
-23.17
57.40
43.56
57.86
-50.58
-11.22
April
May
June
1.20
1.76
1.20
0.96
0.90
0.76
0.64
0.81
0.52
575.5
584.2
588.7
2,329.6
2,344.8
2,352.5
6.397
1.344
1.332
1.323
52.58
30.83
(NA)
-46.75
21.97
-26.40
July
August
September
1.36
1.54
0.89
0.99
0.91
0.66
0.66
0.72
0.73
596.5
604.8
608.3
2,375.1
2,393.2
2,401.5
6.222
1.314
1.307
1.304
8.20
47.78
-22.16
October
November
December
1.20
1.57
H>2.54
0.89
0.53
0.89
0.63
0.63
0.79
614.5
622.6
637.3
2,418.5
2,425.6
2,442.7
5.999
1.296
1.294
1.290
25.92
23.40
98.02
January
February
March
0.99
r-0.04
r0.28
0.79
-0.02
0.11
0.80
0.20
-0.24
639.3
r636.3
635.5
[H>2,445.8
2,434.8
2,427.6
5.930
1.287
1.301
1.304
H>122.21
-39.71
-32.92
April
May
June
rl.46
0.37
r-0.86
r0.47
rO.O3
r0.06
rO.32
rO.76
p0.19
r641.9
[H>r642.2
r634.4
r2,428.0
r2,420.9
r2,413.6
r5.930
rl.305
rl.308
rl.311
rl0.91
r-3.05
r-25.46
pO.13
2
0.46
pO.2O
(NA)
P633.8
p2,412.9
pi.313
p-45.49
1.11
1.04
1986
1987
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
x
The following series reached their high values before 1985: series 102 (2.66) in January 1983, series 104 (1.16) in September 1984,
series 107 (6.962) in 4th quarter 1984, series 108 (1.374) in March 1984, and series 33 (143.70) in September 1984.
2
Average for weeks ended August 3, 10, and 17.
ItCII
AUGUST 1987
71
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
KM
Minor Economic
Process
Timing Class
Year
and
month
113. Net change
in consumer
installment
credit
(Ann. rate,
bil. dol.)
L, L, L
111. Change in
business and
consumer credit
outstanding x
(Ann. rate,
percent)
Bank Reserves
Credit Difficulties
Credit Flows—Continued
L, L, L
MONEY AND CREDIT-Continued
L, L, L
110. Funds
raised by private
nonfinancial
borrowers in
credit markets
(Ann. rate,
mil. dol.)
L, L, L
14. Current
liabilities of
business
failures1©
(Mil. dol.)
L, L, L
39. Percent
of consumer
installment
loans delinquent 30 days
and overx
(Percent)
Interest Rates
L, U, U
L, Lg, U
93. Free
reserves1©
94. Member
bank borrowings from the
Federal
Reserve1©
119. Federal
funds rate1 ©
(Mil. dol.)
(Percent)
(Mil. dol.)
L, Lg, Lg
C, Lg, Lg
114. Discount
rate on new
issues of 91-day
Treasury bills 1 ©
(Percent)
1985
January
February
March
80.62
98.02
12.5
10.2
13.9
512,540
1,821.0
2,409.8
3,485.8
2.20
2.19
2.40
-650
-386
-827
1,395
1,289
1,593
8.35
8.50
8.58
7.76
8.22
8.57
April
May
June
91.94
73.07
35.28
9.8
9.3
2.8
540,744
3,289.2
3,048.3
2,914.1
2.38
2.25
2.33
-585
-530
-300
1,323
1,334
1,205
8.27
7.97
7.53
8.00
7.56
7.01
July
August
September
67.68
66.18
H>125.96
8.6
8.1
9.7
591,564
2,173.9
3,018.4
2,200.1
2.29
2.35
2.39
-252
-246
-623
1,107
1,073
1,289
7.88
7.90
7.92
7.05
7.18
7.08
October
November
December
67.28
66.58
83.65
14.5
10.4
12.5
D944,524
6,844.3
4,160.4
1,548.8
2.26
2.32
2.32
-434
-813
-260
1,187
1,741
1,318
7.99
8.05
8.27
7.17
7.20
7.07
January
February
March
75.83
60.96
28.68
11.8
3.5
4.4
462,968
3,238.9
3,252.2
3,278.8
2.27
2.29
2.41
341
213
135
770
884
761
8.14
7.86
7.48
7.04
7.03
6.59
April
May
June
71.18
50.87
60.14
3.4
7.2
3.2
575,036
1,766.8
3,572.8
r3,467.6
2.44
2.52
2.53
-92
-38
128
893
876
803
6.99
6.85
6.92
6.06
6.12
6.21
July . . . .
August
September
75.40
67.28
91.37
8.0
8.0
4.0
723,468
p7,609.1
p3,685.0
p3,377.2
2.22
2.33
2.24
169
-132
-282
741
872
1,008
6.56
6.17
5.89
5.84
5.57
5.19
October
November
December
67.04
9.38
1.73
8.1
4.2
13.1
756,696
p4,099.5
pi,973.8
p3,867.9
1.81
1.95
1.85
-95
226
542
841
752
827
5.85
6.04
6.91
5.18
5.35
5.49
9.47
12.16
3.86
r8.0
r-0.3
1.1
p428,588
p3,446.6
p2,921.1
p2,622.7
2.43
2.40
2.28
488
655
389
580
556
527
6.43
6.10
6.13
5.45
5.59
5.56
44.17
r-3.82
P41.52
r6.3
r3.9
p4.8
p2,024.8
p2,872.4
p2,742.3
(NA)
(NA)
-166
44
r414
993
1,035
776
6.37
6.85
6.73
5.76
5.75
5.69
(NA)
(NA)
p88
p672
63.20
1986
1987
January
February
March
April
May
June
July
August
September
(NA)
2
6.58
6.71
3
5.78
6.00
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 32, 33, and 34.
1
The following series reached their high values before 1985: series 111 (22.0) in June 1984, series 14 (829.2) in July 1983, series 39
(1.78) in February 1984, series 93 (-7,328) in August 1984, series 94 (8,017) in August 1984, series 119 (11.64) in August 1984, and series
114 (10.49) in August 1984. 2Average for weeks ended August 5, 12, 19, and 26. 3Average for weeks ended August 6, 13, 20, and 27.
72
AUGUST 1987
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
Timing Class
Year
and
month
MONEY AND CREDIT—Continued
Outstanding Debt
Interest Rates—Continued
Lg, Lg, Lg
116. Yield on
new issues of
high-grade
corporate
bonds 1 ©
(Percent)
C Lg, Lg
115. Yield on
long-term
Treasury
bonds1©
(Percent)
U, Lg, Lg
117. Yield on
municipal
bonds, 20bond average1©
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
118. Secondary
market yields
onFHA
mortgages1®
67. Bank rates
on short-term
business
(Percent)
(Percent)
loans 1 ©
Lg, Lg, Lg
Lg, Lg, Lg
109. Average
prime rate
charged by
banks 1 ©
66. Consumer
installment
credit outstanding
(Percent)
(Mil. dol.)
Lg, Lg, Lg
Lg, Lg, Lg
Commercial and industrial
loans outstanding
72. Current
dollars
(Mil. dol.)
101. Constant
(1982) dollars
(Mil. dol.)
Lg, Lg, Lg
95. Ratio,
consumer installment credit
outstanding
to personal
income
(Percent)
1985
January
February
March
12.46
12.39
12.85
11.15
11.35
11.78
9.51
9.65
9.77
13.01
13.27
13.43
10.10
10.61
10.50
10.50
451,450
458,168
466,336
324,426
326,266
329,670
313,758
315,843
319,758
13.96
14.04
14.22
April
May
June
12.45
11.85
11.33
11.42
10.96
10.36
9.42
9.01
8.69
12.97
12.28
11.89
9.90
10.50
10.31
9.78
473,998
480,087
483,027
330,469
332,848
329,303
319,912
321,592
318,783
14.34
14.57
14.58
July
August
September
11.28
11.61
11.66
10.51
10.59
10.67
8.81
9.08
9.27
12.12
11.99
12.04
9.27
9.50
9.50
9.50
488,667
494,182
504,679
330,846
330,946
329,400
320,587
322,245
322,625
14.69
14.81
15.06
October
November
December
11.51
11.19
10.42
10.56
10.08
9.60
9.08
8.54
8.43
11.87
11.28
10.70
9.68
9.50
9.50
9.50
510,286
515,834
522,805
334,076
338,779
342,404
324,661
327,639
330,506
15.09
15.19
15.19
10.33
9.76
8.95
9.51
9.07
8.13
8.08
7.44
7.08
10.78
10.59
9.77
9^9
9.50
9.50
9.10
529,118
534,198
536,589
347,226
343,011
342,076
336,459
337,277
341,053
15.36
15.42
15.41
April
May
June
8.71
9.09
9.39
7.59
8.02
8.23
7.20
7.54
7.87
9.80
10.07
9.98
8.13
8.83
8.50
8.50
542,521
546,759
551,771
338,180
340,011
337,811
339,538
340,011
338,149
15.39
15.51
15.64
July
August
September
9.11
9.03
9.28
7.86
7.72
8.08
7.51
7.21
7.11
10.01
9.80
9.90
7.73
8.16
7.90
7.50
558,054
563,661
571,275
338,494
342,476
340,629
340,537
344,890
342,685
15.76
15.86
16.01
October
November
December
9.29
8.99
8.87
8.04
7.81
7.67
7.08
6.85
6.86
9.80
9.26
9.21
7.28
7.50
7.50
7.50
576,862
577,645
577,789
342,789
344,739
352,907
343,820
345,430
353,969
0)16.12
16.09
15.99
January
February
March
8.59
8.58
8.68
7.60
7.69
7.62
6.61
6.61
6.66
8.79
8.81
8.94
7.46
7.50
7.50
7.50
578,578
579,591
579,913
0)363,091
359,782
357,039
0)361,285
356,220
r353,154
15.93
15.79
15.74
April
May
June
9.36
9.95
9.64
8.31
8.79
8.63
7.55
8.00
7.79
10.02
10.61
10.33
8^4
7.75
8.14
8.25
583,595
r583,276
Dp586,737
r357,948
r357,694
r355,572
r351,274
r348,290
r344,881
rl5.71
P15.76
8.70
8.93
7.72
*7.82
10.38
(NA)
p351,781
p339,557
(NA)
1986
January
February
March
1987
July
August
September
2
9.70
10.05
3
5
8.25
8.25
rl5.76
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
x
The following series reached their high values before 1985: series 116 (14.49) in June 1984, series 115 (13.00) in June 1984, series 117
(10.67) in June 1984, series 118 (15.01) in May 1984, series 67 (13.29) in 3d quarter 1984, and series 109 (13.00) in August 1984. 2Average
for weeks ended August 7, 14, 21, and 28. 3Average for weeks ended August 7, 14, and 21.
''Average for weeks ended August 6, 13, 20, and
5
27.
Average for August 1 through 28.
AUGUST 1987
7
3
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE
Q [
Year
and
month
950. Twelve leading
indicator components
(series 1, 5, 8, 12, 19,
20, 29, 32, 36, 99, 106,
111) x
1-month
span
6-month
span
951. Four roughly
coincident indicator
components (series
41, 47, 51, 57)
1-month
span
DIFFUSION INDEXES
952. Six lagging
indicator components
(series 62,77, 91, 95,
101, 109)
6-month
span
1-month
span
6-month
span
961. Average weekly
hours of production or
nonsupervisory workers,
20 manufacturing
industries
1-month
span
962. Initial claims for
unemployment insurance,
State programs, 51
areas 2
963. Employees on
private nonagricultural
payrolls, 186
industries
9-month
span
1-month
span
9-month
span
1-month
span
6-month
span
1985
January
February
March
68.2
54.5
36.4
45.5
50.0
50.0
50.0
100.0
75.0
100.0
100.0
75.0
66.7
50.0
58.3
50.0
50.0
66.7
27.5
15.0
95.0
42.5
40.0
47.5
11.8
72.5
84.3
33.3
41.2
64.7
55.9
47.0
52.4
46.5
46.5
43.2
April
May
June
36.4
77.3
50.0
45.5
54.5
72.7
100.0
62.5
75.0
100.0
100.0
100.0
41.7
50.0
58.3
50.0
no O
OO . C
64.7
58.8
68.6
47.3
53.2
46.8
44.3
44.3
Cf) f)
3U . U
47.5
62.5
70.0
19.6
45.1
-30 r>
JJ • 0
15.0
80.0
80.0
July
August
September
50.0
63.6
68.2
90.9
72.7
90.9
50.0
100.0
50.0
75.0
100.0
100.0
41.7
50.0
58.3
58.3
41.7
50.0
35.0
75.0
72.5
92.5
92.5
95.0
7.8
82.4
59.8
64.7
13.7
62.7
53.8
53.8
47.8
43.0
44.3
49.2
October
November
December
72.7
45.5
81.8
90.9
81.8
50.0
50.0
87.5
87.5
100.0
100.0
62.5
91.7
41.7
66.7
58.3
75.0
66.7
80.0
47.5
97.5
60.0
77.5
77.5
23.5
74.5
27.5
62.7
33.3
64.7
53.2
54.3
57.3
49.2
47.3
45.9
January
February
March
59.1
45.5
59.1
59.1
50.0
54.5
75.0
75.0
50.0
100.0
75.0
75.0
75.0
50.0
83.3
50.0
66.7
50.0
20.0
17.5
85.0
80.0
55.0
30.0
58.8
52.9
64.7
49.0
39.2
51.0
53.2
48.1
48.1
47.6
47.6
43.0
April
May
June
63.6
50.0
59.1
54.5
r63.6
63.6
100.0
25.0
37.5
75.0
75.0
100.0
0.0
58.3
25.0
33.3
33.3
33.3
40.0
50.0
52.5
57.5
32.5
52.5
25.5
74.5
56.9
56.9
58.8
67.6
53.5
52.4
46.8
43.2
45.4
48.4
July
August
September
59.1
50.0
50.0
68.2
72.7
90.9
87.5
100.0
75.0
75.0
100.0
100.0
50.0
33.3
33.3
33.3
41.7
50.0
37.5
77.5
65.0
87.5
60.0
82.5
34.3
77.5
19.6
92.2
45.1
90.2
52.4
56.2
55.1
47.3
53.0
59.2
October
November
December
54.5
81.8
81.8
r77.3
81.8
90.9
75.0
87.5
100.0
75.0
100.0
75.0
91.7
41.7
25.0
r58.3
33.3
58.3
57.5
75.0
52.5
87.5
70.0
52.5
66.7
80.4
7.8
70.6
70.6
94.1
53.2
59.7
59.7
58.9
57.8
58.9
36.4
54.5
72.7
63.6
63.6
63.6
25.0
100.0
50.0
100.0
100.0
75.0
50.0
25.0
25.0
50.0
50.0
50.0
67.5
60.0
32.5
r72.5
r75.0
p72.5
88.2
35.3
52.0
71.6
p82.4
(NA)
53.5
56.8
58.6
61.9
r62.7
r60.3
77.8
r75.0
50.0
100.0
noo.o
58.3
41.7
50.0
50.0
7.5
95.0
r55.0
73.5
80.4
P17.6
58.4
p68.9
r58.6
r58.6
p45.0
(NA)
P66.2
AC 1
H-J . i
1986
1987
January
February
March
April
May
June
r59.1
r45.5
68.2
July
August
September
3
61.1
3
noo.o
5
37.5
5
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month 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 by ® , 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 "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
1
Beginning with data for January 1984, series 12 has been suspended from this index.
2
Figures are the percent of components declining.
3
Excludes series 36 and 111, for which data are not available.
'•Excludes series 57, for which data are not available.
5
Excludes series 77 and 95, for which data are not available.
74
AUGUST 1987
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q
Year
and
month
964. Manufacturers'
new orders, 34
durable goods industries
1-month
span
9-month
span
965. Newly approved
capital appropriations
in 1982 dollars, 17
manufacturing
industries
1-quarter
span
DIFFUSION INDEXES-Continued
966. Industrial production, 24 industries
4-Q moving
average
1-month
span
967. Spot market
prices, 13 raw
industrial materials ©
968. Stock prices, 500
common stocks 1 ©
6-month
span
1-month
span
9-month
span
1-month
span
9-month
span
960. Net profits,
manufacturing, about
600 companies2©
(4-quarter span)
1985
January
February
March
50.0
42.6
58.8
50.0
64.7
57.4
50
April
May
June
41.2
58.8
51.5
54.4
45.6
58.8
42
July
August
September
52.9
64.7
38.2
55.9
48.5
52.9
59
October
November
December
61.8
42.6
44.1
41.2
48.5
58.8
53
55.9
47.1
44.1
38.2
44.1
44.1
36
April
May
June
58.8
26.5
r55.9
47.1
55.9
47.1
24
July
August
September
47.1
r38.2
r73.5
32.4
66.2
47.1
59
October
November
December
44.1
47.1
55.9
61.8
79.4
r70.6
65
52.9
67.6
55.9
85.3
67.6
P73.5
39.6
56.2
70.8
54.2
62.5
66.7
23.1
38.5
57.7
23.1
23.1
23.1
89.1
93.5
37.0
77.8
73.3
85.6
*70
54
66.7
72.9
58.3
76.9
38.5
23.1
23.1
38.5
46.2
55.4
66.7
75.6
77.8
82.2
73.3
72
51
56.2
58.3
50.0
60.4
66.7
68.8
38.5
46.2
46.2
38.5
46.2
38.5
76.7
30.0
11.1
75.6
82.2
86.0
'70
'48
54.2
68.8
50.0
75.0
70.8
60.4
42.3
23.1
57.7
53.8
53.8
53.8
55.6
88.9
86.7
88.1
92.9
90.5
*70
*43
41.7
70.8
58.3
70.8
39.6
22.9
68.8
47.9
50.0
61.5
38.5
34.6
46.2
50.0
57.7
60.5
81.0
94.0
90.5
90.5
88.1
*7O
'43
45.8
54.2
54.2
53.8
61.5
65.4
42.3
50.0
50.0
61.9
50.0
77.4
88.1
90.5
81.0
'70
*46
79.2
37.5
50.0
54.2
75.0
79.2
50.0
50.0
65.4
50.0
65.4
73.1
35.7
67.9
42.9
81.0
71.4
78.6
74
p48
58.3
68.8
33.3
72.9
79.2
89.6
73.1
61.5
65.4
65.4
80.8
76.9
34.5
76.2
50.0
95.2
100.0
92.9
(NA)
(NA)
64.6
62.5
70.8
p42
43.8
66.7
58.3
r79.2
r87.5
r72.9
84.6
42.3
30.8
88.5
96.2
80.8
98.8
95.2
83.3
87.8
92.7
92.5
(NA)
r52.1
r62.5
r75.0
P83.3
61.5
88.5
r57.7
73.1
39.3
46.3
93.9
1986
January
February
March
1987
January
February
March
April
May
June
38.2
35.3
r64.7
July
August
September
p55.9
p97.9
3
73.1
76.9
3
81.3
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
iBased on 46 industries through April 1985, on 45 industries through December 1985, on 43 industries through January 1986, on 42 industries through April 1987, on 41 industries through June 1987, and on 40 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 August 4, 11, 18, and 25.
AUGUST 1987
7
5
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q |
970. Expenditures for new plant and equipment
21 industries
Year
and
quarter
a. Actual
expenditures
(1-Q span)
b. Later
projections
DIFFUSION INDEXES-Continued
971. New orders, manufacturing1©
Actual
c. Early
projections
972. Net profits, manufacturing
and trade' ©
Actual
Anticipated
(1-Q span)
(1-Q span)
(4-Q span)
(4-Q span)
973. Net sales, manufacturing
and trade' ©
Anticipated
(4-Q span)
(4-Q span)
(4-Q span)
Anticipated
Actual
(4-Q span)
1984
97.6
76.2
90.5
66.7
90.5
61.9
76.2
76.2
61.9
71.4
95.2
45.2
90
86
84
79
88
91
90
88
80
79
74
74
84
86
88
84
85
84
82
80
88
90
90
88
61.9
76.2
64.3
59.5
57.1
76.2
71.4
52.4
61.9
83.3
76.2
38.1
74
74
76
75
82
84
82
80
70
69
70
70
80
81
81
78
76
74
75
74
84
84
84
81
19.0
57.1
40.5
85.7
35. 1
66. 1
42.
85. 7
47.6
69.0
47.6
66.7
76
76
74
75
82
83
84
78
70
71
70
70
78
81
81
78
72
73
74
74
81
84
83
80
26.2
(NA)
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
31.
85. 7
38.1
76.2
66.7
78
(NA)
80
83
85
74
(NA)
78
81
83
78
(NA)
82
83
85
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
Q |
974. Number of employees,
manufacturing and trade' ©
975. Level of inventorie
manufacturing and tradt
Actual
Year
and
quarter
Actual
Anticipated
DIFFUSION INDEXES-Continued
Anticipated
Anticipated
Actual
978. Selling prices, retail
trade 1 ©
977. Selling prices, wholesale
trade1©
976. Selling prices, manufacturing1 @
Anticipated
Actual
Anticipated
Actual
(4-Q span)
(4-Q span)
72>
It
71
72>
72
68
70
70
70
74
74
68
64
60
59
60
6i )
6i
6t
6C)
66
63
66
62
65
70
67
62
62
65
62
59
59
59
58
62
\
6'\
62>
62>
60
62
66
62
62
62
64
64
60
66
67
63
(NA)
6: )
61)
6t
67
(NA)
64
64
68
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
65
63
62
62
62
64
64
62
72
70
70
70
66
70
70
66
74
70
70
68
74
76
76
72
73
69
65
65
60
58
58
59
60
62
59
58
66
63
60
61
64
66
62
58
65
62
61
61
70
70
64
62
58
59
60
58
59
60
59
58
62
61
62
60
58
58
60
57
59
60
58
63
60
(NA)
60
59
62
64
(NA)
60
60
61
64
(NA)
(4-Q span)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1987
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 b y ® , 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.
l
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.
76
AUGUST 1987
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
1986
Diffusion index components
December
1987
January
February
April
March
May
June
961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING •
(Hours)
All manufacturing industries
40.8
40.9
41.1
40.9
40.6
41.0
41.0
41.0
Percent rising of 20 components ..
(52)
(68)
(60)
(32)
(8)
(95)
(55)
(45)
Lumber and wood products
Furniture and fixtures
40.6
39.9
40.8
40.2
41.3
40.2
40.9
40.0
40.6
39.1
41.0
39.9
40.5
40.0
40.4
40.1
Stone, clay, and glass products
Primary metal industries
42.2
42.5
42.5
42.6
42.8
42.6
42.5
42.6
41.9
42.3
42.3
43.1
42.1
43.1
42.3
43.3
Fabricated metal products .,
Machinery, except electrical ,
41.2
41.7
41.6
42.0
41.6
42.2
41.5
42.0
41.2
41.8
41.6
42.2
41.5
42.2
41.5
42.4
Electric and electronic equipment
Transportation equipment
41.0
42.1
41.0
42.3
41.1
42.5
40.9
42.3
40.6
41.9
40.8
42.2
41.1
41.9
41.1
41.8
Instruments and related products
41.1
40.2
41.2
39.5
41.3
39.2
41.3
39.3
41.0
38.8
41.5
39.2
41.6
39.4
41.6
38.8
39.8
37.4
40.0
37.1
40.1
36.2
40.0
38.1
39.8
37.6
40.1
39.3
40.2
40.1
39.9
35.5
41.6
37.0
41.6
37.0
42.0
37.4
42.1
37.0
41.4
36.1
42.0
37.2
42.0
37.2
42.8
37.2
Paper and allied products.
Printing and publishing . . .
43.2
38.0
43.4
37.9
43.3
38.1
43.0
37.9
43.0
37.7
43.5
37.9
43.3
38.1
43.2
38.0
Chemicals and allied products .
Petroleum and coal products ..
42.1
43.6
42.2
44.6
42.2
44.0
42.0
44.1
42.2
43.9
42.1
44.3
42.0
43.6
42.4
44.1
Rubber and miscellaneous plastics products.
Leather and leather products
42.3
38.1
41.6
37.3
41.5
37.2
41.5
37.5
40.9
36.7
41.5
38.6
41.8
39.5
40.9
38.5
Durable goods industries:
Miscellaneous manufacturing
Nondurable goods industries:
Food and kindred products
Tobacco manufacturers
Textile mill products
Apparel and other textile products
964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES '
(Millions of dollars)
All durable goods industries
+ 105,966
95,544
+ 101,932
+ 106,213
+ 106,977
106,992
+ 109,128
- 107,476
(56)
(53)
(68)
(56)
(38)
(35)
(65)
(56)
Percent rising of 34 components .
Primary metals
Fabricated metal products..
+
+
9,180
11,724
-
7,333
10,847
8,231
11,244
8,789
11,576
+
+
9,285
11,219
9,509
11,036
+
+
9,970
11,602
9,635
11,195
Machinery, except electrical
Electrical machinery
+
16,499
18,803
-
16,020
15,915
16,814
17,053
17,209
16,479
+
+
17,667
19,709
17,583
18,353
+
17,418
19,682
18,157
19,249
Transportation equipment
Other durable goods industries.
+
+
29,500
20,260
+
24,212
21,217
27,302
21,288
30,253
21,907
-
28,028
21,069
29,571
20,940
+
28,818
21,638
27,165
22,075
+
+
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 ( - )
= falling.
The "r" indicates revised; "p",
x
Data are seasonally adjusted by the source agency.
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.
2
AUGUST 1987
7
7
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q
S L C E DIFFUSION INDEX C M O E T : Basic Data and Directions of Change—Continued
EE T D
O P NNS
1987
1986
Diffusion index components
February
January
December
Mayr
Aprilr
March
June r
JulyP
966. INDEX OF INDUSTRIAL PRODUCTION '
(1977 = 100)
All industrial production
Percent rising of 24 components
+
126.7
126.5
(71)
2
(44)
130.2
148.7
+
130.0
151.8
+
129.5
153.4
+
127.2
+
(67)
127.3
+
(58)
127.4
+
(52)
128.3
+
(62)
128.8
+
129.8
(75)
(98)
(NA)
(NA)
Durable manufactures:
Lumber and products
Furniture and fixtures
+
+
133.1
150.5
Clay, glass, and stone products
Primary metals
+
121.7
73.5
+
+
122.8
73.6
+
121.5
76.3
+
+
122.7
77.5
Fabricated metal products
Nonelectrical machinery
+
108.3
139.9
+
108.0
140.3
+
+
108.2
142.3
+
+
108.8
143.7
Electrical machinery
Transportation equipment
+
+
170.2
127.0
+
169.2
128.1
+
+
169.3
131.8
Instruments
Miscellaneous manufactures
+
+
142.4
103.1
+
142.5
101.8
+
143.3
101.1
142.0
101.4
+
+
Foods
Tobacco products
+
135.3
92.9
o
135.3
89.1
+
+
135.7
98.7
+
+
136.1
100.7
o
136.1
99.4
Textile mill products
Apparel products
+
+
118.4
106.4
118.0
107.2
+
+
118.4
107.4
+
119.3
107.1
+
+
122.9
106.6
Paper and products
Printing and publishing
+
141.6
167.7
139.8
168.1
+
+
140.5
166.7
139.2
168.2
+
+
139.9
171.4
Chemicals and products
Petroleum products
+
+
134.6
92.5
+
+
137.4
94.7
+
138.3
91.4
+
138.2
94.0
Rubber and plastics products
Leather and products
+
160.7
59.4
158.1
58.3
+
+
161.3
59.1
+
+
163.8
59.3
Metal mining
Coal
+
73.5
124.3
66.7
121.6
Oil and gas extraction
Stone and earth minerals
+
+
+
167.6
130.6
128.9
155.9
+
+
131.0
156.2
+
129.6
159.9
122.9
76.8
+
121.4
77.5
+
120.1
77.8
+
(NA)
80.7
108.6
145.2
+
107.9
146.3
+
+
109.1
148.0
+
+
109.2
149.7
166.5
127.1
+
+
+
168.6
127.7
+
169.3
125.3
+
+
169.5
126.2
144.1
100.0
143.5
101.5
+
+
144.7
104.0
+
+
145.6
(NA)
137.1
99.0
+
137.5
(NA)
(NA)
(NA)
122.5
108.1
+
+
124.1
(NA)
(NA)
(NA)
+
+
140.9
174.0
+
+
141.6
174.8
+
(NA)
175.6
138.0
92.6
+
138.5
91.6
+
(NA)
92.0
+
+
166.0
61.2
+
+
+
71.7
126.6
+
(NA)
130.1
91.2
113.7
+
+
91.6
113.8
Nondurable manufactures:
+
137.7
91.9
+
159.2
59.6
+
+
168.2
59.8
(NA)
(NA)
Mining:
90.9
109.6
+
72.1
133.5
89.9
107.1
72.0
127.7
+
89.5
110.0
71.6
121.8
+
+
91.0
113.1
+
+
92.0
114.4
N T : T facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( —) = falling,
OE o
preliminary; and "NA", not available.
x
Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.
7
8
+
+
(NA)
132.1
92.3
(NA)
The "r" indicates revised; " p "
AUGUST 1987
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q |
Diffusion index components
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Direct ons of Change—Continued
1986
1987
December
January
February
967. INDEX OF SPOT
Raw industrials pric B index (1967 = 100) . . . .
+
252.8
(65)
Percent rising of 13 components
247.5
(85)
-
MARKET PRICES
247.2
April
March
-
(42)
May
June
August 1
July
R W INDUSTRIALS 2
A
246.3
+
253.8
+
272.6
276.4
(88)
(62)
(31)
(58)
r0.542
1.195
+
0.599
1.321
+
0.619
1.365
0.245
0.540
+
0.275
0.606
+
0.280
0.617
r82.000
90.389
+
84.000
92.593
+
284.2
+
288.0
(77)
(73)
Dollars
Copper scrap
(pound)..
(kilogram)..
+
0.442
0.974
Lead scrap
(pound)..
(kilogram)..
+
0.177
0.390
Steel scrap
(U.S. ton).,
(metric ton)..
+
71.400
78.704
+
75.000
82.673
Tin
(pound)..
(kilogram)..
+
3.636
8.016
+
3.795
8.366
Zinc
(pound)..
(kilogram)..
-
0.449
0.990
-
Burlap
(yard).,
(meter)..
+
0.226
0.247
Cotton
(pound)..
(kilogram)..
+
*
0.473
1.043
0.167
0.368
-
0.162
0.357
77.000
84.877
-
-
3.778
8.329
0.433
0.955
-
+
0.238
0.260
0.542
1.195
+
0.904
0.989
(yard).,
(meter)..
Print cloth
0.452
0.996
Wool tops
(pound)..
(kilogram)..
+
4.000
8.818
Hides
(pound)..
(kilogram)..
-
0.717
1.581
(100 p o u n d s ) . .
o
50.000
110.230
Rosin
(100 kilograms)..
(pound)..
(kilogram)..
Rubber
(pound)..
(kilogram)..
Tallow
0.44^
0.985
+
0.142
0.313
0.448
0.988
0.465
1.025
+
0.502
1.107
+
0.173
0.381
+
0.235
0.518
74.600
82.232
-
74.000
81.570
+
79.000
87.082
-
3.744
8.254
+
3.790
8.355
+
3.815
8.411
-
r3.738
8.241
0.414
0.913
0
0.414
0.913
o
0.414
0.913
+
0.439
0.968
+
0.470
1.036
-
0.237
0.259
-
0.232
0.254
+
0.242
0.265
0.240
0.262
0
0.575
1.268
-
0.550
1.213
-
0.546
1.204
+
0.581
1.281
+
0.658
1.451
+
0.920
1.006
+
0.968
1.059
+
0.974
1.065
0.970
1.061
+
0.982
1.074
0
4.000
8.818
-
3.300
7.275
-
3.270
7.209
+
3.725
8.212
+
0.718
1.583
+
0.736
1.623
+
0.800
1.764
+
0.932
2.055
0
50.000
110.230
0
50.000
110.230
o
0.465
1.025
-
0.460
1.014
0.143
0.315
-
0.130
0.287
+
+
0
+
+
0.178
0.392
50.000
110.230
0.459
1.012
0.152
0.335
-
+
-
+
+ 85.000
93.696
3.620
7.981
+
3.705
8.168
+
0.480
1.058
o
0.480
1.058
r0.240
0.262
-
0.238
0.260
+
0.240
0.262
0.703
1.550
+
0.728
1.605
+
0.754
1.662
-
rO.97O
1.061
+
0.975
1.066
-
0.965
1.055
3.900
8.598
-
3.710
8.179
-
3.650
8.047
+
3.850
8.488
+
0.938
2.068
-
r0.916
2.019
+
0.928
2.046
+
0.938
2.068
50.000
110.230
o
50.000
110.230
0
50.000
110.230
o
50.000
110.230
+
0.475
1.047
+
0.491
1.082
rO.5O6
1.116
+
0.536
1.182
+
0.537
1.184
-
0.127
0.280
+
0.146
0.322
0.146
0.322
+
0.148
0.326
-
0.147
0.324
+
+
0
o 50.000
110.230
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
The index is the average for August 3 through 26; component prices are averages for August 4, 11, 18, and 25.
2
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.
AUGUST 1987
7
9
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT
^ H
Year
and
quarter
b. Difference
(Ann. rate,
bii. dol.)
(Ann. rate,
bil. dol.)
217. Per capita
gross national
product in 1982
dollars
50. Gross national product in 1982 dollars
200. Gross national product in current dollars
a. Total
GNP AND PERSONAL INCOME
b. Difference
a. Total
c. Percent
change at
annual rate
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
c. Percent
change at
annual rate
(Ann. rate,
dollars)
213. Final sales
in 1982 dollars
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
3,674.9
3,754.2
3,807.9
3,851.8
129.1
79.3
53.7
43.9
15.4
8.9
5.8
4.7
3,451.7
3,498.0
3,520.6
3,535.2
86.6
46.3
22.6
14.6
10.7
5.5
2.6
1.7
14,613
14,777
14,834
14,857
3,368.3
3,434.8
3,459.6
3,493.5
3,921.1
3,973.6
4,042.0
4,104.4
69.3
52.5
68.4
62.4
7.4
5.5
7.1
6.3
3,568.7
3,587.1
3,623.0
3,650.9
33.5
18.4
35.9
27.9
3.8
2.1
4.1
3.1
14,966
15,010
15,120
15,197
3,549.2
3,569.9
3,628.7
3,652.5
4,174.4
4,211.6
4,265.9
4,288.1
70.0
37.2
54.3
22.2
7.0
3.6
5.3
2.1
3,698.8
3,704.7
3,718.0
3,731.5
47.9
5.9
13.3
13.5
5.4
0.6
1.4
1.5
15,362
15,352
15,370
15,388
3,663.4
3,676.7
3,711.9
3,745.8
4,377.7
r4,447.7
89.6
r70.0
8.6
3,772.2
r3,793.7
40.7
r21.5
4.4
r2.3
15,525
r6.6
rl5,581
3,724.5
r3,755.9
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
Q j
Year
and
quarter
GNP AND PERSONAL INCOME—Continued
Q j
230. Total in current
dollars
Disposable personal income
224. Current dollars
(Ann. rate,
bil. dol.)
225. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
PERSONAL CONSUMPTION EXPENDITURES
231. Total in 1982
dollars
232. Durable goods
in current dollars
2; 3. Durable goods
in 1982 dollars
227. Per capita in
1982 dollars
(Ann. rate,
dollars)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
2,611.8
2,642.8
2,691.1
2,728.6
2,446.9
2,456.6
2,479.2
2,496.3
10,359
10,378
10,446
10,491
2,361.1
2,417.0
2,450.3
2,493.4
2,212.1
2,246.7
2,257.3
2,281.1
322.7
335.1
337.7
346.7
312.6
322.5
324.3
333.1
2,762.2
2,848.4
2,847.2
2,906.6
2,506.8
2,558.4
2,538.2
2,565.5
10,513
10,705
10,592
10,679
2,549.9
2,602.0
2,665.4
2,700.1
2,314.1
2,337.0
2,376.1
2,383.2
358.2
362.4
383.7
370.5
342.4
346.6
366.8
355.1
2,966.0
3,022.4
3,038.2
3,061.6
2,610.5
2,660.2
2,653.2
2,656.7
10,842
11,024
10,968
10,956
2,737.9
2,765.8
2,837.1
2,858.6
2,409.7
2,434.3
2,477.5
2,480.5
375.9
386.4
427.6
419.8
359.8
369.6
405.5
399.0
3,125.9
r3,135.4
2,674.6
r2,647.8
11,008
rlO,875
2,893.8
r2,947.3
2,475.9
r2,489.0
396.1
M07.5
375.9
r384.1
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
NOTE: Series are seasonally adjusted except for those, indicated by (u), 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 "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 40 and 4 1 .
AUGUST 1987
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Q
Year
and
quarter
236. Nondurable
goods in current
dollars
(Ann. rate,
bil. dol.)
PERSONAL CONSUMPTION EXPENDITURES-Continued
238. Nondurable
goods in 1982
dollars
(Ann. rate,
bil. dol.)
237. Services in
current dollars
(Ann. rate,
bil. dol.)
Q I
239. Services in
1982 dollars
(Ann. rate,
bil. dol.)
240. Total in
current dollars
(Ann. rate,
bil. dol.)
GROSS PRIVATE DOMESTIC INVESTMENT
241. Total in
1982 dollars
242. Fixed investment in current
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
243. Fixed investment in 1982
dollars
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
849.9
866.9
872.8
879.6
814.5
828.2
829.6
831.2
1,188.6
1,215.1
1,239.7
1,267.1
1,085.0
1,096.1
1,103.5
1,116.8
663.0
664.2
670.3
661.8
655.2
658.4
664.2
655.7
568.9
597.5
605.4
616.8
571.8
595.1
603.3
614.0
894.4
910.4
918.4
929.3
841.2
847.6
853.5
855.7
1,297.3
1,329.2
1,363.3
1,400.3
1,130.5
1,142.8
1,155.7
1,172.5
638.6
648.4
628.6
650.8
632.1
645.7
623.2
643.3
617.3
629.9
631.0
648.3
612.7
628.4
628.9
644.9
936.8
934.3
940.0
946.3
868.8
880.0
879.8
880.3
1,425.2
1,445.1
1,469.5
1,492.4
1,181.2
1,184.7
1,192.2
1,201.1
683.4
679.4
660.8
660.2
674.4
665.6
645.0
631.0
645.1
651.9
657.3
666.6
639.1
637.6
638.8
645.4
969.9
r982.3
883.2
r879.1
1,527.7
rl,557.5
1,216.9
699.9
rl,225.9
r700.9
671.8
r670.5
648.2
r660.4
624.2
r632.7
266. State and
local government
in current dollars
267. State and
local government
in 1982 dollars
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
ESI
• •
GROSS PRIVATE
M i l DOMESTIC INVEST.-Con.
245. Change in
business inventories in current
dollars
30. Change in
business inventories in 1982
dollars
260. Total in
current dollars
(Ann. rate,
bil. dol.)
Year
and
quarter
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
261. Total in
1982 dollars
(Ann. rate,
bil. dol.)
GOVERNMENT PURCHASES OF GOODS AND SERVICES
262. Federal
Government in
current dollars
(Ann. rate,
bil. dol.)
263. Federal
Government in
1982 dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . .
Third quarter
Fourth quarter . . . .
94.1
66.7
65.0
45.0
83.4
63.2
60.9
41.7
696.5
735.8
746.6
764.5
653.0
680.2
684.5
693.2
284.0
315.0
317.0
326.0
271.5
295.6
295.5
300.5
412.5
420.8
429.6
438.5
381.6
384.7
388.9
392.7
21.4
18.5
-2.4
2.5
19.5
17.3
-5.7
-1.6
784.1
800.5
832.8
857.0
703.4
712.1
738.6
753.7
336.3
339.4
361.9
378.0
308.4
310.7
332.5
345.3
447.8
461.1
470.9
479.0
395.0
401.4
406.1
408.4
38.3
27.5
3.5
-6.4
35.3
28.1
6.1
-14.4
846.9
867.2
878.5
886.3
737.6
751.6
757.2
771.8
356.7
368.4
371.2
368.6
322.1
330.6
332.6
344.6
490.2
498.8
507.3
517.7
415.5
421.0
424.6
427.1
51.6
r40.4
47.6
r37.8
896.2
r918.2
759.6
r767.5
366.9
r380.3
327.3
r333.1
529.3
r537.3
432.3
r434.4
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter . . . . . .
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 41, 42, and 43.
AUGUST 1987
81
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
2 9
Year
and
quarter
Exports of goods and services
Net exports of goods and services
255. Constant
(1982) dollars
250. Current
dollars
Imports of goods and services
256. Constant
(1982) dollars
252. Current
dollars
253. Current
dollars
NATIONAL INCOME
AND ITS COMPONENTS
220. National income in current
dollars
280. Compensation of
employees
257. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
•(•
KM
FOREIGN TRADE
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
-45.7
-62.8
-59.3
-67.9
-68.6
-87.3
-85.5
-94.8
374.3
383.2
390.8
385.7
362.7
369.1
378.7
376.6
420.0
446.1
450.1
453.6
431.3
456.5
464.1
471.4
2,962.1
3,009.0
3,047.3
3,096.1
2,152.9
2,195.2
2,234.9
2,272.7
-51.5
-77.3
-84.7
-103.5
-81.0
-107.7
-114.9
-129.3
376.3
370.6
364.2
368.7
369.7
364.7
360.5
366.5
427.7
447.8
448.9
472.2
450.7
472.4
475.4
495.8
3,156.5
3,204.4
3,254.4
3,304.4
2,314.9
2,351.5
2,386.3
2,430.5
-93.8
-100.8
-110.5
-116.9
-123.0
-146.8
-161.6
-151.8
373.5
371.3
376.6
383.3
371.5
370.2
379.6
388.3
467.3
472.1
487.1
500.2
494.4
517.0
541.2
540.1
3,364.2
3,414.1
3,438.7
3,471.0
2,464.8
2,487.6
2,515.1
2,552.0
-112.2
r-118.6
-135.2
r-133.3
397.3
r411.0
397.8
r409.3
509.5
r529.7
533.0
r542.6
3,548.3
p3,597.8
2,589.9
r2,623.7
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
E
1
Year
and
quarter
282. Proprietors'
income with IVA
andCCAdj1
(Ann. rate,
bil. dol.)
Q
NATIONAL INCOME AND ITS COMPONENTS-Continued
284. Rental income
of persons with
CCAdj1
(Ann. rate,
bil. dol.)
286. Corporate
profits before tax
with IVA and
CCAdj1
288. Net interest
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
290. Gross saving
(Ann. rate,
bil. dol.)
SAVING
292. Personal
saving
295. Business
saving
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
241.4
228.0
230.8
237.8
12.3
9.3
6.9
5.6
262.7
275.5
262.6
266.9
292.8
301.0
312.2
313.1
581.0
566.6
568.7
557.8
491.5
509.5
514.2
522.6
181.1
152.8
165.2
157.3
252.1
256.4
252.4
268.0
7.3
9.1
9.3
10.1
265.6
274.2
292.8
277.8
316.5
313.2
313.7
317.9
552.0
547.7
514.7
510.7
518.6
533.0
552.7
544.3
131.2
162.8
95.7
118.5
270.8
298.1
292.5
297.8
14.0
17.4
17.2
18.4
288.0
282.3
286.4
281.1
326.6
328.7
327.5
321.7
557.8
538.7
516.2
515.3
553.4
547.7
551.5
544.4
138.4
166.0
108.9
109.0
320.9
r327.7
20.0
rl8.9
294.0
P296.5
323.6
r331.1
554.3
P549.5
545.3
p547.8
138.4
r94.0
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
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.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
82
AUGUST 1987
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Q j
SAVING-Continued
298. Government
surplus or deficit
Year
and
quarter
Q J
SHARES OF GNP AND NATIONAL INCOME
293. Personal
saving rate
Percent of gross national product
235. Personal consumption expenditures
(Ann. rate,
bil. dol.)
(Percent)
(Percent)
248. Nonresidential
fixed investment
(Percent)
249. Residential
fixed investment
247. Change in
business inventories
(Percent)
(Percent)
(Percent)
251. Net exports of
goods and services
1984
First quarter
Second quarter
Third quarter
Fourth quarter
-110.6
-122.1
6.9
5.8
6.1
5.8
64.2
64.4
64.3
64.7
10.7
11.0
11.1
11.3
4.8
4.9
4.8
4.7
2.6
1.8
1.7
1.2
-1.2
-1.7
-1.6
-1.8
-97.8
-148.1
-133.7
-152.1
4.8
5.7
3.4
4.1
65.0
65.5
65.9
65.8
11.0
11.2
10.9
11.0
4.7
4.6
4.7
4.8
0.5
0.5
0.1
-1.3
-1.9
-2.1
-2.5
4.7
5.5
3.6
3.6
65.6
65.7
66.5
66.7
10.6
10.3
10.2
10.3
4.9
5.2
5.2
5.3
0.9
0.7
-2.2
- ? .&
C H-
....
-134.0
-175.0
-144.1
-138.1
0.1
-o!i
-2.6
-2.7
-129.5
p-92.3
4.4
66.1
....
r3.0
r66.3
9.7
9.7
5.1
5.1
rO.9
....
-91.6
-95.8
....
1985
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
-0.1
1986
First quarter
Second quarter
Third quarter
Fourth quarter
....
1987
First quarter
Second quarter
Third quarter
Fourth quarter
o c
C .0
1.2
r-2.7
....
Q |
SHARES OF GNP AND NATIONAL INCOME-Continued
Percent of GNP—Continued
Year
Percent of national income
and
quarter
265. Federal Government purchases of
goods and services
268. State and local
government purchases
of goods and services
(Percent)
(Percent)
64. Compensation of
employees
(Percent)
283. Proprietors'
income with IVA
and CCAdj'
285. Rental income
of persons with
CCAdj1
(Percent)
(Percent)
287. Corporate profits
before tax with
IVA and CCAdj1
289. Net interest
(Percent)
(Percent)
1984
7.7
8.4
8.3
8.5
11.2
11.2
11.3
11.4
72.7
73.0
73.3
73.4
8.1
7.6
7.6
7.7
0.4
0.3
0.2
0.2
8.9
9.9
9'.2
8.6
8.6
10.0
10.2
lO.'l
8.6
8.5
9.0
9.2
11.4
11.6
11.7
11.7
73.3
73.4
73.3
73.6
8.0
8.0
7.8
8.1
0.2
0.3
0.3
0.3
8.4
10.0
8.6
8.*4
9.8
9.6
9^6
....
8.5
8.7
8.7
8.6
11.7
11.8
11.9
12.1
73.3
72.9
73.1
73.5
8.0
8.7
8.5
8.6
0.4
0.5
0.5
0.5
8.6
8.3
8.3
8.1
9.7
9.6
9.5
9.3
8.4
....
r8.6
12.1
12.1
73.0
p72.9
9.0
0.6
8.3
p9.1
p0.5
p8*.2
9.1
p9.2
First quarter
Second quarter
....
Third quarter
Fourth quarter
....
1985
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
9.0
1986
First quarter
Second quarter
Third quarter
Fourth quarter
....
1987
First quarter
Second quarter
Third quarter
Fourth quarter
....
See note on |
Graphs of these series are shown on pages 46 and 47.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
AUGUST 1987
8
3
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY
Q
Implicit price deflator for
gross national product
Year
and
month
310. Index
(1982 = 100)
310c. Change
over 1-quarter
spans'
(Ann. rate,
percent)
PRICE MOVEMENTS
Fixed-weighted price index,
gross domestic business product
311. Index
(1982 = 100)
311c. Change
over 1-quarter
spans1
(Ann. rate,
percent)
Consumer price index for
all urban consumers, food
Consumer price index
for all urban consumers
320. Index ©
320c. Change
over 1-month
spans1
320c. Change
over 6-month
spans1
(1967 = 100)
(Percent)
(Ann. rate,
percent)
322. Index
(1967 = 100)
322c. Change
over 1-month
spans1
(Percent)
322c. Change
over 6-month
spans1
(Ann. rate,
percent)
1985
3.4
109.9
April
May
June
110.8
October
November
December
0.4
0.5
3.7
4.0
4.2
306.8
308.8
308.7
0.0
0.7
0.0
1.8
1.6
1.7
320.1
321.3
322.3
0.3
0.3
0.2
4.1
3.6
2.7
308.6
308.4
309.5
0.0
-0.1
0.4
1.8
0.6
1.2
2.8
322.8
323.5
324.5
0.2
0.2
0.1
2.8
3.2
3.4
309.6
309.7
310.6
0.0
0.0
0.3
1.7
2.9
3.7
3.0
325.5
326.6
327.4
0.4
0.5
0.3
3.7
2.8
1.7
311.2
312.9
315.1
0.2
0.5
0.7
3.6
3.2
2.5
1.9
328.4
327.5
326.0
0.3
-0.3
-0.4
0.4
-0.1
0.1
315.1
314.6
314.4
0.0
-0.2
-0.1
2.5
2.3
1.5
1.9
325.3
326.3
327.9
-0.3
0.2
0.4
-0.5
0.4
1.8
315.1
316.5
317.4
0.2
0.4
0.3
3.3
5.2
6.1
2.3
328.0
328.6
330.2
0.0
0.2
0.3
2.7
2.7
2.2
320.2
322.7
323.9
0.9
0.8
0.4
6.5
6.4
6.3
1.8
330.5
330.8
331.1
0.2
0.2
0.2
3.5
4.1
4.3
325.2
326.5
327.2
0.4
0.4
0.2
5.3
4.3
3.3
4.2
333.1
334.4
335.9
0.7
0.4
0.4
4.8
5.0
5.4
328.6
329.6
329.2
0.4
0.3
-0.1
3.1
3.4
4.4
4.2
337.7
338.7
340.1
0.4
0.3
0.4
4.5
330.2
332.0
334.4
0.3
0.5
0.7
3.2
340.8
0.2
333.8
-0.2
110.8
2.9
'
0.2
109.8
3.3
July
August
September
316.1
317.4
318.8
3.7
3.3
January
February
March
111.5
111.6
2.9
112.4
11214
1986
January
February
March
11^9
April
May
June
113.7
July
August
September
114.7
October
November
December
114.9
1.8
112.9
2.9
113.4
3.6
114.1
0.7
114.6
1987
January
February
March
116.1
April
May
June
117.2
July
August
September
4.2
115i8
3.8
117.'o
October
November
December
See note on page 80.
Graphs of these series are shown on pages 48 and 49.
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.
AUGUST 1987
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
WM
330. Index
0
(1967 = 100)
330c. Change
over 6-month
spansl ©
330c. Change
over 1-month
spans1 ©
(Ann. rate,
percent)
(Percent)
Producer price index, crude materials
for further processing
Producer price index, industrial commodities
Producer price index, all commodities
Year
and
month
PRICE MOVEMENTS-Continued
335. Index ©
(1967 = 100)
335c. Change
over 1-month
spans1 @
(Percent)
335c. Change
over 6-month
spans 1 ©
(Ann. rate,
percent)
331c. Change
over 1-month
spans'
331. Index
(1967 = 100)
(Percent)
331c. Change
over 6-month
spans1
(Ann. rate,
percent)
1985
January
February
March
309.5
309.1
308.6
-0.1
-0.1
-0.2
-0.1
-0.3
-0.4
322.9
322.2
322.5
0.0
-0.2
0.1
0.2
0.9
1.1
317.0
316.1
311.7
-1.8
-0.3
-1.4
-8.3
-9.9
-10.3
April
May
June
309.3
309.8
309.2
0.2
0.2
-0.2
-0.3
-1.2
-2.0
323.8
325.3
324.8
0.4
0.5
-0.2
0.9
0.9
-0.1
309.7
307.9
305.8
-0.6
-0.6
-0.7
-8.1
-11.8
-11.6
July
August
September
309.0
307.3
305.5
-0.1
-0.6
-0.6
-0.9
-0.2
0.6
324.4
323.7
322.3
-0.1
-0.2
-0.4
0.2
-0.4
0.2
303.9
296.9
293.0
-0.6
-2.3
-1.3
-5.6
-2.1
-1.4
October
November
December
307.9
309.5
310.2
0.8
0.5
0.2
-0.1
-1.9
-3.4
324.2
324.7
325.1
0.6
0.2
0.1
-0.4
-2.9
-5.1
300.9
304.6
303.7
2.7
1.2
-0.3
-3.3
-6.4
-8.1
January
February
March
308.9
304.4
300.3
-0.4
-1.5
-1.3
-6.2
-6.5
-7.1
323.8
318.9
314.0
-0.4
-1.5
-1.5
-7.6
-7.9
-8.0
298.8
287.3
280.9
-1.6
-3.8
-2.2
-17.6
-16.0
-16.7
April
May
June
298.2
299.2
299.0
-0.7
0.3
-0.1
-7.3
-4.7
-1.9
311.6
311.6
311.8
-0.8
0.0
0.1
-9.2
-6.8
-3.3
273.2
279.1
277.2
-2.7
2.2
-0.7
-14.2
-6.9
-2.9
July
August
September
297.4
297.2
297.5
-0.5
-0.1
0.1
0.1
-0.3
-0.3
308.5
307.9
308.7
-1.1
-0.2
0.3
-1.3
-1.2
-1.3
276.7
277.2
276.8
-0.2
0.2
-0.1
5.7
-0.1
-0.4
October
November
December
298.4
298.7
298.5
0.3
0.1
-0.1
2.4
3.4
r3.5
309.6
309.8
309.8
0.3
0.1
0.0
3.3
4.6
r4.6
280.9
279.0
276.6
1.5
-0.7
-0.9
4.3
6.3
r8.8
300.9
302.2
r302.7
0.8
0.4
0.2
4.5
5.8
6.8
313.5
314.9
r315.7
1.2
0.4
0.3
5.1
5.8
6.8
282.6
285.8
r288.7
2.2
1.1
rl.O
10.8
19.3
22.4
April
May
June
305.1
307.3
308.5
0.8
0.7
0.4
6.3
317.4
318.6
320.2
0.5
0.4
0.5
5.9
295.7
304.8
306.0
r2.4
3.1
0.4
18.6
July
August
September
310.2
0.6
322.6
0.7
307.8
0.6
1986
1987
January
February
March
October
November .
December
See note on page 80.
Graphs of these series are shown on page 48.
Changes are centered within the spans:
1
AUGUST 1987
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 |
Producer price index, intermediate
materials, supplies, and components
Year
and
month
332. Index
332c. Change
over 1-month
spans'
(1967 = 100)
(Percent)
PRICE MOVEMENTS—Continued
Producer price index, capital equipment
332c. Change
over 6-month
spans'
333. Index
(Ann. rate,
percent)
(1967 = 100)
333c. Change
over 1-month
spans1
(Percent)
Producer price index, finished consumer goods
333c. Change
over 6-month
spans1
(Ann. rate,
percent)
334. Index
(1967 = 100)
334c. Change
over 1-month
spans!
334c. Change
over 6-month
spans1
(Ann. rate,
percent)
(Percent)
1985
January
February
March
320.3
319.1
318.6
0.0
-0.4
-0.2
-0.6
-0.3
-0.8
297.0
298.7
299.3
0.5
0.6
0.2
3.1
2.8
3.5
290.3
290.0
290.0
-0.2
-0.1
0.0
1.5
1.5
0.9
April
May
June
319.4
320.1
319.0
0.3
0.2
-0.3
-1.2
-0.8
-0.9
299.4
300.0
300.5
0.0
0.2
0.2
2.5
1.8
0.3
292.0
292.8
292.2
0.7
0.3
-0.2
1.7
1.1
-0.3
July
August
September
318.4
317.8
317.1
-0.2
-0.2
-0.2
-1.3
-1.4
-0.4
300.7
301.4
299.7
0.1
0.2
-0.6
2.0
2.1
2.0
292.8
291.6
289.5
0.2
-0.4
-0.7
-0.3
0.5
2.1
October
November
December
317.3
317.8
318.4
0.1
0.2
0.2
-0.3
-2.5
-4.2
302.4
303.2
303.5
0.9
0.3
0.1
1.9
1.6
3.1
291.6
293.6
295.2
0.7
0.7
0.5
0.7
-2.4
-3.4
January
February
March
317.9
313.8
310.3
-0.2
-1.3
-1.1
-6.2
-6.8
-7.3
303.5
303.8
304.3
0.0
0.1
0.2
1.8
1.5
1.7
293.8
288.1
284.5
-0.5
-1.9
-1.2
-6.3
-6.4
-7.0
April
May
June
307.3
306.8
306.6
-1.0
-0.2
-0.1
-8.1
-5.8
-2.9
305.1
305.5
306.1
0.3
0.1
0.2
1.9
1.9
2.2
282.3
284.1
284.7
-0.8
0.6
0.2
-8.1
-3.4
-0.5
July
August
September
304.7
304.5
305.7
-0.6
-0.1
0.4
-1.6
-1.4
-1.2
306.3
306.6
307.6
0.1
0.1
0.3
2.4
2.8
2.7
281.7
283.1
283.8
-1.1
0.5
0.2
1.8
0.4
0.1
October
November
December
304.8
304.7
304.7
-0.3
0.0
0.0
1.8
3.0
r2.9
308.7
309.8
310.2
0.4
0.4
0.1
3.0
2.3
rl.9
284.8
284.7
284.8
0.4
0.0
0.0
3.2
2.6
r3.5
307.5
309.1
r310.1
0.9
0.5
rO.3
4.2
5.4
6.6
310.8
310.1
r310.5
0.2
-0.2
0.1
1.6
1.2
0.9
286.2
286.7
r288.7
0.5
0.2
r0.7
4.3
5.0
5.7
April
May
June
311.2
312.8
314.6
r0.4
0.5
0.6
6.3
311.2
311.6
311.6
r0.2
0.1
0.0
0.8
290.8
291.8
292.8
rO.7
0.3
0.3
5.0
July
August
September
317.0
0.8
312.0
0.1
293.3
0.2
1986
1987
January
February
March
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
x
Changes are centered within the spans:
1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.
AUGUST 1987
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
£ £ |
WAGES AND PRODUCTIVITY
Average hourly earnings of production or nonsupervisory
Average hourly compensation, all employees,
workers on private nonagricultural payrolls1
nonfarm business sector
Year
Current-dollar earning;
and
Current-dollar compensation
Real earnings
month
340. Index
340c. Change
340c. Change
341c. Change
341c. Change
over 1-month
over 6-month
over 1-month
over 6-month
2
2
2
2
341. Index
spans
spans
spans
(1977 = 100)
(Percent)
percent)
100)
(Percent)
over 4-quarter
spans2
spans
(Ann. rate,
(Ann. rate,
(1977 =
345c. Change
2
spans
(Ann. rate,
345c. Change
over 1-quarter
345. Index
percent)
(1977 = 100)
Revised 3
(Ann. rate,
percent)
percent)
Revised 3
Revised 3
1985
January
162.8
0.1
3.6
94.4
February
163.6
0.4
3.2
94.5
March
163.8
0.1
3.0
94.1
April
164.2
0.3
2.8
May
164.5
0.2
2.5
June
165.1
0.4
3.3
94.1
-0.1
0.0
4.7
0.3
-0.7
-0.4
-0.1
-1.1
93.9
-0.1
-0.8
4*4
-0.8
94.0
171.6
0.2
4.3
173.4
4*6
0.9
July . . .
165.1
0.0
2.5
93.9
August
165.6
0.3
2.9
94.1
0.2
0.1
September
166.5
0.5
3.3
94.5
0.4
0.0
October
166.2
3.0
94.1
-0.5
November
166.9
0.4
3.2
94.0
-0.1
0.6
December
167.8
0.6
2.5
94.1
0.2
1.1
-0.1
-0.2
4.8
0.1
175*5
4*4
4.8
-0.6
177*6
4.'l
1986
January
167.5
2.8
93.6
-0.5
2.8
February
168.2
0.4
2.4
94.4
0.8
3.0
March
168.5
0.2
1.7
95.0
0.7
2.2
April
168.5
0.0
1.8
95.4
0.4
3.1
May
168.9
0.2
1.5
95.3
-0.1
1.8
June
169.2
0.2
1.5
95.2
-0.2
0.0
2.0
95.1
-0.1
2.8
95.2
0.1
0.3
0.3
-0.2
July
169.1
August
169.5
September
169.8
0.1
2.2
95.0
-0.2
-0.1
0.3
3.9
2.8
October
170.2
0.3
2.6
95.1
0.1
2.9
0.6
2.7
95.5
0.3
-1.2
December
171.1
2.9
95.3
-0.2
4.0
-1.3
2.9
2*7
181.8
-0.8
171.2
3.4
180.5
-0.6
November
3*6
179.3
-0.1
183*6
2.*8
1987
January
171.2
94.7
-0.6
-1.9
February
171.8
0.3
r2.0
94.6
-0.1
r-3.0
March
172.2
0.2
r2.2
94.4
-0.2
r-3.2
April
172.6
0.3
p2.3
94.2
-0.2
p-2.2
May
rl72.9
0.1
94.0
r-0.2
June
rl72.9
rO.O
r93.8
r-0.3
July
August
September
P173.2
p0.2
P93.7
p-0.1
0.1
1.1
184.1
3.1
185.5
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
Adjusted
2
for overtime
ter changes are placed
3
(in manufacturing
Changes are centered within the spans:
See
only) and interindustry
1-month
employment shifts.
changes are placed on the 2d month, 6-month changes are placed on the 4th month,
on the 1st month of the 2d quarter, and 4-quarter
"New Features and Changes for This
AUGUST 1987
1-quar-
changes are placed on the middle month of the 3d quarter.
Issue," page iii.
8
7
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Q |
WAGES AND PRODUCTIVITY—Continued
Average hourly compensation, all employees,
Negotiated wage and
nonfarm business sector—Continued
benefit decisions
358. Index of
Output per hour, all persons, business sector
output per hour,
all persons,
Year
348. Average
month
349. Average
first-year
Real compensation
and
changes over
changes @
346c. Change
346c. Change
over 1-quarter
Revised
2
1985
contract
spans
©
(Ann. rate,
(Ann. rate,
percent)
percent)
percent)
(Ann. rate,
(Ann. rate,
percent)
Revised
2
Revised
1.3
2
i!o
98^0
March
ness sector
1
x
spansx
January
February
over 4-quarter
spans
(Ann. rate,
(1977 = 100)
nonfarm busi-
over 1-quarter
life of
370c. Change
over 4-quarter
spansx
346. Index
370c. Change
370. Index
(1977 = 100)
Revised 2
3.6
(Ann. rate,
percent)
percent)
Revised 2
Revised 2
(1977 = 100)
Revised 2
2.2
2.7
106\5
2.5
105^2
1.9
105.7
2.'8
106^4
'z.3
105!9
1.3
10A7
i!5
107^7
CL2
107'.5
0.4
107! 5
•
April
-0.3
May
i!i
97^9
3.5
2.9
3.4
10^2
June
July
2.4
August
98^5
2.0
3.7
3.0
10^2
L3
September
October
0.8
November
2.0
-1.0
1.4
107^9
2*.4
98^7
December
1986
January
0.6
2.3
February
5.8
1.2
109.5
1.9
99.3
March
April
4.2
May
0.7
0.6
1.6
2.h
10CL3
109!)
June
July
0.4
August
0.7
-0.3
1.2
CL5
100 A
1O9!<5
September
October
2.7
1.3
November
100.7
-0.1
2.4
109!6
-1.0
December
1987
January
February
-3.9
1.7
0.5
2.4
107.6
109.7
9^8
March
April
May
p4.2
-1.8
9^3
June
p3.9
nb'.'o
1.3
107*9
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1
Changes are centered within the spans:
1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are
placed on the middle month of the 3d quarter.
2
See "New Features and Changes for This Issue," page iii.
AUGUST 1987
OTHER IMPORTANT ECONOMIC MEASURES
C
I
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
| Q
CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
447. Number
unemployed,
full-time
workers
Civilian labor force
Year
and
month
441. Total
442. Civilian
employment
Number unemployed
37. Persons
unemployed
444. Males
20 years
and over
(Thous.)
(Thous.)
445. Females
20 years
and over
(Thous.)
(Thous.)
(Thous.)
Civilian labor force participation rates
451. Males
20 years
and over
452. Females
20 years
and over
453. Both
sexes 16-19
years of age
(Percent)
(Percent)
446. Both
sexes 16-19
years of age
(Thous.)
448. Number
employed
part time
for economic
reasons
(Percent)
(Thous.)
(Thous.)
January
February
March
114,797
114,970
115,316
106,291
106,605
106,965
8,506
8,365
8,351
3,806
3,762
3,728
3,183
3,124
3,148
1,517
1,479
1,475
6,982
6,908
6,797
5,400
5,134
5,423
78.1
78.1
78.1
54.4
54.5
54.7
55.2
55.2
55.2
April
May
June
115,313
115,286
114,926
106,949
106,995
106,541
8,364
8,291
8,385
3,791
3,629
3,847
3,171
3,179
3,136
1,402
1,483
1,402
6,818
6,719
6,811
5,365
5,469
5,276
78.2
78.1
78.1
54.7
54.5
54.5
54.7
55.0
52.4
July
August
September
115,280
115,277
115,844
106,842
107,136
107,602
8,438
8,141
8,242
3,733
3,631
3,660
3,133
3,137
3,182
1,572
1,373
1,400
6,915
6,701
6,718
5,363
5,435
5,310
77.9
78.0
78.2
54.4
54.5
54.8
55.2
53.5
54.1
October
November
December
116,080
116,149
116,333
107,792
107,978
108,149
8,288
8,171
8,184
3,673
3,664
3,617
3,038
3,063
3,073
1,577
1,444
1,494
6,727
6,721
6,668
5,206
5,316
5,292
78.2
78.1
78.0
54.8
54.9
55.1
54.6
54.4
54.4
January
February
March
116,794
117,042
117,187
108,892
108,557
108,807
7,902
8,485
8,380
3,544
3,796
3,789
2,945
3,189
3,131
1,413
1,500
1,460
6,500
6,898
6,879
5,297
5,214
5,295
78.3
78.2
78.2
55.0
55.1
55.1
53.6
54.9
54.9
April
May
June
117,292
117,587
118,005
108,969
109,165
109,613
8,323
8,422
8,392
3,688
3,820
3,808
3,087
3,098
3,082
1,548
1,504
1,502
6,759
6,924
6,798
5,567
5,569
5,322
78.0
78.0
78.1
55.2
55.4
55.7
55.4
55.2
54.8
July
August
September
118,117
118,124
118,272
109,887
110,067
109,987
8,230
8,057
8,285
3,811
3,634
3,805
3,010
2,994
3,015
1,409
1,429
1,465
6,684
6,518
6,739
5,222
5,269
5,303
78.1
77.9
78.0
55.8
55.8
55.7
54.5
54.8
54.8
October
November
December
118,414
118,675
118,586
110,192
110,432
110,637
8,222
8,243
7,949
3,814
3,820
3,725
2,994
2,976
2,865
1,414
1,447
1,359
6,688
6,673
6,465
5,450
5,319
5,342
77.9
78.2
78.3
55.8
55.8
55.6
55.0
54.5
53.8
January
February
March
119,034
119,349
119,222
111,011
111,382
111,368
8,023
7,967
7,854
3,720
3,648
3,573
2,900
2,873
2,857
1,402
1,446
1,424
6,534
6,488
6,275
5,201
5,459
5,164
78.3
78.2
78.2
55.8
55.9
55.9
54.5
55.2
54.2
April
May
June
119,335
119,993
119,517
111,835
112,447
112,257
7,500
7,546
7,260
3,409
3,436
3,437
2,715
2,680
2,588
1,376
1,430
1,235
6,018
6,052
5,998
5,110
5,029
4,918
78.1
78.2
78.0
56.0
56.3
56.1
54.2
55.2
53.0
July
August
September
119,952
112,727
7,224
3,323
2,683
1,218
5,837
5,235
78.0
56.4
53.8
1985
1986
1987
October
November . . . . . . .
December
See note on page 80.
Graphs of these series are shown on page 51.
AUGUST 1987
OTHER IMPORTANT ECONOMIC MEASURES
£) I
GOVERNMENT ACTIVITIES
Q |
RECEIPTS AND EXPENDITURES
State and local governmentl
:
ederal Government 1
Year
and
month
Q |
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,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
517. Defense
Department
gross obligations incurred
(Mil. dol.)
525. Defense
Department
prime contract awards
543. Defense
Department
gross unpaid
obligations
outstanding
548. Manufacturers'
new orders,
defense
products
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
1985
January
February
March
-162.9
795.3
958.2
65.1
563.7
498.6
22,492
20,377
20,346
12,449
12,432
10,360
174,180
173,704
174,338
9,173
6,278
7,810
April
May
June
-210.3
759.0
969.4
62*2
574*. 6
512*3
22,655
25,140
29,513
9,658
14,147
11,627
174,867
178,000
179,337
8,180
9,339
12,794
July
August
September
-195*.8
794'.9
990.8
62! I
585.3
523*2
31,641
34,470
30,753
12,163
17,579
11,702
182,074
187,278
186,401
9,786
10,649
9,944
October
November
December
-2is!6
805*1
1,020.2
62^9
594'6
531*7
28,629
25,809
30,768
10,584
10,086
14,088
185,059
182,400
183,504
8,727
6,808
10,734
January
February
March
-196.1
807*6
1,003.7
62] i
608.1
546! 1
28,411
30,247
30,969
13,424
9,318
14,368
185,822
188,008
190,756
8,502
9,193
12,214
April
May
June
-230.2
816*9
1,047!1
55.1
61l'.5
556^4
29,758
30,267
33,056
12,855
8,849
13,493
188,903
189,004
193,207
8,071
9,036
July
August
September
-203!)
832.4
l,036!l
59.6
626.2
566 '.7
31,199
29,968
30,678
15,992
13,088
13,413
196,185
198,635
199,295
no,027
October
November
December
-188.7
852*5
1,041.2
50.6
629.' 1
578.5
28,383
30,341
26,583
7,549
9,484
11,931
198,408
198,337
197,769
7,929
10,479
7,648
-170.5
879!3
1,049.8
41.0
632! 1
59l!i
25,911
34,669
28,986
10,161
12,827
12,422
196,585
199,440
199,308
4,699
6,980
9,997
P-14L9
P92L8
rl,063.7
p49.6
P 650*.8
r601.2
33,794
p32,801
(NA)
11,934
10,571
200,411
p202,504
(NA)
11,006
r9,441
rl0,609
1986
r8,314
r8,136
10,530
1987
January
February
March
April
May
June
July
August
September
pl3,201
(NA)
pl0,096
October
November
December
See note on page 80.
Graphs of these series are shown on pages 52 and 53.
Based on national income and product accounts.
x
9
0
AUGUST 1987
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
E
J
DEFENSE INDICATORS—Continuecj
National defense
purchases
Intermediate and final measures of defense activity
Year
and
month
557. Index of
industrial
production,
defense and
space equipment
(1977 = 100)
559. Manufacturers' inventories, defense
products
561. Manufacturers' unfilled
orders, defense
products
(Mil. dol.)
(Mil. dol.)
580. Defense
Department
net outlays,
military
(Mil. dol.)
588. Manufacturers' shipments, defense
products
(Mil. dol.)
570. Employment, defense
products industries
(Thous.)
Defense Department
personnel
577. Military
on active
duty ©
578. Civilian,
direct hire
employment
(Thous.)
(Thous.)
564. Federal
purchases of
goods and
services,
national
defense
(Ann. rate,
bil. dol.)
565. National
defense purchases as a
percent of
GNP
(Percent)
1985
January
February
March
163.2
164.2
147,994
146,726
146,560
18,762
20,058
20,465
7,156
7,546
7 j Q7fi
/
3 / D
1,496
1,506
2,146
2,147
1,073
1,074
166.0
27,846
28,378
28,439
1 , 0 1 ZiLt
R
1
?
i ,r\i&
1 U/ 0
April
May
June
167.1
168.3
169.9
28,929
28,854
29,647
147,334
149,056
153,624
19,597
20,603
20,554
7,406
7,617
8,226
1,525
1,533
1,544
2,148
2,149
2,151
July
August
September
170.8
173.3
174.5
30,291
30,814
31,096
155,876
158,467
160,184
21,498
22,489
21,987
7,534
8,058
8,227
1,551
1,569
1,565
October
November
December
174.8
177.2
178.5
31,244
31,304
31,450
160,067
157,957
159,452
20,908
21,847
22,443
8,844
8,918
9,239
January
February
March
178.7
176.3
176.2
31,787
31,471
32,467
160,175
161,009
164,969
20,152
21,586
23,342
April
May
June
178.0
178.0
178.4
32,962
33,329
r33,549
164,580
164,951
July
August
September
179.5
181.0
182.0
October
November
December
25CL2
6.*4
1,081
1,084
1,084
253^7
6A
2,156
2,157
2,151
1,091
1,094
1,099
265! i
6!6
1,569
1,577
1,573
2,151
2,153
2,150
1,099
1,098
1,100
268.2
6.5
7,779
8,359
8,254
1,568
1,569
1,568
2,157
2,160
2,160
1,103
1,087
1,084
26616
6^4
8,460
8,665
r9,118
1,580
1,585
1,563
2,150
2,150
2,143
1,081
1,072
1,060
27^2
6.*6
rl64,147
22,101
22,921
21,954
33,727
33,937
34,254
rl65,170
164,708
166,337
22,538
21,714
23,886
r9,004
8,598
8,901
1,594
1,600
1,598
2,150
2,161
2,169
1,059
1,052
1,072
287.6
6^7
184.6
184.9
185.8
34,560
34,409
33,873
165,006
165,613
162,605
22,324
21,168
22,512
9,260
9,872
10,656
1,598
1,600
1,600
2,177
2,181
2,178
1,069
1,063
1,059
279.0
6*.5
185.2
186.5
186.6
34,164
34,220
34,093
159,028
157,615
157,738
22,243
24,096
23,259
8,276
8,393
9,874
1,597
1,594
1,592
2,179
2,172
2,168
1,061
1,067
1,070
287^5
6.*6
April
May
June
rl86.1
rl86.5
rl85.9
34,716
r34,866
p34,800
159,984
rl60,188
rl61,357
23,593
22,760
p23,685
8,760
r9,237
r9,440
1,592
1,593
pi,590
2,158
2,153
2,151
1,072
1,068
pi,070
r295!3
6^
July
August
September
pl86.3
(NA)
pl62,544
(NA)
p8,909
(NA)
p2,158
(NA)
L. ,
1 AR
itO
1986
1987
January
February
March
October
November
December
See note on page 80.
Graphs of these series are shown on pages 54 and 55.
AUGUST 1987
91
OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS
Q |
602. Exports, excluding
military aid shipments (u)
604. Exports of domestic
agricultural products
MERCHANDISE TRADE
606. Exports of nonelectrical machinery
612. General imports ©
Year
and
month
(Mil. dol.)
(Mil. dol.)
1985
(Mil. dol.)
(Mil. doi.)
(Mil. dol.)
Revised 1
614. Imports of petroleum and petroleum
products
616. Imports of automobiles and parts
(Mil. dol.)
Revised 1
January
February
March
17,428
17,846
19,765
2,945
2,842
2,436
4,247
3,970
4,160
28,836
25,941
28,725
4,005
3,833
3,411
4,033
4,999
4,243
April
May
June
17,984
18,915
18,068
2,624
2,215
2,218
3,970
4,073
3,952
28,572
29,302
30,136
4,936
5,237
4,842
4,350
4,073
4,932
July
August
September
16,553
16,401
16,790
2,184
2,347
2,080
3,615
3,897
3,777
27,000
26,247
31,349
3,342
3,252
4,041
4,161
4,489
5,555
October
November
December
17,868
17,743
17,417
2,351
2,446
2,426
3,694
3,918
3,730
28,429
30,010
30,728
3,811
4,367
5,079
4,198
5,461
5,758
January
February
March
17,041
17,401
18,557
2,320
2,283
2,135
3,854
4,294
3,740
30,090
27,521
29,403
4,978
4,254
3,578
5,044
5,378
5,018
April
May
June
18,001
18,270
19,092
2,043
1,960
1,819
3,981
3,644
3,582
30,898
30,034
30,942
2,084
2,718
2,731
5,044
5,054
5,535
July
August
September
17,346
16,895
17,530
2,062
2,231
2,111
3,585
4,091
3,812
31,848
29,482
30,808
2,483
2,225
2,435
6,242
6,280
4,909
October
November
December
19,562
18,411
18,523
2,447
2,204
2,352
3,932
4,138
4,227
32,771
32,413
29,854
2,155
2,788
2,299
5,790
7,156
5,483
1986
1987
January
February
March
16,753
19,359
21,775
1,926
2,047
2,157
3,452
4,404
4,098
27,466
32,307
33,197
2,269
3,598
3,513
4,882
6,322
5,329
April
May
June
20,496
20,781
21,126
r2,234
r2,410
2,445
4,122
4,176
4,338
31,983
33,313
35,266
2,842
3,685
3,375
5,516
6,093
5,823
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
July
Ausust
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 56.
x
See "New Features and Changes for This Issue," page iii.
92
AUGUST 1987
OTHER IMPORTANT ECONOMIC MEASURES
E
U.S. INTERNATIONAL TRANSACTIONS—Continued
Q |
GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted1
Goods and services
Year
and
month
(Mil. dol.)
622. Balance
669. Imports
668. Exports
667. Balance
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
618. Exports
(Mil. dol.)
Income on investment
620. Imports
(Mil. dol.)
651. U.S. investment abroad
(Mil. dol.)
652. Foreign
investment in
the United States
(Mil. dol.)
1985
January
February
March
-22,918
87,845
110,763
-24,882
55,064
79,946
18,530
16,359
April
May
June
-25,858
89,526
115,384
-29,946
54,040
83,986
21,931
16,670
July
August
September
-24,370
91,043
115,413
-31,206
53,367
84,573
24,U4
16,055
October
November
December
-27,944
91,047
118,991
-36,114
53,464
89,578
23,665
13,818
January
February
March
-30,019
92,134
122,153
-34,978
53,878
88,856
24,076
17,651
April
May
June
-29,588
93,540
123,128
-33,651
56,928
90,579
22,013
17,426
July
August
September
-32,249
93,241
125,490
-37,115
56,534
93,649
21,333
15,994
October
November
December
-33,839
93,891
127,730
-38,595
57,021
95,616
20,787
16,295
p-34,032
p98,334
pl32,366
r-38,757
r56,992
r95,749
p22,946
pl9,110
(NA)
(NA)
(NA)
p-39,525
p59,975
p99,500
(NA)
(NA)
1986
1987
January
February
March
April
May
June
July
August
September
October
November
December .
See note on page 80.
Graphs of these series are shown on page 57.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).
ItUI
AUGUST 1987
93
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS
Q H
Year
and
month
47. United States,
index of industrial production
(1977 = 100)
721. OECD1
European countries, index of
industrial
production
(1977 = 100)
728. Japan,
index of industrial production
(1977 = 100)
INDUSTRIAL PRODUCTION
726. France,
index of industrial production
725. West
Germany, index
of industrial
production
(1977 = 100)
722. United
Kingdom, index
of industrial
production
(1977 = 100)
727. Italy, index
of industrial
production
(1977 = 100)
(1977 = 100)
723. Canada,
index of industrial production
(1977 = 100)
1985
January
February
March
122.7
123.2
123.4
108
110
111
143.0
143.4
141.9
110
109
110
101
105
107
106
106
108
102.8
111.5
111.7
115.2
115.5
116.8
April
May
June
123.3
123.6
123.6
110
111
111
144.9
147.4
144.9
110
111
112
104
107
104
109
108
108
107.6
108.5
111.1
116.4
117.6
118.8
July
August
September
123.4
124.4
124.3
111
111
112
147.2
145.5
144.5
114
112
112
107
107
107
107
108
110
107.3
105.8
110.6
118.8
118.7
120.0
October
November
December
123.6
124.8
125.6
112
114
110
144.8
144.2
144.6
116
116
111
107
109
104
109
110
107
106.9
110.9
106.6
119.9
119.3
121.2
January
February
March
126.2
125.3
123.6
112
113
112
144.6
144.8
144.8
113
113
113
107
105
105
108
110
109
108.4
110.9
113.8
121.1
121.1
117.5
April
May
June
124.7
124.2
124.2
115
111
114
144.4
144.2
144.5
117
112
116
rlO9
104
108
111
109
108
114.9
108.7
113.9
120.9
118.3
117.3
July
August
September
124.9
125.1
124.9
115
114
114
144.2
141.9
145.8
117
116
114
109
109
109
110
111
111
111.1
110.0
109.8
118.7
116.7
116.8
October
November
December
125.3
126.0
126.7
114
114
113
143.8
141.9
146.0
116
114
112
109
107
107
111
111
110
111.0
112.2
111.1
117.9
117.6
119.8
126.5
127.2
127.3
112
114
115
145.5
144.6
147.1
111
113
112
104
108
109
111
113
112
111.5
114.8
117.3
119.8
rl21.1
rl21.7
April
May
June
rl27.4
rl28.3
rl28.8
rll6
pll6
(NA)
rl45.1
pl43.4
(NA)
116
pll6
(NA)
108
plO9
(NA)
113
pll3
(NA)
rll5.2
P119.4
(NA)
rl20.9
P121.4
(NA)
July
August
September
P129.8
1986
1987
January
February
March
October
November
December
See note on page 80.
Graphs of these series are shown on page 58.
Organization for Economic Cooperation and Development.
94
AUGUST 1987
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued
Q
United States
Year
and
month
320. Index ©
Japan
320c. Change
over 6-month
spans1
738. Index ©
CONSUMER PRICES
738c. Change
over 6-month
spans1
(Ann. rate,
percent)
735. Index ©
United Kingdom
France
West Germany
735c. Change
over 6-month
spans1
736. Index ©
736c. Change
over 6-month
spans1
732. Index ©
732c. Change
over 6-month
spans1
(1967 = 100)
(Ann. rate,
percent)
5.5
5.5
6.0
578.0
582.7
588.1
8.2
8.3
8.5
462.2
464.5
466.4
5.8
5.3
4.7
600.6
603.4
604.7
7.3
6.6
4.7
0.0
0.2
1.1
468.2
468.7
469.2
4.1
3.9
3.3
603.5
605.1
604.8
2.8
2.7
3.1
212.9
213.3
213.5
1.0
0.3
-0.2
470.6
471.5
472.1
2.7
1.7
1.4
605.8
607.9
608.7
4.0
3.6
3.6
-0.6
-0.2
-0.6
213.8
213.3
212.8
-0.5
-0.8
-1.3
472.6
471.7
472.9
1.6
1.1
1.3
610.0
612.2
613.0
3.2
2.8
2.0
324.7
326.9
325.2
-0.6
0.4
0.4
212.6
212.6
212.9
-1.8
-1.0
-0.7
474.7
475.6
477.0
1.3
2.3
3.0
619.0
620.1
619.8
1.0
1.1
2.3
2.7
2.7
2.2
324.4
323.8
325.4
-1.0
-0.3
-0.5
211.9
211.4
211.7
-1.1
-1.5
-0.8
477.5
478.0
479.9
2.8
2.8
2.9
618.0
619.9
623.0
2.8
4.2
5.7
330.5
330.8
331.1
3.5
4.1
4.3
325.7
324.1
323.5
-2.0
-2.2
-0.2
211.0
210.8
211.2
0.0
0.0
-0.1
480.9
481.4
481.9
4.5
4.3
3.5
623.9
629.2
631.3
6.8
6.8
5.6
January
February
March
333.1
334.4
335.9
4.8
5.0
5.4
322.2
322.2
323.5
2.4
0.4
1.4
212.1
212.2
212.2
1.3
1.6
1.2
486.2
487.2
487.7
4.0
3.9
3.2
633.7
636.2
637.5
5.4
3.9
2.5
April
May
June
337.7
338.7
340.1
4.5
326.4
327.0
326.3
(NA)
212.8
212.9
213.3
1.7
490.3
491.2
492.1
(NA)
645.1
645.7
645.7
2.2
July
August
September
340.8
(1967 = 100)
(Ann. rate,
percent)
(1967 = 100)
January
February
March
316.1
317.4
318.8
3.7
4.0
4.2
321.3
318.7
320.2
2.2
1.3
1.4
211.0
211.9
212.6
3.4
3.4
2.4
453.5
455.8
459.0
April
May
June
320.1
321.3
322.3
4.1
3.6
2.7
321.9
323.3
323.5
1.6
1.7
0.9
212.9
213.1
213.3
1.6
0.9
0.2
July
August
September
322.8
323.5
324.5
2.8
3.2
3.4
323.8
320.7
323.8
2.2
2.4
1.7
212.9 ,
212.2
212.6
October
November
December
325.5
326.6
327.4
3.7
2.8
1.7
328.4
325.0
325.2
1.1
1.9
1.0
January
February
March
328.4
327.5
326.0
0.4
-0.1
0.1
325.8
324.4
323.5
April
May
June
325.3
326.3
327.9
-0.5
0.4
1.8
July
August
September
328.0
328.6
330.2
October
November
December
(1967 = 100)
(Ann. rate,
percent)
(1967 = 100)
(Ann. rate,
percent)
1985
1986
1987
(NA)
213.3
(NA)
645.2
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.
AUGUST 1987
95
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS—Continued
Q
CONSUMER PRICES-Continued
Italy
Year
and
month
737. Index ©
Q j
733c. Change
over 6-month
spans1
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 @
(Ann. rate,
percent)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
Canada
737c. Change
over 6-month
spans1
733. Index ©
STOCK PRICES
(1967 = 100)
(Ann. rate,
percent)
January
February
March
736.8
744.2
749.4
10.7
11.1
10.4
341.3
343.5
344.3
5.3
4.5
4.0
186.7
196.8
195.2
839.5
851.9
900.4
195.1
202.0
213.4
336.4
352.0
363.4
578.1
585.1
592.3
147.2
164.1
165.0
293.2
293.2
295.2
April
May
June
756.1
760.6
764.4
10.0
9.4
8.5
345.7
346.5
348.3
3.4
2.9
3.6
196.5
201.1
205.5
880.3
890.6
915.0
212.5
218.7
234.2
375.5
384.0
385.0
592.0
607.0
591.3
164.4
188.7
199.0
297.8
309.2
306.5
July
August
September
766.7
768.2
771.3
7.5
6.0
7.0
349.5
350.1
350.5
3.1
3.4
4.7
209.4
204.8
200.2
941.6
915.9
915.0
234.8
237.4
253.2
367.4
361.7
356.7
568.4
597.0
605.7
212.9
229.8
246.4
314.0
318.6
297.4
October
November
December
780.6
786.1
791.6
6.2
6.2
6.2
351.7
353.1
354.7
5.2
5.0
4.6
202.5
214.8
225.5
930.9
910.7
933.9
273.6
293.2
294.9
343.5
387.7
407.5
617.4
652.0
644.5
251.1
263.9
285.2
302.2
322.8
327.8
January
February
March
795.6
801.2
804.4
5.8
6.8
5.5
356.3
357.7
358.5
4.5
4.8
2.9
226.5
238.6
252.7
936.5
964.8
1,052.8
327.1
320.8
329.6
438.3
468.6
514.8
647.8
690.0
755.0
303.8
343.9
430.2
321.2
322.7
344.3
April
May
June
806.8
809.9
813.1
5.5
5.7
4.8
359.1
360.7
361.3
3.0
3.5
3.7
258.9
259.4
266.8
1,116.7
1,144.6
1,203.9
345.8
318.7
313.8
590.3
600.2
537.2
780.6
756.2
764.9
512.3
580.0
485.1
347.9
352.8
348.6
July
August
September
813.1
814.7
817.1
4.0
3.6
3.6
363.9
365.1
365.1
4.4
4.6
5.4
261.3
266.5
259.2
1,262.7
1,354.5
1,361.4
293.2
316.3
327.2
580.0
605.1
603.4
755.5
750.0
767.2
483.2
562.7
554.7
331.7
342.2
336.6
October
November
December
822.0
825.3
827.8
4.1
3.0
3.9
366.9
368.9
369.5
4.4
3.9
4.7
258.2
266.6
270.4
1,280.3
1,297.0
1,406.4
322.1
325.2
331.9
609.7
616.6
652.2
750.7
p774.2
P780.1
557.1
546.3
514.8
343.4
344.3
346.5
January
February
March
832.8
836.1
839.4
4.5
4.9
4.7
370.3
371.9
373.5
4.4
4.6
4.1
287.7
305.6
318.1
1,492.7
1,577.3
1,675.5
308.8
285.2
288.5
539.9
660.1
708.1
P832.9
p917.6
p973.7
526.7
502.9
501.9
378.4
395.4
422.5
April
May
June
841.9
845.3
848.7
(NA)
375.3
377.3
378.5
5.2
314.7
314.5
327.8
1,856.7
1,937.3
1,965.7
P303.9
p296.3
P304.1
729.8
701.2
p664.6
p955.4
pi,040.5
pi,098.3
533.2
533.4
P521.5
420.0
416.4
422.6
337.3
P357.7
rpl,863.3
pi,964.8
rp322.9
P340.0
rp677.6
P684.1
rpl,156.3
pi,103.1
rp508.1
p470.4
455.4
P468.3
(1967 = 100)
1985
1986
1987
July
August
September
(NA)
381.3
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.
9
6
AUGUST 1987
APPENDIXES
B. Current Adjustment Factors
1987
Series
May
Jan.
143.7
1
13. New business incorporations
102.4
91 0
93 3
82 9
88 0
105 1
85 9
81 4
99.9
5. Average weekly initial claims, State
unemployment insurance
Feb.
93.3
107.6
107.6
99.0
107.3
102.1
93.2
97.4
15. Profits after taxes per dollar of sales,
manufacturing corporations2
72. Commercial and industrial loans
outstanding in current dollars3
Mar.
Apr.
97.8
June
July
108 8
Aug.
Sept.
Oct.
Nov.
Dec.
92 7
104 7
129 0
100.4
88 1
104 8
99 1
94 2
99.8
99.5
100.6
100 6
100.7
100 4
100 2
99 6
99 4
99 3
99 8
99 9
517. Defense Department gross obligations
incurred1
114.2
89.6
105.8
89.7
80.5
88.3
92.6
86.0
126.0
105.7
106.4
116.3
525. Defense Department prime contract awards
123.4
93.8
114.8
83.0
79.8
81.7
78.1
81.2
187.0
59.7
119.1
99.4
543. Defense Department gross unpaid
obligations outstanding
104.1
103.6
103.4
103.1
100.6
98.4
96.7
94 4
97.0
97.7
99 7
101 4
570. Employment, defense products industries . .
100.3
100.1
100.0
99.8
99.7
100.1
100.0
99.5
100.0
100.1
100.2
100.3
99.4
99.4
99.5
99.5
100.4
101.0
101.7
101.2
99.0
99.3
99.7
99.9
97.1
94.8
103.5
100.7
99.7
100.8
103.5
97.4
99.8
97.9
97.1
108.9
112.4
108.5
112.0
101.6
90.4
84.7
80.7
84.7
88.9
103.2
117.3
116.9
578. Defense Department civilian personnel,
direct hire employment . . .
1
580. Defense Department net outlays
604. Exports of domestic agricultural products .
606. Exports of nonelectrical machinery
....
97.8
91.2
111.9
101.7
104.0
103.0
98.0
96.3
96.5
104.5
96.8
98.4
614. Imports of petroleum and petroleum
products1
...
102.9
86.3
84.6
97.8
88.0
111.8
105.4
96.0
105.2
106.0
112.2
104.1
103.7
96.1
109.7
109.3
104.5
109.4
96.9
85.2
95.8
93.4
103.2
95.0
616. Imports of automobiles and parts1
NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis rather than by the source agency. Seasonally adjusted data prepared by the source agency will be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description
of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-ll VARIANT OF THE CENSUS METHOD
II SEASONAL ADJUSTMENT PROGRAM.
x
Factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
3
These factors apply only to the loans portion of this series.
97
C. Historical Data for Selected Series
Year
Jan.
1.
1964...
1965.. .
1966.. .
1967. . .
1969.
1970.
1971.
..
..
. .
1973.
1974.
..
. .
1977...
1978. . .
1979. . .
1980...
1981.. .
1982. . .
1983 . . .
1986.. .
1987. . .
1959...
I960.. .
1961...
1962.. .
1963.. .
1964...
1965...
1966 . . .
1967...
1968.. .
1969...
1970. . .
197 1
1972.. .
1973...
1974...
1975...
1976.. .
1977 . . .
1978. . .
1979.. .
1980 . . .
1981 . . .
1982...
1983.. .
1984...
1985.. .
May
June
July
Aug.
40.9
39.5
40 .9
40.2
39.8
38.8
40.6
40 .0
39.6
40 .5
40.5
40 .7
41 .2
40.7
39.6
40 .6
40.1
39.9
39.0
40.5
39.8
39.9
40 . 4
40.6
40.7
41 .1
40.6
39.6
40 .6
40.2
39.9
39.2
40.2
39.8
40.0
40.4
40.5
40.8
41.1
40.4
39.7
40 .6
40.2
39.8
39 . 4
40.3
39.7
40.1
40.3
40.4
40 .9
41.0
40.4
40 .9
40 . 4
40 .9
40.4
40 .9
40.5
40 . 8
40.2
39.7
40 .4
40.9
40.4
38.9
40.3
40.3
39.9
40.5
40.1
39.8
39.5
39.2
41 .0
40.0
40.6
Sept.
Oct.
Nov.
III Q
IV Q
Annual
Dec.
IQ
ll Q
40.1
39.8
40.4
40.8
40.4
38.8
40 .2
40.2
40 .5
40.6
39.8
39.9
39.1
39.6
40.7
40.5
40.7
39.9
39.7
40.7
40.9
39.3
39.2
39.6
40.4
40 . 8
39.2
39.7
40 .0
39.0
40 .0
41 .1
40.3
40.7
39.8
39.9
40.5
40.7
40.3
39.0
40 .3
40.4
40 . 4
40.2
39.4
40.2
39.1
40 .0
40.7
40.4
40.7
39.9
40 .0
40 .6
40.6
40.2
39.2
40.2
40.5
40.5
40.2
39.2
40.0
39.2
40.2
40.7
40.5
40.6
40.0
39.9
40 .5
40.7
40 .2
39.4
40.3
40.3
40.6
40.2
39.1
39.9
39.2
40 .3
40.6
40.5
40.6
40.0
39.6
40.9
40.5
39.3
39.5
40.1
39.6
40 .2
40.2
40 .6
40.6
41.2
41 .3
40.6
40 .9
39.8
40.1
41 .0
40 .4
39.2
39.8
39.8
39.2
40.5
40.3
40.5
40.8
41 . 3
40.6
40 .7
39.8
39.5
40 .7
40.4
39.7
39 .6
40.1
39 .4
39.5
40.5
40.6
40 .5
40 . 8
41 .3
40.7
40.9
40.0
40.8
40.5
39.0
39.8
40.2
38.4
40.3
40.2
40 .6
41 .1
41 . 4
40 .9
40.7
40 .7
40.5
39.5
40 .2
40 .5
40.6
39.3
40.2
40.0
40 .4
40.6
40 .2
40 .1
39.3
39.1
40.6
40 .6
40.9
40.8
39.6
40.5
40.6
40.3
38.7
40.2
40.2
39.3
40.3
40.4
40.4
41.3
41 5
40 .6
40.6
40 6
40 .2
39.8
40.3
40 .7
40.4
39.0
40.3
40.1
40.0
40.5
40.0
39.9
38.6
39.4
40.8
40.3
40.7
39.5
40.7
40.3
39.9
38.8
40.5
39.8
39.7
40.5
40.4
40.7
41.1
39.6
40.6
40.3
39.8
39.4
40.2
39.6
39.9
40.4
40.5
40.7
41.0
40.4
40.6
40. (
40.i
40.6
40.8
40.5
39.6
40.7
40.4
39.8
39.2
40.3
39.7
39.8
40 .4
40.5
40.7
41 .2
41 .4
40.6
40.7
39.8
39 . 8
40 .6
40.5
40 .2
39.7
40.1
40.4
40.5
40.1
39.5
40.0
39.0
40 .3
40.5
40.6
40.8
39.3
39.4
40 .6
40.7
40 .0
39.9
39.8
40.4
40.6
40.2
39.6
39.4
38.8
40 .7
40 .6
40.7
40.8
39.5
39.9
40 .7
40.6
40 .0
39.8
40.0
40.5
40.5
40.2
39.7
39.6
38.9
40.7
40.5
40.7
40.7
39.5
40 .0
40 .8
40.7
39.5
39.9
40.1
40 .4
40.6
40.1
39 .9
39.4
39.0
40.6
40.5
40.7
40.8
40.6
40 . 8
39.9
39.9
40.6
40.7
39.9
39.1
40.0
40.4
40.6
39.9
39.^ •
40.
39.
40.
40. i
40.^ •
40.
39.7
39.7
40.J
40.5
40.L
39.7
40.L
40.+
40.>
40.2
39.4
39.8
39.0
40.4
40.6
40.6
40.7
39.5
40.0
40.7
40 . 6
39.6
40.0
40.0
40.4
40.6
40.2
39.9
39.4
39.0
40.6
40.5
40.8
40.8
39.8
39.9
40.5
40.7
40 .0
39.5
40.1
40.3
40.4
40.2
39.7
39.8
38.9
40.1
40.7
40.5
40.7
AVERAGE WEEKLY OVERTIM S HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING
(HOURS)
3.1
2.8
1.8
2.5
3.0
2.1
2.8
2.9
2.6
1 .8
2.6
2.8
2.1
2 .7
2.7
2.6
1 .7
2.8
2.7
2.1
2.8
2.8
2.5
1.7
2.8
2.9
3.5
3.9
3.6
3.4
3.7
2.9
3.6
4.1
3.4
3.5
3.6
2.8
3.9
3.6
2.7
2.6
2.5
2.7
1.9
2.9
1 .9
2.8
2.1
2.8
2.2
1 .8
2.9
2.5
2.3
2.3
2.4
2.8
2.5
2.6
2.2
2.7
2.3
2.5
2.8
2.9
3.7
4.1
3.3
3.5
3.6
3.1
3 .4
3.1
3.6
3.1
3.6
3.1
3.6
3.3
3.5
2.8
2.8
4.0
3 .5
3.8
3 .5
3.3
3.4
3.3
3.7
3.1
3.0
2.3
2 .4
3.0
2.9
2.4
2 .4
3.3
3.5
3.7
3 .1
2.9
2.4
2.6
3.5
3.2
3.4
2.7
2 .7
2.1
2 .4
2.4
2.1
2.7
2.7
2.9
1 .9
2.5
2.6
2.0
2.8
2.8
3.8
3.3
3 8
3.5
3.6
3 .4
3 7
3.5
2.8
2.1
2 .2
2.7
2 .4
3.4
3.5
21,073
20,219
19 , 8 3 2
20,997
21,196
20 1 83
20,061
20,789
19,675
20,122
20,463
20 , 6 0 8
21,459
22,615
23,488
23,336
24,119
24,190
22 941
23 ,226
24,391
25,200
23,296
23,057
23,631
24,794
26,257
26,461
25,580
24,671
22,925
24,205
24,993
2.8
2.7
2.4
1.8
2.9
2.4
2.3
2.9
2.6
2.2
2.1
2.8
2.3
2.5
2.7
2.8
2.0
2.4
2.6
2.2
2.7
2.7
2.8
2.3
2 .0
2 .7
2.4
2.4
2.8
3.6
4.0
3.4
3.5
3.6
3.1
3.5
4.0
3.3
3.4
3.6
3.2
3.5
3.9
3.4
3.6
3.6
3.2
3.8
3.8
3.4
3.7
3.5
3.1
3.6
3.9
3.4
3.6
3.6
2.8
3 2
3.9
3.5
2.4
3.1
3.3
3.5
3.6
3.1
2.9
2.9
3 5
3.9
3.2
2.4
3.0
3.5
3.7
3.2
2.6
2.9
2.9
3 5
3.8
3.3
2.7
3.2
3.5
3.6
3.3
2.6
2.8
2.9
3 7
3.8
2.9
2.9
3.2
3.5
3.6
3.2
3.0
2.5
2.9
3 5
3 .8
3.3
2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3 .0
3.4
3.3
3.5
2.9
2 .7
1.8
2.6
2.8
3.3
3.2
3.3
3.4
3.6
3.5
3.6
3.6
2.9
3.6
3.0
2.9
3.6
2 .8
3.6
3.0
2.9
3.9
3.4
3 7
3.5
2.9
2 .9
2.9
2.9
4.1
2 .8
3.9
3 .5
3.8
3 .4
3.8
3 .4
3.7
3 .3
2 .8
3.8
3 .2
2 .8
3.8
3.2
2.8
3.9
2.8
2.9
3.0
3 7
3.7
2.7
3.0
3.6
3.9
3.5
3.5
3.6
3.5
3.6
3.5
3.5
3.5
3 .6
2.6
2.4
2.5
3.5
3.6
3.2
2.8
3.6
3.7
3.2
3.0
3.5
3.6
3.2
3.1
2.4
2.8
2.4
2.9
2.3
3.0
3.4
2.3
3.1
3.3
3.3
3 .5
2.3
3.3
3.3
2.3
3.3
3.3
3.3
2.5
2.8
3.5
3.1
3.3
3.3
3.3
3 .6
3.4
3.4
3.5
3.5
3.3
3.1
3.7
2.8
2.8
3.4
3.4
3.5
3.5
3 .5
3.3
3.5
3.5
EMPLOYEES O N ONAGRICULTURAL PAYROLLS, GOODS-PRODUCING INDUSTRIE S
N
(TH OUSANDS)
21 , 2 3 5
20,163
19,984
21,087
21,278
AVERAGE FOR P E R I O D
20,643
20,639
19,751
20,505
20,649
20,916
21,751
23,111
23,231
20,436
20,360
19,936
20,540
20,720
21,111
22,036
23,318
23,233
20,395
19,972
20,116
20,495
20,733
21,231
22,372
23,420
23,373
20 , 4 1 1
20,434
19,857
20,451
20,640
21,005
21,926
23,158
23 , 3 0 8
23,737
24,361
23,578
22 93 5
23*.375
22,830
24,300
22,702
24,353
23,014
24,218
24,197
24,371
23,807
24,487
23,480
24,365
22,849
23,694
24,981
24,834
23,795
24,977
24,726
24,004
25,109
24,587
24,121
25,214
24,216
24,188
25,268
23,659
23,300
24,570
2 5,186
24,823
25,050
24,963
24,824
25,197
24,154
24,893
24,794
23,365
24,522
25,729
26 ,619
25,035
25,699
23,728
23,358
24,508
25,781
26,484
25,205
2 5,6 40
23,535
23,512
24,622
25,829
26 ,483
25,274
25,596
23,413
23,417
24,662
25,977
26 , 4 7 5
25,388
25,441
23,129
23,557
24,741
26,119
26,387
25,505
25,235
22,948
23,575
24,745
26,231
26 , 4 4 4
25,586
24,991
22,864
23 , 1 4 9
23,799
24,902
26,349
26,377
25,568
24,613
23,330
24,307
25,536
26,529
25,624
25,575
24,124
23,412
24,551
25,780
26,529
25,171
25,645
23,559
23,516
24,716
26,109
26,435
25,493
25,222
22,980
23,352
2 4 , 3 46
25,585
26,461
25,658
25,497
23,813
24*889
24,812
24,913
24,799
24,891
24,752
24,922
24,782
24,928
24,979
24,377
24,965
24,686
24,899
24,898
24,788
24,943
24,788
24,727
24,930
20,626
20,596
21,026
20,661
21,124
20 ,942
20,675
21,137
20 ,843
20,789
21,261
20,741
20,121
20,903
19 ,559
20,304
20,425
20,830
21,560
22,793
23,389
23,542
24,229
24,198
22 841
23 , 2 6 9
24,618
25,219
20,315
20,636
19 , 6 2 1
20,328
20,447
20,832
21 ,606
22,950
23,314
23,542
20,520
20,721
19,628
20 ,526
20,615
20,875
21,642
23,002
23,282
23,663
20 , 6 4 4
20,653
19,745
20,516
20,681
20,915
21,763
23,082
23,211
23,694
20,765
20,544
19,880
20,473
20,650
20,958
21,849
23,250
23,200
23,717
20,793
20,451
19,878
20,526
20,697
21,020
21,941
23,291
23,236
20 , 2 7 3
20 , 3 7 5
19,967
20 ,546
20,717
21,088
22,032
23,363
23,238
23,796
20,242
20 , 2 5 5
19,963
20 , 5 4 8
20,743
21,225
22,134
23,299
23,226
24,204
22 82 8
23,406
24,702
25,139
24,027
23,744
23,649
23,598
23,467
23,484
24,745
25,094
23,588
24,804
25,054
23 , 6 6 1
24,919
25,003
23,574
24,931
24,911
23,159
23 ,777
24,857
26,289
26,384
25,524
24,663
22,815
24,424
24,926
23,230
23,990
25,055
26 , 5 0 1
26,287
25,601
24,504
23,354
24,178
25,449
26 , 4 6 0
25,952
25,551
24,285
22,915
24,598
24,943
23,315
24,306
25,502
26,521
25,606
25,520
24,170
23,320
24,438
25,658
26,605
25,315
25,655
23,916
23 , 1 8 4
24,787
24,852
»
»
21,074
19,751
20,513
21 , 1 0 4
20,964
20,127
20,151
20,004
20,552
20,769
20,983
22 ,206
23,373
23,205
20,641
21,207
21,092
NOTE: These series contain revisions beginning with 1982.
20,666
19,667
20,869
21,256
20,566
20,137
20,002
21 ,036
21,248
19,806
20 ,166
20,776
19,618
20,251
20,445
20,757
21,542
22,786
23,397
19 ,727
20,526
21 , 1 3 5
21,124
1987.. .
21,159
19,458
20,654
20,952
20,937
19 , 7 4 8
20,942
21 ,292
20 , 4 1 8
19,838
20,720
19 , 7 5 2
20,200
20 , 4 2 8
20,723
21,402
22,536
23,467
23,474
19 ,877
20,367
21 ,137
21 , 1 9 2
24*674
24,901
21,293
19,750
20,511
21,160
21,136
20,876
21,214
20 , 5 3 9
19,817
20,339
20 ,012
20,144
20,505
20,707
21,307
22 , 3 7 3
23,419
23,440
20 ,030
20,191
21 , 0 2 4
21,269
24*501
24,977
39.9
40.9
40.5
39.2
39.7
40.0
39.1
40.3
40.2
40.6
40.8
41.3
AVERAGE FOR PERIOD
3.5
40 .
1953 . . .
1954. . .
1955...
1956. . .
1957.. .
Apr.
41 .1
39.4
40.6
40.6
40.1
38.6
40 .5
39.7
39.6
40.7
40.2
40.8
41.0
41.5
40.5
40.0
41 .0
39.7
40.5
40.6
40.4
38.6
40.2
40 .1
39.3
40.3
40.3
40 .6
41.2
40 . 4
39.9
40 .2
40.4
40.5
39.2
40.5
39.7
39.6
40.5
40.1
40.1
37.3
39.4
40 .7
40.5
40.8
21.
Mar.
41.1
39.5
40 .7
40.4
40.2
38.7
40.4
39.9
39.4
40.5
40.4
40 .6
41.4
41.5
40.4
40 .7
41.0
39.5
40 . 3
40.8
40 .3
38.8
40.1
40.5
39.2
40 .0
40.4
40.1
41.2
41 4
41 .0
40.3
1953.. .
1954...
1955...
1956. . .
1957 . . .
1958. . .
1959...
1960. . .
1961.. .
1962. . .
1963...
1964.. .
1965.. .
1966 . . .
1967.. .
1968. . .
1969...
1970.. .
1971...
1972.. .
1973...
1974...
1975...
1976...
1977 . . .
1978. . .
1979. . .
1980 . . .
1981...
1982.. .
1983...
1984.. .
1985.. .
1986 . . .
1987. . .
1953
1 954
1955...
1956. . .
1957. . .
1958. . .
1959. . .
1960...
1961. . .
1962. . .
Feb.
AVERAGE WEEKLY HOUR 3 OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING
(HOURS)
»
(AUGUST 1987)
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
41.
1953...
50,043
1954...
4 9 , 3 40
1955...
49,363
1956...
51,880
1957 . . . 52 ,808
1958...
52,002
1959...
52,410
1960...
54,184
1961. ..
53,524
1962...
54,703
1963...
55,927
1964...
57,281
1965.. .
59,419
1966. ..
62,415
1967...
65,240
1968...
66,656
1969...
69,297
1970...
71 ,059
1971 . . . 7 0 , 7 5 2
1972...
72,357
1973...
75,521
1974...
78,020
1975...
77,153
1976...
78,317
1977...
80 ,527
1978...
84,478
1979...
88,711
1980...
90 ,784
1981...
90,927
1982 . . . 9 0 , 3 9 1
1983...
88,818
1984. ..
92,569
1985.. .
96 ,364
1986...
98 ,776
1987...
50,271
49 ,270
49 ,523
52,096
53,000
51,448
52,558
54,406
53,373
54,996
56,039
57,621
59 ,710
62,766
65 ,224
67,026
69,575
71,201
70,689
72,542
75,923
78,181
76,743
78,614
80 ,7 83
84,800
88,955
90 ,889
90,987
90,391
88,725
93,085
96 ,512
98,914
50,360
49,081
49 ,867
52,141
53,052
51 ,131
52,863
54,348
53,462
55,109
56,157
57,686
59,921
63,129
65,305
67,156
69 ,803
71,363
70,766
72,850
76,168
78,184
76,429
78,828
81,228
85,339
89 ,406
90 ,970
91,085
90,264
88,932
93,377
96 ,880
99,013
May
June
July
EMPLOYEES ON NONAGRICULTURAL
(THOUSANDS)
50 ,367
48,984
50,106
52,302
53,029
50,787
53 , 190
54,561
53,485
55 ,384
56,398
57,846
60,080
63,318
65,373
67,422
69,980
71,283
70,969
73 ,079
50 ,343
48,857
50 ,414
52,387
52,999
50,760
53,382
54,366
53,664
55,514
56,534
57,974
60,389
63 ,595
65,478
7,519
0,197
0,998
1,129
3 ,346
78,239
76,333
79,142
81,615
86,064
89,356
90,747
91,175
90 ,028
89,248
93 ,737
97,058
99,252
78,381
76 ,470
79,188
81,984
86,396
89,671
90,269
91 ,151
90 ,006
89,557
94,040
97,299
99,389
50 ,386
48,810
50,705
52,454
52,961
50,822
53,603
54,292
53 ,922
55 ,563
56,571
58 ,128
60,590
63,989
65,642
79
78
70,888
7 1 , ] 36
73,< .39
7 6 , ; '43
78,443
76,400
79 ,264
82,392
86 ,833
89,985
89,931
91 ,328
89,769
89,964
94,420
97,409
99 ,323
Aug. Sept
Oct.
Nov.
50,385
48,689
50,823
51,764
52,970
50,915
53 ,683
54,230
54,052
55 ,663
56,705
58,309
60,868
64,166
65,816
67,979
70,629
70,927
71,169
73,576
76,713
78,492
76,640
7 9,46 9
82,743
87,060
90 ,088
89,670
91 ,467
89 ,435
90,381
94,723
97,572
99 ,601
71,723
74,904
77,867
78,234
77,582
80,122
84,012
88,233
90,449
90,583
91 ,020
88,671
91 ,776
95,941
98,445
100,415
49,627
49 ,242
51 ,721
52,865
52,281
51 ,968
54,033
53,571
54,739
55,915
57 ,251
59,320
62 ,209
65,042
66 ,767
69,151
71 ,119
70 ,661
71,977
75,164
77,933
77,531
77 , 8 7 8
80 ,310
84,260
88,534
90,595
90,818
90 ,750
88,644
92,140
96,099
98,658
100,567
50 ,225
49,230
49,584
52 ,039
52 ,953
51 ,527
52,610
54,313
53,453
54,936
56,041
57,529
59,683
62,770
65,256
66 ,946
69,558
71,208
70,736
72,583
75,871
78,128
76 , 7 7 5
7 8,5 86
80,846
84,872
89,024
90,881
91 ,000
90 ,349
88,825
93 ,010
96,585
98,901
50,365
48,884
50,408
52,381
52 ,996
50,790
53,392
54,406
53,690
55,487
56,501
57,983
60,353
63,634
65,498
67,573
70,218
71,056
71,078
73 ,355
76 ,508
78,354
76 ,401
79,198
81 ,997
86,431
89,671
90 ,316
91,218
89 ,934
89,590
94,066
97,255
99,321
31.93
27 .34
34.20
40.62
40.62
35 .07
40 .50
40.97
42.58
45.12
48.91
55.26
64.94
75.42
73 .20
95.40
107.10
100 .38
105.56
116.57
145.33
168.28
161 .93
175.04
207 .83
252 .68
301 .19
322.46
350.27
317 .49
321.80
382.20
404.89
394.85
31.02
28.22
34.39
41 .84
40.01
36.04
40.17
40.65
42 .90
45.16
48.45
55.67
66.29
73.90
74.27
96.66
106.32
100 .98
106.78
119.32
150.63
169.02
160 .27
178.03
208.36
257.25
296 .10
322.47
356.10
315 . 7 8
333.02
387.90
405.00
390.78
30.48
29.06
34.93
42.51
38.09
35.74
41 .08
41 .08
43.17
44.10
48.65
57.16
68.53
74.72
77 .66
94.18
106.30
102 .38
113.33
120 .90
149.53
163.26
158.80
185.00
210.59
260.19
303 .50
322.90
349.34
316.40
352.53
406.39
418.62
412.74
33.54
30.45
30.86
35.05
41 .96
37.05
37 .42
40.94
40 .56
43.38
44.7 4
50.28
58.47
68.62
72.28
92.97
100 .00
104.62
102.29
114.30
125.77
152.38
162 .62
163.56
185.32
214.34
271.06
316 .33
337.68
357 .37
312.37
350.72
391.00
390 .12
33.35
28.55
32.26
38.84
40.95
35.11
39.23
41 .71
40 .36
45.33
46.51
52.42
60 .80
71.29
71 .82
92.31
101.97
104.01
103.29
115.14
133.88
157.50
159.83
169.42
192.57
230.86
279.59
310 .90
348.60
342 .74
314.43
368.07
398.71
389.04
.233
.198
1 .238
1 .200
1 .229
1 .207
.327
.357
.324
.322
.337
.304
.292
.339
.356
.323
.324
.335
.309
.285
.335
.356
.331
.336
.328
.312
.283
.222
.208
.282
.340
.352
.335
.353
.315
.313
.278
.234
.214
.212
.289
.342
.341
.327
.354
.315
.304
,288
,269
,305
,355
,381
.306
,277
,331
,383
.349
.317
.307
.363
,399
.434
,480
.407
.337
.373
,238
,250
.293
,263
,304
,359
.369
,298
.289
,343
,389
.354
.307
.307
.373
.411
.449
.470
.408
.346
.364
,238
,253
.299
.267
.303
.359
.362
.297
.297
.351
.379
.349
.310
.311
.378
.244
.254
.295
.273
.302
.362
.359
.301
.295
.351
.3 80
.347
.305
.311
.383
.425
.471
.444
.406
.361
1 .357
1.3 40
1 .290
.249
.241
.256
.297
.282
.304
.371
.349
.299
.294
.3 44
.367
.343
.297
.318
.393
.437
.477
.439
1.352
1 .371
1.349
1 .340
.241
.200
,233
,305
,350
,316
,337
.360
.310
.299
,256
.251
.244
.263
.282
.298
.325
.396
.331
.288
.305
.351
.353
.327
.297
.350
.395
.438
.468
.438
.345
.365
.348
.333
50,216
50,272
48,752
48,644
51,085
50,905
52,446
52,396
52,825
52,918
51 ,359
51,118
53 ,265
53,230
54,069
54,198
54,303
54,232
55,860
55,796
56,971
56,832
58 ,777
58,510
61 ,072 61,333
64,367
64,306
65 ,933 66,074
68,333
68,189
70,800
70,742
70,815
70,750
71,499
71,168
74,107
73,908
77,170
77,009
78,542
78,511
77 , 0 3 4 77 ,216
79,857
79,591
83,460
82,954
87 ,470
87 ,319
90 ,166
90,148
89,933
90 ,058
91 ,415 91 ,354
89,272
89,122
90 ,064 91 ,194
94,970
95,278
97,785
97,968
99 ,772 100,039
50,114
48,828
51,308
52,667
52,673
51 ,379
53,203
53 ,982
54,375
55,919
57,148
58,658
61,538
64,614
66 ,091
68,569
70,957
70 ,383
71,485
74,537
77,506
78,599
77,479
,659
,788
90,356
90,350
91 ,259
88,836
91 ,467
95,606
98,230
100,209
49,824
49,102
51,491
52,722
52,458
51 ,831
53,503
53,843
54,636
55,943
57,125
59,080
61 ,859
64,839
66 ,570
68,837
70,921
69. MANUFACTURERS' MACHINERY AND EQUIPMENT SALES AND BUSINESS CONSTRUCTION
EXPENDITURES
(ANNUAL RATE, BILLIONS OF DOLLARS)
1953.. .
1954. ..
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972. ..
1973...
1974...
1975...
1976...
1977...
1978...
1979. ..
1980...
1981...
1982...
1983...
1984...
1985 . . .
1986...
1987 . . .
33.49
31.49
29.70
34.51
41.77
38.04
36.71
41 .00
40.60
42.41
44.34
50.23
57.33
67.78
72.84
94.67
97.66
103 .16
101.47
114.28
125.44
151 .09
164.03
160.01
182.57
209.99
266 .69
313.89
336 .39
351 .80
315.60
345.07
377.04
381 .52
33.85
30.46
31.14
35.07
42 .65
36.64
37.56
40.6 2
40 .81
43.51
45.16
50 .04
58.12
67 .62
72.32
91 .65
99 .90
105.99
101.95
113.74
124.03
153.01
164.23
164.79
184.67
214.61
266.66
319.14
332.71
364.79
307.98
349.63
391 .20
394.74
33.28
29.39
31.75
35.56
41 .47
36.47
37.99
41.20
40 .27
44.23
44.72
50.57
59.95
70.45
71.67
92.59
102 .45
104.72
103 .46
114.87
127 .84
153 .04
159.61
165.88
188.71
218.41
279.84
315 .97
343.95
355.53
313.53
357 .46
404.77
394.11
34.04
28.90
31.60
38.02
41 .29
35 .24
38.39
41 .62
40 .42
44.82
46.07
51 .32
60.67
70.60
71.10
93 .90
101.35
105.25
101 .79
114.97
132.27
154.28
160.46
167 .62
191 .65
230.38
276.44
311 .72
348.91
344.72
315.56
358.85
397 .44
395.29
33 .70
28.48
32.37
38.51
40.89
34.63
39.50
41 .92
40.07
45.51
46 .87
52.58
6 0.82
70 .86
71.56
91 .69
101.65
104.91
103.23
115.20
133.44
156 .28
159.70
170.60
194.58
226.82
281 .56
311 .35
346.87
345.95
302.89
369.32
397 .59
383.39
32.31
28.27
32.82
39.99
40.68
35 .45
39.79
41 .59
40.5 8
45.66
46.60
53.35
60 .91
72.42
72.81
91 .34
102.92
101 .86
104.85
115.25
135.94
161 .95
159 .34
170 .05
191.47
235.37
280 .78
309.62
350.02
337 .55
324.85
376.05
401 .10
388.43
32.82
29.26
32.26
39.50
39.99
34.32
41 .31
42 .53
39.90
45.10
47.58
55.65
62.04
73.44
73.22
91 .55
104.87
103.86
102.98
114.70
1 40 . 7 4
159.60
158.94
170.88
198.04
238.71
292.31
315.16
350.15
331 .55
315.05
367.88
394.00
389.46
31.30
28.29
33.24
39.51
41.24
35.16
40 .24
40.26
41 .69
46.17
47 .82
53.98
61.59
74.67
74.04
92.42
105.15
103.13
104.14
116.65
139.88
159.53
159 .52
173.76
201.65
2 44.6 5
298.30
305.85
360.48
325 .02
316.05
373.39
401 .99
388.79
31.39
28.36
34.21
39.34
40.3 9
35.26
40.7 4
41.31
42.16
45.30
48.18
54.64
63 .68
74.58
74.13
93.96
107.83
101 .22
106.02
115 .40
142.47
164.83
158.88
173 .20
202.57
251.42
294.89
319.94
356.53
324.24
324.83
390.51
395 .7 8
388.06
.228
.217
.208
.283
.336
.354
.324
,355
.318
.304
.2 80
.249
.246
.251
,302
.273
.299
,360
.360
,301
,287
.349
.376
.350
.295
.308
.387
.438
.476
.436
.370
.367
.350
.338
.234
.217
.208
.291
.345
.337
.327
.354
.315
.303
.266
.248
.238
.257
.295
.282
.303
.374
.348
.301
.293
.345
.369
.342
.297
.317
.392
.434
.477
.441
.344
.371
.348
.2 40
.209
.219
.293
.345
.333
.331
.352
.312
.304
.262
.249
.238
.259
.293
.291
.310
.379
.339
.295
.303
.337
.357
.337
.299
.330
.401
.438
.477
.439
.341
1.374
1.350
.238
.206
.228
.302
,3 46
,320
.337
.361
,308
,303
.257
,251
.239
.258
.288
.294
.316
.407
.328
.293
.301
.341
.351
.332
.297
.344
.394
.443
.467
.440
.345
.368
.359
1 .240
1.199
1 .233
1 .305
1 .348
1 .316
1 .337
1 .362
1 .308
1 .298
1 .254
1 .252
1 .244
1 .196
1 .239
1 .193
.309
.357
.311
.338
.358
.314
.296
.257
.250
1.305
1.359
1 .330
.334
.350
.314
.295
.249
.247
.323
.362
.321
.320
,340
1 .262
1 .281
1 .299
1 .326
1 .394
1 .322
1 .294
1 .306
1 .353
1.347
1 .324
1 .297
1 .350
1 .397
1 .439
1 .467
1 .440
1 .347
1 .362
1 .346
.270
.278
.300
.332
.388
.342
.276
.309
.359
.360
.326
.298
.356
.394
.431
.470
.434
.344
.365
1 .339
.277
.276
.303
.341
.391
.315
.281
.308
.373
.341
.329
.302
.362
.404
.434
.483
.431
.3 40
.370
.284
.274
.305
.351
.386
.313
.282
.323
.379
.348
.322
.305
.365
.403
.432
.482
.415
.331
.371
NOTE: Jnless otherwise noted, these series contain revisons beginn ng with 1984.
1
This series contains revisions beginning with 1982.
Annual
.193
.291
.247
.247
50,291
48,695
50,938
52 ,202
52 ,904
51 ,131
53,393
54,166
54,196
55 ,773
56 ,836
58,532
61,091
64,280
65,941
68,167
70,724
70,831
71,279
73 ,864
76 ,964
78,515
76 ,963
79,639
83,052
87,283
90,134
89 ,887
91 ,412
89 ,276
90,546
94,990
97 ,775
99,804
49,855
49 ,057
51 ,507
52,751
52,471
51 ,726
53,580
53,799
54,583
55,926
57,175
59 ,019
61,869
64,832
66 ,476
68,852
70,999
70,436
71 ,728
74,868
77,769
78,121
77 ,646
80,093
83,977
88,185
90,467
90 ,584
91 ,010
88,717
91 ,794
95,882
98,444
100,397
AVERAGE FOR PERIOD
108. RATIO, PERSONAL INCOME TO MONEY SUPPLY M2
(RATIO)
1953...
1954...
1955 . . .
1956 . . .
1957 . . .
1958...
1959. . .
1960...
1961 . . .
1962...
1963.. .
196 4 . . .
1965 . . .
1966...
1967...
1968...
1969.. .
1970.. .
1971...
1972...
1973 . . .
1974...
1975. . .
1976.. .
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983.. .
1984...
1985 . . .
1986.. .
1987...
IV Q
Dec, 1 Q
PAYROLLS1
31.84
28.64
33.24
39.45
40.5 4
34.91
40 .76
41.37
41 .25
45.52
47.86
54.76
62.44
74.23
73 .80
92.64
105.95
102 .74
104.38
115.58
141.03
161 .32
159.11
172.61
200.75
244.93
295.17
313.65
355.72
326.94
318.64
377.26
397.26
388.77
31 .14
28.21
34.51
41 .66
39.57
35.62
40.5 8
40.90
42.88
44.7 9
48.67
56.03
66.59
74.68
75 .04
95.41
106.57
101.25
108.56
118.93
148.50
166 .85
160.33
179.36
208.93
256 .71
300.26
322.61
351.90
316.56
335.78
392.16
409.50
399.46
AVERAGE FOR PERIOD
09
53
358
1 .235
1.195
1.257
1 .318
1 .359
1 .325
1 .325
1 .342
1 .309
1 .293
1 .248
1 .246
1.252
1 .283
1 .273
1 .304
1 .349
1 .386
1 .311
1 .280
1.321
1.378
1.346
1 .323
1 .305
1 .363
1 .402
1.433
1 .482
1 .418
1 .336
1 .371
1 .330
1 .308
.230
.205
.275
.338
.355
.330
.338
.326
.311
.282
.246
.2 40
.252
.296
.268
.303
.360
.363
.299
.294
.348
.383
.350
.307
.310
78
19
58
57
•08
53
.360
.335
.293
(AUGUST 1987)
C. Historical Data for Selected Series—Continued
Year
Jan.
340.
Feb.
Mar.
Apr.
May
June
July
Oct
Nov.
Dec.
I Q
INDEX OF AVERAGE HOURLY EARNINGS OF PRODUCTION OR NONSUPERVISORY WORKERS O PRIVATE
N
NONAGRICULTURAL PAYROLLS
(1977=100)
45.6
47.5
49 .6
52.4
55.7
59.4
63 .8
68.2
72.1
76 .7
83.7
45.8
47 .6
49 .9
45.8
47 .7
50 .0
56.1
59.8
64.2
68.4
72.4
77 .2
84.4
90.5
97.3
44.7
46.3
5.0
45.9
48.0
50.2
46.2
48.1
50.4
50.6
46.4
48.4
50.9
162.8
167.5
104.8
113.6
122.9
135.0
145.1
153.5
158.3
163.6
168.2
56 .
60.
64.
68.
72.
77 .
85.
90.
97.
105.
114.
124.
135.
145.
153.
158.8
163.8
168.5
56 .6
60.4
64.8
69.
73 .
78.
85.
91 .
98.
106.
114.9
124.8
136.7
146.4
154.2
159 .6
164.2
168.5
57 .0
60.7
65.3
69.3
73.4
79.0
85.8
92.1
99.1
107.0
115.3
125.7
137.5
147.6
154.8
159.5
164.5
168.9
57.4
61.1
65.6
69.4
73.8
80 .0
86.5
92 .3
99.5
107.6
116.1
126.9
138.2
148.1
155.1
160.0
165.1
169.2
57.6
61.5
65.9
69.8
74.3
80 .2
86.8
93.0
100.2
108.5
117.0
127.7
139.0
148.9
155.7
160 .6
165.1
169.1
0 .1
0.8
0 .5
0.8
0.3
0.5
1 .0
1.0
0.5
0.4
0.3
0.6
0.8
1 .2
0.8
0.4
0 .9
1 .2
0 .6
0.4
0 .1
0 .2
0.2
0.4
0 .2
0.4
0.5
0.7
0.6
0 .7
0.3
0 .4
0.7
0.8
0.6
0.5
0 .4
0.6
0.9
0 .9
0.0
0 .4
- 0 .1
0 .4
0.4
0.2
0.2
0.3
0 .2
0.5
0.6
0.6
0 .3
0.4
0 .4
0 .6
0 .9
0.4
0.4
0 .6
0.4
1 .1
0 .6
0.3
0 .0
0 .3
0.1
0 .2
0 .2
0 .2
0.6
0 .6
0.5
0.4
0.3
0 .6
0.6
0 .8
0.7
0.1
0.6
0 .7
0.9
0.7
0.5
0 .6
0 .5
0 .4
0 .5
0 .3
0.0
0.3
0 .5
0.3
0.3
0.5
0 .7
0.6
0 .8
0.2
0 .2
1 .1
0.7
0.7
0 .7
0.5
0.4
0 .8
0.6
0 .8
0 .4
-0 .1
0 .2
0.2
0.1
0.2
0 .4
0.5
0.6
0.6
0.6
0 .3
0.2
0.6
1 .2
0.8
0.3
0 .4
0.6
0.7
1 .0
0.5
0 .3
0 .1
0 .3
0.4
0.2
0 .3
0 .2
0.2
0.5
0.4
0 .4
0.6
0.5
0.6
0.6
0.3
0.4
0.7
0 .7
0.8
0.8
0.6
0.6
0.6
0.4
0.4
0.0
0.1
89.9
96.8
104.4
112.9
121 .8
133.8
145.1
153.0
158.5
340C.
3 .3
4.6
4.9
6.5
6.5
6.0
7 .7
7 .8
6 .4
7.6
7 .3
7.0
9.4
6 .5
4.4
3.0
3.6
3 .7
5.0
4.8
6.6
6.6
5.8
8.1
7.7
6 .2
8.6
7 .6
6.6
51 .3
45.2
46.9
49.0
51.5
45.3
47.0
49 .2
51 .8
93 .9
100 .6
108.9
17 .6
28.6
40 .4
49 .9
55.6
160.5
165.6
169.5
58.2
62.3
66.5
70.5
75.2
81.8
87.9
94.4
101 .3
109.8
118.8
129.4
141 .4
150.2
156 .3
161 .4
166.5
169.8
58.6
62.5
66 .6
71.0
75.4
82.3
88.4
94.9
102.2
110.7
119.2
130.7
141 .8
150.9
157 .3
161 .3
166.2
170.2
59.0
62.8
66 .8
71.2
75.8
82.7
89.2
95.5
102 .6
111 .2
120 .2
132.0
143.0
151 .3
157.4
161 .9
166.9
171.2
59.2
63.1
67.6
71.8
76.4
83.4
89.4
96 .1
103 .2
112.0
1 21 .3
132.5
143 .3
152.0
157 .8
162.7
167.8
171.1
0.4
0.3
0 .2
0.2
0 .4
0.4
0.8
0.5
0.4
0 .2
0.9
0.8
1 .0
0 .4
0 .4
0.6
0.7
1 .0
0 .7
0 .0
- 0 .1
0.3
0.3
0.3
0 .4
0 .7
0.5
0.7
0.6
0.6
0 .4
0.5
1 .0
1 .1
0.4
0 .6
0 .7
0.9
1 .0
0 .7
0.7
0 .2
0.5
0 .5
0.5
0.1
0.2
0.5
0.4
0.5
0.5
0.7
0.3
0 .2
0.8
0.3
0.6
0.6
0.5
0.9
0.8
0.3
1 .0
0.3
0.4
0.6
0 .0
-0.1
0.3
0.3
0.1
0 .3
0.5
0 .6
0.7
0.6
0 .3
0.3
0 .6
0.5
0.9
0.6
0 .4
0.4
0.8
1 .0
0.8
0.3
0.0
0 .4
0.4
0 .6
0.4
0.3
0 .4
0 .4
0.5
0.2
0.5
1 .2
0.8
0 .7
0.9
0.3
0 .6
0 .6
0.8
1 .0
0 .4
0.2
0.5
0.3
0 .5
0.6
-0.1
•6.5
8.5
1 .0
45.1
46.7
3 .4
5.3
5.1
6 .9
6 .8
6.7
7.8
5.6
5.8
9.7
7 .5
6.5
3.0
1 .7
2 .6
3.5
4.0
5 .2
6.2
7.0
6 .9
6 .7
4.8
6 .1
9.5
7.5
6.9
7 .0
8.0
7 .4
9.9
8.0
5.4
3.6
2 .7
2.8
1 .8
3 .0
3.3
4.0
4.7
6.1
6.4
7 .2
6.3
5.0
5.7
10.0
7 .6
7.6
6 .7
8.1
7 .3
9.5
8.3
6.7
2 .7
2.8
2 .5
1 .5
3.3
3.7
4.8
5.3
6.5
6.6
7 .2
6 .4
5.2
6.9
11 .0
6.6
8 .0
7 .4
8.5
8.4
8.6
8.3
6.4
3.7
3.2
3 .3
1 .5
3.3
4.3
4.5
5.2
6.5
7.2
7.1
5.6
5.5
6.0
10 .7
7.6
7 .8
7.8
8.1
7.5
9.7
7.7
6.2
4.1
2.2
2.5
2.0
3.3
3.4
4.5
5.6
6.7
7.2
7 .1
4.5
5.7
6.8
9.5
8.0
7 .7
7 .3
8.0
8.6
10.2
8 .1
5.1
3 .3
3.1
2.9
2.8
3.9
3.4
4.6
5.4
6.7
6.3
6 .8
6.3
6.9
6.9
8.8
6.8
8.5
7 .6
8.3
9.3
9.0
7.5
5.4
3.5
3.5
3 .3
2.2
IV Q
II Q
Annual
AVERAGE FOR PERIOD
45.5
47.1
49.4
52.0
44.3
45 .7
47.6
49.8
52.7
56.1
59.8
64.1
68.4
72.4
77.2
84.4
90 .4
97.3
104.9
113.5
122.9
134.9
145.3
153.3
158.5
163.4
168.1
0 .2
0.4
0.4
0.6
0.5
0.6
0.7
0.6
0.4
0 .6
0.7
0.5
44.6
46 .1
48.1
50.4
53.5
57.0
60.7
65.2
69.3
73.5
79.1
85.8
91.9
99.0
107.0
115.4
125.8
137.5
147.4
154.7
159.7
164.6
168.9
0.2
0 .3
0.4
0.5
0 .5
0.6
45.0
46.5
48.6
51 .1
54.3
57.9
61.9
66 .2
70.1
74.6
81 .0
87.4
93.8
100.7
109.1
117.8
128.6
140.3
149.7
155.9
160.8
165.7
169.5
0.3
0 .3
0.4
0 .4
0.5
0.5
0 .7
0 .5
0.5
0 .6
0 .8
0.5
0.8
0 .6
0.7
45.3
47 .0
49.2
51 .8
55.2
58.9
62.8
67 .0
71.3
75.9
82.8
89 .0
95.5
102 .7
111.3
120.2
131.7
142.7
151 .4
157.5
162.0
167 .0
170.8
0.5
0.5
0.5
0.5
0.6
0.6
30.3
31 .4
32.4
34.0
35.7
37.2
38.5
39.8
41 .1
42 .4
43.6
44.8
46 .4
48.4
50.8
53.9
57.5
61.3
65.7
69.8
74.1
80.0
86.7
92.9
100 .0
108.2
116.8
127.3
138.9
148.5
155.4
160.3
165.2
169.2
0.3
0.4
0.4
0.5
0.5
0.5
0.5
0.8
0.6
0.6
0.6
0.7
0.8
0.4
CHANGE IN INDEX OF AVERAGE HOURLY EARNINGS OVER 6-MONTH SPANS1
(ANNUAL RATE, PERCENT)
NOTE: Unless otherwise noted, these series contain revisions beginning wi
inqes are placed on the 2d month and 6-month changes are placed on the 4th r
'This series contains revisions beginning with 1981.
10
0
Aug. Sept.
AVERAGE FOR PERIOD
3.4
4.8
5 .2
5.9
6.4
6.4
7 .7
7.3
3.5
4.6
5.6
6.6
6.9
6.9
7.5
6.8
3.3
4 .5
4.6
6.7
6.5
6.8
7.0
6 .9
3.5
5.0
4.9
6.7
6.6
6 .2
7.9
3.5
4.3
5.1
6.3
6 .7
7.1
6.5
6.5
8.9
7.3
8.5
8.6
8.3
8.4
9.7
8.9
5.5
3 .6
2.8
3.0
2.6
7.5
8.7
6.9
7.5
8.5
8.8
9.1
10.2
6 .7
4.9
3.5
3.8
3.2
2.7
6.7
8.3
6.9
7 .2
8.4
7 .9
9.3
10.2
6 .0
4.4
3 .2
3.0
2.5
2.9
6 .1
8.6
7.5
6 .7
7.4
8.7
7.6
9.5
8.9
6.6
4.4
2 .8
3.3
2 .3
5 .0
6.2
10.2
7.2
7.5
7.0
8.2
7 .7
9.3
8.2
6.2
3.3
2.9
2.9
1 .6
'. Percent changes are centered within the spans*. 1-month
Quarterly and annual figures are averages of the centered changes.
3.5
3.7
4.5
5.4
6.6
6.9
7.0
5.5
6.0
6.6
9.7
7.5
8.0
7.6
8.1
8.5
9.6
7 .8
5.6
3.6
2.9
2.9
6 .4
6 .6
6.7
7.4
7 .0
6.6
6.9
8.6
7.0
7 .7
8.5
8.3
8.9
10.0
7 .2
4.9
3 .4
3.2
2 .9
2.7
4.7
5.4
6.5
6.7
6.9
6.7
6 .2
6.5
9.3
7.3
7 .5
7.6
8.3
8.2
9.6
8.0
5.8
3 .7
3.0
3.0
2.2
(AUGUST 1987)
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
I Q
II Q
III Q
IV Q
Annual
IS
AVERAGE FOR PERIOD
( ] 977=100)
O PRIVATE NONAGRICULTURAL PAYROLLS
N
1954. . .
1955 . . .
1956...
1958
1960.
.
1964...
1965...
1966...
1967 . . .
1968. . .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976 . . .
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
86.6
86.7
87.0
87.0
87.1
87 .2
90.0
91.2
93.1
94.6
95.1
96.9
100.2
102.2
99.3
97.0
97.6
99.9
100.9
99.9
94.6
93.0
93.2
94.9
94.9
94.4
93.6
89.7
91.5
93.2
94.9
95.1
97.4
100.2
102.0
98.7
97.2
98.0
99.5
100.8
99.5
94.2
92.9
93.0
95.2
94.7
94.5
94.4
89.8
91.7
93.5
94.6
95.2
97 6
100.5
101 .5
98.4
97.7
98.2
99.4
100.8
98.9
93.8
92.8
93 .4
94.9
94.9
94.1
95.0
90.0
92 .0
93 .6
94.7
95.0
97 9
100.9
101.6
98.5
97 .4
98.6
99.4
101.0
98.5
93.3
93.0
93.6
94.8
95.2
94.0
95.4
90.1
92.1
93 .8
95 .0
95.3
98.2
101.0
101.1
98.6
97 .8
98.9
99.6
100.6
97.7
93.2
92.8
93.5
94.8
94.7
93 .9
95.3
90.3
92.2
94.0
95.2
95.5
98 1
100.9
101.4
99.0
98.0
98.7
99.6
100.4
97.3
93.2
92.6
92.7
94.8
94.9
94.1
95.2
-0.1
0.6
0.3
0.4
0 .0
0.0
0.7
0.7
-0.1
-0.6
-0.4
0.3
0.1
0.6
0.0
-1.0
0.1
0.9
0.6
0.0
-0.1
-0.5
87.9
89.3
90.0
92.2
94.0
95.0
96.2
98 5
101.3
100.2
98.2
97.8
99.3
99.8
100.3
96.7
88.1
89.4
90.4
92.2
94.2
95.0
96.3
98 8
101.6
100.7
97.9
97.6
99.4
100.1
100.3
96.5
87.9
89.7
90.3
92.7
94.3
95.3
95.9
98 8
101 .9
100.3
97 .7
97 .5
99.4
100.6
100.1
95 .9
90 .6
92.6
94.4
95.5
96.2
98 8
101.8
100.1
97 .3
97 .6
99.6
100.3
99.8
95.7
88.2
89.5
91 .0
92.7
94.6
95.1
96 .2
86.8
88.5
89 .8
91 .5
93.3
94.7
95.1
87.1
88.7
90.1
92.1
93.8
95.0
95.3
87.8
89.2
90.2
92.3
94.0
95.0
96.1
88.0
89.6
90.6
92.7
94.4
95.3
96.1
102.3
99.9
97.4
97.4
99.8
100.4
99.9
95.6
92.4
93.2
94.4
94.0
94.1
95.2
92.1
93.3
94.5
94.0
94.5
95.0
92.1
93.4
94.9
93 .9
94.1
95.1
92.4
93.7
94.7
94.3
94.0
95.5
92.4
94.4
94.9
94.5
94.1
95.3
100.3
101.9
98.8
97.3
97.9
99 .6
100.8
99.4
94.2
92 .9
93.2
95.0
94.8
94.3
94.3
100.9
101.4
98.7
97.7
98.7
99.5
100 .7
97.8
93.2
92 .8
93.3
94.8
94.9
94.0
95.3
101.4
100.9
98.2
97.6
99.2
99.9
100.3
96.7
93.6
92.2
93.1
94.6
94.3
94.2
95.1
102.0
100.1
97.5
97.5
99.6
100.4
99.9
95.7
93.2
92.3
93.8
94.8
94.2
94.1
95.3
88.0
CHANGE IN INDEX OF RISAL AVERAGE HOURLY EARNINGS OVER 1-MONTH SPANS
(PERCENT)
341C.
1964...
196 5 . . .
1966...
1967 . . .
1968...
196 9 . . .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977 . . .
1978.. .
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
87.5
89.0
90.3
92.4
93.9
95.1
95.7
98 3
101 .2
101 .7
98.5
97.3
98.9
99.8
100.4
97.0
93.7
92.0
92.7
94.9
94.9
93.9
95.1
0.2
0.4
-0.3
0.3
0.1
0.3
0.0
0.6
0.0
-0.2
-0.6
0.2
0.4
-0.4
-0.1
-0.5
-0.4
-0.2
-0.3
0.3
-0.2
0.0
0.8
0.4
0.4
0.1
0.2
0.3
-0.3
0.1
0.2
0.3
-0.4
-0.3
0.5
0.2
-0.1
0.0
-0 .6
-0.4
0.0
0.5
-0.3
0 .2
-0.4
0 .7
0.0
-0.2
0.2
0.4
0.1
0.1
-0.2
0.3
0.5
0.1
0.1
-0.3
0.4
0.0
0.2
-0.4
-0.5
0 .1
0.2
-0.1
0 .4
-0.1
0 .4
0.1
0 .2
0.1
0 .1
0.2
0 .3
0.3
0.3
0.1
-0.5
0.1
0.5
0.3
0 .3
-0.3
-0 .7
-0.2
-0 .1
-0.1
0 .0
-0.5
-0.1
-0 .1
0.1
-0.1
0.2
0.2
0.2
0.1
0.2
-0.1
- 0 .1
0.3
0.4
0.1
-0.2
-0.1
-0.2
-0.4
0.0
-0.2
-0.9
0.0
0 .1
0.2
-0.2
0.3
0.4
0.0
0 .2
-0.1
-0 .1
0.3
0.2
0.3
0.3
-0.5
-0.6
0.2
0.2
0.1
-0.3
0.5
-0.6
0.0
0.1
0.0
-0 .2
-0 .1
0.4
0.3
-0.3
-0.2
0.1
-0.1
0.5
0.2
0.1
-1.5
-0.3
0.5
0.4
0.0
-0.2
-0.3
0.0
0.4
0.5
-0.5
-1.0
0.2
0.1
0.3
0.2
0.5
-0.1
0.2
0.0
0.1
0.2
0.2
0.5
-0.3
-0.2
0.0
0.3
0.0
-0.2
-0.3
-0.3
0.2
0.1
0.1
0.4
-0.2
68.6
70 .7
73.2
75.9
76 .9
78.0
80 1
81 .5
83.2
85 .1
86 .4
87.4
90.2
92.1
93.9
95.0
95.6
98.2
101.2
101.1
98.3
97.5
98.9
99.9
100.4
97.4
93 6
92.5
93.3
94.8
94.6
94.1
95.0
AVERAGE FOR PERIOD
- 0 .2
0.3
-0.1
0.5
0 .1
0.4
-0.3
0.1
0.3
-0.5
-0.2
-0.1
0.0
0.5
-0.2
-0.6
0 .1
0.0
0 .1
0.4
-0.1
-0.5
0.1
0.1
- 0 .1
0.3
-0.1
0 .1
0.2
0.3
0.0
-0.1
-0.2
-0.4
0 .1
0.2
-0.3
-0.3
-0.2
- 0 .2
0.4
0.3
-0.1
0 .4
-0.1
0 .3
0.2
-0.1
0.4
0.1
0 .2
-0.4
0.0
0.7
0.5
-0.1
0.1
-0.3
0.2
0.1
0 .2
-0.1
- 0 .5
0.0
0 .8
0.2
0 .3
0.2
-0.2
1
1
3
2
0.2
0 .1
0.3
0 .3
0.0
0 .0
0.5
0.3
-0.2
-0.5
0.1
0 .3
-0.1
0.2
-0 .4
-0.6
0 .0
0.4
0.2
0.0
-0 .2
0 .3
0 .1
0.0
0 .2
0.2
0 .2
0.2
0.1
0.2
0.2
0.0
0 .2
0 .1
0.2
0 .1
-0.1
-0.5
-0.2
-0.1
-0.3
0.0
0.0
0 .0
0 .0
0.3
0.3
0.1
0.0
0.1
-0.1
0.3
0.2
0.2
-0.2
-0.4
-0.1
0.2
0.2
0.0
-0.3
0.1
-0.2
0.2
-0.1
-0.3
0.1
-0.1
0.0
0.0
0.2
0.2
0.1
0.1
0.0
0.3
0.2
-0.3
-0.2
-0.1
0.1
0.1
-0.1
-0.3
-0.2
0.1
0.4
0.2
0.2
-0.1
0.1
1 .5
1.2
3.3
2.5
1.1
-0 .1
4.1
3.9
-1.2
-2.8
0 .5
2.5
-0 1
0.5
-4.2
- 5 .2
-0.9
2 .1
2 .1
0 .2
-0 .4
2 .7
2 .4
1 .7
0.8
1.8
1.6
0.7
2.0
2.5
2.2
-2.0
- 1 .1
0.6
2.6
0 5
-1.0
-5.3
-1 .2
- 1 .5
-0 .3
-0.9
- 1 .1
-0.3
1 .6
2.2
2.0
1.1
1.2
1.3
0.8
1.8
2.0
2.0
-2.5
-2.4
-0.4
1.8
18
-1.5
-4.2
0.0
-1.1
1.2
0.1
-1.5
0.1
0 .0
1.5
1.5
2.7
2.2
1.4
0.2
2.7
3.6
1.0
-4.1
-1.9
0.8
0.8
2 0
- 1 .9
-5.2
-1.6
2.2
4.3
0.5
0.1
0.4
-1.1
0.1
0.1
0 .2
0.2
0.0
0.1
0.3
0.2
-0.2
-0.2
0.0
0.2
0.0
0.0
-0 .4
-0.2
0.0
0 .2
0.1
0.0
0.0
0.1
341C. CHANGE IN INDEX OF REAL AVERAGE HOURLY EARNINGS OVER 6-MONTH SPANS1
1953 . . .
1954. . .
1955.. .
1956 . . .
1957 . . .
1958. . .
1959. . .
1960. . .
1962 . . .
1963 . . .
1964. . .
1965...
1966...
1967...
1969. . .
1970...
1971. . .
1972...
1973. . .
1974...
1975...
1976...
1977...
197 8 . . .
1979...
1980...
1981...
1982...
1983...
1984...
1985 . . .
1986...
1987 . . .
1.7
0.7
3.8
0 .9
-0.6
4.1
4.3
-0.6
-3.5
-0.7
2.2
0.8
-3.2
-5.4
-1.1
3.2
3.1
0.8
0.3
2.8
.2
•2
0.0
2.5
3 .9
1.9
-4.7
- 3 .1
0.6
2 .1
0.2
2.7
3.4
1 .3
-3.0
-2.1
0.5
0.3
1 .7
1 .0
2 .7
2 .9
0.9
0.4
2.9
3.5
-0.1
-4.6
-0.5
1 .2
0 .1
-0.9
-3.4
-0.7
-0.5
3.7
0.3
-0.7
0.0
0.3
- 1 .1
-4.9
- 1 .6
2.5
4.8
0.0
-1.0
-0.6
-0.8
- 1 .6
-5.1
- 1 .9
1 .2
4.5
0.6
1.1
0.6
- 1 .2
-2.9
-5.5
- 1 .2
2 .8
3.5
0 .8
0.1
1 .1
- 1 .3
1.8
1.2
5.2
1 .0
1 .8
2 .8
2 .2
2 .0
0.5
2 .6
2 6
1 .7
0.6
1 .7
2 .5
1 .3
1.3
1.1
2 1
2.3
0.7
1.5
2.1
1 .8
1 .1
1 .2
? -"*
.9
.5
( .9
.3
1 .2
0.8
4.0
2.8
-1.6
-1 .9
1.2
2 .7
-0.4
0.1
-5.2
-5.0
-0.5
0.7
0.8
-0.1
-0.8
2.2
1.1
1 .3
2.9
2.1
-0.8
-1.5
0.7
2.6
-0.3
-1 .0
-5.7
-1.9
-1.9
-1 .1
-0.1
0.1
- 1 .1
3.1
0 .2
2.3
2.3
2.3
-3.5
- 1 .0
1 .2
2 .7
0.5
- 1 .1
-5.5
- 1 .0
-0.9
0.4
- 1 .7
- 1 .5
-0.8
1 .8
0.8
2.3
2 .3
2.2
-1.6
-0.9
-0.2
2 .4
1.3
- 1 .0
-4.7
- 0 .8
-1.6
-0 .2
-0.9
-1.8
0.9
0.0
1 .3
1.9
1.9
1.9
-2.6
- 1 .6
0.3
1 .6
1.1
2.0
1 .1
1.5
-2.1
-2.5
-0.4
1.5
-() . l
.6
.9
-1.8
-5.1
0.3
- 1 .9
-0.5
0.1
-2.8
0 .1
-0.6
-1.7
-4.0
0.3
-0.9
0,4
-0.2
-1.0
0.1
0.3
-()
.4
+ .2
+ .6
.3
I .0
.1
1.5
0.7
-4.1
-5.3
-1.0
2.4
2.4
0.0
-0.7
3.0
}
>
7
19
3 .2
1
2
2
1
.4
.4
.1
.5
.5
.1
.3
.1
1 .7
1.5
2 .1
0.7
1.6
3.0
2.3
-2.4
-2.1
0.4
1 .9
1 0
-1 .0
-4.7
-2.0
-0.3
1.8
0.4
-0.6
-0.1
0.8
NOTE: Unless otherwise noted, these series contain revisions beginning with 1982. Percent changes are centered within the spans: 1-month
changes are placed on the 2d month and 6-month changes are placed on the 4th month. Quarterly and annual figures are averages of the centered changes.
'This series contains revisions beginning with 1981.
101
C. Historical Data for Selected Series—Continued
Year
Jan.
Mar.
Feb.
570.
1953..
1954. .
1955..
1956 . .
1957..
1958..
1959..
1960..
1961..
1962..
1963..
1964..
1965..
1966..
1967..
196 8 . .
1969..
1970..
1971..
1972.,
1973..
1974,.
1975..
1976..
1977..
1978. .
1979..
1980 . .
1981..
1982 . .
1983..
1984..
1985..
Apr.
May
1986 . .
1987 . .
,398
1,210
1,255
1,244
1,244
1 ,326
1 ,354
1,285
1 ,230
1 ,406
1,630
1 ,719
1 ,688
1,503
1,213
1,117
1,157
1 ,182
i ,156
1,093
1,069
1 ,138
1 ,278
1 ,358
1,390
1,377
1,342
1 ,408
1 ,212
1 ,259
1,240
1 ,248
1 ,330
1 ,350
1,278
1,237
1 ,430
1 ,645
1,713
1 ,686
1 ,472
1,190
1 ,123
1 ,160
1 ,185
1,138
1 ,087
1,085
1 ,143
1,282
1,360
1,393
1 ,375
1 ,347
1,414
1 ,210
1 ,26 7
1,233
1,255
1,340
1 ,347
1,266
1 ,247
1,457
1,650
1 ,713
1 ,682
1,441
1,179
1,125
1 ,165
1,187
1,152
1 ,084
1 ,088
1 ,162
1,287
1 ,364
1 ,393
1,370
1,352
1,424
1,569
,218
,249
,250
,235
,303
,369
,307
,228
,357
,588
,719
,691
,546
,262
,109
,154
,179
,185
,096
,069
,120
,242
,346
,391
,386
,344
,391
1,568
1,580
1,585
1,211
1,254
1,246
1 ,240
1 ,316
1 ,366
1,294
1,224
1 ,3 82
1,614
1,723
1 ,672
1 ,521
1,238
1 ,115
1 ,155
,179
,153
,092
,074
,125
,262
,352
,388
,3 80
,346
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
,222
,271
,201
,257
,350
,345
,258
,254
,478
,662
,718
,658
,421
,167
,124
,169
,189
,139
,071
,098
,173
,296
,365
,395
,368
,356
,435
,544
,563
1 ,224
1 ,2 80
1 ,213
1 ,259
1 ,361
1,337
1,246
1,267
1 ,502
1 ,668
1,717
1 ,659
1 ,400
1,150
1 ,124
1,171
1,193
1 ,129
1 ,059
1,109
1,184
1 ,305
1,367
1 ,394
1 ,368
1,366
1 ,444
1,551
1 ,594
1 ,229
1 ,277
1 ,228
1,255
1,369
1 ,332
1 ,235
1 ,276
1 ,525
1 ,675
1,725
1,643
1 ,373
1,147
1 ,127
1,175
1 ,152
1 ,123
1,069
1 ,103
1,193
1 ,306
1 ,373
1 ,397
1,358
1 ,350
1 ,452
1,569
1 ,600
IV Q
IQ
EMPLOYMENT, DEFENSE PROD0CTS INDUSTRIES1
<THOUSANDS)
Annual
AVERAGE FOR PERIOD
,233
,274
,224
,262
,369
,328
,236
,289
,537
,686
,708
,627
,353
,141
,136
,171
,188
,114
,069
,103
,195
,317
,377
,397
,360
,372
,461
,565
,598
1 ,239
1,266
1 ,218
1,246
1,259
1,230
1,370
1 ,328
1 ,232
1 ,300
1 ,554
1 ,699
1 ,691
1 ,613
1,321
1 ,132
1,134
1 ,172
1 ,19?
1 ,103
1 ,065
1 ,066
1 ,207
1 ,328
1 ,382
1,392
1 ,356
1,374
1 ,470
1,569
1 ,598
1,371
1,317
1 ,231
1 ,315
1 ,573
1,709
1,701
1 ,5 80
1 ,299
1 ,123
1 ,144
1 ,176
1,193
1 ,089
1,063
1 ,068
1 ,219
1 ,340
1 ,386
1,385
1 ,354
1,377
1 ,474
1,577
1,600
1 ,249
1 ,256
1 ,232
1 ,292
1,371
1,318
1 ,228
1 ,331
1,579
1,718
1 ,703
1,565
1 ,281
1,114
1,152
1,176
1 ,180
1,089
1,068
1 ,093
1,236
1 ,346
1,388
1,390
1 ,350
1 ,383
1,485
1 ,573
1,600
1 ,213
1,253
1 ,247
1 ,240
1,315
1 ,363
1,295
1 ,227
1 ,382
1,611
1 ,720
1,684
1,523
1,238
1,114
1 ,155
1,180
1 ,165
1 ,094
1,071
1,128
1,261
1 ,352
1,3 90
1,381
1,344
1 ,399
1,505
1,568
1,215
1,266
1,225
1,253
1,340
1 ,347
1,267
1,246
1,455
1,652
3 ,229
,277
1 ,222
1 ,259
,366
,332
,239
,277
,521
,676
1 ,675
1,445
1 ,179
1,124
1,165
1,187
1,143
1 ,081
1,090
1 ,159
1 ,288
1 ,363
1 ,394
1,371
1 ,352
1 ,424
1,534
1,576
,643
3 ,375
,146
,129
,172
,178
,122
,066
,105
,191
,309
,372
,396
,362
,363
,452
,562
,597
27.5
92.5
60.0
15.0
30.0
90 .0
42.5
12.5
70.0
62.5
22.5
65.0
77.5
32.5
70.0
17.5
45.0
47.5
77.5
70.0
70.0
7 .5
72.5
57.5
37.5
70 .0
50.0
80.0
22.5
75.0
50 .0
62.5
47.5
75.0
32.5
45.0
35.0
70.0
35.0
47 .5
72.5
7.5
17.5
30.0
77.5
87.5
72.5
22.5
37.5
45.0
70.0
60.0
77.5
20.0
32.5
15.0
90,0
57.5
37.5
47 .5
62.5
82.5
32.5
60.0
42.5
50.0
97 .5
52.5
48,3
41.7
85.8
30,0
45,0
35.8
75.8
30 .0
69.2
54.2
60.0
45.0
62.5
60.0
41.7
40.0
52.5
28.3
56.7
60.0
61 .7
35.8
22.5
51.7
49.2
55.8
50.8
32.5
47.5
39.2
63,3
52.5
45.8
40 .8
30.0
58.3
57.5
35.0
34.2
65,8
59.2
46.7
74.2
45 .8
57 .5
50.8
44.2
48.3
47.5
55.8
40.0
38.3
57.5
60.8
38.3
46.7
66 .7
47.5
67.5
51.7
47.5
26.7
50.8
60.0
82.5
50.0
58.3
47.5
26 .7
45.8
53.3
55.0
48.3
80.0
31.7
28,3
57.5
55 .0
58.3
50.0
41 .7
43.3
62.
57.5
5.0
95.0
30.0
57 .5
10.0
97.5
20.0
15,0
77 .5
40 ,0
55,0
92.5
95 .0
12.5
62,5
40.0
15.0
52.5
92.5
67.5
32.5
5.0
95.0
57 ,5
60.0
55.0
15.0
92.5
0.0
80.0
75.0
17.5
77.5
70.0
2,5
90.0
55.0
30.0
7.5
95 .0
17 .5
25.0
95.0
22.5
80.0
57.5
85.0
10.0
27.5
45.0
5.0
45.0
95.0
72,5
7.5
2.5
72.5
50,0
100 .0
5.0
20.0
95.0
5.0
95 .0
87.5
12.5
77.5
52.5
37.5
30.0
95.0
14.2
17.5
22.5
91.7
26.7
68.3
78,3
62.5
70.0
83.3
75.0
11.7
66.7
30.0
10 .8
77.5
88.3
46.7
13.3
12.5
75.0
84.2
68.3
16.7
5.0
85 .0
25.0
89.2
59.2
43.3
55.0
9 .2
46.7
86.7
10 ,8
13.3
83.3
70.0
14.2
94.2
50.0
77.5
75.8
52.5
42.5
29.2
68.3
35.8
12.5
62,5
83.3
60.0
6.7
64.2
34.2
85.0
74.2
25 .8
10.0
23.3
47.5
91.7
32.5
60.0
47.5
3,3
81 .7
85.0
18.3
1 .7
95 .8
40 .8
17.5
1,245
1,260
I ,227
1 ,283
1,371
1,321
1 ,230
1,315
1,569
1,709
1 ,698
1 ,5 86
1 ,300
1 ,123
1,143
1,175
1,190
1,094
1 ,065
1,076
1,221
1 ,338
1,3 85
1,389
1,353
1,378
1,476
1,573
1 ,599
1,225
1,264
1,230
1,259
1,348
1 ,341
1 ,258
1,266
1,482
1,662
1 ,712
1,647
1,411
1,171
1,128
1,167
1 ,184
1,131
1 ,076
1,085
1,175
1,299
1,368
1,392
1,367
1 ,359
1,43 8
1,544
1,585
9 6 1 . DIFF0SION INDEX OF AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY
WORKERS—20 MANUFACTURING INDUSTRIES 2
(PERCENT RISING OVER 1-MONTH SPANS)
1953 . .
1954..
1955..
1956..
1957,.
1958..
1959..
I960..
1961 . .
196 2 . .
1963..
1964..
196 5 . .
1966..
1967..
1968..
1969..
1970..
1971..
1972..
1973 . .
1974..
1975.,
1976..
197?..
1978..
1979..
1980..
42.5
75.0
82.5
30.0
12.5
57 .5
60.0
42.5
90.0
52.5
82.5
5 .0
90.0
17.5
17.5
22.5
72.5
92.5
42.5
10.0
27.5
97.5
77.5
50.0
42.5
22.5
95.0
17.5
85.0
15.0
17.5
1981 , ,
1982 . .
1983 . .
1984..
1985..
1986..
1987 . .
961.
1953 . .
1954..
1955..
1956..
1957 . .
1958..
1959..
I960..
1961..
1962..
1963..
1964. .
196 5 . .
1966..
1967..
196 8 . .
1969..
1970..
1971.,
1972.,
1973..
1974..
1975..
1976..
1977..
1978..
1979..
1980..
1981 . .
1982 . .
1983 . .
1984. .
1985..
1986 . .
1987..
72.5
2.5
100.0
27.5
20.0
10 .0
90 .0
22,5
42.5
85.0
57.5
72.5
87 .5
85 .0
10.0
65.0
45.0
5.0
65.0
85.0
57.5
20 .0
0.0
82.5
82.5
70.0
12.5
15.0
95.0
7.5
90.0
82.5
42.5
80.0
85 .0
27.5
82.5
25.0
22.5
62.5
72.5
32.5
57.5
77.5
55.0
45.0
75.0
40.0
47.5
15.0
87.5
32.5
72.5
57.5
50.0
37.5
30,0
35.0
35,0
87.5
70.0
2.5
60.0
17 ,5
100.0
7.5
95.0
85,0
45.0
30.0
42.5
70,0
47.5
40.0
75.0
37.5
80.0
77.5
20.0
77 .5
17.5
40.0
57.5
17.5
27.5
20.0
45.0
90 .0
55.0
10 .0
70.0
25.0
80.0
82.5
0 .0
42.5
55,0
25.0
90.0
92.5
15.0
40.0
27 .5
67.5
92.5
5.0
10.0
65.0
70.0
80.0
45.0
25.0
85.0
35.0
85.0
65.0
30.0
90.0
52.5
35.0
75.0
12.5
27.5
90.0
50.0
95.0
40.0
5.0
87 .5
15.0
82,5
77 .5
6 5,0
37.5
65 .0
25.0
75.0
45.0
82.5
42 .5
42.5
60.0
42.5
62.5
62.5
55.0
20.0
72.5
35.0
32.5
82.5
55.0
30,0
57,5
30.0
75.0
70,0
22.5
60.0
62.5
37.5
35.0
42.5
70.0
37.5
35.0
37.5
35.0
55.0
62.5
22.5
42.5
80.0
32.5
25.0
70.0
40.0
35.0
70.0
42.5
62.5
62 .5
55.0
52.5
20.0
27.5
62.5
32.5
50.0
87 .5
17.5
52.5
32.5
40.0
87 .5
52
75.0
77.5
7.5
17.5
72.5
67.5
57.5
77.5
20.0
17.5
42.5
82.5
77 .5
17,5
27.5
47.5
52.5
82.5
62.5
10.0
17.5
47.5
85 .0
22.5
72 .5
27.5
62.5
45.0
65 .0
80 .0
15.0
30.0
90.0
70.0
72.5
65.0
82.5
72 .5
72.5
57.5
5.0
37.5
52.5
90.0
85.0
5.0
57,5
62.5
70.0
50.0
42.5
47.5
27.5
75.0
87.5
57.5
25.0
27.5
50 .0
75.0
65.0
37.5
42.5
65 .0
65.0
62 .5
45.0
30.0
80.0
57.5
49.2
37.5
33.3
46.7
58.3
34.2
78.3
38.3
45.8
45.8
55 .8
68.3
34.2
38.3
74.2
48,3
60.8
60.0
47.5
70.0
55.8
47.5
23.3
58.3
55.8
36.7
57.5
32.5
52.5
71.7
73.3
35.0
50,0
36.7
47.5
60.8
80 .8
49.2
42.5
16.7
70.8
63.3
46.7
51.7
51.7
75.8
40.0
65.8
45.8
47.5
75 .0
61.7
38.1
54.0
63.1
41.9
37.7
60.0
55.6
35.4
64,6
46.9
57.1
54.4
55.4
46.7
50.4
47.5
47.3
41 .2
57.1
54.2
50.2
33.3
59.6
50.2
52.3
51.2
51.5
50.8
43.1
50.8
66.5
49.6
60.0
52.5
DIFFUSION INDEX OF AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSOPERVISORY
25 .0
52.5
100.0
15.0
.0
15.0
95.0
30.0
.5
.5
35,0
65.0
77.5
85.0
12.5
70.0
22.5
10.0
87.5
90.0
37.5
10.0
15.0
65.0
90.0
70.0
1 5.0
0.0
85.0
42.5
90.0
52.5
40.0
55,0
15.0
35.0
85.0
0.0
17 .5
42,5
90.0
27.5
75.0
67,5
95.0
72.5
85.0
55.0
12.5
65.0
22 .5
17.5
80.0
90.0
45 .0
10.0
22.5
77.5
80 .0
65.0
22.5
0.0
75.0
25.0
87.5
42.5
47.5
30.0
7.5
40.0
85 .0
5.0
22.5
67.5
95.0
22.5
95.0
30.0
70.0
90.0
77.5
52.5
25.0
40.0
40.0
12.5
77.5
92,5
35.0
2.5
60.0
62.5
82.5
57.5
20.0
7.5
50.0
27.5
85.0
27.5
47.5
57.5
5,0
42.5
85.0
12.5
12.5
92.5
72.5
10.0
90.0
70 .0
82.5
50.0
27.5
42.5
35.0
77.5
42.5
15.0
45.0
80.0
77.5
2.5
67.5
25.0
82.5
70.0
37.5
2.5
12.5
25.0
95 .0
45,0
62,5
32.5
, series contains revisions beginning with 1985.
revisions beginning with 1981.
12
0
17.5
77.5
37.5
30.0
45.0
92.5
32.5
22.5
97.5
35.0
67.5
40.0
30.0
40.0
55.0
60.0
40.0
60.0
52.5
80 .0
32.5
40.0
80.0
22,5
82 .5
67.5
55.0
22.5
15.0
77.5
92.5
45.0
80 .0
52.5
2
15,0
57.5
90.0
15.0
5 .0
90 .0
42.5
10,0
97 .5
50.0
80.0
87.5
52.5
32.5
27.5
87.5
25.0
10.0
65,0
77.5
67.5
15.0
65.0
15.0
90.0
95.0
20.0
20.0
7.5
90 .0
95.0
25.0
70.0
52.5
7 .5
72.5
90.0
12.5
0.0
100.0
42.5
10.0
95.0
47,5
67.5
72.5
62.5
10.0
72.5
32.5
62.5
15.0
75.0
75.0
42.5
0.0
90.0
32.5
40 .0
82.5
40.0
32,5
15.0
35.0
95.0
15,0
92.5
87.5
27
0 .0
95.0
45.0
7.5
87.5
25.0
60.0
95.0
70.0
15.0
65.0
55,0
20.0
15.0
77.5
50.0
27.5
5.0
95.0
42.5
72.5
50.0
25.0
75.0
10.0
62.5
95.0
45.0
92.5
60.0
2.5
92.5
85 .0
15.0
5.0
92.5
35.0
35.0
67.5
27.5
50.0
82.5
90.0
15.0
32.5
85 .0
22.5
42.5
77.5
27 .5
20.0
35.0
100 .0
45.0
12.5
22.5
77.5
77.5
5.0
82.5
90.0
5.0
95 .0
82.5
0 .0
92,5
42.5
52,5
10 .0
97 .5
12.5
10 .0
92.5
17.5
62.5
85 .0
97.5
7.5
72.5
22 .5
7.5
32.5
77.5
70.0
27.5
0.0
100 .0
60.0
25.0
57.5
40.0
97.5
7.5
60.0
90.0
7.5
60.0
87.5
This series contains revisions beginning with 1982. 3This
74.2
13 .3
56.7
5? .5
35.0
24.2
76.7
50.8
30.0
13.3
95.0
40.0
41.7
51.7
47 .5
61.7
10.0
60.0
93.3
21.7
93.3
76.7
92.5
42.5
46.7
9.2
96 .7
16 .7
16.7
88.3
26 .7
65.8
78,3
92.5
10.0
54.2
35.8
9.2
43.3
88.3
70.0
22,5
2 .5
89.2
55.8
61.7
39.2
25 .0
95 .0
4.2
78.3
84.2
12.5
71.7
70.0
13.1
62.7
77.3
22 .5
10 .4
74.6
54.8
18.8
83.5
47,1
66.2
76.9
75.6
35.2
37.9
57.
27.5
22.7
76.2
73.1
39.8
9.0
65.2
51 .2
68,1
58,3
28.8
42.9
30.6
52.7
89.6
31.5
67*1
62.3
C. Historical Data for Selected Series—Continued
Year
IV Q
III Q
II Q
IQ
Annual
AVERAGE
(RATIO)
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962....
1963.. . .
1964
1965... .
1966
1967....
1968
1969
1970
1971
1972.. . .
1973
1974
1975... .
1976
1977
1978
1979
1980
1981
1982....
1983
1984
1985
1986
1987
2.956
2.899
3.002
3.148
3.324
3.318
3.458
3.663
3.626
3.840
3.942
4.091
4.198
4.403
4.570
4.619
4.674
4.788
4.898
4.969
5.151
5.314
5.474
5.881
6.021
6.215
6.630
6.796
7.104
6.968
6 .6 80
6.892
6.900
6.585
2.964
2.894
3 .048
3.181
3 .338
3.310
3.520
3.658
3.671
3.866
3.959
4.117
4.248
4.413
4.541
4.667
4.707
4.823
4.881
5.018
5.212
5.388
5 .529
5.890
6.136
6.422
6.654
6.896
7 .080
7.043
6.699
6.930
6.815
6.397
2.953
2.903
3.097
3.216
3 .390
3.373
3.495
3.646
3.722
3.918
4.003
4.116
4.294
4.501
4.536
4.665
4.784
4.849
4.884
5.026
5.253
5.451
5 .649
5.937
6.224
6.460
6.618
6.726
7.153
6.939
6 .666
6.955
6.694
6 .222
2.910
2 ,938
3.139
3.264
3 .367
3.429
3.556
3.614
3.777
3,920
4.023
4.092
4.343
4.566
4.542
4.63
4.78
4.77
4.896
5.06
5.35
5.48'
5.779
5.980
6 .188
6.564
6.660
6.823
7 .099
6 . 7 40
6 .754
6.962
6 .618
5.999
2 .946
2.908
3 .072
3.202
3.355
3.358
3.507
3.645
3.699
3.886
3.982
4.104
4.271
4.471
4.547
4.647
4.738
4.809
4.890
5.019
5 .242
5.410
5 .608
5 .922
6.142
6.415
6 .640
6.810
7.109
6.922
6.700
6.935
6.757
6 .301
9 7 1 . DIFFUSION INDEX OF N W ORDERS, MANUFACTURING—
E
ACTUAL2 © (PERCENT RISING OVER 4-QUARTER SPANS)
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985.....
1986
1987
77
50
76
82
65
42
83
74
52
81
71
80
82
88
71
78
81
66
68
82
88
84
50
80
80
83
85
52
66
72
56
76
67
50
84
65
62
77
74
84
84
88
72
78
80
64
70
84
90
82
54
80
83
86
81
63
70
50
74
79
60
72
76
76
83
88
84
69
79
76
60
70
86
58
66
78
82
52
78
71
56
82
86
78
60
62
56
84
79
75
75
85
86
71
79
77
61
75
60
79
82
85
79
64
66
85
75
75
60
49
71
51
76
52
62
70
70
79
68
48
73
64
74
65
70
70
61
63
74
78
74
52
76
71
73
78
62
60
53
82
65
73
74
56
64
76
79
76
53
74
74
76
74
54
66
52
66
79
60
72
50
68
68
70
79
58
71
68
80
66
72
70
57
76
71
58
72
74
78
70
57
60
52
Annual
(PERCENT RISING OVER 4-Q SPANS)
51
63
79
68
47
51
70
76
62
37
70
69
70
54
52
75
66
76
79
70
72
65
52
68
82
76
70
70
60
62
76
78
76
52
79
81
83
66
72
76
55
62
77
80
76
52
63
60
49
58
82
68
70
54
64
48
66
81
68
70
71
61
50
76
56
80
64
77
73
59
71
56
50
71
56
59
53
74
76
72
70
57
74
53
68
77
70
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984.
1985
1986
1987
64
72
79
76
58
82
80
76
63
80
61
82
77
82
83
69
80
82
83
85
.
52
70
69
74
79
83
73
69
72
62
57
71
80
76
60
69
66
59
54
57
82
80
66
72
65
85
75
71
72
82
70
76
74
78
83
74
85
62
80
82
76
72
80
75
82
74
80
85
70
86
72
75
74
77
91
58
74
72
69
52
77
75
.
76
65
INDEX OF NEW ORDERS, MANUFACTURING—
(PERCENT RISING OVER 4-QUARTER SPANS)
57
76
64
82
90
82
72
62
76
60
85
88
80
78
9 7 2 . DIFFUSION INDEX OF NET PROFITS, MFG. AND TRADE-ANTICIPATED 2 (u) (PERCE1
ING OVER 4-QUARTER SPANS)
9 7 2 . DIFFUSION INDEX OF NET PROFITS, MFG. AND TRADE—
A C T U A L 2 © (PERCENT RISING OVER 4-QUARTER SPANS)
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973.....
1974
1975.,...
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
ABOUT 600 COMPANIES ©
1953
1954
1955
1956
1957
1958
1959
1960
1961
196 2
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
IV Q
Ml Q
971. DIFFUSION
ANTICIPATED 2 (u)
80
63
65
72
80
72
55
74
84
86
59
71
Year
)8
F6
n
>3
54
?8
74
AVERAGE
64
60
78
70
64
62
79
66
72
82
83
77
80
85
84
85
79
58
74
72
66
76
72
68
76
72
80
83
84
75
81
83
68
76
66
70
61
64
82
73
69
66
73
59
74
66
80
82
83
70
61
72
60
81
84
78
NOTE: Unless otherwise noted, these s e r i e s contain no r e v i s i o n s but are r e p r i n t e d for the convenience of the u s e r .
' T h i s s e r i e s contains r e v i s i o n s beginning with 1976. 2 T h i s i s a copyrighted s e r i e s used by permission; i t may not be
reproduced without w r i t t e n permission from Dun & B r a d s t r e e t , I n c .
103
C. Historical Data for Selected Series—Continued
Year
Annual
IV Q
ill Q
1953. ....
1954.
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964.....
1965
1966
196 7
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
974.
50
76
80
74
50
84
78
67
46
87
49
80
71
80
82
61
64
82
78
58
82
58
70
74
83
85
86
79
80
82
86
79
63
81
82
86
80
66
85
76
62
74
58
74
84
74
73
88
82
68
71
57
74
82
75
74
75
73
DIFFUSION INDEX OF NO. OF EMPLOYEES, MFG. AND TRADE-ACTUAL (g) (PERCENT RISING OVER 4-QUARTER SPANS)
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963.....
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973... ..
1974
1975
1976.....
1977
1978.....
1979
1980
1981
1982
1983
1984
1985
.
1986
1987
ACTUAL
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984.....
1985
1986
1987
56
48
54
58
54
40
56
56
47
56
54
55
60
65
58
57
59
54
48
56
63
58
44
57
60
62
62
58
65
60
58
©
46
56
57
53
44
60
54
50
55
56
58
61
60
54
52
58
58
59
64
60
54
53
46
54
63
58
59
56
49
57
58
48
59
52
54
56
55
59
64
45
58
53
51
58
51
53
62
60
56
48
58
61
64
60
53
52
46
58
62
59
52
52
59
61
56
47
58
60
63
60
54
52
46
55
64
60
64
68
74
68
68
71
66
62
64
73
78
58
62
74
76
80
67
62
58
54
72
66
62
68
60
50
62
62
66
71
74
66
68
70
61
79
52
65
72
76
76
61
64
52
59
70
63
61
64
56
56
62
62
67
72
73
65
70
70
62
62
72
75
78
56
68
74
76
73
64
62
52
62
70
60
62
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963.....
1964
1965
1966
1967
1968
1969
1970
1971.....
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984.....
1985
1986
1987
1953. ....
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
196 9
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979.....
1980
1981
1982
1983
1984
1985
1986
1987
47
64
59
53
62
62
66
71
74
66
69
70
62
62
68
75
76
56
66
74
76
76
63
63
54
61
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969.....
1970
1971
1972
1973
1974
.
1975
1976
1977
1978
1979
1980
1981 . . . . .
1982
1983
1984
1985
1986
1987
NOTE: These series contain no revisions but are reprinted for the convenience of the user. These are copyrighted
used by permission; they may not be reproduced without written permission from Dun & Bradstreet, Inc.
104
Annual
72
82
77
84
80
80
82
86
88
86
75
82
82
78
65
68
88
84
81
57
82
81
79
58
87
84
66
88
73
80
88
90
78
62
84
86
87
88
80
76
70
79
72
86
81
90
82
86
86
78
86
90
90
86
73
90
90
84
90
84
83
62
81
80
76
79
74
84
78
85
87
84
86
75
82
87
89
83
71
86
86
89
84
79
89
83
82
57
53
54
57
56
54
56
52
56
54
55
58
62
60
60
60
58
61
53
56
59
59
60
54
56
60
59
46
56
56
56
50
56
56
52
56
55
56
58
63
60
60
60
56
58
60
63
56
48
60
60
60
60
56
54
51
56
64
62
60
50
56
56
53
50
56
56
54
57
54
57
59
63
60
58
60
56
58
61
62
60
54
62
58
48
49
56
56
55
56
55
53
56
54
56
58
62
60
60
60
56
57
60
61
59
52
60
60
61
58
52
55
50
56
59
59
975. DIF. INDEX OF LEVEL OF INVENTORIES, MFG. AND TRADE-ANTICIPATED ©
(PERCENT RISING OVER 4-QUARTER SPANS)
SPANS)
49
61
51
54
68
63
IV Q
IQ
974.
DIFFUSION INDEX OF NO. OF EMPLOYEES, MFG. AND TRADE-ANTICIPATED ©
(PERCENT RISING OVER 4-QUARTER SPANS)
58
49
58
58
(PERCENT RISING OVER 4-QUARTER
Year
973. DIFFUSION INDEX OF NET SALES, MFG. AND TRADE—
ANTICIPATED ©
(PERCENT RISING OVER 4-QUARTER SPANS)
973. DIFFUSION INDEX OF NET SALES, MFG. AND T R A D E ACTUAL (u) (PERCENT RISING OVER 4-QUARTER SPANS)
52
50
50
60
57
60
52
60
56
60
64
66
65
63
66
62
60
61
69
70
64
60
65
67
70
62
63
54
52
66
64
58
series
46
58
61
59
48
62
60
53
63
60
63
64
68
66
66
68
61
62
66
72
48
57
61
54
48
63
58
57
62
58
63
64
69
63
67
66
64
65
66
72
72
70
74
70
61
56
58
70
66
58
73
71
53
66
56
62
70
57
60
57
61
58
54
61
58
62
64
68
61
63
65
71
69
71
71
60
64
54
59
68
62
58
(AUGUST 1987)
C. Historical Data for Selected Series—Continued
Year
IV Q
II Q
Annual
976. DIFFUSION INDEX OF SELLING PRICES, MANUFACTURING-ACTUAL ©
(PERCENT RISING OVER 4-QUARTER SPANS)
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
196 5
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977 .....
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
977.
53
44
50
70
70
52
58
58
52
54
50
56
58
70
70
74
92
81
80
86
87
92
90
88
72
61
74
65
59
55
50
53
54
54
61
72
82
86
88
93
88
86
68
60
70
62
60
ANTICIPATED
56
46
60
71
56
68
53
60
54
54
54
55
56
64
78
72
72
86
94
78
80
90
84
63
59
55
52
54
54
56
72
72
86
93
79
81
86
89
93
90
85
66
64
70
978.
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
53
71
57
51
55
52
60
63
85
87
85
80
90
96
80
89
96
92
90
72
63
73
64
58
43
60
68
71
54
64
56
51
52
56
56
60
76
74
82
85
85
86
96
79
80
86
92
95
90
62
69
60
60
48
69
79
59
65
54
54
50
60
82
80
92
94
57
64
55
52
53
56
58
65
78
78
82
85
86
80
81
92
94
80
93
95
92
84
65
59
58
68
61
60
54
52
55
86
86
73
90
92
94
78
64
52
65
58
50
52
54
56
61
78
86
84
78
87
97
84
86
86
94
95
91
90
75
72
68
63
62
58
68
56
57
54
58
60
56
53
54
56
58
65
90
85
73
79
93
96
86
79
78
91
94
70
66
66
©
(PERCENT RISING OVER 4-QUARTER
50
66
69
*58
62
56
57
53
57
58
75
79
76
68
73
86
86
75
78
82
65
74
1953
1954
1955
1956
1957.....
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
56
53
51
71
72
62
65
55
59
52
61
62
68
76
55
67
66
52
60
58
56
56
56
58
61
60
55
55
55
68
71
75
78
77
76
70
83
92
68
82
85
90
90
76
66
76
70
65
83
89
76
64
62
68
74
49
56
69
70
50
54
68
55
58
55
60
62
72
73
82
54
64
60
56
59
55
59
64
76
69
78
65
62
56
58
54
60
62
72
73
79
80
80
70
92
70
86
87
90
90
82
78
64
66
64
90
93
95
92
89
74
70
70
64
1953
1954
1955
1956
1957
1958
1959
1960
1961
55
50
48
66
69
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1975
1976
1977
1978
1979
19 80
1981
1982
1983
1984
1985
1986
1987
48
67
66
55
62
60
55
57
54
60
59
70
76
84
85
89
75
1974
90
90
90
90
82
69
70
65
These are copyrighted se:
NOTE: These series contain no revisions but are reprinted for the convenience of the use
by permission; they may not be reproduced without written permission from Dun & Bradstreet, Inc.
SPANS)
50
54
70
54
58
60
68
72
76
79
76
76
72
80
89
76
78
Annual
978. DIFFUSION INDEX OF SELLING PRICES, RETAIL TRADE—
ANTICIPATED 0 (PERCENT RISING OVER 4-QUARTER SPANS)
DIFFUSION INDEX OF SELLING PRICES, RETAIL TRADE-ACTUAL 0 (PERCENT RISING OVER 4-QUARTER SPANS)
56
44
66
72
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982.
1983
1984
1985
1986
1987
IV Q
IQ
977. DIFFUSION INDEX OF SELLING PRICES, WHOLESALE T R A D E —
ANTICIPATED ©
(PERCENT RISING OVE& 4-QUARTER SPANS)
DIFFUSION INDEX OF SELLING PRICES, WHOLESALE TRADE-ACTUAL ©
(PERCENT RISING OVER 4-QUARTER SPANS)
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
196 4.....
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
Year
92
93
90
81
67
74
70
62
53
66
60
52
62
56
55
55
54
57
60
46
51
62
59
54
72
84
92
84
76
70
90
91
89
90
78
69
72
(AUGUST
1987)
15
0
G. Experimental Data and Analyses
III III
Foreign currency per U.S. dollar
Year
and
month
West
Germany
France
United
Kingdom
(Yen)
1986
Jan....
Feb.
Mar.
Apr.
May.
June
July
Aug.
Sept
Oct.
Nov.
Dec.
Japan
(D. mark)
(Franc)
(Pound)
l l l l l l l l II l l l | l l l | l ! l | II
2.4384
2.3317
2.2752
2.2732
2.2277
2.2337
7.4821
7.1575
6.9964
7.2060
7.0967
7.1208
6.9323
6.7215
6.6835
6.5628
6.6206
6.5296
2*0621
2.0415
2.0054
2.0243
1.9880
Ratio scale
Foreign currency per u.5. dollar—
\r
\
A
A
260
220
\
\
0.7020
0.6994
0.6815
0.6673
0.6574
0.6629
0.6635
0.6729
0.6804
0.7011
0.7023
0.6948
300
Japan (yen)
\
199.89
184.85
178.69
175.09
167.03
167.54
158.61
154.18
154.73
156.47
162.85
162.05
III III III III III
V
\
V
154.83
153.41
151.43
143.00
140.48
144.55
150.29
2
149.33
A
\ /estC erma ny (d . mark)
/
S
2.8
2.4
^\
\
1.8596
1.8239
1.8355
1.8125
1.7881
1.8189
1.8482
2
1.8708
6.2007
6.0760
6.1091
6.0332
5.9748
6.0739
6.1530
2
6.2428
June...
July...
Aug
Sept...
Oct....
Nov....
Dec
1987
Jan
Feb....
Mar
Apr
May....
June...
July...
Aug....
Sept...
Oct....
Nov....
Dec....
France (franc)
Italy
Canada
(Dollar)
Exchange value
of the U.S.
dollar1
2.0
1.4070
1.4043
1.4009
1.3879
1.3757
1.3899
1.3808
1.3885
1.3872
1.3885
1.3863
1.3801
r
1
1.3605
1.3340
1.3194
1.3183
1.3411
1.3387
1.3262
2
1.3280
x
106
7
S
JV
\s
O.9
i/:
i
j
\
J
*\
D
V
0.8
0.7
0.6
A
0.5
V 'V,//
/
Italy (lira)
r
/\
V
\
B
r
2000
1800
1600
1400
1200
1000
1
mm
D
Canada (dollar)
800
1.8
1.4
*
1.2
•\->
Exchange value of the U.S. dollar
(index: March 1 9 7 3 - 1 0 0 )
A, /*
• ~
1.0
160
y\
140
B
A,
KJ
III 75 76 77 78 79 80 81 82 83 84 85 86 87
III III HI III | || in III III III III III III
74
This index is the weighted-average exchange value of the U.S. dollar against the currencies of the other G-10 countries
plus Switzerland. Weights are the 1972-76 global trade of each of the 10 countries. For a description of this index, see
the August 1978 FEDERAL RESERVE BULLETIN (p. 700).
2
Average for August 3 through 21.
Source: Board of Governors of the Federal Reserve System.
8
A
123.65
118.77
116.05
115.67
113.27
113.77
110.38
107.50
107.15
106.58
107.90
106.54
101.13
99.46
98.99
97.09
96.05
97.78
99.36
2
100.28
D
6
i.
1,317.17
1,297.74
1,305.90
1,292.96
1,290.80
1,316.50
1,337.96
2
l,355.50
10
9
V \
//
umitju mnguum i^puunu;
r
J
1,663.14
1,588.21
1,548.43
1,559.45
1,528.50
1,533.10
1,478.31
1,420.33
1,410.23
1,387.67
1,401.08
1,379.44
_:i
I
t
\
1
(March 1973=100)
1986
May....
o
1.6
0.6643
0.6545
0.6280
0.6135
0.6000
0.6139
0.6215
2
0.6294
r
(Lira)
Jan....
Feb
Mar
Apr
140
v
Foreign currency per U.S. d o l l a r
Year
and
month
180
3.2
198 1
Jan.
Feb.
Mar.
Apr.
May.
June
July
Aug.
Sept
Oct.
Nov.
Dec
B
120
100
80
G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series title
(and unit of measure)
LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours).
5. Average weekly initial claims for unemployment insurance, State programs1 (thous.). .
8. Mfrs.1 new orders in 1982 dollars, consumer
goods and materials industries (bil. do!.).
32. Vendor performance, percent of companies
receiving slower deliveries (percent) . . .
20. Contracts and orders for plant and equipment
in 1982 dollars (bil. dol.)
29. New private housing units authorized by
local building permits (index: 1967=100). .
36. Change in inventories on hand and on order in
1982 dol., smoothed2 (ann. 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 1982 dollars
(bil. dol.)
111. Change in business and consumer credit
outstanding (ann. rate, percent)
910. Composite index of leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thous.)
51. Personal income less transfer payments in
1982 dollars (ann. rate, bil. d o l . ) . . . .
47. Industrial production
(index: 1977=100)
57. Manufacturing and trade sales in 1982
dollars (mil. dol.)
920. Composite index of roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
77. Ratio, manufacturing and trade inventories
to sales in 1982 dollars (ratio)
62. Labor cost per unit of output, manufacturingactual data as a percent of trend (percent)
109. Average prime rate charged by banks
(percent)
101. Commercial and industrial loans outstanding
in 1982 dollars ( m i l . d o l . )
95. Ratio, consumer installment credit
outstanding to personal income (percent). .
930. Composite index of lagging indicators 3
(index: 1967=100)
Apr.
1987
May
1987
Net contribution to index
Apr.
to
May
1987
July
1987
June
1987
May
to
June
1987
June
to
July
1987
40.6
41.0
41 .0
p41.0
0.33
0.00
0 .00
324
326
327
327
-0.02
-0.01
0.00
84.09
r83.74
r85 .43
p82.27
-0.02
0.11
-0.25
57
60
57
62
0.13
-0.13
0.27
36.27
r37.50
r38.43
p38.50
0.08
0.06
0.01
127.4
119.1
121.0
118.6
-0.22
0.05
-0.08
r31.12
r32.40
p37.88
NA
0.03
0.14
r-0.10
0.69
rl.57
1 .97
0.34
0.38
0.21
289.32
289.12
301.38
310.09
-0.00
0.28
0.24
r2,428.0
r2,420.9
r2,413.6
p2,412.9
-0.10
-0.11
-0.01
r6.3
r3.9
p4.8
-0.14
0.05
rl87.9
188.9
rl90.8
pl91.8
0.53
1.01
0.52
101,598
rl01,708
rl01,811
plO2,115
0.09
0.08
0.32
r2,685.7
r2,673.3
r2,675.7
p2,680.6
-0.23
0.04
0.12
rl27.4
rl28.3
rl28.8
pl29.8
0.20
0.11
0.28
r430,221
r429,145
p432,443
NA
-0.06
0.17
167.8
167.5
rl67.9
pl68.8
-0.18
0.24
0.54
14.9
14.9
14.8
14.0
0.00
0.05
0.59
rl.52
r l .53
pi.52
0.13
-0.13
76 .8
r76.3
r75.8
p74.8
-0.18
-0.18
7.75
8.14
8.25
8.25
0.27
r351 , 2 7 4
r348,290
r344,881
p339,557
-0.22
-0 .26
rl5.76
rl5.71
pl5.76
-0.19
0.19
rl30.4
130.1
rl29.8
-0.23
-0.23
N
A
NA
NA
pl29.1
0.08
NA
NA
NA
NA
-0.54
0.00
-0.60
NA
-0.54
NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t is
computed by dividing the standardized and weighted change f o r 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 BUSINESS CONDITIONS DIGEST (pp. 108-109) or
the 1984 HANDBOOK OF CYCLICAL INDICATORS"{pp. 67-68) for the weights and standardization factors. NA, not available, p, p r e l i m i nary, r, revised, e, estimated.
x
This 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 lagging index, 0.018.
2
3
17
0
G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
MONTHS
DEVIFROM ATIONS
REF.
FROM
TROUGH
7/81
1. Average weekly hours, manufacturing
11 . .. i
CURRENT MONTH
ACTUAL
AND
DATA YEAR
Tin
SERIES
1
HOURS
45
46
47
48
• 41.0
• 40.5
2.3
2.3
2 .0
2.3
40.8
40.8
40.7
40.8
49
50
51
52
2.3
2.5
3.0
2.5
40.8
40.9
41 .1
40.9
12/86
1/87
2/87
3/87
53
54
55
56
1 .8
2.8
2.8
2.8
40.6
41.0
41 .0
41 .0
• 39.0
for
current
cycle
• 41.0
• 40.5
MONTHS
DEVIFROM ATIONS CURRENT MONTH
FROM
ACTUAL
SPEC.
AND
DATA
YEAR
TROUGH
9/82
• 40.0
SERIES
1
HOURS
• 39.5
5.2
5.2
40.8
40.8
8/86
9/86
49
50
51
52
4.9
5.2
5.2
5.4
40.7
40 .8
40.8
40.9
10/86
11/86
12/86
1/87
53
54
55
56
5.9
5.4
4.6
5.7
41.1
40.9
40.6
41 .0
2/87
3/87
4/87
5/87
57
58
9 39.5
Actual
data
4/87
5/87
6/87
7/87
47
48
-1
Deviations
from
specific
troughs
8/86
9/86
10/86
11/86
• 40.0
-
1. Average weekly hours, manufacturing
5.7
5.7
41.0
41 .0
6/87
7/87
• 39.0
• 38.5
• 38.0
• 160
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
7/81
DATA YEAR
• 150
SERIES 46
1967=100
45
46
47
48
8.9
9.8
14.6
19.5
134
135
141
147
8/86
9/86
10/86
11/86
49
50
51
52
17.1
15.4
19.5
22.0
144
142
147
150
12/86
1/87
2/87
3/87
53
54
55
56
17.1
17.1
26.0
28.5
144
144
155
158
4/87
5/87
6/87
7/87
• 140
• 130
• 120
MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
DATA
9/82
YEAR
mo
SERIES
46
1967-100
MOO
47
48
83.6
84.9
134
135
8/86
9/86
49
50
51
52
93.2
101.4
97.3
94.5
141
147
144
142
10/86
11/86
12/86
1/87
53
54
55
56
101.4
105.5
97.3
97.3
147
150
144
144
2/87
3/87
4/87
5/87
57
58
112.3
116.4
155
158
6/87
7/87
• 90
• 80
-» - 4 0
0 + 6 +12+18 + 24+30+36+42+48+54
Months from reference troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the July 1987 issue.
108
• 80
-1 0
0 + 6 +12+18 + 24+30+36+42+48+54
Months from specific troughs
G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
Deviations
from
53. Wages and salaries in 1982 dollars,
1
mining, mfg., and construction
reference
peaks
Actual
data
for
current
cycle
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
DATA YEAR
7/81
45
46
47
48
B
Percent
—1+10
• 580
+5
• 560
• 540
Deviations
from
specific
troughs
53. Wages and salaries in 1982 dollars,
mining, mfg., and construction
SERIES 53
ANN. RATE
BIL. DOL.
0 .8
542.0
8/86
539.8
0 .4
9/86
1 .3
544.9 10/86
0 .6
541 .1 11/86
49
50
51
52
0.5
0.4
0.2
0.0
540.2
540.1
538.7
537.8
12/86
1/87
2/87
3/87
53
54
55
56
-0.7
-0.5
-0.7
-0.9
534.2
535.1
534.1
532.9
4/87
5/87
6/87
7/87
Actual
data
fr
o
current
cycle
• 590
• 570
MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
TROUGH 11/82
DATA YEAR
45
46
47
48
• 500
49
50
51
52
11.6
11.6
11.3
11.1
540.2
540.1
538.7
537.8
12/86
1/87
2/87
3/87
• 480
53
54
55
56
10.3
10.5
10.3
10.1
534.2
535.1
534.1
532.9
• 550
SERIES 53
ANN. RATE
BIL. DOL
12.0
542.0
8/86
11.5
539.8
9/86
12.6
544.9 10/86
541 .1 11/86
11.8
4/87
5/87
6/87
7/87
• 520
• 530
• 510
-10
• 490
-» 0
• 460
-J
57. Manufacturing and trade sales,
1982 dollars
-15
MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
DATA YEAR
TROUGH
7/81
Percent
+ 24
+ 20
+ 16
44
• 400.000
+8
• 380,000
14.7 418913
7/86
45
46
47
48
15.3
18.3
16.1
16.1
421216
432003
423892
423849
8/86
9/86
10/86
11/86
49
50
51
52
18.7
14.5
18.9
18.2
433476
418148
434102
431517
12/86
1/87
2/87
3/87
53
54
55
+12
+ 4
SERIES 57
MIL. DOL.
• 440.000
• 420.000
17.8 430221
17.5 429145
18.4 432443
4/87
5/87
6/87
45
46
47
48
22.3
23.0
26.2
23.8
418913
421216
432003
423892
-12
0 + 6 + 1 2 + 18 + 2 4 + 3 0 + 3 6 + 4 2 + 4 8 + 54
Months from reference troughs
• 420.000
-
20
• 400.000
• 380.000
49
50
51
52
23.8
26.6
22.1
26 .8
423849
433476
418148
434102
11/86
12/86
1/87
2/87
53
54
55
56
26.0
25.6
25.3
26.3
431517
430221
429145
432443
• 360.000
7/86
8/86
9/86
10/86
• 340.000
• 320.000
•440.000
SERIES 57
MIL. DOL.
-8
i ii Ini nl inn In i ii inn inn tin iln i n 1 ii ill 1 ii 1
1
1 1
28
MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
SPEC.
AND
TROUGH 10/82
DATA YEAR
• 360.000
-4
57. Manufacturing and trade sales,
1982 dollars
3/87
4/87 - 6
5/87
6/87
-J o
0+6
• 340.000
+12+18+24+30+36+42+48+54
Months from specific troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the July 1987 issue.
109
ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Agricultural products, exports
Anticipations and intentions
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Plant and equipment expenditures, constant dollars..
Plant and equipment expenditures, current dollars....
Plant and equipment expenditures, 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
Series
number
64
0
Current issue
(Page numbers)
Charts
Tables
5
6
9
2
Historical
data
issue date)
Series
dascription
<
()
*
12/85
5
6
5
8
94
7
95
7
91
7
10
0
6
1
90
7
96
7
98
7
97
7
92
7
93
7
2
2
3
8
3
8
3
8
2
4
2
4
38
3
8
3
8
3
8
3
8
3
8
6
5
7
6
7
6
7
6
6
7
6
7
7
6
7
6
7
6
7
6
7
6
7
6
6/87
8/87
8/87
8/87
11/86
11/86
11/86
8/87
8/87
8/87
8/87
8/87
2
0
3
7
3
7
3
7
66
1
5
5
5
6
2
2
9
2
6
5
12/85
10/86
5
6
3
9
2
3
2
3
3
7
3
7
3
7
3
7
3
7
B
Balance of payments—See International transactions.
Bank loans—See Business Loans.
Bank rates—See Interest rates.
Bank reserves
Free reserves
Member bank borrowings from the Federal Reserve..
Bonds—See Interest rates.
Borrowing—See Credit.
Budget—See Government.
Building—See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures—See Investment, capital.
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
Canada—See International comparisons.
Capacity utilization
Manufacturing
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.
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
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Earnings, average hourly, private nonfarm
economy
:
Earnings, real average hourly, 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 coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers, index
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Money and financial flows
Profitability
Twelve leaders, index
Twelve leaders, rate of change
See notes at end of index.
110
93
94
33
33
72
72
1/87
1/87
35
35
2
9
7
6
13,25
2
4
6
7
6
7
6/87
12/86
2
4
1
2
1
4
1
2
1
3
3
3
2
3
2
3
7
2
6
5
6
5
6/87
6/86
6/86
3
4
2
1
2
1
11
0
7
2
12
1
25
9
15,35
3
5
32
4
6
7
3
7
3
7
1
8
2
5/87
5/87
5/87
12/86
3
2
3
2
3
2
2
6
82
84
20
20
64
64
12/86
12/86
14
14
97
11
965
333
24
24
37
48
66
66
75
86
12/86
12/86
10/86
3/87
22
22
22
51
914
35
34
11
29
29
60
70
70
1/86
10/86
10/86
5
26
26
442
90
441
37
51
17
51
18,51
89
62
89
62,89
2/87
2/87
2/87
2/87
9
9
9
9
920
920c
951
940
9
10
39
36
11
23
60
74'
60
66
1/87
1/87
1/86
1/86
6/87
5
5
21
101
72
112
15,35
35
32
73
73
71
5/87
5/87
5/87
32
32
32
345
280
49
45
87
82
10/86
11/86
46
46
64
30,47
70,83
10/86
46
36
4
4
9
88
10/86
46
30
4
49
87
8/87
5
341
348
349
49
50
50
87
88
88
8/87
7/87
7/87
5
53
53
3/87
90
2
920c
90
4
1
0
3
9
1
1
6
0
1/87
1/87
1/86
5
90
3
930c
1
0
3
9
6
0
1/87
1/87
5
94
1
95
1
97
1
96
1
90
1
910c
1
1
1
1
1
1
1
1
1
0
3
9
6
0
60
6
0
6
0
60
1/86
1/86
1/86
1/86
4/87
4/87
5
5
5
5
5
60'
5
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales
Gross private fixed investment
Nonresidential, constant dollars
Nonresidential, percent of GNP
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP.
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.
All items...
Food
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, industrial production ....
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
Defense purchases, percent of GNP
Deficit—See Government.
Deflators—See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Capital appropriations, manufacturing
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagncultural 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
Plant and equipment expenditures
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 prices, retail trade..
Selling prices, wholesale trade.
Stock prices, 500 common stocks
Workweek, manufacturing..
Workweek, manufacturing, components
Disposable personal income—See income.
Series
number
Current issue
^ page numbers)
Charts
Tables
29 13,25
Historical
data
(issue date)
Series
description
(*)
6/87
23
24
66
67
6/87
8/87
21
17
248
87
89
249
28
334
25
47
25
25
47
25
48
12,21
22
67
83
67
67
83
67
86
64
65
10/86
11/86
10/86
10/86
11/86
3/87
3/87
4/87
12/86
40
40
40
40
40
24
51
15
12
66
113
95
39
35
32
15,35
33
73
72
73
72
5/87
5/87
5/87
1/87
33
33
33
34
320
322
58
49
49
22
84,95
84
65
4/87
4/87
6/87
49
49
20
525
53
90
7/87
55
20
12,23
66
6/87
21
66
73
4/87
2/87
21
35
10
116
10
1
7/87
11
0
7
2
12
1
15,35
3
5
3
2
7
3
7
3
7
1
5/87
5/87
5/87
3
2
3
2
3
2
6
6
13
1
9
5
3
9
11
1
3
3
3
5
3
2
15,35
3
3
13,32
3
2
7
3
7
2
7
3
7
2
7
2
7
1
5/87
5/87
5/87
1/87
5/87
9/86
3
3
3
3
3
3
3
4
3
1
3
1
98
31
3
2
8
48
6
9
8
5
5/87
3/87
5
1
5
0
57
1
53
4
50
8
58
7
57
7
55
2
5
3
5
3
5
4
5
5
5
5
5
3
9
0
9
0
9
1
9
1
9
1
9
0
7/87
12/85
12/85
7/87
7/87
7/87
55
55
56
56
56
55
59
5
58
4
58
8
51
6
50
7
54
6
55
6
5
4
5
3
5
4
5
4
5
5
5
5
5
5
9
1
9
0
9
1
9
1
9
1
9
1
9
1
6/87
5/87
6/87
6/87
8/87
10/86
10/86
17
15
17
15
5
43
43
3
9
3
2
3
3
12,21
7
2
64
1/87
1/86
34
17
95
6
91
5
94
7
93
6
96
6
3
7
3
6
38
3
6
3
7
10/86
1/86
8/87
9/86
12/86
22
5
37
5
12
92
6
95
7
92
5
90
5
94
6
3
6
38
3
6
3
6
3
7
12/86
8/87
1/86
6/87
2/87
37
5
5
15
91
7
90
7
90
6
92
7
97
6
3
8
38
3
7
38
3
7
8/87
11/86
8/87
8/87
1/86
37'
23
37
37
25
93
7
96
7
98
7
97
7
98
6
91
6
38'
38
3
8
3
8
3
7
3
6
7
5
7
4
7
6
7
4
7
5
7
8
7
4
7
6
7
4
7
4
7
5
7
7
7
6
7
6
7
5
7
6
7
5
7
9
7
6
7
6
7
6
7
6
7
5
7
4
7
7
8/87
8/87
8/87
8/87
2/87
8/87
'37'
37
37
37
25
5
12/86
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
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagrtcultural establishments
Rate of change
Total
Employees in goods-producing industries
Employees, manufacturing and trade, Dl
Employees on nonagncultural payrolls
Employees on private nonagncultural payrolls, Dl ..
Employment, civilian
Employment, defense products industries
Employment, ratio to population
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment....
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl....
Overtime hours, manufacturing
Participation rate, both sexes 16-19 years of age..
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons.
Persons engaged in nonagncultural activities
Unemployed, both sexes 16-19 years of age
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment, civilian
Unemployment rate, 15 weeks and over
Unemployment rate, insured
Unemployment rate, total
Workweek, manufacturing
Workweek, manufacturing, components
Workweek, manufacturing, Dl
Equipment—See Investment, capital.
Exports—See International transactions.
Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowings from..
Final sales in constant dollars
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
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.
Series
number
Current issue
numbers)
Charts
Tables
(page
41
4
58
7
57
7
5
1
5
5
5
5
4c
8
48
40
94
7
4
1
93
6
42
4
50
7
9
0
4
6
6
0
5
92
6
2
1
43
5
42
5
41
5
48
4
4
2
46
4
45
4
47
4
44
4
9
1
3
7
44
4
5
4
3
1
3
9
1
7
1
7
38
14,17
3
6
5
1
5
5
1
7
1
6
1
6
12,16
3
6
1
6
5
1
5
1
5
1
5
1
1
7
5
1
5
1
5
1
5
1
15,18
18,51
1
8
1
8
1
8
12,16
91
6
3
6
119
3
3
40
1
1
6
1
62
7
6
6
2
7
4
8
9
9
1
6
2
6
1
6
1
6
1
7
4
6
1
8
9
8
9
8
9
8
9
6
2
8
9
8
9
8
9
8
9
6
2
62,89
6
2
6
2
6
2
61
77
74
2/87
7/87
7/87
Series
description
(•)
9
5
6
5
6
9/86
9/86
8/87
8/87
8/87
9/86
2/87
8/87
2/87
4/86
2/87
12/86
12/86
8/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
3/87
2/87
8/87
"5
5
3
7
5
5
9
5
9
9
9
8
8
5
9
9
9
9
9
9
9
9
9
9
9
9
8
9
5
8/87
5
3/87
34
9
4
23
1
97
1
8
9
9
1
9
1
Historical
data
(issue date)
7
2
80
6
0
311
1/87
10/86
1/86
3
5
3
8
5
10/86
1/87
10/86
52
0
51
0
50
0
52
1
51
1
50
1
28
9
5
2
5
2
52
5
2
5
2
5
2
4
6
9
0
9
0
90
90
90
90
8
3
10/86
10/86
10/86
10/86
10/86
10/86
12/86
5
3
5
3
5
3
5
3
5
3
5
3
48
23
6
22
6
25
6
54
6
55
6
27
6
26
6
28
6
21
6
20
6
4
3
4
3
47
5
5
5
5
4
3
4
3
4
7
4
3
4
3
8
1
8
1
8
3
9
1
9
1
8
1
8
1
8
3
8
1
8
1
11/86
11/86
11/86
10/86
10/86
11/86
11/86
11/86
11/86
11/86
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
31
1
6
8
4
8
3
0
84
7
0
10/86
10/86
4
9
2
8
5
0
5b
0
5c
0
20
0
200b
200c
17
0
4
9
30
1
27
1
19,40
3
1
2
0
4
8
4
0
63,80
80
80
80
80
8
0
7
1
6
3
8
4
80
10/86
10/86
10/86
10/86
10/86
10/86
8/87
10/86
10/86
10/86
3
8
3
8
3
8
3
8
38
3
8
3
0
1
4
3
8
3
8
4
6
6
0
1
6
1
6
6
1
6
1
4/86
2/87
9
9
1
12,16
5
3
6
1
6
6
1
7
7
7
4
6
1
8/87
91
6
2
1
8/87
8/87
"5
5
3
9
40
H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours, manufacturing
Average weekly hours
Average weekly hours, components
Average weekly hours, Dl
Average weekly overtime
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Housing
Housing starts
Housing units authorized by local building permits
Residential GPDI, constant dollars
Residential GPDI, percent of GNP
C u r r e n t ISSue
Historical
data
(issue date)
Series
description
()
*
67
67
67
83
3/87
6/87
10/86
11/86
2
4
2
4
40
40
48
84
10/86
345
280
49
45
87
82
10/86
11/86
46
46
(page numbers)
Series
number
Charts
28
29
89
249
25
13,25
25
47
310
Tables
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, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Income on foreign investment in the United States
Income on U S investment 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
Defense and space equipment
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, Dl
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
64
30,47
70,83
10/86
4
6
346
95
286
49
15,35
45
88
73
82
10/86
5/87
12/86
46
33
26
287
225
224
47
40
40
83
80
80
12/86
10/86
10/86
26
11
11
227
40
80
10/86
340
49
87
8/87
341
652
651
288
289
220
52
223
49
57
57
45
47
45
19
40
87
93
93
82
83
82
63
63
8/87
7/87
7/87
12/86
12/86
10/86
9/86
9/86
5
5
7
5
7
4
7
4
7
4
6
1
1
1
1
51c
51
108
282
39
14,19
31
45
63
71
82
9/86
9/86
8/87
11/86
1
1
3
0
4
7
283
284
47
45
83
82
11/86
11/86
4
7
4
7
285
348
349
47
50
50
83
88
88
11/86
7/87
7/87
4
7
5
3
5
3
53
13
335
19
23
48
63
65
85
3/87
6/86
3/87
1
1
2
1
5
1
76
75
557
73
74
47
24
22
54
20
20
14,20,58
12/86
12/86
12/86
12/86
12/86
12/86
1
2
1
2
1
3
1
2
1
2
1
2
966
47c
37
39
67
65
91
63
63
63,94
78
75
12/86
12/86
1
2
967
23
37
28
79
75
69
1/86
1/86
2
5
2
5
5
962
45
288
289
12,16
36
18
45
47
61
74
62
82
83
12/86
12/86
3/87
12/86
12/86
8
8
8
4
7
4
7
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
12/86
2/87
3/87
3/87
3/87
1/87
2/87
2/87
3/87
3
5
3
5
3
5
3
5
3
5
3
5
3
5
3
5
5
0
733
736
737
738
732
320
735
59
59
59
59
59
49
59
96
95
96
95
95
84,95
95
5/87
5/87
5/87
5/87
5/87
4/87
5/87
60
6
1
6
1
6
1
6
0
4
9
6
1
723
726
727
728
721
722
47
725
58
58
58
58
58
58
14,20,58
58
94
94
94
94
94
94
63,94
94
6/87
6/87
6/87
6/87
6/87
6/87
12/86
6/87
5
9
5
9
5
9
5
9
5
8
5
8
1
2
5
9
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)
International comparisons—Continued
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions
Balance on goods and services
Balance on merchandise trade
Exports, excluding military aid
Exports, merchandise, adjusted, excluding military
Exports of domestic agricultural products
Exports of goods and services, constant dollars
Exports of goods and services, current dollars
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports, general
Imports, merchandise, adjusted, excluding military
Imports of automobiles and parts
Imports of goods and services
Imports of goods and services, constant dollars
Imports of goods and services, current dollars
Imports of petroleum and petroleum products
Income on foreign investment in the United States
Income on U.S. investment abroad
Net exports of goods and services,
constant dollars
Net exports of goods and services,
current dollars
Net exports of goods and services, percent of GNP
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories to sales ratio, manufacturing and trade ....
Inventory investment and purchasing, Cl
Manufacturing and trade
Manufacturing and trade, change
Manufacturing and trade, constant dollars
Manufacturing and trade, Dl
Manufacturing and trade, on hand and
on order, change
Materials and supplies on hand and on order,
manufacturers'
Materials and supplies on hand and on order,
manufacturers', 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
Nonresidential producers' durable equipment,
constant dollars
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Total, constant dollars
Total, current dollars
New orders, nondefense capital goods,
constant dollars
New orders, nondefense capital goods,
current dollars
Plant and equipment
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Investment, foreign
Income on foreign investment in the United States
Income on U.S. investment abroad
Italy—See International comparisons.
Series
number
Current issue
numbers)
Charts
Tables
(page
Historical
data
(issue date)
Series
description
(*)
73
4
76
4
77
4
78
4
72
4
1
9
75
4
5
9
5
9
5
9
5
9
5
9
5
9
5
9
9
6
9
6
9
6
9
6
9
6
9
6
9
6
7/87
7/87
7/87
7/87
7/87
7/87
7/87
6
3
6
3
6
3
6
3
6
3
2
5
6
3
67
6
62
2
62
0
68
1
64
0
26
5
22
5
68
6
66
0
62
1
60
2
66
1
69
6
27
5
23
5
64
1
62
5
61
5
5
7
5
7
5
6
5
7
5
6
4
4
44
5
7
5
6
5
6
5
7
5
6
5
7
4
4
4
4
5
6
5
7
5
7
9
3
9
3
9
2
9
3
9
2
82
82
9
3
9
2
9
2
9
3
9
2
9
3
8
2
8
2
9
2
9
3
9
3
7/87
7/87
12/85
7/87
12/85
11/86
11/86
7/87
12/85
12/85
7/87
12/85
7/87
11/86
11/86
12/85
7/87
7/87
5
7
5
7
5
6
5
7
5
6
4
4
44
5
7
5
6
5
6
5
7
5
6
5
7
4
4
44
5
6
5
7
5
7
25
5
44
82
11/86
44
20
5
21
5
4
4
4
7
8
2
8
3
11/86
11/86
4
4
4
4
3
0
25
4
27
4
59
5
6
5
7
7
95
1
7
1
3
1
7
0
95
7
26,42
68,81
42
4
7
5
4
2
7
1
1
2
7
2
6
2
7
3
8
8
1
8
3
9
1
6
8
6
8
6
0
6
8
6
8
6
8
7
6
9/86
11/86
11/86
6/87
5/87
6/87
1/86
6/87
6/87
6/87
8/87
4
0
4
0
40
1
7
1
7
1
7
5
1
7
1
7
1
7
3
7
3
6
13,26
6
8
9/86
1
7
7
8
2
7
6
8
5/87
1
7
38
2
6
6
8
5/87
1
7
9
7
1
1
95
6
94
1
9
2
4
2
4
3
7
1
1
2
3
6
6
6
6
7
5
60
6
6
12/86
12/86
10/86
1/86
6/87
2
2
2
2
2
2
5
2
1
15,27
8/87
83
11/86
11/86
10/86
11/86
40
40
40
40
6
7
6
7
6
7
8
3
8
1
8
1
10/86
10/86
10/86
11/86
11/86
11/86
40
40
40
40
40
40
2
3
6
6
6/87
15
2
4
2
3
6
6
4/87
15
2
0
1
0
10
0
6
1
90
7
12,23
2
3
2
4
2
4
3
8
6
6
6
6
6
7
6
7
7
6
6/87
4/87
11/86
11/86
11/86
21
21
62
5
61
5
5
7
5
7
9
3
9
3
7/87
7/87
57
23
4
22
4
8
6
28
4
4
2
4
2
2
5
4
7
8
1
8
1
6
7
88
8
7
8
9
29
4
21
4
20
4
2
5
2
5
2
5
4
7
4
2
42
2
7
See notes at end of index.
112
number Charts
910
910c
950
14
104
10
39
36
33
31
Tables
60
74'
72
71
(issue date)
4/87
4/87
6/87
6/87
4/87
dfs^n
(
*
5
5
34
29
M
Materials and supplies on hand and on order,
manufacturers' inventories
Materials and supplies on hand and on order,
manufacturers' inventories, change
Materials, capacity utilization rate
Materials, new orders for consumer goods and
Materials prices—See Price indexes.
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
5/87
2
6
2
0
12,21
68
6
4
64
5/87
12/86
4/87
7
1
7
1
7
1
7
1
7
1
7
1
7
1
7
1
7
3
7
3
4/87
4/87
4/87
4/87
4/87
8/87
8/87
9/86
3/87
3/87
2
9
2
9
2
9
3
0
2
9
3
0
3
0
3
1
3
5
3
5
1
7
1
4
1
5
1/86
14
0
15
0
8
5
16
0
12
0
17
0
18
0
3
3
18
1
17
1
3
1
3
1
3
1
13,31
3
1
3
1
3
1
3
2
3
4
3
4
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
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
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.
Goods output, constant dollars
Labor cost per unit of
Actual data
Actual data as percent of trend
Per hour, business sector
Per hour, nonfarm business sector
Ratio to capacity, manufacturing
Ratio to capacity, materials
Overtime hours, manufacturing
2
7
2
4
8
12,21
6
6
6
6
6
4
6/87
4/87
4/87
1
5
1
5
1
5
2
0
12,23
6
6
6/87
2
1
1
0
58
4
7
6
2
3
5
3
2
1
2
1
4/87
5/87
4/87
4/87
2
1
1
5
1
5
1
5
94
6
91
7
3
7
3
8
6
6
9
0
6
4
6
4
7
7
7
5
7
6
2/87
8/87
1
5
3
7
88
8
7
8
6
28
4
2
5
2
5
2
5
4
7
6
7
6
7
6
7
8
3
10/86
10/86
10/86
11/86
4
0
4
0
4
0
4
0
57
1
53
4
71
2
5
3
5
3
5
8
9
0
7/87
12/85
6/87
5
5
5
5
5
8
580
54
2
3
2
3
90
9
4
12/85
10/86
6
2
6
2
30
7
38
5
8
2
8
4
2
1
3
0
1
5
5
0
5
0
2
0
2
0
1
6
7
0
7
0
8
8
88
64
6
4
6
1
9/86
9/86
10/86
10/86
12/86
12/86
8/87
2
8
2
8
5
2
5
2
1
4
1
4
5
43
5
42
5
41
5
5
1
5
1
5
1
8
9
8
9
8
9
2/87
2/87
2/87
9
9
9
5
5
23
3
22
3
28
3
26
3
29
3
27
3
21
3
20
3
25
3
2
2
4
1
4
1
4
1
4
1
4
1
4
1
4
1
4
1
47
6
5
80
80
8
1
8
1
8
1
8
1
8
0
80
8
3
10/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
22
9
23
9
64
1
4
6
4
6
5
6
82
8
3
9
2
12/86
12/86
12/85
4
8
4
8
5
6
23
57
68
63
30
30
70
70
10/86
8/86
28
28
62
62
26
30
15
29
70
70
70
9/86
9/86
8/86
28
28
28
930
930c
952
10
39
36
60
1/87
1/87
1/86
"5
74
Leading indicators, twelve
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets, change in total
L o a n s — S e e Credit.
Current issue
23
Japan—See International comparisons.
Labor cost per unit of gross domestic product....
Labor cost per unit of output, business sector....
Labor cost per unit of output, manufacturing
Actual data
Actual data as percent of trend
Labor cost, price per unit of, nonfarm business...
Labor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
5
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 petroleum products, imports..
ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
(See complete titles in "Titles and
Sources of Series," following this index)
Plant and equipment—See also Investment, capital.
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Population, civilian employment as percent of
Price indexes
Consumer prices—See also International comparisons.
All items
Series (page ni
umbers)
number Charts Tables
Historical
data
(issue date)
Series
description
12,23
2
3
2
4
2
4
3
8
1
7
6/87
4/87
11/86
11/86
11/86
2/87
2
1
2
1
C)
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
^ page n
Charts
Tables
Historical
data
(issue date)
Series
description
(*)
Deflators
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
Sensitive crude and intermediate materials
Raw 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.
6
6
6
6
6
7
67
7
6
62
23'
2
3
9
30
2
32
2
4
9
4
9
84,95
84
4/87
4/87
4
9
4
9
31
1
30
1
2
6
48
48
2
9
8
4
84
7
0
10/86
10/86
8/86
4
9
38
2
8
30
3
33
3
31
3
34
3
35
3
32
3
9
8
48
48
48
48
48
48
2
8
8
5
8
6
8
5
8
6
85
8
6
6
9
3/87
3/87
3/87
3/87
3/87
3/87
5/87
5
0
5
1
50
5
1
5
1
5
0
5
1
967'
2
3
'37*
28
7
9
7
5
6
9
1/86
1/86
'25'
2
5
98
9
9
2
8
13,28
6
9
6
9
5/87
5/87
5
1
2
5
1
9
98
6
2
6
13,28
3
7
2
9
6
9
7
5
7
0
7/87
2/87
8/86
2
5
2
5
28
96
7
98
7
97
7
55
2
19
0
38
38
3
8
5
3
3
5
7
6
7
6
7
6
90
7
3
8/87
8/87
8/87
7/87
1/87
3
7
3
7
3
7
5
5
3
5
Production—See Gross national product and
Industrial production.
Output per hour, business sector
Output per hour, nonfarm business sector
Profitability. Cl
n
.
.
.
4
50
5
0
1
1
88
88
6
0
10/86
10/86
1/86
5
2
5
2
5
1
8
1
6
80
7
9
2
8
2
8
2
9
2
9
6
9
6
9
6
9
6
9
9/86
9/86
9/86
9/86
2
6
2
6
2
6
2
6
26
8
27
8
92
7
90
6
1
5
96
1
2
2
4
5
47
38
3
7
2
9
1
1
2
9
82
8
3
7
6
7
5
7
0
60
6
9
12/86
12/86
8/87
8/87
7/87
1/86
9/86
2
6
2
6
3
7
3
7
2
7
5
2
6
8
1
22
8
2
9
4
5
7
0
82
10/86
11/86
2
6
4
7
283
47
967
23
37
28
79
75
69
284
Residential fixed investment, constant dollars
6/87
6/87
213
40
10/86
69
57
56
973
77
59
54
24
14,22
22
38
15,27
22
22
6
7
6
5
6
5
7
6
6
8
6
5
6
5
8/87
6/87
6/87
8/87
6/87
6/87
6/87
1
7
1
7
1
7
3
7
1
7
2
0
2
0
295
298
290
292
293
46
46
46
46
46
8
2
83
82
82
8
3
12/86
12/86
12/86
12/86
12/86
2
6
48
48
4
8
48
98
99
588
28
13,28
54
6
9
6
9
9
1
5/87
5/87
6/87
5
1
2
5
1
7
967
23
37
28
7
9
7
5
6
9
1/86
1/86
2
5
2
5
19
968
13,28
37
6
9
7
5
7/87
2/87
2
5
2
5
114
115
34
34
7
2
7
3
2/87
2/87
3
5
3
5
91
60
5
962
15,18
16
12,16
36
62
6
1
6
1
7
4
2/87
2/87
12/86
12/86
9
9
8
8
446
445
51
51
444
37
51
18,51
44
45
43
18
18
18
561
96
25
54
21
21
8
9
8
9
8
9
8
9
62,89
6
2
62
62
9
1
6
4
6
4
2/87
2/87
2/87
2/87
2/87
2/87
3/87
2/87
6/87
4/87
4/87
9
9
9
9
9
9
8
9
1
5
1
5
1
5
107
108
32
31
31
12,21
7
1
7
1
6
4
8/87
8/87
1/86
30
3
0
1
7
6
1
7
7
7
4
8/87
5
8/87
5
20
20
T
45
82
2
5
1/86
1/86
Unemployment
Duration of unemployment, average
Help-wanted advertising, ratio to unemployment
Initial claims for unemployment insurance
Initial claims for unemployment insurance, Dl
Number unemployed
Both sexes 16-19 years of age
Females 20 years and over
Males 20 years and over
Total unemployed
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.
V
Velocity of money
GNP to money supply M l , ratio .
Personal income to money supply M2, ratio
Vendor performance, slower deliveries
11/86
, 4
Raw industrials, spot market prices
Components
Diffusion index
Spot market index
22
22
U
30
7
38
5
96
1
Profits
Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAdj, constant dollars
With IVA and CCMj. current dollars
Corporate profits before tax
With IVA and CCAd,
With IVA and CCAdj, percent of national income
Manufacturing and trade, Dl
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 CCAd|
Proprietors' income with IVA and CCAdj, percent of
national income
47
59
54
S
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
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
Surplus—See Government.
Treasury bill rate
Treasury bond yields
10/86
Producers' durable equipment, nonresidential, GPDI
249
12,16
Food
2
0
1
0
10
0
6
1
90
7
90
Residential fixed investment, percent of GNP
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars
w
Series
number
25
25
W
Wages and salaries—See Compensation.
47
10/86
Diffusion index
961
36'
NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment.
* 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. " M " following a series title
indicates monthly data; " Q " indicates quarterly data.
Data apply to the whole period except when indicated by
"EOM" (end of month) or "EOQ" (end of quarter).
To save space, the commonly used sources listed below
are referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department
of Labor, Bureau of Labor Statistics; Source 4—Board of
Governors of the Federal Reserve System.
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.
I-A. Composite Indexes
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)
914.
Composite index of capital investment commitments
(includes series 12, 20,29) (M).-Source 1 (11,60)
915.
Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).-Source
1
(11,60)
10. Contracts and orders for plant and equipment in
current dollars (M).—Sources 1, 2, and McGrawHill 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.
(23,65)
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)
18. Corporate profits after tax in 1982 dollars (Q).—
Source 1
(28,69)
40. Employees on nonagricultural payrolls, goodsproducing industries (M).—Source 3
(17,62)
19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)
41. Employees on nonagricultural payrolls (M).—Source
42. Number of persons engaged in nonagricultural activities (M).-Source 3
(17,62)
21. Average weekly overtime hours of production or
nonsupervisory workers, manufacturing (M).—
Source 3
(16,61)
Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) (M).-Source
1
(10,39,60)
22. Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).—Source 1
(29,69)
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)
I-B. Cyclical Indicators
5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department
of Labor, Employment and Training Administration;
seasonal adjustment by Bureau of Economic Analysis
(18,51,62,89)
39. Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)
Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)
(12,16,61,77)
(29,70)
16. Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)
Composite index of money and financial flows
(includes series 104, 106, 111) ( M ) . - S o u r c e
1
(1160)
1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3
1
36. Change in manufacturing and trade inventories on
hand and on order in 1982 dollars (M).—Sources 1
and 2
(13,26,68)
38. Change in manufacturers' inventories, materials
and supplies on hand and on order (M).—Source
2
(26,68)
917.
Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(11,60)
(29,70)
15. Profits after taxes per dollar of sales, manufacturing corporations (Q).—Source 2 and Federal Trade
Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)
20. Contracts and orders for plant and equipment in
1982 dollars (M).-Sources 1, 2, and McGraw-Hill
Information Systems Company; seasonal adjustment
by Bureau of the Census and Bureau of Economic
Analysis
(12,23,66)
940.
Source 1
35. Corporate net cash flow in 1982 dollars (Q).-Source
37. Number of persons unemployed (M).—Source 3
Composite index of profitability (includes series
19,26,80) (M).-Source 1
(11,60)
930.
34. Corporate net cash flow in current dollars ( Q ) —
14. Current liabilities of business failures ( M ) . - D u n
& Bradstreet, Inc.
(33,72)
916.
920.
33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
Sources 1; 4; 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; and Federal Home
Loan Bank Board; seasonal adjustment by Bureau of
Economic Analysis
(32,71)
24. Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2
(23,66)
25. Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost,
3
(14,17,62)
43. Unemployment rate (M).-Source 3
(18,62)
44. Unemployment rate, persons unemployed 15 weeks
and over (M).-Source3
(18,62)
45. Average weekly insured unemployment rate, State
programs (M).—U.S. Department of Labor, Employment and Training Administration
(18,62)
46. Index of help-wanted advertising in newspapers
(M).—The Conference Board
(16,61)
47. Index of industrial production (M).—Source 4
(14,20,39,58,63,78,94)
48. Employee hours in nonagricultural establishments
(M).-Source3
(17,39,61)
49. Value of goods output in 1982 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1982 dollars (Q).-Source
1
(19,39,40,63,80)
51. Personal income less transfer payments in 1982
dollars (M).-Source 1
(14,19,39,63)
nonfarm business sector (Q).—Sources 1 and 3
(29,70)
52. Personal income in 1982 dollars (M).—Source 1
6. Manufacturers' new orders in current dollars, durable
goods industries (M).-Source 2
(21,64,77)
27. Manufacturers' new orders in 1982 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)
53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M).-Source 1
(19,63)
7. Manufacturers' new orders in 1982 dollars, durable goods industries (M).-Sources 1 and 2
(21,64)
28. New private housing units started (M).—Source
8. Manufacturers' new orders in 1982 dollars, consumer goods and materials industries (M).—Sources
1 and 2
(12,21,64)
29. Index of new private housing units authorized by
(12,16,61)
9. Construction contracts awarded for commercial
and industrial buildings, floor space (M).-McGrawHill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis (Used by
permission. This series may not be reproduced without
written permission from the source.)
(23,66)
114
2
local building permits (M).-Source 2
(25,67)
(13,25,67)
30. Change in business inventories in 1982 dollars (Q).—
Source 1
(26,42,68,81)
31. Change in manufacturing and trade inventories
(M).-Sourcesland2
(26,68)
32. Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago
(12,21,64)
(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 1982 dollars
(M).-Sources 1 and 2
(14,22,65)
58. Index of consumer sentiment (Q,M).—University
of Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1982 dollars (M)-Sources 1
and 2
(22,65)
TITLES AND SOURCES OF SERIES—Continued
60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources 1,
3, and The Conference Board
(16,61)
88. Gross private nonresidential fixed investment in
61. New plant and equipment expenditures by business
in current dollars(Q).-Source 1
(24,67)
89. Gross private residential fixed investment in 1982
62. Index of labor cost per unit of output, manufacturing (M).-Sources 1 and 4
(15,30,70)
90. Ratio, civilian employment to population of work-
63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)
91. Average duration of unemployment in weeks (M).—
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
93. Free reserves (M).—Source 4
(33,72)
94. Member bank borrowings from the Federal Reserve
65. Manufacturers' inventories, finished goods (EOM) .—
Source 2
(27,68)
95. Ratio, consumer installment credit outstanding to
66. Consumer installment credit outstanding (EOM).—
Source 4
(35,73)
67. Bank rates on short-term business loans (Q).—Source
4
(35,73)
68. Labor cost in current dollars per unit of gross
domestic product in 1982 dollars, nonfinancial corporations (Q).-Source 1
(30,70)
1982 dollars, producers' durable equipment (Q).—
Source 1
(25,67)
dollars (Q).-Source 1
ing age (M).—Sources 1 and 3
Source 3
(M).-Source4
personal income (M).—Sources 1 and 4
(25,67)
(17,62)
(15,18,62)
(33,72)
(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. Percent change in producer prices for 28 sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (M).—Source
2
(24,67)
99. Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.
(13,28,69)
70. Manufacturing and trade inventories in 1982 dolNew plant and equipment expenditures by business
lars (EOM).-Sources 1 and 2
(27,68) 100.
in 1982 dollars (Q).-Source 1
(24,67)
71. Manufacturing and trade inventories in current
101. Commercial and industrial loans outstanding in 1982
dollars (EOM).-Sources 1 and 2
(27,68)
dollars (M).—Sources 1, 4, and The Federal Reserve
72. Commercial and industrial loans outstanding in curBank of New York
(15,35,73)
rent dollars (M).—Sources 1, 4 and The Federal
102. Change in money supply M2 (M).-Source 4 (31,71)
Reserve Bank of New York
(35,73)
104. Change in total liquid assets (M).—Sources 1 and
73. Index of industrial production, durable manufac4
(31,71)
tures (M).-Source 4
(20,63)
105. Money supply M l in 1982 dollars (M).-Sources 1
74. Index of industrial production, nondurable manuand 4
(31,71)
factures (M).-Source4
(20,63)
106. Money supply M2 in 1982 dollars (M).-Sources 1
75. Index of industrial production, consumer goods
and 4
(13,31,71)
(M).-Source 4
(22,65)
107. Ratio, gross national product to money supply M l
76. Index of industrial production, business equipment
(Q).—Sources 1 and 4
(31,71)
(M).-Source4
(24,67)
108. Ratio, personal income to money supply M2 (M).—
77. Ratio, manufacturing and trade inventories to sales in
Sources 1 and 4
(31,71)
1982 dollars (M).-Sources 1 and 2
(15,27,68)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
78. Manufacturers' inventories, materials and supplies
110. Funds raised by private nonfinancial borrowers in
on hand and on order (EOM).—Source 2 (27,68)
credit markets (Q).-Source 4
(32,72)
79. Corporate profits after tax with inventory valua- 111. Change in business and consumer credit outstanding
tion and capital consumption adjustments in cur(M).—Sources 1, 4, Federal Home Loan Bank Board,
rent dollars (Q).-Sou r e e l
(29,69)
and The Federal Reserve Bank of New York (13,32,72)
80. Corporate profits after tax 'with inventory valua- 112.
tion and capital consumption adjustments in 1982
dollars (Q).-Source 1
(29,69)
113.
81. Ratio, corporate domestic profits after tax with
inventory valuation and capital consumption adjustments to total corporate domestic income (Q).—
Source 1
(29,70)
114.
115.
116. Yield on new issues of high-grade corporate bonds
84. Capacity utilization rate, materials (M).—Source
4
(20,64)
(M).—Citibank and U.S. Department of the Treasury
(34,73)
(31,71)
86. Gross private nonresidential fixed investment in
1982 dollars (Q).-Sou r e e l
(25,67)
87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).-Source 1
(25,67)
950. Diffusion index of twelve leading indicator components (M).-Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
960. 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 weekly hours of production or nonsupervisory workers, 20 manufacturing
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 employees on private nonagricultural payrolls, 172-186 industries (M).—Source
3
(36,74)
964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)
965. Diffusion index of newly approved capital appropriations in 1982 dollars, 17 manufacturing industries (Q).—The Conference Board
(37,75)
966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)
968. Diffusion index of stock prices, 500 common stocks,
42-82 industries (M).—Source 1 and Standard &
Poor's Corporation
(37,75)
970. Diffusion index of expenditures for new plant and
equipment by U.S. nonfarm business, 22 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
Net change in business loans (M).—Sources 1, 4,
series may not be reproduced without written
and The Federal Reserve Bank of New York (32,71)
permission from the source.)
(38,76)
Net change in consumer installment credit (M).— 973. Diffusion index of net sales, manufacturing and
Source 4
(32,72)
trade—about 1,400 businessmen reporting (Q).—
Discount rate on new issues of 91-day Treasury
Dun & Bradstreet, Inc. (Used by permission. This
bills (M).-Source 4
(34,72)
series may not be reproduced without written
permission from the source.)
(38,76)
Yield on long-term Treasury bonds (M).-U.S. Department of the Treasury
(34,73)
974. Diffusion index of number of employees, manufac-
82. Capacity utilization rate, manufacturing ( M ) . —
Source 4
(20,64)
85. Change in money supply Ml (M).-Source 4
I-C. Diffusion Indexes
117. Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).—
U.S. Department of Housing and Urban Development,
Federal Housing Administration
(34,73)
119. Federal funds rate (M).-Source 4
(34,72)
turing 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)
115
TITLES AND SOURCES OF SERIES-Continued
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)
977. Diffusion index of selling prices, wholesale t r a d e 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)
243. Gross private domestic fixed investment in 1982
dollars (Q).-Source 1
(42,81)
245. Change in business inventories in current dollars
(Q).-Source 1
(42,81)
247. Change in business inventories as a percent of
gross national product (Q).—Source 1
(47,83)
248. Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source
1
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)
11—A. National Income and Product
251. Net exports of goods and services as a percent of
250. Net exports of goods and services in current dollars
gross national product (Q).—Source 1
(44,82)
(47,83)
30. Change in business inventories in 1982 dollars ( Q ) . Source 1
(26,42,68,81)
252. Exports of goods and services in current dollars
50. Gross national product in 1982 dollars (Q).—Source
1
(19,39,40,63,80)
253. Imports of goods and services in current dollars
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
255. Net exports of goods and services in 1982 dollars
200. Gross national product in current dollars (Q).—
Source 1
(40,80)
256. Exports of goods and services in 1982 dollars
213. Final sales in 1982 dollars (Q).-Source 1
257. Imports of goods and services in 1982 dollars
(40,80)
(Q).-Source 1
(Q). -Source 1
(Q).-Source 1
(Q).-Source 1
(Q).-Source 1
290. Gross saving (Q).-Source 1
(46,82)
292. Personal saving (Q).-Source 1
(46,82)
293. Personal saving rate (Q).-Source 1
(46,83)
295. Business saving (Q).—Source 1
(46,82)
298. Government surplus or deficit (Q).—Source 1
(47,83)
249. Gross private residential fixed investment as a
percent of gross national product (Q).—Source
1
(47,83)
(Q).-Source 1
289. Net interest as a percent of national income (Q).—
Source 1
(47,83)
(44,82)
(44,82)
(44,82)
(44,82)
(44,82)
(46,83)
Il-B. Prices, Wages, and Productivity
310. Implicit price deflator for gross national product
(Q).-Source 1
(48,84)
311. Fixed-weighted price index, gross domestic business product (Q).-Source 1
(48,84)
320. Consumer price index for all urban consumers
(M).-Source3
(49,59,84,95)
322. Consumer price index for all urban consumers,
food (M).-Source 3
(49,84)
330. Producer price index, all commodities (M).—Source
3
(48,85)
331. Producer price index, crude materials for further
processing (M).—Source 3
(48,85)
332. Producer price index, intermediate materials, supplies, and components (M).—Source 3
(48,86)
217. Per capita gross national product in 1982 dollars
(Q).—Sources 1 and 2
(40,80)
260. Government purchases of goods and services in
220. National income in current dollars (Q).—Source
1
(45,82)
261. Government purchases of goods and services in
223. Personal income in current dollars (M).—Source
1
(40,63)
262. Federal Government purchases of goods and ser-
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
263. Federal Government purchases of goods and ser-
225. Disposable personal income in 1982 dollars ( Q ) . Source 1
(40,80)
265. Federal Government purchases of goods and ser-
227. Per capita disposable personal income in 1982 dollars (Q).—Sources 1 and 2
(40,80)
vices as a percent of gross national product (Q).—
Source 1
(47,83)
230. Personal consumption expenditures in current dollars (Q).-Source 1
(41,80)
266. State and local government purchases of goods and
231. Personal consumption expenditures in 1982 dollars
(Q).-Source 1
(41,80)
267. State and local government purchases of goods and
232. Personal consumption expenditures in current dollars, durable goods (Q).-Source 1
(41,80)
268. State and local government purchases of goods and
346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)
services as a percent of gross national product
(Q).-Source 1
(47,83)
348. Negotiated wage and benefit decisions, average
first year changes (Q).—Source 3
(50,88)
current dollars (Q).-Source 1
1982 dollars (Q).-Source 1
vices in current dollars (Q).—Source 1
vices in 1982 dollars (Q).-Source 1
services in current dollars (Q).-Source 1
services in 1982 dollars (Q).-Source 1
(43,81)
(43,81)
(43,81)
(43,81)
(43,81)
(43,81)
233. Personal consumption expenditures in 1982 dollars, durable goods (Q).-Source 1
(41,80)
280. Compensation of employees (Q).—Source 1
235. Personal consumption expenditures as a percent of
gross national product (Q).—Source 1
(47,83)
282. Proprietors' income with inventory valuation and
capital consumption adjustments (Q).—Source
1
(45,82)
236. Personal consumption expenditures in current dollars, nondurable goods (Q).—Source 1
(41,81)
283. Proprietors' income with inventory valuation and
237. Personal consumption expenditures in current dollars, services (Q).—Source 1
(41,81)
238. Personal consumption expenditures in 1982 dollars, nondurable goods (Q).—Source 1
(41,81)
239. Personal consumption expenditures in 1982 dollars, services (Q).—Source 1
(41,81)
240. Gross private domestic investment in current dollars (Q).-Source 1
(42,81)
241. Gross private domestic investment in 1982 dollars
(Q).-Source 1
(42,81)
242. Gross private domestic fixed investment in current
dollars (Q).-Source 1
(42,81)
116
(45,82)
capital consumption adjustments as a percent of
national income (Q).—Source 1
(47,83)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
286. Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)
287. Corporate profits before tax with inventory valuation and capital consumption adjustments as a
percent of national income (Q).—Source 1
(47,83)
288. Net interest (Q).-Sou reel
(45,82)
333. Producer price index, capital equipment ( M ) . —
Source 3
(48,86)
334. Producer price index, finished consumer goods
(M).-Source 3
(48,86)
335. Producer price index, industrial commodities
(M).-Source3
(48,85)
340. Index of average hourly earnings of production or
nonsupervisory workers on private nonagricultural
payrolls (M).-Source 3
(49,87)
341. Index of real average hourly earnings of production
or nonsupervisory workers on private nonagricultural payrolls (M).-Source 3
(49,87)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)
349. Negotiated wage and benefit decisions, average
changes over life of contract (Q).—Source 3 (50,88)
358. Index of output per hour, all persons, nonfarm business sector (Q).—Source 3
(49,88)
370. Index of output per hour, all persons, business
sector (Q).-Source 3
(49,88)
II—C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed (M).—Source 3
(18,51,62,89)
441. Civilian labor force (M).-Source 3
(51,89)
442. Civilian employment (M).-Source 3
(51,89)
444. Number unemployed, males 20 years and over
(M).-Source 3
(51,89)
445. Number unemployed, females 20 years and over
(M).-Source3
(51,89)
TITLES AND SOURCES OF SERIES-Continued
446. Number unemployed, both sexes 16-19 years of
age (M).-Source3
(51,89)
447. Number unemployed, full-time workers ( M ) —
Source 3
(51,89)
448. Number of persons employed part time for economic reasons (M).-Source3
(51,89)
451. Civilian labor force participation rate, males 20
years and over (M).-Source 3
(51,89)
452. Civilian labor force participation rate, females 20
years and over (M).—Source 3
(51,89)
453. Civilian labor force participation rate, both sexes
16-19 years of age (M)-Source 3
(51,89)
570. Employment, defense products industries ( M ) —
Source 3; seasonal adjustment by Bureau of Economic Analysis
(55,91)
577. Defense Department military personnel on active
duty (EOM).—U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports
(55,91)
578. Defense Department civilian personnel, direct Nre employment (EOM).—U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller),
Washington Headquarters Services, Directorate for
Information Operations and Reports
(55,91)
47. United States, index of industrial production (M) Source4
(14,20,39,58,63,78,94)
320. United States, consumer price index for all urban
consumers (M).—Source 3
(49,59,84,95)
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 ( M ) . —
Statistics Canada (Ottawa)
(58,94)
580. Defense Department net outlays, military functions
and military assistance (M).—U.S. Department of
Defense, Office of the Assistant Secretary of Defense
(Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis
(54,91)
726. France, index of industrial production (M).-Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
588. Manufacturers' shipments, defense products (M).—
Source 2
(54,91)
502. Federal Government expenditures (Q).—Source
1
(52,90)
727. Italy, index of industrial production (M).-lstituto
Centrale di Statistica (Rome)
(58,94)
II—E. U.S. International Transactions
510. State and local government surplus or deficit (Q).—
Source 1
(52,90)
728. Japan, index of industrial production (M).—Ministry
of International Trade and Industry (Tokyo)
(58,94)
602. Exports, excluding military aid shipments (M).—
Source 2
(56,92)
511. State and local government receipts (Q).—Source
1
(52,90)
604. Exports of domestic agricultural products (M).—
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)
II—D. Government Activities
500. Federal Government surplus or deficit (Q).—Source
1
(52,90)
501. Federal Government receipts (Q).—Source 1
(52,90)
512. State and local government expenditures (Q).—
Source 1
(52,90)
517. Defense Department gross obligations incurred
(M).-U.S. Department of Defense, Office of the
Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis
(53,90)
525. Defense Department prime contract awards for work
performed in the United States (M).-U.S. Department of Defense, Office of the Assistant Secretary of
Defense (Comptroller), Washington Headquarters
Services, Directorate for Information Operations
and Reports; seasonal adjustment by Bureau of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).—U.S. Department of Defense,
Office of the Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports (M).—Source 2
(56,92)
614. Imports of petroleum and petroleum products
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(Q).-Source 1
(57,93)
620. Merchandise imports, adjusted, excluding military
(Q).-Source 1
(57,93)
622. Balance on merchandise trade (Q).—Source 1
(57,93)
651. Income on U.S. investment abroad (Q).—Source
1
(57,93)
548. Manufacturers' new orders, defense products (M).—
Source 2
(53,90)
652. Income on foreign investment in the United States
(Q).-Source 1
(57,93)
557. Index of industrial production, defense and space
equipment (M).—Source 4
(54,91)
667. Balance on goods and services (Q).—Source 1
559. Manufacturers' inventories, defense products (EOM).
-Source 2
(54,91)
561. Manufacturers' unfilled orders, defense products
(E0M).-Source2
(54,91)
564. Federal Government purchases of goods and services, national defense (Q).-Source 1
(55,91)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)
(57,93)
668. Exports of goods and services, excluding transfers
under U.S. military grants (Q).-Source 1
(57,93)
669. Imports of goods and services (Q).—Source 1
(57,93)
II—F. International Comparisons
19. United States, index of stock prices, 500 common
stocks (M).—Standard & Poor's Corporation
(13,28,59,69,96)
725. West Germany, index of industrial production (M).—
Statistisches Bundesamt (Wiesbaden)
(58,94)
732. United Kingdom, consumer price index ( M ) . —
Department of Employment (London); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
733. Canada, consumer price index (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, consumer price index
Statistisches Bundesamt (Wiesbaden);
changes seasonally adjusted by Bureau of
ic Analysis
(M).—
percent
Econom(59,95)
736. France, consumer price index (M).—Institut National
de la Statistique et des Etudes Economiques (Paris);
percent changes seasonally adjusted by Bureau of
Economic Analysis
(59,95)
737. Italy, consumer price index (M).-lstituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime Minister (Tokyo); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
742. United Kingdom, index of stock prices (M).-Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).—Toronto Stock
Exchange (Toronto)
(59,96)
745. West Germany, index of stock prices ( M ) . —
Statistisches Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).-Institut National
de la Statistique et des Etudes Economiques (Paris)
(59,96)
747. Italy, index of stock prices (M).-Banca d'ltalia
(Rome)
(59,96)
748. Japan, index of stock prices (M).—Bank of Japan
(Tokyo)
(59,96)
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