Full text of Business Conditions Digest : October 1988
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U.S. D E P A R T M E N T OF COMMERCE C. William Verity, Secretary R o b e r t O r t n e r , U n d e r S e c r e t a r y for E c o n o m i c Affairs BUREAU OF ECONOMIC ANALYSIS Allan H. Young, Director Carol S. Carson, Deputy Director Edward K. S m i t h , Associate Director for National Analysis and Projections George R. Green, Editor This report is prepared in the Statistical Indicators Division of the Bureau of Economic Analysis. Technical staff and their responsibilities for the publication a r e — Barry A. Beckman—Technical supervision and review Brian D. K a j u t t i — C o m p o s i t e indexes Mary D. Y o u n g — D a t a collection and compilation (Phone: 202-523-0541) The c o o p e r a t i o n of G o v e r n m e n t and private agencies t h a t provide data is g r a t e f u l l y a c k n o w l e d g e d . Agencies f u r n i s h i n g data are i n d i c a t e d in t h e list of series t i t l e s 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. S m i t h , Bureau of Economic Analysis, U.S. Department of C o m m e r c e Peter M. Taylor, Council of Economic Advisers Charles A. Waite, Bureau of the Census, U.S. Department of C o m m e r c e ABOUT THIS REPORT BUSINESS C O N D I T I O N S D I G E S T (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 E c o n o m i c 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 Composite Indexes: Latest Release BCD iii v METHOD OF PRESENTATION Seasonal Adjustments MCD Moving Averages 1 1 Reference T u r n i n g Dates 1 Part I. Cyclical Indicators Part II. Other I m p o r t a n t Economic Measures How To Read Charts How To Locate a Series S u m m a r y of Recent Data and Current Changes 1 4 5 5 6 OCTOBER 1988 Data Through September Volume 28, Number 10 PART I. CYCLICAL INDICATORS •21 COMPOSITE INDEXES AND THEIR COMPONENTS A1 A2 A3 A4 Composite Indexes Leading Index Components Coincident Index Components Lagging Index Components Efl CYCLICAL INDICATORS BY ECONOMIC PROCESS BI B2 B3 B4 B5 B6 87 c | CI C2 C3 Employment and U n e m p l o y m e n t Production and Income Consumption, Trade, Orders, and Deliveries Fixed Capital Investment Inventories and Inventory Investment Prices, Costs, and Profits Money and Credit DIFFUSION INDEXES AND RATES OF CHANGE 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. Chart 10 12 14 15 Table 60 — — — 16 19 21 23 26 28 31 61 63 64 65 68 69 71 36 74 77 39 ItCII PART II. OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT Al A2 A3 A4 A5 _A6 A7 A8 GNP and Personal Income Personal Consumption Expenditures Gross Private Domestic Investment Government Purchases of Goods and Services Foreign Trade National Income and Its Components Saving Shares of GNP and National Income 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 B1 B2 Price Movements Wages and Productivity LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [ c D Civilian Labor Force and Major Components GOVERNMENT ACTIVITIES Dl D2 Receipts and Expenditures Defense Indicators El E2 Merchandise Trade Goods and Services Movements F1 F2 F3 Industrial Production Consumer Prices Stock Prices U.S. INTERNATIONAL TRANSACTIONS INTERNATIONAL COMPARISONS 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 1988 issue) F. Specific Peak and T r o u g h Dates for Selected Indicators (April 1988 issue) G. Experimental Data and Analyses Alphabetical Index—Series Finding Guide Titles and Sources of Series 97 98 106 108 112 Readers are invited to submit comments and suggestions concerning this publication. Address them to Business Conditions Digest, 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 changes are made of from time to time to incorporate recent ings of economic research, find- newly avail- able time series, revisions and made by source agencies concept, in composition, comparability, coverage, seasonal adjustment methods, benchmark data, etc. Changes result in revisions data, additions deletions of may of or series, changes in placement series in relation other series, in composition indexes, Changes in this issue are as follows: 1. The s e r i e s on funds r a i s e d by p r i v a t e n o n f i n a n c i a l b o r r o w e r s in c r e d i t m a r k e t s (series 110) has been r e v i s e d by the s o u r c e a g e n c y from 1952 f o r w a r d . This revision r e f l e c t s the annual u p d a t i n g of the basic s t a t i s t i c s and the a p p l i c a tion of new seasonal a d j u s t m e n t f a c t o r s . F u r t h e r i n f o r m a t i o n c o n c e r n i n g this revision m a y be obtained from the Board of G o v e r n o r s of the Federal Reserve S y s t e m , D i v i s i o n of R e s e a r c h and S t a t i s t i c s , Flow of Funds Section. 2 . A p p e n d i x C c o n t a i n s h i s t o r i c a l data for series 2 6 , 30, 50, 61, 63, 64, 100, 200, 213, 217, 220, 224, 225, 227, 2 3 0 - 2 3 3 , 2 3 5 - 2 4 3 , 2 4 5 , 2 4 7 - 2 5 3 , 2 5 5 , 2 5 6 , 3 5 8 , 3 7 0 , and 9 7 0 . The N o v e m b e r issue of BUSINESS for r e l e a s e on D e c e m b e r 7 . CONDITIONS D I G E S T is s c h e d u l e d etc. to changes of of COMPOSITE INDEXES OF LEADING, COINCIDENT, AND LAGGING INDICATORS: SEPTEMBER 1988 The composite index of leading indicators decreased 0.1 percent in September to 193.3 (1967=100), according to preliminary estimates released November 1 by the Commerce Department's Bureau of Economic Analysis. On the basis of more complete data, the index increased 0.5 percent in August and decreased 0.7 percent in July. A month ago, the Bureau reported estimates that showed the index increased 0.4 percent in August and decreased 0.6 percent in July. Manufacturer's new orders for consumer goods and materials in 1982 dollars was the major contributor to the August revision. Change in credit outstanding was the major contributor to the July revision. Four of 9 indicators available for September contributed to the decline in the index. They were, ordered from the largest negative contributor to the smallest: contracts and orders for plant and equipment in 1982 dollars, building permits, change in sensitive materials prices, and money supply in 1982 dollars. Five of 9 indicators made positive contributions. They were, ordered from the largest positive contributor to the smallest: average workweek, average weekly initial claims for state unemployment insurance, stock prices, vendor performance (i.e., companies receiving slower deliveries from vendors), and manufacturers' new orders for consumer goods and materials in 1982 dollars. The composite index of coincident indicators, a monthly approximation of aggregate economic activity, increased 0.1 percent in September to 178.8 (1967=100). On the basis of more complete data, the index increased 0.2 percent in August and 0.3 percent in July. The composite index of lagging indicators increased 0.1 percent in September to 148.7 (1967=100). On the basis of more complete data, the index increased 0.7 percent in August and decreased 0.3 percent in July. The leading index is designed to predict monthly movements in aggregate economic activity, which is approximated by the coincident index. The lagging index is expected to move, after a time lag, in the same direction as the coincident index and thus to confirm the movements in the coincident index. These concepts are explained more fully in the 1984 edition of Handbook of Cyclical Indicators (price $5.50, stock number 003-010-00127-5), which is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. More data on the composite indexes can be found on pages 10, 60, and 107 of this issue of Business Conditions Digest. A recorded telephone message on (202) 898-2450 provides information on the composite indexes and their components immediately upon their release. The message is updated weekly to include recently available data for composite index components that will be incorporated into the next release. This and other news releases are available electronically at the time of public release through the Commerce Department's Economic Bulletin Board at a nominal charge to users. For information, call (202) 377-1986. Next release date: December 1 for the October composite indexes. v METHOD OF PRESENTATION This report is organized into two major parts. Part I, Cyclical Indicators, includes about 150 time series which have been found to conform well to broad fluctuations in comprehensive measures of economic activity. Nearly three-fourths of these are individual indicators, the rest are related analytical measures: Composite indexes, diffusion indexes, and rates of change. Part II, Other Important Economic Measures, covers over 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 1952, and a few charts use a two-panel format which covers only the period since 1976. 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, c o n f o r m i t y to b u s i n e s s e x p a n s i o n s a n d contractions, smoothness, and prompt availability (currency). A formal, detailed weighting scheme was developed and used to assess each series by all of the above criteria. (See articles in the May and November 1975 issues of BCD.) The resulting scores relate to cyclical behavior of the series during the period 1947-70. This analysis, produced a new list of indicators classified by economic process and typical timing at business cycle peaks and troughs. (See tables on page 2 and text below relating to section B.) This information, particularly the scores relating to consistency of timing, served as a basis for the selection of series to be included in the composite indexes. The indexes incorporate the best-scoring series from many different economic-process groups and combine those with similar timing behavior, using their overall performance scores as weights. Because they use series of historically tested usefulness and given timing characteristics (for example, leading at both peaks and troughs), with diversified economic coverage and a minimum of duplication, composite indexes give more reliable signals over time than do any of the individual indicators. Furthermore, much of the 1 Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing A. Timing at Business Cycle Peaks \ Economic Process Cyclical Timing LEADING (L) INDICATORS (61 series) ROUGHLY COINCIDENT (C) INDICATORS (24 series) 1. EMPLOYMENT AND UNEMPLOYMENT (15 series) II. PRODUCTION AND INCOME (10 series) III. CONSUMPTION, TRADE, ORDERS, AND DELIVERIES (13 series) IV. V. VI. 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) LAGGING (Lg) INDICATORS (19 series) Comprehensive unemployment (2 series) TIMING UNCLASSIFIED (U) (8 series) Comprehensive employment (3 series) FIXED CAPITAL INVESTMENT (19 series) Business investment expenditures (1 series) Consumption and trade (1 series) Business investment commitments (1 series) III. CONSUMPTION, TRADE, ORDERS, AND DELIVERIES (13 series) IV. FIXED CAPITAL INVESTMENT INVENTORIES AND INVENTORY INVESTMENT (9 series) PRICES, COSTS, AND PROFITS (18 series) Velocity of money (2 series) Interest rates (2 series) Inventories on hand and on order (4 series) Unit labor costs and labor share (4 series) Interest rates (4 series) Outstanding debt (4 series) Sensitive commodity prices (1 series) Profits and profit margins ( 1 series) interest rates (1 series) V. INVENTORIES AND INVENTORY INVESTMENT (9 series) VI. PRICES, COSTS, AND PROFITS (18 series) VII. MONEY AND CREDIT (28 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) Profits and profit margins (2 series) Money ( 1 series) Velocity of money (1 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) B. Timing at Business Cycle Troughs Economic Process Cyclical Timing LEADING (L) INDICATORS 1. EMPLOYMENT AND UNEMPLOYMENT (15 series) II. PRODUCTION AND INCOME Marginal employment adjustments (1 series) 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) 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) Orders and deliveries (1 series) Business investment commitments (2 series) Business investment expenditures (7 series) ( 1 0 series) ( 4 7 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) 2 ( 1 9 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 d i f f e r e n c e s in t i m i n g . 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 11 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 "L,L,L," all components of the coincident index "C,C,C," and all components of the lagging index "Lg,Lg,Lg." It should be remembered that these classifications are based on limited evidence, namely the performance of the indicators during the business cycles of the 1948-70 period, which included five peaks and five troughs. While the timing classifications are expected to agree with the patterns prevailing in the near future, they will not necessarily hold invariably in every instance. The timing of the series in the period since 1970 can be determined by inspection of the charts, where the recessions of 1 9 7 3 - 7 5 , 1 9 8 0 , 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, i n c l u d i n g the 21 i n d i c a t o r s used in t h e 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. 3 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 v a r i a b l e s i n c l u d e i n c o m e s , o u t p u t s , 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 A1 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. 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 t h e r e f o r e d e d u c t e d . M o r e d e t a i l 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 m a j o r e x p e n d i t u r e c o m p o n e n t s of G N P (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 Personal consumption expenditures (A2) is 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 1976. 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. 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. 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. 4 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 1976) provide important measures of the rates of inflation in the major industrialized countries. Stock prices (also shown beginning in 1976) 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 N B E R . Basic Data Arabic number indicates latest m o n t h for which data are plotted. ( " 9 " = September) Solid line indicates m o n t h l y data. (Data may be actual m o n t h l y figures or moving averages.) Dotted line indicates anticipated data. Broken line indicates actual m o n t h l y data f o r series where a moving average is plotted. Roman number indicates latest quarter f o r w h i c h data are plotted. ( " I V " = f o u r t h quarter) Solid line with plotting points indicates quarterly data. Parallel lines indicates a break in c o n t i n u i t y (data not available, extreme value, etc.). Diffusion Indexes Solid line indicates m o n t h l y data over 6- or 9 - m o n t h spans. Broken line indicates m o n t h l y 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 w i t h 1 cycle in a given distance, "scale L - 2 " is a logarithmic scale w i t h t w o cycles in that distance, etc. Arabic number indicates latest m o n t h for which data are used in c o m p u t i n g the indexes. Broken line with plotting points indicates quarterly data over 1-quarter spans. Roman number indicates latest quarter f o r w h i c h data are used in c o m p u t i n g the indexes. Solid line with plotting points indicates quarterly data over various spans. Diffusion indexes and rates of change are centered w i t h i n the spans they cover. Trough (T) of cycle indicates end of recession and beginning of expansion as designated by N B E R . Rates of Change Solid line indicates percent changes over 3- or 6 - m o n t h spans. Dotted line indicates anticipated quarterly data over various spans. Arabic number indicates latest m o n t h used in c o m p u t i n g 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 A L P H A B E T I C A L I N D E X - S E R I E S F I N D I N G G U I D E 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 T I T L E S A N D SOURCES OF SERIES at the back of the report where series are listed numerically according to series numbers w i t h i n each of the report's sections. 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 IstQ 1988 3d Q 1988 2d Q 1988 July 1988 Sept. 1988 Aug. 1988 1986 1987 179.3 164.7 141.9 116.1 189 169 142 119 .5 .7 .4 .2 191.1 174.9 145.2 120.5 192 176 147 120 .4 .7 .0 .3 193. 1 178.6 148.2 120.5 192 .5 178.3 147.5 120.9 193 178 148 120 109.5 103.4 119.0 143.9 NA 106 . 3 121 .7 145 .8 NA 106 . 8 119.5 147 .7 NA 105 .6 NA 150 .9 NA 105 . 4 NA NA NA 105 .5 NA 149.8 40.7 3.4 370 41 .0 3 .7 320 41.0 3.8 325 41.1 3.9 302 July to Aug. 1988 Aug. to Sept. 1988 IstQ to 2d Q 1988 2d Q to 3d Q 1988 I. CYCLICAL INDICATORS Al. Composite Indexes 910. 920. 930. 940. Eleven leading indicators Four roughly coincident indicators Six lagging indicators Ratio, coincident index to lagging index L,L,L... C,C,C... Lg,Lg,Lg L,L,L... Leading Indicator Subgroups: 914. Capital investment commitments 915. Inventory investment and purchasing 916. Profitability 917. Money and financial flows L,L,L... L,L,L... L,L,L... L,L,L.. 1967 = 100 do do do do do do do .4 .7 .5 .3 193.3 178.8 148.7 120.2 0 .5 0 .2 0 .7 - 0 . 1 0.1 0.1 0 ,. 7 1 .0 1 ,, 2 - 0 .5 - 0 . 1 - 0 ,.2 0 .2 NA 105 . 4 NA 149 .7 NA 105 . 4 NA NA NA -0 . 1 NA -0 .1 NA 0. NA NA NA -1,.1 NA 2 ,. 2 NA - 0 .2 NA NA 41.1 3.9 325 41 .0 3 .9 298 41.2 4.0 283 - 0 .2 0 8 !3 0.5 0.1 5.0 0 ,. 2 0 ,. 1 8 ,. 3 0 0 - 1 .3 0.700 157 0.714 159 0.695 160 0.690 153 -0.019 0 .6 -0.005 -4.4 196 . 52 1 9 8 . 0 2 1 1 1 . 53 112 . 0 7 105 . 6 1 106 . 4 7 2 5 , 4 9 8 25 , 6 4 9 198.25 112.01 106.2 7 25,663 - 0 .3 0 0 !2 -0 .1 0.2 0.1 0.2 0. 0 .4 1. 1 0 ,. 8 B. Cyclical Indicators by Economic Process Bl. Employment and Unemployment Marginal Employment Adjustments: *1. Average weekly hours, mfg 21. Average weekly overtime hours, mfg.3 *5. Average weekly initial claims (inverted 4 ) L,L,L.. L,C,L.. L,C,L.. 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 *41. Employees on nonagricultural payrolls 40. Employees in goods-producing industries 90. Ratio, civilian employment to population of working age3 Hours do Thousands 41 . 1 3 .9 298 L,Lg,U.. L,Lg,U.. Ratio 1967 = 100 0.500 138 0 . 6 15 153 0.669 156 U,C,C.. U,C,C.. C,C,C.. L,C,U.. A.r., bil. hrs Millions do Thousands 185 .15 106.43 99.52 24,558 1 9 0 . 14 109. 23 102 . 3 1 24,784 194.51 110.97 104.67 25,260 Percent 59.94 6 0 . 77 61.33 61. 44 61.58 61.56 61. 58 61.61 O . i02 0.03 Thousands Percent do Weeks Percent 8,237 7.0 2.8 15.0 1.9 7 ,425 6 .2 2 .4 14 .5 1 .7 6,928 5.7 2.3 14.2 1.4 6,616 5 .4 2 . 1 13 . 4 1 .3 6,691 5.5 2.1 13.7 1.3 6 ,625 5.4 2 .1 13.6 1.3 6,851 5 .6 2 . 1 13 .7 1 .4 6 ,596 5 .4 2.0 13.7 1.3 -3 .4 - 0 .2 0 - 0 .7 -0 .1 3.7 0.2 0.1 0. 0.1 4 0 0 5 0 3721.7 3088.3 3847 .0 3163 .5 3956.1 3233.6 4007.3 3263.6 3262 .3 3264 .1 3264.4 0 .1 0. 0 .7 0 .4 27 04 . 1 2 7 6 2 . 0 2 7 7 6 . 1 2 7 9 4 . 4 2792.9 2794 .6 2795.6 0 . 1 U,Lg,U.. Comprehensive Unemployment: 37. Number of persons unemployed (inverted4) L,Lg,U.... 43. Unemployment rate (inverted 4 ) 3 L,Lg,U. 45. Avg. weekly insured unemployment rate (inv. 4 ) 3 ....,... L,Lg,U. *91. Average duration of unemployment (inverted4) Lg,Lg,Lg.... 44. Unemployment rate, 15 weeks and over (inv.4)3 Lg,Lg,Lg.... 0.709 158 197. 7 1 198.09 112 . 03 112 . 1 6 1 0 6 . 44 106 . 7 0 25 , 6 4 6 25 , 6 3 7 0.040 1 .3 1 0 0 0 .0 .5 .9 .9 0 . 11 .5 .3 .2 .6 . 1 -0.009 - 0 .6 0 0 0 0 .8 .5 .8 .6 0. 14 -1 . 1 -0 . 1 0 - 2 .2 0 • . B2. Production and Income Comprehensive Output and Income: 50. Gross national product in 1982 dollars 52. Personal income in 1982 dollars *51. Personal income less transfer payments in 1982 dollars 53. Wages and salaries in 1982 dollars, mining, mfg., and construction Industrial Production: *47. Industrial production 73. Industrial production, durable mfrs 74. Industrial production, nondurable mfrs.. 49. Value of goods output in 1982 dollars... C,C,C.... A.r., bil. dol do C,C,C.... . .. .. .. Capacity Utilization: 82. Capacity utilization rate, mfg3 84. Capacity utilization rate, materials3 C,C,C.... do 2632.5 C,C,C. do 543.9 125 . 1 128.4 130.1 1599.0 544 .8 129 133 136 1663 .8 . 1 .8 .3 554.1 134.5 138.4 141.4 1748.1 3985 .2 3246 .5 0 .6 0 .5 0. 0 .5 0 .7 561.9 562 .4 560 .6 562 .7 - 0 .3 0.4 0 .7 0 .7 .0 .0 .3 .4 138.2 143.2 144.4 1770.8 138. 1 142 .9 144.4 138 .3 143 .2 144 .3 138.3 143.6 144.6 . . . 0 .1 0 .2 -0 . 1 0. 0.3 0.2 1 1 0 0 1 1 1 0 83 .2 83 . 0 83.8 84.3 83.9 84.5 83 . 8 84 .3 83.8 84.2 -0 . 1 - 0 .2 0. - 0 . 1 0 .5 0 .4 5 .1 4 . 1 558 .1 136 141 142 1762 C,C,C.. C,C,C.. C,L,L.. C,C,C.. 1977 = 100 do do A.r., bil. dol L,C,U.. L,C,U.. Percent do 79.7 78.6 81 .0 80 .5 L,L,L.. L,L,L.. Bil. dol do 100.12 93.12 107 . 72 9 8 . 26 113.43 100.92 1 1 9 . 22 105 . 09 118.85 103.74 116.11 101.76 122 . 73 107 . 28 117.70 102.17 5 .7 5 .4 - 4 . 1 -4.8 L,L,L.. L,L,L.. L,Lg,U.. L,L,L.. do 80.67 do 0.19 Bil. dol., EOP ... 3 7 0 . 7 0 Percent 52 8 4 . 56 2 .50 4 0 0 . 72 61 84.68 2 .86 409.31 68 87 . 13 4 . 62 4 2 3 . 16 66 86.80 2.90 431.86 66 85 . 1 6 2.99 4 2 6 . 15 68 87. 49 4. 90 4 3 1 . 05 64 87 . 7 5 0.81 431.86 66 2 .7 1. 91 1 .1 -4 0.3 -4.09 0.2 2 C,C,C.. C,C,C.. C,L,C.. C,L,U.. U,L,U.. L,C,C.. L,L,L.. Bil. dol 424.06 do 419.56 1977 = 100 124.0 Bil. dol 119.79 do 112.20 A.r., bil. dol 136.3 IQ 1 9 6 6 = 1 0 0 . 94.8 4 5 1 . 36 4 7 0 . 1 2 4 3 5 . 36 4 4 4 . 6 6 131.2 127 . 8 125 . 88 1 3 0 . 3 8 113. 48 116.34 130 . 0 133.9 90 .6 92.3 482 . 81 449 .78 132 .5 132. 72 117 . 11 139 .8 93 . 6 NA NA 134.3 134.06 117.09 140.2 96.0 489.24 449 .88 134.1 134.34 117.74 494. 453. 134 134. 117. 70 05 .6 18 29 NA NA 134.2 133.66 116.23 1 0 0 -0 -0 97 . 4 97 . 3 4 .3 - 0 . 1 L,L,L.. L,L,L.. 1967 = 100 Number 120.4 58,474 121 .2 57,078 124.7 57,927 123 .5 56,036 123.9 NA 122.7 57 , 27 5 123 .3 NA 125.8 NA 0 .5 NA 2.0 NA -1 .0 -3 .3 0 .3 NA L,L,L.. Bil. dol 82 .7 82 .6 • • . 1 .9 .6 .8 .6 .6 .5 .5 0 .6 1 .3 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 © 93.4 .. . ... .1 .7 .4 . 1 .4 .. NA NA -0.3 -0.4 -0.9 ... 2 .9 1. 76 3 .4 -2 2 1 1 1 0 4 1 .7 .2 .0 .8 .7 .4 .4 - 0 .3 - 1 .3 - 0 .4 - 1 . 72 2 .1 0 1 1 0 0 2 NA NA .4 .0 # .3 .6 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 6 31.16 3 4 . 57 37.66 38. 00 40.87 40.56 43. 65 38.39 7 .6 - 1 2 . 1 0 .9 7 .6 L,L,L.. L,L,L.. do do 33.94 26 . 5 0 3 8 . 56 29 . 66 42 . 7 2 33.20 4 3 . 66 33. 58 45 . 9 5 36.34 46.00 36.21 49 . 24 38. 7 1 42.60 34.09 7 .0 6 .9 -13.5 -11.9 2 .2 1-1 5 .2 8 .2 L,L,L.. do 29.80 34. 28 38.93 39. 91 42.14 42.34 45 . 09 38.99 6 .5 -13.5 2 .5 5 .6 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Percent change Basic data2 Unit of measure Series title and timing classification1 Annual average 1986 July to Aug. 1988 IstQ 1988 2d Q 1988 3d Q 1988 July 1988 80.73 29.79 78.06 78.41 30.85 78.71 7 1.76 39.68 86 . 5 4 77 . 8 6 NA NA 81.82 76 . 4 6 75.29 -6.6 389.67 412.02 455 .6 8 160.3 NA 161.0 0.4 0.6 1987 Aug. 1988 Sept. 1988 Aug. to Sept. 1988 IstQ to 2d Q 1988 2d Q to 3d Q 1988 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.., 11. Newly approved capital appropriations, mfg U,Lg,U.. 5 97. Backlog of capital appropriations, mfg. C,Lg,Lg.. 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 Mil. sq. ft Bil. dol Bil. dol., EOP ... 77 . 0 6 2 1.42 69.72 C,Lg,Lg.. A.r., bil. dol 379.47 C,Lg,Lg.. C,Lg,U.. C,Lg,C.. do 1977 = 100 A.r., bil. dol 390.46 404.67 432.01 152.3 139.5 144.5 433 . 1 473.4 445 .1 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.. L,L,L.. L,L,L.. A.r., thousands.. 1967 = 100 A.r., bil. dol 1,805 141.2 195.0 1,620 123.0 195.2 1,477 110.4 189.5 -1.5 426 . 9 4 4 4 0 . 4 2 -8.5 28.6 9.9 8.5 NA NA 3.6 3.2 3.8 2.8 3.5 NA 2.4 1.1 448.5 1 156.5 490.2 NA 160.2 495 .7 453.81 159.4 1,481 116.4 189.6 1,454 113.7 190.2 1,477 113.2 1,431 116.7 1,453 111.2 -3.1 3.1 1.5 -4.7 0.3 5.4 0.1 -1.8 -2.3 0.3 -30.7 -1.5 ... NA 0.4 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 15.4 34.4 66.0 35.3 33.8 L,L,L.„ L,L,L.., do do 9.57 -1.1 3 2 . 17 52.3 49 . 7 0 39.7 19.60 54.7 NA NA 15.38 59.7 13.97 69.8 NA NA -1.41 10.1 NA NA -30.10 15.0 NA NA -0.13 1.48 1.79 2.52 NA 1.43 3.92 NA 2 .49 NA 0.73 NA Lg,Lg,Lg.. Lg,Lg,Lg.. Lg,Lg,Lg.. Bil. dol., EOP ... 6 5 5 . 0 6 7 0 7 . 3 3 do 644.74 674.91 do 102 . 6 0 1 0 6 . 8 2 717.25 684.90 108.08 NA NA NA 735.89 690.41 109 .82 NA NA NA 0.8 0.3 0.8 NA NA NA 1.9 0.7 0.9 NA NA NA Lg,Lg,Lg.„ Ratio L,L,L.. L,Lg,Lg.„ Bil. dol 1.54 Bil. dol., EOP ... 2 3 7 . 4 0 1.51 730.92 689 .75 109.02 741.7 1 692.33 110.7 1 1.54 1.53 NA 1.53 1.53 NA NA -0.01 NA 255 . 11 2 6 0 . 4 9 268.04 NA 269.47 273.39 NA 1.5 NA 2.9 NA -0.07 306 .4 0.29 -1.76 0.3 0.01 0. -1.1 -0.25 -1.01 4.0 0.12 0.76 1.8 0.11 -2.0 1.6 1.9 1.4 ... ... 8.9 9.1 2.2 1.5 -0.5 -0.4 NA NA NA NA NA NA ... 3.3 3.4 NA NA 0. 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.., U,L,L... L,L,L... Percent 1967 = 100 Percent Stock Prices: *19. Stock prices, 500 common stocks © L,L,L... 1941-43=10... 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 L,L,L.. L,L,L.. L,C,L.. L,C,L... L,L,L... L,L,L.„ Cash Flows: 34. Corporate net cash flow 35. Corporate net cash flow in 1982 dollars 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... 0.43 228.9 0.16 1.37 274.5 0.98 0.77 291.2 0.22 236.34 286.83 258.12 A.r., bil. dol do do do Cents 1977 = 100 129.8 118.6 192.3 181.2 3.7 99.6 142 .9 127.1 176.6 160.7 4.8 99.3 149.4 131.2 179.3 161.3 6.3 99.1 162.7 143. 1 183.2 163.7 5.8 98.7 NA NA NA NA NA NA A x , bil. dol do 378.2 379.0 396 .6 396 .7 407 .3 405 .0 420.8 418.7 NA NA -0.24 302 .8 0.34 0.52 308.4 0.45 2 6 3 . 14 2 6 6 . 9 2 1.69 309 .0 0.53 269.05 -0.07 309 .9 0.54 263.73 267.97 ... ... ... ... ... ... ... ... ... ... 1977 = 100 166.3 171.5 173.5 176.7 NA 1.8 NA Dollars 0 . 7 19 0.732 0.736 0.747 NA 1.5 NA 1977 = 100 Percent 138.0 100.6 136.7 99.6 136.7 99.7 136.8 99.7 136.9 99.8 0.6 0.5 0.1 0. 0.1 0. 1 73.0 73.0 73.1 73.2 NA ... ... 0.1 NA 1.32 0.29 0.76 0.27 0.65 0.38 587 .0 631.8 2366.1 2430.3 0.54 0.76 0.73 631.4 2446.4 0.59 0.55 0.65 633 .5 2463.6 0.26 0.20 NA 634.7 2458.8 0.75 0.03 0.31 0.19 0.96 0.44 637 . 1 634.6 2464.1 2458.9 do 136.7 99.6 136.6 99.6 137.4 100. 1 -0.1 0. 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 L,L,L L,C,U L,L,L L,L,L L,L,L 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. C,C,C... C,Lg,C... 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 Credit Difficulties: 39. Delinquency rate, installment loans (inverted4)3 5 do do do Bil. dol do Ratio do L,L,L... A.r., bil. dol L,L,L... do L,L,L... do L,L,L... A.r., percent L,L,L... A.r., bil. dol L,L,L... Percent, EOP ... 6.370 1.315 6 .084 1.321 6.213 1.341 6.246 1.339 6.262 1.348 NA 10.67 54.08 6.6 625.15 NA 8.73 41.19 5.9 541.05 NA 43.60 65.85 9.9 477.44 NA 48.90 59.54 9.6 600.28 2 .47 2 . 19 2.34 2.26 -0.01 0.10 NA 632 .5 2453.4 -0.72 -0.12 -0.52 -0.4 -0.2 -0.04 -0.09 NA -0.3 -0.2 1.352 0.002 0.005 1.345 1.347 NA -1.87 NA NA NA NA 20.35 43.45 7.9 65.26 10.6 NA -37.06 NA NA NA -9.24 21.81 2.7 NA -48.17 NA NA NA NA NA NA NA NA NA 11.11 ... ... ... 0.05 -0.2 1 -0.08 0.3 0.7 -0.33 -0.35 NA 0.2 -0.2 0.033 -0.002 0.016 0.009 NA 5.30 -6.31 -0.3 25.7 NA -50.77 NA NA NA -0.15 NA 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 1st Q 2d Q 1988 3d Q July Aug. 1988 Sept. 1988 July to Aug. 1st Q to 2d Q Aug. to Sept. I. CYCLICAL INDICATORS—Con. B7. Money and Credit—Con. Bank Reserves: 93. Free reserves (inverted 4 ) 3 © 94. Borrowings from the Federal Reserve3 © 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 © . i 118. Secondary market yields, FHA mortgages3 © 67. Bank rates on short-term business loans3 © *109. Average prime rate charged by b a n k s 3 © 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 L,U,U.. L,Lg,U.. Mil. dol do.. 93 836 241 756 42 1,077 -1,956 2 ,885 2 , 193 3,173 2,433 3,440 •2,288 3,241 •1,857 2 ,839 -145 -199 L,Lg,Lg.. C,Lg,Lg.. Lg,Lg,Lg.. C,Lg,Lg.. U,Lg,Lg.. Lg,Lg,Lg.. Lg,Lg,Lg.. Lg,Lg,Lg.. Percent ...do.. ...do.. do.., ...do.. ...do.. ...do.. ...do.. 6.80 6.66 5.83 9.69 8.63 7.64 10.16 8.09 6.66 5.76 9.64 7 .16 6.23 10.08 7.64 10.10 8.37 8.59 9.06 7.83 10.65 8.49 8.78 7.98 6.99 10.14 9.20 7.74 7.75 6.73 10.12 9.20 7.76 10.66 8.01 7 .02 10.27 9.33 7.79 10.74 8.19 7.23 10.03 9.06 7.66 10.58 0.26 5 .97 9.23 8.14 7.32 9.91 8.11 8.33 0.08 -0.24 -0.27 -0.13 -0.16 9.75 9.71 9.29 9.84 10.00 0.55 0.16 0.50 0.47 0.44 0.45 0.19 0.55 0.12 0.19 Lg,Lg,Lg.. Lg,Lg,Lg.. Bil. dol., EOP .. Bil. dol 57 1 . 8 3 349.71 6 1 3 . 0 2 629 .48 3 6 4 . 12 3 7 6 . 4 9 644.37 389.83 NA 392.40 647.99 392.82 653.43 393.74 NA 390.65 0.2 NA -0.8 2.4 3.5 365 . 8 1 3 6 3 . 4 5 364.39 364.58 361.38 0.1 -0.9 15.92 16.00 NA 0.08 NA 119.0 0.4 119.6 119.8 0.3 120.5 0.4 0 -0.1 107 . 1 97.7 108.3 114.8 107.3 106.9 97.2 108.7 115.7 107 .6 10.66 349.15 354.26 359.36 Percent... 15.59 15.64 15.80 15.86 1982 = 100 1982-84 = 100 Percent 1982-84=100 1982 = 100 ...do ...do ...do ...do ...do 113.9 109.6 117.7 113.6 0.4 113.5 119.4 12 1 . 0 117.5 0.3 117.1 122.3 119.1 0.4 119.7 87.7 99. 1 109.7 101.4 102 . 6 93.7 101.5 111.7 103.6 0.3 115.5 104.8 104.6 94.2 104.5 113.0 104.4 96.5 106.4 113.8 105 . 6 106.9 97.2 108.3 114.9 107.2 118.5 0.4 118.9 107 . 8 106.7 96.6 107 . 9 114.3 106.7 1977 = 100... 169.4 173.5 176. 178.4 179.8 179.3 179.6 95.0 181.5 100.4 94.0 188.5 93.7 193.7 93.5 195.8 100.9 93.0 NA NA NA NA 93.2 92.9 1 2 1 . 1 4 12 1 . 2 6 12 1.88 114.2 1 114.64 115.19 6 , 6 16 6,691 6,928 2,950 2,921 3, 105 2 ,465 2 , 5 02 2,542 1 ,200 1,26 1 ,282 5,277 5,320 5,550 121.68 Lg,Lg,Lg.. Lg,Lg,Lg.. 8.20 8.61 NA 0.29 0.15 0.13 0.03 0.8 -431 -402 0.1 0.21 1,998 1,808 1. 0.06 II. OTHER IMPORTANT ECONOMIC MEASURES 6. 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 O.l 109.0 100.2 100.0 102 .8 116.1 106.6 106.1 108.0 108.0 0.7 0.8 0.1 108. 1 1.3 1.2 0. 1.4 1.7 1.4 2.4 1. 0.7 0.6 -0.2 -0.5 0.4 0. 0.3 180.4 0.2 0.4 0.9 93.0 -0.3 0.1 -0.2 1. 0.4 1.1 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.. 110.1 108.2 100.6 111.0 109.0 101.0 112 . 110.8 112.1 110.4 -0.1 -0.6 -0.4 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 Civilian Labor Force Participation Rates: 451. Males 20 years and over3 452. Females 20 years and over3 453. Both sexes 16-19 years of age3 Millions ....do Thousands.. ....do ....do ....do.... ....do.... 117.83 109.60 8,237 3,751 3 ,032 1,454 6 ,708 119.86 112.44 7,425 3,369 2 ,7 09 1 ,347 5,979 78. 1 55.5 54.7 78.0 56.2 54.7 A.r., bil. dol.. . do do do do do - 2 0 5 .6 828.3 1033.9 -157 . 916.5 1074.2 52.9 655 .7 602 . Mil. dol do do 1977 = 100.. Thousands.... A.r., bil. dol.. 29,9 11,998 9 , 176 Mil. dol do... do.., do.., do.., do.. 1 8 , 9 3 0 2 1 , 1 7 6 25 , 2 9 4 26 , 5 9 6 3,192 2 ,164 2 ,400 2 ,867 5,338 3,907 4,428 5 ,220 3 0 , 4 5 3 3 3 , 8 5 3 3 6 , 2 10 3 6 , 1 6 8 3,363 2,894 3 , 4 3 4 3 ,47 1 5,693 5,57 5,592 5 ,896 Percent do.. do.. 78.0 56.7 54.9 78.0 56.6 54. 77.9 56.7 56.2 122.03 115.1 6 ,625 6,851 2,815 3 ,090 2,576 2 ,46 1,234 1,293 5 ,174 5,517 115.06 77.9 56.7 56.0 78.0 56.8 56.4 12 1 . 9 2 115.33 6,596 2,857 2 ,461 1,27 5,268 3.4 9 -4.2 4 6.6 77.9 56 . 7 56.2 0.4 0.3 0.1 0.1 0.1 0.1 -0.1 0.1 -3.7 -7.5 -0.3 -1.2 -4.5 0.4 -4.5 -5 . -3.0 -6.4 -4.9 -0 -0.1 -0.2 0. -0. -0.1 D. Government Activities D l . Receipts and Expenditures 500. 501. 502. 510. 511. 512. Federal Government surplus or deficit3 Federal Government receipts Federal Government expenditures State and local government surplus or deficit3.. State and local government receipts State and local government expenditures 61.2 623.0 561.9 -155 .1 - 1 3 3 . 3 951.0 983 .0 1106.1 1 1 1 6 . 3 55.8 56 . 2 685 .5 698.4 629.7 642.1 21.8 NA NA 1098.9 NA NA 652.2 3.4 0.9 0.4 1.9 2.0 D2. Defense Indicators 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 . 30,812 12 , 0 3 2 9 , 145 182.0 1 8 8 . 9 1 ,583 1,589 277 .5 295 .3 31,99 10,284 8,589 190.5 1,594 298 .4 33,878 15,034 10,638 186 . 0 1,586 29£ NA 2 9 , 6 9 1 NA 1 8 , 7 9 4 7,353 6,995 184.4 184.9 NA 1,580 294.1 29,004 9 , 185 8,024 184.4 1,57 NA NA 7 ,041 183.9 NA -2.3 -51.1 14.7 -0.3 -0.1 NA NA -12 .3 -0.3 NA 5.9 46 .2 23.9 -2 . -0. 3.9 2.5 5.9 10.3 7 .6 9.5 NA NA NA NA NA NA 5.1 11.3 2.3 0.1 E. U.S. International Transactions E l . 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 8 2 6 , 5 15 2 7 , 5 4 5 3,349 3,266 5,778 5 ,457 34,533 38,106 3,360 3 , 122 5,888 5 ,378 -0.1 -2 . 1.8 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data2 Percent change Annual average 1985 1986 3d Q 1987 2d Q 1987 1987 4th Q 1987 IstQ 1988 2d Q 1988 4th Q to IstQ 1988 3d Q 1988 IstQ to 2d Q 1988 Series number Series title Unit of measure 2d Q to 3d Q 1988 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 abioad Income on foreign investment in the United States Bil. dol do do do do do do do -25 . 90. 115. -30. 53. 84. 22 . 15. - 3 5 . 13 106.:21 1 4 1 . 34 - 4 0 . i 07 6 2 . 39 1 0 2 . ' 46 2 5 . ' 94 2 0 . 1B4 -37.73 100.35 138.08 -39.55 59 . 8 6 99.42 22 . 4 3 20.74 A.r. bil. dol ....do A.r., dollars A.r. bil. dol ....do ....do A.r., dollars 4 0 1 4 .9 4 2 4 0 .3 4526 .7 3618 .7 3721 .7 3847 .0 15 , 1 2 0 15 , 4 0 1 1 5 , 7 7 0 3609 .6 3706 .3 3812 .6 2838 .7 3019 .6 3209 .7 2542 .8 2640 .9 2686 .3 11,012 10,929 10,625 4484. 3823 . 0 15 , 6 9 3 3795 .2 3154. 1 2652 .8 10,889 A.r. bil. dol do do do do do do ....do 2629 2354 372 355 911 847 1345 1152 02 - 3 0 . 88 14 9 3 . 76 17 1 2 4 . 54 3 6 . 14 54 98 55 . 9 92 . 13 52 2 1 22 . 53 72 16 . 7 4 - 3 8 . 159 1 0 6 . : 32 1 4 5 . :30 - 3 9 . 156 6 4 . ' ?0 1 0 4 . : 57 2 3 . : 29 22 - 2 9 . 15 - 3 3 . 82 1 1 9 . :25 1 2 1 . 12 148..40 154.'94 - 4 1 . 19 - 3 5 . 18 68. 01 7 5 . 30 109.:20 1 1 0 . 48 26 . 55 3 3 . :25 20. 7 1 5 . '4 0 - 3 0 . . 43 123.:28 153. 7 1 - 2 9 . ' 94 7 9 . i6 6 109.i60 2 3 . . 43 25 . 18 NA NA NA NA NA NA NA NA -4.67 1 . ,6 4 . ,4 6.01 10. 7 1. 2 - 2 0 . ,2 6 4568 .0 3865 .3 15 , 8 2 6 3852 .2 3224 .9 2683 .9 10,989 4662 .8 3923 .0 16,022 3855 .9 3315 .8 2728 .9 11,145 4 7 2 4 .5 3956 . 1 16,126 3890 .1 3375 .6 2762 .3 11,260 4823 .8 3985 1 6 , 2 13 3949 .9 3421 .5 2762 .2 11,237 4899 .5 4007 .3 16 , 2 5 7 3973 .5 3498 .9 27 94 . 0 11,335 1 .,3 0 . ,8 0 . ,6 0. 9 1 .,8 1 .,2 1 .,0 0 .,5 1 .,5 1 ,, 4 0, -0, . 1 3194 .6 .8 2579 .0 449 .8 .8 410 .6 .1 .2 1036 .6 893 .6 .7 .1 1708 .2 .9 1274 .8 3257 .6 26 01 . 3 453 .6 411 .0 1057 .6 901 .7 1746 .4 1288 .5 1 .,7 1 ., 1 3 .,7 3 .,5 0 ,, 4 0 ,,2 2 .. 0 1 ,. 0 2 ,. 1 0 ,. 8 .7 .4 .0 0 ,. 1 2 ,. 0 0 ,. 7 2 0 0 0 2 0 - 0 .7 - 1 .9 2 .3 .5 - 2 1 .6 - 3 0 .7 22.: 2 22. 3.39 1 ,. 8 - 0 . .8 5.24 5.,8 - 0 . ,8 - 1 1 . ,8 - 0 . ,9 NA NA NA NA NA NA NA NA 667 668 669 622 618 620 651 652 .6 .6 .3 .6 .3 200 50 217 213 224 225 227 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 ,2 .2 2,, 1 0,, 7 ,2 1 0 0 0 2 .2 1 0 .9 A2. Personal Consumption Expenditures .0 .8 .2 .1 .2 .4 .6 .3 2807 2455 406 385 943 879 1457 1190 .5 .2 .5 .0 .6 .5 .3 .7 3012 2521 421 390 997 890 1592 1239 . 1 2 9 9 2 ., 2 . 0 2 5 1 6 . ,6 4 2 0 . ,5 .9 3 9 1 ., 3 .9 .9 9 9 5 ., 3 8 8 9 . .8 .5 . 3 1 5 7 6 . ,4 . 5 1 2 3 5 . ,5 1 .1 230 231 232 233 236 238 237 239 2 0 0 1 0 -0 -1 .8 .6 .0 .9 .8 .5 240 241 242 243 245 30 -0, - 2 ,,0 - 3 , ,5 - 5 ,. 7 2 ,. 1 0 .. 9 1 ,. 7 1 ,. 0 1 .2 1 2 .1 0 .8 0 . 1 - 0 .3 -2 .3 - 1 .7 1 .7 0 .6 260 261 262 263 266 267 13..6 1 7 ,, 0 6 ,. 1 5 ,. 9 2 ,.5 1 .. 7 2 1.7 1 6 ,. 4 4 .0 2 - 0 .4 - 0 .9 5 .5 .8 .0 .3 . 1 250 255 252 256 253 257 NA 2 .0 .9 4 .7 NA 4 .2 220 280 282 284 286 288 NA NA 9 .8 NA .3 290 295 292 298 293 3058 2545 441 406 1006 891 1610 1246 .2 .2 .4 .5 .6 .9 .2 .8 3076 253 1 422 387 1012 890 1641 1253 .3 .7 .0 .6 .4 .5 .9 .6 3128 2559 43 7 401 1016 892 1674 1265 .9 .7 .9 .6 .0 .4 .9 .1 .9 .3 .0 758 715 714 679 43 35 . 1 . 1 .4 .7 .7 .3 764 719 721 685 42 33 .4 .7 .4 .9 .9 .8 -0, 0 ,. 6 0 ,. 8 0 .. 8 - 6 ,.7 -1,. 1 .2 .4 .7 .8 .5 .7 961 783 382 331 579 452 .6 .8 .2 962 781 373 326 589 455 .4 . 1 .4 . 1 .0 .0 . 1 .0 .8 .2 .9 . 1 -90 -92 507 496 597 589 .4 .6 . 1 .9 .5 .5 -84 -94 526 5 07 611 601 .9 .9 .3 .0 .2 .9 2, 2, 2, .0 .9 .8 .1 .0 .9 2 .2 A3. Gross Private Domestic Investment 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 do do do do do do 643 637 631 627 11 9 .1 . 0 .8 .9 .3 . 1 665 643 650 628 15 15 .9 .5 .4 . 1 .5 .4 712 674 673 640 39 34 .9 .8 .7 .4 .2 .4 6 9 8 . .5 660., 1 6 6 5 ., 8 6 3 2 . ,3 3 2 , ,7 2 7 .. 8 702 667 688 654 14 13 .8 .9 .3 .9 .5 .0 764 724 692 657 72 67 - 1 763 728 698 662 65 66 do do do do do do 820 731 355 326 465 405 .8 .2 .2 .0 .6 .2 871 760 366 333 505 427 .2 .5 .2 .4 .0 . 1 924 780 382 339 542 441 .7 .2 .0 .0 .8 .2 915. 7 772 . 3 7 7 ., 5 3 3 2 ., 1 538. 2 440., 1 932 782 386 342 546 440 .2 .9 .3 . 1 .0 .8 947 792 391 347 555 444 .3 .6 .4 .7 .9 .9 945 776 377 327 567 448 -123 -128 428 427 551 556 .0 .9 .0 .8 .1 .7 - 1 2 5 .2 - 1 3 0 .7 440 .4 440 .9 565 .6 57 1 . 6 -125 -126 459 459 585 585 .7 .0 .7 .2 .4 .2 -112 -109 487 486 599 595 3 6 3 1 ., 8 3 7 0 8 . 0 2 6 5 2 . ,0 27 02 . 8 306 .8 3 0 8 . .9 18 . 1 1 7 ., 8 322 .0 3 0 5 ., 2 358 .3 348., 1 3802 2769 326 20 316 369 .0 3850 .8 .9 2816 .4 .0 323 .9 20 .5 .5 . 1 316 .2 373 .9 .5 603 570 144 -110 4 .4 .0 .0 .7 .3 .2 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 ,2 .•2 .6 .4 ,2 .2 A5. Foreign Trade do do do do do do -78 .0 - 1 0 4 .3 370 .9 367 .2 448 .9 47 1 . 4 - 1 0 4 .4 - 1 3 7 .5 378 .4 37 8 . 4 482 .8 515 .9 do do do do do do 3234 2367 255 9 282 319 .0 .5 .9 .2 .3 .0 3437 2507 286 12 298 331 . 1 3678 .7 . 1 2683 .4 .7 312 .9 18 . 4 .4 310 .4 .9 3 5 3 .6 .9 do do do do Percent 533 539 125 -131 4 .5 .8 .4 .8 .4 537 560 121 -144 4 .2 .0 .7 .4 .0 -122 -126 416 416 539 542 ,2 . .0 ., 8 .4 ., 0 .3 .2 -2 . 3 3 2 2 2 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 3928 2874 328 19 326 380 .8 .0 .8 .1 .5 .6 634 583 127 -77 3 .3 .8 .1 .7 -0, 0, 0, 1,.2 1 .5 -6 .8 3 .3 .8 NA NA 140 .3 NA 4 .0 3 ,. 9 .1 4, 11,.5 .1 - 1 4 .7 22 .7 .0 1 ,. 3 1 ,. 7 .6 2.0 2.0 NA 293 1. 1 319 .3 20 NA 396 .5 1 -2 A7. Saving 560 561 104 -104 3 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 turns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified. .4 .0 .2 .9 .2 5 4 2 ., 4 5 5 5 ,, 5 6 9 . .5 - 8 2 ., 6 2 ., 2 556 569 72 -85 2 .8 .6 .6 .5 .3 627 576 149 -99 4 .0 .4 .9 .2 .4 .1 1, .1 0, 1. 1 1 .2 -0 .1 0 2 For a few series, data shown here are rounded to fewer digits than those shown elsewhere in B C D . Annual figures published by the source agencies are used if available. 3 Differences rather than percent changes are shown for this series. 4 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. 9 CYCLICAL INDICATORS COMPOSITE INDEXES A N D THEIR C O M P O N E N T S Chart A l . Composite Indexes July May P T Aug. Apr, P T Jan. July July P T P Nov. T 1952 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 87 881989 NOTE: Numbers entered on the chart indicate length of leads ( - ) and lags ( + ) in months from reference turning dates. 1 Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current index. Current data for these series are shown on page 60. 10 OCTOBER 1 9 8 8 ItCII CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A l . Composite I n d e x e s — C o n t i n u e d July May P T Aug. Apr. P T Apr. Feb P T Nov. Mar. P T Jan. July July P T P Nov. T Index: 1967=lOOl 1952 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 87 881989 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. licit OCTOBER 1 9 8 8 11 CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index C o m p o n e n t s July May P T Aug. Apr. P T Apr. Feb. P T Dec. Nov. P T Nov. Mar. P T Jan. July July P T P Nov. T I, Averageyeekly hours of production or 1952 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 87 881989 Current data for these series are shown on pages 61, 64, and 66. 12 OCTOBER 1 9 8 8 I t C I I CYCLICAL INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index C o m p o n e n t s — C o n t i n u e d July May P T Aug. Apr. P T Apr. Feb. P T Nov. Mar. Jan. July July P T P Nov. T 1952 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 87 881989 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, 71, and 72. BCI) OCTOBER 1988 13 CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A3. Coincident Index C o m p o n e n t s July May P T Aug. Apr. P T Apr. Feb. P T Dec. Nov. P T Nov. P Mar. T Jan. July July P T Nov. P T 1952 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 87 881989 Current data for these series are shown on pages 62, 63, and 65. 14 OCTOBER 1 9 8 8 licit Q j A CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A4. Lagging Index C o m p o n e n t s Jan. July July P T P Nov. T 1952 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 87 881989 Current data for these series are shown on pages 62, 68, 70, and 73. ItCII O C T O B E R 1988 15 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY E C O N O M I C PROCESS 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 Dec. Nov. P T Jan. July P July Nov. T P T 80 81 m 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 61. 16 OCTOBER 1 9 8 8 lt€l» CYCLICAL INDICATORS B 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 Dec. Nov. P T Jan. July F T July P Nov. T SM 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 pages 6 1 and 62. I!CI» OCTOBER 1 9 8 8 17 CYCLICAL INDICATORS B 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 Dec. Nov. P T Jan. July P T July Nov. P T [Comprehensive Unemployment! 3 T 5- 7- 911134-i 567891011 - 2-i 34567 J 101214- 1618- 2022°1 12345- 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 62. 18 OCTOBER 1 9 8 8 IICII CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income Dec. Nov. P T [Comprehensive Output and Income] 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 63. I!CI» OCTOBER 1 9 8 8 19 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and I n c o m e — C o n t i n u e d Dec. Nov. Nov. Mar. P T p T s s s 7. J . I I Jan. July P July Nov. T P T 80 81 P ':M l l l l l l t [Industrial Production! 1962 63 64 65 66 I f 67 68 69 70 71 72 73 74 75 76 77 78 79 82 83 84 85 86 87 88 1989 Current data for these series are shown on pages 63 and 64. 20 OCTOBER 1 9 8 8 ItCII CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries Dec. Nov. Jan. July July Nov. P T P T P T «: ^iflt' 1 [Orders and Deliveries 1962 63 64 65 66 go® 67 68 Current data for these series are shown on page 64. I t C I t OCTOBER 1988 69 70 71 72 73 74 75 76 77 78 79 80 I p i i i I I t 81 S i f ® 82 83 84 85 86 87 88 1989 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. C o n s u m p t i o n , Trade, Orders, and D e l i v e r i e s — C o n t i n u e d Jan. July P 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 July Nov. T P T 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 65. 22 OCTOBER 1 9 8 8 ItCII CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment Jan. July P 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 July Nov. T P T 80 81 82 83 84 85 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. 1 im:i» OCTOBER 1 9 8 8 86 87 88 1989 CYCLICAL INDICATORS 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 Dec. Nov P T Jan. July P T July Nov. P T 10090- 807060 J 40 t 353025- 2015- 10- 500-| 450400 350300 250200 500-» 450400350 300250200- 180160140120100 - 60 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 J 88 1989 C u r r e n t data for these series are shown on pages 66 and 67. 24 OCTOBER 1 9 8 8 BCI) CYCLICAL INDICATORS 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 Dec. Nov P T Jan. July P T July Nov. P T 550-i 500450400350300250 - 200- 150- 100 J 2.6-1 2.42.22.0 1.81.61.41.21.0' 0.8 200 180160140120100- 60 240 220 2001 180160140120 100 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 67. I!CI» OCTOBER 1 9 8 8 25 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and Inventory Investment 1962 63 64 65 66 67 68 Dec. Nov, P T 69 70 Jan. July P 71 72 73 74 75 76 77 78 79 July Nov. T P T 80 81 82 83 84 85 86 87 88 1989 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. 1 26 OCTOBER 1 9 8 8 ItCII CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and Inventory I n v e s t m e n t — C o n t i n u e d 1962 63 64 65 66 67 68 Dec. Nov. Nov. Mar. P T P T 69 70 71 72 73 74 75 Jan. July P 76 77 78 79 80 July T 81 Nov. P T 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 68. OCTOBER 1 9 8 8 27 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits Dec. Nov. P T Jan. July P T July Nov. P T , 98. Change in producer prices for se§§tive crude aid intermediate materials + 4-. + 2- 0- • - 2 - ( - 4 - 6 - + 4-i +2 - 0- • - 2 - ' - 4 - 340300260220180- 380340 300 260 220180- 140- 100- 60 J 240-i 200160- 120- 80-j 0 40- 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 This is a weighted 4 - t e r m m o v i n g average (with weights 1 , 2 , 2 , 1 ) placed on the t e r m i n a l m o n t h of the span. 2 Beginning with data for June 1 9 8 1 , this is a copyrighted series used by permission; it may not be reproduced without written permission f r o m C o m m o d i t y Research Bureau, Inc. Current data for these series are shown on page 6 9 . 1 28 OCTOBER 1 9 8 8 lt€l» CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and P r o f i t s — C o n t i n u e d Dec. Nov. Nov. Mar. P T P T Jan. July P T July Nov. P T tf|§ tutti 280 n 240200160120- 40 J 14- 1210* 864- 102 -i 100 989694- 500400- 300- 200- 100 J 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 pages 6 9 and 70. licit OCTOBER 1 9 8 8 29 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and P r o f i t s — C o n t i n u e d Dec. Nov. P T Jan. July P July Nov. T P T 80 81 SSI 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 70. 30 OCTOBER 1 9 8 8 licit CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit 1962 63 64 65 66 67 68 Dec. Nov. P T 69 70 Jan. July P 71 72 73 74 75 76 77 78 79 July Nov. T P T 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 71. I!CI» OCTOBER 1 9 8 8 31 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and C r e d i t — C o n t i n u e d 1962 63 64 65 66 67 68 Dec. Nov. P T 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 pages 71 and 72. 32 OCTOBER 1 9 8 8 IM:I» CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and C r e d i t — C o n t i n u e d Jan. July P T July Nov. P T i m m m m m i z ^ i S i i l S l w f ^ A. A 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 7^ 79 80 81 82 83 84 85 1 86 87 88 1989 Current data for these series are shown on page 72. I!CI» OCTOBER 1988 33 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and C r e d i t — C o n t i n u e d Jan. July P 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 July Nov. T P T 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on pages 72 and 73. 34 OCTOBER 1 9 8 8 ItCII CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and C r e d i t — C o n t i n u e d Dec. Nov. Nov. Mar. P T P T Jan. July P T July Nov. P T 21- 20191817- 1615141312 11- 1098765450 400350 300 250 - 200 - 150 700 600 500 - 400- 300- 200- 100 J 1412- Current data for these series are shown on page 73. ItCII OCTOBER 1 9 8 8 35 I CYCLICAL INDICATORS DIFFUSION INDEXES A N D RATES OF C H A N G E Chart C I . Diffusion Indexes 1962 63 64 65 66 67 68 Dec. Nov. P T 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Values of this index prior to January 1 9 8 4 include a twelfth component, series 12, which has been suspended from the current index. Current data for these series are shown on page 74. 1 36 OCTOBER 1 9 8 8 ltd) I CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C I . Diffusion I n d e x e s — C o n t i n u e d Dec. Nov P T Jan. July P T July Nov. P T lOO-i 50- - 0- 8070- 60- . 50- • 40- ' 3020- 100- 50- 100-. 50- 100 - 0-1 90 - . 80 70605040- 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. 1 ItCII OCTOBER 1 9 8 8 37 I CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C I . Diffusion Indexes—Continued Jan. July P T July P Nov. T Jan. July P Actual Anticipated Percent rising T July Nov. P T Actual Anticipated Percent rising 970. Expenditures for new plant and 974. Number of employees, manufacturing and trade (4-Q span)1 975. Level of inventories, manufacturing and trade (4-Q span)1 80 f 70 - >vt j p i ^llll^ " - f e y ft • ' Jl /M •• V t H r • T ' 605040 J 976. Selling fffices, n g > j » H n g (4-Q span)1 90- iSlttl SSSS J \ y \ ^ / * 80 7060- • y Sfii* • Spilpwplf ;.v us-C • Sift. 50- 978. Selling pices, retailfide (4-Q span) —— Br- i — till:. / '• .' V1 <L ty 3. ^ ® ..." • r - / • X * : 90- la 80- % M? / \ * I s fei/ -MM:.- ^ 100 - i W-4 r<> r^sA 70- AJLI _ 1976 77 78 79 80 81 82 83 84 85 86 6087 1988 i This is a copyrighted series used by permission; it m a y not be reproduced without written permission f r o m Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1 , 4 0 0 business executives. C u r r e n t data for these series are shown on page 76. 38 OCTOBER 1 9 8 8 IM: CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C3. Rates of Change Jan. July P 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 July Nov. T P T 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 Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current index. I!CI» OCTOBER 1 9 8 8 39 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL I N C O M E A N D PRODUCT Chart A l . G N P and Personal I n c o m e 1962 63 64 65 66 67 68 Dec. Nov. P T 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 pages 63 and 80. 40 OCTOBER 1 9 8 8 licit OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued C h a r t A2. Personal C o n s u m p t i o n Expenditures Dec. Nov. P T Jan. July P T July Nov. P T Personal consumption expenditures— 1962 63 64 65 66 67 68 69 70 83 84 85 86 87 88 1989 Current data for these series are shown on pages 80 and 81. ItCI) OCTOBER 1988 41 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued C h a r t A3. Gross Private D o m e s t i c I n v e s t m e n t Nov. Mar P T Jan. July P T July Nov. P T Gross private domestic investment*- ii^li® f c Vsi / mkt ii ii! rtilp! 4fl ^ ' 71 72 73 74 75 76 77 78 79 80 81 Current data for these series are shown on page 81. 42 OCTOBER 1 9 8 8 ItCII OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A4. G o v e r n m e n t Purchases of Goods and Services Dec. Nov. P T Jan. July Mar. Nov. P July Nov. T P T 80 81 Government purchases of goods and 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 81. BCII OCTOBER 1 9 8 8 43 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A5. Foreign Trade 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 82. 44 OCTOBER 1 9 8 8 ItCI) OTHER IMPORTANT ECONOMIC MEASURES NATIONAL I N C O M E A N D P R O D U C T — C o n t i n u e d Chart A6. National I n c o m e and Its C o m p o n e n t s Jan. July P 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 July Nov. T P T 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 82. IM Jl O CTOBER 1 9 8 8 45 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Chart A7. Saving 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 pages 82 and 83. 46 OCTOBER 1 9 8 8 BCI) OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A8. Shares of G N P and National I n c o m e Dec. Nov. P T 70n 65- 60 J 15-. 10- 0- -5-1 80 n 75- 70- 10- 285. Rental income of persons w|fiapital consumption; 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 83. ItCI) OCTOBER 1 9 8 8 47 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY B _ Chart B l . Price M o v e m e n t s Jan. July P T July Nov. P T Jan. July P July Nov. T P T 80 81 I I HSU 310. Implicit prk national 1976 77 78 79 80 81 82 83 84 85 86 87 1988 1976 77 78 79 82 83 84 85 86 87 1988 Current data for these series are shown on pages 84, 85, and 86. 48 OCTOBER 1 9 8 8 BCI) OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, A N D P R O D U C T I V I T Y — C o n t i n u e d Chart B l . Price M o v e m e n t s — C o n t i n u e d Dec. Nov, P T Jan. July P T July Nov. P T 130- Consumer price indexes— 12011010090- 8070- 60- 50- 40- + 20-I + 10-j J' + 20+ 10- ' 0- < -10- 200-. 180160140- 12010080 J 220200180160140- 120100- 60 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 J 88 1989 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. 1 ItCII OCTOBER 1 9 8 8 49 OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, A N D P R O D U C T I V I T Y — C o n t i n u e d Chart B2. Wages and P r o d u c t i v i t y — C o n t i n u e d Jan. July P 1962 63 64 65 66 67 68 69 70 71 72 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. 1 50 76 2 77 78 79 July Nov. T P T 80 81 82 83 84 85 86 87 88 1989 One-month percent changes have been multiplied by a constant (12) to make them comparable OCTOBER 1 9 8 8 » C I ) OTHER IMPORTANT ECONOMIC MEASURES LABOR FORCE, E M P L O Y M E N T , A N D U N E M P L O Y M E N T C h a r t C I . Civilian Labor Force a n d M a j o r C o m p o n e n t s Dec. Nov. P T Jan. July P m II' "'"^.ii.in O rates) g e j - T ^ ^ \ w m I i ms i 1 M. 9 S S p l _ _ — — - — r m 442. Civilian employment (rralllorts> ll ;|CMiian Nov. P c< - ii "msjjjjjj July T & gtfg 4 s j M 20yearsand over exes 16-19 years of age J H 11§§! f § | Females 20 years I Number unemployed (millions)— — dover I t rt 37. Persons unemploye M | 445. Females 20 years a J 444. Males 20 ye and over 5 I over V Both sexes 16-19 years A g e JSJ oyed, full-time workers (njgps) 447. Nun E -448. Number of persons erfpyed \ reasons (millions) Mr 1962 63 64 65 66 67 68 Current data for these series are shown on page 89. IM:I» OCTOBER 1988 69 70 71 72 73 74 75 76 77 78 79 80 81 ! for economic 82 83 84 85 86 87 88 1989 OTHER I M P O R T A N T E C O N O M I C MEASURES jJ) j G O V E R N M E N T ACTIVITIES Chart D l . Receipts and Expenditures 1962 63 64 65 66 67 68 Dec. Nov, P T 69 70 Jan. July P 71 72 73 74 75 76 77 78 79 July Nov. T P T 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 90. 52 OCTOBER 1 9 8 8 ItCII OTHER IMPORTANT ECONOMIC MEASURES D GOVERNMENT ACTIVITIES—Continued C h a r t D 2 . Defense Indicators Nov. Mar. Jan. July P T P T vv^, ; M f a il t • 1962 63 64 65 66 67 68 Current data for these series are shown on page 90. OCTOBER 1988 69 70 71 72 73 74 WZi w 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 OTHER IMPORTANT ECONOMIC MEASURES ® GOVERNMENT ACTIVITIES—Continued Chart D2. Defense I n d i c a t o r s — C o n t i n u e d Jan. July P 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 July Nov. T P T 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 91. 54 OCTOBER 1 9 8 8 licit OTHER IMPORTANT ECONOMIC MEASURES D GOVERNMENT ACTIVITIES—Continued Chart D2. Defense I n d i c a t o r s — C o n t i n u e d Dec. Nov. P T Jan. July P Hi T July Nov. P T fit®! . ...... 2.01.81.6 H 1.41.21.0 - 3.5-| 3.02.52.0- 1.5- 1.0- 400 350300250- 200- 150- 100- 50 J 10-| 98765-1 4- 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 91. IICII OCTOBER 1988 55 OTHER IMPORTANT ECONOMIC MEASURES E I U.S. INTERNATIONAL TRANSACTIONS Chart E l . Merchandise Trade Dec. Nov. P T Jan. July P T July Nov. P T 35 i 3025- 2015- 109876543- 2- 1J 45 - | 40 - r 353025- 20- 1098765- 10.80.6- 0.4- 0.2- 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 92. 56 OCTOBER 1 9 8 8 licit OTHER IMPORTANT ECONOMIC MEASURES E U.S. I N T E R N A T I O N A L T R A N S A C T I O N S — C o n t i n u e d C h a r t E2. Goods a n d Services M o v e m e n t s Dec. Nov P T Jan. July P T July Nov. P T jjj§ l§j§|§| 750 650 550450 - Goods and services 350 250 - 150 - 650 550 450350 - 250 - 150- 50 J 140- 100- 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 93. IM:I» OCTOBER 1988 57 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS Chart F l . Industrial Production Jan. July P T July P Industrial producte— 1976 77 78 79 80 81 82 83 84 85 86 87 1988 1976 77 78 79 80 81 82 83 84 85 86 87 1988 Current data for these series are shown on page 94. 58 OCTOBER 1 9 8 8 ItCII OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Continued Chart F2. Consumer Prices Jan. July P T Chart F3. Stock Prices July Nov. P T Jan. July P T July Nov. P T 100-1 1976 77 78 79 80 81 82 83 84 85 86 87 1988 1976 77 78 79 80 81 82 83 84 85 86 87 1988 Current data for these series are shown on pages 95 and 96. IM Jl OCTOBER 1 9 8 8 59 CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS Q Year and month 910. Index of eleven leading indicators (series 1, 5, 8, 19, 20, 29, 32, 36, 99, 106, 1 1 1 ) 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 index 2 (1967 = 100) Leading indicator subgroups 914. Capital investment commitments (series 12, 20, 29)2 (1967 = 100) 915. Inventory investment and purchasing (series 8, 32, 36, 99) 916. Profitability (series 19, 26, 80) 917. Money and financial flows (series 104, 106, 111) (1967 = 100) (1967 = 100) (1967 = 100) 3 ( ) 1986 January February March 174.1 175.0 176.4 162.9 163.4 162.9 140.5 141.1 142.3 115.9 115.8 114.5 108.9 110.2 109.9 103.3 103.3 103.5 117.3 119.0 119.8 142.2 140.3 140.0 April May June 178.1 178.5 178.3 165.6 164.3 163.7 140.5 141.4 141.6 117.9 116.2 115.6 110.4 109.5 109.6 103.8 103.5 103.0 119.9 119.7 120.4 140.3 142.4 142.6 July August September 179.9 180.3 179.9 164.4 164.8 165.8 141.8 142.2 141.6 115.9 115.9 117.1 109.8 108.8 108.9 103.3 102.9 102.8 120.0 120.4 118.9 144.9 145.6 145.5 October November December 181.2 182.7 186.7 165.4 165.8 167.4 143.7 143.4 142.4 115.1 115.6 117.6 108.4 108.6 102.8 103.6 104.9 117.8 117.4 117.9 147.3 146.8 149.2 January February March 185.5 186.0 187.6 165.6 168.2 168.0 144.6 142.1 141.3 114.5 118.4 118.9 108.9 (NA) 104.4 104.6 105.3 119.3 120.8 121.5 148.9 147.0 145.4 April May June 187.6 188.6 190.5 168.0 167.6 168.2 141.8 142.0 142.6 118.5 118.0 118.0 105.3 106.0 106.7 121.3 121.3 122.9 144.5 144.1 145.6 July August September 190.9 191.7 191.9 169.8 170.6 170.7 141.8 141.6 143.0 119.7 120.5 119.4 107.1 106.4 106.6 124.2 0)126.0 124.7 144.5 144.2 145.4 October November December 192.1 190.2 190.9 rl73.0 172.6 174.5 142.5 143.3 142.7 rl21.4 120.4 122.3 107.2 107.4 0)108.2 121.7 118.6 118.3 147.1 146.7 146.3 rl89.9 191.5 191.8 173.7 175.0 176.1 144.7 145.1 145.7 120.0 120.6 120.9 107.1 106.7 rl06.5 119.0 119.5 119.9 146.6 147.7 rl48.8 192.4 191.0 0>rl93.9 176.0 rl76.4 177.7 146.6 146.3 rl48.0 120.1 120.6 120.1 105.5 105.6 105.8 119.5 118.9 (NA) 0)rl51.4 rl50.4 rl50.8 rl92.5 193.4 "193.3 rl78.3 178.7 0)5178.8 rl47.5 148.5 0)6148.7 rl20.9 120.3 pl20.2 rl05.5 rl05.4 pl05.4 111.0 1987 1988 January February March April May June July August September rl49.8 pl49.7 (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 b y 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. ' V a l u e s o f t h i s i n d e x p r i o r to J a n u a r y 1984 i n c l u d e a t w e l f t h c o m p o n e n t , s e r i e s 1 2 , w h i c h h a s b e e n s u s p e n d e d f r o m t h e c u r r e n t i n d e x . T h e following series reached their high values before 1986: s e r i e s 940 ( 1 3 0 . 0 ) in J a n u a r y 1 9 8 4 , a n d s e r i e s 914 ( 1 1 1 . 5 ) in F e b r u a r y 1 9 8 4 . S e e " N e w F e5a t u r e s a n d C h a n g e s f o r T h i s I s s u e , " p a g e iii o f t h e M a r c6h 1987 i s s u e . ''Excludes s e r i e s 36 a n d 1 1 1 , f o r w h i c h d a t a a r e n o t available. E x c l u d e s series 5 7 , for which data are not a v a i l a b l e . E x c l u d e s s e r i e s 77 a n d 9 5 , f o r w h i c h d a t a a r e n o t a v a i l a b l e . 2 3 6 0 OCTOBER 1988 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q j Minor Economic Process L, L, L L, C,L L, C.L 1. Average weekly hours of production or nonsupervisory workers, manufacturing (Hours) Comprehensive Employment Job Vacancies Marginal Employment Adjustments Timing Class Year and month EMPLOYMENT AND UNEMPLOYMENT 21. Average weekly overtime hours of production or nonsupervisory workers, manufacturing 5. Average weekly initial claims for unemployment insurance, State programs 1 (Hours) (Thous.) 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 1986 January February March 40.8 40.6 40.7 3.5 3.4 3.5 375 384 393 0.519 0.484 0.486 137 137 136 184.60 183.90 184.36 April May June 40.8 40.7 40.6 3.4 3.5 3.4 374 378 378 0.487 0.476 0.504 137 135 143 184.45 184.53 184.48 July August September 40.6 40.8 40.8 3.5 3.5 3.5 370 379 369 0.492 0.506 0.502 137 138 140 184.78 185.34 185.77 October November December 40.7 40.8 40.8 3.5 3.5 3.6 343 342 356 0.503 0.525 0.518 139 145 138 186.12 186.62 186.86 January February March 40.9 41.1 41.0 3.6 3.6 3.7 359 361 341 0.508 0.528 0.573 136 140 150 187.56 188.63 188.57 April May June 40.7 41.0 41.0 3.5 3.8 3.7 324 326 327 0.587 0.601 0.619 149 153 152 187.58 189.74 190.02 July August September 41.0 41.0 40.6 3.8 3.8 3.7 327 297 286 0.628 0.660 0.663 153 161 158 190.69 191.40 188.46 October 41.2 41.2 41.0 3.9 3.9 3.8 284 293 312 0.672 0.680 0.661 162 0)162 155 192.76 192.99 193.22 January February March 41.1 41.0 40.9 3.9 3.7 3.7 351 321 304 0.646 0.669 0.691 153 156 158 193.56 195.04 194.92 April May June 41.2 41.0 41.1 3.9 3.9 3.9 296 307 292 0.707 0.702 0)0.719 157 160 156 196.33 196.09 197.14 r41.1 41.0 0)p41.2 3.9 r3.9 0>p4.O 325 298 0)283 0.714 0.695 p0.690 159 160 pl53 0)rl98.25 rl97.71 pl98.09 1987 November December 1988 July August September October November December See note on page 60. Graphs of these series are shown on pages 12, 16, and 17. *Data exclude Puerto Rico, which is included in figures published by the source agency. I t C I I OCTOBER 1 9 8 8 61 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS 0 1 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 L, C, U 40. Employees on nonagricultural payrolls, goodsproducing industries (Thous.) (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 43. Unemployment rate (Thous.) (Percent) L, Lg, U 45. Average weekly insured unemployment rate, State programs1 (Percent) Lg, Lg, Lg 91. Average duration of unemployment (Weeks) Lg, Lg, Lg 44. Unemployment rate, persons unemployed 15 weeks and over (Percent) 1986 January February March 105 5 9 7 105 4 2 7 105 6 4 0 98 788 98 887 98 973 24 ,832 24 ,752 24 , 6 8 8 5 9 . 87 5 9 . 61 5 9 . 74 7 ,, 8 4 7 8 ,, 4 2 7 8 ., 3 3 0 6.7 7.2 7.1 2 . .8 2 . .8 2 . ,8 1 5 .. 0 1 5 , .4 1 4 . .6 1.8 2.0 1.9 April May June 105 7 9 3 105 9 3 8 106 495 99 136 99 , 2 6 2 99 , 1 7 0 24 679 24 ,587 24 , 4 9 9 5 9 . 74 5 9 ..73 6 0 ..02 8 ., 3 7 3 8 ,, 4 4 4 8 ;, 4 4 1 7.1 7.2 7.1 2 . .8 2 . .8 2 . .8 1 4 ,. 6 1 4 , .7 1 5 ,. 1 1.8 1.9 1.9 July August September 1 0 6 ., 7 1 0 1 0 6 ., 9 2 9 1 0 6 ., 8 8 3 9 9 ,, 4 5 7 9 9 ,, 6 0 8 9 9 ;, 9 6 3 2 4 ,, 4 7 6 2 4 ,, 4 5 7 2 4 ;, 4 2 9 6 0 . .05 6 0 .,10 6 0 . 05 8 ,, 2 7 8 8 ., 1 1 5 8:, 2 9 8 7.0 6.9 7.0 2 .8 2 ,. 8 2 ., 8 1 5 ,. 2 1 5 , .5 1 5 ,. 4 1.9 1.9 2.0 October November December 1 0 7 .,052 1 0 7 .,224 1 0 7 ,, 5 0 4 1 0 0 ,, 1 2 0 1 0 0 ,, 3 4 9 1 0 0 ;, 5 7 1 2 4 ,, 4 2 8 2 4 ,, 4 2 9 2 4 :, 4 7 1 6 0 . 07 6 0 . 15 6 0 ..20 8 ., 2 3 0 8 ., 2 1 4 7, , 9 1 9 6.9 6.9 6.7 2 . .7 2 . .7 2 . .6 1 5 ,. 2 1 5 ,. 0 1 5 ,. 0 1.9 1.9 1.9 January February March 1 0 7 ,, 8 4 0 1 0 8 ., 1 1 9 1 0 8 ,, 2 1 8 1 0 0 ,, 7 9 5 1 0 1 ,, 0 1 6 1 0 1 :, 2 6 0 2 4 ,, 5 0 1 2 4 ,, 5 3 3 2 4 :, 5 3 6 6 0 .,30 6 0 .,43 6 0 .,43 7 ,, 9 6 4 7 ., 8 8 6 7:, 7 9 1 6.7 6.6 6.5 2 . .6 2 . .6 2 , .6 1 5 ,. 0 1 4 ,. 8 14 . 9 1.8 1.8 1.7 April May June 1 0 8 ,, 5 5 6 1 0 9 ,,065 1 0 9 ,, 1 0 8 1 0 1 ,, 6 1 5 1 0 1 ., 8 2 9 1 0 2 :, 0 7 8 2 4 ,, 5 9 6 2 4 ,, 6 5 3 2 4 ;, 6 8 4 6 0 .,57 6 0 .,79 6 0 ..72 7, , 5 5 7 7. , 5 7 3 7, , 3 0 8 6.3 6.3 6.1 2, .5 2 . .4 2 . .4 1 4 ,. 8 1 4 ,. 8 1 4 ,. 7 1.7 1.7 1.7 July August September 1 0 9 ,,427 1 0 9 ,,907 1 0 9 ,, 6 8 8 1 0 2 ,, 4 3 0 1 0 2 ,, 6 7 2 1 0 2 :, 9 0 6 2 4 ,, 7 8 8 2 4 ,, 8 5 1 2 4 :, 9 0 2 6 0 .,84 6 1 .,02 6 0 ..87 7, , 2 5 1 7 ,256 7 ,091 6.0 6.0 5.9 2 .. 3 2 , .3 2 .. 2 1 4 .. 2 1 4 ,. 3 1 4 ,. 2 1.6 1.6 1.6 October November December 1 0 9 ., 9 6 1 1 1 0 ., 3 3 2 1 1 0 ,, 5 2 9 1 0 3 ,, 3 7 1 1 0 3 ,, 6 7 8 104 , 0 0 1 25 , 0 2 5 2 5 ,, 1 2 3 2 5 :, 2 0 1 6 1 ., 0 0 6 1 .. 1 1 6 1 .. 1 9 7 ,177 7 ,090 6 ,978 6.0 5.9 5.8 2 .. 1 2 .. 1 2 . ,1 1 4 ,. 1 1 4 ,. 0 1 4 ,. 2 1.5 1.5 1.5 January February March 1 1 0 ,,836 111 ,182 110 , 8 9 9 104 ,262 104 , 7 2 9 105 , 0 2 0 2 5 ,, 1 8 0 2 5 ,, 2 7 1 2 5 :, 3 3 0 6 1 .,33 6 1 .,44 6 1 .,23 7 ,046 6, , 9 3 8 6:, 8 0 1 5.8 5.7 5.6 2, . 3 2 ,. 3 2.2 14 . 4 14 . 4 13 . 7 1.4 1.4 1.4 April May June 1 1 1 :, 4 8 5 111 , 1 6 0 111 ,933 1 0 5 :, 2 8 1 1 0 5 ,, 4 8 9 1 0 6 ;,057 2 5 ., 4 3 5 2 5 ,, 4 6 6 2 5 .,592 6 1 .,52 6 1 ,. 2 0 6 1 .,59 6 ,, 6 1 0 6 ,783 0)6,455 5.4 5.6 0)5.3 2 .,1 2 .. 1 2 ..1 1 3 . ,4 13, . 8 0)12.9 1.3 1.3 0)1.2 112 , 0 1 4 112 , 0 2 9 0)112,158 r l 0 6 ,271 r l 0 6 ;,440 0)plO6,695 0)r25,663 r 2 5 ;, 6 4 6 p25,637 6 1 ..56 6 1 . 58 0)61.61 6 ,625 6 ;, 8 5 1 6 ,596 5.4 5.6 5.4 2. 1 2. 1 0)2.0 13.6 13. 7 1 3 . ,7 1.3 1.4 1.3 1987 1988 July August September | October November December See note on page 60. Graphs of these series are shown on pages 14, 15, 17, and 18. 1 Data exclude Puerto Rico, which is included in figures published by the source agency. 62 OCTOBER 1 9 8 8 lt€l» CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q j Minor Economic Process Industrial Production Comprehensive Output and Income Timing Class Year and month PRODUCTION AND INCOME C, C,C C, C,C 50. Gross national product in 1982 dollars (Ann. rate, bil. dol.) 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 (Ann. rate, bil. dol.) C, C, C 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.) 1986 January February March 3,719.3 3 ,439.3 3 ,459.8 3 ,483.0 3 ,022.2 3 ,053.7 3 ,079.6 2 ,575.6 2 ,604.1 2 ,626.5 540.3 539.8 548.0 126.4 125.5 123.9 129.8 128.9 127.4 128.6 128.2 127.3 1,604 7 April May June 3,711.6 3 ,516.5 3 ,514.5 3 ,521.0 3 ,109.2 3 ,093.8 3 ,088.6 2 ,654.6 2 ,638.3 2 ,632.5 545.2 544.9 541.4 124.7 124.3 124.1 128.5 127.7 126.9 128.9 129.7 130.2 1,598 0 July August September 3,721^3 3 ,532.9 3 ,545.4 3 ,561.7 3 ,090.9 3 ,, 0 9 3 . 7 3 ,, 0 9 1 . 8 2 ,, 6 2 9 . 0 2 ,, 6 3 6 . 0 2 ,, 6 3 4 . 2 542.5 544.0 542.7 124.8 124.9 124.5 128.1 127.9 128.4 130.6 131.1 130.3 1,595 3 October November December 3,734^7 3 ,579.6 3 ,595.5 3 ,623.6 3 ,, 1 0 1 . 9 3 ,107.6 3:, 1 2 6 . 5 2 ,, 6 4 3 . 2 2 ,, 6 4 9 . 2 2 ,, 6 6 6 . 8 548.2 544.9 545.0 125.3 125.7 126.8 128.6 129.0 129.7 131.2 131.7 133.4 1,597 8 January February March 3,77617 3 ,641.3 3 ,683.5 3:, 7 0 3 . 4 3 ,, 1 1 4 . 9 3 ,, 1 4 2 . 9 3 :, 1 4 3 . 8 2 ,, 6 5 5 . 8 2 ,, 6 8 2 . 5 2 ,, 6 8 5 . 4 543.0 542.4 545.6 126.2 127.1 127.4 129.3 130.8 131.5 132.7 132.9 133.7 1,616 2 April May June 3,823!6 3 ,725.0 3 ,736.3 3 ,747.1 3 ,, 1 4 6 . 1 3 ,, 1 4 2 . 4 3 :, 1 3 8 . 3 2 ,, 6 8 7 . 1 2 ,, 6 7 8 . 7 2 ,, 6 7 8 . 7 539.8 541.7 542.1 127.4 128.2 129.1 130.9 131.4 132.0 134.6 135.7 136.9 1,645 6 July August September 3,86^3 3 ,778.6 3 ,803.7 3 :, 8 2 0 . 8 3 ,, 1 5 9 . 4 3 ,, 1 6 7 . 1 3 ,, 1 6 2 . 9 2 ,, 6 9 8 . 7 2 ,, 7 0 7 . 8 2 ., 7 0 5 . 4 542.5 544.3 546.5 130.6 131.2 131.0 133.5 133.8 133.7 138.5 138.8 138.6 1,677 October November December 3 , 9 2 3 !o 3 ,, 8 9 7 . 2 3 ,, 8 8 4 . 1 3 ., 9 3 9 . 0 3 ., 2 1 2 . 9 3 ,, 1 9 4 . 2 3 ., 2 3 6 . 6 2 ., 7 5 4 . 2 2 ,, 7 3 6 . 8 2 ,, 7 7 8 . 2 549.0 551.3 549.5 132.5 133.2 133.9 136.8 136.7 137.3 138.1 139.6 141.3 1,713 9 January February March 3,956! i 3 ,, 9 2 1 . 8 3 ., 9 4 6 . 7 3 ,, 9 8 5 . 9 3 ,, 2 1 4 . 6 3 ,, 2 3 5 . 0 3 ., 2 5 1 . 1 2 ,, 7 4 5 . 6 2 ., 7 6 4 . 0 - 2 ., 7 7 6 . 3 550.2 552.7 559.4 134.4 134.4 134.7 137.9 138.4 138.8 141.4 141.1 141.7 1,748 April May June 3,985.2 4 ,, 0 0 1 . 0 4 ,, 0 2 1 . 4 4 ., 0 4 4 . 9 3 ,, 2 4 2 . 3 3 ,, 2 4 3 . 1 3 ., 2 5 4 . 1 2 ., 7 7 0 . 0 2 ,, 7 7 3 . 7 2 ., 7 8 4 . 6 556.7 557.0 560.7 135.4 136.1 136.5 139.7 141.5 141.7 142.3 142.1 rl42.6 1,762 4 E)p4,007.'3 4 ,, 0 7 1 . 3 r4,,083.4 0)p4,lO3.3 3 ,, 2 6 2 . 3 r3,,264.1 [H)p3,264.4 r2,,792.9 r2,,794.6 |H)p2,795.6 r562.4 r560.6 [H>p562.7 rl38.1 rl38.3 0>pl38.3 142.9 rl43.2 0>pl43.6 rl44.4 rl44.3 [H>pl44.6 0)pl,770 8 1987 5 1988 July August September i October November December See note on page 60. Graphs of these series are shown on pages 14, 19, 20, and 40. OCTOBER 1 9 8 8 63 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued mm •ififl MAJOR ECONOMIC PROCESS Minor Economic Process CONSUMPTION, TRADE/ORDERS, AND DELIVERIES Capacity Utilization Timing Class Year and month PRODUCTION AND INCOME—Continued L, C , U 82. Capacity utilization rate, manufacturing Orders and Deliveries L, C. U 84. Capacity utilization rate, materials L, L, L Manufacturers' new orders, durable goods industries 7. Constant (1982) dollars 6. Current dollars (Percent) (Percent) L, L, L (Bil. dol.) (Bil. dol.) L, L, L L, L, L L, Lg, U 8. Manufacturers' new orders in 1982 dollars, consumer goods and materials 25. Change in manufacturers' unfilled orders, durable goods industries 1 (Bil. dol.) (Bil. dol.) 96. Manufacturers' unfilled orders, durable goods industries (Bil. dol.) L, L, L 32. Vendor performance, companies receiving slower deliveries1© (Percent reporting) 1986 January February March 80 7 80 2 79.2 80 5 79 8 78 5 102.61 101.12 100.45 95.98 94.59 93.88 82.62 80.40 78.35 1.92 1.75 3.54 370,.35 372,.10 375,.64 46 48 50 April May June 79 9 79.6 79.3 78 7 78 3 78 0 99.04 97.27 97.29 92.38 90.65 90.59 81.10 78.36 80.38 -2.12 -1.63 -2.62 373..52 371..89 369.27 50 55 50 July August September 7 9 ,.7 79.6 79.4 7 8 ,. 1 7 7 ,. 9 7 7 ,.7 99.72 96.40 102.20 92.77 89.59 94.89 79.04 79.86 82.49 -0.13 -2.22 2.02 369.13 366,. 9 1 368,.93 54 51 52 October November December 7 9 ..5 79.6 8 0 ..2 7 7 ..9 7 8 ..5 7 9 .. 1 100.06 100.74 104.53 92.56 93.02 96.52 81.32 79.47 84.68 -0.44 1.34 0.87 368.49 369..83 370..70 54 56 56 January February March 79.6 8 0 ..0 80.3 78.7 7 8 ..7 78.7 97.34 102.40 104.78 89.71 94.38 96.40 79.69 84.12 84.78 -3.28 -1.26 1.19 367..42 366,.16 367.35 55 52 55 April May June 80.2 8 0 ..4 8 0 .,8 79.1 7 9 .,3 79.8 107.64 107.92 108.77 98.93 99.01 99.70 83.80 83.47 85.72 4.55 5.26 4.24 371.,90 377.,16 381..40 57 60 57 July August September 8 1 .,5 8 1 . ,5 8 1 .,3 8 0 .,6 81.,1 8 1 .,2 109.94 106.99 109.68 100.49 97.44 99.34 84.03 83.87 85.94 6.04 2.58 1.30 387.,44 390.,02 391.,32 62 60 69 October November December 8 2 .,0 8 2 ..2 8 2 ..6 8 2 .,1 8 2 .,9 8 3 .,6 112.02 111.96 113.19 101.28 100.87 101.61 86.76 85.78 86.79 3.71 3.67 2.01 395.,04 398.,71 4 0 0 .,72 70 66 71 January February March 8 2 .,7 8 2 .,6 8 2 . ,7 83.0 8 2 .,3 82.4 113.07 114.16 113.06 100.78 101.56 100.41 83.26 85.44 85.35 3.94 4.33 0.32 404..66 408..99 409..31 68 66 69 April May June 8 2 .,9 8 3 ..3 8 3 ,.3 8 2 ..9 8 3 ,. 0 8 3 ,.2 116.84 115.37 0)125.44 103.39 rl01.74 0)110.13 85.78 0)r87.83 87.79 4.32 0.62 8.92 413,.62 414..24 423..16 62 66 70 0)83.9 8 3 ,. 8 p83.,8 0)r84.5 r 8 4 ,.3 p 8 4 ,.2 rll6.11 rl22.73 p117.70 rl01.76 rl07.28 pl02.17 r85.16 r87.49 p87.75 r426,.15 r431..05 0)p431.86 68 64 1987 1988 July August September r2.99 r4.90 pO. 8 1 66 October November December See note on page 60. Graphs of these series are shown on pages 12, 20, and 21. 1 The following series reached their high values before 1986: 64 series 25 (9.31) and series 32 (72) in March 1984. OCTOBER 1 9 8 8 I t C I I CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q j Minor Economic Process C, C, C C, C.C Manufacturing and trade sales 56. Current dollars (Mil. do!.) 57. Constant (1982) dollars (Mil. dol.) C, L, C 75. Index of industrial production, consumer goods (1977 = 100) C, L, U U, L, U Sales of retail stores 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 L, L, L 58. Index of consumer sentiment x ( u ) (Ann. rate, bil. dol.) (IstQ 1966 = 100) L, L, L 12. Index of net business formation (1967 = 100) L, L, L 13. Number of new business incorporations (Number) 1986 January February March 426 ,129 419 ,385 414 ,543 412 ,651 410 ,176 409 ,478 123.6 122.9 121.4 117.,524 116.,599 1 1 6 s, 1 8 4 108,, 7 1 8 108., 9 7 1 109;,504 124! 1 95.6 95.9 95.1 1 1 9 ..3 120.,8 1 2 1 .,5 57,580 58,799 58,365 April May June 420 ,984 416 ,635 421 ,122 418 ,301 414 ,113 418 ,444 123.8 123.8 123.7 116.,905 118.,259 118.,314 110,, 8 1 0 111,, 6 7 0 111:,407 129! 2 96.2 94.8 99.3 122..4 1 2 0 ,.7 120.3 58,937 58,257 57,558 July August September 420 ,333 422 ,468 434 ,978 417,, 5 1 5 420 ,580 432;,602 124.5 125.0 123.6 118.,821 120.,308 127.,115 111,, 7 7 9 112;,754 [0)118,467 97.7 94.9 91.9 1 2 0 ,.7 119.3 120..4 58,002 56,541 58,002 October November December 426 ,853 427 ,284 438:,060 423,,097 424,, 3 2 0 433,, 4 2 0 124.8 125.0 126.6 120.,778 120.,470 126., 0 1 1 112,, 8 7 7 1 1 2 ,, 5 8 9 1 1 6 ,, 8 9 3 139! 8 95.6 91.4 89.1 119.7 1 1 8 ,.3 1 2 1 ,.9 57,410 56,924 0)65,318 January February March 425 ,169 442 ,039 442 ,633 420 ,569 434,, 8 1 2 433:,419 125.5 126.4 126.7 117.,246 123.,292 123.,680 1 0 8 ,, 3 6 0 1 1 3 ,, 4 2 4 113,, 0 5 3 120.i 90.4 90.2 90.8 118.1 1 2 0 ,.5 122.,0 55,071 58,868 60,248 April May June 444,, 3 0 0 446,, 8 9 7 451., 5 3 2 432,, 7 1 0 431 ,990 435:,135 125.5 127.3 127.2 124.,609 124.,797 126.,461 1 1 3 ,, 3 8 4 1 1 3 ,, 0 4 1 1 1 4 ,, 0 3 2 127!) 92.8 91.1 91.5 1 2 0 ,.7 119,.8 120.,3 57,736 56,627 r57,559 July August September 453,, 5 0 8 r458,,052 r463.,353 436,, 2 5 9 r438,,850 r442,,206 128.9 129.4 127.7 127.,122 r l 2 9 .,448 r l 2 8 . ,110 1 1 4 ,, 5 2 4 r l l 6 ,201 r l l 4 ,589 144! 4 93.7 94.4 93.6 120..4 121.5 122,.8 r57,500 57,767 57,697 October November December 463,, 2 5 7 461,, 2 4 4 464',394 440,, 9 8 0 437,, 6 2 9 439 ,754 129.0 129.4 129.8 126.,808 127,, 2 4 8 128.,615 1 1 3 ,, 1 2 0 1 1 3 ,, 4 1 2 1 1 4 :, 6 3 0 128!o 89.3 83.1 86.8 121.,8 122.,8 1 2 3 .,2 55,508 55,901 54,451 January February March 464 ,772 468 ,675 476 ,922 440 ,040 444 ,041 449:,906 131.2 131.3 131.2 128.,769 130,, 1 2 1 132,, 2 5 9 1 1 4 ,, 7 6 7 116 , 4 9 1 1 1 7 :, 7 7 3 133! 9 90.8 91.6 94.6 1 2 4 . ,2 1 2 4 .,5 1 2 5 .,3 55,782 57,574 60,426 April May June 477 , 7 6 8 481 ,874 488 ,787 448 ,136 448 ,952 452 ,240 131.9 132.7 133.0 131,,717 132,,833 133,,617 1 1 6 ,, 6 6 7 1 1 7 ,, 1 3 7 1 1 7 :, 5 1 7 139! 8 91.2 94.8 94.7 1 2 2 .,8 1 2 4 . ,2 1 2 3 . ,5 54,821 58,379 r54,908 r489.,235 0>p494,699 (NA) r449,,877 0>p453,O52 (NA) rl34.1 0)rl34.6 pl34.2 [H>rl34,342 r l 3 4 . ,180 pl33,661 r l l 7 , ,741 r l l 7 , ,290 pi16,227 93.4 97.4 97.3 r l 2 2 , .7 r l 2 3 , .3 0 ) p l 2 5 , .8 p57,275 (NA) [0)151 1987 1988 July August September pl40.2 October November December See note on page 60. Graphs of these series are shown on pages 12, 14, 22, and 23. 1 Series 58 reached its high value (101.0) in March 1984. OCTOBER 1 9 8 8 65 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q j Minor Economic Process Business Investment Commitments Timing Class L, L, L L, L, L Contracts and orders for plant and equipment Year and month FIXED CAPITAL INVESTMENT—Continued (Bil. dol.) L, L, L Manufacturers' new orders, nondefense capital goods industries 20. Constant (1982) dollars 10. Current dollars L, L, L (Bil. dol.) 24. Current dollars (Bil. dol.) L, C, U U, Lg, U 9. Construction contracts awarded for commercial and industrial buildings 1 2 27. Constant (1982) dollars Square feet of floor space (Bil. dol.) (Millions) Square meters of floor space 3 (Millions) 11. Newly approved capital appropriations, 1,000 manufacturing corporations (Bil. dol.) C, Lg, Lg 97. Backlog of capital appropriations, 1,000 manufacturing corporations 2 (Bil. dol.) 1986 January February March 30.19 32.52 31.14 32.16 35.95 33.88 25.70 27.36 26.84 28.13 31.33 30.05 72.89 82.65 73.01 6.77 7.68 6.78 2 3 ! 39 April May June 30.64 30.10 30.29 32.90 32.88 33.67 25.86 25.67 25.61 28.66 28.95 29.53 82.17 78.06 76.57 7.63 7.25 7.11 19.99 July August September 30.64 30.02 31.05 33.22 33.15 33.81 26.07 25.53 26.35 29.18 29.18 29.66 73.43 76.48 76.51 6.82 7.10 7.11 20.' 2 0 October November December 31.76 32.03 33.50 34.03 35.11 36.56 27.31 27.31 28.36 30.07 30.91 31.97 73.54 83.00 76.45 6.83 7.71 7.10 22.10 January February March 31.71 32.18 31.91 34.45 35.41 35.08 27.20 27.28 26.88 30.47 31.10 30.66 80.75 73.72 77.18 7.50 6.85 7.17 2l!44 April May June 33.44 34.97 35.54 37.33 38.97 39.40 28.73 30.63 29.75 33.19 35.17 34.35 78.14 76.74 84.28 7.26 7.13 7.83 32.26 7.87 7.87 7.99 29.56 92.22 85.77 8o!n 69.72 1987 69.17 74.64 July August September 37.50 34.89 r34.54 41.82 39.17 r39.15 32.28 29.85 29.39 37.29 34.81 34.69 84.76 84.70 85.96 October November December 35.03 35.17 37.96 39.88 39.62 42.40 30.22 30.66 33.03 35.70 35.73 38.14 82.21 75.90 84.37 7.64 7.05 7.84 35.91 January February March 37.67 38.90 36.40 42.89 43.91 41.35 33.87 33.82 31.92 39.63 39.59 37.56 69.43 91.89 73.91 6.45 8.54 6.87 r30.85 April May June 37.76 36.04 40.19 r43.77 r41.54 r45.67 33.75 31.52 35.46 40.33 37.72 41.68 69.80 69.98 75.49 6.48 6.50 7.01 B>p39.'68 r40.56 0>r43.65 p38.39 r46.00 0>r49.24 p42.60 r36.21 0>r38.71 p34.09 r42.34 [H>r45.09 p38.99 81.82 76.46 75.29 7.60 7.10 6.99 (NA) .r. 74.55 78.06 1988 July August September r78.71 p86.54 (NA) October November December See note on page 60. Graphs of these series are shown on pages 12, 23, and 24. lr This is a copyrighted series used 2by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F. W. Dodge Division. The following series reached their high values before 1986: series 9 (93.19 square feet and 8.66 square meters) in September 1985, and series 97 (99.88) in 2d quarter 1985. Converted to metric units by the Bureau of Economic Analysis. 66 O C T O B E R 1 9 8 8 ItCII CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS FIXED CAPITAL INVESTMENT-Continued Minor Economic Process Timing Class C, Lg, Lg C, Lg, Lg Expenditures for new plant and equipment Year and month Residential Construction Commitments and Investment Business Investment Expenditures 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 C, Lg, C 76. Index of industrial production, business equipment (1977 = 100) C, Lg, C Lg, Lg, Lg Gross private nonresidential fixed investment in 1982 dollars 28. New private housing units started 1 (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 88. Producers' durable equipment (Ann. rate, bil. dol.) 86. Total 87. Structures 1 L, L, L (Ann. rate, thous.) L, L, L 29. Index of new private housing units authorized by local building permits 1 (1967 = 100) L, L, L 89. Gross private residential fixed investment in 1982 dollars (Ann. rate, bil. dol.) 1986 January February March 381!33 384.62 392.50 399.19 393.40 142.1 141.3 139.2 446.8 145.1 301.7 1,938 1,869 1,873 147.3 140.9 141.9 185 !5 April May June 377!91 375!87 395.79 384.77 391.06 139.6 138.6 137.2 432 !8 126.7 306.1 1,947 1,847 1,845 148.2 143.3 142.7 195 !7 July August September 375.66 369!2i 385.28 387.20 381.72 139.4 139.1 139.6 425 ! 6 121*7 303.9 1,789 1,804 1,685 141.9 137.6 134.4 199 !o October November December 383.05 375!34 391.92 388.64 394.05 139.4 138.8 139.5 427.3 123! 8 303.5 1,683 1,630 1,837 133.6 131.1 151.8 January February March 376!73 370.67 380.86 390.75 389.03 138.6 141.7 141.9 418! 2 121.0 297 .2 1,804 1,809 1,723 134.9 134.6 134.1 198! 4 April May June 380.66 374!67 394.44 393.13 402.72 142.1 141.7 144.2 434.8 120.9 313.8 1,635 1,599 1,583 127.3 119.9 122.7 197.6 July August September 3 9 4 ! 54 391]i8 412.08 411.20 424.48 145.6 145.6 146.3 462.8 128.0 334! 7 1,594 1,583 1,679 120.4 120.7 119.7 192.1 October November December 406.82 403.05 416.93 416.55 423.85 148.7 148.3 4 6 4 ."8 132 ! l 332.7 1,538 1,661 1,399 115.9 116.3 109.4 192! 7 0)199!7 1987 149.8 1988 January February March 412.02 408.91 430.32 429.21 436.50 151.2 152.4 153.3 473^4 124.0 349! 4 1,382 1,519 1,529 99.5 114.0 117.7 189.5 0)426.94 0)425!ii r442.03 r451.37 r452.12 154.6 156.9 rl58.1 490.2 125.0 365.1 1,584 1,393 1,465 115.6 114.5 119.1 189.6 July August September 3440^42 a438!83 r453.81 0)p455.68 (NA) rl59.4 rl60.3 0)pl61.0 pl25! 5 0)p37O.'3 r l ,477 rl,431 pl ,453 113.2 116.7 111.2 pl90.'2 October November December a444!40 a444!53 April May June 0)p495 See note on page 60. Graphs of these series are shown on pages 13, 24, and 25. 'The following series reached their high values before 1986: (158.5) in February 1984. OCTOBER 1 9 8 8 series 87 (151.4) in 2d quarter 1985, and series 28 (2,260) and series 29 67 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS { J Minor Economic Process Inventory Investment Timing Class Year and month INVENTORIES AND INVENTORY INVESTMENT L, L , L L, L, L L, L , L 30. Change in business inventories in 1982 dollars 1 (Ann. rate, bil. dol.) 36. Change in mfg. and trade inventories on hand and on order in 1982 dollars 1 Actual Inventories on Hand and on Order Smoothed2 31. Change in mfg. and trade inventories L, L, L 38. Change in mfrs.' inventories, materials and supplies on hand and on order Lg, Lg, Lg Lg, Lg, Lg Manufacturing and trade inventories 71. Current dollars 70. Constant (1982) dollars Lg, Lg, Lg Lg, Lg, Lg 65. Manufacturers' inventories, finished goods 77. Ratio, mfg. and trade inventories to sales in 1982 dollars L, Lg, Lg 78. Mfrs.' inventories, materials and supplies on hand and on order (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 24 56 27 68 52 16 15.84 20.58 29.61 9. 0 -3. 6 22 1 -0.60 1.35 -0.82 656..91 656..62 658..46 639.74 641.72 646.48 105.25 104.86 104.60 0)1.58 238.30 239.65 238.83 (Ann. rate, bil. dol.) (Bil. dol.) (Bil. dol.) (Bil. dol.) (Bil. dol.) (Ratio) (Bil. dol.) 1986 1,. 5 5 1,. 5 6 January February March 45.7 April May June 23.6 25 76 - 4 0 28 10 64 35.00 23.87 5.63 7.2 -30. 7 8 8 -1.21 -1.01 -1.15 659,.06 656..50 657..24 649.07 647.07 648.17 104.54 104.34 103.52 1,. 5 5 1,. 5 6 1,. 5 5 237.62 236.61 235.46 July August September 3.0 2 1 .,02 - 2 0 .,50 - 2 1 .,92 -2.08 0.42 -1.71 30. 0 -9. 1 -18. 2 -0.58 -0.70 1.24 659..74 658..98 657..46 650.88 649.15 646.21 103.92 103.36 102.43 1,. 5 6 1.. 5 4 1.. 4 9 234.89 234.19 235.43 October November December -1CL5 1 9 .. 8 1 - 8 ..17 1.94 -7.34 -5.48 0.55 25. 3 -6. 2 -47. 8 -0.86 0.91 1.92 659.,57 659..05 655,. 0 6 647.49 646.69 644.74 102.42 103.44 102.60 1.. 5 3 1.. 5 2 1., 4 9 234.57 235.47 237.40 January February March 2 9 .'8 3 4 ,. 8 7 7 ,. 3 3 46.87 7.04 12.13 22.20 74. 2 19. 2 37. 7 -1.06 -0.59 1.82 661..25 662.85 665.99 649.35 649.72 651.98 103.41 103.02 103.23 1,. 5 4 1.. 4 9 1 ,. 5 0 236.33 235.74 237.56 April May June 2 ^ 8 1 9 ,. 9 0 54.35 4 6 ,. 3 6 27.20 32.54 40.29 26. 5 r 7 6 . ,0 r 3 8 . .9 2.82 1.09 2.71 668..20 r674,.54 677.,78 652.61 656.22 657.99 102.94 103.23 102.57 1,. 5 1 1,. 5 2 1,. 5 1 240.38 241.47 244.17 July August September 13.0 3 3 .. 6 6 - 5 ,.96 4 6 ..16 42.50 34.74 24.65 r 4 0 .,1 r l 3 . .1 r 5 4 .,1 2.76 1.75 2.20 r681 .12 r682.21 686..72 659.44 658.09 660.52 103.84 104.66 104.04 1,. 5 1 1,. 5 0 1 ,. 4 9 246.94 248.68 250.88 October November December 67 A 8 2 ..87 4 3 ,. 5 0 6 4 ,. 8 6 32.82 49.27 60.63 0)97.1 70. 5 79. 7 2.18 1.02 1.04 694..81 700..69 707..33 666.42 669.88 674.91 105.04 105.86 106.82 1 ,. 5 1 1,. 5 3 1,. 5 3 253.06 254.08 255.11 January February March 66'.0 4 0 ,. 5 6 4 7 ,. 5 9 1 1 .. 3 8 56.69 50.32 42.09 51. 1 37. 9 30.0 3.81 0.25 1.32 711.,59 714..75 717.25 679.86 683.23 684.90 107.42 108.16 108.08 1,. 5 5 1,. 5 4 1,. 5 2 258.92 259.18 260.49 April May June 35.3 5 .. 0 5 r23.10 r l 7 . ,93 27.26 rl7.26 rl4.27 45. 2 r52. 4 r66.4 2.52 2.83 2.21 721.,02 r 7 2 5 . 38 r 7 3 0 . 92 686.17 687.95 689.75 108.09 108.43 263.01 265.83 109.02 1,. 5 3 1,. 5 3 1,. 5 3 268.04 rl5.38 pl3.97 (NA) r59. 7 p69. 8 (NA) r l .43 0)p3.92 r 7 3 5 . 89 0)p741.71 (NA) r690.41 0)p692.33 (NA) rl09.82 0)pllO.71 (NA) 1.. 5 3 p i .,53 (NA) r269.47 0)p273.39 (NA) 1987 1988 July August September p33!8 r 5 .,16 pl4.52 (NA) (NA) October November December See note on page 60. Graphs of these series are shown on pages 13, 15, 26, and 27. lr The following series reached their high values before 1986: series 30 (83.4) in 1st quarter 1984, series 36 actual (91.94) in February 2 1984, and series 36 smoothed (79.42) in May 1984. This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 68 OCTOBER 1 9 8 8 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS PRICES< C0STS' AND PR0FITS Minor Economic Process Timing Class Year and month Stock Prices Sensitive Commodity Prices L, L, L 98. Change in producer prices for sensitive crude and intermediate materials 1 (Percent) 23. Index of spot market prices, raw industrial, materials 2 ( u ) (1967 = 100) L, L, L L, L, L U, L, L 99. Change in sensitive materials prices 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 dollars 18. Constant (1982) dollars1 (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) L, C , L L, C.L Corporate profits after tax with IVA and CCAdj * 79. Current dollars (Ann. rate, bil. dol.) 80. Constant (1982) dollars (Ann. rate, bil. dol.) L, L , L 22. Ratio, corporate domestic profits after tax to corporate domestic income 1 (Percent) 1986 0.37 -0.92 0.93 236.9 233.3 223.1 0.29 -0.68 -0.99 -0.05 -0.05 -0.28 208.19 219.37 232.33 123.2 11317 0)20416 0)19616 4I4 1.29 0.82 0.45 219.9 221.3 225.0 0.00 0.50 0.69 -0.51 -0.36 0.12 237.98 238.46 245.30 125^4 11516 19212 18119 4l8 July August September 0.99 -2.14 1.18 227.6 212.0 221.2 0.69 -2.83 1.71 0.51 0.07 -0.31 240.18 245.00 238.27 132! 6 120l7 193.3 180.7 4l9 October November December 1.17 1.16 -0.18 235.5 243.7 247.5 2.27 1.35 0.38 0.12 1.08 1.56 237.36 245.09 248.61 137! 9 12419 17916 16611 5ll 0.35 0.26 0.88 252.8 247.2 246.3 0.76 -0.57 0.19 1.08 0.51 0.16 264.51 280.93 292.47 135.5 12115 172.0 157.6 i'.S -0.26 2.52 1.78 253.8 272.6 276.4 0.85 0)3.00 1.00 0.14 0.75 1.48 289.32 289.12 301.38 14lli 12517 17216 15716 616 July August September 1.92 1.55 3.38 284.2 288.3 292.4 1.53 0.98 1.58 0)1.73 1.51 1.27 310.09 0)329.36 318.66 149! 5 133*. 2 182 li 165^8 512 October November December 2.57 1.44 0.07 294.6 292.0 293.1 1.13 0.26 0.17 1.30 1.11 0.76 280.16 245.01 240.96 14517 12812 17919 I62I4 4l7 0.67 0.52 1.11 292.5 288.9 292.3 0.17 -0.17 0.77 0.36 0.13 0.16 250.48 258.13 265.74 149^4 13ll2 17913 161.3 5l3 143 li 183.2 163.7 515 (NA) (NA) (NA) January February March April May June 1987 January February March April May June 1988 January February March April May June rO. rO. -1.02 15 15 297.3 301.6 309.5 0.08 r0.51 r0.76 0.24 r0.34 r0.45 262.61 256.12 270.68 0)16217 July August September 1.69 -0.07 -0.07 309.0 0)309.9 306.4 0.58 0.08 -0.33 0.53 r0.54 0.29 269.05 263.73 267.97 (NA) October November December 5 6 304.2 (NA) 276.05 See note on page 60. Graphs of these series are shown on pages 13, 28, and 29. x The following series reached their high values before 1986: series 98 (3.55) in July 1983; and series 18 (149.4) and series 22 (6.9) in 2 1st quarter 1984. This3 is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity 6 Research Bureau, Inc. See footnote 2 on page 68. "See footnote 1 on page 70. 'Average for October 3 through 25. Average for October 5, 12, 19, and 26. ItCII O C T O B E R 1 9 8 8 69 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS PRICES, COSTS, AND PROFITS-Continued Minor Economic Process Profits and Profit Margins—Continued Timing Class Year and month U, L , L L, L, L Cash Flows L, L, L 81. Ratio, corporate domestic profits after tax with IVA and CCAdj to corp. domestic income 1 2 15. Profits after taxes per dollar of sales, manufacturing corporations (Percent) (Cents) (1977 = 100) H>100.1 26. Ratio, implicit price deflator to unit labor cost, nonfarm business sector 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.) (1977 = 100) Lg, Lg, Lg 68. Labor cost per unit of real gross domestic product, nonfinancial corporations (Dollars) Lg, Lg, Lg Lg, Lg, Lg 62. Index of labor cost per unit of output, manufacturing Actual data Actual data as a percent of trend (1977 = 100) (Percent) 64. Compensation of employees as a percent of national income (Percent) 1986 January February March 8^4 3.7 April May June 8.'i 4.3 July August September 7! 9 October November December 373.7 375.7 163.3 0.710 136.7 137.2 0)140.2 99.6 100.0 0)102.2 99.9 373.1 374.3 164.9 0.717 137.5 138.1 138.3 100.2 100.7 100.8 72.6 3.3 99.7 379! 6 380! 5 167.3 0.722 137.5 138.1 138.2 100.2 100.7 100.7 73.0 7! 2 3.5 98.5 386! 2 385! 7 169.6 0.725 139.2 138.0 136.9 101.5 100.6 99.8 January February March 6.5 4.6 98.8 385! 9 386! 4 170.5 0.730 138.1 137.6 137.9 100.7 100.3 100.5 73!6 April May June 6.5 4.9 99! 4 393! 9 393! 8 170.8 0.730 136.9 136.6 136.2 99.8 99.6 99.3 73!6 July August September 6.7 5.5 99.9 404! 2 404! 3 171.1 0.729 135.2 135.8 137.4 98.5 99.0 100.1 72.9 October November December 6.2 4.4 99.1 402! 4 402.6 173.5 0.738 136.4 136.5 135.6 99.4 99.5 98.8 72! 9 January February March 6 ^ M>6.3 99.1 407! 3 405!6 173.5 0.736 135.9 136.4 137.9 99.1 99.4 100.5 73! i April May June 6.4 p5.8 98* 7 0)42o!8 0)418!7 [H>176.*7 0)0.747 136.8 136.4 137.2 99.7 99.4 100.0 73.2 (NA) (NA) (NA) (NA) (NA) rl36.7 136.6 pl37.4 r99.6 99.6 plOO.l (NA) 72! 8 0)73 .*4 1987 1988 July August September (NA) (NA) October November December See note on page 60. Graphs of these series are shown on pages 15, 29, and 30. 1 2 I V A , inventory valuation adjustment; CCAdj, capital consumption adjustment. Series 81 reached its high value (8.6) in 3d quarter 1985. 70 OCTOBER 1988 ItCII CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS MONEY AND CREDIT Minor Economic Process Money Timing Class Year and month L, L , L 85. Change in money supply M l (Percent) L, C, U 102. Change in money supply M 2 1 (Percent) L, L , L 104. Change in total liquid assets 1 (Percent) Velocity of Money L, L,L L, L, L 105. Money supply M l in 1982 dollars 106. Money supply M2 in 1982 dollars (Bil. dol.) (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 M21 (Ratio) L, L, L 33. Net change in mortgage debt held by financial institutions and life insurance companies 1 (Ann. rate, bil. dol.) L, L, L 112. Net change in business loans (Ann. rate, bil. dol.) 1986 January February March 0.26 0.56 1.41 0.35 0.44 0.79 0.69 0.62 0.63 546.8 551.3 562.1 2,261.7 2,277.7 2,307.9 6.667 1.337 1.340 1.338 -23.17 57.40 43.56 62.84 -32.09 -14.94 April May June 1.14 1.64 1.47 0.93 0.95 0.94 0.68 0.70 0.63 569.4 577.7 583.2 2,333.5 2,351.4 2,361.0 6.459 1.338 1.325 1.315 52.58 30.83 (NA) -56.35 20.84 -7.87 July August September 1.44 1.45 1.01 0.95 0.84 0.66 0.78 0.66 0.70 591.5 599.0 603.5 2,383.5 2,399.2 2,408.8 6.281 1.307 1.301 1.298 -7.43 40.57 -15.14 October November December 1.09 1.65 0)2.69 0.82 0.60 0.90 0.47 0.52 0.72 609.0 618.0 633.0 2,424.2 2,434.5 2,450.0 6.072 1.294 1.292 1.291 24.23 20.02 93.40 January February March 0.83 -0.01 0.40 0.71 0.05 0.18 0.70 0.30 -0.03 633.8 631.0 630.8 2,450.3 2,441.0 2,434.9 5.997 1.288 1.302 1.307 0)126.83 -19.49 -33.82 April May June 1.43 0.24 -0.59 0.46 0.06 0.09 0.38 0.67 0.35 637.0 636.4 631.0 2,435.6 2,428.8 2,424.7 6.024 1.308 1.311 1.314 3.54 -5.56 -7.10 0.20 0.39 0.13 0.23 0.40 0.40 0.07 0.55 0.62 630.7 630.5 629.2 2,424.1 2,423.4 2,424.9 6.124 1.322 1.326 1.326 -51.73 -34.25 22.25 1.16 -0.46 -0.25 0.48 0.07 0.16 0.68 0.26 0.02 634.4 629.9 627.2 2,428.3 2,423.8 2,423.6 6. i91 1.346 1.341 1.358 38.02 5.00 61.02 January February March 1.07 0.09 0.45 0.83 0.72 0.72 0.86 r0.72 0.60 631.8 631.3 631.0 2,435.6 2,449.0 2,454.5 6.213 1.341 1.340 1.343 54.84 65.56 10.39 April May June 0.94 0.01 0.82 0.79 0.38 0.48 0.96 r0.68 r0.32 633.8 631.8 634.9 2,461.6 2,462.8 0)r2,466.5 6.246 1.338 1.339 1.341 118.04 10.86 rl7.81 r0.75 r0.03 p-0.01 r0.31 0.19 pO.lO r0.96 p0.44 (NA) 0)637.1 634.6 p632.5 r2,464.1 r2,458.9 p2,453.4 p6.262 rl.345 rl.347 pi.352 r20.35 rll.ll p-37.06 1987 July August September October November December 1988 July August September October November December 2 0.04 See note on page 60. Graphs of these series are shown on pages 13, 31, and 32. lr The following series reached their high values before 1986: series 102 (2.66) in January 1983, series 104 2 (1.20) in March 1984, series 107 (7.035) in 4th quarter 1984, series 108 (1.373) in March 1984, and series 33 (143.70) in September 1984. Average for weeks ended October 3, 10, and 17. OCTOBER 1 9 8 8 71 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS MONEY AND CREDIT—Continued Minor Economic Process Credit Flows—Continued Timing Class Year and month L, L, L 113. Net change in consumer installment credit 1 (Ann. rate, bil. dol.) L, L, L 111. Change in business and consumer credit outstanding1 (Ann. rate, percent) Credit Difficulties L, L, L 110. Funds raised by private nonfinancial borrowers in credit markets 1 (Ann. rate, mil. dol.) Revised 1986 L, L, L 14. Current liabilities of business failures1© (Mil. dol.) Bank Reserves L, L, L 39. Percent of consumer installment loans delinquent 30 days and over 1 (Percent) Interest Rates L, U, U L, Lg, U 93. Free reserves1© 94. Member bank borrowings from the Federal Reserve1© (Mil. dol.) (Mil. dol.) L, Lg, Lg 119. Federal funds r a t e 1 © (Percent) C, Lg, Lg 114. Discount rate on new issues of 91-day Treasury b i l l s 1 © (Percent) 2 January February March 75 25 78 84 35.45 12.4 5.6 4.7 437,744 3, 238. 9 3, 252. 2 3, 278. 8 2 . 27 2 . 29 2. 41 341 214 135 770 884 761 8.14 7.86 7.48 7.04 7.03 6.59 April May June 60.43 59 93 51 44 2.2 7.7 3.6 564,904 1, 766. 8 3 572. 8 3s 467. 6 2 . 44 2 . 52 2 . 53 -92 -38 127 893 876 803 6.99 6.85 6.92 6.06 6.12 6.21 July August September 6 2 .. 6 9 5 4 ., 2 5 7 3 .. 0 9 6.4 6.9 3.7 742,608 7 ,, 4 6 4 . 6 2 ,, 7 4 8 . 4 5 ,, 1 2 6 . 7 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 7 5 ,. 3 5 2 1 ,. 7 2 0 .. 5 0 8.6 4.7 13.3 755,360 2 ., 8 7 0 . 8 2 ., 1 7 0 . 2 4 ,, 3 2 6 . 8 2 . 25 2 .,34 2 ., 26 -96 225 542 841 752 827 5.85 6.04 6.91 5.18 5.35 5.49 - 1 0 .,39 3 1 .,74 2 2 .,08 7.0 1.9 2.1 3 ,, 3 5 1 . ,9 3 ,, 6 3 6 . 6 3 ., 3 5 7 . 6 2 ,. 4 3 2 ,. 4 0 2 ,. 2 8 488 381,680 656 388 580 556 527 6.43 6.10 6.13 5.45 5.59 5.56 April May June 5 5 .,44 1 3 .,93 7 9 .,74 6.7 4.6 7.9 606,320 3 ,201 .2 p2,872.4 p 2 , 7 4 2 , ,3 2 ,. 3 6 2 ,. 4 3 2 ,. 3 5 -166 44 414 993 1,035 776 6.37 6.85 6.73 5.76 5.75 5.69 July August September 6 7 .,61 5 6 .,14 5 7 .,46 1.6 4.1 8.9 562,548 p2 , 1 4 2 , .7 Pi ,907 .4 p2,026.2 2 ,, 3 4 2 ,. 3 7 2 ,. 3 5 89 385 -147 672 647 940 6.58 6.73 7.22 5.78 6.00 6.32 October November December 4 7 ., 3 9 2 1 ., 5 9 5 1 .,54 9.1 5.8 11.4 613,652 P3 , 1 5 1 . . 6 p i , 6 1 0 , .6 p5 , 5 1 2 , . 2 2 .. 6 6 2 ., 5 4 2 .,47 186 298 252 943 625 777 7.29 6.69 6.77 6.40 5.81 5.80 January February March 74.83 60 .42 62. 29 13.2 10.1 r6.3 p4,101 .8 477,440 2 .44 2 .32 2 .19 213 737 -823 1,082 396 1,752 6.83 6.58 6.58 5.90 5.69 5.69 April May June 46.,21 35 . 7 8 96 . 6 4 12.5 6.2 rlO.O p600,280 2 .31 2.32 2 .34 -2,134 -1,538 -2,195 2,993 2,578 3,083 6.87 7.09 7.51 5.92 6.27 6.50 r43.45 p65.26 (NA) r7.9 pl0.6 (NA) (NA) (NA) -2,433 r-2,288 p-1,857 3,440 3,241 p2,839 7.75 8.01 8.19 6.73 7.02 7.23 8.30 "7.34 1987 January February March 1988 July August September October November December p4,093.3 p3,370.9 p2,892 .8 (NA) 3 See note on page 60. Graphs of these series are shown on pages 13, 32, 33, and 34. l T h e following series reached their high values before 1986: s e r i e s 1 1 3 ( 1 3 2 . 0 8 ) in S e p t e m b e r 1 9 8 5 ; s e r i e s 1 1 1 ( 2 2 . 6 ) in J u n e 1 9 8 4 ; s e r i e s 1 1 0 ( 9 2 7 , 3 2 4 ) i n 4 t h q u a r t e r 1 9 8 5 ; s e r i e s 1 4 ( 8 2 9 . 2 ) i n J u l y 1 9 8 3 ; s e r i e s 3 9 ( 1 . 7 8 ) in F e b r u a r y 1 9 8 4 ; a n d s e r i e s 9 3 ( - 7 , 3 2 8 ) , s e r i e s 2 3 94 ( 8 , 0 1 7 ) , s e r i e s 119 ( 1 1 . 6 4 ) , a n d s e r i e s 114 ( 1 0 . 4 9 ) i n A u g u s t 1 9 8 4 . S e e "New Features and Changes for This Issue," page iii. Average for w e e k s e n d e d O c t o b e r 5 , 12, 1 9 , and 2 6 . "Average for weeks ended October 6, 13, 20, and 27. 7 2 OCTOBER 1988 I t C I I CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS MONEY AND CREDIT-Continued Minor Economic Process Timing Class Year and month Outstanding Debt Interest Rates—Continued Lg, Lg, Lg C, Lg, Lg U, Lg, Lg 116. Yield on new issues of high-grade corporate bonds1© 115. Yield on long-term Treasury bonds1© 117. Yield on municipal bonds, 20bond average1© Lg, Lg, Lg Lg, Lg, Lg 118. Secondary market yields on FHA 67. Bank rates on short-term business loans1© Lg, Lg, Lg Lg, Lg, Lg 109. Average prime rate charged by banks1© 66. Consumer installment credit outstanding Lg, Lg, Lg Lg, Lg, Lg Commercial and industrial loans outstanding 72. Current dollars 101. Constant (1982) dollars mortgages 1 © (Percent) (Percent) (Percent) (Percent) 1986 (Percent) (Mil. dol.) (Mil. dol.) (Mil. dol.) Lg, Lg, Lg 95. Ratio, consumer installment credit outstanding to personal income (Percent) (Percent) 10.33 9.76 8.95 9.51 9.07 8.13 8 08 7 44 7 08 10 78 10 59 9.77 9.29 9 ,. 5 0 9 ,. 5 0 9 ,. 1 0 524 ,025 530 ,595 533 ,549 353,,832 351,, 1 5 8 349:,913 342,, 8 6 0 345,, 2 8 8 348,,866 15.24 15.34 15.32 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 ,. 8 3 8 ,. 5 0 8 ,. 5 0 538 ,585 543,579 547 ,866 345,, 2 1 7 346 ,954 346 ,298 346,, 6 0 3 346,, 9 5 4 346:,645 15.32 15.47 15.56 July August September 9.11 9.03 9.28 7.86 7.72 8.08 7 ,. 5 1 7 ,. 2 1 7 ,. 1 1 1 0 ,. 0 1 9 ,. 8 0 9 ,. 9 0 i V n 8 .. 1 6 7 ,. 9 0 7 ,. 5 0 553,, 0 9 0 5 5 7 ,, 6 1 1 563 ,702 345,, 6 7 9 349,, 0 6 0 347:,798 347,,766 351,, 5 2 1 349,,897 15.66 15.73 15.83 October November December 9.29 8.99 8.87 8.04 7.81 7.67 7 .. 0 8 6 ,. 8 5 6 ,. 8 6 9 ,. 8 0 9 ,. 2 6 9 ,. 2 1 1 2 8 7 ,. 5 0 7 ,. 5 0 7 ,. 5 0 569,, 9 8 1 571 ,791 571 ,833 349,,817 351,,485 359,, 2 6 8 350,,870 352,,189 360,,349 15.92 15.90 15.78 January February March 8.59 8.58 8.68 7.60 7.69 7.62 6 .. 6 1 6 .. 6 1 6 .. 6 6 8 ,. 7 9 8.81 8 ,. 9 4 7! 46 7 .. 5 0 7 ,, 5 0 7 .. 5 0 570,, 9 6 7 573,, 6 1 2 575,, 4 5 2 369,,837 368,, 2 1 3 365,,395 0)367,997 364,,567 361,,062 15.68 15.57 15.54 April May June 9.36 9.95 9.64 8.31 8.79 8.63 7 .. 5 5 8 ,. 0 0 7 ,. 7 9 10.02 1 0 ,. 6 1 1 0 ,. 3 3 8 ! 24 7 ,. 7 5 8 .. 1 4 8 ..25 580,, 0 7 2 581,, 2 3 3 587:,878 365,, 6 9 0 365 ,227 364 ,635 358,, 8 7 1 355,, 9 7 2 354:,015 15.57 15.56 15.69 July August September 9.70 10.09 10.63 8.70 8.97 9.58 7 ,. 7 2 7 .. 8 2 8 .,26 1 0 .. 3 8 1 0 .. 5 5 1 1 ., 2 2 8 ! 20 8 .,25 8 .,25 8 .,70 593,, 5 1 2 598,, 1 9 0 602:,978 360 ,324 357,, 4 7 0 359,, 3 2 4 348 ,139 344,, 3 8 3 346,, 5 0 3 15.71 15.73 15.78 October November December 10:09 10.80 8 ..70 7 ., 9 5 7 ., 9 6 1 0 ., 9 0 1 0 .,76 1 0 .,63 8^47 10.22 9.61 8.99 9.12 9 .,07 8 .,78 8 .,75 606 ,927 608,,726 613,,021 362,, 4 9 2 362,, 9 0 9 367 ,994 348,, 2 1 5 348,, 2 8 1 353;,161 15.57 15.67 15.56 9.81 9.43 9.68 8.82 8.41 8.61 7 ., 6 9 7 ., 4 9 7 .,74 1 0 .,17 9 ., 8 6 1 0 .,28 8 . 75 8.37 8. 51 8 . 50 619,,258 624 ,294 629:,485 372 ,564 378 ,027 378 ,893 356,, 1 8 0 360 ,713 361 ,194 15.79 15.82 15.79 April May June 9.92 10.25 10.08 8.91 9.24 9.04 7 ,. 8 1 7 .. 9 1 7 ,. 7 8 10.46 1 0 .. 8 4 1 0 ., 6 5 8.49 8 . 50 8.84 9 .,00 633 ,336 636.,318 644,,372 388 ,730 389 ,635 r391 ,119 367 ,420 365,, 8 5 4 r364 ,170 15.83 15.82 15.93 July August September 10.12 10.27 10.03 9.20 9.33 9.06 7 ,. 7 6 7 .79 7.66 1 0 ,. 6 6 1 0 ,. 7 4 10.58 9! 75 9 .,29 9 .,84 10.00 r 6 4 7 , ,993 0)p653,431 (NA) r392 ,815 H)r393,741 p390,653 r364 ,392 r364 ,575 p361,381 rl5.92 0)pl6.OO (NA) October November December 2 January February March 1987 1988 January February March 9.86 2 8.90 3 7.46 Mo., 0 0 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 1986: series 116 (14.49), series 115 (13.00), and series 117 (10.67) in June 1984; 2 series 118 (15.01) in May 1984; series 67 (13.29) in 3d quarter 1984; and series 4 109 (13.00) in August 1984. Average for weeks ended 3 October 7, 14, 21, and 28. Average for weeks ended October 6, 13, 20, and 27. Average for October 1 through 28. OCTOBER 1 9 8 8 73 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE Q Year 950. Eleven leading indicator components (series 1, 5, 1, 19, 20, 29, 32, 36, 99, 106, 111) 951. Four roughly coincident indicator components (series 4 1 , 4 7 , 5 1 , 57) DIFFUSION INDEXES 952. Six 1aggiiig indicator components (series 62, 77, 91, 95, 101, 109) month 1-month span 6-month span 1-month span 6-month span 1-month span 6-month span 961. Average weekly hours of production or nonsupervisory workers, 20 manufacturing industries 1-month span 9-month span 962. Initial claims for unemployment insurance, State programs, 51 areas 2 1-month span 9-month span 963. Employees on private nonagricultural payrolls, 186 industries 1-month span 6-month span 1986 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 58. 3 75. 0 66. 7 5 0 ..0 6 6 ..7 5 0 ,.0 32.5 17.5 80.0 80.0 50.0 37.5 58.8 52.9 64.7 49. 0 3 9 . ,2 5 1 . ,0 5 7 .,0 4 7 .,3 4 9 . ,5 48.1 47.3 43.8 April May June 63. 6 50. 0 59. 1 54 5 63 6 63 6 100 0 25 0 37 5 75 0 75 0 100 0 0 .,0 6 6 . ,7 3 3 .,3 4 1 ..7 5 0 ,.0 3 3 ,. 3 45.0 42.5 45.0 65.0 50.0 40.0 25.5 74.5 56.9 5 6 . ,9 5 6 .,9 6 7 . ,6 5 0 .,8 5 1 .,9 4 6 .,8 42.7 43.2 47.0 July August September 59. 1 50. 0 50. 0 68 2 72 7 9 0 .,9 87 5 100 0 7 5 .,0 75 0 100 0 100,.0 5 0 .,0 5 0 .,0 4 1 . ,7 5 0 ,. 0 41 .7 50 .0 40.0 80.0 65.0 75.0 55.0 67.5 34.3 78.4 17.6 9 2 ,.2 4 5 ,. 1 90 .2 5 1 .,9 5 4 .,1 51.4 46.5 50.0 55.9 October November December 54. 5 81. 8 8 1 .,8 7 2 . ,7 8 1 .,8 9 0 .,9 7 5 ..0 8 7 .,5 100,.0 7 5 ,.0 100..0 100..0 9 1 .,7 4 1 .,7 2 5 .,0 7 5 ,. 0 3 3 ,. 3 5 8 ,. 3 47.5 77.5 45.0 90.0 77.5 55.0 71.6 80.4 7.8 70 .6 7 0 ,. 6 9 4 ,. 1 5 3 .,0 5 8 .,9 5 8 .,9 53.2 55.9 58.4 January February March 3 6 ..4 4 5 . .5 63.6 7 2 . ,7 7 2 . ,7 63 .6 2 5 ,.0 100,.0 5 0 ,. 0 100,.0 1 0 0 ,. 0 5 0 ,. 0 6 6 .,7 2 5 .,0 2 5 .,0 50 .0 5 8 ,.3 50.0 72.5 72.5 22.5 70.0 75.0 85.0 88.2 35.3 52.0 6 9 ,.6 82 .4 78 .4 5 0 .,8 5 9 .,2 6 1 .,1 64.6 64.3 63.0 April May June 4 0 ,. 9 4 5 . ,5 - 5 9 ., 1 7 2 .,7 6 3 .,6 7 2 . .7 6 2 ..5 5 0 ,. 0 8 7 ..5 1 0 0 ,. 0 1 0 0 ,. 0 1 0 0 ,. 0 75. 0 5 0 .,0 5 8 ,.3 50 .0 66 .7 5 0 ,. 0 7.5 95.0 50.0 77.5 42.5 77.5 73.5 78.4 15.7 80 .4 94 .1 90 .2 6 2 ..4 6 2 ,.4 6 1 ,.6 70.3 72.4 77.3 July August September 50.0 4 5 . ,5 45.5 7 2 . .7 7 2 .,7 6 3 .,6 1 0 0 .,0 1 0 0 .,0 5 0 .. 0 100.,0 100.,0 100.,0 4 1 . ,7 41. 7 8 3 . ,3 5 0 ,. 0 6 6 ..7 5 0 ..0 62.5 52.5 25.0 55.0 62.5 87.5 64.7 84.3 37.3 9 2 ,. 2 5 9 ,. 8 6 2 ,. 7 7 0 ,. 8 6 2 ,. 2 6 8 ,. 1 78.4 79.7 82.7 October November December 8 1 ,.8 2 2 . ,7 5 0 ,. 0 5 4 .,5 59..1 4 0 .,9 7 5 .,0 5 0 .,0 100.,0 100,.0 100 .0 100 .0 66. 7 7 5 .,0 2 5 ,. 0 8 3 . oo 83., o 8 3 .,3 87.5 35.0 25.0 35.0 50.0 60.0 86.3 23.5 5.9 2 7 ,. 5 6 2 ,. 7 8 0 ,.4 6 7 ,. 3 67 . 8 68 .4 77.8 77.0 76.5 45. 5 3 1 .,8 5 0 ..0 6 3 .,6 7 5 ,. 0 8 7 ,.5 1 0 0 ,. 0 100 .0 100 .0 1 0 0 ,. 0 7 5 .,0 5 8 ,. 3 50.0 8 3 ,.3 75. 0 91. 7 55.0 30.0 52.5 45.0 65.0 r27.5 80.4 5 4 . ,5 5 4 .,5 r47. 1 41. 2 31. 4 61. 6 61. 6 62. 2 70.3 70.3 April May June 63.6 31.8 r86.4 r72 .7 7 7 ..3 3 7 2 ..2 5 0 ,. 0 100.0 100.0 1 0 0 .,0 1 0 0 ..0 "100.,0 75 . 0 25.0 75.0 83.3 8 3 .,3 5 6 2 ..5 82.5 22.5 60.0 r25.0 p47.5 94.1 r29.4 29.4 25. 5 p86.3 63. 8 58.,1 68.9 r73.8 71.1 p66.5 July August September r 3 1 ..8 54.5 355.6 1987 1988 January February March 7 5 . .0 100.0 " 6 6 . ,7 41 .7 66 .7 562.5 r50.0 r35.0 p75.0 29.4 60.8 68.6 22.5 p76.5 73.5 r61,.4 r52,.4 p50.5 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 (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 page 36. 1 Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current index. Figures are the percent of components declining. Excludes series 36 and 111, for which data are not available. 5"Excludes series 57, for which data are not available. Excludes series 77 and 95, for which data are not available. 2 3 74 OCTOBER 1988 CYCLICAL INDICATORS 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 967. Spot market prices, 13 raw industrial materials 966. Industrial production, 24 industries 4-Q moving average 1-month span 6-month span 1-month span 960. Net profits, manufacturing, about 600 c o m p a n i e s 2 © 968. Stock prices, 500 common s t o c k s 1 © © 9-month span 1-month span 9-month span (4-quarter span) 1986 January February March 47.1 44.1 42.6 44. 1 41. 2 41. 2 36 April May June 67.6 33.8 58.8 47. 1 55. 9 47. 1 24 July August September 47.1 45.6 73.5 47 1 64 / 4 4 .,1 59 October November December 47.1 50.0 58.8 6 4 . ,7 7 0 . ,6 7 6 .,5 65 January February March 41.2 70.6 47.1 9 1 ..2 7 3 ..5 8 9 ..7 42 April May June 54.4 48.5 61.8 80.9 73.5 8 2 ,.4 83 July August September 67.6 44.1 58.8 8 2 ,. 4 7 3 ,. 5 7 3 ,. 5 October November December 52.9 44.1 55.9 7 6 ,. 5 7 3 ,. 5 73.5 65 January February March 47.1 55.9 41.2 7 3 ,. 5 85 .3 76 .5 r45 April May June 57.4 55.9 55.9 r73 .5 p70.6 7 5 ,. 0 4 1 ,.7 5 8 ,.3 61 .5 38 .5 34 .6 46.2 50.0 57.7 60 .5 90.5 43 8 5 ,.4 3 7 ,.5 1 6 ,. 7 81 .0 94 .0 90.5 88.1 46 7 5 ,. 0 3 5 ,. 4 5 2 ,. 1 4 7 ,.9 5 0 ,. 0 5 8 ,.3 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 4 7 ,.9 7 5 ,. 0 7 9 ,.2 50 . 0 50 . 0 65 . 4 50.0 65.4 73.1 35 . 7 6 7 ,. 9 42.9 81.0 71.4 78.6 *74 *48 5 8 ,.3 4 7 ,.9 3 1 ,.2 ' 62 7 0 .. 8 7 0 ..8 7 5 ,.0 7 2 ,.9 8 7 ,.5 8 7 .,5 73 . 1 61 .5 65 . 4 65.4 80.8 76.9 34 .5 76 .2 50 .0 95.2 100.0 92.9 *74 9 1 .,7 8 9 .,6 7 5 .,0 84 .6 42 .3 30 . 8 88.5 96.2 80.8 9 8 ,. 8 9 5 ..2 83 .3 87.8 92.7 92.5 * 74 62 3 1 ., 2 6 4 .,6 6 0 ..4 62 5 0 .,0 7 0 ..8 7 0 .,8 7 5 .,0 8 7 .,5 8 3 .,3 61 .5 88 .5 57 .7 73.1 96.2 80.8 3 9 ,. 3 46 .3 93 .9 97.5 97.5 62.5 *76 9 1 . ,7 91. 7 9 5 ..8 7 3 ..1 7 6 .,9 6 1 . ,5 88.5 88.5 76.9 81. 3 9 5 .,0 8 . .8 10.0 12.5 10.0 *78 r63 70. 8 62. 5 50. 0 8 3 ,.3 7 9 ..2 8 3 ,.3 5 3 .,8 4 6 . ,2 5 0 .,0 53.8 69.2 69.2 0. 0 0. 0 53. 8 17.5 8.0 12.8 '77 p57 75. 0 79. 2 6 6 ,.7 (NA) 5 2 ,. 1 5 4 ,.2 7 0 ,. 8 8 3 ,. 3 7 5 ..0 7 0 ,. 8 4 2 . .3 3 4 ,.6 6 5 . ,4 69.2 61.5 61.5 75. 0 88. 8 37.0 7.7 52.6 p59 7 9 . ,2 6 0 .,4 r 5 8 . ,3 r87,.5 r83,.3 p 7 0 ,. 8 57.7 65. 4 65.4 61.5 61.5 361.5 3 7 ,.2 3 ,. 8 9 7 ,. 4 (NA) 7 9 . ,2 r50,.0 p 5 2 .,1 70 1987 59 1988 July August September r41.2 r70.6 p44.1 October November December 42. 3 46. 2 38. 5 3 5.1 (NA) 84.6 91.0 30.8 2 8 .,2 6 9 .,2 42. 3 See note on page 74. Graphs of these series are shown on page 37. x B a s e d o n 4 3 i n d u s t r i e s t h r o u g h J a n u a r y 1 9 8 6 , o n 4 2 i n d u s t r i e s t h r o u g h A p r i l 1 9 8 7 , o n 41 i n d u s t r i e s t h r o u g h J u n e 1 9 8 7 , o n 4 0 i n d u s t r i e s t h r o u g h M a r c h 1 9 8 8 , and on 39 i n d u s t r i e s t h e r e a f t e r . D a t a f o r c o m p o n e n t i n d u s t r i e s a r e n o t s h o w n in t a b l e C 2 b u t a r e a v a i l a b l e f r o m t h e source. 2 T h i s is a c o p y r i g h t e d s e r i e s u s e d b y p e r m i s s i o n ; it m a y n o t b e r e p r o d u c e d w i t h o u t w r i t t e n p e r m i s s i o n f r o m D u n £ B r a d s t r e e t , I n c . 3 B a s e d on a v e r a g e for O c t o b e r 4 , 1 1 , 1 8 , and 2 5 . I!CI» OCTOBER 1988 75 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued DIFFUSION INDEXES-Continued Year and quarter 970. Expenditures for new plant and equipment, 21 industries a. Actual expenditures (1-Q span) b. Later projections c. Early projections (1-Q span) (1-Q span) 971. New orders, manufacturing 1 © 972. Net profits, manufacturing and trade 1 © 973. Net sales, manufacturing and trade 1 @ Actual Actual Actual Anticipated (4-Q span) (4-Q span) Anticipated (4-Q span) (4-Q span) Anticipated (4-Q span) (4-Q span) 1985 First quarter . . Second quarter Third quarter . Fourth quarter 76.2 78.6 61.9 45.2 61.9 76.2 69.0 42.9 66.7 76.2 71.4 33.3 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 28.6 71.4 47.6 66.7 40.5 76.2 76.2 66.7 45.2 38.1 76 76 74 75 82 70 71 70 70 78 81 81 78 72 73 74 74 81 84 83 80 52.4 61.9 76.2 57.1 47.6 80 83 85 74 74 75 76 78 81 83 82 78 80 82 83 82 84 84 86 84 76 76 82 82 82 84 80 80 85 84 86 85 1986 First quarter . . Second quarter Third quarter . Fourth quarter 83 84 78 1987 First quarter . . Second quarter Third quarter . Fourth quarter 50.0 69.0 83.3 69.0 88.1 85.7 76.2 78 83 82 82 83 85 86 1988 81.0 73.8 First quarter . . Second quarter Third quarter . Fourth quarter (NA) 82 71.4 57.1 50.0 52.4 95.2 69.0 71.4 82 (NA) (NA) (NA) DIFFUSION INDEXES-Continued Year and quarter 974. Number of employees, manufacturing and trade 1 @ 975. Level of inventories, manufacturing and trade 1 Actual Actual Anticipated (4-Q span) (4-Q span) 976. Selling prices, manufacturing1 © © Anticipated (4-Q span) Anticipated Actual (4-Q span) 978. Selling prices, retail trade 1 © 977. Selling prices, wholesale trade 1 © Anticipated Actual (4-Q span) (4-Q span) (4-Q span) 65 70 70 64 64 Anticipated Actual ( 4 - Q span) ( 4 - Q span) 66 66 63 (4-Q span) 1985 First quarter . . Second quarter Third quarter . Fourth quarter 60 60 66 58 58 59 62 59 58 63 60 61 66 62 62 58 61 62 58 59 60 58 59 60 59 58 62 61 58 58 60 57 59 62 60 65 62 59 60 61 64 64 60 59 62 62 64 65 63 62 63 62 62 61 67 70 60 59 60 66 60 66 65 70 67 62 62 64 64 60 62 62 66 62 62 62 64 64 64 64 68 70 1986 First quarter . . Second quarter Third quarter . Fourth quarter 62 60 58 63 59 59 58 62 62 1987 First quarter . . Second quarter Third quarter . Fourth quarter 68 60 61 62 64 64 68 70 60 66 67 74 74 70 69 74 72 66 63 70 72 70 63 68 66 69 67 67 72 72 74 73 72 72 71 68 70 70 1988 First quarter . . Second quarter Third quarter . Fourth quarter (NA) (NA) 62 64 62 63 (NA) (NA) (NA) 71 70 72 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 ( g ) , 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. 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc. Bradstreet diffusion indexes are based on surveys of about 1,400 business executives. 76 OCTOBER 1 9 8 8 Dun $ CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change Diffusion index components 1988 April March February Augustr Julyr June May September13 961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING1 (Hours) All manufacturing industries - 41.0 - + 41.2 - (82) (52) (30) Percent rising of 20 components 40.9 41.0 + (22) 41.1 0 41.1 - + 41.2 (75) (35) (50) (60) 41.0 Durable goods industries: Lumber and wood products Furniture and fixtures + Stone, clay, and glass products Primary metal industries + Fabricated metal products Machinery, except electrical - - _ - _ Electric and electronic equipment Transportation equipment 0 Instruments and related products Miscellaneous manufacturing + _ _ - 40.1 39.3 + + 40.6 39.5 0 42.3 43.1 0 + 42.3 43.3 + + 42.5 43.5" + 41.6 42.6 0 - 41.6 42.5 + + 42.0 42.8 40.9 42.0 0 + 40.9 42.1 + + 41.2 43.0 0 41.3 39.3 + 41.4 39.2 + + 41.8 39.4 - 41.4 39.2 40.1 39.3 0 - 40.1 38.5 0 + 41.2 37.0 + + 41.6 37.4 - 43.3 38.2 0 42.1 44.4 - 40.3 39.5 - - _ _ - _ - 40.1 39.5 42.3 43.6 + - + 0 41.9 42.6 + 41.0 43.0 + - 40.2 39.4 + + 40.5 39.7 - 40.1 39.0 + 40.0 39.5 42.4 43.6 - 42.1 43.4 + + 42.2 43.6 + + 42.3 43.8 42.0 42.5 41.7 43.0 + + 41.8 42.4 + + 42.2 42.7 40.8 42.8 + + 40.9 43.8 41.4 39.1 - 41.3 39.0 40.5 39.1 + + 40.6 40.4 - - 41.1 43.0 - 41.3 39.3 + + 40.1 39.5 + + 40.3 39.8 + 40.8 36.8 - 40.7 36.9 + + 0 41.1 36.9 0 40.9 36.9 + + 41.0 37.2 43.3 37.7 + 43.2 38.0 0 0 43.2 38.0 0 0 43.2 38.0 0 + 43.2 38.1 42.0 44.1 + + 42.4 45.1 - 42.3 45.3 - + 42.2 44.4 + + 42.3 44.6 41.7 37.3 - 41.6 36.9 0 + 41.6 37.0 41.5 37.5 0 41.5 37.3 115,369 + 125,442 - 116,112 + 122,726 (56) (56) (41) (71) 12,271 11,958 - 22,018 18,461 + 37,735 22,999 - 0 - - - 41.0 42.6 + 41.8 39.2 - - - - Nondurable goods industries: _ - - 40.3 38.6 + Textile mill products Apparel and other textile products + + 41.6 37.0 0 Paper and allied products Printing and publishing 0 43.3 38.1 0 43.2 38.1 + + 42.4 43.3 + + 42.5 43.7 + 41.6 37.8 + + 41.7 37.9 Food and kindred products Tobacco manufacturers 2 Chemicals and allied products Petroleum and coal products 2 Rubber and miscellaneous plastics products Leather and leather products _ _ - _ _ _ _ + • 42.0 37.3 - - - - 0 964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES (Millions of dollars) All durable goods industries + 114,155 (56) Percent rising of 34 components Primary metals Fabricated metal products Machinery, except electrical Electrical machinery Transportation equipment Other durable goods industries - 11,074 11,918 + 19,815 18,082 + - + + 30,486 22,780 + + _ - - _ - 113,063 + 116,836 (41) (57) - - - 11,200 11,640 + + 12,348 12,038 20,097 17,839 + + 21,051 18,417 - 20,969 18,865 + + 29,664 22,135 + + 31,435 23,093 28,313 22,836 + + NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: preliminary; and "NA", not available. - 40.5 39.2 0 - - - - + L 3 11,553 11,775 - - - _ 12,103 11,471 + 21,408 19,039 + 29,239 22,852 + ( + ) = rising, (o) = unchanged, and ( - ) = falling. - - - 117,702 (44) 11,866 11,619 + + 22,791 18,984 - 34,684 22,782 - _ _ 12,636 11,881 21,085 18,198 31,163 22,739 The "r" indicates revised; "p", Unless otherwise noted, data are seasonally adjusted by the source agency. Not seasonally adjusted. 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 3 I!CI» OCTOBER 1 9 8 8 77 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued 1Q SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of C h a n g e - Continued Diffusion index components 1988 February April March 966. INDEX OF INDUSTRIAL PRODUCTION (1977 = 100) 0 All industrial production Percent rising of 24 components 134. 4 + (54) 2 134. 7 + 135. 4 + Augustr Julyr SeptemberP 1 136. 1 + (60) (79) (71) Juner May 136.5 + 138.1 + (79) (58) 138.3 0 138.3 (50) (52) 134.0 162.2 (NA) (NA) Durable manufactures: Lumber and products Furniture and fixtures + Clay, glass, and stone products Primary metals + Fabricated metal products Nonelectrical machinery + Electrical machinery Transportation equipment + Instruments Miscellaneous manufactures + + - + - - 139. 0 158. 3 121. 6 86. 4 _ + + - + 137. 8 159. 4 + + 139. 8 160. 5 121. 4 85. 3 + + 121.5 89. 2 + 0 118. 8 167. 2 + + 1 1 9 . ,8 170. 3 + + 179.,1 1 3 3 .,1 + 1 5 1 .,3 1 0 6 .,0 + 141..0 107..2 + - _ 122. 5 1 + 118. 8 164. 6 + 117. 6 1 6 3 . ,6 + 1 7 7 ..8 128.4 + 176. 6 130. 0 + 1 7 8 . ,7 130. 4 + 1 4 9 .,2 1 0 4 .,4 + + 1 4 9 . ,7 105.,1 + + 1 5 0 . ,5 1 0 5 .,9 + 141..9 107..0 141.,1 107.2 0 140.,3 1 0 7 ..2 + + 115..3 108..5 + 117..0 1 0 8 . .7 + _ _ 138. 0 159. 2 + + + + - + 136.4 161.2 + 123.4 87.5 + _ - 122.0 91.7 + 121.8 91.9 - 121.9 173.1 + + 122.2 174.1 + 181.3 131.9 + - 182.6 131.8 + 156.0 107.5 + + 156.2 107.8 120.4 171.2 + 179.5 132.8 + 153.0 107.6 + 141.3 104.5 + - 114..6 108..6 114.3 109.3 + + + 116.0 109.4 149..5 1 8 0 ,. 7 + 148.6 182.3 + + 152.3 184.2 + - + + - - _ 136.9 163.4 _ + _ 0 (NA) 91.6 122.7 175.4 182.5 132.3 156.2 (NA) Nondurable manufactures: Foods Tobacco products Textile mill products Apparel products Paper and products Printing and publishing Chemicals and products Petroleum products Rubber and plastics products Leather and products + + _ - _ _ + _ + 117..3 109..2 0 _ - 1 4 8 ,. 0 1 7 8 ,. 7 + + 149.. 1 1 8 0 ,. 4 + + 149..2 1 8 1 ,. 8 + 1 4 5 ,. 4 9 5 ,. 9 + + 1 4 6 ,. 4 9 8 ,. 4 + + 1 4 8 ,. 9 9 8 ,. 5 + - + + 172 .3 59 .7 1 7 2 ,. 2 59 .5 + 1 7 2 ,. 3 58 .0 + - 84 .9 129 . 1 + + 86.9 136 . 0 94 . 8 136 . 9 + + 95.5 141 .2 + _ _ - - - - _ - 142.9 100.3 _ + _ + 142.7 (NA) (NA) (NA) 116.1 (NA) (NA) (NA) 149.3 184.8 + (NA) 185.5 - (NA) 94.8 1 4 9 ,. 1 9 5 ,. 2 + 150.5 94.1 + + 153.3 95.0 + - - 154.1 94.9 1 7 3 ,. 4 57 . 1 + + 174.4 58.9 + + 175.6 59.1 + + 175.8 59.3 82.2 126.9 + + 93.5 141.5 - (NA) 137.2 95.8 137.4 + (NA) (NA) Mining: Metal mining Coal Oil and gas extraction Stone and earth minerals _ - _ + 83 .9 133 .7 + 92.4 134 . 3 + - + NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: preliminary; and "NA", not available. 1 2 _ - _ - 86 .0 127 . 8 94 .6 140 . 1 _ - + _ ( + ) = rising, (o) = unchanged, and ( - ) 94.7 140.3 = falling. _ + 94.6 138.6 (NA) 141.9 (NA) (NA) The " r " indicates revised; " p " , Data are seasonally adjusted by the source agency. Where actual data for separate industries are not available, estimates are used to compute the percent rising. 78 OCTOBER 1 9 8 8 I I C I ) CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change--Continued Diffusion index components 1988 February 967. Raw industrials price index (1967 = 100) - Percent rising of 13 components 288.9 + 292.3 + 297.3 + 301.6 + 2 309.5 - 309.0 + (42) (65) (65) (58) October1 September August July June NDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS (65) (35) May April March 309.9 - (46) 306.4 - 304.2 (42) (38) Dollars Copper scrap (pound).. (kilogram).. - Lead scrap (pound).. (kilogram).. - Steel scrap (U.S. t o n ) . . (metric t o n ) . . Tin (pound).. (kilogram).. Zinc (pound).. (kilogram).. Burlap (yard).. (meter).. Cotton (pound).. (kilogram).. Print cloth (yard).. (meter).. 0.785 1.731 0.230 0.507 + 115.000 126.765 - - - 0.770 1.698 0.214 0.472 109.000 120.151 0.820 1.808 0.210 0.463 + 0.215 0.474 + 0.230 0.507 108.750 119.875 - 103.000 113.537 - + 0.776 1.711 0.232 0.511 - 0 + 106.500 117.395 + 120.000 132.276 - 0.773 1.704 + 0.875 1.929 + 0.942 2.077 0.232 0.511 + 0.246 0.542 + 0.258 0.569 117.000 128.969 - 115.000 126.765 4.008 8.836 + 4.058 8.946 + 4.176 9.206 + 4.222 9.308 + 0.542 1.195 + 0.579 1.276 + 0.651 1.435 + 0.684 1.508 0 0.684 1.508 + 0.699 1.541 0.277 0.303 + 0.281 0.307 + 0.282 0.308 0.277 0.303 + 0.285 0.312 0.594 1.310 + 0.597 1.316 + 0.619 1.365 0.536 0.586 + 0.550 0.601 - 0.469 1.034 + 0.492 1.085 + 0.276 0.302 + 0.574 1.265 + - + + + 0.590 0.645 0.768 1.693 3.852 8.492 3.836 8.457 - - + + + - - 0.748 1.649 3.828 8.439 3.792 8.360 - - - 0.530 0.580 Wool tops (pound).. (kilogram).. + 5.000 11.023 + 5.420 11.949 + 6.208 13.686 + Hides (pound).. (kilogram).. 0 0.928 2.046 + 1.065 2.348 + 1.100 2.425 - Rosin (100 pounds).. (100 kilograms).. - 47.500 104.719 0 47.500 104.719 0 47.500 104.719 0 47.500 104.719 Rubber (pound).. (kilogram).. - 0.536 1.182 + 0.549 1.210 + 0.555 1.224 + Tallow (pound).. (kilogram).. - 0.168 0.370 + 0.170 0.375 - 0.165 0.364 7.100 15.653 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: preliminary; and "NA", not available. l + - - 0.281 0.307 0.633 1.396 0.500 0.547 6.575 14.495 - - - - 0.969 2.136 - 0 47.500 104.719 0 0.593 1.307 + 0.710 1.565 - 0.158 0.348 + 0.172 0.379 + 1.089 2.401 - - - 0.574 1.265 - 0.549 1.210 - - 0.281 0.307 0.513 1.131 - - + - + 0.498 0.545 + 0.508 0.556 6.500 14.330 0 6.500 14.330 0 6.500 14.330 + 0.941 2.075 + 1.026 2.262 - 0.980 2.161 - 47.500 104.719 0 47.500 104.719 47.500 104.719 0 0.662 1.459 0.179 0.395 - - ( + ) = rising, (o) = unchanged, and ( - ) - 0 0.640 1.411 - 0.174 0.384 - = falling. 0.500 0.547 0.599 1.321 0.154 0.340 - - - 114.000 125.662 4.142 9.131 0.708 1.548 0.276 0.302 0.520 1.146 0.480 0.525 6.950 15.322 0.905 1.995 47.500 104.719 0.555 1.224 0.147 0.324 The "r" indicates revised; "p", The index is the average for October 3 through 25; component prices are averages for October 4, 11, 18, and 25. Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis. 2 I!CI» OCTOBER 1 9 8 8 79 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT GNP AND PERSONAL INCOME Year and quarter 200. Gross national product in current dollars a. Total b. Difference (Ann. rate, bil. dol.) 50. Gross national product in 1982 dollars c. Percent change at annual rate (Ann. rate, bil. dol.) a. Total b. Difference (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) c. Percent change at annual rate 217. Per capita gross national product in 1982 dollars 213. Final sales in 1982 dollars (Ann. rate, dollars) (Ann. rate, bil. dol.) 1985 First quarter . . Second quarter Third quarter . Fourth quarter 3,925.6 3,979.0 4,047.0 4,107.9 73.8 53.4 4,180.4 4,207.6 4,268.4 4,304.6 7.9 5.6 7.0 6.2 42.3 21.7 36.6 60.9 3,577.5 3,599.2 3,635.8 3,662.4 72.5 27.2 7.2 60.8 5.9 3.4 3,719.3 3.711.6 3,721.3 3.734.7 56.9 -7.7 9.7 13.4 68.0 4.9 2.4 4.1 3.0 15,004 15,061 15,173 15,244 3.561.7 3,582.3 3.639.8 3,654.7 6.4 1.4 15,447 15.380 15.381 15,397 3,673.6 3,688.0 3,718.3 3,745.2 42.0 46.3 42.3 57.7 4.6 5.0 4.5 15,537 15,693 15,826 6.1 16,022 3,746.9 3,795.2 3,852.2 3,855.9 33.1 29.1 p22.1 3.4 3.0 p2.2 16,126 16,213 pl6,257 3,890.1 3,949.9 p3,973.5 26.6 1986 First quarter . . Second quarter Third quarter . Fourth quarter 36.2 2.6 -0.8 1.0 1987 First quarter . . Second quarter Third quarter . Fourth quarter 4,391.8 4,484.2 4,568.0 4,662.8 87.2 92.4 83.8 94.8 8.4 8.7 7.7 8.6 3,776.7 3,823.0 3,865.3 3,923.0 4,724.5 4,823.8 p4,899.5 61.7 99.3 p75.7 5.4 8.7 p6.4 3.956.1 3.985.2 p4,007.3 1988 First quarter . . Second quarter Third quarter . Fourth quarter GNP AND PERSONAL INCOME-Continued Year and quarter PERSONAL CONSUMPTION EXPENDITURES 230. Total in current dollars Disposable personal income 224. Current dollars (Ann. rate, bil. dol.) 225. Constant (1982) dollars (Ann. rate, bil. dol.) 231. Total in 1982 dollars 232. Durable goods in current dollars 233. 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.) 1985 First quarter . . Second quarter Third quarter . Fourth quarter 2.764.6 2.850.7 2,840.0 2,899.5 2.509.4 2.563.5 2,535.4 2,562.8 10,524 10,727 10,581 10,667 2,554.9 2.599.3 2.661.4 2,700.4 2,319.1 2,337.4 2,375.9 2,386.9 361.4 367.1 387.2 373.2 344.8 350.3 369.1 356.4 2,965.1 3.016.3 3.032.4 3,064.7 2,614.5 2,655.9 2,643.9 2,649.4 10,858 10,928 10,923 2.739.0 2.772.1 2,842.8 2,876.0 2.415.1 2,440.9 2,478.6 2.486.2 381.4 393.0 429.9 421.8 363.3 374.2 405.1 397.3 3,143.9 3,154.1 3,224.9 3,315.8 2,679.6 2.652.8 2.683.9 2,728.9 11,024 10,889 10,989 11,145 2,921.7 2,992.2 3.058.2 3.076.3 2,490.2 2.516.6 2,545.2 2.531.7 403.5 420.5 441.4 422.0 378.3 391.3 406.5 387.6 3,375.6 3,421.5 p3,498.9 2,762.3 2,762.2 p2,794.0 11,260 3,128.1 3,194.6 p3,257.6 2,559.8 2,579.0 p2,601.3 437.8 449.8 p453.6 401.1 410.6 p411.0 1986 First quarter . . Second quarter Third quarter . Fourth quarter 11,006 1987 First quarter . . Second quarter Third quarter . Fourth quarter 1988 First quarter . . Second quarter Third quarter . Fourth quarter 11,237 pll,335 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 41. 80 O C T O B E R 1 9 8 8 ltd) OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued PERSONAL CONSUMPTION EXPENDITURES—Continued 236. Nondurable goods in current dollars Year and quarter (Ann. rate, bil. dol.) 238. Nondurable goods in 1982 dollars (Ann. rate, bil. dol.) Q 237. Services in current dollars 239. Services in 1982 dollars (Ann. rate, bil. dol.) (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.) 1985 First quarter Second quarter Third quarter Fourth quarter 890.9 905.6 915.7 932.7 838.2 843.0 850.0 858.3 1,302.7 1,326.6 1,358.5 1,394.5 1,136.2 1.144.1 1,156.8 1.172.2 639.3 652.3 626.7 654.1 634.3 647.5 618.1 648.0 621.5 632.8 626.0 646.8 618.6 630.6 622.1 640.4 938.4 937.2 944.7 954.1 870.4 880.9 881.4 885.3 1,419.2 1,441.9 1,468.2 1,500.1 1,181.4 1,185.8 1,192.0 1,203.6 686.6 667.8 653.0 656.4 678.0 652.1 627.6 616.5 642.6 648.3 652.3 658.4 632.4 628.5 624.6 627.0 977.5 995.3 1,006.6 1,012.4 889.9 889.8 891.9 890.5 1,540.7 1,576.4 1,610.2 1,641.9 1,222.0 1.235.5 1,246.8 1.253.6 685.5 698.5 702.8 764.9 646.4 660.1 667.9 724.7 647.8 665.8 688.3 692.9 616.6 632.3 654.9 657.6 1,016.2 1,036.6 pl ,057.6 892.7 893.6 p901.7 1.674.1 1.708.2 pl ,746.4 1,265.9 1,274.8 pl,288.5 763.4 758.1 p764.4 728.9 715.1 p719.7 698.1 714.4 p721.4 662.9 679.7 p685.9 .... .... 1986 First quarter Second quarter Third quarter Fourth quarter .... .... 1987 First quarter Second quarter Third quarter Fourth quarter .... .... 1988 First quarter Second quarter Third quarter Fourth quarter .... .... • H I f i l Year and quarter GROSS PRIVATE DOMESTIC INVEST.-Con. 245. Change in business inventories in current dollars 30. Change in business inventories in 1982 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) GOVERNMENT PURCHASES OF GOODS AND SERVICES 260. Total in current dollars (Ann. rate, bil. dol.) 261. Total in 1982 dollars (Ann. rate, bil. dol.) 262. Federal Government in current dollars (Ann. rate, bil. dol.) 263. Federal Government in 1982 dollars (Ann. rate, bil. dol.) 266. State and local government in current dollars (Ann. rate, bil. dol.) 267. State and local government in 1982 dollars (Ann. rate, bil. dol.) 1985 First quarter Second quarter Third quarter Fourth quarter .... .... 17.8 19.5 0.7 7.2 15.8 16.9 -4.0 7.7 784.4 801.7 840.2 856.7 705.5 716.7 749.8 752.7 336.1 339.6 368.4 376.6 309.0 313.3 340.9 340.6 448.3 462.1 471.8 480.1 396.4 403.4 408.9 412.1 44.0 19.5 0.7 -2.0 45.7 23.6 3.0 -10.5 847.8 868.8 881.8 886.5 741.8 758.8 766.9 774.5 356.6 368.7 372.7 366.7 322.7 333.6 336.7 340.5 491.2 500.2 509.1 519.7 419.1 425.2 430.2 434.0 37.7 32.7 14.5 72.0 29.8 27.8 13.0 67.1 903.8 915.7 932.2 947.3 772.9 772.2 782.9 792.6 372.7 377.5 386.3 391.4 334.0 332.1 342.1 347.7 531.1 538.2 546.0 555.9 438.9 440.1 440.8 444.9 65.3 43.7 p42.9 66.0 35.3 p33.8 945.2 961.6 p962.4 776.4 783.8 p781.1 377.7 382.2 p373.4 ' 327.8 331.6 p326.1 567.5 579.4 p589.0 448.7 452.2 p455.0 1986 First quarter Second quarter Third quarter Fourth quarter .... .... 1987 First quarter Second quarter Third quarter Fourth quarter .... .... 1988 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. IM Jl OCTOBER 1 9 8 8 81 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Q | Year and quarter Net exports of goods and services 250. Current dollars m m Exports of goods and services 255. Constant (1982) dollars (Ann. rate, bil. dol.) FOREIGN TRADE 252. Current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 220. National income in current dollars Imports of goods and services 256. Constant (1982) dollars 253. Current dollars (Ann. rate, bil. dol.) NATIONAL INCOME AND ITS COMPONENTS 280. Compensation of employees 257. Constant (1982) dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1985 First quarter Second quarter Third quarter Fourth quarter .... .... -53.1 -74.3 -81.2 -103.2 -81.4 -102.4 -107.9 -125.3 376.8 372.6 365.1 369.2 371.2 367.6 362.6 367.4 429.9 446.9 446.2 472.4 452.6 470.0 470.5 492.6 3,161.5 3,209.2 3,252.4 3,312.8 2,314.8 2,347.5 2,381.2 2,426.7 -93.0 -101.2 -109.1 -114.3 -115.7 -140.2 -151.8 -142.4 376.9 373.9 377.8 385.2 374.5 372.1 379.1 387.8 469.9 475.1 486.9 499.4 490.2 512.4 530.9 530.2 3,378.9 3.421.8 3.450.9 3,496.6 2,461.0 2,483.4 2,518.2 2,565.8 -119.1 -122.2 -125.2 -125.7 -132.8 -126.0 -130.7 -126.0 395.3 416.8 440.4 459.7 394.9 416.4 440.9 459.2 514.4 539.0 565.6 585.4 527 .7 542 .3 571 .6 585i.2 3,573.0 3,631.8 3,708.0 3,802.0 2,608.9 2,652.0 2.702.8 2.769.9 -112.1 -90.4 p-84,9 -109.0 -92.6 p-94.9 487.8 507.1 p526.3 486.2 496.9 p507.0 599.9 597.5 p611.2 595.1 589.5 p601.9 3,850.8 3,928.8 (NA) 2,816.4 2,874.0 p2,931.1 1986 First quarter Second quarter Third quarter Fourth quarter .... .... 1987 First quarter Second quarter Third quarter Fourth quarter .... .... 1988 First quarter Second quarter Third quarter Fourth quarter .... .... a E 282. Proprietors' income with IVA and CCAdj 1 Year and quarter (Ann. rate, bil. dol.) | NATIONAL INCOME AND ITS COMPONENTS —Continued 284. Rental income of persons with CCAdj 1 (Ann. rate, bil. dol.) Q j 286. Corporate profits before tax with IVA and CCAdj 1 288. Net interest 290. Gross saving (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) SAVING 295. Business saving 292. Personal saving (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1985 First quarter Second quarter Third quarter Fourth quarter .... .... 253.2 257.3 248.8 264.2 9.0 11.2 8.9 7.8 266.0 275.8 296.1 291.4 318.4 317.4 317.4 322.7 550.9 553.3 509.4 520.3 518.4 532.4 554.1 554.5 128.7 167.8 93.3 111.7 273.1 294.6 285.0 294.2 10.6 12.5 13.1 13.4 303.2 297.1 301.2 293.9 331.1 334.1 333.3 329.3 571.2 537.5 517.7 522.5 565.6 557.7 562.3 554.3 136.9 154.1 98.8 96.8 310.1 308.9 306.8 326.0 17.4 17.8 18.1 •20.5 298.3 305.2 322.0 316.1 338.3 348.1 358.3 369.5 539.2 542.4 556.8 603.4 549.0 555.5 569.6 570.0 130.8 69.5 72.6 144.0 323.9 328.8 p319.3 20.5 19.1 p20.0 316.2 326.5 (NA) 373.9 380.6 p396.5 627.0 634.1 (NA) 576.4 583.3 (NA) 149.9 127.8 pl40.3 1986 First quarter Second quarter Third quarter Fourth quarter .... .... 1987 First quarter Second quarter Third quarter Fourth quarter .... .... 1988 First quarter Second quarter Third quarter Fourth quarter .... .... See note on page 80. 1Graphs of these series are shown on pages 44, 45, and 46. IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. 82 OCTOBER 1988 l t d ) OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Q j SHARES OF GNP AND NATIONAL INCOME 293. Personal saving rate 298. Government surplus or deficit Year and quarter ^ SAVING—Continued Percent of gross national product 235. Personal consumption expenditures (Ann. rate, bil. dol.) (Percent) (Percent) 248. Nonresidential fixed investment (Percent) 247. Change in business inventories 249. Residential fixed investment (Percent) 251. Net exports of goods and services (Percent) (Percent) 1985 First quarter Second quarter Third quarter Fourth quarter .... .... -96.3 -146.9 -138.0 -145.9 4.7 5.9 3.3 3.9 65.1 65.3 65.8 65.7 11.1 11.2 10.8 11.0 4.7 4.7 4.7 4.8 0.5 0.5 0.0 0.2 -1.4 -1.9 -2.0 -2.5 -131.4 -174.3 -143.5 -128.5 4.6 5.1 3.3 3.2 65.5 65.9 66.6 66.8 10.5 10.3 10.1 10.1 4.9 5.1 5.2 5.2 1.1 0.5 0.0 0.0 -2.2 -2.4 -2.6 -2.7 -140.6 -82.6 -85.5 -110.7 4.2 2.2 2.3 4.3 66.5 66.7 66.9 66.0 9.6 9.8 10.1 10.0 5.1 5.1 5.0 4.9 0.9 0.7 0.3 1.5 -2.7 -2.7 -2.7 -2.7 -99.2 -77.1 (NA) 4.4 3.7 p4.0 66.2 66.2 p66.5 10.0 10.1 plO.l 4.8 4.7 p4.6 1.4 0.9 p0.9 -2.4 -1.9 p-1.7 1986 First quarter Second quarter Third quarter Fourth quarter .... .... 1987 First quarter Second quarter Third quarter Fourth quarter .... .... 1988 First quarter Second quarter Third quarter Fourth quarter .... .... Q j SHARES OF GNP AND NATIONAL INCOME—Continued Percent of GNP—Continued Year and quarter 265. Federal Government purchases of goods and services Percent of national income 268. State and local government purchases of goods and services (Percent) (Percent) 64. Compensation of employees 283. Proprietors' income with IVA and CCAdj 1 (Percent) (Percent) 285. Rental income of persons with CCAdj 1 (Percent) 287. Corporate profits before tax with IVA and CCAdj 1 289. Net interest (Percent) (Percent) 1985 First quarter Second quarter Third quarter Fourth quarter .... .... 8.6 8.5 9.1 9.2 11.4 11.6 11.7 11.7 73.2 73.1 73.2 73.3 8.0 8.0 7.6 8.0 0.3 0.3 0.3 0.2 8.4 8.6 9.1 8.8 10.1 9.9 9.8 9.7 8.5 8.8 8.7 8.5 11.8 11.9 11.9 12.1 72.8 72.6 73.0 73.4 8.1 8.6 8.3 8.4 0.3 0.4 0.4 0.4 9.0 8.7 8.7 8.4 9.8 9.8 9.7 9.4 8.5 8.4 8.5 8.4 12.1 12.0 12.0 11.9 73.0 73.0 72.9 72.9 8.7 8.5 8.3 8.6 0.5 0.5 0.5 0.5 8.3 8.4 8.7 8.3 9.5 9.6 9.7 9.7 8.0 7.9 p7.6 12.0 12.0 pl2.0 73.1 73.2 (NA) 8.4 8.4 (NA) 0.5 0.5 (NA) 8.2 8.3 (NA) 9.7 9.7 (NA) 1986 First quarter Second quarter Third quarter Fourth quarter .... .... 1987 First quarter Second quarter Third quarter Fourth quarter .... .... 1988 First quarter Second quarter Third quarter Fourth quarter .... .... See note on page 80. Graphs of these series are shown on pages 46 and 47. 1 IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. IM Jl OCTOBER 1 9 8 8 03 OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY 0 1 Implicit price deflator for gross national product Year and month 310. Index (1982 = 100) 310c. Change over 1-quarter spans 1 (Ann. rate, percent) PRICE MOVEMENTS Fixed-weighted price index, gross domestic business product 311. Index (1982 = 100) 311c. Change over 1-quarter spans 1 (Ann. rate, percent) Consumer price index for all urban consumers 320. Index © (1982-84=100) 320c. Change over 1-month spans 1 (Percent) Consumer price index for all urban consumers, food 320c. Change over 6-month spans 1 (Ann. rate, percent) 322. Index (1982-84 = 100) 322c. Change over 1-month spans 1 (Percent) 322c. Change over 6-month spans 1 (Ann. rate, percent) 1986 January February March 112.4 April May June 113.4 July August September 114.7 October November December 115.3 0.3 -0.3 -0.4 0.6 -0.2 0.0 107.4 107.0 107.3 ' 0.2 -0.4 0.3 3.0 2.6 1.9 108.6 108.9 109.5 -0.3 -0.5 0.4 1.7 107.6 108.0 0.3 0.4 0.2 3.4 5.9 6.1 109.5 109.7 110.2 0.0 0.2 0.3 2.6 109.2 110.1 110.5 0.9 2.8 2.2 0.4 5.8 5.8 5.8 110.3 110.4 110.5 0.2 0.3 0.2 3.7 4.1 4.4 111.3 0.2 0.4 0.2 5.0 3.7 3.3 3.7 111.2 111.6 112.1 0.7 0.4 0.4 5.0 5.1 5.3 111.9 112.1 112.3 0.5 0.2 0.2 3.6 4.0 4.7 4.0 112.7 113.1 113.5 0.4 0.4 0.3 4.4 4.5 4.1 112.7 113.3 113.9 0.4 0.5 0.5 3.4 3.2 4.0 3.5 113.8 114.4 115.0 0.3 0.4 0.3 3.9 3.7 3.6 113.8 113.9 114.5 -0.1 0.1 0.5 3.6 2.7 2.5 3.5 115.3 115.4 115.4 0.3 0.3 0.2 3.7 3.2 3.7 114.7 114.8 115.3 0.2 0.1 0.4 3.2 2.5 2.1 3.0 115.7 116.0 116.5 0.3 0.2 0.5 3.9 4.0 4.4 115.6 115.3 115.7 0.3 -0.3 0.3 3.2 3.9 4.2 5.0 117.1 117.5 118.0 0.4 0.3 0.3 4.5 5.1 4.7 116.5 117.0 117.7 0.7 0.4 0.6 5.8 7.6 8.5 p5.1 118.5 119.0 119.8 0.4 0.4 0.3 118.9 119.6 120.5 1.0 0.6 0.8 1.9 0.7 112.7 108.8 2.1 3.6 113.3 2.8 4.7 114 *i 2.3 2.1 109.6 109.3 114.8 0.2 0.5 108.2 110.7 111.1 0.8 1987 January February March 116.3 April May June 117.3 July August September 118.2 October November December 118.9 3.5 115.8 3.5 117.0 3.1 118.0 2.4 119.0 1988 January February March 119.4 April May June 121! 6 July August September 1.7 119.9 5.5 121.3 p4.4 pl22! 3 pl22!9 October November December See note on page 80. Graphs of these series are shown on pages 48 and 49. 1 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. 84 O C T O B E R 1 9 8 8 »CI) OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY—Continued i 330. Index © 330c. Change over 1-month spans1© (1982 = 100) (Percent) PRICE MOVEMENTS— Continued Producer price index, crude materials for further processing Producer price index, industrial commodities Producer price index, all commodities Year and month | 330c. Change over 6-month spans1© (Ann. rate, percent) 335. Index © (1982 = 100) 335c. Change over 6-month spans1© 335c. Change over 1-month spans1® (Ann. rate, percent) (Percent) 331c. Change over 1-month spans 1 331. Index (1982 = 100) (Percent) 331c. Change over 6-month spans 1 (Ann. rate, percent) 1986 January February March 103. 2 101. 7 100. 3 -0.4 -1.5 -1.4 -6. 3 -6. 5 -7. 0 103. 7 102. 1 100. 5 -0.4 -1.5 -1.6 -7.6 -7.9 -8.1 94.2 90.4 88.3 -1. 2 -4. 0 -2. 3 -17.8 -17.4 -18.2 April May June 99. 6 100. 0 99. 9 -0.7 0.4 -0.1 -7. 2 -4. 7 -1. 8 99. 8 99. 8 99. 8 -0.7 0.0 0.0 -9.2 -6.7 -3.4 85.4 86.8 86.2 -3. 3 1. 6 - 0 . ,7 -15.9 -8.2 -4.0 July August September 99. 4 99. 3 99. 4 -0.5 -0.1 0.1 0. 2 -0. 4 -0. 4 98. 8 98. 6 98. 8 -1.0 -0.2 0.2 -1.4 -1.2 -1.2 86.4 86.6 86.5 0. 2 0.,2 -0., 1 5.0 1.4 0.9 October November December 99. 7 99. 8 99. 7 0.3 0.1 -0.1 2. 2 3. 5 3. 7 99. 1 99. 2 99. 2 0.3 0.1 0.0 3.3 4.5 4.7 87.5 87.4 86.6 1., 2 -0., 1 -0,. 9 6.3 7.8 9.7 January February March 100. 5 101. 0 101. 2 0.8 0.5 0.2 4 .,5 5 .,7 6 ., 7 1 0 0 . ,4 1 0 0 . ,8 1 0 1 .,1 1.2 0.4 0.3 5.1 5.5 6.6 89.1 89.9 90.6 0,. 9 0,. 8 2 ,. 9 11.3 16.4 19.3 April May June 1 0 1 .,9 1 0 2 .,6 103.,0 0.7 0.7 0.4 6 ,. 1 5 ,. 6 5 ,. 0 1 0 1 .,6 101.,9 1 0 2 .,4 0.5 0.3 0.5 5.5 5.8 4.8 92.3 94.3 94.6 1 .9 2 .2 0 .3 15.1 15.7 12.3 July August September 1 0 3 ..5 103.. 8 103,.7 0.5 0.3 -0.1 4 ,. 4 3 ,. 1 2 ,. 3 1 0 3 .,1 1 0 3 ,.7 1 0 3 ,.5 0.7 0.6 -0.2 4.8 4.6 3.5 95.6 96.7 96.0 1 .1 1 .2 -0 . 7 8.4 1.3 0.2 October November December 1 0 4 ,. 1 1 0 4 ,.2 1 0 4 ,. 2 0.4 0.1 0.0 2 .1 1 .9 2 ,. 3 104.0 104.2 104.2 0.5 0.2 0.0 2.5 1.7 2.3 96.1 94.9 94.7 0.1 - 1 .2 -0 .2 -3.5 -4.3 -3.7 January February March 104 .6 104 . 8 1 0 4 ,. 9 0.4 0.2 0.1 3 .3 4 .5 6 .2 104 .4 104 . 6 1 0 4 ,. 7 0.2 0.2 0.1 3.1 3.7 4.5 93.9 94.6 94.2 -0.8 0.7 -0.4 -1.9 r3.4 6.4 April May June 105.8 106.5 107.4 0.9 0.7 0.8 6 .2 6 .2 6 .2 105.6 106.1 106.5 0.9 0.5 0.4 4.5 4.8 4.2 95.2 r96.5 97.7 1.1 5.8 r l .4 6.7 rl.2 6.5 July August September 107 . 8 108 .0 108 . 1 0.4 0.2 0.1 106.7 107.1 106.9 0.2 96.6 -1.1 0.4 97.7 97.2 -0.5 1987 1988 -0.2 1.1 October November December See note on page 80. Graphs of these series are shown on page 48. 1 Changes are centered within the spans: 85 O C T O B E R 1 9 8 8 BCII 1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month. OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY—Continued 0 1 Producer price index, intermediate materials, supplies, and components Year and month 332. Index 332c. Change over 1-month spans 1 (1982 = 100) Producer price index, capital equipment 332c. Change over 6-month spans 1 (Ann. rate, percent) (Percent) PRICE MOVEMENTS-Continued 333. Index (1982 = 100) 333c. Change over 1-month spans 1 (Percent) Producer price index, finished consumer goods 333c. Change over 6-month spans1 (Ann. rate, percent) 334. Index (1982 = 100) 334c. Change over 1-month spans 1 (Percent) 334c. Change over 6-month spans 1 (Ann. rate, percent) 1986 102.3 101. 1 99. 9 -0. 6 -1. 2 -1. 2 -6.5 -7.3 -8.0 108.6 108.7 108.9 0. 1 0. 1 0. 2 1. 9 1. 7 2. 0 104. 5 102. 6 101. 2 -0. 8 -1. 8 -1. 4 -6.8 -6.9 -7.8 April May June 99. 0 98. 8 98. 7 -0. 9 -0. 2 -0. 1 -8.2 -6.0 -2.6 109.2 109.3 109.6 0. 3 0. 1 0. 3 2. 0 1. 8 2. 0 100. 4 1 0 1 . ,0 1 0 1 . ,1 -0. 8 0. 6 0., 1 -8.1 -3.7 -0.2 July August September 98. 0 98. 0 98. 6 -0. 7 0. 0 0. 6 -1.6 -1.0 -0.6 109.7 109.7 110.0 0. 1 0. 0 0. 3 2. 4 2. 8 2. 2 1 0 0 . ,2 100. 7 1 0 1 .,1 - 0 ., 9 0. 5 0.,4 2.0 0.8 0.6 October November December 9 8 . ,2 9 8 ..3 9 8 .,4 -0. 4 0. 1 0. 1 2.1 3.3 2.4 110.5 110.8 110.8 0. 5 0. 3 0., 0 2. 8 2. 4 2. 0 1 0 1 . ,4 1 0 1 . .4 1 0 1 . ,4 0., 3 0.. 0 0., 0 3.2 2.8 3.0 9 9 .. 0 9 9 ..6 9 9 ..8 0., 6 0. 6 0. 2 4.1 5.2 6.0 111.0 111.1 111.2 0., 4 -0., 2 0., 1 1.. 6 1.3 1., 1 1 0 1 .,8 102,.1 1 0 2 ,.6 0,. 4 0,. 3 0.. 5 3.8 4.4 4.6 April May June 100..2 100..8 101..3 0., 4 0., 6 0.,5 5.9 5.7 5.9 111.4 111.5 111.4 0., 3 0.. 1 -0,. 1 0., 7 1.,6 2 .,5 103,.3 103,.6 103,.7 0,. 7 0,. 3 0,. 1 4.6 4.4 4.1 July August September 101..9 102,.4 102,.7 0., 6 0., 5 0., 3 6.1 5.6 5.0 111.6 111.9 112.5 0,. 2 0.. 3 0,. 5 1,. 1 1., 1 1,. 6 104,.1 104,.3 104,.7 0,. 4 0,. 2 0,. 4 2.3 1.7 0.6 October November December 1 0 3 ,.2 1 0 3 ,.6 1 0 3 ,. 8 0., 5 0., 4 0,. 2 4.6 3.9 4.3 112.0 112.1 112.3 -0., 4 0,. 1 0,. 2 2 .2 2 ,. 0 1,. 2 104 .5 1 0 4 ,. 5 104,.0 -0 . 2 0,. 0 -0,. 5 0.6 -0.6 0.0 0,. 4 4.7 0 .2 0.5 r5.3 6.7 112.8 113.0 113.2 0., 4 0,. 2 0,. 2 2 ,. 5 r2 .9 3 ,. 4 1 0 4 .,4 1 0 4 ,. 0 104 .7 0., 4 -0,. 4 0.7 1.3 2.1 3.9 105 .6 rl06.3 107 .2 0 .7 rO . 7 rO . 8 7.2 7.6 7.4 113.4 rl13.7 114.2 0 .2 rO . 3 0.4 2 .7 3 ,. 2 4.5 105 .2 105 .6 1 0 6 ,. 0 0.5 0.4 0,. 4 4.5 6.4 5.6 107.9 108.3 108 .7 0 .7 0.4 1 0 6 ,.7 107 .3 107.6 0.7 0.6 January February March 1987 January February March 1988 January February March April May June July August September 104 .2 104.4 104.9 0 .4 114.3 114.8 115.7 0.1 0.4 0 .8 0.3 October November December See note on page 80. Graphs of these series are shown on page 48. Changes are centered within the spans: 86 1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month. O C T O B E R 1 9 8 8 »CI) OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY—Continued WAGES AND PRODUCTIVITY Average hourly compensation, all employees, nonfarm business sector Average hourly earnings of production or nonsupervisory workers on private nonagricultural payrolls 1 Year and month Real earnings Current-dollar earnings 340. Index (1977 = 100) 340c. Change over 1-month spans2 (Percent) 340c. Change over 6-month spans 2 (Ann. rate, percent) 341. Index (1977 = 100) 341c. Change over 1-month spans2 (Percent) Current-dollar compensation 341c. Change over 6-month spans 2 (Ann. rate, percent) 345. Index (1977 = 100) 345c. Change over 1-quarter spans 2 345c. Change over 4-quarter spans 2 (Ann. rate, percent) (Ann. rate, percent) 1986 January February March 167.5 168.2 168.5 -0.2 0.4 0.2 2.6 2.4 1.7 93.6 94.3 95.0 -0.6 0.8 0.7 2.9 2.9 2.2 179!6 April May June 168.5 168.8 169.3 0.0 0.2 0.2 2.1 1.6 1.6 95.5 95.3 95.2 0.5 -0.1 -0.2 3.4 2.0 0.3 180! 4 July August September 169.2 169.6 169.8 0.0 0.2 0.2 2.2 2.8 2.3 95.2 95.3 95.1 0.0 0.1 -0.2 -0.4 0.3 0.2 182! 3 October November December 170.3 171.2 171.2 0.3 0.5 0.0 2.5 2.8 2.7 95.3 95.5 95.3 0.1 0.2 -0.2 -1.1 -1.3 -1.6 184! 6 January February March 171.3 171.9 172.1 0.1 0.4 0.1 2.6 2.0 2.1 94.7 94.7 94.4 -0.7 0.0 -0.3 -2.4 -3.1 -3.3 185! 6 April May June 172.5 172.9 172.9 0.3 0.2 0.1 2.3 2.6 • 2.9 94.1 94.0 93.7 -0.3 -0.1 -0.3 -2.1 -2.0 -1.5 187 ! l July August September 173.2 174.1 174.6 0.2 0.5 0.3 2.8 3.3 3.3 93.7 93.8 93.7 -0.1 0.1 -0.1 -1.3 -0.5 -0.1 189! 2 October November December 174.9 175.6 175.7 0.2 0.4 0.1 4.0 3.0 2.8 93.5 93.8 93.7 -0.2 0.3 -0.1 0.2 -0.1 -0.4 192! 1 January February March 176.6 176.7 177.0 0.5 0.1 0.2 3.6 3.5 3.3 93.8 93.7 93.5 0.1 -0.1 -0.2 0.1 -0.5 -1.0 193.7 April May June 178.0 178.7 178.6 0.6 0.4 -0.1 3.1 r3.3 p3.9 93.6 93.6 93.2 0.1 0.0 -0.4 -1.2 r-1.7 p-1.0 195.8 179.3 rl79.6 pl80.4 0.4 0.1 p0.5 93.2 r92.9 p93.0 0.0 r-0.3 pO.l 4.4 i'.2 3.2 i'.z 4.3 3.7 5.1 3.7 1987 2.1 3.8 3.4 i!o 4.4 i ! i 6.2 Y.e 1988 July August September 3.5 (NA) 4.5 (NA) (NA) October November December See note on page 80. Graphs of these series are shown on pages 49 and 50. A d j u s t e d f o r o v e r t i m e (in m a n u f a c t u r i n g o n l y ) a n d i n t e r i n d u s t r y e m p l o y m e n t s h i f t s . C h a n g e s are centered within the spans: 1 - m o n t h c h a n g e s a r e p l a c e d on t h e 2d m o n t h , 6 - m o n t h c h a n g e s a r e p l a c e d o n t h e 4 t h m o n t h , t e r c h a n g e s a r e p l a c e d o n t h e 1 s t m o n t h o f t h e 2d q u a r t e r , a n d 4 - q u a r t e r c h a n g e s a r e p l a c e d o n t h e m i d d l e m o n t h o f t h e 3d q u a r t e r . 2 87 O C T O B E R 1 9 8 8 BCII 1-quar- OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY—Continued | Average hourly compensation, all employees, nonfarm business sector—Continued Year and month Negotiated wage and benefit decisions Real compensation 346. Index (1977 = 100) WAGES AND PRODUCTIVITY--Continued 346c. Change over 1-quarter spans 1 346c. Change over 4-quarter spans 1 (Ann. rate, percent) (Ann. rate, percent) 348. Average first-year changes © (Ann. rate, percent) Output per hour, all persons, business sector 349. Average changes over life of contract © (Ann. rate, percent) 370. Index (1977 = 100) 358. Index of output per hour, all persons, nonfarm business sector 370c. Change over 1-quarter spans 1 370c. Change over 4-quarter spans 1 (Ann. rate, percent) (Ann. rate, percent) (1977 = 100) 1.'6 108.'6 i'.z 108^4 -0.6 1 0 8 '.0 1986 2.7 January February March 99^2 April May June 100! 3 July August September 100.'8 October November December 101.4 0.6 1.2 2! 5 4.6 0.7 1.6 2.9 1.9 -0.4 110.4 0.7 1.2 I A 2.4 7.7 110.5 -1.4 lio.'o 2.7 2.4 -OA -0.8 1 0 9 ^8 0.2 107'.8 1.5 107^8 1.9 108! 6 2.7 109.6 i.*3 109.' 9 1987 January February March 100! 6 April May June IOO!2 July August September 100! 4 October November December loi.'o -3.1 1.1 2.1 -OA -1.4 4.1 3.9 -OA 0.6 2.7 HO!6 2.5 2.1 O.k 2.5 0.3 109! 9 3.9 1 1 1 17 3.4 2.4 0.7 0.6 ni'.s 1988 January February March 101.0 April May June 100! 9 July August September 0.1 pi.8 pi.8 (NA) -0.3 3.5 112! 8 rp3.3 p2.4 (NA) -2.5 112 i (NA) (NA) p3.4 11CL8 110! 4 (NA) p3.3 (NA) (NA) 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. 88 OCTOBER 1988 B C I I OTHER IMPORTANT ECONOMIC MEASURES LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Q CIVILIAN LABOR FORCE AND MAJOR COMPONENTS Civilian labor force Year and month 441. Total (Thous.) 442. Civilian employment (Thous.) Number unemployed 37. Persons unemployed 444. Males 20 years and over (Thous.) (Thous.) 445. Females 20 years and over 446. Both sexes 16-19 years of age (Thous.) (Thous.) 447. Number unemployed, full-time workers 448. Number employed part time for economic reasons (Thous.) (Thous.) Civilian labor force participation rates 451. Males 20 years and over (Percent) 452. Females 20 years and over (Percent) 453. Both sexes 16-19 years of age (Percent) 1986 January February March 116 116 117 751 951 183 108 904 108 524 108 853 7 847 8 427 8 330 3 521 3 766 3 778 2 ., 9 2 0 3 ., 1 8 0 3 ., 1 0 9 1,406 1,481 1,443 6 ,, 4 4 7 6 ., 8 2 5 6 ., 8 6 1 5 ,, 3 0 1 5 ., 2 0 9 5 ,, 3 0 7 7 8 .,3 7 8 ..1 7 8 .,1 5 5 ,.0 5 5 ,. 1 5 5 ,. 1 53.4 54.5 54.9 April May June 117 334 117 481 118 112 108 961 109 037 109 671 8 373 8 444 8 441 3 724 3 836 3 791 3 ., 1 0 2 3 ., 1 1 6 3 ., 1 3 3 1,547 1,492 1,517 6 ,, 8 1 4 6 ,, 9 2 6 6 ., 7 9 2 5 ., 5 6 4 5 ., 6 0 0 5 ., 3 8 1 7 8 .,0 78.0 7 8 .,2 5 5 ,. 2 5 5 ,. 3 5 5 ,.7 55.5 55.1 55.4 July August September 118 115 118 150 118.,345 109 837 110 035 110:,047 8 278 8 115 8 ., 2 9 8 3 820 3 661 3 ., 8 3 1 3 ,, 0 2 5 3 ,, 0 0 5 2 :, 9 9 1 1,433 1,449 1,476 6 ,, 6 9 1 6 ,, 5 5 3 6 :, 7 9 2 5 ., 1 4 9 5 ., 2 8 8 5 :, 3 3 7 7 8 .,1 7 7 .,9 7 8 ,.1 55 .7 5 5 ,. 8 55 .7 54.6 54.9 54.9 October November December 118., 4 2 4 118., 6 7 1 118.,576 110,, 1 9 4 110., 4 5 7 110;,657 8 ,, 2 3 0 8 ., 2 1 4 7, , 9 1 9 3 ., 8 1 7 3 ., 8 0 7 3 ,, 7 2 8 3 ,, 0 0 7 2 ,, 9 7 1 2 :, 8 2 6 1,406 1,436 1,365 6 ,, 7 0 4 6 ,, 6 7 2 6 ,, 4 8 1 5 ., 4 3 8 5 ,, 2 7 0 5 :, 3 2 4 7 7 ,.9 7 8 ,.2 7 8 ,. 3 55 . 8 55 . 8 55 .6 54.9 54.4 53.4 January February March 118., 9 7 8 119., 2 3 0 1 1 9 ;, 2 4 6 111., 0 1 4 I l l , ,344 111;,455 7 ,, 9 6 4 7 ,, 8 8 6 7:, 7 9 1 3 ,, 6 9 1 3 ,, 6 0 6 3 :, 5 5 3 2 ,, 8 7 7 2 ,, 8 5 8 2 :, 8 3 2 1,396 1,422 1,406 6 ., 4 7 3 6 ,, 3 9 7 6 :, 2 4 8 5 ,, 2 1 1 5 ,, 4 5 8 5 :, 1 8 0 7 8 ,. 2 7 8 ,. 2 7 8 ,. 1 55 . 8 55 . 9 55 . 9 54.3 54.7 54.3 April May June 119., 3 6 3 1 1 9 ,, 9 0 7 1 1 9 ;, 6 0 8 111., 8 0 6 1 1 2 ,, 3 3 4 1 1 2 :, 3 0 0 7 ,, 5 5 7 7 ,, 5 7 3 7 ;, 3 0 8 3 ,, 4 5 4 3 ,, 4 5 6 3:, 4 2 2 2 ,, 7 3 3 2 ,700 2 ,634 1,370 1,417 1,252 6 ,, 0 8 3 6 ,, 0 5 3 6 :, 0 0 0 5 ,, 1 0 4 5 ,, 0 5 8 4 :, 9 7 9 7 8 ,. 1 7 8 ,.2 7 8 ,. 0 56 .0 56 .2 56 .2 54.2 55.2 53.6 July August September 119 ,890 1 2 0 ,, 3 0 6 1 1 9 :, 9 6 3 1 1 2 ,, 6 3 9 1 1 3 ,, 0 5 0 1 1 2 :, 8 7 2 7:, 2 5 1 7 ,, 2 5 6 7 ,091 3 ,, 3 2 3 3 ,, 2 5 8 3:, 1 1 8 2 ,680 2 ,661 2 ,671 1,248 1,337 1,302 5 ,, 8 5 2 5 ,812 5 ,636 5 ,154 5 ,, 0 1 6 4 :, 9 8 6 78 .0 7 7 ,. 9 77 . 9 56 .3 56 . 3 56 .2 54.0 56.3 54.4 October November December 120.,387 120,,594 120.,722 113,, 2 1 0 113.,504 113.,744 7 ,, 1 7 7 7 ,, 0 9 0 6 ., 9 7 8 3 ,, 1 7 4 3 ., 1 3 5 3 ., 0 6 3 2 ,, 6 1 5 2 ,, 6 2 0 2 :, 6 1 1 1,388 1,335 1,304 5 ,, 7 2 5 5 ,, 6 8 4 5 :, 6 0 1 5 ,, 0 6 7 5 ,, 2 4 1 5 :, 0 0 4 7 8 ,. 0 7 8 ,. 0 7 7 ,. 8 56 . 4 56 .5 56 .6 55.1 54.8 55.5 January February March 121,,175 121.,348 120,, 9 0 3 114,,129 114.,409 1 1 4 :, 1 0 3 7 ., 0 4 6 6 ,, 9 3 8 6 ;, 8 0 1 3 ,, 1 5 4 3 ., 0 7 1 3 :, 0 8 9 2 ., 5 8 1 2 ,, 6 3 5 2 ;, 4 1 1 1,312 1,232 1,301 5 ., 6 0 3 5 ,, 5 4 9 5 :, 4 9 8 5 3, 1 4 5 5 ,, 2 5 4 5 ., 1 0 6 77. 9 7 8 .,2 7 7 .,9 5 6 . ,7 5 6 ,. 8 5 6 .,6 56.0 54.9 53.9 April May June 121.,323 120 ,978 121 ,472 1 1 4 :, 7 1 3 1 1 4 ,, 1 9 5 115 , 0 1 8 6 ,, 6 1 0 6 ,783 6 ,455 2 ., 9 0 9 3 ,, 0 7 2 2 ,, 8 7 0 2 ,, 4 4 2 2 ,, 4 8 1 2 ,473 1,259 1,230 1,112 5 a, 3 0 2 5 ., 4 1 8 5 ., 1 1 1 4 ,,924 4 ,,623 5 ,,076 78. 2 77. 9 77. 8 56.7 56. 4 56. 6 54.2 54.0 56.2 July August September 121 ,684 122 , 0 3 1 121 ,924 115 , 0 5 9 115 , 1 8 0 115 , 3 2 8 6 ,625 6 ,851 6 ,596 2 ,815 3 ,, 0 9 0 2 ,, 8 5 7 2 ,576 2 ,, 4 6 8 2 ,461 1,234 1,293 1,278 5 ,, 1 7 4 5 ,,517 5 ., 2 6 8 5 ., 1 8 5 4 ,, 9 5 9 4 .,814 77.9 7 8 .,0 77.9 5 6 .,7 5 6 ..8 5 6 .,7 56.0 56.4 56.2 1987 1988 October November December See note on page 80. Graphs of these series are shown on page 51. IM Jl OCTOBER 1 9 8 8 89 OTHER IMPORTANT ECONOMIC MEASURES B GOVERNMENT ACTIVITIES Q j RECEIPTS AND EXPENDITURES Federal Government 1 Year and month 500. Surplus or deficit (Ann. rate, bil. dol.) DEFENSE INDICATORS State and local government 1 501. Receipts 502. Expenditures (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 510. Surplus or deficit (Ann. rate, bil. dol.) Advance measures of defense activity 511. Receipts 512. Expenditures (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 (Mil. dol.) (Mil. dol.) (Mil. dol.) 548. Manufacturers' new orders, defense products 1986 January February March -198.6 806 1,005.'3 67! 2 613 ] 1 545! 9 28,411 30,247 30,969 12,843 9,715 13,822 185,822 188,008 190,756 9,975 9,449 11,858 April May June -234.'4 816.3 1,050! 7 6o!i 616! 6 556! 5 29,758 30,267 33,056 13,136 11,052 12,949 188,903 189,004 193,207 8,514 9,012 7,845 July August September -206!i 833^ 1,039! 7 62.7 629! 6 566.9 31,199 29,968 30,678 13,810 11,432 12,315 196,185 198,635 199,295 10,091 7,709 9,968 October November December -183!3 856!8 l,040!l 54.8 632! 9 578.1 28,383 30,341 26,583 9,450 11,866 11,581 198,408 198,337 197,769 7,508 10,426 7,763 January February March -188!3 871! 3 1,059^ 47.'7 637.5 589.9 25,911 34,669 28,986 10,617 12,546 12,167 196,585 199,440 199,308 6,129 7,650 9,769 April May June -144!6 9 2 0 .'o 1,064^0 61.4 659^3 597! 9 33,794 32,801 30,475 12,138 12,103 12,748 200,411 202,504 204,177 11,265 9,907 10,128 July August September -138!3 930'.i 1,06^4 52! 9 659! 1 606! 2 31,867 32,619 34,065 13,667 12,881 13,609 207,148 209,556 215,074 9,882 9,179 9,102 October November December -16CL4 944.4 1,104!9 49.7 666! 9 617'. 2 29,233 30,794 24,532 10,613 9,383 11,912 212,355 212,086 205,974 9,864 9,824 7,036 January February March -155.' i 9 5 1 !o 1,106.* 1 55.8 685! 5 629! 7 31,157 33,243 31,595 7,871 11,080 11,901 208,366 210,637 212,335 9,223 8,480 8,065 April May June -133.3 983.0 1,116.3 56.2 698.4 642'.1 33,172 32,294 36,167 16,222 14,301 14,580 210,520 214,223 219,469 9,871 8,215 13,829 (NA) (NA) pl ,098.9 (NA) (NA) p652! 2 29,691 p29,004 (NA) 18,794 p9,185 (NA) 219,349 p219,239 (NA) r6,995 r8,024 p7,041 1987 1988 July August September October November December See note on page 80. Graphs of these series are shown on pages 52 and 53. 1 Based on national income and product accounts. 90 O C T O B E R 1 9 8 8 »CI) OTHER IMPORTANT ECONOMIC MEASURES D GOVERNMENT ACTIVITIES—Continued Q DEFENSE INDICATORS—-Continued 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 © (Thous.) 578. Civilian, direct hire employment (Thous.) 564. Federal purchases of goods and services, national defense (Ann. rate, bil. dol.) 565. National defense purchases as a percent of GNP (Percent) 1986 January February March 178.9 178.0 178.6 31 ,682 31 ,148 31 ,963 159 ,414 160 ,355 164 ,278 20 152 21 586 23 342 8 ,, 2 7 2 8 ,, 5 0 8 7 :, 9 3 5 1, , 5 7 0 1, , 5 7 2 1:, 5 7 2 2 ., 1 5 7 2 ., 1 6 0 2 ., 1 6 0 1 ,103 1 ,087 1 ,084 266! 8 6 A April May June 179.8 180.2 180.7 32 , 0 7 2 32 , 0 8 9 32 , 1 5 6 164 ,153 164 ,405 163 ,323 22 , 1 0 1 22 , 9 2 1 21 ,954 8 ,639 8 ,760 8 :, 9 2 7 1 ,581 1 ,588 1 ,564 2 ,, 1 5 0 2 ,, 1 5 0 2 ;, 1 4 3 1 ,081 1 ,072 1 ,060 2 7 7 ^2 6.6 July August September 182.4 183.7 31 ,800 31 ,648 164 ,192 163 ,058 22 , 5 3 8 21 ,714 184.6 31 ,684 164 ,078 October November December 185.6 185.5 186.2 31 ,578 31 ,369 30 ,762 January February March 187.3 188.9 188.6 April May June 9 :, 2 2 2 1 ,592 2 ,, 1 5 0 1 ,589 1 ,590 2 ,, 1 6 1 2 ,, 1 6 9 1 ,059 1 ,052 1 ,072 288.0 6.7 2 3 :, 8 8 6 8 ,, 8 4 3 8 :, 9 4 8 1 6 2 ,, 5 7 0 163 ,442 161 ,459 2 2 ,, 3 2 4 2 1 ,, 1 6 8 2 2 :, 5 1 2 9 ,, 0 1 6 9 ,554 9 :, 7 4 6 1, , 5 9 2 1 ,591 1 ,590 2 ,, 1 7 7 2 ,, 1 8 1 2 ,, 1 7 8 1 ,069 1 ,063 1 ,059 278*. 1 6*. 5 3 1 ,, 1 2 2 3 1 ,, 2 3 3 3 1 :, 1 6 9 1 5 8 ,, 8 3 3 1 5 7 ,, 7 7 9 1 5 8 ,, 0 8 4 2 2 ,, 2 4 3 2 4 ,, 0 9 6 23;,259 8 ,, 7 5 5 8 ,, 7 0 4 9 :, 4 6 4 1 ,593 1 ,591 1 ,588 2 ,, 1 7 9 2 ,, 1 7 2 2 ,, 1 6 8 1 ,061 1 ,067 1 ,070 287! 3 6.6 189.2 189.3 188.6 3 1 ,, 5 9 7 31 ,624 31 ,709 1 6 0 ,, 3 5 8 160 ,898 1 6 1 ,, 8 1 6 2 3 ,, 5 9 3 2 2 ,, 7 6 0 24:,046 8 ,, 9 9 1 9 ,367 9 :, 2 1 0 1 ,584 1 ,587 1 ,585 2 ,, 1 5 8 2 ,, 1 5 3 2 ,, 1 5 1 1 ,072 1 ,068 1 ,070 294'.8 6.6 July August September 188.7 189.1 189.8 3 2 ,, 1 7 4 3 2 ,, 5 5 3 32:, 6 6 8 1 6 2 ,, 6 0 5 1 6 2 ,, 7 4 1 162;, 3 1 6 2 2 ,, 8 5 8 2 4 ,, 3 4 0 2 1 :, 5 1 3 9 ,, 0 9 3 9 ,, 0 4 3 9 :, 5 2 7 1 ,588 1 ,589 1 ,590 2 ,, 1 5 8 2 ,, 1 6 7 2 ., 1 7 4 1 ,074 1 ,076 1 ,090 299! 8 6.6 October November December 190.3 188.7 188.9 3 3 ,, 1 7 1 3 3 ,, 9 3 6 33;, 5 0 4 1 6 3 ,, 2 4 7 1 6 4 ,, 1 3 0 1 6 1 ,, 8 6 0 2 5 ,, 8 1 6 2 1 ,, 2 7 6 2 6 :, 3 2 9 8 ,, 9 3 3 8 ,, 9 4 1 9 :, 3 0 6 1 ,593 1 ,592 1 ,592 2 ., 1 7 2 2 ., 1 7 4 2 ,, 1 6 7 1 ,090 1, , 0 8 7 1:, 0 8 3 299! 2 6 A January February March 190.6 191.0 189.9 33 , 6 5 6 3 3 ,, 8 5 9 3 3 ,, 9 4 5 1 6 2 ,, 2 0 6 162 ,089 1 6 0 ,, 8 4 1 2 0 ,, 7 8 6 2 3 ,, 4 4 1 2 3 :, 7 5 2 8 ,, 8 7 7 8 ,, 5 9 7 9 :, 3 1 3 1 ,599 1 ,596 1, , 5 8 7 2 ., 1 6 6 2 ,, 1 6 2 2 ., 1 4 2 1 ,077 1 ,071 1 ,067 298.4 6.3 April May June 187.9 185.5 184.6 3 4 ,, 0 6 9 3 4 ,, 6 9 5 35:,328 1 6 2 ,, 1 7 1 1 6 2 ,, 0 0 9 1 6 7 ;, 1 1 7 2 6 ,, 5 4 8 2 0 ,, 1 3 0 2 3 :, 7 6 5 8 ,, 5 4 1 8 ,, 3 7 7 8 .,721 1, , 5 8 8 1, , 5 8 5 1 :, 5 8 4 2 ., 1 0 8 2 ., 1 0 0 2 ., 1 0 4 1 ,059 1 ,053 1 ,041 298.8 6.2 rl84.9 rl84.4 pl83.9 r34.,799 p34,056 (NA) r l 6 5 .,449 r l 6 4 .,449 pl62,748 2 4 ., 2 4 3 r23.,321 p20,798 r8.,663 r9,,024 p 8 ;, 7 4 2 r l ,,580 pl:,578 (NA) 2 ,, 1 1 1 r2,,122 P 2 :, 1 3 7 1 ,031 Pi ,036 1( N A ) p294.1 p6! 0 1987 1988 July August September October November December See note on page 80. Graphs of these series are shown on pages 54 and 55. R O OCTOBER 1 9 8 8 91 OTHER IMPORTANT ECONOMIC MEASURES E U.S. INTERNATIONAL TRANSACTIONS B 602. Exports, excluding military aid shipments 604. Exports of domestic agricultural products MERCHANDISE TRADE 606. Exports of nonelectrical machinery 612. General imports Year and month (Mil. dol.) (Mil. dol.) (Mil. dol.) (Mil. dol.) 614. Imports of petroleum and petroleum products (Mil. dol.) 616. Imports of automobiles and parts (Mil. dol.) 1986 January February March 18 , 5 5 7 18 , 5 2 0 17 , 9 9 9 2,320 2,283 2,135 3 ,854 4 ,294 3 ,740 30,600 28,866 29,124 4 ,, 9 7 8 4 ,254 3 ,578 5,044 5,378 5,018 April May June 18 , 7 6 2 19 , 0 2 3 20 , 0 3 8 2,043 1,960 1,819 3 ,981 3 ,644 3 ,582 30,287 29,390 29,960 2 ,, 0 8 4 2 ,718 2 ,731 5,044 5,054 5,535 July August September 19 , 7 3 1 17 , 9 7 0 18 , 2 8 2 2,062 2,231 2,111 3 ,585 4 ,091 3 ,812 30,969 30,122 31,738 2 ,483 2 ,225 2 ,435 6,242 6,280 4,909 October November December 19 , 7 2 8 19 , 2 9 5 19 , 2 5 5 2,447 2,204 2,352 3 ,, 9 3 2 4 ,, 1 3 8 4 ., 2 2 7 30,953 32,666 30,762 2 ,, 1 5 5 2 ,, 7 8 8 2 ,, 2 9 9 5,790 7,156 5,483 January February March 1 8 ,, 3 9 9 19 , 3 2 7 20;, 1 7 1 1,926 2,047 2,157 3 ., 4 5 2 4 ., 4 0 4 4 ., 0 9 8 31,666 31,825 32,271 2 ,, 2 6 9 3 ,, 5 9 8 3 ;, 5 1 3 4,882 6,322 5,329 April May June 2 0 ,, 4 0 2 2 0 ,, 2 6 0 21;,107 2,234 2,410 2,445 4 ,, 1 2 2 4 ., 1 7 6 4 ,, 3 3 8 31,978 32,514 34,418 2 ,, 8 4 2 3 ., 6 8 5 3 ., 3 7 5 5,516 6,093 5,823 July August September 22.,430 2 0 .,883 21.,810 2,956 2,520 2,625 4 ., 2 6 0 4 ., 4 2 0 4 ., 7 1 7 34,625 34,492 34,582 4 ., 1 2 5 4 ,, 5 7 4 3 ., 4 3 9 5,800 6,008 5,307 October November December 22.,074 23.,094 24.,152 2,593 2,409 2,472 4 ., 4 0 7 5 ., 3 7 1 5 ., 3 7 1 35,966 35,316 36,586 3 ., 7 8 0 3 ., 2 9 2 3 ., 1 5 8 6,776 6,342 6,560 January February March 2 4 .,488 2 4 ., 5 1 8 2 6 ,,876 2,634 2,936 3,030 5 ,, 0 4 0 5 ., 1 7 7 5 ., 4 4 2 34,258 37,729 36,644 3 ., 5 4 1 3 ., 5 3 6 3 ., 2 2 5 5,441 5,659 5,677 April May June 26.,026 2 7 .,478 2 6 .,283 3,030 3,327 3,220 5 ,, 2 8 8 5 ., 3 7 4 5 ,, 3 5 3 34,825 35,732 37,948 3 ., 2 2 6 3 ., 8 0 2 3 ., 0 6 0 6,220 5,507 5,351 r 2 6 ,,515 2 7 ,,545 (NA) 3,266 3,349 (NA) 5 ., 4 5 7 5 ., 7 7 8 (NA) 34,533 38,106 (NA) 3 ., 1 2 2 3 ., 3 6 0 (NA) 5,888 (NA) 1987 1988 July August September 5,378 October November December See note on page 80. Graphs of these series are shown on page 56. 92 OCTOBER 1 9 8 8 OTHER IMPORTANT ECONOMIC MEASURES E U.S. INTERNATIONAL TRANSACTIONS—Continued Q j GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS) Merchandise, adjusted 1 Goods and services Year and month 667. Balance 668. Exports (Mil. dol.) 622. Balance 669. Imports (Mil. dol.) (Mil. dol.) 618. Exports (Mil. dol.) Income on investment 620. Imports (Mil. dol.) 651. U.S. investment abroad (Mil. dol.) (Mil. dol.) 652. Foreign investment in the United States (Mil. dol.) 1986 January February March -29,485 93,067 122,552 -35,433 54,il3 89,546 24,352 17,357 April May June -29,629 94,088 123,717 -33,861 56,946 90,807 22,248 17,533 July August September -31,288 93,493 124,781 -36,721 56,268 92,989 21,845 15,729 October November December -33,118 94,408 127,526 -38,532 56,642 95,174 21,667 16,350 January February March -34,657 98,907 133,564 -39,871 56,791 96,662 24,79i 19,715 April May June -37,727 100,353 138,080 -39,552 59,864 99,416 22,429 20,737 July August September -38,987 106,318 145,305 -39,665 64,902 104,567 23,289 22,222 October November December -29,150 119,247 148,397 -41,192 68,01.3 109,205 33,248 20,709 -33,817 121,122 154,939 -35,184 75,300 110,484 26,554 25,395 p-30,429 pl23,284 pl53,713 p-29,937 p79,665 pl09,602 p23,429 p25,176 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 1987 1988 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. balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department of Defense purchases (imports). IMJlO C T O B E R 1 9 8 8 93 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS Q Year and month 47. United States, index of industrial production (1977 = 100) 721. OECD 1 European countries, index of industrial production (1977 = 100) 728. Japan, index of industrial production (1977 = 100) INDUSTRIAL PRODUCTION 725. West Germany, index of industrial production (1977 = 100) 726. France, index of industrial production 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) 1986 January February March 126.4 125.5 123.9 112 113 112 144.6 144.8 144.8 113 113 113 107 105 105 108 110 109 108.4 110.9 113.8 126.2 126.3 123.3 April May June 124.7 124.3 124.1 115 111 114 144.4 144.2 144.5 117 112 116 109 104 108 111 109 109 114.9 108.7 113.9 128.1 124.8 123.0 July August September 124.8 124.9 124.5 115 114 114 144.2 141.9 145.8 117 114 114 109 109 109 111 111 111 111.1 124.3 123.9 124.3 October November December 125.3 125.7 126.8 114 114 113 143.8 141.9 142.0 114 114 112 109 107 107 111 111 110 111.0 112.2 111.1 125.1 124.9 126.8 January February March 126.2 127.1 127.4 112 115 115 141.3 140.8 142.8 111 114 114 105 109 109 110 112 112 111.8 115.2 117.6 126.2 127.6 128.8 April May June 127.4 128.2 129.1 115 116 116 141.7 139.5 144.7 116 116 114 108 110 111 112 112 112 115.5 119.7 116.2 128.9 129.6 130.3 July August September 130.6 131.2 131.0 rll6 rll6 116 145.9 145.9 148.2 113 117 116 110 110 111 rll5 rll7 rll5 115.6 110.8 115.1 130.9 133.6 134.1 October November December 132.5 133.2 133.9 rll8 118 117 150.7 151.1 152.9 117 117 117 111 111 112 rll7 rll6 rll7 120.1 118.7 114.0 135.5 136.5 136.9 January February March 134.4 134.4 134.7 rl20 rll8 rl20 153.5 157.7 158.0 117 118 118 112 112 112 rll8 rll6 rll7 124.2 118.9 119.2 137.9 rl37.5 rl38.1 April May June 135.4 136.1 136.5 rl20 rll8 pl21 156.8 153.2 rl58.3 117 118 rl21 111 112 p l 14 rll8 118 rll8 121.5 rll8.3 120.1 rl38.2 rl39.9 rl40.0 rl38.1 rl38.3 pl38.3 (NA) pl56.2 (NA) p l 19 (NA) (NA) p l 19 (NA) pl23.6 (NA) pl39.3 (NA) 110.0 109.8 1987 1988 July August September October November December See note on page 80. Graphs of these series are shown on page 58. Organization for Economic Cooperation and Development. 94 O C T O B E R 1 9 8 8 ltd) OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Continued Q United States Year and month 320. Index © ( 1 9 8 2 - 8 4 = 100) CONSUMER PRICES Japan 320c. Change over 6-month spans 1 (Ann. rate, percent) 738. Index © (1982-84=100) 738c. Change over 6-month spans 1 (Ann. rate, percent) 735. Index © (1982-84 = 100) United Kingdom France West Germany 735c. Change over 6-month spans 1 (Ann. rate, percent) 736. Index ® (1982-84 = 100) 736c. Change over 6-month spans 1 (Ann. rate, percent) 732. Index © (1982-84 = 100) 732c. Change over 6-month spans 1 (Ann. rate, percent) 1986 105.0 January February March 109. 6 109. 3 108. 8 0. 6 -0. 2 0. 0 104.9 104.8 1. 2 0. 4 0. 0 105. 5 105. 2 104. 9 -0. 4 -0. 8 -1. 3 116. 1 115. 9 116. 1 1. 4 1. 2 1. 2 113.1 113. 5 113. 7 3.2 2.9 1.8 April May June 108 6 108 9 109 5 -0. 5 0. 4 1. 7 105.1 105.4 104.9 -0. 6 0. 0 -0 6 1 0 4 . ,9 1 0 4 . ,9 1 0 5 . ,0 -1. 9 -1. 1 -0. 6 116. 6 116. 9 117. 2 1. 6 2. 4 3. 3 1 1 4 .,8 115. 0 1 1 4 . ,9 1.1 1.1 2.1 July August September 109 5 109 7 1 1 0 . ,2 2. 6 2. 8 2. 2 104.6 104.4 104.9 -1. 7 -0 4 -0.6 1 0 4 . ,5 1 0 4 . ,2 1 0 4 . ,4 -1. 1 -1. 5 -0. 8 117. 4 117.5 118.0 2. 9 2. 9 3. 1 114. 6 114. 9 115. 5 2.8 4.2 5.9 October November December 1 1 0 .,3 1 1 0 .,4 1 1 0 .,5 3. 7 4. 1 4. 4 105.0 104.5 104.3 -1. 9 - 2 . ,3 - 0 . ,2 104.,1 1 0 4 .,0 1 0 4 .,2 0. 0 0. 2 0.0 118. 2 1 1 8 . ,4 1 1 8 .,5 4. 5 4 .,3 3 ..6 1 1 5 . ,7 1 1 6 . ,7 117.,1 6.8 6.9 5.6 January February March 111.2 1 1 1 .,6 112.,1 5. 0 5. 1 5. 3 103.9 103.9 104.3 2.3 0 .,4 1 ., 3 104,.6 1 0 4 ,.7 1 0 4 ,.7 1. 2 1. 5 1. 2 119.6 119.,8 120.,0 4 ., 1 4 ,. 1 3 ,, 4 117,.5 118,.0 1 1 8 ,.2 5.4 3.8 2.4 April May June 1 1 2 ,.7 1 1 3 ,. 1 113.5 4. 4 4 . ,5 4 .,1 105.2 105.4 105.2 2 ., 1 3 ,,3 1, . 9 1 0 4 ,.9 1 0 5 ,.0 105.2 1. 7 1. 7 1 ., 0 1 2 0 .,6 120.,9 1 2 1 ,. 1 2 ,. 4 2 ,J 2 ,. 5 119,.6 1 1 9 ,.7 1 1 9 ,.7 2.2 2.0 2.7 July August September 1 1 3 ,. 8 1 1 4 ,. 4 1 1 5 ,. 0 3 .,9 3 .,7 3 .,6 104.7 104.8 105.7 - 0 ,.9 1, . 0 0 ,. 0 1 0 5 ,. 2 1 0 5 ,. 1 1 0 4 ,. 9 0 ..8 0 .,4 0 .,8 1 2 1 ,.4 1 2 1 ,.7 1 2 1 ,.7 2 ,. 3 2 ,. 3 2 ,. 8 1 1 9 ,.6 1 2 0 ,. 0 1 2 0 ,. 3 3.7 4.6 4.8 October November December 1 1 5 ,. 3 1 1 5 ,. 4 1 1 5 ,. 4 3 .,7 3 .,2 3 ,. 7 105.7 105.2 105.1 0 ,. 0 - 1 .7 -0 .4 105 .0 1 0 5 ,. 0 105 .2 - 0 . ,2 0 .,0 1, . 0 1 2 2 ,. 0 1 2 2 ,.2 1 2 2 ,.2 2 ,. 2 2 .1 2 .5 1 2 0 ,. 9 1 2 1 ,.5 1 2 1 ,. 4 4.2 4.2 4.0 January February March 1 1 5 ,. 7 1 1 6 ,. 0 116 .5 3 .9 4 .0 4 .4 104.8 104.6 105.0 1 .3 - 0 .2 0 .2 105 . 4 105 .6 105 .7 1 .1 1 .7 1, . 3 122 .4 122 .7 123 . 0 2 .6 2 ,. 6 2 ,. 5 121 .4 121 .9 122 .3 3.8 3.8 4.6 April May June 117 . 1 117 .5 118 .0 4 .5 5 .1 105.5 105.6 105.4 0 ,. 8 2 .1 (NA) 106 .0 106 .2 106 .3 1 .. 9 2 .3 1 2 3 ,. 6 123 .9 124 .3 3 .,3 3 ,. 4 124 .3 124 . 8 1 2 5 ,. 3 5.7 7.5 8.3 July August September 118 .5 119 . 0 119 . 8 1987 1988 4 .7 105.2 105.5 (NA) 106 .2 106.3 106.3 1 .9 1 2 4 ,.7 125 . 1 (NA) (NA) 125 .4 126 .8 127 .4 October November December See note on page 80. Graphs of these series are shown on page 59. x Changes over 6-month spans are centered on the 4th month. I M J l OCTOBER 1 9 8 8 95 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Continued Q CONSUMER PRICES-Continued Italy Year and month 737. Index © STOCK PRICES 733c. Change over 6-month spans 1 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 spans 1 733. Index © 100) (1982-84= (Ann. rate, percent) (1982-84=100) 1986 January February March 125 . 9 126 .8 127 .2 6.8 6.6 5.3 111 4 111 8 112 1 4.4 4.8 2.9 226.5 238.6 252.7 936,.5 964.8 1 :, 0 5 2 . 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 127.6 128 1 128 6 5.5 5.5 4.8 112 2 112 8 112 9 3.2 3.6 3.6 258.9 259.4 266.8 1,, 1 1 6 , . 7 1,, 1 4 4 , . 6 1 :, 2 0 3 . . 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 128 6 128 8 1 2 9 ,. 2 4.0 3.3 3.4 113.8 114 1 114.. 1 4.5 4.5 5.4 261.3 266.5 259.2 1,, 2 6 2 . . 7 1,, 3 5 4 . 5 1 ;, 3 6 1 . , 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 1 2 9 ,. 9 1 3 0 ,. 4 1 3 0 ,. 8 3.9 3.0 3.7 1 1 4 ..7 115..3 115..5 4.3 4.1 4.8 258.2 266.6 270.4 1,, 2 8 0 . 3 1,, 2 9 7 . , 0 1 ;, 4 0 6 . 4 322.1 325.2 331.9 609.7 616.6 652.2 7 5 0 ..7 774.,1 7 7 9 .,4 557.1 546.3 514.8 343.4 344.3 346.5 January February March 131.6 132.. 1 132..6 4.2 4.7 4.5 115.,8 116.3 116.8 4.4 4.7 4.2 287.7 305.6 318.1 1,, 4 9 2 . 7 1,, 5 7 7 . , 3 I, , 6 7 5 . , 5 308.8 285.2 288.5 642.1 660.1 708.1 8 4 1 .,0 9 1 7 .,9 973.,1 526.7 502.9 501.9 378.4 395.4 422.5 April May June 132.,9 133.,4 133..9 4.8 5.9 6.5 1 1 7 .,3 118.0 118.3 5.1 5.2 4.7 314.7 314.5 327.8 1., 8 5 6 . , 7 1., 9 3 7 . 3 304.2 302.3 313.7 725.9 703.6 664.6 957.2 1 , 0 4 2 .,0 1 :, 0 9 8 . , 5 533.2 533.4 p521.5 420.0 416.4 422.6 July August September 134..3 6.8 1 1 9 .,2 4.5 337.3 134.,6 135.,6 6.4 5.5 1 1 9 .,3 1 1 9 .,3 3.8 4.1 358.3 346.6 1., 8 0 6 . , 9 1., 9 0 2 . , 6 327.7 340.7 330.0 691.9 704.9 729.8 1 , 1 5 5 . .7 1 , 1 0 2 . .2 1 , 1 2 1 .,9 494.8 466.0 451.9 455.4 451.3 440.9 October November December 136.,8 1 3 7 .,2 137.,4 5.1 4.0 3.4 1 1 9 .,7 1 2 0 . ,2 1 2 0 . ,3 3.1 2.9 3.5 304.8 266.5 262.1 1., 8 3 1 . , 8 1., 6 7 6 . , 8 632.8 508.5 484.6 1:, 0 2 8 . , 6 1 :, 6 5 4 . , 9 306.1 234.2 224.2 7 9 5 .,0 8 1 0 . ,9 450.0 366.9 361.0 341.2 336.5 357.1 January February March 138.,1 1 3 8 .,5 139.,1 3.5 3.5 4.0 1 2 0 . ,5 1 2 1 . ,0 1 2 1 . .6 3.5 4.4 4.0 272.5 280.8 289.1 1., 6 5 4 . , 9 1., 7 9 7 . , 4 1,, 9 0 9 . , 4 213.0 223.3 237.7 465.0 501.6 510.3 864. 2 859. 2 8 8 9 . ,1 349.1 334.1 377.2 345.4 362.1 374.4 April May June 1 3 9 . ,6 140.0 140.4 4.5 5.9 5.9 122. 0 122. 8 122. 9 4.5 5.2 4.5 285.7 278.6 294.4 1 ,, 9 6 0 . 5 1 ,, 9 6 2 . 2 1 ,, 9 7 8 . 5 235.9 230.4 246.1 523.5 545.7 609.1 880. 3 879. 1 907. 5 383.5 359.7 372.8 377.4 367.1 388.9 July August September 1 4 0 .,8 141..4 142.,1 1., 9 7 1 . ,2 253.2 (NA) 9 3 3 .,1 9 0 9 , ,2 (NA) 399.9 416.6 rp412.8 381.6 371.3 371.0 p450.8 p382.9 1987 1 :, 9 6 5 . , 7 1 :, 8 8 8 . , 0 1988 123. 7 124. 1 124.,1 October November December 292.7 286.9 291.5 rpl,958.3 632.2 618.6 636.0 p300.3 pi,943.3 p677.5 1 ;, 9 8 7 . . 1 See note on page 80. of these series are shown on page 59. 1Graphs Changes over 6-month spans are centered on the 4th month. 96 O C T O B E R 1 9 8 8 ltd) APPENDIXES B. Current Adjustment Factors Jan. Feb. 144 5 104 2 91.,4 92. 1 82. 7 89..1 105.8 85.6 81.,4 95 8 99 2 113.,5 104.2 102.0 107..1 93.3 100. 9 100 5 100 4 101..3 100. 9 100.,8 100,.3 99.5 517. Defense Department gross obligations 1 incurred 107 2 92 7 107.,0 91. 2 80.,2 87,.3 525. Defense Department prime contract awards 117.,1 95..8 117..9 81. 1 69.,1 543. Defense Department gross unpaid obligations outstanding 103.,5 103..4 103.0 102. 6 100.,1 99..8 99..7 99.,4 99.,5 92.,5 5. Average weekly initial c l a i m s , State unemployment insurance 13. New business i n c o r p o r a t i o n s 1 72. Commercial and industrial loans 2 outstanding in current d o l l a r s 570. E m p l o y m e n t , defense products industries 578. Defense Department civilian direct hire employment . . Mar. Apr. May June July Aug. Sept. Nov. Dec. 91..5 103. 7 128.,0 96.,2 96..4 91. 7 104.,6 98.,9 98..6 99,.0 99.7 100.2 91.5 91. 0 132.,0 99,.8 105. 3 115.,4 84,.7 86.2 92.0 205.,4 54,.2 92.6 102..8 100.,4 98..3 97.0 95. 1 97.,6 98..1 100. 2 100.,9 99. 7 99.,5 99,.9 100.0 99. 9 100.,2 100..2 100. 4 100.,5 99.,6 99. 8 100. 3 100..8 101.5 101. 0 99.,0 99..5 9 9 .8 99.,9 98,.4 108.,3 98. 4 100.,7 103,.4 98.4 101. 9 102..0 93,.3 98.7 107..7 109.,2 107,.5 109.,8 100. 8 89.,3 83..1 80.3 85.9 88.,9 106..8 119. 3 119.,7 98.1 95,.0 111..6 101. 3 103.1 102,.8 95.3 95. 8 96.,9 104,.2 98. 6 97.,4 92.,3 98..4 91.,4 94. 5 95.4 107..7 99.8 100. 8 103.,2 105..4 107. 9 103.,4 100.,8 102..9 107..5 99. 8 108.,6 114..2 93.2 87.9 89.,0 99..5 103. 1 96.,3 Oct. personnel, 580. Defense Department net o u t l a y s 1 6 0 4 . Exports of domestic agricultural products . 6 0 6 . Exports of nonelectrical machinery 6 1 4 . Imports of1 petroleum and petroleum products 616. Imports of automobiles and p a r t s 1 . . . . NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis rather than by the source a g e n c y . Seasonally adjusted data prepared by the source agency will be used in BUSINESS CONDITIONS DIGEST whenever they are a v a i l a b l e . For a description of the method used to compute these f a c t o r s , see Bureau of the Census Technical Paper No. 1 5 , THE X-ll VARIANT OF THE CENSUS METHOD II SEASONAL ADJUSTMENT PROGRAM. f a c t o r s are the products of seasonal and trading-day factors. T h e s e factors apply only to the loans portion of this series. 2 97 C. Historical Data for Selected Series—Continued Year 26. I Q 50. 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 1988 195 4 1955 1956 1957 195 8 1959 196 0 196 1 196 2 1963 196 4 1965 1966 1967 196 8 1969 197 0 197 1 1972 1973 197 4 1975 1976 1977 197 8 197 9 1980 198 1 1982 1983 198 4 1985 1986 1987 198 8 9 7 , .7 1 0 0 , .5 9 8 ,.4 9 8 ,.3 9 7 . .5 1 0 0 ..4 97 ..6 9 8 ,.0 9 8 . .2 1 0 0 ,.0 1 0 0 , .6 1 0 1 ,. 4 1 0 1 ,.1 1 0 0 , .7 1 0 1 ,.2 9 9 ,.3 9 7 ,. 4 9 8 , .5 9 8 ,.8 9 7 . .7 9 6 . .2 9 8 ,.8 9 9 ,.8 1 0 0 ,.2 9 9 ,.9 9 7 , .7 95 ,. 8 97 ,. 3 9 5 ,.7 9 8 ,. 1 9 9 ,. 4 9 9 ,.5 9 9 ,.9 9 9 ,.4 9 7 ,.0 1 0 0 ,.2 9 9 ,. 1 9 8 ,.7 9 6 ,.7 99 ,. 6 9 8 ,. 8 9 6 ,.6 9 9 ,. 0 9 9 ,. 4 1 0 0 ,.6 1 0 1 ,.6 1 0 1 ,.9 1 0 0 ,.6 1 0 0 ,.7 9 9 ,. 8 9 6 ,. 3 9 8 ,.5 9 8 ,. 7 9 9 ,. 0 96 ,. 7 97 ,. 2 1 0 0 ,. 0 9 9 ,.5 9 8 ,.5 9 8 ,. 2 9 6 ,.7 9 7 ,.7 9 5 ,. 8 96 ,. 2 9 8 ,. 7 9 9 ,. 1 1 0 0 ,. 1 9 8 ,. 8 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 197 0 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 50C. IV Q II Q Year Annual 30. R A T I O , I M P L I C I T PRICE DEFLATOR TO UNIT LABOR COST, NONFARM BUSINESS SECTORl (INDEX: 1977=100) GROSS NATIONAL (ANNUAL RATE, 1 4 0 6 ,. 8 1 4 6 9 , .6 1 5 1 5 ,. 7 1 5 5 3 ,.3 1 5 0 6 ,. 1 1 6 0 6 ,.4 1 6 7 1 , .6 167 1,. 3 1 7 7 7 ,. 9 1 8 3 4 , .6 1 9 4 8 ,.7 2 0 3 6 ,.9 2 1 9 0 ,. 1 2 2 4 1 ,.8 2 3 2 7 ,. 3 2 4 1 6 , .5 2 4 0 8 , .6 2 4 7 8 . .6 2 5 4 5 , .6 2 7 3 4 ,.0 2 7 4 7 ,. 4 2 6 4 2 , .7 2 8 0 4 ,.4 2 8 9 6 ,. 0 3 0 2 0 . .5 3 1 8 1 . ,7 3 2 3 3 . .4 3 2 6 1 ., 1 3 1 7 0 ., 4 3 1 8 6 . .6 3 4 5 1 ..7 3 5 7 7 . ,5 3 7 1 9 ,.3 3 7 7 6 . .7 PRODUCT IN 1 9 8 2 DOLLARS B I L L I O N S OF DOLLARS) 1 4 0 1 ,.2 1 4 8 5 ,. 7 1 5 2 2 ,.6 1 5 5 2 ,.4 1 5 1 4 , .2 1 6 3 7 ,.0 1 6 6 6 ,.8 1 6 9 2 ,.1 1 7 9 6 ,. 4 1 8 6 0 ,.0 1 9 6 5 ,.4 2 0 6 6 ,. 4 2 1 9 5 ,.8 2 2 5 5 ,. 2 2 3 6 6 ,.9 2 4 1 9 ,.8 2 4 0 6 ,.5 2 4 7 8 ,.4 2 5 9 5 ,.1 2 7 4 1 ,.0 27 55 ,. 2 2 6 6 9 ,.6 2 8 1 6 , .9 2 9 4 2 ,. 7 3 1 1 5 , .9 3 1 7 8 , .7 3 1 5 7 ,.0 3 2 5 0 , .2 3 1 7 9 , .9 3 2 5 8 ,.3 3 4 9 8 ,.0 3 5 9 9 ,.2 3 7 1 1 , .6 3 8 2 3 ,.0 PERCENT CHANGE IN GROSS DOLLARS (ANNUAL - 5 .4 8.9 -0.8 3 .3 - 7 .9 5 . 1 7 .0 4 .2 5 .3 5 .5 9 .2 9 .0 8.2 2 .3 4.7 5 .7 - 2 .4 11 .2 9 . 1 9 .7 - 2 .2 - 7 .6 7 .7 5 .6 3 .6 0.0 4. 1 8.0 - 5 .9 3 .5 10.7 4.9 6 .4 4.6 9 9 ,.1 1 0 0 ,.2 9 8 ,.3 9 7 ,.7 9 9 , .2 9 8 , .6 96 ,.6 9 9 ,. 0 9 9 ,.8 1 0 0 , ,2 1 0 0 ,. 4 1 0 2 ,. 2 1 0 1 ,.1 1 0 1 ,. 3 1 0 0 ,.2 97 ,. 5 97 ,. 3 9 9 ,. 0 9 9 ,. 6 9 7 ,.5 9 6 ,.3 9 9 ,.8 9 9 ,. 1 9 9 , .6 9 9 ,. 4 9 6 ,. 3 9 6 ,. 4 96 ,. 9 9 5 ,. 4 9 8 ,. 7 9 9 ,. 2 9 9 ,. 0 9 8 ,. 5 9 9 ,. 1 9 8 ,.1 1 0 0 , .7 9 8 ,. 0 9 8 ,.3 9 7 ,.7 9 8 ,.8 97 ,.2 9 8 ,.4 99 ,. 2 1 0 0 ,. 4 1 0 0 ,. 8 1 0 2 ,. 0 1 0 0 , .6 1 0 0 ,.9 1 0 0 ,.7 9 8 ,.5 9 7 ,. 4 9 9 ,. 0 9 8 ,.9 97 ,. 1 9 6 ,.1 1 0 0 ,.2 9 9 ,.3 1 0 0 ,.7 9 9 ,.6 97 ,. 1 9 5 ,. 8 97 ,. 9 9 5 ,. 3 9 8 ,.7 9 9 ,. 1 9 9 ,. 8 9 9 ,. 7 9 9 ,.9 NATIONAL PRODUCT RATE, PERCENT) - 1 .6 4.4 1 .8 -0.2 2 .2 7 .8 -1 . 1 5 .1 4.2 5 .7 3.5 5 .9 1 .0 2 .4 7.0 0.5 -0.3 0.0 8.0 1 .0 1. 1 4. 1 1 .8 6 .6 13.2 -0.4 -9 . 1 -1.3 1 .2 9.3 5 .5 2 .4 -0.8 5 .0 4.9 5 .4 0.3 2 .4 9 .8 - 1 .8 0.4 5 .8 3.8 7 .2 4. 1 6 .5 4.2 5 .9 3. 1 2 .2 5 .0 2 .1 4.2 -0.4 -5 . 1 7 .0 1 .7 8.3 3 .5 3.7 0.3 1.8 - 3 .2 6 .0 2 .6 4. 1 1.0 4.5 IN 1982 98 1959 101.2 100.9 100.7 98.8 97.1 98.8 99.0 97.8 96 . 3 99.0 99.6 1974 1975 100.0 99.4 97.3 96 . 2 97 . 4 95.6 97 . 9 99.1 99.4 99.6 99.3 5 OB. 1954 1955 1956 1957 1958 1959 1960, 1961 1962 1963, 1964 1965 1966 1967, 1968 1969 197 0, 1971 1972 1973 1974 1975 1976 1977 1978, 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 PERCENT 61. 0.0 7 .7 3 .6 -3.5 5 .7 4.0 - 1 .0 5 . 1 -0.8 5 .2 -5.5 0.6 7 .3 1 .7 3 .0 1 .4 6 .1 - 1 .3 5 .6 2 .1 1 .7 -0.8 5 .8 2.2 2 .6 5 .3 4.1 5 .3 5 .8 5 .8 2 .9 4.1 2 .4 -0.3 2.8 5 .0 5 .2 -0.5 - 1 .3 4.9 4 .7 5 .3 2.5 -0.2 1.9 - 2 .5 3.6 6 .8 3 .4 2 .8 3 .4 - 5 ,.8 1 6 ,. 4 1 1 ,. 2 7 ,. 3 1 ,. 5 4 . .5 1 0 ,. 8 17, 1 8 ,. 4 2 0 , .2 1 3 ,. 8 2 5 ,. 4 3 3 ..9 3 1 ..1 2 3 , .2 2 9 . .2 1 6 ., 1 2 0 , .6 3 2 ,.4 3 0 ..1 1 8 . .8 - 3 . .4 2 3 . .7 4 4 . .7 3 3 ..1 1 0 . .9 - 2 9 . .5 3 5 . .7 - 9 ..4 .0 6 0 . .9 - 4 ..0 3 .. 0 1 3 ,. 0 1, - 1 9 ,.8 3 0 ,.8 - 3 ,.0 1 2 , .7 - 3 1 , .2 1 9 , .7 2 8 . .2 17 ,.2 2 3 ..0 2 4 . .5 4 2 , .6 4 3 , .2 4 2 , .5 1 2 , .6 2 6 . .7 3 3 , .5 - 1 4 , .9 6 4 ,.8 5 4 , .6 6 2 , .7 - 1 5 ,.4 - 5 2 , .7 5 1 , .7 3 9 ,.2 26 .. 4 0,. 1 3 2 ,.1 6 1 ,.9 - 4 8 , .6 27 ,. 3 8 6 , .6 4 2 ,. 3 5 6 ,.9 4 2 ,. 0 .1 -1. 1, .6 1 9 ,. 4 11 . 1 - 7 ,.8 1 2 ,. 9 1 9 ,. 3 - 1 3 ,.9 17 ,. 4 7 ,. 5 1 0 ,. 7 1 6 ,. 9 1 9 ,. 2 4 4 ,. 0 2 9 ,. 3 1 0 ,. 5 2 1 ,.9 .0 .0 2 1 ,. 0 5 6 ,.3 4 1 , .5 4 ,. 4 1 1 , .6 2 1 , .7 4 1 ,.3 - 7 , .6 - 4 , .5 1 0 , .6 - 5 9 ,.3 27 ,. 0 4 1 , .7 7 ,. 7 - 1 0 , .5 6 7 ,. 1 1, 1, - 5 ,.6 1 6 .. 1 6 ,. 9 - 0 , .9 8 ,. 1 3 0 , .6 - 4 ,.8 2 0 ,.8 1 8 ,. 5 25 ,. 4 1 6 , .7 2 9 , .5 5 . .7 1 3 ,. 4 3 9 , .6 3 ,. 3 - 2 ,.1 - 0 ,.2 4 9 , .5 7 ,. 0 7 ,. 8 26 ,. 9 1 2 ,. 5 4 6 ,.7 9 5 ,.4 - 3 ,.0 - 7 6 ,.4 - 1 0 , .9 9 , .5 7 1 ,.7 4 6 ,.3 2 1 ,.7 - 7 ,.7 46 ,. 3 1 6 ,. 8 1 9 ,. 8 1,. 1 9 ,. 1 35 . 8 - 7 ,.5 1,. 6 2 4 ,. 2 1 6 ,. 7 3 2 ,.5 1 9 ,. 8 3 2 ,. 9 2 2 ,.5 3 2 ,.5 1 8 ,. 4 1 3 ,. 4 2 9 ,. 3 1 2 ,. 7 27 ,. 0 - 2 ,.7 - 3 5 ,.9 45 . 3 11 . 7 59 . 1 2 6 ,.7 2 8 ,.7 2 ,. 1 14 . 4 - 2 5 ,. 4 4 8 ,. 1 22 .6 3 6 ,. 6 9 .7 42 .3 - 4 , .8 1 6 .. 3 1 2 , .9 3 ,. 0 - 3 ,.4 1 6 ,. 5 7 ,. 7 7 ,. 3 1 6 ,. 2 1 6 ,. 6 1 5 ,. 7 2 5 ,,2 3 6 ,.9 2 8 ,.8 2 1 ,. 0 25 ,. 1 8 . .2 1 9 , .6 2 1 ,.8 4 0 ..0 3 3 ..3 - 1 2 .. 8 2 2 .. 1 2 9 . .1 3 6 . ,8 1 5 .,0 - 6 . ,9 2 3 . .9 - 2 4 . ,5 - 6 .,4 6 2 . .3 9 ..1 1 5 .. 4 3 4 ..4 DIFFERENCE 2 2 0 ,.8 1 3 ,. 2 1 6 ,. 9 - 2 4 ,.2 3 6 ,.7 1 3 ,. 9 - 1 4 ,.3 - 1 9 . .1 7 8 ..7 3 0 , .7 25 ..5 - 1 1 . .9 8 9 . ,9 3 6 . .2 3 8 , .6 - 3 ,.0 1 3 , ,6 8 . ,5 4 8 ,.3 1 0 , .9 1 2 ,.9 - 2 , .3 - 9 , .7 - 2 2 ,.0 - 0 ., i 4 9 . .2 2 4 , .5 - 2 3 , .9 3 7 ,. 8 2 8 ,. 2 - 7 ,. 7 3 9 ,. 0 - 6 ,.1 4 0 ,.1 - 4 5 ,.6 4 ,. 8 5 8 ,.7 1 4 ,. 6 2 6 , .6 1 3 ,. 4 57 ,.7 4 3 ..4 9 0 ,.7 7 3 ,.9 1 0 0 ,.0 1 1 4 ,.3 1 2 0 ,.7 6 3 ,.1 9 4 ,.2 57 ,. 7 - 7 ,.1 6 8 ,.6 1 2 3 ,.7 1 3 5 , .6 - 1 4 ,.8 - 3 4 ,.3 1 3 1 ,.7 1 3 1 ,, 9 1 5 6 ,. 6 7 7 ,. 2 - 5 ,. 3 6 1 ,.7 - 8 2 ,. 8 1 1 3 ,. 1 2 2 2 ,. 3 1 1 7 ,.3 1 0 3 ,.0 1 2 5 ,. 3 : EQUIPMENT 6.0 3.6 4.5 -6 . 1 9 .8 3 .5 -3.4 9 .3 -0.7 2 .9 1 .7 9 .5 2 .0 2 .3 -0.4 - 1 .6 -3.6 - 7 .7 17 . 8 12 . 3 6 .1 - 1 2 ,. 8 27 ,. 6 7 ,. 3 .7 1 6 ,. 7 1 8 ,. 6 1 5 ,. 3 2 3 ,. 9 3 3 ,. 8 1 8 ,. 1 3 1 ,. 4 2 2 ,. 9 1 0 ,. 0 2 5 ,. 2 2 5 ,.6 3 9 ,.6 3 7 ,.5 - 3 0 ,.3 2 9 ,.0 25 ,. 9 4 1 ,. 1 3 2 ,. 8 2 ,. 3 2 1 ,.8 - 5 ,. 4 - 9 ,. 3 6 3 ,.2 1 6 ,. 9 2 3 ,.6 27 ,. 8 Annual DOLLARS CHANGE IN GROSS NATIONAL PRODUCT IN 1 9 8 2 DOLLARS (ANNUAL RATE, B I L L I O N S OF DOLLARS) 1 4 1 6 ,. 2 1 4 9 4 ,.9 1 5 2 5 ,. 6 1 5 5 1 ,. 1 1 5 3 9 ,.2 1 6 2 9 ,. 1 1 6 6 5 ,. 3 17 0 8 ,. 7 1 7 9 9 ,. 4 1 8 7 3 ,.3 1 9 7 3 ,.3 2 0 8 7 , .6 2 2 0 8 ,. 3 2 2 7 1,. 4 2 3 6 5 ,.6 2 4 2 3 ,.3 2 4 1 6 ,.2 2 4 8 4 ,. 8 26 0 8 ,. 5 2 7 4 4 ,. 1 27 2 9 ,. 3 2 6 9 5 ,. 0 2 8 2 6 ,. 7 2 9 5 8,. 6 3 1 1 5 ,.2 3 1 9 2 ,.4 3 1 8 7 ,.1 3 2 4 8 ,.8 3 1 6 6 ,.0 3 2 7 9 ,. 1 3 5 0 1 ,.4 3 6 1 8 ,.7 3 7 2 1,. 7 3 8 4 7 ,. 0 N1 O T E : U n l e s s o t h e r w i s e n o t e d , t h e s e s e r i e s c o n t a i n r e v i s i o n s b e g i n n i n g w i t h 1 9 8 5 . T h i s series contains revisions beginning with 1984. Y e a r - t o - y e a r differences and percent changes are computed from annual d a t a . 2 - 7 .2 1 1 ,. 7 1 7 ,. 1 6 ,. 5 - 1 5 ,.2 1 4 ,. 6 2 6 ,.7 - 7 ,. 1 2 2 ,. 0 1 7 ,. 0 1 6 ,. 9 3 2 ,. 3 3 5 ,. 7 3 6 ,. 6 1 9 ,. 1 26 ,. 6 5 ,. 8 3 1 ,. 7 8 ,. 1 3 4 ,. 1 3 5 ,.3 - 2 1 ,.8 2 4 ,.4 2 4 , .2 3 1 , .6 2 3 ,.9 4 ,. 1 27 ,. 3 - 2 4 ,.0 - 4 2 ,.3 8 3 ,. 4 1 5 ,. 8 4 5 ,.7 2 9 ,. 8 100.0 100.6 101.8 AVERAGE 1 4 3 8 ,.8 1 5 1 8 ,.7 1 5 4 0 ,.6 1 5 3 7 ,.3 1 5 8 6 ,.7 1 6 4 3 ,. 4 1 6 5 4 ,.1 1 7 5 4 ,.9 1 8 1 0 ,.1 1 9 0 6 ,. 1 1 9 9 3 ,.7 2 1 4 7 ,.6 2 2 2 9 ,.2 2 3 0 0 , .6 2 3 8 3 ,. 0 2 4 2 3 ,.5 2 4 1 3 ,.8 2 4 9 1 ,.0 2 6 7 1,. 3 2 7 6 2 ,.8 2 6 9 5 ,. 4 2 7 5 2 ,.7 2 8 5 6 ,.8 2 9 9 4 ,. 1 3 1 8 1 , .6 3 2 0 1 ,.3 3 1 9 9 ,.2 3 2 1 9 ,.0 3 1 5 9 ,.3 3 3 6 5 ,. 1 3 5 3 5 ,.2 3 6 6 2 ,. 4 3 7 3 4 ,.7 3 9 2 3 ,. 0 1 4 1 8 ,.0 1 5 0 5 ,. 5 1 5 2 3 ,.7 1 5 6 1 ,.5 1 5 5 0 ,.0 1 6 2 9 ,.5 1 6 6 8 ,.4 1 7 1 6 ,.3 1 8 1 3 ,. 1 1 8 9 2 , .5 1 9 8 5 ,. 2 2 0 9 9 ,.3 2 2 1 8 ,.3 2 2 8 7 ,.7 2 3 8 5 ,. 3 2 4 3 3 ,.2 2 4 3 5 ,. 8 2 4 9 1 ,.1 2 6 2 2 ,. 1 27 3 8 ,. 3 2 7 1 9 ,.3 27 1 4 ,. 9 2 8 2 8 , .6 3 0 0 1 ,.8 3 1 4 2 , .6 3 2 0 7 ,. 4 3 1 5 9 ,.1 3 2 6 4 , .6 3 1 5 4 , .5 3 3 0 6 ,.4 3 5 2 0 , .6 3 6 3 5 ,.8 3 7 2 1,. 3 3 8 6 5 ,. 3 98.0 100.4 98.4 98.2 97.8 99.4 97.6 98.0 99.0 IV Q II Q CHANGE IN BUSINESS INVENTORIES IN 1 9 8 2 (ANNUAL RATE, B I L L I O N S OF DOLLARS) 1954. 1955 . 1956 . 1957 . 1958. 1959 . 1960. 1961. 1962 . 1963 . 1964. 1965 . 1966 . 1967 . 1968. 1969 . 197 0 . 197 1 . 1972 . 197 3 . 1974. 1975 . 1976 . 197 7 . 1978. 1979 . 1980. 1981. 1982 . 1983 . 1984. 1985 . 1986 . 1987 . 1988. 29.5 1 28.06 36.11 40.62 36.36 34.11 39.22 37.57 40.03 40.87 49.02 55.57 66.42 72.37 76.27 82 . 0 4 90.30 90.59 98.97 113.09 130.12 144.12 150.18 176 . 6 4 201.56 240.16 278.51 302.86 322 . 2 4 290.05 340.48 376.46 381.33 376.73 (ANN. RATE, 29.16 29.57 37.63 41.37 33.25 35.38 40.63 37.80 40.75 42 . 6 6 50.37 5 8.34 69.82 72.38 74.73 84.2 1 92.37 92.90 BIL. DOL.) 28.67 32.03 38.48 41.07 32.7 1 36.94 38.94 38.43 41.51 44.81 52.00 60.67 71.72 72.60 76.02 87 . 9 1 93.72 92.75 100.86 103.27 118.57 138.81 141.56 154.60 181.74 214.10 250.08 282.09 311.92 316.65 294.82 349.73 389.69 377.91 380.66 122.69 143.00 141.04 161.20 190.46 220.53 259.76 284.28 323.7 1 305.06 308.63 361.70 390.18 375.66 394.54 AVERAGE 28.08 34.08 39.40 39.11 33.03 37.10 38.97 39.54 41.15 46 . 3 4 53.67 63.52 73.63 73.63 78.63 88.80 91.27 95.41 110.50 125.77 146.79 142.93 167.76 190.46 234.84 269.80 286.38 322.38 298.32 325 . 5 9 365.85 392.27 383.05 406.82 28.86 30.94 37.90 40.54 33.84 35.88 39.44 38.34 40.86 43.67 51.26 59.52 70.40 72.75 76.42 85 . 7 4 91.91 92.91 103.40 120.03 139.67 142.42 158.44 184.82 217.76 254.96 282.80 315.22 310.58 304.78 354.44 387.13 379.47 389.67 (OCTOBER 1988) C. Historical Data for Selected Series—Continued Year IV Q II Q 63. INDEX OF UNIT 43 5 42 9 44 7 46 7 48 2 48 0 49 4 50 1 50 3 5 0 . ,5 5 0 . .4 5 1 ., 1 5 2 ,.0 5 4 , .7 56 ,. 4 59 ,.5 6 4 ,.9 66 ,. 2 6 9 ,.5 7 1 ,. 2 7 8 ,. 5 8 8 ,. 6 9 1 ,.7 9 8 ,. 0 105 ,. 2 1 1 4 ,.5 1 2 7 ,. 3 1 3 8 ,. 4 1 5 1 ,.5 1 5 6 ,. 8 157 ,. 8 1 6 1 ,. 6 1 6 3 ,. 3 170 .5 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 196 7 1968 1969 1970 197 1 1972 1973 1974 197 5 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 100. 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 . . . . 1988 EXPENDITURES EQUIPMENT 116 .. 4 3 1 1 0 ..11 1 3 3 ., 3 0 1 3 9 .. 7 9 1 2 4 ..29 1 1 2 ., 7 9 127 ., 0 3 1 2 3 .. 1 4 1 2 9 ,. 0 1 1 2 9 ..85 1 5 4 .. 2 8 1 7 2 .. 3 4 2 0 1 ..40 2 1 1 ..07 2 1 5 .. 0 8 2 2 0 ..16 2 2 9 .. 1 9 2 1 9 ..02 2 2 5 .. 3 4 2 5 0 ..69 27 2 .. 5 5 2 5 6 .,03 2 4 9 ,. 0 9 27 3,. 8 7 2 9 1 ,. 4 0 3 1 8 ,. 0 4 3 3 9 ,. 1 6 3 3 5 ,. 7 6 3 2 6 ,. 4 5 2 9 0 ,. 1 6 3 4 4 ,. 4 5 3 8 0 ,. 4 2 3 8 4 ,. 6 2 3 7 0 ,.67 LABOR COST, BUSINESS ( 1977 = 1 0 0 ) 43.8 43.1 45 . 4 47.1 48.0 47 . 8 49 . 7 49 . 9 50.7 50.1 50.7 51.2 53.1 54.5 56.8 60.8 65.2 67 . 2 69.3 73.2 81.4 88.4 93.4 99.4 106 . 0 117.9 131.9 141.1 153.5 155 . 5 158.1 162.0 164.9 170.8 SECTOR 1 1 1 2 .,73 1 2 2 ., 2 1 137 ., 9 1 1 3 8 .,34 109 ., 8 0 1 2 0 .,72 1 2 6 .,21 1 2 4 ..69 1 3 3 .,59 1 4 2 .,58 1 6 3 .,24 1 8 6 .,92 2 1 3 .,33 2 09 ., 1 5 2 0 9 ., 5 3 2 2 9 .,63 2 3 3 .,80 2 1 6 ..68 2 3 1 .,87 2 6 4 ..73 27 5 ,. 2 0 2 4 1 .,62 2 5 7 ..41 2 8 6 ..07 3 0 5 .. 1 6 3 2 9 ,. 6 1 3 3 0 ..37 3 4 2 ..29 3 0 2 .. 7 9 3 1 1 ..99 3 6 5 . . 17 3 9 4 ,.14 3 6 9 ..21 3 9 1 ..18 CHANGE IN GROSS NATIONAL PRODUCT IN CURRENT (ANNUAL RATE, B I L L I O N S OF DOLLARS) 195 4 1955 1956 1957 195 8 1959 196 0 196 1 196 2 1963 196 4 1965 196 6 196 7 196 8 196 9 197 0 197 1 1972 197 3 197 4 1975 1976 1977 197 8 197 9 198 0 1981 1982 198 3 198 4 1985 1986 1987 198 8 -0.3 12 . 8 2 .6 9 .0 - 7 .0 10.9 13.7 4.4 12 . 9 9 .3 14.8 22 . 1 22 . 8 8.8 25 . 8 23 . 9 10.7 44.3 39 . 2 48. 1 12 . 9 7 .8 52 .7 55 . 4 49 . 0 52 .9 81 . 5 130.2 - 1 .8 53 . 3 129 . 1 73.8 72 . 5 87 . 2 43 .. 3 4 3 . ,7 46 .. 1 47 ,. 8 47 ,.6 4 9 ,.1 5 0 ..1 49 ,.7 5 0 , .5 5 0 . .5 5 1 .. 1 5 1..2 5 4 ,.4 55 ,. 0 5 8 , .9 6 3 . .2 66 ,. 3 6 8 ,.5 6 9 ,.9 7 6 ,.2 8 6 , .6 9 0 , .6 97 ,. 0 102 ,. 5 1 1 0 ,. 8 1 2 4 , .6 1 3 6 , .6 1 4 7 ,. 8 1 5 6 ,. 8 1 5 7 , .6 1 6 0 , .7 1 6 4 ,. 8 1 6 9 , .6 1 7 3 ,.5 0.2 8.3 5 .6 2 . 1 4.0 12.7 - 1 .6 10.5 7. 8 8.2 8.7 12 . 3 9 .8 6.2 23 . 8 14.3 14.7 19. 1 30.7 31 . 3 32 .9 38.9 30.9 69 . 8 1 18.9 54.0 -0.8 38.9 46 . 9 101 . 6 79.3 53 . 4 27 . 2 92 . 4 4.7 8.2 4 .8 7 . 1 13. 1 0.2 3.2 10.6 7 .0 12 . 8 10.4 15 . 7 13. 1 17 . 0 16 . 9 19 . 8 19 . 0 19.6 26 . 7 26 . 5 30 . 0 63 . 9 32 .9 62 .7 59 . 2 7 1 .6 6 1 .8 81 . 9 19 . 9 76 . 5 53 . 7 68.0 60.8 83 . 8 AND 1 0 9 ,. 6 4 1 2 8 .. 2 1 1 3 8 .. 3 1 1 3 0 ..82 109 .. 8 0 1 2 1 .. 7 4 127 ., 0 8 127 ,.7 1 1 3 1 ,. 3 6 146 ,. 3 8 1 6 8 .. 7 9 1 9 4 ,. 4 5 2 1 5 ,. 4 2 2 1 0 ..46 2 1 4 ,. 3 4 2 2 8 ,.76 2 2 6 ..02 22 0,. 1 5 2 4 7 ,. 1 8 26 8,. 2 0 27 0,. 2 2 2 4 0 ,. 9 8 2 6 3 ,. 2 2 2 8 0 ,.17 3 1 8 ,. 2 9 3 3 6 ,. 8 2 3 2 5 ,. 5 6 3 3 2 ,. 5 5 2 9 6 ,.07 3 2 8 ,. 6 2 3 6 9 ,.49 3 9 6 ,. 8 8 3 7 5 ,. 3 4 4 0 3 ,.05 DOLLARS 8.4 6 .4 8 .4 - 5 .6 13.2 4.4 - 4 .7 13.0 3 .6 9 .0 4.6 2 1 .3 13.2 14.2 13.8 8. 1 3.0 13.4 39 . 6 43 . 9 27 . 7 50.8 49 . 0 30.8 78. 1 45 . 4 114.6 14.8 33 . 1 101 . 9 43 . 9 60.9 36 . 2 94.8 1954, 1955 , 1956 , 1957 , 1958, 1959, 1960, 1961, 1962, 1963, 1964, 1965, 1966, 1967 , 1968, 1969, 197 0, 197 1 1972 1973, 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 43.4 43 . 2 45 . 5 47 . 2 48.0 48.5 49 . 7 49 . 9 50.4 50.3 50.7 51.2 53.3 54.7 57 . 4 61.4 65.4 67.4 69.6 73.9 82 . 7 89.0 94.3 100.0 107 . 6 119.5 132.5 142.7 154.5 156.7 159.1 162.9 166.3 171.5 1 1 3 .. 4 5 1 1 8 ., 8 7 136 .. 7 2 1 3 7 ., 4 4 1 1 4 .. 1 9 117 ., 8 9 127 .. 9 4 1 2 4 .. 5 5 1 3 1 ,. 3 8 1 3 8 ,. 6 5 1 6 1 ,. 2 3 1 8 3 ,. 7 6 2 0 9 ,. 5 9 2 1 0 ,.14 2 1 1 ,. 8 6 2 2 5 ..31 2 2 9 ,. 9 4 2 1 8 ,. 9 1 2 3 3 ,. 1 3 2 6 0 ,. 6 0 2 7 4 ,.96 2 4 6 ,. 1 4 2 5 5 ,. 1 4 27 9,. 3 0 3 0 4 ,. 4 2 3 2 7 ,. 0 8 3 3 2 ,. 6 6 337 ,. 1 1 3 1 0 ,. 5 8 307 ,. 0 4 3 5 8 ,. 0 1 3 9 1 ,. 5 8 3 7 6 ,. 2 4 3 8 4 ,. 8 8 1954. 1955 . 1956 . 1957 . 1958. 1959 . 1960. 1961. 1962 . 1963 . 1964. 1965 . 1966 . 1967 . 1968. 1969. 1970. 1971. 1972 . 1973. 1974. 1975 . 1976 . 1977 . 197 8 . 1979. 1980. 1981. 1982 . 1983 . 1984. 1985 . 1986 . 1987 . 1988. 200C. 0.9 33 . 4 22 . 3 22 . 8 5 .8 39 . 0 19 . 5 18.5 40.8 32 . 3 42.9 55 . 3 66 .9 44.4 76 . 3 7 1.2 5 1 .6 87 . 2 110.1 146 . 5 113.5 125 . 6 184.4 207 .7 259 . 2 258.5 223 . 8 320.6 113.4 239 .7 366 . 5 242 .7 225 . 4 286 . 4 NOTE: Unless otherwise n o t e d , these series contain revisions beginning with 1985. 'This s e r i e s c o n t a i n s r e v i s i o n s b e g i n n i n g w i t h 1 9 8 3 . Y e a r - t o - y e a r differences and percent changes are computed from annual data. 6 8 . ,9 6 6 . ,9 6 8 . ,3 6 9 ,.0 6 9 , .8 6 8 . ,5 6 9 , .2 7 0 ,.3 6 9 ,.0 6 9 ,.3 6 8 . .7 6 8 . ,4 6 8 ,. 1 7 0 ,. 0 7 0 ,.8 7 1 , .6 7 4 ,.4 7 3 , .6 7 3 ,. 3 7 2 ,. 3 7 3 ,. 1 7 4 ,.8 7 2 ,. 8 7 3 ,. 3 7 3 ,. 3 7 2 ,. 4 7 3 , .6 7 3 ,.7 7 5 ,.7 7 5 ,. 4 7 2 ,.7 7 3 ,. 2 7 2 ,. 8 7 3 ,. 0 SS NATIONAL NNUAL RATE, AVERAGE DIFFERENCE I Q IV Q II Q Annual COMPENSATION OF EMPLOYEES AS A PERCENT OF NATIONAL INCOME (PERCENT) AVERAGE 4 3 . ,2 4 3 . ,2 4 5 . .8 47 ,. 4 4 8 ., 1 49 ,. 0 49 ,. 8 49 ,, 9 5 0 ,.3 5 0 , .2 5 0 ,.8 5 1 ,,2 5 3 , .6 5 4 , .6 57 ,.6 6 2 ,. 0 65 ,. 3 67 ,. 8 6 9 ,.9 75 ,. 1 8 4 ,.5 8 8 , .6 9 5 ,.2 9 9 ,. 8 1 0 8 ,. 4 1 2 1 ,.1 1 3 4 ,. 3 1 4 3 . .5 156 ,.2 1 5 6 . .7 1 5 9 , .9 1 6 3 ..0 167 ,. 3 17 1,. 1 IN 1 9 8 2 DOLLARS FOR NEW PLANT (ANN. RATE, B I L . D O L . ) 115 ,. 0 2 1 1 4 ,. 9 5 1 3 7 ,. 4 4 1 4 0 ,. 7 9 1 1 2 ,. 8 5 1 1 6 ,. 3 3 131 ,. 4 6 122 ,. 6 6 1 3 1 ,. 5 6 1 3 5 ,. 8 0 1 5 8 ,. 6 3 1 8 1 ,. 3 1 2 0 8 ,. 2 0 2 0 9 ,. 8 7 2 0 8 ,. 4 3 2 2 2 ,. 6 6 2 3 0 ,.79 2 1 9 ,. 7 8 2 2 8 ,.12 2 5 8 ,. 8 4 2 8 1 ,. 9 2 2 4 5 ,. 9 3 2 5 0 ,. 8 3 2 7 7 ,. 1 3 302 . 8 3 3 2 3 ,. 7 9 335 . 6 4 337 . 8 4 3 1 6 ,. 9 5 297 . 3 4 352 . 9 3 394 .98 375 .87 3 7 4 ,. 6 7 Year Annual 2 3 6 7 ,. 9 394 .0 4 1 9 ,.5 4 4 7 ,. 3 4 4 3 ,. 9 4 8 5 ,.1 5 1 6 ,. 1 5 1 7 ,. 4 5 6 4 ,. 4 5 9 2 ,. 1 6 3 6 ,. 9 6 8 2 ,. 7 754 .8 7 9 9 ,.7 8 6 2 ,.9 9 4 1 ,. 3 9 9 4 ,.2 107 5,. 2 1 1 6 6 ,.5 1311 .6 1 4 2 6 ,.2 1 5 2 4 ,. 6 1730 .9 1899 . 1 2111 .4 2420 .5 2 6 7 3 ,. 0 297 8 .8 3 1 1 2 ,. 6 3 2 6 5 ,.8 3 6 7 4 ,.9 3 9 2 5 ,. 6 4 1 8 0 ,.4 4 3 9 1 ,.8 1970 1983 68.1 67.3 68.8 69.0 69.2 69.1 70.0 69.5 69.3 69.0 69.0 68.3 69.4 70.2 71.1 72.7 74.1 73.4 72.9 72.5 74.3 72.8 73.6 72.1 72.1 72.8 74.7 73.6 75.9 74.3 73.3 73.2 73.0 72.9 1 4 ,. 1 2 ,.6 8 , .5 - 6 ,. 1 9 , .5 1 1 ,. 4 3 , .5 9 .7 , 6 , .5 9 , .9 1 4 ,. 1 1 3 ,. 1 4 ,. 5 12 ,. 9 1 0 ,. 8 4 ,. 4 1 8 ,. 3 1 4 , .7 1 6 ,. 1 3 ,. 7 2 ,. 1 1 3 ,. 2 1 2 ,. 6 9 .8 9 ,. 2 1 3 ,. 2 19 . 6 - 0 .2 6 ,. 8 15 . 4 7 ., 9 7,. 2 8,. 4 6 7 . ,7 6 7 . ,4 6 9 ., 1 6 9 . .6 6 8 . ,5 6 9 . ,3 7 0 . ,3 6 9 ..0 6 9 ., 1 6 9 .,0 6 9 . ,3 6 8 . ,3 6 9 . ,6 7 0 . .3 7 1 . .4 7 3 . .5 7 4 . ,3 7 3 . .2 7 2 . ,3 7 2 . .2 7 4 , .7 7 2 . ,8 7 3 . .8 7 2 , ,9 7 1 . .9 7 3 . .5 7 4 , .2 7 4 , .5 7 5 ,.8 7 3 ,.4 7 3 ..4 7 3 ..3 7 3 ,. 4 7 2 , ,9 PRODUCT IN CURRENT DOLLARS B I L L I O N S OF DOLLARS) 368.1 402 .3 425 . 1 449 .4 447.9 497 . 8 514.5 5 27 . 9 572 .2 600.3 6 45 . 6 695 . 0 764.6 805 .9 886 .7 955 .6 1008.9 1094.3 1197.2 1342 .9 1459 . 1 1563.5 1761.8 1968.9 2230.3 2474.5 2672.2 3017.7 3159.5 3367 . 4 3754.2 3979.0 4207.6 4484.2 0., 3 8 . .6 5 ..4 1 . .9 3 . .7 1 0 . .9 - 1 . .2 8 .. 4 5 ,.6 5 , .7 5 ,.6 7 ., 4 5 .3 3,. 1 1 1 ,. 5 6 ., 2 6 ., 0 7 ,. 3 1 1 ,. 0 9 ,. 9 9 ., 6 1 0 ,. 6 7 .3 15 . 5 24 .5 9 .2 - 0 .1 5 .3 6 .2 13 . 0 8 .9 5 .6 2 .6 8,. 7 5 ,. 1 8 ,. 4 4 , .7 6 ,.5 1 2 ,. 2 0,. 2 2 ,.5 8 ,. 3 5 ,. 0 8 ,. 8 6 , .6 9 ,. 3 7 ., 0 8,. 7 7 ., 8 8,. 5 7 ., 7 7 ,. 4 9 ,. 2 8,. 1 8 , .5 1 7 ,. 4 7,. 7 1 3 ,. 4 11 . 0 12 . 1 9 .6 11 . 3 2 .5 9 .4 5 .8 7,. 0 5 ,. 9 7 .7 , IN 68.4 67.2 68.7 69.2 69.3 68.8 69.8 69.6 69.2 69.1 69.0 68.3 69.0 70.2 71.0 72.4 74.2 73.4 73.0 72.4 74.0 73.6 73.4 72.8 72.3 72.8 74.4 74.0 75.7 74.4 73.1 73.2 73.0 73.0 AVERAGE 3 8 1 ,.2 4 1 6 ,. 9 4 3 8 ,.3 4 5 0 ,.9 4 7 4 ,.2 5 02 ,. 4 5 1 3 ..0 5 5 1 , .5 5 82 , 8 6 2 2 ,. 1 6 6 0 , .6 7 3 2 ,.0 7 9 0 ,.9 8 3 7 ,. 1 9 1 7 ,.4 9 8 3 , .5 1 0 3 0 , .9 1 1 2 7 ,. 3 1 2 6 3 ,.5 1 4 1 3 ,.3 1 5 1 6 ..8 167 8 ..2 1 8 4 3 ,.7 2 0 6 2 ,. 4 2 3 6 7 ,. 6 2 5 9 1,. 5 2 8 4 8 , .6 3 1 1 4 ,.4 3 2 1 2 ,. 5 3 5 4 5 ,.8 3 8 5 1,. 8 4 1 0 7 ,.9 4 3 0 4 , .6 4 6 6 2 ,.8 372 .8 410.5 429 .9 456 .5 461.0 498 . 0 517.7 538.5 579 .2 613.1 656 . 0 710.7 777 . 7 822 .9 903 .6 975 . 4 1027 . 9 1113.9 1223.9 1369.4 1489.1 1627 . 4 1794.7 2031.6 2289.5 2546.1 2734.0 3099 .6 3179.4 3443.9 3807 .9 4047 . 0 4268.4 4568.0 PERCENT CHANGE IN GROSS NATIONAL PRODUCT DOLLARS (ANNUAL RATE, PERCENT) - 0 ,. 3 1962 68.7 67.1 68.6 69.0 69.6 68.1 69.9 69.7 69.4 69.0 68.9 68.2 68.8 70.1 70.7 72.0 74.1 73.4 73.6 72.6 74.1 74.1 73.3 72.7 72.0 72.6 75.0 74.1 75.5 74.3 73.0 73.1 72.6 73.0 CURRENT 9 ,. 4 6 ,. 3 8 ,. 0 - 4 ,.8 12 ,. 0 3 , .6 - 3 , .6 1 0 ,. 0 2 ,. 5 6 ,. 0 2 ,. 8 1 2 ,. 5 7 ., 0 7 ,. 1 6 ,. 3 3 ,. 4 1,. 2 4 ,. 9 1 3 , .6 1 3 ,. 5 7 ,. 7 1 3 ,. 1 1 1 ,. 4 6 ,. 2 1 4 ,. 4 7,. 3 17 ,. 9 1 .9 4 .2 1 2 ,. 4 4 ,. 7 6 ,. 2 3,. 4 8 , .6 372 .5 405 .9 428.2 451.0 456 . 8 495 . 8 515.3 533 . 8 574.6 6 06 . 9 6 49 . 8 7 05 . 1 772 . 0 816.4 892 . 7 963.9 1015.5 1102 .7 1212.8 1359.3 1472.8 1598.4 1782 . 8 1990.5 2249.7 2508.2 2732.0 3052.6 3166.0 3405 .7 3772.2 4014.9 4240.3 4526 .7 PERCENT CHANG E 2 0,. 2 9 ,. 0 5 , .5 5 ,. 3 1,. 3 8 , .5 3 ,. 9 3 , .6 7 ., 6 5 .6 , 7 ,. 1 8 . .5 9 ,.5 5 ., 8 9 ,. 3 8 ,. 0 5 ., 4 8 , .6 1 0 ,. 0 1 2 ,. 1 8 ,. 3 8 . .5 1 1 ,. 5 1 1 ,. 7 1 3 ,. 0 1 1 ,. 5 8 , .9 1 1 ,. 7 3,. 7 7 , .6 1 0 ,. 8 6 ,. 4 5 , .6 6 .. 8 (OCTOBER 1988) 2 99 C. Historical Data for Selected Series—Continued Year I Q IV Q Annual 2 1 3 . FINAL SALES IN 1 9 8 2 DOLLARS (ANNUAL RATE, B I L L I O N S OF DOLLARS) 1954... . 1955 . . . . 1956 1957 1958.... 1959.... 1960 1961. . . . 1962.. . . 1963.. . . 1964 1965 . . . . 1966 1967.... 1968.... 1969 197 0 . . . . 1971.... 1972.... 1973.. . . 1974 1975 . . . . 1976 . . . . 197 7 1978.... 1979. . . . 1980. . . . 1981... . 1982 1983.. . . 1984 1985.... 1986 . . . . 1987.... 1988. . . . 1413 9 1457 . 9 1498 5 1546 8 1521 3 1591 8 1644 9 1678 5 1755 9 1817 7 1931. 8 2 004 6 2154 3 2205 2 2308 1 2389 9 2402 8 2447 0 2537 5 2700 0 27 12 1 2664 4 27 80 0 287 1 8 2988 9 3157 7 3229 3 3233 8 3194 4 3228 9 3368 3 356 1 7 3673 6 3746 9 1 4 0 8 . ,9 1467. 9 1 5 1 0 . ,3 1 5 4 6 . ,4 1 5 2 7 .,1 1 6 0 9 . ,4 1 6 5 9 .,5 1 6 9 0 . ,4 1 7 7 9 . ,7 1 8 4 1 . ,4 1 9 5 0 ., 1 2 0 4 2 .,5 2 1 6 2 . ,0 2 2 3 7 . ,1 2 3 3 5 .,5 2 3 9 7 ., 0 2 3 9 6 . ,5 2 4 5 3 . ,2 2 5 6 9 . ,6 2 7 0 1 .,4 2 7 1 7 . ,8 2 6 9 9 . ,9 27 87 .,9 2 9 1 6 . ,8 3 0 7 4 . .8 3 1 4 5 . ,8 3 1 5 4 . ,8 3 2 2 8 . ,4 3 1 8 5 ..3 3 2 6 7 . .6 3 4 3 4 . .8 3 5 8 2 .,3 3 6 8 8 ..0 3 7 9 5 . ,2 1423. 8 1489. 1 1512. 5 1554. 2 1548. 5 1625 . 0 1657 . 6 1699. 2 1794. 7 1872. 3 1971. 4 2 073.9 2 1 8 4 . ,4 2256 . 6 2362 . 1 2403. 9 2419. 7 2470. 5 2589. 7 2 7 0 8 . ,2 2 7 0 0 . ,4 27 1 8 . 3 2 8 0 5 .,0 2957 . 1 3 1 0 9 . ,5 3196. 5 3 1 8 8 . ,6 3228. 9 3 1 6 4 . ,0 3 3 0 7 .,4 3 4 5 9 . ,6 3 6 3 9 . ,8 3 7 1 8 . ,3 3 8 5 2 .,2 1 4 3 7 . ,2 1 4 9 9 . ,4 1 5 2 9 . ,5 1 5 4 5 . ,1 1 5 7 3 . ,8 1 6 2 4 . ,1 1 6 6 8 . ,0 17 37 .,5 1 8 0 2 . ,6 1 8 9 5 .,4 1 9 7 6 .,8 2 1 2 8 . ,3 2 1 8 5 ., 1 2 2 7 1.,3 2 3 7 2 . ,5 2 4 0 1 . ,6 2 4 1 2 .,7 2 4 8 9 . ,9 2 6 5 0 . ,3 27 0 6 .,5 2 6 5 3 . ,9 2 7 4 8 . ,3 2 8 4 5 . .2 2 9 7 2 . ,4 3 1 4 0 . .3 3 2 0 8 . ,9 3 2 0 3 . .8 3 2 0 8 . ,5 3 2 1 8 . ,6 3 3 3 8 ..1 3 4 9 3 , .5 3 6 5 4 , .7 3 7 4 5 , .2 3 8 5 5 ,.9 2 2 0 . NATIONAL INCOME IN CURRENT DOLLARS (ANNUAL RATE B I L L I O N S OF DOLLARS) 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 1988. . . . 225 . 302 3 324 9 349 1 370 5 365 7 401 2 425 3 424 3 464 4 487 9 5 2 4 ,.3 5 6 6 ,.4 6 2 7 ,. 1 6 6 2 ..7 7 1 3 .,0 7 7 7 .,1 8 1 8 ,.8 8 7 2 ,.7 9 5 6 ,.3 1 0 8 4 ,.3 1 1 7 8 ,.5 1 2 2 8 ,.6 1 4 0 3 ,.4 1 5 3 3 ,.5 1 7 2 4 ,.4 1986 .7 2 1 6 1 .9 2388 .4 2483 .1 2599 .1 2962 .1 3161 .5 337 8 .9 357 3 . 0 3 0 2 ,.5 3 3 3 . .5 3 5 4 , .2 3 7 2 . .7 3 6 6 ,. 4 4 1 4 ., 1 4 2 5 ..3 4 3 4 ..1 4 7 0 ,.9 4 9 6 ,.8 5 3 3 ,.4 57 8,.6 6 3 6 ,. 4 6 6 9 ,.3 7 3 2 ,.4 7 9 2 ,.0 8 2 9 ,.5 8 9 0 ,.6 9 7 3 ,.4 1 1 0 4 ,.6 1 1 9 0 ,.6 1 2 5 6 ,. 5 1 4 2 5 ,. 6 1 5 9 6 ,.9 1 8 2 1 ,. 4 2 02 3 . 2 2 1 5 0 ,.5 2415 .2 2514 .0 2685 .5 3009 .0 3209 .2 3 4 2 1 ,.8 3 6 3 1 ,.8 3 0 6 . ,1 3 3 9 . ,9 3 5 7 .,4 3 7 6 .,7 3 7 7 . ,3 4 0 8 . ,8 4 2 5 . ,7 4 4 2 . ,5 4 7 5 . .8 5 0 3 . ,8 5 4 3 . ,3 5 8 9 . .3 6 4 7 .. 0 6 8 2 ..6 7 4 8 ..0 8 0 8 . ,1 8 4 1 .,0 9 0 5 ,.2 1 0 0 2 . .5 1 1 3 2 ..3 1 2 1 6 . .5 1 3 1 5 , .5 1 4 5 2 . .7 1 6 5 4 ,.8 1 8 7 0 ,.3 2 0 7 2 ,. 1 2 2 0 1 ,.0 2 4 8 3 ,.1 2 5 2 8 ,. 4 2 7 4 1 ,.8 3 0 4 7 ,. 3 3 2 5 2 ,. 4 3 4 5 0 ,.9 3 7 0 8 ,. 0 885 918 978 1004 1008 1054 1087 1100 1158 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 1988 1190 .9 1253 .7 1327 . 1 1414 .3 1474 . 0 1530 .5 1566 . 4 1638 . 0 1708 . 1 1750 .9 1893 .2 1907 . 2 1873 . 1 1983 . 1 2026 .9 2 128 . 2 2216 .6 2225 .6 2242 .9 2245 .7 2288 .4 2446 .9 2509 .4 2 6 1 4 .5 2679 .6 .9 .2 .3 .6 .8 .7 .3 .8 .4 8 8 1 ,.6 9 3 6 ,.7 985 .6 1011 .4 1016 . 3 107 1 . 9 1093 .6 1117 .7 1167 . 8 1198 1287 1346 1422 1487 1554 1584 1666 1731 1767 1907 1888 1965 1992 2049 2162 2206 2185 2235 2260 2311 2456 2563 2655 2652 .2 .7 .8 .3 .9 .7 .7 .2 .9 .6 .6 .3 .7 .8 .6 .7 .6 .7 .0 .9 .1 .6 .5 .9 .8 3 1 4 ,.4 3 4 6 ,. 8 3 6 4 , .6 3 7 1 ,.3 3 9 0 ,.5 4 1 2 ,.7 4 2 3 ,.1 4 5 4 ,.9 4 8 2 ,.2 5 1 2 ,.6 5 4 9 ,.4 6 0 6 ,. 7 6 5 7 ,. 4 6 9 6 ,. 3 7 6 2 ,.9 8 1 5 ,.2 8 4 0 ,.9 9 2 3 ,.9 1 0 4 4 ,.3 1 1 6 9 ,.6 1228 .2 1355 .6 1 4 8 3 ,.9 1685 .9 1 9 3 6 ,.9 2107 .1 2300 .8 2487 .2 2548 .2 285 1 .5 3096 . 1 3312 .8 3496 .6 3802 . 0 3 06 . 3 336 . 3 356 . 3 372.8 375 .0 409.2 424.9 439.0 47 3 . 3 500.3 537 .6 5 85 . 2 642.0 677 .7 739 . 1 798.1 832.6 898.1 994.1 1122.7 1203.5 1289.1 1441.4 1617.8 1838.2 2047.3 2203.5 2443.5 2518.4 27 1 9 . 5 3028.6 3234.0 3437.1 3678.7 AVERAGE 8 9 5 ,.7 9 5 2 ,.8 9 9 0 ,.6 1 0 1 6 ,.8 1038 .1 1066 .6 1093 . 0 1127 . 4 1174 .7 912 970 1003 1015 1052 1075 1090 1146 1179 1210 1304 1383 1437 1500 1555 1617 1686 1734 1801 1922 1898 1935 2005 2086 2176 2213 2207 2262 2263 2335 2479 2535 2643 2683 1229 .4 1318 .6 1405 . 8 1451 . 1 1510 .7 1565 . 1 1630 .6 1682 . 1 1739 .6 1869 . 4 1942 .1 1892 .4 1953 . 1 2 02 2 . 2 2 102 . 8 2202 .0 2213 .7 2238 .8 2253 .7 2276 . 1 2392 .7 2496 .3 2562 .8 2649 .4 27 2 8 . 9 .9 .1 .2 .4 .1 .1 .5 .2 .2 .5 .2 .6 .0 .9 .9 .4 .7 .2 .9 .4 .4 .2 .4 .9 .9 1421.0 1478.6 1512.7 1548.1 1542.6 1612.6 1657 .5 1701.4 1783.3 1856.7 1957.6 2062.4 2171.5 2242.6 2344.6 2398.1 2407.9 2465.2 2586.8 2704.1 2696 . 0 2707.8 2804.6 2929.5 307 8 . 4 3177.4 3194.0 3225 . 0 3190.5 3285 .5 3439.1 3609.6 3706.3 3812.6 .9 .1 .0 .5 .1 .8 .5 .8 .8 894.0 944.5 989 .4 1012.1 1028.8 1067.2 1091.1 1123.2 1170.2 1207 . 3 1291.0 1365.7 1431.3 1493.2 1551.3 1599.8 1668.1 1728.4 1797.4 1916.3 1896.6 1931.7 2001.0 2066 .6 2167.4 2212.6 2214.3 2248.6 2261.5 2331.9 2469.8 2542.8 2640.9 2686.3 III Q PER CAPITA GROSS NATIONAL PRODUCT (ANNUAL RATE, DOLLARS) 8 ,, 7 1 7 8 , 946 9 ,, 0 6 6 9 ,, 1 2 5 8 ,, 7 0 0 9 ,, 1 2 5 9 , 3 02 9 ,, 1 5 1 9 ,, 5 8 2 9 ,743 1 0 ,, 2 0 5 1 0 ,, 5 2 8 1 1 ,, 1 8 8 1 1 ,, 3 2 4 1 1 ,, 6 3 7 1 1 ,, 9 6 6 1 1 ,, 8 0 2 1 1 ,, 9 8 8 1 2 ,, 1 7 2 12 ,,9 46 1 2 ,, 8 9 0 12 , 2 8 4 1 2 ,, 9 0 5 1 3 ,, 1 9 8 1 3 ,, 6 2 3 1 4 ,, 1 9 4 1 4 ,, 2 6 1 1 4 ,, 2 2 4 1 3 ,, 6 8 5 1 3 ,, 6 1 9 14 , 6 1 3 15 , 0 0 4 1 5 ,, 4 4 7 15 , 5 3 7 1960 DISPOSABLE (ANNUAL AVERAGE DISPOSABLE PERSONAL INCOME IN 1 9 8 2 DOLLARS (ANNUAL RATE , B I L L I O N S OF DOLLARS) 1954.... 1955 1956 . . . . 1957 1958.... 1959.... 1960 1961.... 1962.... Year 217. 1954. 1955 . 1956 . 1957 . 1958. 1959 . 1960. 1961. 1962 . 1963. 1964. 227. 436.6 1954. 1955 . 1956 . 1957 . 1958. 1959 . 1960. 1961. 1962. 1963 . 1964. 1965 . 1966 . 1967. 1968. 1969 . 1970. 197 1 . 1972 . 197 3 . 1974. 1975 . 1976 . 1977 . 1978. 1979 . 1980. 1981. 1982 . 1983 . 1984. 1985 . 1986 . 1987 . 1988. 46 9 . 6 513.7 549 . 0 591.3 631.5 691.1 754.5 807 . 2 911.0 1006.5 1080.4 1218.0 1317.9 1474.9 1666.6 1857.6 2 06 5 . 6 2207.2 2345.7 2611.8 2764.6 2965.1 3143.9 PER CAPITA IV Q 1982 257 .9 276 . 0 295 . 1 312.6 320.3 345.1 359 . 1 370.3 394.9 411.9 449.5 478.9 519.9 557 .2 6 07 . 5 647 . 0 711.1 774.1 821.2 936.1 1022.1 1148.3 1236.8 1359.0 1534.3 1701.5 1869.8 2095.8 2241.8 2395.4 2642.8 2850.7 3016.3 3154.1 8 ,, 7 1 1 9 ,, 0 8 7 9 ,, 0 3 4 9 ,, 0 9 5 8 ,, 8 8 1 9 ,, 1 8 1 9 ,213 9 ,, 3 2 2 9 ,, 7 0 0 9 ,, 9 8 0 1 0 ,, 3 2 6 1 0 ,, 7 8 5 1 1 ,, 2 6 7 1 1 ,, 4 9 5 1 1 ,, 8 6 7 1 1 ,, 9 8 7 1 1 ,, 8 5 8 1 1 ,, 9 7 6 12 , 4 7 5 12 , 9 0 5 1 2 ,, 6 9 8 1 2 ,, 5 5 2 1 2 ,, 9 5 5 1 3 ,, 6 0 9 1 4 ,, 0 9 7 1 4 ,, 2 2 9 1 3 ,, 8 4 9 1 4 ,, 1 6 3 1 3 ,, 5 4 7 14 , 0 6 3 1 4 ,, 8 3 4 1 5 ,, 1 7 3 15 , 3 8 1 15 , 8 2 6 8 ,, 7 9 5 9 , 122 9 ,089 8 ,, 9 1 4 9 ,, 0 4 9 9 ,, 2 1 9 9 , 093 9 , 491 9 ,645 1 0 ,, 0 1 3 1 0 ,, 3 3 3 1 0 ,, 9 9 8 11 , 2 8 8 11 , 5 2 8 1 1 ,, 8 2 4 11 , 9 0 4 1 1 , , 7 10 11 , 9 3 9 12 , 6 7 6 12 , 9 8 9 12 , 5 5 4 12 , 6 9 4 13 , 0 5 0 13 , 5 3 6 14 , 2 3 0 14 , 1 5 8 13 , 9 8 5 1 3 ,, 9 2 7 1 3 ,, 5 3 2 14 , 2 7 7 14 , 8 5 7 15 , 2 4 4 15 , 3 9 7 16 , 0 2 2 260.4 282 .4 299 .1 317 . 1 328.0 345 . 8 360.5 376 . 2 398.3 418.1 456.7 493.7 530.4 566.7 614.3 667 .7 726 . 5 784.2 845.3 959 .9 1052.8 1155.7 1263.2 1404.0 1573.6 1752.9 1934.1 5 ,489 5,590 5,851 5 ,902 5 ,827 5 ,991 6 ,051 6 ,028 6 ,243 6 ,324 6,566 6 ,859 7 ,224 7 ,446 7,653 7 ,756 8,026 8,261 8,372 8,965 8,948 8 , 7 07 9,125 9,237 9 ,599 9 ,889 9,816 9,783 9 ,694 9 ,780 10,359 10,524 10,858 11,024 IN 5 ,502 5,751 5 ,874 5 ,923 5 ,948 6 ,066 6,010 6 ,064 6 ,097 6 ,272 6,343 6,722 6 ,942 7 ,247 7 ,498 7 ,756 7,829 8,139 8,352 8,432 9,013 8,840 9,115 9,151 9,318 9,730 9,818 9,611 9,724 9 ,736 9,855 10,378 10,727 6 ,036 6,124 6 ,285 6,385 6 ,783 7,106 7,301 7,538 7,737 7,969 10,889 1622.1 1796.3 2010.3 2187.0 2318.1 2527 .9 2728.6 2899.5 3064.7 3315.8 2278.6 2443.2 2691.1 2840.0 3032.4 3224.9 5,440 5 ,679 5 ,871 5,918 5 ,848 11,006 265 .6 287 .2 305 .5 317.5 333.2 349 . 8 361.1 383 .9 402.2 426.2 462.9 5 05 . 0 539 .6 575.4 625 .2 680.5 7 33 . 7 794.4 884.6 992 .1 1072.0 1186.7 1292.5 1436.4 2162.0 DISPOSABLE PERSONAL INCOME (ANNUAL RATE, DOLLARS) 8,208 8,337 8,57 1 9 ,059 8,866 8,947 9 ,187 9,461 9,763 9,820 9,676 9,818 9,720 9 ,933 10,446 10,581 10,928 10,989 Annual DOLLARS PERSONAL INCOME IN CURRENT DOLLARS RATE, B I L L I O N S OF DOLLARS) 258.5 269.5 290.5 308.7 318.1 337 . 8 354.9 364.6 389 .2 407.1 1965 . 1966 . 1967 . 1968. 1969 . 1970. 1971. 1972 . 1973. 1974. 1975 . 1976 . 1977 . 1978. 1979. 1980. 1981. 1982 . 1983 . 1984. 1985 . 1986 . 1987 . 8 ,, 6 4 7 9 ,, 0 0 8 9 ,, 0 7 0 9 ,, 0 8 3 8 ,, 7 1 3 9 ,, 2 6 3 9 , 243 9 , 229 9 ,648 9 ,, 8 4 6 1 0 ,, 2 6 0 1 0 ,, 6 5 2 1 1 ,, 1 8 7 1 1 ,, 3 6 4 1 1 ,, 8 0 8 1 1 ,, 9 5 4 1 1 ,, 7 5 5 1 1 ,, 9 5 2 1 2 ,, 3 7 9 1 2 ,, 9 5 0 1 2 ,, 8 9 9 12 , 3 7 9 1 2 ,, 9 3 5 1 3 ,, 3 7 9 1 4 ,, 0 1 8 1 4 ,, 1 4 4 1 3 ,, 8 8 3 1 4 ,, 1 4 2 1 3 ,, 6 9 4 1 3 ,, 8 9 4 1 4 ,, 7 7 7 15 , 0 6 1 1 5 ,, 3 8 0 15 , 6 9 3 IN 1982 8 , ,7 18 9 ,,041 9 ,, 0 6 5 9 ,, 0 5 4 8 ,, 8 3 6 9 ,, 1 9 7 9 ,, 2 1 3 9 , 298 9 ,, 6 4 4 9 ,, 8 9 6 1 0 ,, 2 8 1 1 0 ,, 7 4 1 1 1 ., 2 3 2 1 1 ,, 4 2 8 1 1 ,, 7 8 4 1 1 ,, 9 5 3 1 1 ., 7 8 1 1 1 ,, 9 6 4 12 ,, 4 2 6 1 2 ,, 9 4 8 1 2 ,, 7 6 0 1 2 ,, 4 7 7 1 2 ,, 9 6 1 1 3 ,, 4 3 0 1 3 ,, 9 9 2 1 4 ,, 1 8 1 1 3 ,, 9 9 4 1 4 ,, 1 1 4 1 3 ,, 6 1 4 1 3 ,, 9 6 3 1 4 ,, 7 7 0 1 5 ,, 1 2 0 1 5 ,, 4 0 1 1 5 ,, 7 7 0 AVERAGE 260.5 278.8 297 .5 313.9 324.9 344.6 358.9 373 . 8 396 .2 415.8 451.4 486.8 525 .9 562.1 609 .6 656.7 715.6 776 . 8 839.6 949 .8 1038.4 1142.8 1252.6 1379.3 1551.2 1729.3 1918.0 2127.6 2261.4 2428.1 2668.6 2838.7 3019.6 3209.7 DOLLARS AVERAGE 5 ,581 5 ,827 5,917 5 ,888 6 ,000 6 ,034 5 ,994 6 ,203 6 ,286 6,458 6,834 7,199 7 ,348 7,570 7,766 8,009 8,160 8,338 8,871 9,130 8,814 9 ,007 9,237 9 , 5 06 9,849 9 ,790 9 ,786 9,751 9 , 7 49 10,151 10,491 10,667 10,923 11,145 5 , 5 05 5 ,714 5,881 5 ,909 5 ,908 6 ,027 6 ,036 6,113 6,271 6,378 6 ,727 7 ,027 7 ,280 7,513 7,728 7,891 8,134 8,322 8,562 9,042 8,867 8,944 9,175 9 ,381 9 ,735 9,829 9,722 9,769 9,725 9,930 10,419 10,625 10,929 11,012 (OCTOBER 100 1988) C. Historical Data for Selected Series—Continued I Q Year 230. IV Q PERSONAL CONSUMPTION (ANNUAL RATE, 195 4 1955 1956 1957 195 8 1959 196 0 196 1 1962 196 3 196 4 196 5 1966 1967 196 8 196 9 197 0 197 1 197 2 1973 197 4 1975 1976 1977 197 8 197 9 198 0 1981 1982 1983 198 4 1985 1986 1987 198 8 232. 235 .5 25 1 . 1 265 . 8 2 80 . 9 289 . 0 308. 8 325 . 5 334.4 354. 0 374.0 398.8 427 .6 467 .7 491 .4 532 .4 581 .7 625 . 1 67 1 . 7 729 .3 813.2 880 . 0 967 .4 1091 .8 12 11 . 8 1332.6 1501 . 8 1682 . 2 1862.9 1996 . 3 2 146 . 6 236 1 . 1 2554.9 2739 .0 292 1 .7 PERSONAL 1954. 1955 . 1956 . 1957 . 1958. 1959 . 196 0 . 1961. 1962. 1963. 1964. 1965. 1966. 1967. 1968. 1969. 1970. 197 1 . 1972 . 197 3 . 1974. 197 5 . 1976 . 1977 . 1978. 1979. 1980. 1981. 1982 . 1983. 1984. 1985 . 1986 . 1987 . 1988. 238.2 256 . 1 26 8 . 4 2 83 . 2 291 .9 3 14.6 331 .6 339 . 1 359 .7 378.2 406 . 4 434.4 472 .7 500.5 545 .8 592 .7 635 . 1 685 .2 747 . 0 827 . 9 907 . 8 996 .6 111 1 . 2 1239.2 1391.1 1537 . 6 1688.9 1896 . 4 202 3 . 8 2213 .0 2417 .0 2599 .3 2772 . 1 2992 .2 CONSUMPTION DURABLE GOODS 31.4 36.5 37.9 40.3 37.1 41.6 43.3 40.0 45.3 50.2 55.4 62.1 69.2 67.8 77.3 85 . 8 85.4 93.4 105.7 126 . 3 120.2 124.8 156.4 177 . 0 188.9 215.6 225 .0 241.1 245 . 1 266 .7 322 .7 361.4 381.4 403.5 EXPENDITURES IN CURRENT B I L L I O N S OF DOLLARS) RATE, 32.1 38.8 38.0 39.8 36.3 43.4 44.2 41.0 46 . 6 51.5 56.8 61.9 66.5 7 1.2 79.3 86.2 86.7 96.2 108.9 125.3 124.3 130.1 158.9 181.9 207 .6 214.4 204.9 236 . 0 248.9 284.5 335 . 1 367 . 1 393 . 0 420.5 IN 245 . 1 264.2 276 .7 289 .4 300.7 321 .8 333 . 8 349 . 1 370.2 389.6 417 . 1 457 . 4 486 .9 5 14.7 57 0 . 1 6 14.3 653 . 0 7 12 . 4 7 89 . 2 86 1 . 6 943 . 0 1057 .5 1 174.6 1307 .6 1465.7 1637 .5 1810.0 196 0 . 2 2 117 . 0 2315 .8 2493 .4 2700.4 2876 .0 3076 .3 CURRENT BILLIONS OF 6 4 ,.0 6 3 . ,7 6 3 . .4 6 2 . ,8 6 5 . ,1 6 3 . ,7 6 3 ., 1 6 4 . ,6 6 2 . .1 6 3 . ,2 6 2 . ,6 6 2 . .6 6 2 . ,0 6 1 . ,4 6 1 . ,7 6 1 . .8 6 2 . .9 6 2 . ,5 6 2 . .5 6 2 ..0 6 1 , .7 6 3 ,.5 6 3 ,. 1 6 3 ,. 8 6 3 ,. 1 6 2 ,. 0 6 2 ,.9 6 2 ,.5 6 4 ,. 1 6 5 ,.7 6 4 ,.2 6 5 .. 1 6 5 , .5 6 6 . .5 64.7 63.7 63.1 63.0 65.2 63.2 64.5 64.2 62.9 63.0 62.9 62.5 61.8 62.1 61.6 62.0 62.9 62.6 62.4 61.7 62.2 63.7 63.1 62.9 62.4 62.1 63.2 62.8 64.1 65.7 64.4 65.3 65.9 66.7 3 1 , .6 4 0 , .6 37 ,.6 3 9 ,.4 37 ., 0 4 4 , .2 4 3 , ,7 4 2 ,.3 47 .,1 5 2 , ,2 5 8 . .6 6 3 ,.8 6 9 ..1 7 1,. 3 8 3 , .6 8 6 ,. 4 87 ,,7 9 8 , .5 1 1 2 ,. 3 125 ,. 0 1 3 0 , .2 1 4 0 ,.0 1 6 2 ,.4 1 8 6 ,.5 2 1 0 ,.0 2 2 3 , ,9 2 1 8 , .7 2 4 6 ,. 9 2 5 2 ,. 8 2 9 5 , .2 3 3 7 , .7 3 8 7 ,.2 4 2 9 , .9 4 4 1 ,.4 33.3 39.6 39.3 39.1 38.3 42.0 42.5 44.3 49.1 53.3 56.6 66.1 69.3 72.2 83.8 86 . 5 82.9 102 . 2 118.0 122.3 120.3 146.5 168.1 192.6 215.8 221.9 228.5 235 .5 263.8 310.0 346 .7 37 3 . 2 421.8 422 . 0 1985. AVERAGE 32.1 38.9 38.2 39.7 37.2 42.8 43.5 41.9 47.0 51.8 56.8 63.5 68.5 70.6 81.0 86.2 85 . 7 97.6 111.2 124.7 123.8 135.4 161.5 184.5 205 .6 219.0 219.3 239.9 252 .7 289.1 335 .5 372.2 406 .5 421.9 OF GNP 64.3 63.4 63.1 64.2 63.4 64.1 65.1 63.3 63.5 62.6 63.1 62.5 61.6 61.5 62.1 62.5 63.3 63.2 62.5 61.0 62.2 63.0 63.7 63.4 61.9 63.2 63.5 62.9 65.9 65.3 64.7 65.7 66.8 66.0 6 4 ,.5 6 3 ,. 4 6 3 ,. 2 6 3 ,. 0 6 4 ,. 4 6 4 ,. 2 6 4 ,. 1 6 3 ,.5 6 2 ,.8 6 2 ,. 8 6 3 ,. 2 62 . 4 61 .9 61 .7 62 .2 61 . 8 62 .9 62 .6 62 .5 6 1 ,. 8 62 .8 63 . 3 63 .5 62 .5 62 .2 6 2 ,. 4 64 .0 62 .6 65 . 0 65 . 7 6 4 ,. 3 65 .8 66 .6 66 . 9 NOTE: These series contain revisions beginning with 239 .8 257 .9 27 0 . 6 285 . 3 294.6 316 . 3 330.7 341.1 361.9 381.7 409 .3 440.7 477 . 3 503.6 552 .5 597 .9 640.0 691.6 757 .6 . 837 .2 916.5 1012.8 1129.3 1257 .2 1403.5 1566.8 1732.6 1915.1 2050.7 2234.5 2430.5 2629.0 2807.5 3012.1 DOLLARS, DOLLARS) AS A PERCENT 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 1988 Year 231. AVERAGE 240.5 26 0 . 2 27 1 . 5 287 . 7 296 . 9 319 . 8 33 1 . 7 341 .9 363.7 385 . 1 414.9 443.4 481 .7 507 . 5 56 1 . 6 602 .7 646 . 8 696 . 8 764.8 846 .2 935 .3 1029 .6 1 139 . 8 127 0 . 2 1424.6 1590 .0 1749 . 3 1940.9 2 065 .6 2262 .8 2450.3 266 1 . 4 2842 .8 305 8 . 2 EXPENDITURES (ANNUAL Annual DOLLARS 1954. 1955 . 1956 . 1957 . 1958. 1959 . 1960. 1961. 1962 . 1963. 1964. 1965 . 1966 . 1967 . 1968. 1969 . 1970. 1971. 1972 . 197 3 . 1974. 1 975 . 1976 . 1977 . 197 8 . 1979 . 1980. 1981. 1982 . 1983 . 1984. 1985 . 1986 . 1987 . 1988. 6 1.8 61.7 61.9 62.0 63.0 62.7 62.5 61.6 62.2 63.4 63.4 63.2 62.4 62.4 63.4 62.7 64.8 65.6 64.4 65.5 66.2 66.5 8 0 7 .,1 8 5 5 . ,3 8 9 5 ., 1 9 1 4 . ,3 9 1 6 . ,5 9 6 4 . ,3 9 9 7 ., 1 1 0 0 9 . ,5 1 0 5 3 . ,6 1 0 9 4 . ,1 1 1 4 5 . ,2 1 2 0 8 . ,2 1 2 8 7 .,6 1 3 1 9 . ,4 137 8 .,1 1 4 4 2 . ,9 1 4 8 1 . ,5 1 5 2 0 . ,9 1 5 8 1 . ,8 1 6 8 9 . ,9 1 6 6 7 .,5 1 6 7 7 ., 1 1 7 7 7 ..5 1 8 6 3 . ,7 192 3 .,0 1 9 9 7 .,5 2 0 1 5 . ,4 2 0 2 2 . ,9 2 0 3 1 . ,2 2 0 9 4 . ,2 2 2 1 2 .,1 2 3 1 9 . ,1 2 4 1 5 ., 1 2 4 9 0 . ,2 IV Q EXPENDITURES IN 1 9 8 2 B I L L I O N S OF DOLLARS) 8 1 4 . ,3 8 6 9 . ,1 8 9 6 .,5 9 1 6 . ,2 926 . 0 977 . 2 1009. 8 1 0 2 3 .,5 1 0 6 3 .,6 1 1 0 0 . ,2 1164. 4 1 2 2 1 . ,7 1 2 9 3 ., 1 1 3 3 6 . ,5 1 3 9 6 . ,7 1 4 5 1 . ,7 1 4 8 8 ., 1 1 5 3 3 ., 0 16 07 .,9 16 87 .,2 1 6 7 7 .,2 1 7 0 6 . ,0 1 7 9 0 . ,4 1 8 6 9 . ,0 196 0 .,8 1 9 9 4 .,1 1 9 7 4 . ,1 2 0 2 2 .,4 2 0 4 1 . ,0 2 1 3 5 ., 1 2 2 4 6 .,7 2 3 3 7 . ,4 2 4 4 0 . ,9 2 5 1 6 . ,6 8 2 7 .,3 87 8 ., 0 8 9 9 .,2 9 2 2 .,6 9 3 9 . ,7 9 8 6 .,3 1 0 0 5 .,7 1 0 2 4 . ,6 1 0 7 2 . ,8 1 1 1 5 . ,5 1 1 8 4 . ,8 1 2 4 2 . ,3 1 3 0 5 . ,5 1 3 4 3 . ,3 1 4 2 1 . ,5 1 4 5 9 ,,9 1 5 0 1 . ,3 1 5 4 1 . ,0 1 6 2 9 . ,9 1 6 9 4 , .5 1 6 8 6 . .7 1 7 2 3 . ,9 1 8 0 9 . ,9 1 8 8 8 .,0 1 9 7 0 . ,3 2 0 0 7 ..9 1 9 9 6 . .3 2 0 3 1 , ,5 2 0 5 1.,8 2 1 6 3 , ,0 2 2 5 7 .,3 2 3 7 5 ..9 2 4 7 8 . ,6 2 5 4 5 ..2 Annual DOLLARS 8 4 2 ., 3 8 9 2 ,.7 9 0 8 ,.4 9 2 5 ,.7 9 4 9 ..4 9 8 9 . .6 1 0 0 7 .,8 1 0 4 2 . .9 1 0 8 5 .. 8 1 1 2 3 . ,6 1 1 8 8 ..0 127 3 ..2 1 3 0 9 , .5 1 3 5 1 , .5 1 4 2 7 ., 1 1 4 7 2 ..0 1 4 9 7 ,.2 156 0 ., 1 1 6 6 7 .,8 1 6 8 6 ,. 8 1 6 6 4 , .7 1 7 4 0 .,4 1 8 3 7 . ,8 1 9 1 4 , .2 1 9 8 9 ,.7 2018,.0 2 0 1 5 , .6 2 0 2 0 ,. 0 2 0 7 8 ,.7 2 1 9 1 . .9 2 2 8 1 . .1 2 3 8 6 . .9 2 4 8 6 . ,2 2 5 3 1,.7 2 33 . PERSONAL CONSUMPTION EXPENDITURES IN 1 9 8 2 DOLLARS, DURABLE GOODS (ANNUAL RATE, B I L L I O N S OF DOLLARS) 1954. 1955 . 1956 . 1957 . 1958 . 1959 . 196 0 . 1961. 1962 . 1963 . 1964. 1965 . 1966 . 1967 . 1968. 1969 . 1970. 1971. 1972 . 197 3 . 1974. 197 5 . 1976 . 1977 . 1978. 1979 . 1980. 1981. 1982 . 1983. 1984. 1985 . 1986 . 1987 . 1988 . 236. 64.4 63.6 63.2 63.2 64.5 63.8 64.2 63.9 63.0 62.9 63.0 62.5 I Q PERSONAL CONSUMPTION (ANNUAL RATE, 1954. 1955 . 1956 . 1957. 1958. 1959. 1960. 1961. 1962. 1963. 1964. 1965, 1966. 1967. 1968. 1969. 1970. 1971, 197 2 . 1973, 1974, 1975 , 1976, 1977, 1978, 1979. 1980, 1981, 1982 , 1983, 1984, 1985 , 1986, 1987 , 1988, 7 8 . ,8 91 .,6 9 3 . ,9 9 4 . ,8 8 6 . ,2 9 4 . ,5 96 .,9 9 1 . ,2 9 9 . ,9 1 0 9 . ,2 1 1 8 . ,1 1 3 0 . .7 1 4 7 . ,3 1 4 2 . .1 155 ,.8 1 6 8 . .8 1 6 3 , .5 1 7 0 . .7 1 9 1 . ,7 2 2 5 ,.7 2 0 8 . .2 1 9 3 . ,5 2 2 9 . .7 2 4 6 ,.7 2 5 2 , .6 2 6 8 . ,9 2 6 0 , .6 25 8,.7 2 4 7 ,.7 2 6 3 ..3 3 1 2 ,.6 3 4 4 ,.8 3 6 3 ,.3 3 7 8 ,.3 7 9 . ,6 97 .,2 9 2 . ,9 9 2 . ,5 85 .,5 9 8 . ,3 9 9 . ,9 9 1 . ,8 1 0 2 .,0 1 1 1 . ,2 1 2 0 . ,7 1 3 1 . .2 1 4 0 . ,9 1 4 8 . .4 1 5 9 ,.1 1 6 8 , .2 1 6 5 , .6 1 7 5 ..1 1 9 6 ..1 2 2 1 ,.8 2 0 9 , .9 1 9 8 , ,7 2 3 0 . ,6 2 5 1 ..8 2 7 2 ,.4 2 6 2 ,.9 2 3 1 ,.9 2 4 8 ,.4 2 4 9 ,. 1 2 8 0 ,.0 3 2 2 ,.5 3 5 0 ,.3 3 7 4 ,.2 3 9 1 ,.3 8 1 . ,2 9 9 . .7 9 1 . .9 9 1 ..0 8 6 . ,5 9 9 . ,4 9 8 . ,7 9 3 , .7 1 0 3 ,.1 1 1 2 . .9 1 2 4 , .2 1 3 5 ,.9 1 4 4 ,.8 1 4 7 ,.1 1 6 6 ,. 4 1 6 7 , .6 166 ,. 2 1 8 0 ,. 0 2 0 1 ,.4 2 2 0 ,.0 2 1 1 , .6 2 1 1 , .7 2 3 2 ,.4 2 5 6 ,.2 2 7 0 ,.9 27 0,. 9 2 4 2 ,.7 2 5 5 ,.5 2 5 1 ,.8 2 8 8 ,.5 3 2 4 ,.3 3 6 9 ,, 1 4 0 5 ,.1 4 0 6 ,.5 AVERAGE 86 ,. 4 9 9 ,.2 9 2 ,. 5 9 1 ,. 1 8 9 , .6 9 5 ,. 4 9 6 ,. 4 9 7 ,. 8 1 0 6 ,.8 1 1 3 ,.9 1 2 0 ,.3 1 4 0 ,. 8 1 4 4 ,. 5 147 ,. 2 1 6 5 ,. 3 1 6 6 ,. 7 154 .8 1 8 7 ,. 4 2 1 2 ,. 4 2 1 3 ,.8 1 8 9 ,.7 2 1 8 ,. 3 2 3 6 , .7 2 6 1 ,. 1 27 3,. 9 2 6 3 ,.4 2 4 8 ,.6 2 4 0 ,. 4 2 6 2 ,. 0 3 0 0 ,.5 3 3 3 ,. 1 3 5 6 ,. 4 3 9 7 ,. 3 3 8 7 ,. 6 PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS, NONDURABLE GOODS (ANNUAL RATE, B I L L I O N S OF DOLLARS) 1 1 8 ,.7 122 ,. 3 1 2 9 ,. 1 1 3 4 , .5 1 3 9 , .5 1 4 6 ,. 3 1 5 0 ,. 9 1 5 6 ,. 0 1 6 1 ,.5 1 6 7 ,. 5 1 7 5 ,. 2 1 8 5 ,. 6 2 0 4 ,.1 2 1 3 ,.7 2 2 7 ,. 6 245 .6 2 6 4 ,.7 2 7 8 ,. 3 2 9 3 ,. 1 3 2 7 ,. 0 3 6 5 ,. 6 400 .5 439 .4 4 7 7 ,.5 516 .4 5 8 3 ,. 4 662 .0 726 .6 758 . 1 7 9 1 ,. 0 849 .9 890 .9 938 .4 977 .5 1 1 8 ,. 8 124 . 0 130 .0 1 3 5 ,. 8 140 .8 147 . 7 1 5 3 ,. 8 156 . 8 1 6 2 ,. 9 168 .2 178 . 4 189 . 1 207 .6 215 .5 232 .6 250 .2 268 .2 282 . 0 301 .5 333 .5 376 . 8 411 .2 446 . 4 485 .6 534 .4 600 .9 671 .8 737 . 3 762 .6 810 .9 866 .9 905 .6 937 .2 995 . 3 119 .9 125 . 0 131 . 3 1 3 9 ,. 2 1 4 2 ,. 8 149 . 1 1 5 3 ,. 5 157 . 3 164 .5 170 .6 182 . 0 192 . 8 210 .7 217 . 8 238 .6 254 .2 2 7 1 ,. 9 284 .4 308 .4 344 .0 388 .1 423 .2 456 . 0 491 .9 548 .5 623 .6 6 86 . 4 745 .7 776 .7 8 2 7 ,. 0 8 7 2 ,. 8 915 .7 944 .7 1 0 0 6 ,. 6 121 127 132 138 143 150 154 159 166 171 183 199 211 220 241 258 276 288 317 353 393 429 466 5 06 567 645 705 752 7 86 837 879 932 954 1012 8 2 2 .,7 8 7 3 . ,8 8 9 9 . ,8 9 1 9 , ,7 9 3 2 .,9 97 9 .,4 1 0 0 5 ..1 1 0 2 5 .,2 1 0 6 9 .,0 1 1 0 8 . ,4 1 1 7 0 . ,6 1 2 3 6 . ,4 1 2 9 8 . ,9 1 3 3 7 .,7 1 4 0 5 .,9 1 4 5 6 . .7 1 4 9 2 ,, 0 1 5 3 8 . ,8 1 6 2 1 . ,9 1 6 8 9 . .6 1 6 7 4 .,0 1 7 1 1 . ,9 1 8 0 3 . ,9 1 8 8 3 . ,8 1 9 6 1 .,0 2 0 0 4 , .4 2 0 0 0 , .4 2 0 2 4 . .2 2 0 5 0 . ,7 2 146 ., 0 2 2 4 9 .,3 2 3 5 4 . .8 2 4 5 5 ..2 2 5 2 1.. 0 .3 .5 .7 .9 .9 .8 .6 .5 .4 . 1 . 1 .9 .4 .6 .2 .7 .5 .4 .4 .7 .1 .9 .0 .8 .9 .1 .2 .7 .6 .9 .6 .7 . 1 .4 8 1 , .5 9 6 , .9 9 2 ,.8 9 2 ,.4 8 6 , .9 9 6 , .9 9 8 ,.0 9 3 , .6 1 0 3 ,.0 1 1 1 ..8 1 2 0 .,8 1 3 4 ,.6 1 4 4 ,. 4 1 4 6 , .2 1 6 1 , .6 1 6 7 ,. 8 1 6 2 ,.5 1 7 8 ,. 3 2 0 0 ,.4 2 2 0 ,.3 2 0 4 ,.9 2 05 ,.6 2 3 2 ,.3 2 5 3 ,.9 2 6 7 ,. 4 2 6 6 ,. 5 2 4 5 ,.9 2 5 0 ,.8 2 5 2 ,.7 2 8 3 ,. 1 3 2 3 ,. 1 3 5 5 ,. 1 3 8 5 ,. 0 3 9 0 ,.9 AVERAGE 119 .7 124 .7 130 .8 137 . 1 141 .7 148 .5 153 . 2 157 . 4 163 . 8 169 . 4 179 .7 191 . 9 208 .5 216 .9 235 . 0 252 .2 270 .3 283 .3 305 . 1 339 .6 380 .9 416 .2 452 .0 490 .4 541 .8 613 .2 681 .4 740 .6 77 1 . 0 8 1 6 ,.7 8 6 7 ,. 3 9 1 1 ,.2 9 4 3 ,.6 9 9 7 ,.9 (OCTOBER 1988) 101 C. Historical Data for Selected Series—Continued Year 237. IQ 1954.. 1955 . . 1956 . . 1957 . . 1958. . 1959 . . . 1960... 1961... 1962 . . 1963. . 1964. . . 1965 . . . 1966 . . . 1967 . . . 1968. . . 1969 . . . 197 0 . . . 1971. . . 1972 . . . 1973. . . 1974. . . 1975 . . . 1976 . . . 1977 . . . 197 8 . . . 1979. . . 1980 . . . 1981. . . 1982 . . . 1983... 1984... 1985 . . . 1986... 1987... 1988. . . 239. 4 3 8 2 4 9 3 4 2 .4 .2 .9 .5 .9 .5 .3 .1 .0 .5 .9 .2 .1 .9 .4 .3 .8 .1 .2 .1 .9 .6 .7 .2 .7 PERSONAL 1954. 1955 . 1956 . 1957 . 1958. 1959 . 1960. 1961. 1962. 1963. 1964. 1965 . 1966 . 1967 . 1968. 1969. 1970. 197 1 . 1972 . 197 3 . 1974. 1975 . 1976 . 1977 . 1978. 1979 . 1980. 1981. 1982 . 1983 . 1984. 1985 . 1986 . 1987 . 1988. 241. IV Q II Q PERSONAL CONSUMPTION EXPENDITURES IN SERVICES (ANNUAL RATE BILLIONS 1954.... 1955 1956 1957 1958.... 1959 . . . . 1960.... 1961.... 1962 . . . . 1963. . . . 1964.... 1965 . . . . 1966 196 7 . . . . 1968 1969 197 0 1971. . . . 1972 . . . . 1973 . . . . 1974.... 1975.... 1976 1977 . . . . 1978 1979 . . . . 1980 1981.... 1982 1983 1984... . 1985 . . . . 1986 1987 1988. . . . 3 4 5 . ,6 3 6 1 . ,0 3 7 7 .,7 3 9 1 . ,1 4 0 4 . .8 4 2 4 . .3 4 4 4 .,1 4 6 1 . .3 4 8 0 . ,3 4 9 6 .,7 5 2 9 . .1 5 5 4 . .4 5 8 3 . .6 6 0 9 ..1 6 3 8 . .3 6 6 7 . ,3 6 9 2 , .8 7 1 7 ,.0 7 5 0 ,.0 7 8 4 , .6 8 0 1 ,.9 8 2 9 ,.6 8 5 4 ,.8 8 8 9 , .9 9 3 9 , .2 9 6 9 ,.1 9 8 1 ,.3 1 0 0 9 , .5 1 0 2 3 , .5 1 0 5 9 ,.4 1 0 9 6 ,.1 1 1 4 4 ,.1 1 1 8 5 ,. 8 1 2 3 5 ,.5 OF DOLLARS) 8 9 ..0 9 4 , .6 1 0 2 . .5 1 0 9 . .1 117 .. 1 1 2 6 ..4 1 3 4 . .5 1 4 2 ,.3 1 5 2 ,.1 1 6 2 ,.3 1 7 4 ,.3 1 8 6 , .9 2 0 2 ,. 0 2 1 8 ,.4 2 3 9 ,. 3 2 6 2 ,.1 2 8 7 , .2 3 1 3 , .9 3 4 4 ,.0 3 7 7 . .2 4 1 7 ..0 4 6 6 ,.4 5 2 1 ..4 5 9 1 . .7 6 6 6 ,. 1 7 4 2 , .5 8 4 4 ,.2 9 4 8 ,.4 1 0 3 6 ,.1 1 1 4 0 ,.6 1 2 3 9 ,.7 1 3 5 8 ,.5 1 4 6 8 ,.2 1 6 1 0 ,.2 9 0 ,.5 97 ,. 1 1 0 4 , .7 1 1 1 ,. 4 1 1 8 . .5 1 2 9 ,.1 1 3 6 , .7 1 4 5 ,. 3 1 5 4 , .7 1 6 5 , .2 1 7 7 ,.4 1 9 1 ,. 4 2 0 6 ,.2 2 2 1 ,.9 2 4 5 ,. 1 2 6 9 ,.0 2 9 3 ,.6 3 2 1 ,.7 3 5 3 ,.9 3 8 5 ,.7 4 2 9 ,.7 4 8 1 ,. 1 5 4 0 , .6 6 0 8 , .2 6 8 2 ,. 0 77 0,.5 8 7 6 ,. 3 9 7 2 ,.0 1 0 6 6 ,.5 1 1 6 7 ,.9 1267 . 1 1394 .5 1500 .1 1 6 4 1 ,.9 2 0 3 . ,2 2 4 5 . ,1 2 6 2 . ,1 2 4 8 . ,6 2 1 0 . ,9 2 6 1 . ,7 2 8 8 . .7 2 3 8 .,3 2 8 7 . ,7 2 9 1 ..9 3 2 4 . .7 3 6 2 ..1 3 9 6 , .9 3 6 8 . ,7 3 8 7 . .7 4 1 2 ..0 3 7 9 . .9 4 1 5 . .5 4 3 9 , .5 5 1 5 , .7 5 0 1 ,. 1 3 7 0 , .6 4 4 4 , .7 4 9 2 ,. 0 5 4 4 ,.0 5 82 ,.2 5 5 6 ,.7 5 5 2 ,.3 4 6 4 , .2 4 2 7 ., 1 6 5 5 , .2 6 3 4 ,.3 67 8,. 0 6 4 6 ,. 4 2 06 .,4 26 0 .,8 2 5 8 . ,3 2 4 5 . ,3 2 0 6 .,2 2 8 3 ., 1 2 6 1 ..4 2 4 9 .,1 2 9 1 ..2 3 06 ..9 3 2 3 . .6 3 6 4 ..3 3 9 0 , .9 3 6 1 . .7 3 9 7 .,2 4 0 9 . .1 3 7 6 .,4 4 2 3 ..1 4 6 2 ..3 5 2 1 . .7 4 9 6 ,.5 3 5 8 ,.1 4 5 4 , .9 5 1 9 ,.0 5 8 4 , .6 5 9 0 ,.1 4 9 9 ,.2 5 5 1 ,.2 4 6 7 , ,5 4 8 6 , .9 6 5 8 ,.4 6 4 7 ,.5 6 5 2 ,.1 6 6 0 ,.1 Year IQ IV Q II Q Annual 1 NONDURABLE GOODS AVERAGE 8 8 .,0 9 4 ..3 1 0 1 , .6 1 0 8 . ,5 1 1 5 . .7 125 .. 0 1 3 4 ..0 1 4 1 . .8 1 5 1 ., 1 1 6 0 . .6 1 7 2 . .8 185 ,. 4 2 0 0 , .3 2 1 6 ..0 2 3 6 ..4 2 5 9 ,.4 2 8 4 ,.0 3 1 0 , .7 3 4 1 ..3 3 7 3 ..0 4 1 1 . .9 46 1..2 5 1 5 , .9 5 8 2 ..3 6 5 6 .. 1 7 3 4 , .6 8 3 1 , .9 9 3 4 , .7 1 0 2 7 ,. 0 1 1 2 8 ,.7 1 2 2 7 ,.6 1 3 4 5 , .6 1 4 5 7 ,. 3 1 5 9 2 ,. 3 1954 1955 1956 1957 1958, 1959, 1960 1961, 1962 1963, 1964 1965 1966 1967 1968 1969 1970 1971 1972 197 3, 1974 1975 1976 1977 1978, 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 AVERAGE 3 4 7 ,. 4 3 6 3 . .6 3 8 0 ,.1 3 9 2 , .6 4 0 6 ,.1 4 2 6 ,.7 4 4 3 ,.9 46 1,. 4 4 8 1 ,.8 5 0 2 ,. 3 5 3 2 ,.3 5 5 8 , .5 5 8 5 ,. 3 6 1 2 ,. 3 6 4 1 ,.8 6 7 1 , .7 6 9 7 ,. 0 720 .2 7 5 6 ,. 0 7 86 ., 1 8 0 3 ,. 1 8 2 9 ,. 8 8 6 2 ,. 8 8 9 8 ,.5 9 3 9 ,.8 97 1,. 2 9 9 1 ,.9 1009 . 0 1 0 2 7 ,. 0 1062 .7 1 1 0 0 ,. 3 1152 .3 1190 .7 1239 .5 (ANNUAL 390.2 404.3 427 . 4 430.7 432.3 452 .3 460.7 465 . 3 480.2 492.4 5 05 . 1 531.2 563.4 576 . 3 594.2 613.4 628.4 639 .4 647 .5 687 .8 664.9 666 .9 696 .2 728.8 745 . 8 766 .2 767 .9 763.3 764.2 7 86 . 3 814.5 838.2 870.4 889 .9 (ANNUAL RATE, 5 0 . .9 6 4 . .8 7 2 . .8 7 1..9 5 9 , .5 7 6 . .9 8 8 . .7 6 9 . .5 87 .,9 8 8 . ,9 9 8 . ,2 1 1 4 . .4 1 2 8 . ,2 1 2 5 . .5 1 3 3 . ,8 1 5 1 . ,3 146 ..2 1 6 6 . .6 1 8 8 ,.3 2 2 8 ,.0 2 3 8 ,. 1 2 0 4 ,.9 2 6 4 , .6 3 1 1 . ,5 3 7 9 , .7 4 4 6 . .9 46 1,. 0 5 06 ,.9 4 5 9 , .5 4 2 8 ,,3 6 6 3 ,.0 6 3 9 ,.3 6 8 6 ,.6 6 8 5 ,. 5 1982 RATE, BILLIONS 389 . 0 410.9 425 .9 432.5 435.7 454.5 465.9 470.4 481.3 492.2 514.6 536 . 1 568.6 57 9 . 1 599 .2 616.2 629 .6 640.9 DOLLARS) 608.6 617.6 634.3 639.0 670.4 684.5 670.2 679 .8 712.1 728.3 753.5 766 . 0 759 .9 764.7 772 .8 661.8 680.8 665 .4 677 . 8 7 05 . 0 727 . 3 7 49 . 1 762 .1 760.9 764.5 768.3 795 .7 806.2 828.2 829 .6 850.0 881.4 891.9 843.0 880.9 889 .8 BILLIONS OF 394.7 414.6 425 .5 438.6 443.2 457 . 0 46 3 . 1 469.2 485 .7 495 .9 524.4 544.7 57 3 . 6 57 8 . 7 OF 401.3 423.1 428.9 437.1 448.4 459.3 463.6 475 .5 489.7 496 .5 526 . 0 56 0 . 8 571.5 582 .7 6 07 . 6 621.4 637 .7 641.8 682 .2 679 . 4 663 .9 681.5 721.8 740.9 766 . 3 77 2 . 2 761.5 765 .2 778.6 812.7 831.2 858.3 885 . 3 890.5 DOLLARS) 5 2 ,.0 6 9 . .6 7 2 . .2 7 1 ,.7 5 8 ..2 8 4 ,. 4 7 8 ..1 7 4 , .7 8 8 ..0 9 2 . ,2 9 8 . .7 1 1 4 ..0 1 2 9 ..1 1 2 0 . .6 1 3 7 .,4 1 5 1 ..8 1 4 8 ..2 1 7 3 ,. 4 1 9 9 ,.1 2 3 7 ,.8 2 4 1 ,.3 2 0 4 ,.6 2 7 5 ,.8 3 4 1 ,.4 4 2 0 ,.2 4 6 3 ,.2 4 2 5 ,.0 5 1 5 ,.3 4 6 7 ,.8 4 8 1 ,.3 6 6 4 ,.2 6 5 2 ,.3 6 6 7 ,. 8 6 9 8 ,.5 5 4 , .7 7 1,. 3 7 2 ,. 8 7 3 ,.6 6 4 ,.1 7 8 ,. 4 7 7 ,. 4 8 1 ,.2 8 9 ,.3 9 5 ,.7 1 0 0 ,.0 1 1 7 ..4 127 ,.6 126 ,.5 1 3 6 ,.8 1 5 8 ..1 1 5 3 , .5 177 ,. 0 2 05 ,. 7 2 3 7 ,.2 2 3 8 ,.9 2 2 9 ,.5 27 9,. 6 3 6 3 ,.7 4 2 4 ,.7 4 6 1 ,.5 4 0 5 ,. 4 5 3 5 ,.9 4 5 2 ,.2 5 1 9 ,.7 6 7 0 ,.3 6 2 6 ,.7 6 5 3 ,. 0 7 02 . 8 393 .8 413.2 426 .9 434.7 439 .9 455 .8 463.3 470.1 484.2 494.3 517.5 543 .2 569.3 579.2 602 .4 617.2 632.5 640.3 665 .5 683.2 666 .1 676 .5 7 08.8 731.4 753 .7 766 .6 762 .6 764.4 77 1 . 0 800.2 825 .9 847 . 4 879.5 890.5 AVERAGE 5 8 ,.9 7 3 ,.3 7 2 ..9 6 7 ,.1 7 2 ,.1 8 1 ,. 1 6 8 ,.5 8 3 ,. 0 85 ,. 4 9 5 ,,8 1 0 1 . .6 1 1 8 ..8 1 2 9 . .6 1 3 0 ,.1 1 3 9 . .9 1 5 1 . .6 147 ,. 3 1 7 2 ,.9 2 1 4 ,.9 2 5 2 ,.3 2 4 5 ,. 1 2 3 9 ,. 3 2 9 0 ,.6 3 5 9 ,.6 4 4 2 ,.7 4 4 7 ,.8 4 5 6 ,.4 5 0 4 ,.0 4 0 9 ,.6 57 9 ,. 8 6 6 1 ,.8 6 5 4 ,. 1 6 5 6 ,. 4 7 6 4 ,.9 54.1 69.7 72.7 71.1 63.6 80.2 78.2 77.1 87 . 6 93.1 99.6 116.2 128.6 125.7 137.0 153.2 148.8 172.5 2 02 . 0 238.8 240.8 219.6 277 .7 344.1 416.8 454.8 437 . 0 515.5 447.3 5 02 . 3 664.8 643.1 665 .9 712.9 DOLLARS AVERAGE 2 2 5 ..7 2 6 8 . .9 2 5 3 ..8 2 3 0 ,.3 2 4 6 .. 4 2 7 4 ..1 2 3 3 , .6 2 7 8 ,.4 2 8 0 ,.7 3 1 4 ,. 0 3 3 0 ,.8 3 7 1 ,.8 3 8 5 ,. 2 3 8 8 ,.4 3 9 0 , .2 4 0 0 , .5 3 7 9 ,.3 4 1 2 ,.8 4 8 6 ,. 0 5 3 4 ,.2 4 6 2 ,.2 4 1 0 ,. 1 4 6 1 ,.8 5 27 ., 2 5 9 5 ,. 8 552 .9 513 .5 5 1 7 ,.9 4 0 8 ,.8 57 7,. 2 6 5 5 ,. 7 6 4 8 ,. 0 6 1 6 ,.5 724 .7 2 1 5 . .0 2 6 4 . .3 2 5 7 .,1 2 4 9 . .2 2 2 2 ..2 2 6 2 ..4 2 5 8 ,.3 27 0,.5 2 9 4 , .7 3 1 5 . .6 3 2 4 , .5 3 6 9 , .9 3 8 9 ,,1 3 7 8 . .8 3 9 2 ,.0 4 1 9 , .5 3 9 0 , .6 4 2 5 ,.9 4 7 3 ,.8 5 1 1 ,.4 4 6 5 ,.5 3 9 4 ,.4 4 5 2 ,.8 5 4 6 ,.9 5 8 3 ,.3 5 7 5 ,.7 4 6 7 ,.7 5 6 0 ,.7 4 4 8 , .6 5 2 4 ,.8 6 6 4 , .2 6 1 8 ,. 1 6 2 7 , .6 6 6 7 ,.9 NOTE: These series contain revisions beginning with 102 3 5 4 . .6 3 7 0 . .5 3 8 7 ..0 3 9 7 ..5 4 1 1 . .5 4 3 5 ..0 4 4 7 ,.9 46 9 ..7 4 8 9 ..3 5 1 3 ., 1 5 4 1 ,.8 57 1..7 5 9 3 ..4 6 2 1 , .6 6 5 4 , ,2 6 8 3 ,.9 7 0 4 , .6 7 3 1 ,. 0 77 3,. 2 7 9 3 ,.5 8 1 1 ,. 0 8 4 0 ,.5 8 7 9 ,. 4 9 1 2 ,. 2 9 4 9 ,.6 9 8 2 ,. 4 1 0 0 5 ,. 6 1 0 1 4 ,.3 1 0 3 8 ,.1 107 8,. 6 1 1 1 6 ,.8 1 1 7 2 ,.2 1 2 0 3 ,.6 1 2 5 3 ,.6 3 5 1 . ,4 3 6 3 . ,8 3 8 1 . ,8 3 9 3 . ,1 4 0 9 ..9 4 2 9 . ,8 4 4 3 . .9 4 6 1 . .7 4 8 4 . .0 5 0 6 .,7 5 3 6 . ,1 5 6 1 . ,7 5 87 ., 1 6 1 7 . ,5 6 4 6 . ,5 6 7 4 . .7 7 0 0 . .8 7 2 2 ..0 7 5 8 ,.1 7 9 0 ,.0 8 0 4 , .9 8 3 2 ,.4 8 6 5 ,.4 9 0 3 , .5 9 4 5 ,.9 97 1,. 0 9 9 3 , .6 1 0 1 1 ,.4 1 0 2 7 ,.2 1 0 6 8 ,.3 1 1 0 3 , .5 1 1 5 6 ,.8 1 1 9 2 ,. 0 1 2 4 6 ,. 8 PRIVATE DOMESTIC INVESTMENT IN 1 9 8 2 (ANNUAL RATE, B I L L I O N S OF DOLLARS) Annual DOLLARS, CONSUMPTION EXPENDITURES IN 1 9 8 2 DOLLARS, S (ANNUAL RATE, B I L L I O N S OF DOLLARS) 3 3 8 , .2 3 5 9 ,. 3 3 7 3 ,.8 3 8 8 ,.8 3 9 8 ,. 0 4 1 7 , .5 4 3 9 , .6 4 5 3 ,.0 4 7 3 . .6 4 9 2 ,.6 5 2 2 ,. 0 5 4 6 .. 3 5 7 6 . .9 6 0 1 ,.0 6 2 8 , .2 6 6 0 , .7 6 8 9 ,,7 7 1 0 ,. 8 7 4 2 ,.7 7 7 6 ,. 3 7 9 4 ,.4 8 1 6 ,.7 8 5 1 ,.7 8 8 8 ,.2 9 2 4 , .6 9 6 2 ,.4 9 8 6 ,.9 1 0 0 0 ,.9 1019 .2 1044 .6 1085 . 0 1136 .2 1 1 8 1 ,. 4 1222 . 0 GROSS 87 3 93 2 100 5 107 5 114 7 123 6 133 5 141 2 150 2 1 5 8 ,.6 1 7 1 ,. 2 1 8 3 ,. 4 1 9 8 ,.5 2 1 3 ,. 8 2 3 3 ,. 8 2 5 6 ,.3 2 8 0 ,.2 3 0 7 ,. 0 3 3 6 ,.7 3 6 9 ,. 1 4 0 6 ,.7 4 5 5 ,. 3 5 05 ., 8 5 7 1 ,.7 6 49 . 0 7 2 2 ,. 4 8 1 2 ,.2 9 2 3 ,.2 1012 .2 1 1 1 7 ,. 6 1215 .1 1 326 ., 6 1 4 4 1 ,. 9 1 5 7 6 ,.4 CURRENT 1985. 2 1 2 , .6 2 5 9 . .8 2 5 7 .,8 2 4 3 ..4 2 2 1 .,4 27 0 .. 3 26 0,.5 2 5 9 ,. 1 2 8 8 , .6 3 0 7 ,. 1 3 2 5 ,.9 3 6 7 ,. 0 3 9 0 , .5 3 7 4 ,.4 3 9 1 ..8 4 1 0 ,.3 3 8 1 ,.5 4 1 9 ,.3 4 6 5 ,. 4 5 2 0 ,.8 4 8 1 ,.3 3 8 3 ,.3 4 5 3 ,.5 5 2 1 ,.3 5 7 6 ,.9 57 5,. 2 5 0 9 ,. 3 545 .5 4 4 7 ,. 3 5 0 4 ,.0 65 8,. 4 6 3 7 ,. 0 6 4 3 ,.5 674 .8 DOLLARS 1954. 1955 . 1956 . 1957 . 1958, 1959. 1960, 196 1, 1962 , 1963, 1964, 1965, 1966, 196 7, 1968, 1969, 197 0, 1971, 1972, 1973, 1974, 1975, 1976, 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 (ANNUAL 53.5 60.4 66.5 69.6 64.9 72.1 77.7 72.4 79.3 83.0 92.7 101.9 114.4 110.5 126.3 140.5 144.0 154.3 183.5 2 13.2 222 .0 217.4 247 . 8 296 . 4 353 .5 425 . 0 460.6 478.9 483.6 47 1 . 0 56 8 . 9 621.5 642 .6 6 47 . 8 RATE, BILLIONS 54.6 63.5 67.8 69.2 63.2 74.8 75.7 73.6 81.9 86 . 5 93.4 104.9 115.2 114.3 126.3 142.7 144.0 163.2 187 . 2 218.5 225 . 3 219.7 256 .2 319.7 385 . 8 435.0 424.6 492 .5 472 .9 492 .5 597 .5 632 .8 648.3 665 .8 OF DOLLARS) 56.8 65.7 68.9 70.4 64.1 75.9 73.7 75.2 82 . 7 88.4 94.9 107.5 115.2 116.2 128.8 146 . 3 146.3 168.2 191.3 222 .1 229 .6 227 .7 262.2 331.0 400.2 451.8 435 . 0 500.2 46 1 . 2 525 .2 605 .4 626 . 0 652 .3 688.3 58.1 66.6 69.0 69.4 68.1 74.9 73.4 77.7 82 . 1 91.4 96.0 110.7 112.8 120.7 135.0 144.2 148.5 173.2 204.1 223 . 1 224.7 235 .9 280.5 344.1 413.3 455 .6 46 1 . 0 494.3 469.5 548.8 616.8 646 . 8 658.4 692 .9 55.7 64.0 68.0 69.7 65.1 74.4 75.1 74.7 81.5 87.3 94.2 106.2 114.4 115.4 129.1 143.4 145.7 164.7 191.5 219.2 225 . 4 225 .2 261.7 322 .8 388.2 441.9 445.3 491.5 47 1 . 8 509 . 4 597 . 1 631.8 650.4 673 .7 (OCTOBER 1988) C. Historical Data for Selected Series—Continued Year IV Q II Q GROSS PRIVATE DOMESTIC FIXED INVESTMENT IN 1 9 8 2 DOLLARS (ANNUAL RATE, B I L L I O N S OF DOLLARS) 1954 1955 1956 1957 1958 1959 1960 196 1 1962 1963 1964 1965 1966 1967 1968 1969 1970 197 1 1972 197 3 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 19 85 1986 1987 2 1 0 . ,4 2 3 3 . ,4 2 4 4 . ,9 2 4 2 ., 1 2 2 6 .,1 2 4 7 ., 1 2 6 2 . ,0 2 4 5 . ,5 2 6 5 . ,7 27 5 ., 0 3 0 7 . ,8 3 2 9 . .8 3 6 1 . ,2 3 3 2 .. 1 3 6 8 . ,6 3 8 5 ..4 3 7 4 .. 1 3 8 3 . .8 4 3 1 , .5 4 8 1 . .7 4 6 5 , .8 3 9 2 ..4 4 2 0 ,.3 4 6 7 ,.8 5 1 2 ,.4 5 5 8 ,. 3 5 5 2 ,.6 5 2 4 ,.9 4 8 8 ,.2 469 .4 57 1 . 8 618 .6 632 .4 616 .6 2 1 4 . .1 2 4 3 .,0 2 4 6 .,0 2 3 9 . ,3 2 19 ., 0 2 5 5 .,5 2 5 4 . ,1 2 4 7 . ,4 2 7 4 . ,4 2 8 8 . ,2 3 0 8 . ,3 3 4 0 . ,4 3 5 7 ., 1 3 4 3 . ,6 3 6 5 . ,8 3 8 6 . ,2 3 6 6 . ,5 3 9 7 .,8 4 3 6 . ,7 4 8 2 .. 1 4 5 9 . ,0 3 8 8 . ,4 4 2 5 ..9 4 9 3 ..1 5 4 3 , .5 5 5 7 ,. 3 4 9 6 ,. 9 5 2 9 ,.4 4 7 3 ,.0 4 9 6 ,.2 5 9 5 ,.1 6 3 0 ,.6 6 2 8 ,.5 6 3 2 ,.3 2 2 0 , .8 2 4 7 .,9 2 4 5 . .8 2 4 1 ..9 2 2 0 . .7 2 5 7 ..9 2 4 7 ..5 2 5 3 .,3 2 7 6 . ,3 2 95 ..3 3 1 0 . .7 3 4 4 , .5 3 5 5 ,.2 3 4 7 . .7 3 6 8 . .8 3 9 0 ..3 3 7 4 , .5 4 0 5 ,. 4 4 4 1 ,.4 4 8 1 ..3 4 4 6 .,7 3 9 7 ,. 8 4 2 9 ,.1 5 02 ,.2 55 0 ,. 2 5 6 4 ,.9 4 9 7 ,. 2 5 2 5 ,.0 4 5 8 ,. 1 5 2 5 ,. 8 6 03 ,. 3 6 2 2 ,. 1 6 2 4 .6 654 .9 2 2 4 ,.1 2 4 9 . ,5 2 4 2 ,.7 2 3 8 .. 1 2 3 3 . .5 2 5 4 ..8 2 4 7 ,. 5 26 1., 0 27 3 ..2 3 0 3 . .3 3 1 3 . .9 3 5 2 , .5 3 4 1 , .2 3 5 9 ,. 1 3 7 9 . .7 3 7 8 . ,6 37 8 ,.2 4 1 1 , .7 4 6 5 ,. 0 4 7 7 , .9 4 2 0 . .6 4 0 5 ,.7 4 5 0 ,.3 5 05 ,.5 5 5 4 , .6 5 6 0 ,.5 5 1 8 ,. 1 5 0 7 ,. 4 4 6 8 ,. 1 5 5 0 ,.3 6 1 4 ,. 0 6 4 0 ,. 4 6 2 7 ,. 0 657 .6 Annual Year 245. CHANGE AVERAGE 217 . 3 243 .5 244.9 240.4 224.8 253 .8 25 2 . 7 251.8 27 2 . 4 290.5 310.2 341.8 353 .7 345 .6 37 0 . 7 385 . 1 373 .3 399 .7 443 .7 480.8 448.0 396 . 1 431.4 492 .2 540.2 56 0 . 2 516.2 521.7 47 1 . 8 510.4 596 . 1 627 .9 1954 - 2 ,.6 4 ,. 4 6 ,.2 2 ,. 3 - 5 ,. 4 4 ,. 7 11 ,. 0 - 2 ,. 9 8 , .6 5 ., 9 5 ., 5 1 2 ,. 5 1 3 ,. 8 1 5 ,. 0 7 .6 , 1 0 ,. 8 2 ,. 2 12 ,. 3 4 ,. 8 1 4 ,. 8 1 6 ,. 1 - 1 2 ,.5 1 6 ,• 8 15, 26 ,. 3 2 1 ,.9 .4 2 8 ,. 0 - 2 4 ,.1 - 4 2 , .6 9 4 ,. 1 1 7 ,. 8 4 4 ,. 0 3 7 ,. 7 1968 1969 1975 .1 1978 0, 628.1 640.4 IV Q II Q IQ IN BUSINESS INVENTORIES IN CURRENT (ANNUAL RATE, B I L L I O N S OF DOLLARS) - 2 ,. 6 6 ,. 1 4 ,. 4 2 ,. 5 - 5 ,. 0 9 ., 5 2 ., 5 1,. 1 6 ., 1 5 ., 6 5 ., 4 9 .1 1 3 ,. 9 6 ,. 2 1 1 ,. 1 9 ,. 0 4 ,. 2 1 0 ,. 3 11 . 9 1 9 ,. 3 1 6 ,. 0 - 1 5 ,.2 1 9 ,. 6 2 1 ,.7 34 .4 28 0 .5 2 2 ,. 7 - 5 .0 - 1 1 ,.2 6 6 ,. 7 19 . 5 19 . 5 32 .7 .1 - 2 ,. 1 5 ., 6 3 ,. 9 3 ., 2 .0 2 ., 5 3 ,. 7 6 ,. 0 6 .6 , 7 ., 3 5 ., 2 1 0 ,. 0 12 ,. 4 1 0 ,. 4 8 ,. 0 1 1 ,. 9 7 ., 2 8 ,. 8 1 4 .. 4 1 5 ,. 0 9 ,. 3 .8 17 ,. 4 3 2 ,.7 2 4 ,.5 9 ., 7 - 2 9 ,.6 3 5 ,. 7 - 9 ,.0 - 5 ,.5 6 5 ,. 0 .7 .7 1 4 ,. 5 0, 1, 0, 0, 0, .8 6 ,.7 3 ,.9 - 2 ,. 3 4 ,. 0 6 ,. 3 - 4 , .9 5 .4 3 . .3 4 ,.4 5 ,.6 8 ,. 0 1 6 , ,7 9 ,. 4 4 , .9 7 ,.5 - 1 , .2 - 0 ,.3 1 0 ,. 8 2 9 , .2 2 0 ,.4 3 ,. 4 1 0 , .2 1 5 , .6 2 9 ,.4 - 7 ,.8 - 4 , .6 9 .. 7 - 5 9 , .9 3 1 ,. 0 4 5 ,. 0 7 ., 2 - 2 ,. 0 7 2 ,. 0 1988 247. CHANGE IN BUSINESS - 0 , .7 1954 1955 1956 1957 195 8 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 1988 1 ,. 1 1,.5 0,.5 - 1 ,.2 1,. 0 2 ,. 1 - 0 , .6 1,.5 1,. 0 0..9 1..8 1..8 1..9 0,.9 1.. 1 0,.2 1,. 1 0,. 4 1,. 1 1,. 1 - 0 ,.8 1,. 0 0,. 8 1,. 2 0,. 9 0,. 0 0,. 9 - 0 ,. 8 - 1 ,. 3 2 ., 6 0,. 5 1 .1 0,. 9 INVENTORIES (PERCENT) -0.7 1.5 1.0 0.6 -1.1 1.9 0.5 0.2 1.1 0.9 0.8 1.3 1.8 0.8 1.3 0.9 0.4 0.9 1.0 1.4 1.1 -1.0 1.1 1.1 1.5 1.1 0.0 0.8 -0.2 -0.3 1.8 0.5 0.5 0.7 AS A PERCENT OF GNP 0..2 1..6 0..9 - 0 . .5 0..8 1..3 - 1 ..0 1,. 0 0..6 0..7 0..8 1.. 1 2 .. 1 1.. 1 0,.5 0..8 - 0 , .6 1..4 0..9 0..7 0.. 0 0..5 0,.7 1,. 1 1..1 1..2 0..8 1., 4 1,.6 1,. 3 0,.9 1..2 0..7 - 0 . .1 0,. 0 0,.9 2 ,. 1 1,. 3 0,.2 0,.6 0,. 8 1,. 2 - 0 ,.3 - 0 ,. 2 0,. 3 - 1 ,.9 0,. 9 1,. 2 0,. 2 0,. 0 1,. 5 0 ,. 8 1,. 2 1,. 1 0,.6 0,. 1 1,. 0 1,.6 1,. 1 0,. 4 - 1 ,. 1 1,. 2 - 0 ,.3 - 0 ,.2 1,. 7 0,. 0 0,. 0 0,. 3 248. - 0 . .4 1.. 4 1..1 0..3 - 0 ..4 1..2 0,.6 0,. 4 1..1 1.. 0 0..8 1.. 4 1,. 8 1,. 3 0,.9 1.. 0 0 .. 3 0,. 7 0,. 9 1,. 4 1,. 0 - 0 ,. 4 0,. 9 1,. 1 1,. 2 0,.5 - 0 ,. 3 0,. 8 - 0 ,. 8 - 0 ,. 2 1,. 8 0,. 3 0,. 4 0,. 8 1969 1974 1982 1984 1988 249. GROSS PRIVATE RESIDENTIAL FIXED INVESTMENT PERCENT OF GNP (PERCENT) 1954 1955 1956 1957 1958 1959 1960 1961 1962 5 ,. 2 6 ,. 3 5 . .6 5 .,1 4 . .8 5 .,7 5 .,5 4 . ,9 5 .0 5.5 6 .4 5.6 4.9 4.8 5.8 1963 1964 1965 1966 1967 1968 1969 1970 197 1 1972 1973. . . 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 5 .,1 5 ..3 4 . .9 4 . .4 3 .. 4 4 , .2 4 ,. 4 4 ,. 0 4 , .5 5 .6 , 5 ., 8 4 ,. 7 3 ,. 7 4 ,. 4 5 ., 1 5 , .6 5 ,. 6 5 ,. 0 4 ,. 4 3 ,, 3 4 ,.0 4 . .8 4 . .7 4 . .9 5 ..1 5 .4 5 .1 4.8 4.2 3.8 4.2 4.4 3.8 4.9 5 .6 5.5 4.5 3.8 4.5 5.6 5 .8 5.6 4.1 4.2 3.3 4.4 4.9 4.7 5.1 5.1 5.8 250. 5 .6 6.1 6 .2 5.5 4.8 4.9 5.7 4.9 5.0 5.0 5.3 4.9 4.6 3.9 3.9 4.2 4.3 3.9 5.2 5.6 5.3 4.4 4.0 4.4 5.6 5.8 5.6 4.2 3.9 3.2 4.9 4.8 4.7 5.2 5.0 NOTE: These series contain revisions beginning with AS A 5.5 4.9 5.0 5.0 5 .4 4.9 4.5 3.5 4.1 4.3 4.0 4.3 5 .4 5.8 5.0 3.9 4.1 5.0 5.6 5.8 5 .4 4.6 3.5 3.6 4.7 4.7 4.8 5.2 4.9 1985. 5.5 4.9 5.0 5.7 5.1 4.9 5.0 5.3 5.0 4.7 4.0 3.8 4.2 4.3 4.0 5.0 5.6 5 .4 4.4 3.9 4.6 5.5 5.8 5 .6 4.5 4.0 3.4 4.5 4.8 4.7 5.1 5.0 1954. 1955 . 1956 . 1957 . 1958. 1959 . 196 0 . 1961. 1962 . 1963. 1964. 1965. 1966 . 1967 . 1968. 1969. 197 0 . 1971. 1972 . 1973 . 1974. 1975 . 1976. 1977 . 197 8 . 1979. 1980. 1981. 1982 . 1983 . 1984. 1985 . 1986 . 1987 . 1988. GROSS PRIVATE NONRESIDENTIAL A PERCENT OF GNP Annual DOLLARS FIXED INVESTMENT (PERCENT) - 1 , .6 5 .7 , 4 , .6 1,. 4 - 1 , .5 5 ,. 8 3 ,. 1 2 ,. 4 6 . 1 5 ,. 8 5 ., 4 9 ,. 9 1 4 , .2 1 0 ,. 3 7 ., 9 9 ., 8 3 ,. 1 7 ., 8 1 0 , .5 1 9 ,. 6 1 5 ,. 4 - 5 ,.6 1 6 ,. 0 2 1,. 3 2 8 ,.6 1 3 ,. 0 - 8 ,.3 2 4 ,. 0 - 2 4 ,.5 -7 , 6 7 ,.7 1 1 ,. 3 1 5 ,. 5 39 . 2 .1 AS 9 ,. 4 9 ,. 0 1 0 , .2 1 0 , .5 9 ,. 8 9 ,. 1 9 , .6 9 ,. 1 9 ,. 0 8 . .9 9 ,.2 9 ,. 3 9 .. 4 1 0 ,. 3 1 0 , .5 9 ,. 4 9 , .2 9 ,.6 9 ,. 1 9 , ,2 9 .. 0 9 .4 9 ., 4 9 ,. 8 1 0 , .6 1 0 , .6 8 , .9 9 , .6 9 ,. 3 9 ,. 0 9 ,.2 9 ,. 1 9 , .5 9 ,. 2 1 0 , .2 1 0 , .5 1 0 , .5 9 ,. 0 9 ,. 4 9 ,. 4 9 ,. 0 9 .. 1 9 ,. 3 9 , .7 9 ,. 3 9 ,.6 1 0 ,. 4 1 0 , .5 9 ,. 3 9 ,. 3 9 , .5 9 ,. 0 9 .. 1 9 .1 9 .4 1 0 ,. 0 1 0 ,. 8 1 0 ,. 4 1 0 ,. 4 1 0 , .5 1 0 . .5 9 .9 , 1 0 ,. 1 1 0 ,. 5 1 0 ,. 8 1 0 , .5 9 , .9 1 0 , .5 1 1 ,. 1 1 1 ,. 9 1 2 ,. 2 1 1 , .7 1 2 ,. 3 1 0 .. 4 1 0 , .7 1 1 ,. 1 1 0 , .5 9 , .6 1 0 ..3 1 0 . .9 1 0 .. 4 1 0 .. 1 1 0 . .6 1 0 . .5 1 0 ,. 0 1 0 ,, 1 1 0 ,. 8 1 0 ,. 9 1 0 , .2 1 0 .. 0 1 0 . .6 1 1 . .5 12 ,. 0 1 1 ,. 8 12 ,, 1 1 1 . .7 1 0 . .2 1 1 .. 0 1 1 . .2 1 0 ..3 9 ,. 8 1 0 , .5 1 0 , .9 1 0 ,. 2 1 0 ,. 1 1 0 , .7 1 0 ,. 4 9 ,. 9 1 0 ,. 0 1 0 ,. 9 1 1 ,. 0 1 0 ,. 0 1 0 , .2 1 0 , .7 1 1 , .7 12 ,.2 1 1 , .7 1 2 ,. 3 1 1 ,. 3 1 0 ,. 4 1 1 ,. 1 1 0 ,. 8 1 0 ,. 1 1 0 ,. 1 1 0 , .7 1 0 ,. 7 1 0 ,. 3 1 0 ,. 4 1 0 , .7 1 0 ,. 1 1 0 ,. 0 1 0 ,. 3 1 0 ,. 8 1 0 ,. 9 1 0 ,. 0 1 0 ,. 3 1 1 ,. 1 1 1 , .7 1 2 ,, 2 1 1 , .6 12 ,. 3 1 1 ,. 0 1 0 ,. 8 1 1 ..3 1 1 .. 0 1 0 ,. 1 1 0 ,. 0 1 0 .. 4 1 0 ,. 8 1 0 ,.3 1 0 , ,2 1 0 . .6 1 0 .. 4 1 0 ,. 0 1 0 ,. 1 1 0 ,. 8 1 0 ,. 9 1 0 . .2 1 0 .. 1 1 0 . .7 1 1 , .5 12 ,. 1 1 1 , .8 1 2 ,. 1 1 1 . .6 1 0 .. 4 1 1 .. 0 1 1 ,. 0 1 0 , ,2 9 , .9 NET EXPORTS OF GOODS AND SERVICES IN CURRENT (ANNUAL RATE, B I L L I O N S OF DOLLARS) 1.7 3.6 3.4 8.1 3.9 1.2 4.3 8.3 6.3 6.9 11.5 9.0 8.7 8.0 5.2 5.2 8.1 9.4 2 .1 9.5 25.0 29.3 23.6 4.0 -6.6 22.7 20.7 38.9 34.7 22.7 -45.7 -53.1 -93.0 -119.1 2.3 2.3 4.9 7.7 3.3 0.4 5 .1 7.0 7.6 8.5 10.2 10.8 7.6 7.8 6.1 5 .1 9.8 5.7 2.2 13.9 14.6 32.7 20.0 4.2 1.3 15.2 30.1 29.0 42.1 -2.1 -62.8 -74.3 -101.2 -122.2 2.7 3.3 5.7 7.4 3.6 2.1 6.5 6 .6 7.3 8.0 10.9 9.5 6.4 7.4 5.6 5.3 8.4 6.1 3.8 21.1 10.7 29.4 17.0 5.3 6.8 2 1.8 46 . 8 30.9 14.5 -19.3 -59.3 -81.2 -109.1 -125.2 DOLLARS 3.6 2.9 7.3 6.1 2.5 2.2 7.7 6.9 6.6 9 .5 6.8 7.5 4.0 4.5 22.5 14.9 32.9 14.7 -5.9 15.0 15.4 30.8 36.9 14.1 -25.8 -67.9 -103.2 -114.3 -125.7 2.6 3.0 5.3 7.3 3.3 1.5 5 .9 7.2 6.9 8.2 10.9 9.7 7.5 7.4 5 .5 5.6 8.5 6.3 3.2 16.8 16.3 31.1 18.8 1.9 4.1 18.8 32.1 33.9 26.3 -6.1 -58.9 -78.0 -104.4 -123.0 (OCTOBER 1988) 103 C. Historical Data for Selected Series—Continued Year 251. IV Q NET EXPORTS 1954. 1955 . 1956 . 1957 . 1958. 1959 . 1960. 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 . 1986 . 1987 . 1988. 253. 0.5 0.9 0.8 1.8 0.9 0.2 0.8 1.6 1.1 1.2 1.8 1.3 1.2 1.0 0.7 1.2 1.7 0.7 1.3 0.6 0.1 1.0 1.3 1.3 1.4 1.6 1.6 1.0 0.6 0.9 0.5 0.7 1.0 0.8 0.2 1.8 1.9 1.4 0.2 1.0 0.2 1.0 2 .1 1.1 0.2 -0.3 0.9 0.1 1.3 1.0 0.8 1.1 AS A PERCENT 0.6 1.0 0.7 0.5 0.6 0.6 1.1 0.4 1.3 1.2 0.9 0.8 0.5 0.3 1.5 0.7 -2.7 -1.7 -1.9 - 2 .4 -2.7 -0.6 -1.6 -2.0 -2.6 -2.7 IMPORTS OF GOODS AND SERVICES IN CURRENT (ANNUAL RATE, B I L L I O N S OF DOLLARS) 1960. 1961. 1962. 1963. 1964. 1965 . 1966 . 1967. 1968. 1969. 197 0 . 197 1 . 1972 . 1973. 1974. 1975 . 1976 . 1977 . 1978. 1979. 1980. 1981. 1982 . 1983 . 1984. 1985 . 1986 . 1987 . 1988. 256. 15.6 17.0 19.9 21.0 20.5 22.5 24.4 22.8 25.5 26.4 28.4 30.1 36.9 41.6 46.9 47.2 58.6 62.4 75.6 90.6 116.8 132.8 147.0 182 . 3 210.4 242.6 325 . 8 341.9 338.4 320.9 420.0 429.9 469.9 5 14.4 17.0 16.1 19.9 20.2 18.0 18.3 2 1.2 21.1 20.7 23.7 24.6 23.1 26.1 24.1 24.0 24.5 26.3 27.2 29.2 33.4 38.2 41.2 48.1 56.6 29.9 33.8 40.2 41.7 51.1 57.0 20.8 28.1 60.1 61.0 67.0 75.4 95.5 136 . 9 122.7 155.1 189.8 220.7 262 .9 318.3 354.4 336.8 346 . 2 446.1 446.9 475 .1 539 . 0 69.3 78.1 97.6 142.2 129.7 163.4 190.6 226 . 4 279.2 303.3 351.4 345 . 4 376 . 9 450.1 446 .2 486 .9 565 .6 EXPORTS OF GOODS AND SERVICES IN 1 9 8 2 (ANNUAL RATE, B I L L I O N S OF DOLLARS) 64.6 76 . 2 82 . 2 98.4 82 . 3 79.8 95 . 0 102 . 1 102 . 3 107 . 3 128.0 120. 1 138.4 144.0 149 . 3 144.9 175 . 8 178.7 189.5 227 .7 266.8 26 0 . 0 268.5 277 .8 290.8 340.4 398.9 394.5 374. 1 342.5 362 .7 37 1 . 2 374.5 394.9 7 1.8 74.4 86 . 7 97 . 7 82 . 5 81 . 1 98. 0 96 . 9 108.9 114.7 126 . 0 135 . 8 136 . 9 142.3 153 . 1 17 1 . 3 181 . 2 180.2 186 . 9 239 .2 276 .6 252 .5 272 .0 284.8 307 .6 343 .6 393 . 1 395 .3 378.5 341 .7 369 . 1 367 .6 372 . 1 416.4 70. 1 78.4 90. 1 94.6 82 . 6 87 . 6 99 . 9 100.8 108.8 115 . 8 129 . 6 132 .7 137 . 8 142.7 161 . 8 170.3 17 8 . 4 187 . 5 196 . 6 247 . 8 266 .7 256 . 9 277 . 9 287 . 0 318.5 363 .5 383 .6 391 . 1 359 .5 352.8 378.7 362 .6 379. 1 440.9 1.4 1.7 1.4 1.0 0.6 0.6 0.8 0.9 0.6 0.3 1.2 1.1 1.0 2.0 2.0 1.0 0.1 0.2 0.8 -0.3 0.6 0.8 0.6 1.1 1.0 -0.1 1.2 1.6 1.8 1.2 1.1 1.2 0.8 0.4 -0.7 -0.2 -1.6 -1.9 -2.5 -2.7 -1.8 -2.5 -2.7 -2.7 DOLLARS 255. 16.3 19.0 19.5 - 0 . ,9 4 . ,4 - 1 . ,5 1 1 ., 0 - 7 . .8 - 1 8 . .9 - 9 .,4 3 ,, 8 - 9 ,, 4 - 6 . .6 9 . ,7 - 3 .,0 - 7 . .9 - 1 5 . ,5 - 2 8 , .7 - 3 1 , .6 - 3 1 ,.4 - 2 5 ,.3 - 5 2 , .2 - 4 4 ,.1 1 1 ,. 0 1 7 ,. 4 - 0 , .2 - 3 9 ,.9 - 3 9 ,.0 - 4 ,.8 4 3 , .5 5 9 ,.7 4 0 ,.4 1 6 ,. 1 - 6 8 ,.6 - 8 1 ,.4 - 1 1 5 ,.7 - 1 3 2 ,.8 18.1 20.6 19.9 20.9 21.9 23.7 22.9 25.1 23.5 24.0 23.9 21.1 26.8 26.2 28.2 27.5 29.6 33.2 39.1 42.1 49.3 54.7 60.5 66.1 78.2 97.3 135 . 2 130.3 158.9 189.7 223 .4 272.5 318.9 348.9 335 . 6 358.7 442.4 448.9 482 . 8 551.1 30.9 35.7 41.0 43.9 51.1 58.1 62.2 65.7 83.7 105 . 7 145.1 136 . 0 170.1 196.2 236 . 0 305 . 2 328.1 347 . 9 321.9 390.5 453.6 472.4 499 .4 5 85 . 4 1986 358. DOLLARS AVERAGE 7 3.5 78.6 92 . 6 88 . 9 82 . 4 86 . 2 100.5 102 .9 107 . 5 120.9 131.5 139.3 140.5 145 . 2 158.5 173 . 3 177 . 8 170.4 2 07 . 8 254. 1 266 .7 269. 3 279. 1 276 . 9 333 . 1 378.8 380 .6 389 . 8 336 . 0 355 . 5 376 . 6 367 . 4 387 . 8 459 .2 70.0 76 . 9 87 . 9 94.9 82 . 4 83 . 7 98 . 4 100.7 106 . 9 1 14.7 128.8 132 . 0 138.4 143.6 155 .7 165 . 0 17 8 . 3 179.2 195 . 2 242 .3 269 .1 259 .7 274.4 281 .6 3 12 . 6 356 . 8 388.9 392 .7 361 .9 348 . 1 37 1 . 8 367 . 2 378.4 427 .8 19. 3 20. 3 24. 8 28. 9 24. 4 2 4 . ,2 2 9 . ,7 30. 0 33. 6 35. 7 39. 5 44. 2 4 5 . ,8 48. 9 5 4 . ,2 61. 8 6 9 . ,9 7 2 . ,6 7 7 . ,6 1 0 9 . ,4 1 5 1 . ,5 155 .,4 1 7 5 . ,1 1 9 4 . ,0 2 2 2 ., 1 27 8 .,1 3 4 8 . ,4 3 8 3 .,4 3 7 8 . ,9 3 4 4 . ,1 3 8 3 . ,2 3 7 2 .,6 3 7 3 . ,9 4 1 6 . ,8 18. 8 21. 6 25 . 9 28. 2 24. 4 26. 2 30. 6 31. 2 33. 6 36. 0 40. 9 43. 3 46. 6 49. 1 56 . 8 6 2 . ,4 6 9 . ,4 7 5 . ,3 8 1 . ,9 1 1 8 . ,7 1 5 2 . ,9 1 5 9 .,0 1 8 0 . ,5 1 9 5 . ,9 2 3 3 . ,2 3 0 1 .,0 3 5 0 . .1 3 8 2 .,3 3 5 9 . ,9 3 5 7 .,7 3 9 0 . ,8 3 6 5 . ,1 3 7 7 . ,8 4 4 0 . ,4 INDEX 1 . ,5 - 2 . ,5 2 . ,9 9 . ,3 - 1 0 . ,6 - 2 2 . ,1 - 6 . .9 - 3 . ,0 - 5 ..2 - 1 . ,4 4 , ,8 - 0 . ,4 - 1 1 . ,6 - 1 6 . ,1 - 2 7 . ,5 - 3 6 . ,9 - 2 7 .,7 - 4 1 . .7 - 4 9 . .2 - 3 6 . .6 1.. 4 2 8 . .2 - 8 . .7 - 3 2 .,8 - 3 0 . .7 - 1 2 . .4 5 8 . .6 5 0 . .2 4 1 . .7 - 1 4 . .6 - 8 7 ,,3 - 1 0 2 ,.4 - 1 4 0 ,.2 - 1 2 6 ,. 0 3 . ,3 0., 0 5 ..1 7 .,5 - 9 . .0 - 1 6 . ,2 - 2 . .4 - 5 ., 4 - 6 . .5 - 2 . .6 5 . ,6 - 4 . .3 - 1 8 . ,2 - 1 3 . .5 - 2 9 . ,2 - 3 6 . .6 - 2 7 ..7 - 4 2 . .7 - 4 7 ..7 - 2 3 ,.4 - 5 , .5 1 4 ,. 4 - 1 3 ..4 - 2 8 ., 1 - 2 2 ,. 4 12 ..5 7 4 ..1 4 2 ,.1 1 1 , .7 - 3 5 ,.0 - 8 5 ,.5 - 1 0 7 ,. 9 - 1 5 1 ,.8 - 1 3 0 ,.7 OF OUTPUT PER HOUR, ALL PERSONS, , BUSINESS SECTOR 1 ( 1977 - 1 0 0 ) 62 .3 64 .5 64 .8 6 6 ,. 1 66 . 6 70 .1 71 .2 7 1. 8 75 . 2 77 . 2 80 . 7 82 . 3 85 . 2 85 . 7 88 . 7 89 . 5 87 . 9 91 . 7 93 . 3 97 . 7 95 .5 94 . 0 97 . 9 99 . 3 100 .2 100 . 4 98 .9 100 . 3 98 . 8 100 .9 104 . 1 105 . 4 108 .6 107 . 8 6 2 ,.5 6 4 ,.9 6 5 ,. 2 6 6 ,. 2 6 7 ,.7 7 0 ,. 9 7 0 ,. 9 7 3 ,. 0 7 4 ,. 9 7 8 ,. 1 8 1 ,. 2 83 . 0 8 5 ,. 0 8 6 ,. 9 89 . 6 89 . 1 88 . 8 91 . 7 94 . 4 96 . 3 94 .5 96 . 0 98 . 6 99 . 8 101 . 2 99 . 5 98 . 2 99 .9 99 . 2 102 .7 104 .7 106 . 0 108 . 4 108 . 6 6 3 ,. 4 6 5 ,. 1 6 5 ,. 3 6 6 ,.6 6 8 ,. 3 6 9 ,.7 7 0 ,. 8 7 3 ,. 6 75 . 8 7 8 ,. 9 8 2 ,. 0 8 3 ,. 7 85 . 3 8 7 ,. 8 89 . 8 88 . 9 90 . 4 92 . 4 94 .9 96 . 0 93 .7 97 . 3 98 . 8 101 . 1 101 . 0 98 . 8 98 . 8 100 .1 99 . 1 102 . 9 104 .6 106 . 4 108 . 0 109 . 6 Annual DOLLARS 19. 8 21. 9 26 . 8 26. 7 24. 4 2 5 . ,9 30. 6 32. 0 33. 4 37. 6 41. 8 45. 2 4 8 . ,4 5 0 . ,4 56. 1 6 4 . ,9 6 9 . ,6 6 9 . ,7 8 8 . .2 1 2 8 . ,3 1 5 9 . ,9 1 6 8 . ,9 1 8 4 . ,8 1 9 0 . ,3 2 5 0 . ,9 3 2 0 . ,6 3 5 8 . .9 3 8 4 . .8 3 3 5 . .9 3 6 4 . .7 3 8 5 ..7 3 6 9 . .2 3 8 5 , .2 4 5 9 . .7 NET EXPORTS OF GOODS AND SERVICES IN 1 9 8 2 DOLLARS (ANNUAL RATE, B I L L I O N S OF DOLLARS) 16.3 N1 O T E : U n l e s s o t h e r w i s e n o t e d , t h e s e s e r i e s c o n t a i n r e v i s i o n s b e g i n n i n g w i t h T h i s series contains revisions beginning with 1984. 104 1959 1.4 0.5 0.7 0.7 0.4 0.4 0.5 0.7 1.2 0.8 0.6 17. 3 2 0 . ,6 2 3 . ,3 2 9 . ,1 2 4 . ,4 2 3 . ,7 2 8 . ,7 3 1 . ,1 3 1 . ,7 3 3 . ,3 3 9 . ,9 3 9 . ,1 4 5 . ,6 4 9 . ,7 5 2 . ,1 5 2 . ,4 6 6 . ,7 7 1.,8 7 7 . ,8 1 0 0 ., 1 1 4 1 . ,7 1 6 2 .,0 1 7 0 . ,6 1 8 6 . ,3 2 0 3 . ,8 2 6 5 . ,2 3 4 6 . ,5 3 8 0 . .7 3 7 3 .,0 3 4 3 . ,6 3 7 4 . ,3 3 7 6 ..8 3 7 6 . ,9 3 9 5 .,3 1.2 1.6 1.5 1.7 1.3 0.9 0.8 0.5 0.7 0.7 0.3 IV Q IQ EXPORTS OF GOODS AND SERVICES IN CURRENT (ANNUAL RATE, B I L L I O N S OF DOLLARS) 0.8 1.1 1.3 1.3 1.7 1.3 Year 252. 0.9 0.7 1.7 1.4 0.5 0.4 1.5 1.3 1.6 0.8 0.9 0.3 0.3 0.9 1.7 Annual OF 0.8 1.3 -1.2 -1.4 -2.2 1954. 1955 . 1956. 1957 . 1958. 1959 . 195 4 1955 1956 1957 195 8 1959 196 0 196 1 196 2 196 3 196 4 1965 1966 196 7 196 8 196 9 197 0 197 1 1972 197 3 197 4 1975 1976 1977 197 8 197 9 198 0 1981 1982 1983 198 4 1985 1986 1987 1988 OF GOODS AND SERVICES GNP (PERCENT) 18. 8 21. 1 25 . 2 28. 2 24. 4 25. 0 29. 9 31. 1 33. 1 35. 7 40. 5 42. 9 46. 6 49. 5 54. 8 60. 4 68. 9 7 2 . ,4 8 1 . ,4 1 1 4 . ,1 1 5 1 . ,5 1 6 1 . ,3 177 .,7 1 9 1 . ,6 227 . 5 2 9 1 . ,2 3 5 1 . ,0 3 8 2 .,8 3 6 1 . ,9 3 5 2 .,5 3 8 3 . ,5 3 7 0 . ,9 3 7 8 . ,4 4 2 8 .,0 AVERAGE 5 . .9 - 1 , .8 1 0 . .8 0.. 1 - 1 3 ,.8 - 1 5 . .6 2 ,.6 - 6 ,.0 - 9 ,.0 3 ,. 0 2 . .5 0., 0 4 ..3 7 .0 - 1 0 . ,3 - 1 8 . ,2 - 4 ..0 - 2 , .7 - 7 . .5 - 1 . .9 3 .. 7 - 3 , ,2 - 1 7 . .2 - 2 2 , .5 - 3 3 .,2 - 3 4 ,.3 - 3 3 ,.3 - 4 9 ,.3 - 4 8 , .6 - 2 2 ,.4 - 3 ,.5 1 5 ,. 5 - 2 1 ,.8 - 4 1 ,. 0 - 1 5 ,.1 1 8 ,. 7 5 2 ,. 2 4 5 ,. 3 1 1 ,. 7 - 4 6 ,.2 - 9 4 .8 - 1 2 5 .3 - 1 4 2 .4 -126 .0 5 . .9 - 2 . ,7 - 1 3 , ,7 - 1 6 . .9 - 2 9 . .7 - 3 4 . .9 - 3 0 ,.0 - 3 9 ,.8 - 4 9 ..4 - 3 1 , .5 0,. 8 1 8 ,. 9 - 1 1 ,.0 - 3 5 ,.5 - 2 6 ,.8 3 , .6 57 ,. 0 4 9 ,.4 2 6 ,. 3 - 1 9 ,.9 - 8 4 .0 - 1 0 4 .3 - 1 3 7 ,.5 - 1 2 8 ,.9 NONFARM AVERAGE 6 3 ,. 7 64 .9 6 5 ,.7 6 6 ,. 9 69 .6 70 .2 7 1.0 74 .7 76 . 7 79 . 2 82 . 0 84 . 8 85 . 3 88 . 2 89 . 7 88 . 8 89 . 9 92 . 0 96 . 4 95 . 8 93 .6 96 . 8 98 . 5 100 . 0 101 . 1 98 . 4 99 . 4 98 . 8 99 . 7 103 . 3 104 .9 106 . 5 107 . 8 109 . 9 6 3 ,. 0 6 4 ,. 8 6 5 ,.2 6 6 ,.5 6 8 ,. 0 7 0 ,. 2 7 1.0 73 .2 75 . 6 78 . 3 81 . 4 83 . 4 85 . 2 87 . 1 89 . 4 89 . 0 89 . 3 91 .9 94 .7 96 . 4 94 .3 96 . 0 98 100 100 99 98 99 99 102 104 106 108 109 .5 .0 .8 .3 .8 .8 .2 .5 .6 .1 .2 .0 1988 1985. (OCTOBER 1988) C. Historical D a t a f o r Selected S e r i e s — C o n t i n u e d Year 370. I Q INDEX OF OUTPUT PER HOUR, ALL PERSONS, SECTOR 1 ( 1977-100) 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 1988 57 4 59 9 60 6 62 2 63 2 66 5 68 2 68 2 71 6 74 2 78. .1 80, .0 83. , 1 83. ,9 86. ,9 87. ,4 87. ,2 91. ,1 92, .3 97, .0 94, .5 93. ,8 98. .0 99, .4 100, ,1 100, .6 99, .4 100, .9 99, .8 101, .9 105 .1 106, .7 110, .5 109 .9 CHANGE 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 . 1988. IV Q II Q 57.9 60.3 60.6 62.5 63.8 66.7 67.6 70.0 71.9 75.1 78.2 80.4 83.0 85.4 87 . 8 87.8 87.9 90.9 93.8 95.8 94.1 95.7 98.3 99.5 101.2 99.9 98.7 100.8 100.2 103.4 105 .6 107 .5 110.4 110.6 BUSINESS 58, .8 60, .2 60, .8 62, .5 64, .7 66 ,.1 67, .3 70, .4 73, .0 76. .0 79, .1 81, .5 83. ,4 86. . 1 88, .2 87. ,9 89. .6 91, .9 94, .2 95, .3 93. ,4 96. ,8 98. .5 101, .2 101, .0 99, .3 99, .3 101, ,3 100, .3 103, .0 105, .5 108, .3 110, .0 111, .7 IN O U T P U T P E R H O U R O V E R 4 - Q U A R T E R (ANNUAL RATE, PERCENT) 1.7 2 .4 1.0 2.8 3.6 2.1 1.8 4.7 3.6 4.2 4.1 2.9 2.3 3.3 2.4 -0.4 2.0 2.6 2.5 1.2 -1.9 3.6 1.8 2.7 -0.2 -1.7 0.0 2.0 -1.0 2.7 2.5 2.6 1.6 1.5 2.3 1.2 2.8 1.8 4.8 1.4 1.0 6.0 3.0 3.7 4.0 3.6 1.4 3.6 1.8 -0.1 1.6 2.4 5.0 -0.3 - 2 .6 3.8 1.9 1.7 0.8 - 2 .4 1.0 0.1 1.1 2.7 2.1 2.4 1.2 1.9 SPANS 4.5 1.4 0.8 0.5 -1.2 1.5 -1.1 2.1 3.1 1.6 2 .8 0.0 0.1 3.4 3.2 2.1 -1.8 1.7 2.7 1.2 .1 .6 .7 ,l ,1 .7 .0 .4 .1 ,1 .1 .4 .4 .6 .7 .5 .1 .1 .2 .0 .2 .0 ,7 .7 .0 .0 .7 .1 .6 .6 .1 .9 .6 .4 42.9 85.7 90.5 76.2 19.0 85.7 66.7 76.2 81.0 66.7 66.7 81.0 66.7 42.9 57.1 90.5 52.4 76.2 78.6 85.7 85.7 23.8 76.2 71.4 76.2 52.4 38.1 47 .6 38.1 61.9 61.9 76.2 66.7 88.1 1.8 1.6 4.6 3.7 4.3 3.3 3.4 1.9 3.4 1.2 -0.1 2.9 2.4 3.7 -0.9 -0.9 3.6 1.6 -0.6 3.2 2.1 2.6 2.7 2.8 1.8 3.5 -0.6 2.7 38, .1 81, .0 76, .2 47, .6 66, .7 90, .5 42, .9 59, .5 61, .9 71, .4 42, .9 47, .6 57 ,.1 47 ,.6 57 ,.1 66, .7 52, .4 61, .9 81, .0 73, .8 59, .5 47, ,6 69, .0 71, .4 76, ,2 81, .0 33, .3 52, .4 33,.3 90, .5 7 1,.4 69, .0 40, .5 85, .7 3.2 1.3 2 .4 2.0 4.6 -1.6 2.0 0.2 1.3 54, .8 81, .0 61, .9 38, , 1 64, .3 61, .9 52, .4 76, .2 50, .0 59, .5 66, .7 76, ,2 54, .8 52, .4 71, .4 38, , 1 45, .2 71, .4 90, ,5 76, .2 47, .6 59, .5 66. ,7 71, .4 76, .2 54, .8 38, .1 52 .4 52 . 4 85 .7 71, .4 42, .9 76, .2 76,.2 Year 37 OC. CHANGE IN OUTPUT PER HOUR OVER 1-QUARTER (ANNUAL RATE, PERCENT) 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 1988 1.7 0.0 1.1 0.1 1.4 2.0 0.6 1.8 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. 1988. 1.6 3.3 8.3 4.2 0.2 2 .6 9.1 2.8 3.6 1.8 1.9 - 2 .9 -3.5 8.3 3.7 4.1 -5.1 2.1 5.1 3.1 -0.7 -2.3 2.8 4.8 -0.1 3.6 5.1 2.9 7 .7 0.3 48.2 73.8 78.6 54.8 47.0 81.0 60.8 66.1 62.5 63.7 58.4 64.3 57.8 47.6 63.1 71.4 51.8 61.9 81.6 79.2 67.2 37.5 69.6 70.2 77.4 59.6 44.0 52.4 42.8 71.4 73.2 62.5 57.8 75.6 3.4 2 .9 0.6 1.4 3.8 1.1 -3.7 10.9 6.5 -0.8 1.1 0.2 6.3 -3.4 -1.8 1.8 5 .2 0.7 1.9 -0.3 7.5 4.1 1.7 3.0 -1.2 6.6 -4.9 -1.8 8.7 1.1 0.5 4.4 -2.7 -2.7 -0.7 1.5 6.1 2.1 3.1 -0.4 2.7 IV Q Annual SPANS1 PERCENT CHANGE2 4.2 -0.4 7 .1 2.8 7.6 4.8 1.7 6.9 4.3 2.1 5.6 1.7 3.3 1.7 0.4 8.0 4.5 1.5 -2.3 -2.8 4.5 1.0 7.0 -0.8 -2.5 2.1 2.1 0.2 -1.7 -0.3 2.8 -1.4 3.9 1.6 4.4 0.6 2.0 -0.6 0.6 -1.0 -1.7 8.3 2.1 -0.7 0.0 0.3 -3.4 0.6 -2.2 2.0 -5.5 3.0 3.1 1.7 0.7 -0.8 0.6 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 . 1988. 1.6 3.0 1.3 2 .6 3.0 3.3 1.7 3.5 3.6 4.0 4.3 3.0 2.8 2.7 2 .7 0.1 0.7 3.2 3.0 2.0 -2.1 2.0 2.8 1.7 0.8 -1.2 -0.3 1.4 -0.4 2.7 2.5 2.1 2 .2 0.8 INDEX OF E X P E N D . FOR NEW P L A N T A N D (PERCENT RISING OVER 1-Q SPANS) 40, .5 54 .8 90 .5 52 .4 14 .3 81 . 0 78 .6 19 . 0 52 .4 33,.3 95, .2 61, .9 88, .1 52, .4 61, .9 71, .4 57, .1 35,.7 71,.4 85, .7 66, .7 35,.7 71, .4 66, .7 81,. 0 76,.2 76,.2 76, .2 42, .9 38, .1 97, .6 76, .2 19,.0 50, . 0 33, .3 76,.2 90 .5 54 . 8 4 .8 78 .6 71 . 4 54 .8 71,. 4 83, .3 69, .0 85, .7 90, .5 40, .5 38, .1 90, .5 42, .9 52, .4 69, .0 81, .0 78, .6 28, .6 76, .2 83, .3 95 .2 76, .2 54, .8 64, .3 23, .8 47, .6 73, ,8 78, .6 57, .1 69 . 0 35, .7 88,, 1 71 .4 52 . 4 31 . 0 85 .7 38 .1 40 .5 66 .7 76,.2 81,.0 83, .3 71,.4 35,.7 61, .9 64, .3 47, .6 45 .2 66, .7 76,.2 66, .7 38,.1 81 .0 90 .5 78 .6 76,.2 57,.1 71,.4 14 .3 85,.7 90, .5 61, .9 28, .6 83,.3 45, .2 90, .5 54 .8 23, .8 57 ,. 1 7 1,. 4 33 .3 73 .8 42 .9 66, .7 81, .0 85, .7 7 1,.4 61, .9 69, .0 54, .8 28, .6 61, .9 90, .5 66, .7 71, .4 54, .8 7 1,.4 57, .1 92 .9 71, .4 61, .9 35,.7 28, .6 95, .2 59, .5 45, .2 7 1,.4 69, .0 ION I N D E X O F E X P E N D . F O R N E W P L A N T A N D OJ. ( P E R C E N T R I S I N G O V E R :L-Q S P A N S ) AVERAGE NOTE: Unless otherwise noted, these series contain revisions beginning with 1985. 2 !This series3 contains revisions beginning with 1983. Year-to-year percent changes are computed from annual data. T h i s series contains revisions beginning with 1982. Changes are centered on the 3d quarter of the span. Annual figures are averages of the centered changes. -4.6 3.4 2.8 2.6 9 7 OA. DIFFUSION EQUIP.--ACTUAL 1.7 -1.3 -1.2 9 7 0 B . D I F F U S I O N I N D E X OF E X P E N D . FOR NEW P L A N T A N D ( P E R C E N T R I S I N G O V E R :l-Q S P A N S ) EQUIP. --LATER PROJ. 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 . . 58.4 60.1 60.9 62.5 64.4 66.5 67.6 70.0 72.5 75.4 78.7 81.0 83.2 85 .5 87.8 87.8 88.4 91.3 94.1 95 .9 93.9 95.7 98.3 100.0 100.8 99.6 99.3 100.7 100.3 103.0 105.5 107.7 110.1 111.0 3 4.3 0.5 3.0 2.1 4.6 1.3 3.7 2.7 4.5 4.1 2.7 3.3 2 .9 1.1 -0.8 AVERAGE 59, .4 60, .1 61, .8 62 .9 65 .9 66 ,.9 67, .5 71, .6 73,.7 76 ,.4 79, .4 82 ,.3 83, ,5 86, .5 88, .0 88, .0 89, .4 91, .5 96, . 1 95, .8 93, .3 96 ,.8 98, .6 100, .3 101,.2 98, .7 99, .8 99 .9 101,.0 103, .8 105 .9 108, .5 109 .8 111,.8 4.4 2.8 1.5 5.2 2.6 0.1 4.9 3.6 5.3 2 .4 3.8 1.0 3.7 0.5 -0.2 4.5 1.3 5.1 -2.6 Annual 33,.3 52, .4 57, . 1 57,.1 52 ,.4 57, . 1 69, .0 57. , 1 52, .4 47 ,.6 66, .7 66, .7 52, .4 52, ,4 66, ,7 66, .7 64, .3 50, .0 76, .2 71, .4 71, .4 6 1..9 66. ,7 61, .9 71, .4 52, .4 76, .2 61, .9 47, .6 47 ,.6 61, .9 66, .7 76. ,2 61, .9 42, .9 7 1 .4 85 .7 85 .7 28, .6 61, .9 90, .5 52, .4 61. ,9 61. .9 85, .7 71, ,4 81, .0 52, .4 52, .4 66, .7 76, .2 73, .8 52 ,.4 71, ,4 76, ,2 38, .1 61, .9 66, .7 76, ,2 57 ,.1 66, .7 76, .2 61, .9 50 .0 69, . 0 76, .2 66, .7 76, .2 38, 81, 81, .0 47, .6 31, .0 66, .7 42, .9 52, .4 61, .9 61, .9 47 ,.6 57, .1 81, .0 7 1,.4 61, .9 61, .9 66, .7 66, .7 33, .3 61, ,9 81, .0 57, . 1 69, .0 57, .1 81, .0 66, ,7 81, .0 85 .7 66, .7 85, .7 92, ,9 71, .4 45, .2 57, .1 '.0 47, .6 81, .0 61, .9 52 ,.4 66, .7 61, .9 61, .9 54, .8 59, .5 66, .7 76, .2 71, .4 57 ,.1 47 ,.6 52, .4 52 ,.4 66, .7 33,.3 38, .1 61, .9 61, .9 52, .4 66, .7 76. ,2 76. .2 7 1.,4 66. .7 71, .4 66, ,7 76, .2 38, ,1 33. ,3 38. ,1 47 .,6 38.7 77.4 76.8 45.8 26.8 79.2 55 . 4 47.0 58.4 64.9 81.6 79.2 80.4 47 .6 57.7 70.2 44.0 48.8 74.4 77.4 70.8 39.3 75.0 74.4 86.9 75.0 62.5 61.9 27.4 66.6 80.4 65.5 44.0 67.8 AVERAGE 40.5 7 1.4 71.4 60.7 44.7 61.9 66.1 54.2 58.9 59.5 69.0 66.6 67.9 56.0 58.4 61.9 68.5 56.0 50.0 66.6 72.6 52.4 66.1 65.5 76.2 61.9 72.6 73.8 60.7 64.9 65.5 61.9 56.6 60.7 (OCTOBER 1988) 105 G. Experimental Data and Analyses—Continued Foreign currency per U.S. dollar Year and month Ratio scale Japan West Germany France United Kingdom (Yen) (D. mark) (Franc) (Pound) 320 1987 Jan Feb.... Mar Apr May June... July... Aug Sept... Oct Nov Dec 154. 83 153. 41 151. 43 143. 00 140. 48 144. 55 150. 29 147. 33 143. 29 143. 32 135. 40 128. 24 1 .8596 1 .8239 1 .8355 1 .8125 1 .7881 1 .8189 1 .8482 1 .8553 1 .8134 1 .8006 1 .6821 1 .6335 6.,2007 6.,0760 6.,1091 6.,0332 5.,9748 6.,0739 6.,1530 6.,1934 6.,0555 6.,0160 5.,7099 5.,5375 0.6643 0.6545 0.6280 0.6135 0.6000 0.6139 0.6215 0.6252 0.6081 0.6017 0.5633 0.5468 127.,69 129.,17 127.,11 124.,90 124.,79 127.,47 133. 02 133. 77 134.32 2 129.80 1 .6537 1.6965 1 .6770 1 .6710 1 .6935 1 .7579 1 .8466 1 .8880 1 .8668 2 1.8316 5.,5808 5.,7323 5.,6893 5.,6704 5.,7348 5.,9310 6.,2241 6.,3919 6.,3515 2 6 ..2466 0.5553 0.5688 0.5456 0.5324 0.5349 0.5628 0.5865 0.5894 0.5938 2 0.5784 1988 Jan Feb.... Mar Apr May June... July... Aug Sept... Oct Nov Dec Foreign currency per U.S. dollar Year and month Italy Canada Exchange value of the U.S. 1 dollar (Lira) (Dollar) (March 1973=100) 1987 Jan.... Feb Mar.... Apr May.... June... July... Aug..,. Sept... Oct Nov Dec 1317. 17 1297. 74 1305. 90 1292. 96 1290. 80 1316. 50 1337. 96 1344. 18 1310. 86 1302. 58 1238.89 1203.,74 1.3605 1.3340 1.3194 1.3183 1.3411 1.3387 1.3262 1.3256 1.3154 1.3097 1.3167 1.3075 101.13 99.46 98.99 97.09 96.05 97.78 99.36 99.43 97.23 96.65 91.49 88.70 1216,.88 1249.62 1240.67 1240,.99 1258.81 1305,.56 1367,.26 1397,.93 1393,.15 2 1365,.00 1.2855 89.29 91.09 89.73 88.95 89.74 92.58 96.53 98.29 97.91 2 95.81 1988 Jan Feb Mar Apr May June... July... Aug Sept... Oct Nov Dec 1.2682 1.2492 1.2353 1.2373 1.2176 1.2075 1.2237 1.2267 2 1.2061 1 75 76 77 78 79 80 81 82 83 84 85 88 87 88 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 2 August 1978 FEDERAL RESERVE BULLETIN (p. 700). Average for October 3 through 21. Source: Board of Governors of the Federal Reserve System. 106 G. E x p e r i m e n t a l D a t a a n d A n a l y s e s — C o n t i n u e d Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes Net contribution to index Basic data Series title (and unit of measure) LEADING INDICATORS 1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours). . 5. Average weekly initial claims for unemploy1 ment insurance, State programs (thous.). . . 8. Mfrs.' new orders in 1982 dollars, consumer goods and materials industries (bil. dol.). . 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 inventories2 on hand and on order in 1982 dol., smoothed (ann. rate, bil. dol.) . 99. Change in 2 sensitive materials prices, smoothed (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) 3 910. Composite index of leading indicators (index: 1967=100) ROUGHLY COINCIDENT INDICATORS 41. Employees on nonagricultural payrolls (thous.) 51. Personal income less transfer payments in 1982 dollars (ann. rate, bil. dol.) 47. Industrial production (index: 1977=100) 57. Manufacturing and trade sales in 1982 dollars (mil. dol.) 920. Composite index of roughly coincident 3 indicators (index: 1967=100) June 1987 Aug. 1987 July 1987 Sept. 1987 June to July 1987 July to Aug. 1987 Aug. to Sept. 1987 . 41 . 0 41 . 0 41 . 0 p40 . 4 0.00 0.00 -0.60 . 327 327 297 2 86 0.00 0.29 0.14 . 85 .3 8 r 84 . 0 2 r83.6 4 p85 . 3 1 -0.09 -0.02 0.13 57 62 60 69 0.22 -0.09 0*4 8 r3 8.5 9 r40 .74 r3 8.33 p3 8 . 0 4 0.13 -0.14 -0.02 . 121 . 0 11 8 . 6 119.8 119.8 -0.06 0.03 0.00 . r37.86 r36.26 p2 7 . 0 1 NA -0.04 -0.24 r l .56 1.98 r l .84 1 .61 0.18 -0.06 -0.12 301 . 3 8 310.09 329.36 318.66 0.19 0.41 -0.27 r 2 , 4 1 4 .6 r2,414.3 r 2 , 4 1 5 .1 p2 , 4 2 1 .6 0.00 0.01 0.11 r5 .8 r0.5 p4 . 8 NA -0.30 0.24 NA 192.6 p i 92 .5 0.37 0.57 -0.05 190.8 r 1 91 .5 NA 101 , 8 1 8 r102,126 r 102 , 27 8 pl02,410 0.25 0.12 0.14 2,671.4 r 2 , 6 84 .6 r 2 ,6 91 .0 p2,698.1 0.25 0.12 0.17 r l 3 0 .6 r131 .0 p l 3 1 .2 0.32 0.09 0.05 430,617 r432 ,550 p43 2 , 842 NA 0.10 0.01 NA r l 6 7 .9 r16 9.1 r l 6 9.4 p l 6 9.7 0.71 0.18 0.18 14.0 14.3 14.2 0.40 -0.15 0.07 1.52 pi.52 NA -0.13 0.00 r97 .4 r 97 . 9 p98.7 -0.37 0.18 0.43 8.25 8.25 8.70 0.00 0 .00 0.46 r33 7 ,43 2 p33 8 , 7 94 -0.39 -0.17 0.16 rl5.82 p l 5 .85 NA 0.00 0.12 NA r l 4 1 .3 r 1 4 1 .2 p142 . 9 -0.42 -0.07 1 .20 rl2 9•1 LAGGING INDICATORS 1 91. Average duration of unemployment 14.8 (weeks) 77. Ratio, manufacturing and trade inventories 1.53 to sales in 1982 dollars (ratio) 62. Labor cost per unit of output, manufacturing-r98.4 actual data as a percent of trend (percent) . . 109. Average prime rate charged by banks 8.25 (percent) 101. Commercial and industrial loans outstanding r 3 4 4 ,66 9 in 1982 dollars (mil. dol.) 95. Ratio, consumer installment credit 15.82 outstanding to personal income (percent). . . . 3 930. Composite index of lagging indicators r l 4 1 .9 (index: 1967=100) r33 9,634 NA NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the February 1983 BUSINESS CONDITIONS DIGEST (pp. 108-109) or the 1984 HANDBOOK OF CYCLICAL INDICATORS (pp. 67-68) for the weights and standardization factors. N A , not available, p , preliminary. r, revised, e , estimated. 1 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 3 107 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns |iini|iimmiii|mii|inii|Miii|mii|iiiii|mn|iini|iii lljlllM|lllll[lllll|lllll|lHII|lllll|lllll|IUH|imi|H| MONTHS FROM Actual 43. Unemployment rate, total (inverted) data REF . TROUGH L,Lg,U CURRENT MONTH ACTUAL DATA AND SERIES 43. Unemployment rate, total (inverted) YEAR 43 Devi- Actual ations data from for specific current troughs cycle PERCENT 47 48 49 50 5 1 6 .9 6 ,. 9 10/86 6 ,. 7 6 , 7 6 ,. 7 12/86 11/86 1/87 2/87 52 6 ,. 6 3/87 53 6 . 3 4/87 54 6 ,. 3 6 ,. 1 6 ,. 0 6/87 7/87 6 . 0 5 ,9 9/87 55 56 57 58 MONTHS | D E V I FROM j A T I O N S jCURRENT SPEC. TROUGH j FROM ! 12/82 ! ACTUAL DATA SERIES 7 5/87 •7 8/87 • 8 MONTH AND YEAR •9 43 PERCENT 8 9 46 - 3 ., 9 6 9 10/86 47 48 - 3 .. 9 -4,, 1 6 6 9 7 11/86 12/86 49 -4., 1 6 7 1/87 50 - 4 .. 1 6 7 2/87 5 1 52 -4,. 2 - 4 .. 5 6 6 6 3/87 4/87 53 - 4 ,. 5 -4,. 7 - 4 ,. 8 6 3 5/87 6 6 1 0 6/87 7/87 - 4 .8 6 0 8/87 - 4 .9 5 .9 9/87 54 55 56 10 57 • 3 • 10 t 11 >12 • 13 MONTHS i CURRENT FROM REF . ACTUAL MONTH AND DATA YEAR TROUGH SERIES 82. Capacity utilization rate, manufacturing 82 PERCENT L,C,U 82. Capacity utilization rate, manufacturing 47 79 .5 10/86 48 79 . 6 11/86 49 80 . 2 12/86 50 5 1 52 79 . 6 80 . 0 80 .3 1/87 2/87 3/87 85 53 80 . 2 4/87 54 55 56 80 . 4 80 . 8 81 . 5 5/87 6/87 7/87 57 81 . 6 8/87 80 58 81 . 5 9/87 90 MONTHS DEVI- FROM ATIONS CURRENT MONTH SPEC . TROUGH FROM 12/82 ACTUAL DATA AND YEAR Actual + 20 > 85 +15 >75 SERIES 82 PERCENT 65 miiliiiiiliiiiilnmliinilimiliinilmiilniiiliii 0 + 6 +12 + 18 + 24+ 30+ 36+ 42+ 48 + 54 M o n t h s from NOTE: For an reference explanation 108 of 46 1 1 . ,5 7 9 .. 5 10/86 47 48 1 1 . ,6 12 ,. 2 7 9 ., 6 8 0 ., 2 1 1/86 49 1 1 . .6 7 9 ,. 6 1/87 50 5 1 12 . 0 2/87 52 12 . 3 12 . 2 8 0 ., 0 80., 3 8 0 . ,2 charts, H • 65 53 12 . 4 8 0 .. 4 5/87 54 12 . 8 55 56 13 . 5 13 . 6 80., 8 8 1 .. 5 8 1 ,. 6 7/87 8/87 57 1 3.5 8 1 ,. 5 9/87 -5 6/87 -6 miilmiilimilimilniiiliiiiiliimliiiiiliiiiiliil 0 + 6 +12 + 18 + 24+ 30+ 36+ 42+ 48+ 54 Months from specific see "How to Read Charts" on p. 107 of the July 1987 o 3/87 4/87 troughs these • 70 12/86 issue. troughs G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns—Continued |iiiii|iiiii|iiiii|iiiii|iiiii|iiiii|inii|ii Deviations from reference peaks Actual data for current cycle QRTRS. |iiiii|iiiii|iiiii|iiiii|iim|iiiii|iiiii|iiin|nni|iiiii|mn DEVI-J FROM AT I O N S CURRENT QRTR . REF . FROM ACTUAL AND DATA YEAR TROUGH 1 1 1 / 8 11 50 SERIES ANN. BIL. Deviations from specific troughs Actual data for current cycle RATE DOL. 12 11.8 3650.9 13 13.3 3698 . 8 IV/85 1/86 14 13.5 3704.7 11/86 15 16 13.9 3718.0 14.3 373 I I I / 8 6 IV/86 17 15.5 3772.2 18 16 . 3 17.4 3795.3 11/87 383 1 . 2 1 1 1 / 87 19 50. GNP in 1982 dollars 1.5 1/87 > 3,900 QRTRS. • 3,800 FROM SPEC . TROUGH • 3.500 • 3,400 CURRENT FROM ACTUAL AND DATA YEAR III/82 SERIES • 3,700 > 3,600 DEVIATIONS 50 ANN. BIL. RATE DOL 13 1 5 ,. 7 3650.9 14 1 7 ,. 3 3698 15 17 ,. 4 3704.7 16 17 ,. 9 37 17 QRTR . IV/85 1/86 .8 11/86 18.0 I I I / 8 6 1.5 IV/86 18,. 3 373 18 1 9 ,. 6 3772.2 19 20,. 3 3795.3 20 2 1 .5 383 1 .2 1/87 11/87 I I I / 8 7 • 3,300 • 3,200 -1 -5 •3,100 86. Nonresidential fixed investment, total, 1982 dollars QRTRS. ATIONS FROM CURRENT ACTUAL QRTR. AND TROUGH 111 / 8 1 DATA YEAR SERIES • 490 • 470 86 ANN. BIL. RATE DOL. 12 15.5 465 13 12.5 453 . 2 1/86 9 . 5 441 . 0 11/86 8 . 7 437.7 I I I / 8 6 IV/86 14 • 450 DEVI- FROM REF. 15 16 10.1 443 .2 .2 IV/85 1/87 17 5 .8 426 . 0 18 19 8 . 7 14 . 7 437 .9 461.8 11/87 I I I / 8 7 • 430 • 410 QRTRS. DEVI- FROM ATIONS CURRENT QRTR. SPEC . TROUGH FROM ACTUAL DATA YEAR 1/83 AND • 390 ANN. BIL. >350 0 + 6 +12 + 18 + 24+30+36+42+48+54 RATE DOL 1 1 3 6 ,. 2 46 5 . 2 12 32 . 7 453 .2 1/86 13 29 . 1 441 . 0 11/86 14 28 . 1 29 . 7 437 . 7 I I I / 8 6 15 443 16 2 4 ,. 7 426 . 0 17 28,. 2 437 .9 11/87 18 3 5 ,. 2 46 1 . 8 I I I / 8 7 .2 IV/85 IV/86 1/87 Months from reference troughs -6 [liiiiilniiiliiiiiliiinlniiiliiiiiliiiiiliniilniiilinn 0 +6 +12+18 + 24+30+36+42+48+54+60 Months from specific troughs NOTE: For an explanation of these c h a r t s , 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 Prolits. manufacturing and trade. Dl Sales, manufacturing and trade, Dl Automobiles Imports of automobiles and parts Personal consumption expenditures Current issue Series number Charts 604 56 58 974 975 971 100 61 970 976 978 977 972 973 616 55 Tables Historical data (issue date) Series description (*) 92 10/87 56 (pagenumbers) 22 38 38 38 24 24 38 38 38 38 38 38 56 22 65 76 76 76 67 67 76 76 76 76 76 76 92 65 6/87 8/87 8/87 8/87 11/86 11/86 11/86 8/87 8/87 8/87 8/87 8/87 10/87 9/87 20 37 37 37 23 23 37 37 37 37 37 56 39 B Balance of p a y m e n t s - 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 Newly approved Newly approved. Dl Capital equipment, producer price index Capital investment - See Investment, capital. Capital investment commitments, CI Cash flow, corporate, constant dollars Cash flow, corporate, current dollars Civilian labor f o r c e - S e e 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 29 76 13,25 24 67 67 6/87 12/86 24 12 14 12 13 33 23 23 72 65 65 6/87 6/86 6/86 34 21 21 101 72 112 295 15,35 35 32 46 73 73 71 82 5/87 5/87 5/87 12/86 32 32 32 26 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 9/87 9/87 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 5 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 10/87 11/86 46 46 64 30,47 70,83 9/87 46 346 49 88 10/87 46 340 49 87 8/87 5 341 348 349 49 50 50 87 88 88 8/87 7/87 7/87 5 53 53 53 19 63 9/87 11 1/87 1/87 1/86 5 920 920c 940 10 39 11 60 930 930c 10 39 60 10/87 10/87 5 914 915 917 916 910 910c 11 11 11 11 10 39 60 60 60 60 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 D e b t - S e e 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 nonagricultural payrolls Industrial production Industrial production, components. Initial claims, State unemployment insurance Inventories, manufacturing and trade Lagging indicators Leading indicators New orders, durable goods industries New orders, durable goods industries, components.. New orders, manufacturing 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. Current issue Series description (*) Tables Historical data (issue date) 23 24 66 67 6/87 8/87 21 17 25 47 25 25 47 25 48 12,21 9/87 22 67 83 67 67 83 67 86 64 65 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 9/87 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 10 116 23 34 66 73 4/87 2/87 21 35 110 32 72 10/87 101 72 112 15,35 35 32 73 73 71 5/87 5/87 5/87 32 32 32 66 113 95 39 111 33 35 32 15,35 33 13,32 32 73 72 73 72 72 71 5/87 5/87 9/87 1/87 5/87 9/86 33 33 33 34 31 31 98 331 28 48 69 85 5/87 3/87 51 50 557 54 91 12/86 517 543 580 578 577 525 53 53 54 55 55 53 90 90 91 91 91 90 7/87 10/87 10/87 7/87 7/87 7/87 55 55 56 56 56 55 559 548 588 561 570 564 565 54 53 54 54 55 55 55 91 90 91 91 91 91 91 6/87 5/87 6/87 6/87 8/87 10/87 10/87 17 15 17 15 5 43 43 39 32 33 12,21 72 64 1/87 1/86 34 17 965 951 974 963 966 37 36 38 36 37 10/86 1/86 8/87 10/87 12/86 962 975 952 950 964 36 38 36 36 37 971 970 960 972 967 38 38 37 38 37 973 976 978 977 968 961 38 38 38 38 37 36 75 74 76 74 75 78 74 76 74 74 75 77 76 76 75 76 75 79 76 76 76 76 75 74 77 Series number Charts 29 13,25 9 69 248 87 (page numbers) 6/87 11/86 9/87 9/87 11/86 12/86 8/87 1/86 6/87 9/87 8/87 11/86 8/87 8/87 1/86 8/87 8/87 8/87 8/87 2/87 8/87 22 5 37 5 12 37 5 5 15 37' 23 37 37 25 37' 37 37 37 25 5 ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued Series title (See complete titles in "Titles and Sources of Series," following this index) Earnings- See Compensation. Employment and unemployment Civilian labor force Defense Department personnel, civilian Defense Department personnel, military Employee hours in nonagricultural establishments Rate of change Total Employees in goods-producing industries Employees, manufacturing and trade. Dl Employees on nonagricultural payrolls Employees on private nonagricultural 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 nonagricultural 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. CI 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 M l Goods output in constant dollars Implicit price deflator Per capita GNP. constant dollars Gross private domestic investment See Investment, capital. Current issue Series number (page Charts 578 577 55 55 48c 48 40 974 41 963 442 570 90 46 60 5 962 21 453 452 451 448 42 446 445 447 444 91 37 44 45 43 1 39 17 17 38 14,17 36 51 55 17 16 16 12.16 36 16 51 51 51 51 17 51 51 51 51 15.18 18,51 18 18 18 12,16 961 36 numbers) Tables 91 91 61 62 76 62 74 89 91 62 61 61 61 74 61 89 89 89 89 62 89 89 89 89 62 62,89 62 62 62 61 77 74 Historical data (issue date) 2/87 7/87 7/87 Series description (*) 56 56 9/87 9/87 8/87 8/87 8/87 10/87 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 37 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" 119 34 72 3/87 35 94 213 917 33 40 11 72 80 60 1/87 10/87 1/86 35 38 5 311 48 84 9/87 49 93 33 72 1/87 35 49 20 63 9/87 14 502 501 500 512 511 510 298 52 52 52 52 52 52 46 90 90 90 90 90 90 83 9/87 9/87 9/87 9/87 9/87 9/87 12/86 53 53 53 53 53 53 48 263 262 265 564 565 267 266 268 261 260 43 43 47 55 55 43 43 47 43 43 81 81 83 91 91 81 81 83 81 81 11/86 11/86 11/86 10/87 10/87 11/86 11/86 11/86 11/86 11/86 43 43 43 43 43 43 43 43 43 43 311 68 48 30 84 70 9/87 9/87 49 28 50 50b 50c 200 200b 200c 107 49 310 217 19,40 31 20 48 40 63.80 80 80 80 80 80 71 63 84 80 9/87 9/87 9/87 10/87 10/87 10/87 8/87 9/87 9/87 10/87 38 38 38 38 38 38 30 14 38 38 46 60 16 16 61 61 4/86 2/87 9 9 1 12.16 5 36 16 61 77 74 61 8/87 961 21 8/87 8/87 5 5 39 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 Current issue oerieb number Charts Tables (issue date) UC3LI l(JU (*) 28 29 89 249 25 13,25 25 47 67 67 67 83 3/87 6/87 9/87 11/86 24 24 40 40 310 48 84 9/87 38 345 280 49 45 87 82 10/87 11/86 46 46 64 30,47 70,83 9/87 46 346 95 286 49 15,35 45 88 73 82 10/87 9/87 12/86 46 33 26 287 225 224 47 40 40 83 80 80 12/86 10/87 10/87 26 11 11 227 40 80 10/87 11 49 87 8/87 5 341 652 651 288 289 220 52 223 49 57 57 45 47 45 19 40 87 93 93 82 83 82 63 63 8/87 7/87 7/87 12/86 12/86 10/87 9/87 9/87 5 57 57 47 47 46 11 11 51c 51 108 282 39 14,19 31 45 63 71 82 9/87 9/87 8/87 11/86 30 47 283 284 47 45 83 82 11/86 11/86 47 47 285 348 349 47 50 50 83 88 88 11/86 7/87 7/87 47 53 53 53 13 335 19 23 48 63 65 85 9/87 6/86 3/87 11 21 51 76 75 557 73 74 47 24 22 54 20 20 14,20,58 67 65 91 63 63 63,94 78 75 12/86 12/86 12/86 12/86 12/86 12/86 12 12 13 12 12 12 12/86 12/86 12' 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 340 966 47c 37' 39 ll' 967 23 37 28 79 75 69 1/86 1/86 25 25 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 47 47 67 116 119 118 117 109 114 115 332 35 34 34 34 34 35 34 34 48 73 73 72 73 73 73 72 73 86 12/86 2/87 3/87 3/87 3/87 1/87 2/87 2/87 3/87 35 35 35 35 35 35 35 35 50 733 736 737 738 732 320 735 59 59 59 59 59 49 59 96 95 96 95 95 84,95 95 5/87 5/87 5/87 5/87 5/87 4/87 5/87 60 61 61 61 60 49 61 723 726 727 728 721 722 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 59 59 59 59 58 58 12 59 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 o< 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, CI 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, CI 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 I t a l y - See International comparisons. Current issue Tables Historical data (issue date) Series description (*) 59 59 59 59 59 59 59 96 96 96 96 96 96 96 7/87 7/87 7/87 7/87 7/87 7/87 7/87 63 63 63 63 63 25 63 57 57 56 57 56 44 44 57 56 56 57 56 57 44 44 56 57 57 93 93 92 93 92 82 82 93 92 92 93 92 93 82 82 92 93 93 7/87 7/87 10/87 7/87 10/87 11/86 11/86 7/87 10/87 10/87 7/87 10/87 7/87 11/86 11/86 10/87 7/87 7/87 57 57 56 57 56 44 44 57 56 56 57 56 57 44 44 56 57 57 255 44 82 11/86 44 250 251 44 47 82 83 11/86 11/86 44 44 30 245 247 559 65 77 915 71 31 70 975 26,42 42 47 54 27 15,27 11 27 26 27 38 68,81 81 83 91 68 68 60 68 68 68 76 9/87 11/86 11/86 6/87 5/87 6/87 1/86 6/87 6/87 6/87 8/87 40 40 40 17 17 17 5 17 17 17 37 36 13,26 68 9/86 17 Series number Charts 743 746 747 748 742 19 745 667 622 602 618 604 256 252 668 606 612 620 616 669 257 253 614 652 651 (page numbers) 78 27 68 5/87 17 38 26 68 5/87 17 97 11 965 914 9 24 24 37 11 23 66 66 75 60 66 12/86 12/86 10/86 1/86 6/87 22 22 22 5 21 69 24 67 8/87 17 243 242 86 248 42 42 25 47 81 81 67 83 11/86 11/86 9/87 11/86 40 40 40 40 88 87 89 249 241 240 25 25 25 47 42 42 67 67 67 83 81 81 9/87 9/87 9/87 11/86 11/86 11/86 40 40 40 40 40 40 15 27 23 66 6/87 24 23 66 4/87 15 20 10 100 61 970 12,23 23 24 24 38 66 66 67 67 76 6/87 4/87 11/86 11/86 11/86 21 21 652 651 57 57 93 93 7/87 7/87 57 57 J Japan—See International comparisons. See notes at end of index. 112 Leading indicators, twelve Composite index Composite index, rate of change Diffusion index Liabilities of business failures Liquid assets, change in total Loans—See Credit. 68 63 30 30 9/87 10/87 62 62 26 30 15 29 10/87 10/87 10/87 930 930c 952 10 39 36 10/87 10/87 1/86 Current issue Series number (page numbers) Charts Tables 910 910c 950 14 104 10 39 36 33 31 60 78 27 Historical data (issue date) Series description (*) 74 72 71 4/87 4/87 6/87 6/87 4/87 5 ' 5 ' 34 29 68 5/87 17 26 20 12,21 68 64 5/87 17 14 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. 38 84 8 12/86 4/87 64 15 Money and financial flows, CI 917 11 60 1/86 5 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 M l Ratio, personal income to money supply M2 Mortgage debt, net change Mortgage yields, secondary market Municipal bond yields 104 105 85 106 102 107 108 33 118 117 31 31 31 13,31 31 31 31 32 34 34 71 71 71 71 71 71 71 71 73 73 4/87 4/87 4/87 4/87 4/87 8/87 8/87 9/86 3/87 3/87 29 29 29 30 29 30 30 31 35 35 27 24 8 23 23 12,21 66 66 64 6/87 4/87 4/87 15 15 15 20 12,23 66 6/87 21 10 548 7 6 23 53 21 21 4/87 5/87 4/87 4/87 21 15 15 15 964 971 37 38 66 90 64 64 77 75 76 9/87 8/87 15 37 88 87 86 248 25 25 25 47 67 67 67 83 9/87 9/87 9/87 11/86 40 40 40 40 517 543 721 53 53 58 90 90 94 7/87 10/87 6/87 55 55 58 580 54 91 10/87 56 49 20 63 9/87 14 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 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 L 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 23 23 Series title (See complete titles in "Titles and Sources of Series." following this index) 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, i m p o r t s . . 62 62 370 358 82 84 21 30 15 50 50 20 20 16 70 70 88 88 64 64 61 10/87 10/87 10/87 10/87 12/86 12/86 8/87 28 28 52 52 14 14 5 453 452 51 51 2/87 2/87 9 9 2/87 9 451 51 89 89 89 55 22 41 65 9/87 39 80 11/86 39 233 232 41 80 11/86 39 238 236 239 237 231 230 235 41 41 41 41 41 41 47 81 81 81 81 80 80 83 11/86 11/86 11/86 11/86 11/86 11/86 11/86 39 39 39 39 39 39 39 292 293 614 46 46 56 82 83 92 12/86 12/86 10/87 48 48 56 ALPHABETICAL INDEX—SERIES,FINDING GUIDE—Continued Series title (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 Food 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. Producers' durable equipment, nonresidential, GPDI Production-See Gross national product and Industrial production. Productivity Output per hour, business sector Output per hour, nonfarm business sector Profitability, CI Profits Corporate profits after tax Constant dollars Current dollars With IVA and CCAdj. constant dollars With IVA and CCAd|, current dollars Corporate profits before tax With IVA and CCAdj With IVA and CCAdj. percent of national income Manufacturing and trade. Dl Manufacturing, Dl Per dollar of sales, manufacturing Profitability. CI Ratio, profits to corporate domestic income Ratio, profits with IVA and CCAdj to corporate domestic income Proprietors' income with IVA and CCAdj Proprietors' income with IVA and CCAdj, percent of national income Raw industrials, spot market prices Components Diffusion index Spot market index Rental income of persons with CCAdj Rental income of persons with CCAdj. percent of national income Reserves, free Residential fixed investment, constant dollars ... UCOl,! lyil (*) number Charts Tables (issue date) 20 10 100 61 970 90 12,23 23 24 24 38 17 66 66 67 67 76 62 6/87 4/87 11/86 11/86 11/86 2/87 21 21 49 49 23' 23 9 320 322 49 49 84,95 84 4/87 4/87 311 310 26 48 48 29 84 84 70 9/87 9/87 10/87 49 38 28 330 333 331 334 335 332 98 48 48 48 48 48 48 28 85 86 85 86 85 86 69 3/87 3/87 3/87 3/87 3/87 3/87 5/87 50 51 50 51 51 50 51 967' 23 37' 28 79 75 69 1/86 1/86 25' 25 98 99 28 13,28 69 69 5/87 5/87 51 25 19 968 26 13,28 37 29 69 75 70 7/87 2/87 10/87 25 25 28 976 978 977 525 109 38 38 38 53 35 76 76 76 90 73 8/87 8/87 8/87 7/87 1/87 37 37 37 55 35 88 25 67 9/87 40 370 358 916 50 50 11 88 88 60 10/87 10/87 1/86 52 52 5 18 16 80 79 28 28 29 29 69 69 69 69 9/87 9/87 9/87 9/87 26 26 26 26 286 287 972 960 15 916 22 45 47 38 37 29 11 29 82 83 76 75 70 60 69 12/86 12/86 8/87 8/87 7/87 1/86 9/87 26 26 37 37 27 5 26 81 282 29 45 70 82 9/87 11/86 26 47 283 47 83 11/86 47 967' 23 284 37' 28 45 79 75 69 82 1/86 1/86 11/86 25' 25 47 285 93 89 47 33 25 83 72 67 11/86 1/87 9/87 47 35 40 Series title (See complete titles in "Titles and Sources of Series," following this index) Residential fixed investment, percent of GNP.. Residential structures—See Housing. Retail sales, constant dollars Retail sales, current dollars 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 Current issue Series number (page numbers) Historical data (issue date) Series description (*) Charts Tables 59 54 22 22 65 65 6/87 6/87 20 20 213 40 80 10/87 38 69 57 56 973 77 59 54 24 14,22 22 38 15,27 22 22 67 65 65 76 68 65 65 8/87 6/87 6/87 8/87 6/87 6/87 6/87 17 17 17 37 17 20 20 295 298 290 292 293 46 46 46 46 46 82 83 82 82 83 12/86 12/86 12/86 12/86 12/86 26 48 48 48 48 98 99 588 28 13,28 54 69 69 91 5/87 5/87 6/87 51 25 17 967 23 37' 28 79 75 69 1/86 1/86 25' 25 19 968 13,28 37 69 75 7/87 2/87 25 25 114 115 34 34 72 73 2/87 2/87 35 35 91 60 5 962 15,18 16 12,16 36 62 61 61 74 2/87 2/87 12/86 12/86 9 9 8 8 446 445 447 444 37 51 51 51 51 18,51 89 89 89 89 62,89 2/87 2/87 2/87 2/87 2/87 9 9 9 9 9 44 45 43 18 18 18 62 62 62 2/87 3/87 2/87 9 8 9 561 96 25 54 21 21 91 64 64 6/87 4/87 4/87 15 15 15 107 108 32 31 31 12,21 71 71 64 8/87 8/87 1/86 30 30 17 11/86 U 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 Full-time workers 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. Velocity of money GNP to money supply M l , ratio Personal income to money supply M2, ratio Vendor performance, slower deliveries W Wages and salaries—See Compensation. West Germany—See International comparisons. Wholesale (producer) prices—See Price indexes. Workweek, manufacturing Average weekly hours Components Diffusion index 12,16 36 8/87 NOTE: CCAdj. capital consumption adjustment; CI, 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—Continued 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) 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) 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) 34. Corporate net cash flow in current dollars (Q).— Source 1 (29,70) 35. Corporate net cash flow in 1982 dollars (Q).—Source 1 (29,70) 36. Change in manufacturing and trade inventories on hand and on order in 1982 dollars (M).—Sources 1 and 2 (13,26,68) 14. Current liabilities of business failures (M).—Dun & Bradstreet, Inc. (33,72) 37. Number of persons unemployed (M).—Source 3 (18,51,62,89) 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) 38. Change in manufacturers' inventories, materials and supplies on hand and on order (M).—Source 2 (26,68) 16. Corporate profits after tax in current dollars (Q).— Source 1 (28,69) 39. Percent of consumer installment loans delinquent 30 days and over (EOM).—American Bankers Association (33,72) 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 3 (14,17,62) 917. Composite index of money and financial flows (includes series 104, 106, 111) (M).—Source 1 (11,60) 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) 42. Number of persons engaged in nonagricultural activities (M).—Source 3 (17,62) 920. Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).—Source 1 (10,39,60) 21. Average weekly overtime hours of production or nonsupervisory workers, manufacturing (M).— Source 3 (16,61) 930. 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) 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) 916. Composite index of profitability (includes series 19,26,80) (M).—Source 1 (11,60) 940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source 1 (11,60) l-B. Cyclical Indicators 1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3 (12,16,61,77) 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 (12,16,61) 23. Index of spot market prices, raw industrial materials (M).—Source 3 and Commodity Research Bureau, Inc. (Used by permission. Beginning with June 1981, this series may not be reproduced without written permission from Commodity Research Bureau, Inc.) (28,69,79) 24. 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, nonfarm business sector (Q).—Sources 1 and 3 (29,70) 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) 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 2 (25,67) 8. Manufacturers' new orders in 1982 dollars, consumer goods and materials industries (M).—Sources land 2 (12,21,64) 29. Index of new private housing units authorized by local building permits (M).-Source 2 (13,25,67) 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 30. Change in business inventories in 1982 dollars (Q).— Source 1 (26,42,68,81) 31. Change in manufacturing and trade inventories (M).—Sources 1 and 2 (26,68) 32. Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago (12,21,64) 43. Unemployment rate (M).—Source 3 (18,62) 44. Unemployment rate, persons unemployed 15 weeks and over (M).-Source 3 (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).—Source 3 (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) 52. Personal income in 1982 dollars (M).—Source 1 (19,63) 53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M).—Source 1 (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 1982 dollars, producers' durable equipment (Q).— Source 1 (25,67) 61. New plant and equipment expenditures by business in current dollars (Q).—Source 1 (24,67) 89. Gross private residential fixed investment in 1982 dollars (Q).-Source 1 (25,67) 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 working age (M).—Sources 1 and 3 (17,62) 63. Index of unit labor cost, business sector (Q).—Source 3 (30,70) 91- Average duration of unemployment in weeks (M).— Source 3 (15,18,62) 64. Compensation of employees as a percent of national income (Q).-Source 1 (30,47,70,83) 65. Manufacturers' inventories, finished goods (EOM) .— Source 2 (27,68) 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) 69. Manufacturers' machinery and equipment sales and business construction expenditures (M).—Source 2 (24,67) 70. Manufacturing and trade inventories in 1982 dollars (EOM).-Sources 1 and 2 (27,68) 71. Manufacturing and trade inventories in current dollars (EOM).-Sources 1 and 2 (27,68) 72. Commercial and industrial loans outstanding in current dollars (M).—Sources 1, 4 and The Federal Reserve Bank of New York (35,73) 73. Index of industrial production, durable manufactures (M).—Source 4 (20,63) 74. Index of industrial production, nondurable manufactures (M)-Source 4 (20,63) 75. Index of industrial production, consumer goods (22,65) (M).—Source 4 76. Index of industrial production, business equipment (M).—Source 4 (24,67) 77. Ratio, manufacturing and trade inventories to sales in 1982 dollars (M).-Sources 1 and 2 (15,27,68) 78. Manufacturers' inventories, materials and supplies on hand and on order (EOM).-Source 2 (27,68) 79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q).-Source 1 (29,69) 80. Corporate profits after tax with inventory valuation and capital consumption adjustments in 1982 dollars (Q).-Source 1 (29,69) 81. Ratio, corporate domestic profits after tax with inventory valuation and capital consumption adjustments to total corporate domestic income (Q).— Source 1 (29,70) 82. Capacity utilization rate, manufacturing (M).— Source 4 (20,64) 84. Capacity utilization rate, materials (M).—Source 4 (20,64) 85. Change in money supply Ml (M).-Source 4 (31,71) 86. Gross private nonresidential fixed investment in 1982 dollars (Q).-Source 1 (25,67) 87. Gross private nonresidential fixed investment in 1982 dollars, structures (Q).-Source 1 (25,67) Free reserves (M).—Source 4 (33,72) 94. Member bank borrowings from the Federal Reserve (M).—Source 4 (33,72) 95. Ratio, consumer installment credit outstanding to personal income (M).—Sources 1 and 4 (15,35,73) 96. Manufacturers' unfilled orders, durable goods industries (EOM).—Source 2 (21,64) l - C . Diffusion Indexes 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) 97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).—The Conference Board (24,66) 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) 98. Percent change in producer prices for 28 sensitive crude and intermediate materials (M).—Sources 1 and 3 (28,69) 963. Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M).—Source 3 (36,74) 99. Change in sensitive materials prices (M).—Sources 1, 3, and Commodity Research Bureau, Inc. (13,28,69) 964. Diffusion index of manufacturers' new orders, 34-35 durable goods industries (M).—Sources 1 and 2 (37,75,77) 100. New plant and equipment expenditures by business in 1982 dollars (Q).-Source 1 (24,67) 101- Commercial and industrial loans outstanding in 1982 dollars (M).—Sources 1, 4, and The Federal Reserve Bank of New York (15,35,73) 102. Change in money supply M2 (M).—Source 4 (31,71) 104. Change in total liquid assets (M).—Sources 1 and 4 (31,71) 105. Money supply Ml in 1982 dollars (M).—Sources 1 and 4 (31,71) 106. Money supply M2 in 1982 dollars (M).—Sources 1 and 4 (13,31,71) 107. Ratio, gross national product to money supply Ml (Q).—Sources 1 and 4 (31,71) 108. Ratio, personal income to money supply M2 (M) — Sources 1 and 4 (31,71) 109. Average prime rate charged by banks (M).—Source 4 (35,73) 110. Funds raised by private nonfinancial borrowers in credit markets (Q).-Source 4 (32,72) m Change in business and consumer credit outstanding (M).—Sources 1, 4, Federal Home Loan Bank Board, and The Federal Reserve Bank of New York (13,32,72) 112. Net change in business loans (M).—Sources 1, 4, and The Federal Reserve Bank of New York (32,71) 113. Net change in consumer installment credit (M).— Source 4 (32,72) 114. Discount rate on new issues of 91-day Treasury bills (M).—Source 4 (34,72) U 5 Yield on long-term Treasury bonds (M).—U.S. Department of the Treasury (34,73) 116. Yield on new issues of high-grade corporate bonds (M).—Citibank and U.S. Department of the Treasury (34,73) 117. Yield on municipal bonds, 20-bond average (M).—The Bond Buyer (34,73) 218 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) 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, 40-82 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 series may not be reproduced without written permission from the source.) (38,76) 973. Diffusion index of net sales, 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) 974. Diffusion index of number of employees, manufacturing and trade—about 1,400 businessmen reporting (Q) —Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 975. Diffusion index of level of inventories, manufacturing and trade—about 1,400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 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 tradeabout 400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 978. Diffusion index of selling prices, retail trade—about 400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) ll-A. National Income and Product 30. Change in business inventories in 1982 dollars (Q).— Source 1 (26,42,68,81) 50. Gross national product in 1982 dollars (Q).—Source 1 (19,39,40,63,80) 64. Compensation of employees as a percent of national income (Q).—Source 1 (30,47,70,83) 200. Gross national product in current dollars (Q).— Source 1 (40,80) 213. Final sales in 1982 dollars (Q).-Source 1 243. 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) 247 248. Gross private nonresidential fixed investment as a percent of gross national product (Q).—Source 1 (47,83) 249. Gross private residential fixed investment as a percent of gross national product (Q).—Source 1 (47,83) 250. Net exports of goods and services in current dollars (Q).-Source 1 (44,82) 251. Net exports of goods and services as a percent of gross national product (Q).—Source 1 (47,83) 252 Exports of goods and services in current dollars (Q).—Source 1 (44,82) 253 Imports of goods and services in current dollars (Q).—Source 1 (44,82) 255 Net exports of goods and services in 1982 dollars (Q).-Source 1 (44,82) 256 Exports of goods and services in 1982 dollars (Q).—Source 1 (40,80) 2 57. 217. Per capita gross national product in 1982 dollars (Q).—Sources 1 and 2 (40,80) 2 60. 220. National income in current dollars (Q).—Source 1 (45,82) Change in business inventories as a percent of gross national product (Q).—Source 1 (47,83) (44,82) Imports of goods and services in 1982 dollars (Q).-Source 1 (44,82) Government purchases of goods and services in current dollars (Q).-Source 1 (43,81) 289. Net interest as a percent of national income (Q).— Source 1 (47,83) 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 (46,83) ll-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).—Source 3 (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) 333. Producer price index, capital equipment (M).— Source 3 (48,86) 334. Producer price index, finished consumer goods (M).-Source 3 (48,86) 227. Per capita disposable personal income in 1982 dollars (Q).-Sources 1 and 2 (40,80) 261. Government purchases of goods and services in 1982 dollars (Q).-Source 1 (43,81) 262. Federal Government purchases of goods and services in current dollars (Q).—Source 1 (43,81) 2 63. Federal Government purchases of goods and services in 1982 dollars (Q).—Source 1 (43,81) 2 65. Federal Government purchases of goods and services 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 services in current dollars (Q).—Source 1 (43,81) 345. Index of average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,87) 231. Personal consumption expenditures in 1982 dollars (Q).—Source 1 (41,80) 267. State and local government purchases of goods and services in 1982 dollars (Q).—Source 1 (43,81) 232. Personal consumption expenditures in current dollars, durable goods (Q).-Source 1 (41,80) State and local government purchases of goods and services as a percent of gross national product (Q).—Source 1 (47,83) 346. Index of real average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,88) 223. Personal income in current dollars (M).—Source 1 (40,63) 224. Disposable personal income in current dollars (Q).— Source 1 (40,80) 225. Disposable personal income in 1982 dollars (Q).— Source 1 (40,80) 233. Personal consumption expenditures in 1982 dollars, durable goods (Q).—Source 1 (41,80) 235. Personal consumption expenditures as a percent of gross national product (Q).—Source 1 (47,83) 236. Personal consumption expenditures in current dollars, nondurable goods (Q).—Source 1 (41,81) 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 dol(41,81) lars, services (Q).—Source 1 240. 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 ^ Compensation of employees (Q).—Source 1 (45,82) 282 Proprietors' income with inventory valuation and capital consumption adjustments (Q).—Source 1 (45,82) 283. Proprietors' income with inventory valuation and 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 2 87 335. Producer price index, industrial commodities (M).-Source 3 (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) 348. Negotiated wage and benefit decisions, average first year changes (Q).—Source 3 (50,88) 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) ll-C. Labor Force, Employment, and Unemployment 37. Number of persons unemployed (M).—Source 3 (18,51,62,89) Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).— Source 1 (45,82) 441. Civilian labor force (M).—Source 3 (51,89) 442. Civilian employment (M).—Source 3 (51,89) Corporate profits before tax with inventory valuation and capital consumption adjustments as a percent of national income (Q).—Source 1 (47,83) 444. Number unemployed, males 20 years and over (M).—Source 3 (51,89) 288. Net interest (Q).-Source 1 (45,82) 445. Number unemployed, females 20 years and over (M).—Source 3 (51,89) TITLES AND SOURCES OF SERIES-Continued 446. Number unemployed, both sexes 16-19 years of age (M) -Source 3 (51,89) 447. Number unemployed, full-time workers (M).— Source 3 (51,89) 448. Number of persons employed part time for economic reasons (M).—Source 3 (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 hire 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).— Source 4 (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) 500. Federal Government surplus or deficit (Q).—Source 1 (52,90) 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) 501. Federal Government receipts (Q).—Source 1 (52,90) 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).—Istituto Centrale di Statistica (Rome) (58,94) ll-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) ll-D. Government Activities 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 t|ie 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 (57,93) 559. Manufacturers' inventories, defense products (EOM). -Source 2 (54,91) 561. Manufacturers' unfilled orders, defense products (EOM).-Source 2 (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) 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) ll-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) 726. France, index of industrial production (M).—Institut National de la Statistique et des Etudes Economiques (Paris) (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).—Istituto 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)