View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

BUSINESS
CONDITIONS
DIGEST
APRIL 1977




'




U.S. DEPARTMENT OF COMMERCE
Juanita M. Kreps, Secretary
Courtenay M. Slater, Chief Economist for the Department of Commerce

BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Beatrice N. Vaccara, Associate Director for National
Analysis and Projections
Feliks Tamm, Editor
This report was prepared in the Statistical Indicators Division, Bureau of Economic Analysis.
Technical staff and their responsibilities for the publication areBarry A. Beckman—Technical supervision and review
Morton Somer—Selection of seasonal adjustment methods
Betty F. Tunstall-Collection and compilation of basic data. Telephone (202) 523-0541
The cooperation of various government and private agencies which provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series and sources at the
back of this report.
This publication is prepared under the general guidance of a technical committee established by
the Office of Management and Budget. The committee consists of the following persons:
Julius Shiskin, Chairman, Bureau of Labor Statistics, Department of Labor
Joseph W. Duncan, Office of Management and Budget
Sidney L. Jones, Department of the Treasury
Burton G. Malkiel, Council of Economic Advisers, Executive Office of the President
J. Cortland Peret, Federal Reserve Board
Beatrice N. Vaccara, Bureau of Economic Analysis, Department of Commerce

ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides a monthly look at many of the economic
time series found most useful by business analysts
and forecasters.
The original BCD, which began publication in
1961 under the title Business Cycle Developments,
emphasized the cyclical indicators approach to
the analysis of business conditions and prospects.
The report's contents were based largely on the list
of leading, roughly coincident, and lagging indicators maintained by the National Bureau of
Economic Research, Inc.
In 1968, BCD was expanded to increase its usefulness to analysts using other approaches to
business conditions analysis. Principal additions to
the report were series from the national income
and product accounts and series based on surveys
of businessmen's and consumers' anticipations and
intentions. The composite indexes were added at
that time, and the report's present title was
adopted.
The dominant feature of the current BCD
is the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of presentation is explained in the introductory text which
begins on page 1.
Most of the data contained in this report have
also been published by their source agencies. A

series finding guide and a complete list of series
titles and sources can be found at the back of this
report.

Annual subscription price: $40 domestic, $50
foreign. Single copy price: $3.50 domestic, $4.50
foreign. For information concerning foreign airmail delivery, available at an additional charge,
write the Superintendent of Documents (address

follows), enclosing a copy of your address label.
Make checks payable to the Superintendent of
Documents. Send to the U.S. Government
Printing Office, Washington, D.C. 20402.

Cyclical Indicators are economic time series which
have been singled out as leaders, coinciders, or
laggers, based on their general conformity to
cyclical movements in aggregate economic activity.
In this report, cyclical indicators are classified both
by economic process and by their average timing at
business cycle peaks, at business cycle troughs, and
at peaks and troughs, combined. These indicators
were selected primarily on the basis of their
cyclical behavior but they have also proven useful
in forecasting, measuring, and interpreting shortterm fluctuations in aggregate economic activity.

Other Economic Measures provides additional information for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and productivity; measures of the labor force, employment, and unemployment; economic data on
Federal, State, and local government activities;
measures of U.S. international transactions; and
selected economic comparisons with major foreign
countries.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

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

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

iii

1
1
1
1
4
6
6
7

APRIL 1977
Data Through March
Series ES1 No. 77-4

< :orvin^l! h IIMDFXES AND
/ M KIH (. CM PO N EN1S
A1 |
A2 ;
A3 j
A4

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

B1 ;
B2
B3
B4
B5
B6
B7

Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit

Chart

Table

11
13
15
16

59
—
—
—

17
20
22
24
27
29
32

60
62
63
64
67
68
70

37
—
40

73
75
-

i" ^.OUOWC PROCtSV-.

INDEXES
AMP H A T f S OF CHANGE
Cl
C2
C3 ;

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

The Secretary of Commerce has determined that the publication of this periodical is necessary in the transac
tion of the public business required by law of this Department. Use of funds for printing this periodical has
been approved by the Director of the Office of Management and Budget through September 1, 1980.



KCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND

Ajl
A2

V5
A6

PRODUCT

Chart

Table

41
42
43
44
45
46
47
48

79
79
80
80
81
81
81
82

49
50

83
86

52

88

53
54

89
89

55
56

90
91

57
53
53

92
93
94

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

PRICES, WAGES,
AND PRODUCTIVITY

B

3l]
32]

Price Movements
Wages and Productivity

ffip

LABOR FORCE, EMPLOYMENT,

__ _
L_C_l]

AND UNEMPLOYMENT
Civilian Labor Force and Major Components

GOVERNMENT ACTIVITIES
D2

Receipts and Expenditures
Defense Indicators

US. INTERNATIONAL TRANSACTIONS
EJ_]
E2 j

Merchandise Trade
Goods and Services Movements

INTERNATIONAL COMPARISONS
FjM
JF2J
L JliLJ

Industrial Production
Consumer Prices
Stock Prices

PART III. APPENDIXES
A. MCD and Related Measures of Variability (December 1975 issue)
QCD and Related Measures of Variability (September 1975 issue)
B. Current Adjustment Factors
C. Historical Data for Selected Series

95
96

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

E. Business Cycle Expansions and Contractions: 1854 to 1975 (February 1977'issue)
F. Specific Peak and Trough Dates for Selected Business Indicators (February 1977issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

104
109
113

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

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

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

1. The series on U.S. money supply (series 85, 102, and
105-108) have been revised by the source agency for the period
beginning July 1976. These revisions reflect the incorporation
of new benchmark data from the September 30, 1976, call report
into the money supply statistics. Further information concerning
these revisions may be obtained from the Board of Governors of
the Federal Reserve System, Division of Research and Statistics,
Banking Section.
2. Appendix C contains historical data for series 8, 10,
20, 24, 27, 28, 33, 37, 42-44, 60, 90, 91, 441, 442, 444-448,
and 451-453.
3. Appendix G contains recovery comparisons for series 50,
86, 910, and 913-917.
The May issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on June 2.



BUSINESS CONDITIONS DIGEST A monthly report for analyzing eco- " '. f
'^ _ ' , " f -. ^ ! iorf span of years.

6 BEA PROJECTS
for economic
analysis

This report brings together many of the economic time series found most useful by
business analysts and forecasters. The dominant feature is the cyclical indicators
section in which approximately 110 business cycle indicators are each assigned a
three-way timing classification according to their cyclical behavior at peaks, at
troughs, and at all turns. This section also contains other valuable aids for the
analysis of business conditions and prospects, such as composite indexes of leading,
coincident, and lagging indicators and various diffusion indexes. A second section
contains other important economic measures such as prices, wages, productivity,
government activities, U.S. international transactions, and international comparisons.
Data are presented in charts and tables. Appendixes provide historical data, series
descriptions, seasonal adjustment factors, and measures of variability. A computer
tape containing data for most of the series is available for purchase.
A
DEFENSE INDICATORS
monthly report for analyzing the n,rrr
and prospective impact of defense activity on the national econon.y.

This report brings together the principal time series on defense activities which
influence short-term changes in the national economy. These include series on
obligations, contracts, orders, shipments, inventories, expenditures, employment,
and earnings. The approximately 60 time series included are grouped in accordance
with the time at which the activities they measure occur in the defense orderproduction-delivery process. Charts and analytical tables facilitate interpretation.

LONG TERM ECONOMIC GROWTH A report tor the study or economic
trends over a long span of years, 1860-1970.
This report has been developed from available statistics to provide a comprehensive,
long-range view of the U.S. economy. It is a basic research document for economists,
historians, investors, teachers, and students. It brings together under one cover, in
meaningful and convenient form, the complete statistical basis for a study of longterm economic trends. A computer tape file of the time series included in the report
is available for purchase.

r

COMPUTER PROGRAMS FOR TIME SERIES ANALYSIS

The source

statements for F O R T R A N IV programs used by B E A in its analysis of
time series are available on a single computer tape,
SEASONAL ADJUSTMENT PROGRAMS.-Two variants of the Census computer
program for measuring and analyzing seasonal, trading-day, cyclical, and irregular
fluctuations. They are particularly useful in analyzing economic fluctuations which
take place within a year. The X-11 variant is used for adjusting monthly data and
the X-11 Q for quarterly data. These programs make additive as well as multiplicative
adjustments and compute many summary and analytical measures.
DIFFUSION INDEX PROGRAM.-A computer program for computing diffusion
indexes, cumulated diffusion indexes, and summary measures of the properties of
each index.

SURVEY OF CURRENT BUSINESS

A monthly report for analyzing

current economic developments,

This report provides a useful combination of current data for more than 2,500
statistical series and significant articles analyzing economic developments. These
data and analyses include such areas as the national income and product accounts,
the balance of payments accounts, plant and equipment expenditures, regional
personal income, and the input-output accounts.

BUSINESS STATISTICS
A biennial reference volume containing statistical series reported currently in the Survey of Current Business,
This report provides historical data back to 1947 for nearly 2,500 time series. The
series are accompanied by concise descriptions as to their composition, methods of
compilation, comparability, revisions, and availability. Also listed are the names and
addresses of organizations which provide the basic data for the series.

L




IV

METHOD OF PRESENTATION
This report is organized into two
major parts. Part I, Cyclical indicators,
includes about 150 time series which
have been found to conform well to
broad fluctuations in comprehensive
measures of erononi'C activity. Nearly
thitc fourths of thf >n arc inHuidu.il
in J u at orb the test aK- rtMied analytical
measures Comuobitt index-- s diffua'on
ndeA» ! s auri i i^nr c,f <"hjng^ KB i M,
Oth ' imp or ta^t t c >r um i V^ea^Kes
ov * *iw * 13U c « u« s which d ^ vo'uabK
I

'H h A

f > H 'MH f»

not coTf(,'m »t/oi| c n o j f j h "H
C\TlCS

LC

MiH«tv

'pd« itor % { < hert ^r^ a feu'
J <

.C,!°

W^lfh

3S

C' C 1 ^ a !

IM^DPS

!PL'Ld, s «i > f i [,t

HC

^ • ^ Isc -hrwn ir! pi ii to rompSeU ttv
/-ter» ur pt»j 5 p.itdt ^n j f c^ri u n ^t«-of
;« * * th a c - e i i f MP j J ur t f . , »v
« i r* H! ,

< •!

HM.U riMlv/

,li *

n

,» if ^ f J pu « » u i t d-"' ' ' Its

'

» 'hj
*
, -I
t*

'.t'c^ions
i|O»/t MMTi»
• "«» ^3f
* j 1'*

>(!.!'

IfO'

lh«

M l d » » ' »o pu^e
ih^>
nt ^ t « ' i i t ^ v nd 'i*ur
1- » r , "d f * , i t r « i, i f .orir fin f"»tM t . f r f j m

* • r M c - , : ' > ' of i nit'M•
i !•l ' & J
K !
r
j
"i i
H hOj
» j' P« it)? o i i » SVMI
l^^

;

,»

f

JUCt'OI)

l^otc*

.! i? s j r j c l j° fble

t

1^

>' x j r V / n l> • * !

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.

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

Reference Turning Dates
The historical business cycle turning
dates used in this report are those
designated by the National Bureau of
Economic Research, Inc. (NBER). They
mark the approximate dates when,
according to NBER, aggregate economic activity reached its cyclical
high or low levels. Asa matter of general
practice, neither new reference turning
dates nor the shading for recessions will
be entered on the charts until after both
the new reference peak and the new
reference trough bounding the shaded
area have been designated.
The historical reference turning dates
are subject to periodic review by NBER
and on occasion are changed as a result
of revisions in important economic time
series. The dates shown in this publication for the 1948-1970 time period
are those determined by a 1974 review.
The turning dates for the 1973-1975
period are detailed in NBER's 1976
Annual Report

Most ch? r K rig«n
Part L CYCLICAL INDICATORS
MCD Moving A^f^-es

r>

, i ,iiin W!»h 194f and d iiw rhait^
*>
c* two pane1 f o r m a t which ccveib
u \ \ \ i ihe pt^ioa sino 1967. Exref>t for
sect.f n F in paK ll, »h»3 c h a r t - ronlain
'(ijding vvh«ch irnJiCdtcs p.. ic<ls ^1 - e
(.,M: ! » } t i in geno.rl bt^mess activity Fhr
tdbi. „ ^.rrnoin ddtd lor only lh«- «astfe\/,'
V f p r . ! If husti^rjCi! da,a K r tht Vdfkjd%
f/

' ? • 'fHirjon to the charts and tables
J c i - O ' p f u nbove, each issue contains a
5 ' U n s r i i j y table which shows the current
h» x h«f\ f i< r ot many of the series. Appendixes piesenl seasonal adjustment faciort. measures of variability, specific
r,f if turnmg dates, cyclical comparison
C' 'j^tr. and other information of analytic
ntf * r s t An index appears at the back of
i/» *• t'yjMc. it should be noted that the
L' j *k numbers used are for identificai.rn purposes only and do not reflect
r:i.r.ii,o relationships or order. However,
dh sei-eb considered as cyclical indiT>to»s i-*rp numbered in the range 1 to
199.



Month-to-month changes in a series
are often dominated by erratic movements. MCD (months for cyclical dominance) is an estimate of the appropriate
span over which to observe cyclical
movements in a monthly series. (See
app. A.) It is the smallest span of
months for which the average change
in the cyclical factor is greater than that
in the irregular factor. The more erratic
a series is, the larger the MCD will be;
thus, MCD is 1 for the smoothest series
and 6 for the most erratic. MCD moving
averages (that is, moving averages of the
period equal to MCD) tend to have
about the same degree of smoothness
for ail series. Thus, a 5-term moving
average of a series with an MCD of 5
will show its cyclical movements about
as clearly as the seasonally adjusted data
for a series with an MCD of 1.
The charts in this report generally
include centered MCD moving averages
for those series with an MCD greater
than 4. The seasonally adjusted data are
also plotted to indicate their variation

Business cycles have been defined as
sequences of expansion and contraction
in various economic processes that show
up as major fluctuations in aggregate
economic activity—that is, in comprehensive measures of production, employment, income, and trade. While recurrent
and pervasive, business cycles of historical experience have been definitely
nonperiodic and have varied greatly
in duration and intensity, reflecting
changes in economic systems, conditions, policies, and outside disturbances.
One of the techniques developed in
business cycle research and widely used
as a tool for analyzing current economic
conditions and prospects is the cyclical
indicators approach. This approach
identifies certain economic time series
as tending to lead, coincide with or lag
behind the broad movements in aggregate economic activity. Such indicators
have been selected and analyzed by
NBER in a series of studies published
between 1938 and 1967. During the
1972-75 period, a new comprehensive
review of cyclical indicators was carried

1

Cross-Classification of Cyclical Indicators by Economic Process and Cyciica! Timing
A. Timing at Business Cycle Peaks
Economic
\Process
\.
Cyclically
Timing
x.

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

Capacity
utilization
(2 series)

LEADING (L)
INDICATORS
(62 series)

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

Comprehensive
employment
(1 series)

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

N.

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
(U)
(8 series)

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY
AND CREDIT
(26 series)

New and
unfilled orders
and deliveries
(6 series)
Consumption
(2 series)

Formation of
business
enterprises
(2 series)
Business
investment
commitments
(5 series)
Residential
construction
{3 series)

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

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

Money flows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
1 nterest rates,
(1 series)

Consumption
and trade
(4 series)

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

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

Duration of
unemployment
(2 series)

Business
investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

Trade
(1 series)

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

Business
investment
commitments
(1 series)

Unit labor costs
and labor share
(4 series)

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

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

Inventories on
hand and on
order
(4 series)

Interest rates
(1 series)

B. Timing at Business Cycle Troughs
N.

Economic
XProcess

CyclicalV
Timing
N.

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

PRODUCTION
AND
INCOME
(10 series)

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

III.

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY
AND CREDIT
(26 series)

Marginal
employment
adjustments
(3 series)

Industrial
production
(1 series)

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

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

Inventory
investment
(4 series)

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

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

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

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

Consumption
and trade
(3 series)

Business
investment
commitments
(1 series)

Profits
(2 series)

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

Unfilled orders
(1 series)

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

Unit labor costs
and labor share
(4 series)

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

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

TIMING
UNCLASSIFIED
(U)

(1 series)




II.

Inventories on
hand and on
order
(5 series)

Bank reserves
(1 series)

out by the Bureau of Economic Analysis
(BEA) with the cooperation of the
NBER research staff. The present format and content of part I of BCD are
based on the results of that study.

Section A. Composite Indexes and Their
Components
All cyclical indicators have been evaluated according to six major characteristics: Economic significance, statistical
adequacy, consistency of timing at
business cycle peaks and troughs, conformity to business expansions and
contractions, smoothness, and prompt
availability (currency). A formal, detailed weighting scheme was developed
and used to assess each series by all of
the above criteria. (See articles in the
May and November 1975 issues of BCD.)
The resulting scores relate to the cyclical
behavior of the series during the period
1947-70. This analysis produced a new
list of indicators classified by economic
process and typical timing at business
cycle peaks and troughs. (See tables on
p. 2 and text below relating to sec. B.)
This information, particularly the
scores relating to consistency of timing,
served as a basis for the selection of
series to be included in the composite
indexes. The indexes incorporate the
best-scoring series from many different
economic-process groups and combine
those with similar timing behavior, using
their overall performance scores as
weights. Because they use series of
historically tested usefulness and given
timing characteristics (for example,
leading at both peaks and troughs), with
diversified economic coverage and a
minimum of duplication, composite
indexes give more reliable signals over
time than do any of the individual
indicators. Furthermore, much of the
independent measurement error and
other ''noise" in the included series are
smoothed out in the index as a whole.
The indexes include only monthly series
that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are
distinguished by their cyclical timing.
Thus, there is an index of leading indicators, series which historically reached
their cyclical peaks and troughs earlier
than the corresponding business cycle
turns. There is an index of roughly
coincident indicators, consisting of
series which historically reached their
turning points at about the same time as
the general economy, and an index of



lagging indicators, which includes series
that typically reached their peaks and
troughs later than the corresponding
business cycle turns.
The leading index contains series with
long as well as short leads, but each
series leads on the average over time and
shows a frequency of leads at the individual turns exceeding that attributable
to chance, given the historical distribution of cyclical timing. (An analogous
statement applies to the components of
the lagging index.) Since 1948, leads
were generally more frequent and longer
at peaks than at troughs of business
cycles, while lags were generally more
frequent and longer at troughs than at
peaks. The adopted system of scoring
and classifying the indicators takes into
account these well-established differences in timing. Consequently, rough
coincidences include short leads (-) and
lags (+) as well as exact coincidences (0).
(For monthly series, the range is from -3
through +1 at peaks and from-1 through
+3 at troughs, where minus denotes
leads and plus denotes lags in months.)
For purposes of constructing a composite index, each component series is
standardized: The month-to-month percent changes in a given series are divided
by the long-run average (without regard
to sign) of those changes. Thus, the more
volatile series are prevented from dominating the index. The coincident index
is calculated so that its long-term trend
(since 1948) equals the average of the
trends of its four components. This
trend, which is similar to that of GNP
in constant dollars, can be viewed as a
linear approximation to the secular
movement (at an average growth rate)
in aggregate economic activity. The
indexes of leading and lagging indicators have been adjusted so that both
their trends and their average monthto-month percent changes (without
regard to sign) are approximately
equal to those of the coincident index.
(For a more detailed description of
the method of constructing the composite indexes, see the 1977 Supplement to BCD.)
In addition to these principal composite indexes, differentiated according
to cyclical timing, there are five indexes
based on leading indicators which have
been grouped by economic process.
Taken together, these additional indexes
include all 12 component series of the
overall leading index, plus a few related
series. Also shown in this section is the
ratio of the index of roughly coincident
indicators to the index of lagging
indicators, a series known to have a
useful pattern of early cyclical timing.

Numbers entered on the charts of the
composite indexes show the length, in
months, of leads (-) and lags (+) at each
of the reference turning dates covered.
The next set of data consists of
series included in the principal composite indexes. These are the 12 components of the leading index, the 4
components of the coincident index,
and the 6 components of the lagging
index. Following the title of each series,
its typical timing is identified by three
letter symbols in a small box. The first
of these letters refers to the timing of
the given indicator at business cycle
peaks, the second to its timing at
business cycle troughs, and the third
to its timing at all turns, i.e., at peaks
and troughs combined. "L" denotes a
tendency to lead, "C" a tendency to
roughly coincide with the business
cycle turns (as represented by the
NBER-designated reference dates), and
"Lg" a tendency to lag. Since these
series have been selected for the consistency of their timing at both peaks
and troughs, all components of the
leading index are denoted "I_,L,L", all
components of the coincident index
"C,C,C", and all components of the
lagging index "Lg,Lg,Lg." It should be
remembered that these classifications
are based on limited evidence, namely
the performance of the indicators
during the business cycles of the 194870 period, which included five peaks
and five troughs. While the timing
classifications are expected to agree
with the patterns prevailing in the near
future, they will not necessarily hold
invariably in every instance. The timing
of the series in the post-1970 period
can be determined by inspection of the
charts where the 1973-75 recession is
shaded according to the dates of the
NBER reference cycle chronology.

Section B. Cyclical Indicators by Economic Process
This section covers 111 individual
time series, including the 22 indicators
used in the construction of the composite indexes. The peak and trough
timing classifications are shown on the
charts in the same manner as described
above, but this section includes series
with different timing at peaks and at
troughs, as well as series where the
timing is not sufficiently consistent to
be classified as either L,C, or Lg according to the probabilistic measures
and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to
timing at turning points of the given

3

type. Eight series are unclassified at
peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have
definite but different timing at peaks
and at troughs). No series that is
classified as U both at peaks and at
troughs is included in the list of
cyclical indicators.
The classification scheme which
groups the indicators of this section by
economic process and cyclical timing is
summarized in the two tabulations on
page 2. Cross-classification A is based on
the observed behavior of the series at
five business cycle peaks (November '48,
July '53, August '57, April '60, and
December '69); cross-classification B, on
their behavior at five business cycle
troughs (October '49, May '54, April '58^
February '61, and November '70). Each
tabulation distinguishes seven major
economic processes and four types of
cyclical timing. The titles in the cells
identify subgroups of the given economic process with the given timing
characteristic. The number of series in
each such group is given in parentheses
following the title. Complete information on how individual indicators are
classified by timing at peaks, troughs,
and all turns, along with selected measures and scores, is provided in the
1977 Supplement to BCD.

Section C. Diffusion Indexes and Rates
of Change
Many series in this report are aggregates compiled from numerous components. How the individual components of an aggregate move over a
given time span is summarized by a
diffusion index which indicates the
percentage of components that are rising
(with half of the unchanged components considered rising). Cyclical
changes in these diffusion indexes tend
to lead those of the corresponding
aggregates. Since diffusion indexes are
highly erratic, they are computed from
changes measured over 6- or 9- month
(or 3- or 4- quarter) spans, as well as
1-month (or 1-quarter) spans. Longer
spans help to highlight the trends
underlying the shorter-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 the diffusion series.
This section also records rates of
change for the three composite indexes
(leading, coincident, and lagging) and
for four indicators of aggregate economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours in nonagricultural establishments, and personal income less
transfers in constant dollars. Rates of
change are shown for 1- and 3-month
spans or for 1-quarter spans.
Although movements in diffusion indexes and in rates of change for the
same aggregates are generally positively
correlated, these two measures present
information about two related but
distinct aspects of economic change.
Diffusion indexes measure the prevailing direction or scope of change,
while rates of change measure the
degree as well as the overall direction.
As is the case for diffusion indexes,
cyclical movements in the rates of
change tend to lead those of the
corresponding indexes or aggregates,
and thus, they tend to lead at the
business cycle turns as well.

Part II. OTHER IMPORTANT
ECONOMIC MEASURES
This part is divided into six sections
which cover a wide range of quarterly
and monthly time series measuring
various aspects of economic activity.
Some of these series are very comprehensive, pertaining to the U.S. economy
as a whole, others have to do with
particular sectors or markets, and still
others relate to U.S. international
transactions or to selected foreign
countries. The represented variables
include incomes, outputs, and expenditures; prices, earnings, and productivity; labor resources; government
receipts, obligations, and purchases;
exports and imports; and selected
indicators for a few key foreign
countries.

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.
Disposable personal income is the
personal income available for spending
or saving. It consists of personal income
less personal taxes and nontax payments
to government.
Personal consumption expenditures
(A2) is goods and services purchased by
individuals, operating expenses of nonprofit institutions, and the value of
food, fuel, clothing, rent of dwellings,
and financial services received in kind
by individuals. Net purchases of used
goods are also included.
Gross private domestic investment
(A3) is fixed capital goods purchased by
private business and nonprofit institutions and the value of the change in the
physical volume of inventories held by
private business. The former include all
private purchases of dwellings, whether
purchased for tenant or owner occupancy. Net purchases of used goods are
also included.

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




Section B.
ductivity

Prices, Wages, and Pro-

The important data on price movements include the monthly consumer
and wholesale price indexes and their
major components. Based largely on
these series are the quarterly price indexes from the national income and
product accounts, notably the GNP
implicit price deflator (with weights
reflecting the changing proportions of
different expenditure categories in GNP)
and the fixed-weighted price index for
the gross business product. Data on
both levels and percent changes are
presented for the period since 1967.
The group of series on wages and
productivity consists of data on average
hourly earnings and average hourly
compensation (including earnings and
other benefits) in current and constant
dollars, output per hour of work in the
business sector, and rates of change for
most of these measures.

Section C. Labor Force, Employment,
and Unemployment
This section contains measures of the
civilian labor force and its major components: Total numbers of employed
and unemployed persons. The number
of unemployed is subdivided into
selected categories defined by sex,
age, and class of worker. Also included
are data on participation rates for a few
principal segments of the labor force.

Section D. Government Activities
Receipts, expenditures, and their
balance (surplus or deficit) are shown
quarterly on two levels: (1) Federal
Government and (2) State and local
government. Defense series relating to

obligations,
contracts,
and orders
(monthly) and purchases (quarterly)
are also shown. (For a more comprehensive picture of defense activities,
see Defense Indicators, a monthly
BEA publication.)

Section E. U.S. International
Transactions
This group includes monthly series
on exports (excluding military aid) and
general imports, plus a few selected
components of these aggregates. Also
shown are the balances between receipts
and expenditures for goods and services,
merchandise, and investment income.

Section F. International Comparisons
This section is designed to facilitate a
quick review of basic economic conditions in six of the nations with which
we have important trade relationships.
The U.S. business cycle shading has
been omitted from these charts. Data on
industrial production, consumer prices,
and stock prices for Canada, the United
Kingdom, France, West Germany,
Japan, and Italy are compared with the
corresponding U.S. series. Also included
is an industrial production index for the
European countries in the Organization
for Economic Cooperation and Development (OECD). The industrial production series provide cyclically sensitive
output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the
period since 1967) provide important
measures of the rates of inflation in
the major industrialized countries.
Stock prices (also shown beginning in
1967) tend to be significant as leading
indicators.

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

Basic Data

Arabic number indicates latest
month for which data are
plotted. ("9" = September)

Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)

Dotted line indicates anticipated data.

Broken line indicates actual
monthly data for series where
a moving average is plotted.

Roman
number
indicates
latest quarter for which data
are plotted. ("IV" = fourth
quarter)

Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).

Diffusion Indexes

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

Various scales are used to
highlight the patterns of the
individual series. "Scale A"
is an arithmetic scale, "scale
L-1" is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.
Arabic number indicates latest
month for which data are
used in computing the indexes.

Broken line with plotting
points indicates quarterly
data over 1-quarter spans.

Roman
number indicates
latest quarter for which data
are used in computing the indexes.

Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.

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

Rates of Change

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

Dotted line indicates anticipated quarterly data over
various spans.
Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

Solid line with plotting points
indicates percent changes over
3 - o r 4-quarter spans.

Roman
number indicates
latest quarter used in computing the changes.

HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, or


2. See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.

1

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data1
Timing
classification3

Unit
of
measure

Percent change

Average
1975

1976

3dQ
1976

4th Q
1976

1stQ
1977

Jan.
1977

Feb.
1977

Mar.
1977

Jan.
to
Feb.
1977

Feb.
to
Mar.
1977

3dQ
to
4th Q
1976

Series number

Series title

4th Q
to
1stQ
1977

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

L,L,L
C,C,C
Lg,Lg,Lg

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

114.1
114.1
12d.o

125.0
122.1
120.8

125.7
122.7
121.7

127.5
123.8
121.3

128.2
126.0
121.5

127.0
124.4
120.9

127.9
125.8
121.4

129.7
127.9
122.1

0.7
1.1
0.4

1.4
1.7
0.6

1.4
0.9
-0.3

0.5
1.8
0.2

91
92
93

L,L,L
L,L,L
L,L,L
ILL
L,L,L

do.
do.
do.
do.
do.

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

93.1
lOl.o
97.1
101.2
104.7

96.2
106.9
102.1
107.9
108.4

95.2
107.2
103.1
108.1
108.5

95.8
109.4
101.9
107.3
111.1

96.9
110.5
102.1
107.9
109.5

95.6
109.4
101.1
108.1
111.4

96.6
110.6
101.7
107.7
109.2

98.4
111.4
103.6
107.9
108.0

1.0
1.1
0.6
-0.4
-2.0

1.9
0.7
1.9
0.2
-1.1

0.6
2.1
-1.2
-0.7
2.4

1.1
1.0
0.2
0.6
-1.4

91
91
91
91
91

Marginal Employment Adjustments:
*1. Average workweek, prod, workers, mfg
21. Avg. weekly overtime, prod, workers, mfg.2 ..
2. Accession rate, per 100 employees, mfg.2 . . . .
5. Avg. weekly initial claims (inverted 4 )
*3. Layoff rate, per 100 employ., mfg. (inv. 4 ) 2 ..
4. Quit rate, per 100 employees, mfg.2

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

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

39.4
2.6

40.0
3.1

39.9
3.0

40.0
3.1

40.0
3.3

39.5
3.2

470
2.1
1.4

3d4
1.3
1.7

412
1.5
1.7

390
1.3
1.6

382
1.2
1.9

386
1.3
1.8

40.2
3.3
4.6
431
1.4
1.9

40.3
3.3
4.5
329
1.0
1.9

1.8
0.1
0.6
-11.7
-0.1
0.1

0.2
0.0
-0.1
23.7
0.4
0.0

0.3
0.1
0.1
5.3
0.2
-0.1

0.0
0.2
0.6
2.1
0.1
0.3

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

L,Lg,U
L,Lg,U

Ratio
1967=100...

0 .304
80

0.389
95

0.385
96

0.393
100

0.448
106

0.449
105

0.439
106

0 . 4 5 5 -0.010
108
1.0

0.016
1.9

0.008
4.2

0.055
6.0

6
4

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

A.r., bil. hrs. .
Thousands. .
do. ...
do. ...

146.80
81,403
77,051
22,603

151.50
d4,!88
7y,443
23,332

151.84
84,476
79,683
23,372

152.98
84,861
80,090
23,440

154.01
85,900
80,894
23,741

152.15
85,468
80,561
23,589

154.67
85,872
8U,816
23,680

155.21
86,359
81,304
23,955

1.7
0.5
0.3
0.4

0.3
0.6
0.6
1.2

0.8
0.5
0.5
0.3

0.7
1.2
1.0
1.3

4
4
4
4

U,Lg,U

Percent

55.24

56.06

56.15

56.14

56.48

56.27

56.45

56.71

0.18

0.26

-0.01

0.34

9

7,830
8.5

7,288
7.7

7,457
7.8

7,578
7.9

7,068
7.4

6,958
7.3

7,183
7.5

7,064
7.3

14.2
2.7

15.8
2.5

15.5
2.4

15.5
2.6

14.7
2.2

15.5
2.4

14.7
2.3

14.0
2.0

-3.2
-0.2
0.0
5.2
0.1

1.7
0.2
0.3
4.8
0.3

-1.6
-0.1
0.1
0.0
-0.2

6.7
0.5
0.7
5.2
U.4

3
4
4
9
4

1191.7 1 2 6 4 . 7 1 2 7 2 . 2 1 2 8 0 . 4 1 2 9 6 . 8
9 8 8 . 6 1 0 3 5 . 8 1 0 3 8 . 0 1 0 5 0 . 5 1 0 6 3 . 6 1 0 5 2 . 8 1062.1 1 0 7 5 . 8
891.7
85U .0
893.9
905.2
916.0
907.2
914.8
925.9

0.9
0.8

1.3
1.2

0.6
1.2
1.3

1.3
1.2
1.2

5
5
5

Leading Indicator Subgroups:
913. Marginal employment adjustments
914. Capital investment commitments
91 5 Inventory investment and purchasing
916. Profitability
917. Money and financial flows

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

Comprehensive Employment:
48. Employee hours in nonagri. establishments . . .
42. Persons engaged in nonagri. activities
*41 Employees on nonagri payrolls
40. Employees in mfg., mining, construction . . . .
90. Ratio, civilian employment to total population of working age2

u,c,c

Comprehensive Unemployment:
37. Total unemployed (inverted 4 )
L,Lg,U Thousands . .
43. Unemployment rate, total (inverted 4 ) 2
L,Lg,U Percent
4 2
45. Avg. weekly insured unemploy- rate (inv. ) .. L,Lg,U
do. . . .
*91. Avg. duration of unemployment (inverted 4 ) . . Lg,Lg,Lg Weeks
44. Unemploy. rate, 15 weeks and over (inv. 4 ) 2 .. Lg,Lg,Lg Percent

2

B2. Production and Income
Comprehensive Output and Income:
50. GNPin 1972 dollars
52. Personal income in 1972 dollars
*51. Pers. income less transfer pay., 1972 dollars . .
53. Wages and salaries in mining, mfg., and construction, 1972 dollars
Industrial Production:
*47 Industrial oroduction total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output, 1972 dollars
Capacity Utilization:
82 Capacity utilization rate, mfg., FRB 2
83 Capacity utilization rate, mfg., BEA 2
84 Capacity utilization rate, materials, FRB 2 . . . .

C,C,C

C,C,C

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

c,c,c

do. . . .

209.2

219.3

219.3

221.8

223.5

220.5

222.9

227.0

1.1

1.8

1.1

O.b

5

c,c,c
c,c,c

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

117. a
109.3
12o.4
532.6

129.8
121.4
141.0
575.8

130.9
123.9
141.5
579.1

131.8
123.5
143.1
578.7

133.5
124.7
144.8
591.8

132.0
122.9
143.1

133.3
124.0
145.1

135.1
127.3
146.3

1.0
0.9
1.4

1.4
2.7
0.8

0.7
-0.3
1.1
-0.1

1.3
1.0
1.7
2.1

4
7
7
4

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

73.6
77
73.6

80.2
81
80.3

80. 8
80
81.3

80.6
81
80.2

82.0
NA
80.0

-0.2
1
-1 1

l.<
N.-

L,C,U

8
8
8

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

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

42.22
50.84
50.54
53.56
56.34
54.94
55.16
58.93
30.86
35.06
34.72
37.18
35.93
36.46
38.64
36.43
2d.85
32.38
31.96
32.46
34.95
33.65
34.14
37.05
0.31
-0.39
0.74
-1.76
1.49
1.70
0.08
0.43
163.58 167.26 162.80 167.26 169.48 168.96 169.39 169.48
30
54
ol
48
52
44
55
56

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

Bil. dol
do. . . .
1967=100...
Mil. dol
do. . . .
A.r., bil. dol.
I 0 1966=100

172.56
121.94
124.0
48,702
37,466
40.3
7u.5

L,L,L
L,L,L

1967=100...
Number. . . .

lUd.9
117.6
118.0
120.8
27,2.64 3 1 , 2 2 6 3 1 , 7 4 3 3 3 , 2 9 3

c,c,c

C,L,L
C,C,C

L,C,U

— M

^

B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. .
25. Chg. in unfilled orders, durable goods 2
96. Mfrs.' unfilled orders, durable goods 5
*32 Vendor performance 2
Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars . .
75. Industrial production, consumer goods
54 Sales of retail stores
59. Sales of retail stores, 1972 dollars
55. Personal consumption expend., autos
58. Index of consumer sentiment ©

192.89
130.63
136.8
54,301
39,883
54.7
85.4

194.21
131.05
136.8
54,166
39,804
55.2
88.8

198.27
NA 2 0 2 . 2 3
132.34
NA 1 3 3 . 6 7
139.3
141.5
140.1
5 6 , 0 3 5 58,128 5 6 , 6 6 0
4 0 , 7 0 7 41,616 4 0 , 7 9 2
56.2
64.5
87.5
86.0

U.4
-0.1
1.5
-1.27
0.3
11

6.8
6.1
8.5
-0.35
0.1
1

5 2

6.0
3.5
1.6
1.88
2.7
-13

7. 7
-0.75
1.3
4

2
9
3

5
5
7
5
5
5
5

:< . 5

207.52
NA
135.90
NA
143.4
140.9
58,166 5 9 , 5 5 8
41,607 4 2 , 4 5 0

2.6
1.7
0.6
2.7
2.0

NA
NA
1.8
2.4
2.0

2.1
1.0
1.8
3.5
2.3
1.8
-3.2

NA
NA
1.6
3.7
2.2
14.8
1.7

NA
NA

0.6
NA

NA
NA

2.4
4.9

NA
NA

B4. Fixed Capital Investment
Formation of Business Enterprises:
*12 Net business formation
13. New business incorporations




NA
123.3
NA 3 4 , 5 0 8

124.0
NA

1
1

Basic data1
Timing
classification3

Series title

Unit
of
measure

Percent change

Average

Jan.

3d Q
1975

1976

4th Q

1976

1976

1stQ
1977

Jan.
1977

Feb.
1977

to

Mar.
1977

4th Q
to
IstQ

1976

to

Feb.
1977

Mar.
1977

3dQ
to
4th Q

Feb.

1977

Series number

1

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

1. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment— Con.
Business Investment Commitments:
10. Contracts and orders, plant and equipment . . .
*20. Contr. and orders, plant and equip.,
1972 dol
24. New orders, cap. goods indus., nondefense . . .
27. New orders, capital goods industries, nondefense, 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor space
11. New capital appropriations, mfg
97. Backlog of capital appropriations, mfg.5 .....
Business Investment Expenditures:
61. Business expend., new plant and equipment ..
69. Machinery and equipment sales and business
construction expenditures
76 Industrial production business equip
86. Nonresid. fixed investment, total, 1972 dol. . .
Residential Construction Commitments and
Investment:
28. New private housing units started, total
*29. New building permits, private housing
89. Fixed investment, residential, 1972 dol

j

L,L,L

13.05

Bil.dol

15.06

14.86

15.97

16.67

17.24

16.78

16.00

-2.7

-4.6

7.5

4.4

11

9.66

10.68
12.89

10.47
13.31

11.13
13.76

11.48
14.40

11.95
14.78

11.54
14.34

10.94
14.07

-3.4
-3.0

-5.2
-1.9

6.3
3.4

3.1
4.7

2i
2<

9.65

9.95

10.30

9.91

9.65

-3.8

-2.6

2.4

3.1

2"

52.94
15.31
48.29

57.43
NA
NA

53.56

67.45

-4.3

31.6

4.8
5.6

8.5
NA
NA

c
1]
9'

2.2

3.2

6.

3.3
1.7
0.3

NA
2.5
3.4

6<
7(
8

0.3
1.6

2i
2<
8

4.0

3

NA
NA
NA

3
3
3

NA
NA
NA

7
7
6

NA

7

NA

7

0.33
-3.9

-0.96
7.2

9
2

-1.7

-0.8

1

L,L,L
L,L,L

....do. ...
. . . . d o . ...

10.91

L,L,L

....do. ...

8.16

9.20

9.42

48.80
11.36
46.45

51.43
12.67
48.29

50.51
11.54
45.72

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

161.72 175.70 176.75 182.60
128.2
137.4
139.8
136.1
111.4
115.7
117.5
117.9

32.7

112.78 121.23 122.55 125.22 129.19

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

51.27

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

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

1,160

L,L,L

do. ...

-12.0

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

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

-19.36

81.0
3«.4

1,540
111.3
47.1

1,570
115.3
47.4

1,770
132.0
51.1

NA 182.99 185.73
143.3
142.0
142.9
121.9

NA
145.1

1,775
130.6

2,127
147.5

1,384
112.6

131.8

1.5
0.6

31.1
17.1

NA
1.5

17.2
11.9

12.7
14.5

7.8

51.9

-1.1

B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol.2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed 6 ) 2
31. Chg. in book value, mfg. and trade invent.2 ..
38. Chg. in mtl. stocks on hand and on order 2 ...
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total 5
*70. Mfg. and trade invent., total, 1972 dol.5
65. Mfrs.' inventories of finished goods5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars2
78. Materials and supplies, stocks on hand and on
order 5

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

-2.9

-1.28

5.78
23.6
0.51

10.2

11.67
29.6

-0.04

0.9
5.09
10.3
0.97

2 7 5 . 4 8 299.12 2 9 6 . 5 4 299.12
215.08 2 2 2 . 6 6 2 2 3 . 0 5 2 2 2 . 6 6
49.87
53.75
53.36
53.75
1.80

L,Lg,Lg Bil.dol., EOP

8.1

1.68

1.69

1.69

125.66 131.72 1 2 8 . 8 2 131.72

4.9

NA
NA
NA

-9.3
1.82
34.2
1.93

5.58
22.1
0.58

NA
NA
NA

NA 301.97 3 0 3 . 8 1
NA 2 2 3 . 7 2 2 2 3 . 9 5
NA 5 4 . 3 6
54.48

NA
NA
NA

NA

1.65

NA

NA 1 3 3 . 6 5 134.23

NA

1.67

3.76

-12.1
-1.35
0.6
0.1
0.2

-0.02
0.4

NA
NA
NA

-6.58
-19.3
1.01

NA
NA
NA

-0.2

NA

0.0

NA

0.9
0.7

2.3

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

L,L,L
U,L,L

Percent
1967=100. . .

0.05

1.18

180.4

200.7

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

L,L,L

1941-43=100.

86.16

Profits and Profit Margins:
1 6. Corporate profits after taxes
18. Corp. profits after taxes, 1972 dollars
79. Corp. profits after taxes, with IVA and CCA . .
80
do
in 1972 dol. ...
1 5. Profits (after taxes) per dol. of sales, mfg.2 . . .
17 Ratio price to unit labor cost mfg

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

Cash Flows:
34 Net cash flow corporate
35 Net cash flow corporate 1972 dollars

L,L,L
L LL

Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost (cur. dol.) per unit of gross
domestic product (1972), nonfin. corp
*62. Labor cost per unit of output, mfg
64. Compensation of employees as percent of
national income2

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

1.27

1.60

0.64

0.86

0.11

0.94

210.0

201.9

216.5

210.2

216.4

222.8

102.01 104.31 102.58 101.78 103.81 100.96 100.57

NA
NA
NA
NA
NA
125.7

65.3
50.3
42.4
33.1

83.6
61.5
53.5
39.7

85.1
b2.4
56.9
41.9

86.8
62.8
50.4
36.9

4 .6
119.6

5.4
124.3

5.3
123.0

5.0
124.1

122.6

145.7
103.7

147.9
104.8

149.5
104.5

-0.75
2.9

0.83

-2.7

-0.4

3.0

2.0
0.6
-11.4
-11.9

NA
NA

92.3

-0.3

125.3

125.7

126.2

0.3

0.4

0.9
1.1
-0.3

NA
NA
NA
NA
NA
1.3
NA
NA

1
1
7
8
1
1
3
3

Lg,Lg,Lg 1967=100...

161.6

167.4

167.8

171.1

174.1

2.0

1.8

6

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

0.853
143.2

0.883
144.0

0.884
145.5

0.904
146.9

NA
148.1

2.3
1.0

NA
0.8

6
6

77.0

76.3

76.2

76.6

0.4

NA

6

Lg,Lg,Lg Percent

147.8

148.1

148.5

0.2

0.3

NA

B7. Money and Credit
Money:
85 Change in money supply (M1 ) 2
102. Change in money supply plus time deposits at
commercial banks (M2) 2
*104. Chg. in total liquid assets (M7) (smoothed6)2 .
*105 Money supply (M1), 1972 dollars
106. Money supply (M2), 1972 dollars

L,L,L

Percent. . . .

0.34

0.50

0.40

0.64

0.35

0.48

0.06

0.51

-0.42

0.45

0.24

-0.29

a

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

do.
do.
Bil dol
do.

0.12

0.20
0.08

-0.40
-0.03
0.3

10
10
10
10

0.084
0.010

10
10

9.65
NA
2 4 . 3 6 -14.41
1.77
NA
14.8
NA

3
11
11
11

Velocity of Money:
107. Ratio, GNP to money supply (M1)2
c,c,c
108. Ratio, pers. income to money supply (M2)2 . . C,Lg,C
Credit Flows:
33. Change in mortgage debt2
1 1 2. Change in business loans2
113. Change in consumer installment debt2
110. Total private borrowing




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

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

0.68
0.76

0.90
0.88

0.86
0.85

1.06
0.93

0.66
0.90

0.77
0.97

0.55
0.91

0.67
0.82

-0.22
-0.06

225.0
498.0

223.6
517.0

223.4
518.5

224.7
528.6

222.9
530.2

224.3
531.6

222.3
529.4

222.0
529.6

-0.9
-0.4

-0.1

do. ...

5.236
1.949

5.560
1.955

5.586
1.950

5.606
1.942

5.690
1.952

1.935

1.951

1.970

0.016

0.019

56.12
-9.79
23.02

60.24
18.83
24.26

7.90

Ratio

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

38.71
-10.89

53.26
53.75
63.40
-5.05
-4.30
20.06
16.75
16.75
18.52
125.16 188.80 196.50 2 2 5 . 5 5
7.18

NA
5.65

NA
NA

NA

-0.09
0.0

4.12
NA
2 8 . 6 2 -10.93
1.24
NA

0.6
1.9

0.020
-0.008

-0.8

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

Timing
classification3

Percent change

s

Unit
Average

of
measure

1975

1976

3d Q
1976

4th Q
1976

IstQ

1977

Jan.
1977

Mar.
1977

Feb.
1977

Jan.
to
Feb.
1977

Feb.
to
Mar.
1977

3dQ
to
4th Q
1976

4th Q
to
1stQ
1977

Z3

1. CYCLICAL INDICATORS-Con.
B7. Money and Credit— Con.
Credit Difficulties:
14 Liabilities of business failures (inv 4 )@
39. Delinquency rate, instal. loans (inv. 4 ) 2 5 . . . .

L,L,L
L,L,L

Mil.dol
Percent, EOP

Bank Reserves:
93 Free reserves (inverted 4 ) 2 ©
94. Borrowing from the Federal Reserve 2 ©

L,U,U

Mil.dol

L,Lg,U

Interest Rates:
119 Federal funds rate 2 ©
114 Treasury bill rate 2 ©
115 Treasury bond yields 2 ©
116. Corporate bond yields 2 ®
117. Municipal bond yields 2 ©
118. Mortgage yields, residential 2 ®
67 Bank rates on short-term bus loans2©
*109. Average prime rate charged by banks 2 ©

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

Percent

Lg,Lg,Lg

Bil.dol., EOP

Lg,Lg,Lg
Lg,Lg,Lg

Bil.dol
Percent

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

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

273.28

220.54

2.40

2.36

2.40

12
194

153
84

145
101

193
71

5.62
5.82
7.00
9.51
7.05

5.05
5.00
6.78
8.59
6.64
8.84
7.52
6.84

5.28
5.17
6.79
8.57
6.64
8.91
7.80
7.09

4.88
4.70
6.55
8.11
6.18
8.42
7.28
6.54

159.38

176.12 171.49

176.12

125.44

do. . . .

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

365.01 2 5 0 . 9 4

116.42 113.37 117.49

2.47

y .20
8.65
7 .8b

NA 1 6 8 . 5 4
NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

19.3
-0.04

NA
NA

14
39

170
84

441
61

-102
79

172
1 1
1

543
18

-274
32

-48
-30

23
13

93
94

4.66
4.62
7.01
8.16
5.88
8.49
NA
6.25

4.61
4.60
6.68
7.97
5.87
8.40

4.68
4.66
7.16
8.18
5.89
8.50

4.69
4.61
7.20
8.33
5.89
8.58

0.07
0.06
0.48
0.21
0.02
0.10

0.01
-0.05
0.04
0.15
0.0
0.06

6.25

6.25

6.25

0.0

0.0

-0.40
-0.47
-0.24
-0.46
-0.46
-0.49
-0.52
-0.55

-0.22
-0.08
0.46
0.05
-0.30
0.07
NA
-0.29

119
114
115
116
117
118
67
109

NA 1 7 8 . 0 4 1 8 0 . 0 6

NA

1.1

NA

2.7

NA

66

118.02 119.59

120.25

0.6
NA

3.6
0.0

1.5
NA

72
95

12.34

12.22

12.27

12.27

NA

12.35

12.32

NA

1.3
-0.03

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

127.2
161.2
0.6
175.4

133.8
170.5
0.4
180.8

134.4
171.9
0.4
181.7

136.3
173.8
0.3
181.9

138.2
176.9
0.8
186.3

175.3
0.8
183.5

177.1
1.0
187.1

178.2
0.6
188.2

1.0
0.2
2.0

0.6
-0.4
0.6

1.4
1.1
-0.1
0.1

1.4
1.8
0.5
2.4

310
320
320
322

do.
do.
do.
do.
do.

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

174.9
196.9
lao .0
162.5
163.6

182.9
205.1
189.2
173.2
168.9

184.2

186.0
193.6
177.4
170.4

195.7
179.2
172.9

190.0
218.6
197.2
180.1
174.4

191.9

205.8

190.3
173.8
168.9

190.0
216.1
197.4
180.0
174.4

188.0

204.4

199.2
180.8
176.0

1.1
4.7
0.8
0.5
0.9

1.0
1.0
1.0
0.4
0.9

1.0
0.7
1.7
2.1
0.9

2.2
5.0
2.0
1.5
2.3

330
331
332
333
334

do. . . .

172.7

185.2

186.3

189.3

193.2

192.7

193.1

193.9

0.2

0.4

1.6

2.1

340

do.
do.
do.
do.

107.1
177.1
109.9
111.3

108.6
190.0
111.5
115.7

108.5
191.6
111.6
116.3

109.1
194.9
112.2
116.4

109.1
199.9
112.9
117.4

109.7

108.9

108.7

-0.7

-0.2

0.6
1.7
0.5
0.1

0.0
2.6
0.6
0.9

341
345
346
370

9 2 , 6 1 3 9 4 , 7 7 3 9 5 , 2 6 1 95,711 9 6 , 0 6 7 9 5 , 5 1 6 9 6 , 1 4 5 9 6 , 5 3 9
8 4 , 7 8 4 8 7 , 4 8 5 8 7 , 8 0 4 88,133 86,998 8 8 , 5 5 8 8 8 , 9 6 2 8 9 , 4 7 5
7,830
7,288
7,457
7,578
7,068
6,958
7,183
7,064
3,041
3,428
3,114
3,247
2,892
2,881
2,794
3,001
2,649
2,546
2,624
2,649
2,486
2,409
2,505
2,545

0.4
0.6
-1.7
-6.9
1.6
2.9

0.5
0.4
1.6
4.3
-0.9
0.8

0.4
1.0
-6.7
-10.9
-5.3
-1.1

441
442
37
444
445
446

-0.1
0.4
0.7

0.0
0.1
-0.3

-0.4
0.1
0.7

451
452
453

3.7
3.7
-1.9
4.4
1.0
9.2

NA
NA
NA
NA
1.5
NA

501
502
50G
511
512
510

119.29

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

Implicit price deflator, GNP
Consumer prices (CPI), all items®
Change in CPI, all items, S/A 2
CPI, food
Wholesale prices (WPI), all commodities® . . .
WPI, crude materials
WPI, intermediate materials
WPI producer finished goods
WPI, consumer finished goods

208.8

220.8

B2. Wages and Productivity
340. Average hourly earnings, production workers,
private nonfarm economy
341. Real average hourly earnings, production
workers, private nonfarm economy
345. Average hourly compensation, nonfarm bus. . .
346. Real avg. hourly comp., nonfarm business . . .
370. Output per hour, private business sector

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

C. Labor Force, Employment, and
Unemployment
441 .
442.
37.
444.
445.
446.
Labor
451.
452.
453.

Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 1 6-1 9 years of age
Force Participation Rates:
Males, 20 years and over 2
Females, 20 years and over 2
Both sexes, 16-19 years of age2

Thousands. .

1,752

1,701

1,694

1,708

1,690

1,668

1,677

1,725

0.7
0.5
3.2
4.2
4.0
0.5

80.3
4b .0
54.1

79.8
47.0
54.6

80.0
47.3
54.7

80.0
47.4
54.4

79.6
47.5
55.1

79.5
47.2
54.3

79.7
47.5
55.1

79.6
47.9
55.8

0.2
0.3
0.8

286.5
357.8

330.3
388.9

333.8

346.3
405.6

-71.2

-58.6

391.1
-57.4

234.3
227.5

260.4
246.4

262.0
249.3

NA
NA
NA
NA

14.0

12.7

251.8
21.9

255.5

6.9

8,154

9,217

3,606

4,235

8,388
3,609

11,264
5,438

2.10
84.3

2.4b
88.2

1.77
68.5

3.36
91.3

NA
NA
2.02
91.5

Mil.dol. . . .

8,936

9,572

1,823
1,740
8,012

1,925
1,838

9,827
2,086

9,899

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

1,947
1,873

do.
do.
do.
do.

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

.....do. ...

Percent

do. . . .
do. . . .

D. Government Activities
D1. Receipts and Expenditures
501 .
502.
500.
51 1 .
512.
510.

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

A.r.,bil.dol.

do.
do.
do.
do.
do.

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

-59.3
273.6

NA

D2. Defense Indicators
516.
525.
548
564.

Defense Department obligations, total
Military prime contract awards in U.S
New orders defense products
National defense purchases

Mil.dol

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

1.70

NA
1.83

NA
NA
2.52

6.3
NA
7.6

NA
NA
37.7

34.3
50.7
89.8
3.2

NA
NA
-39.9
0.2

516
525
548
564

9,826

9,599

9,808

10,072

NA
NA

1,762
1,831

NA
NA

NA
NA

2.2
NA
NA
3.6
NA

2.7
NA
NA
6.7
NA

-0.7
NA
NA
10.0
NA

MA

MA

0.7
-6.7
2.0
1.1
3.4
-i <\

602
604
606
612
614
AIft

9,409
3,478

9,999

E. U.S. International Transactions
E1. Merchandise Trade
602.
604
606
612.
614.
616.

Exports, total except military aid
Exports of agricultural products
Exports of nonelectrical machinery
General imports, total
Imports of petroleum and products
Imoorts of automobiles and Darts




do.
do.
do.
do.
do.

2,074
H '-10.

1,637

1 0 , 0 4 4 10,615 1 0 , 7 3 3 11,801 11,269 11,674 1 2 , 4 5 9
2,658
2,893
2,991
NA
3,075
NA
NA
1 . liQk 1 1 D A
MA
i nni
MA
MA
i MT*

MA

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Series title

Percent change
-Q

Unit
of
measure

4th Q

1976-

1975

1stQ
1976

2d Q

3dQ

4th Q

1976

1976

1976

1974

1975

24,57b
25,920
-1,342
6,558
4,002
36,194
35,297
897

26,772
24,514
2,258
4,555
3,053
37,091
33,013
4,078

28,673
30,979
-2,306
5,664
3,029
41,050
39,950
1,100

27,657
25,437
2,220
4,709
3,039
38,602
34,245
4,357

26,997
28,324
-1,327
5,500
3,214
38,746
37,327
1,419

28,378
29,914
-1,536
5,599
3,131
40,360
38,802
1,558

29,600
32,387
-2,787
5,795
3,011
42,589
41,393
1,196

29,717
33,291
-3,574
5,760
2,760
42,507
42,280
227

1214.0
1413.2
. . 1205.5
982.9
840. a
5,728
3,968

1191.7
1516.3
1203.7
1080.9
855.5
5,580
4,007

1264.7
1691.6
1256.6
1181.7
890.5
5,883
4,140

1219.2
1588.2
1224.7
1119.9
867.5
5,691
4,049

1246.3
1636.2
1235.9
1147.6
880.4
5,808
4,103

1260.0
1675.2
1248.8
1172.5
890.5
5,862
4,143

1272.2
1709.8
1262.0
1190.2
892.0
5,907
4,142

1280.4
1745.1
1279.5
1216.5
899.6
5,955
4,168

1stQ
1977

2d Q
to
3dQ

3d Q
to
4th Q

4th Q
to
IstQ

1976

Average

1976

1977

II. OTHER IMPORTANT ECONOMIC
MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
618
620
622
651
652
668
669
667

Merchandise exports
Merchandise imports
Merchandise trade balance2
Income on U S investments abroad
Income on foreign investment in the US
Exports of goods and services
.
Imports of goods and services
Balance on goods and services2

Mil. dol

do
do
do
do
do
do
do

NA
4.3
NA
8.3
NA -1,251
NA
3.5
NA
-3.8
NA
5.5
6.7
NA
NA
-362

0.4
2.8
-787
-0.6
-8.3
-0.2

2.1
-969

NA
NA
NA
NA
NA
NA
NA
NA

618
620
622
651
652
668
669
667

A. National Income and Product
A1. GNP and Personal Income

A r bil dol
GNP in 1972 dollars
GNP in current dollars
do
Final sales 1972 dollars
do
Disposable personal income current dollars
do
do
Disposable personal income, 1972 dollars
A.r., dollars
Per capita GNP in 1972 dollars
do
Per capita disposable pers. income, 1972 dol. . .

50
200.
213
224
225
217
227

1296.8
1792.5
1291.9
1245.5
906.8
5,999
4,195

1.0
2.1
1.1
1.5
0.2
0.8
0.0

0.6
2.1
1.4
2.2
0.9
0.8
0.6

1.3
2.7
1.0
2.4
0.8
0.7
0.6

50
200
213
224
225
217
227

1.7
1.1
2.2
1.5
3.1
2.8
3.2
3.0

1.5
5.6
0.0
1.4
3.1
7.0
1.7
3.1

231
233
238
239
230
232
236
237

5.2
2.8
4.0
7.2
4.9
5.8

241
243
30
240
242
245

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

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

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

759.1
112.3
303.5
343.4
887.5
121.6
376.2
389.6

770.3
813.7
783.9
800.7
842.2
808.6
815.7
829.7
134.7
111.9
125.8
118.0
124.3
125.2
126.2
127.6
326.0
306.1
319.3
309.5
314.6
318.9
317.6
325.9
376.2
381.5
352.4
368.6
356.4
361.8
365.8
370.6
9 7 3 . 2 1079.7 1012.0 1043.6 1064.7 1088.5 1122.0 1156.8
131.7
173.4
156.5
141.8
151.4
155.0
157.6
162.0
409.1
440.4
463.7
421.6
429.1
434.8
441.8
456.0
432.4
482.8
448.6
463.2
474.9
489.1
519.6
504.0

0.9
0.8
0.4
1.3
2.2
1.7
1.6
3.0

do
do
. .do
do
do
do

182.0
173.5
8.5
215.0
204.3

137.8
149.8
-12.0
183.7
198.3
-14.6

170.9
162.8
8.1
239.6
227.7

2.0
2.7

261.0

A3. Gross Private Domestic Investment
241
243.
30
240
242
245

Total 1972 dollars
....
Total fixed investment, 1972 dollars
Change in business inventories, 1972 dol 2 ...
Total current dollars
Total fixed investment current dollars
Chg. in bus. inventories, current dol.2

10.7

147.0
152.5

167.1
156.7

-5.5

10.4

11.1

10.2

201.4
205.7

229.6
214.7

239.2
223.2

247.0
231.9

11.9

-4.3

14.8

16.0

261.9

171.7
160.6

15.1

Ib9.8
169.0
0.9
242.8
241.0
1.7

178.7
173.8
4.9
260.2
252.7
7.5

175.2
165.0

-0.9

3.3
3.9
-0.9

-3.1

2.4
-9.3
-1.7

3.9
-13.4

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

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

do
do
do
do
do
do

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

Exports of goods and services, 1972 dollars ...
Imports of goods and services, 1972 dollars ...
Net exports of goods and serv., 1972 dol.2
Exports of goods and services, current dol
Imports of goods and services, current dol
Net exports of goods and serv., current dol.2 . .

256.4

264.1

265.2

263.6

265.5

265.3

263.8

95.3

95.7

96.7

97.2

95.4

96.0

97.3

98.1

97.3

161.1
303.3
111.6
191.6

165.2
339.0
124.4
214.5

167.4
365.6
133.4
232.2

168.0
353.8
130.4
223.4

166.6
354.7
129.2
225.5

167.7
362.0
131.2
230.9

168.2
369.6
134.5
235.0

167.3
376.2
138.9
237.4

166.5
380.4
139.5
240.9

97.2
80.7
16.5

90.6
68.1
22.6

96.1
80.1
16.0

93.9
70.8
23.1

93.6
77.0
16.6

95.4
79.4
16.0

98.0
82.3
15.7

97.4
81.8
15.5

97.8
85.7
12.1

144.4
136.9
7.5

148.1
127.6

162.7
156.0
6.6

153.7
132.7

154.1
145.7
8.4

160.3
151.0
9.3

167.7
163.0
4.7

168.5
164.3
4.2

0.7
1.4
0.3
2.1
2.5
1.8

-0.1

0.8
-0.5

1.8
3.3
1.0

-0.6
-0/8
-0.5

0.4
1.5

261
263
267
260
262
266

A5. Foreign Trade

do
do
do
do
do
do

20.5

21.0

170.5
175.4
-4.9

2.7
3.7
-0.3

4.6
7.9
-4.6

-0.6
-0.6
-0.2

0.5
0.8
-0.5

0.4
4.8
-3.4

1.2
6.8
-9.1

256
257
255
252
253
250

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

do
do
do
do
do
do

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

1135.7 1207.6 1 3 4 8 . 4 1264.6 1304.7 1337.4 1362.5 1389.3
NA
875.8
9 2 8 . 8 1028.4
9 9 4 . 4 1017.2 1037.5 1064.5 1096.6
963.1
86.9
90.2
96.7
97.2
93.2
97.1
100.3
96.1
103.3
84.8
91.6
117.8
105.6
115.1
116.4
NA
122.0
117.8
21.0
67.1

22.4
74.6

23.5
82.0

22.9
75.8

23.3
78.6

23.1
80.3

23.4
83.5

24.3
85.6

191.2
171.6

230.0
198.1

208.0
185.7

222.1
194.2

234.2
196.2

234.2
203.1

229.3
198.9

25.1
88.6

1.9
2.0
-4.2

2.0
2.6
1.0

4.8
1.3
4.0

-3.4

0.0
3.5

-2.1
-2.1

3.8
2.5

NA
3.0
6.4
NA
3.3
3.5

220
280
282
286
284
288

NA
NA

290
295
292
298
293

A7. Saving
290
295
292
298.
293

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

do.
do
do
do

Percent

205.3
139.4
72.2
-4.2

7.3

84.0

76.5

83.7

79.5

82.9

75.8

67.8

-64.4
7.8

-44.7
6.5

-61.5
7.5

-51.6
6.9

-44.9
7.1

-44.7
6.4

-37.4
5.6

NA
NA
61.8

NA
5.0

-8.6

0.2
-0.7

-10.6
7.3

-8.8

-0.8

-0.6

NOTE: Series are seasonally adjusted except tor those indicated by®, which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see 'Titles and Sources of Series" at the back of BCD. NA = not available, a = anticipated.
EOP = end of period. A.r. = annual rate. S/A = seasonally adjusted (used for special emphasis). IVA = inventory valuation adjustment. CCA = capital consumption adjustment. NIA = national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
2
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L = leading; C = roughly coincident; Lg = lagging; U = unclassified.
4
Inverted 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 at the terminal month of the span.

10



NA

CYCLICAL
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart Al. Composite Indexes
(July)(May)

P

T

(Aug.) (Apr.)

P

I

(Apr.)(F'eb.)

p

(Dec.)(Nov.)

T

P

(Nov ) (Mar.)

T

110. UN If tnln lu*t Mnhn late 1, !, 8, 1Z, It, S. B, 12, X, Si 1M, 1BI

P

T

H
/>A^

5

150-i

130-

110100-

90-

70 J

—4

0. Index of four roughly coincident indicators (series 41, 47, 51, 57)

150140130-

I
830. Index of six lagging indicators (series 62,70,72,91,95,109)

j*S

12011010090 •«

807060-

50-

1948 49 50 51 52 53 54 55 56 57 58 59 60

61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977

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 59.

II
 APRIL 1977


11

A**> \t> * '» -

i

A I

\ /*"

,

'

V ^ *t , ; ..,'v,

'

"

t

.r

'" *"

'v

i

*-

'

:• t".*^ o t

:

. t ( -.

!

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart Al. Composite Indexes—Con.

Index: 1967=100
913. Marginal employment"*adjustments "(series 1? '2,3 ; 5)
'" "
"
* " " "~
"^"*

"" * ~

914. Capital investment commitments (series 12,20,29)
-10

-30

^

-n

-13

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

+3

916. Profitability (series 17, 19.80)

-3
-5
-10

917. Money and financial flows (series 104, 105, 110) dl

-22

-3

940. Ratio, coincident index to lagging index

-11

-4

NOTE: Numbers entered on the chart indicate length of leads (-) and lags (+)
Current data for these series are shown on page 59.




12

in months from reference turning date:

APRIL 1977

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A2. Leading Index Components

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

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

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

u

32. Vendor performance, percent of companies
reporting slower deliveries

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

20. Contracts and orders for plant and equipment,

194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 761977
Current data lor these series are shown on pages 60, 63,64, and 69.


APRIL 1977


ItCII

13

CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A2. Leading Index Components—Con.

29. tew building permits, private housing units (index: 1967=100!

i jnventories gnto*JPtJ»orfeJ972Jgjlars, smjotyL^luiatiJiL JoL

92. Change in sensitive prices, smoothed1 (percent)

105. Money supply-M1-inJ9J2 dollars (Ml. M.)

^his series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 66, 67, 68, and 70.




14

APRIL 1977

ltd*

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A3. Coincident Index Components
(Nov) (Mar)

El

8580-

75-

70-

41. Employees on nonagricultural payrolls (millions)

65-

60-

U

1000-

900800-

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

700-

600-

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

.4!) i

57. Manufacturing and trade sales, 1972 dollars (kil

• .{ -

Current data for these series are shown on pages 61, 62, and 64.

ItCII

APRIL 1977


15

CYCLICAL INDICATORS
Aj

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A4. Lagging Index Components
(Nov.)(0ct.)

P

f

(July)(May)

P

(Dec.)(Nov.)

T

P

T

(Nov.)

(Mar.)

P

T

B1. Average duration of unemployment (weeks-inverted scale)
1012141618-

1'60~
1-40k'.J-

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

IdO-

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

109. Average prime rate charged by banks (percent)
lg,Lg,Lg

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

Ratio, consumer installment debt to personal income (percent)

HH M
8

1^48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977
Current data for these series are shown on pages 61, 67, 69, and 72.

16




APRIL 1977

ItCII

CYCUCA!
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart Bl. Employment and Unemployment
(Aug.)(Apr.)
P
I

(Dec.) (Nov.)
P
T

(Apf.)(Feb.)
P T

Marginal Employment Adjustments

(Nov.)
p

(Mar.)
T

1. Average workweek

42-i

41-

40-

3938 J

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

2. Accession rate, manufacturing (per 100 employees)
UL

r .4 &

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

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

1;

4. Quit rate, manufacturing (per 100 employees)

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

1977

Current data for these series are shown on page 60.


http://fraser.stlouisfed.org/
APRIL 1977
Federal Reserve Bank of St. Louis

BCD

17

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart Bl. Employment and Unemployment —Con.
(Aug.) (Apr.)

(July) (May)

P

P

T

(Dec.) (New )
P
I

( A p r . ) (Feb.)

P

T

T

(Nov.)

(Mar.)

P

T

60. Ratio, help-wanted advertising
of persons unemployed (ratio)

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

IBO-i
Comprehensive Employment

150-

48. Employee hours in nonagricultural establishments
(ann. rate, bil. hours)

140-

130-

120-

El

908580-

42. Persons engaged in nonagricultural activities (millions)
75-

7

41. Employees on nonagricultiiral payrolls
(millions) [7771
60J

26-,
2524-

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

"• 953 54

55

b6

57

58

59

60

61

62

63

71

72

73

74

75

76 1977

Current data for these series are shown on pages 60 and 61.




18

APRIL 1977

IICII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.

58-

lomnrehensive trrmlovment-lon.

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

,J
37. Number unemployed, total (millions-inverted scale)

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

».

« . .
.

-

..-J

i.»

n k.»iii!stijas»«« ««V* TI

^PU«W.>. MMWwutknwmRWMiof

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

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

-'4

Vb

/6 197?

Current data for these series are shown on page 61.


APRIL 1977


19

CYCLICAL INDICATORS
Bj

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income
(Aug.)(Apr )

(July) (May)

P

T

P

(Apr.)(Feb.)

I

P

(Nov.)
P

T

(Mar.)
T

1500-

Comprehensive Output and Income

140013001200-

SO. GNP in 1972 dollars, 0 (ann. rate, bil. dol.)

11001000900800-

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

1000900-

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

800700-

8UO-

500-

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

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

1977

Current data for these series are shown on page 62.




20

APRIL 1977

IICII

:.vv sO/-.<
B |

INDICATORS

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income—Con.

Industrial Production

47. Industrial production, total (index: 1907=100)

61 Rate of capacity utilization, manufacturing (PRB). 8 (percent)

A, ,
1953

54

55

56

57

58

59

60

61

62

90 -

80-

Rate of capacity utilization, materials, fl (percent)
63

64

65

66

67

68

69

70

71

?0J
72

73

74

75

76

1977

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


http://fraser.stlouisfed.org/
APRIL 1977
Federal Reserve Bank of St. Louis

21

CYCLICAL INDICATORS
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B3. Consumption, Trade, Orders, and Deliveries
(Aug.)(Apr.)

(July) (May)

P

P

I

1

7. New orders, durable goods industries,

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

/

y^

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

-£
z

96. Manufacturers' unfilled orders, durable goods industries (bil. dol.)

200n
180160140120-

32. Vendor performance, percent of companies
reporting slower deliveries

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 63.




22

APRIL 1977

ItCII

CYCLICAL
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B3. Consumption, Trade, Orders, and Deliveries—Con.
(Aug.)(Apr.)

(July) ( M a y )

P

T

P

(Dec.) (Nov.)

(Apr.)(Feb )

P

T

P

T

(Nov.)

(Mar.)

P

T

T

220-i
200-

Consumption and Trade

180160140-

ST. Manufacturing art trade sales. 1972 dollars (Mi. dol.)

120-

100-

56. Manufacturing and trade sales

54. Sales of retail stores, current dollars (bi

55. Personal consumption expenditures, automobiles.

S

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

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 64.


http://fraser.stlouisfed.org/
APRIL 1977
Federal Reserve Bank of St. Louis

KCII

23

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B4. Fixed Capital Investment
(July) (May)

P

(Aug.)(Apr.)

T

P

(Apr.) (Feb.)

T

P

(Nov.)
P

(Dec.) (Nov.)

T

P

T

(Mar.)

T

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

Formation of Business Enterprises

nun

13. New business incorporations (thousands)

20. Contracts and orders for plant and equipment,
1972 dollarcjbil. dol.
P
I

10. Contracts and orders for plant art equipment

Manufacturers' new orders, capital goods industries,
nondefense, 1972 dollars (iil. dol.)
Manufacturers' new orders, capital goods industries
nondefense, current dollars P. dol

(mil. sq. ft. of floor area; MCD moving avg.-6-term)1

uu

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

'"This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F. W. Dodge Division.
Current data for these series are shown on pages 64 and 65.


http://fraser.stlouisfed.org/
24
Federal Reserve Bank of St. Louis

APRIL 1077

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B4. Fixed Capital Investment—Con.
(Aug.)(Apr.)

(July) (May)

P

T

P

(Apr.) (Feb.)

T

P

(Nov.)

(Mar.)

P

T

T

Business Investment Commitments-Con.

11. New capital appropriations, manufacturing, Q (bil. dol.)1

/
6050-

L

40-

30-

97. Backlog of capita! appropriations, manufacturing,

20-

160140120100-

61. Business expenditures, new plant and equipment
Q (ann. rate,L!l J~"

80-

60-

Business Investment Expenditures

200-1
180160140120-

69. Machinery and equipment sales and
business construction expenditures
(ann. rate nil rinh

10080-

60-

160-

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

14012010080-

60-

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

^This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board.
FRASER for these series are shown on pages 65 and 66.
Current data

Digitized for
http://fraser.stlouisfed.org/
Federal Reserve Bank APRIL Louis
of St. 1977

KUI

25

CYCLICAL
B I

INDICATORS

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B4. Fixed Capital Investment—Con.
(Aug.)(Apr.)
P I

.'July) (May)
P
T

! v Nov,)
P

(Dec) (Nov.)
P
T

'\Apr.)(Febj
P
1

(Mar.)
i

160-

Business Investment Expenditures-Con.

140-

Presidential fixed investment, 1972 dollars, Q (ann. rate, fail, dol.)

120-

86. Total. Q

10080-

60-

40-

20-1

Residential Construction Commitments and Investment

28. Mew private bousing units started, total (ann. rate, millions;
MCD moving avg.-4-term) [yJI

J^

J

0.8

29. lew building permits, private housing units (index: 196J3B

70-

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

full

60-

>

\

5040-

V
1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

30-

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 66.




26

APRII 1Q77

Kill

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment
(Nov.)

(Mar i

F

[

30. Change in business inventories, 1972 dollars, Q (ann. rate, Ml. dol.]

36. Net change in inventories on hand and on order, 1972 dollars
(ann. rate, oil. doi.; moving avg.-4-term1)

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

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

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Mhis series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 67.


APRIL 1977


ItCII

27

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment—Con.

340-t
300-j
Inventories on Hand and on Order

Z

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

?6C

1

i

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

65. Book value of manufacturers' inventones,
finished goods (bil. dol.)
Hi

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

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

/

40-

«^S3

&4

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

73

72

7.1

74

75

76 1977

Current data for these series are shown on page 67.




28

APRIL 1977

KCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B6. Prices, Costs, and Profits
(Ab'g.KApr.)

(July) (May)

P

P

T

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

Sensitive Commodity Prices

92. Change in sensitive prices (percent; moving avg.-4-term1) |L,L,L

23. Industrial materialstrices (index: 1967=100)

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

18. Corporate profits after taxes, 1972 dollars, 0 (aim. rate, oil. dol.)
LT

u tann. raw, MI. noi.j \ititi\
80. Corporate profits after taxes with IVA and CCA,
1972 dollars, 0 (ann. rate, Ml. dot.

corporate profits alter taxes with iiVA and CCA,
current dollars, 0 (ann. rate, bil. dol.
L,C,L

1953

54

55

56

57

58

59

60

61

62

63

64

85

66

67

68

69

70

71

72

73

74

75

76 1977

'"This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 68.


http://fraser.stlouisfed.org/
APRIL 1977
Federal Reserve Bank of St. Louis

ItCII

29

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

Profits and Profit Margins-Con.

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

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

15. Profits (after taxes) per dollar of sales, all manufacturing corporations, 8 (cents)

[PS

17. Ratio, price to unit labor cost, manufacturing (index: 1987=100)

.71

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

34. Net cash flow, corporate, current dollars,
Q (ann. rate, bil. dol.) mri

Current data for these series are shown on pages 68 and 69.




30

APRIL 1977

ItCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

Unit Labor Costs and Labor Share

63. Unit labor cost, private business sector Q (index: 1967=11
|lg,Lg,l

68. Labor cost (current dollars) per unit of gross domestic product
(1972 M»)t.iodiaKiaLj»)ntliiisf B (dollars)

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

64. Compensation of employees as a percent of national income, 8 (percent)

Current data for these series are shown on page 69.


APRIL 1977


ItCII

31

CYCLICAL INDICATORS
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit
(Aiig.)(Apr.)

P

(Nov.)

(Mar.)

I

Change in money supply-demand deposits plus currency (M1)
(pereertj MCO moving avg.--6-term) [777]
' '' '

i

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

_J

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

105. Money sapply-MI-in 1972 dollars (bil. dol.)

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

]c)53 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72. 73

74

75

76 1977

'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 70.




32

APRIL 1977

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B7. Money and Credit—Con.

33. Change in mortgage

112. Change in bank loans to businesses (ann. rate,
MCLmoving avg.dbtean)

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

110. Total private borrowing, a

1953 54

55

56

57

58

59

60

61

62

63

64

85

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 70 and 71.


http://fraser.stlouisfed.org/
APRIL 1977
Federal Reserve Bank of St. Louis

ItCII

33

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

14. Liabilities of business failures (mil. doL-inverted scale;
•CD moving avg.-:6:tenn)

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

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

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

Current data for these series are shown on page 71.


http://fraser.stlouisfed.org/
34
Federal Reserve Bank of St. Louis

APRIL 1977

!!€!»

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

119. Federal hinds rate (percent)—|

114. Treasury bill rate (percent)

117. Municipal bond yields (percent)

118. Secondary market yields on FHA mortgages X
(Percent)
p^fl
J^
~"\f\^J

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


http://fraser.stlouisfed.org/
APRIL 1977
Federal Reserve Bank of St. Louis

!!€!»

35

CYCLICAL
B |

INDICATORS

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.
(Aug.)(Apr.)

(July) (May)

P

T

P

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

T

P

T

(Nov.)

(Mar.)

P

T

67. Bank rates on short-term business loans, 0 (percent)

Average prime rate charged by banks (percent)

Consumer installment debt (bil. dol

J
80

^S

IHU ~

/^^^

/

jS

~fl

12010080-

72. Commercial and industrial loans outstanding, ^S
weekly reporting large commercial ^~^^
Banks (Mi. dol.)
/

60-

95. Ratio, consumer installment debt to personal income
(percenfT I lg,lg,lg
1210-

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 72.




36

APRIL 1977

CYCLICAL INDICATORS
C |

DIFFUSION INDEXES AND RATES OF CHANGE

Chart Cl. Diffusion Indexes
(Aug)(Apr.)
P I

(July) (May)
P
I

(Dec) (Nov)
P
T

(Apr.)(Feb.)
P T

(Nov.)
P

(Mar.)
T

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

10(H

50-

0-

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

50-

0-

952. Six lagging indicator components (6-no. span—, 1-mo. span •
100T

50-

o

961. Average workweek, production workers, manufacturing--21 industries (9-mo. 911—, 1-mo. span —)
100-

50-

0-

962. Initial claims, State Memplopent insurance-47 areas (percent declining; 9-mo. span—, 1-mo. span —)

100-

50-

0-

963. Employees on private nonagricultural payrolls-172 industries (6-mo. span—, 1-mo. span100-

50-

0-

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 73.


http://fraser.stlouisfed.org/
APRIL 1977
Federal Reserve Bank of St. Louis

BCII

37

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

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

965. Newly approved capital appropriations, deflated-17 industries1 (4-8 moving avg.»~, 1-Q span —

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

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

968. Stock prices, 500 common stocks-62-82 industries (9-mo. span—, 1-mo. span—-)

969. Profits, manufacturing-about 1,000 corporations (4-Q span***, 1-Q span—

:953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

'This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board.
Current data for these series are shown on page 74.




38

*"»RIL 1977

BCII

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

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

"~

"

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

(b) Later anticipations
975. Level of inventories, manufacturing and trade (4-Q span)1

(a) Actual

(c) Early anticipations
971. New orders, manufacturing (4-Q span)1

976. Selling prices, manufacturing (4-0 span)1

972. Net profits, manufacturing and trade (4-Q span)1

977. Selling prices, wholesale trade (4-Q span)1

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

1967 68

69

70

71

72

73

74

75

76 197":r

978. Selling prices, retail trade (4-Q span)1

1967 68

69

70

71

72

73

74

75

76 1977

'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet, Inc. Dun and Bradstreet diffusion indexes are based on surveys of about
1,400 business executives.
Current data for these series are shown on page 75.


http://fraser.stlouisfed.org/
APRIL 1977
Federal Reserve Bank of St. Louis

ItCII

39

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart C3. Rates of Change
(July) (May)
P

(Aug.)(Apr.)

7

P

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

T

P

T

(Nov.)

(Mar)

P

T

Percent changes at annual rate
910c. Composite index of twelve leading indicators
(series 1, 3, 8,12, IS, 20,29,32,36,92,104,10S)

+40+30+20+100-10-20-30-40-

920c. Composite index of four roughly coincident indicators

93flc. Composite index of six lagging indicators
(series 62.70.72. 91.95.109)
^
S

50c. GNP in constant dollars (1-Q span)
A/V.

+10-

.AA.

+5-

0-5-10-

47c. Index of industrial production

°2

s
48c. Employee hours in nonagricultural establishments

-«

Sic. Personal income less transfer payments in) 1972 dollars

1953 54

55

56




40

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

APRIL 1977

KCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT
Chart Al. GNP and Personal Income
(Apr.)(Feb.)

(Aug.)(Apu

P

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

20001800160014001200-

200. GNP in current dollars, 0 (ann. rate, bil. dot.)

1QOO-J
16001500

J

1400H
1300 •<
1200™
11001000900-

223. Personal income in current dollars
(ann. rate, bil. dol.
224. Disposable personal income in current
dollars, 0 (ann. rate, bil. dol.)
14001300120011001000900-

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

225. Disposable personal income in 1972
dollars, U (ann. rate, bil. dol.)
217. Per capita 6NP in 1972 dollars, 0 (ann. rate, thous. dol.)

227. Per capita disposable personal income in
1972 dollars, 8 (ann. rate, thous. dol.)
1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 62 and 79.


http://fraser.stlouisfed.org/
APRIL 1977
Federal Reserve Bank of St. Louis

!!€!»

41

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A2. Personal Consumption Expenditures

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

19S3

l

:'i

55

'>*"

>/

SB

'}Q

50

f-l.

63

64

65

66

67

Current data for these series are shown on pages 79 and 80.



42

APRIL 1977

ItUft

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A3. Gross Private Domestic Investment

Annual rate, billion dollars (current)
Gross private domestic investment-

245. Change in business inventories, 0

Annual rate, billion dollars (1972)

241. Total, a

30. Change in business inventories, Q

Current data for these series are shown on page 80.


APRIL 1977


ItCII

43

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Con.

Chart A4. Government Purchases of Goods and Services
(July) (May)

P

(Aug.)(Apr.)

P

T

(Oec.) (Nov.)
P
T

(Apr.) (Feb.)

T

P

T

(Nov.)

(Mar.)

P

T

Annual rate, billion dollars (current)
420380340-

Government purchases of goods art services-

300260220-

180-

260. Total, Q
140-

100-

60-J

State and local governments, 0

Annual rate, billion dollars (1972)
300260-

261. Total, Q
220-

180-

140-

263. Federal Government, 0
100-

local governments, 8
60J

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 80.


http://fraser.stlouisfed.org/
44
Federal Reserve Bank of St. Louis

APRIL 1977

OTHER IMPORTANT ECONOMIC MEASURES
IA

NATIONAL INCOME AND PRODUCT—Con.

Chart A5. Foreign Trade

P

T

P

(Dec.) (Nov.)
P
T

(Apr.)(Feb.)

(Aug.)(Apr.)

(July) (May)

P

T

T

(Nov.)

(Mar.)

P

T

Annual rate, billion dollars (current)
200180160-

±

\/

14012010080-

60-

252. Exports of goods and services, Q

\
253. Imports of goods and services, 0

250. Net exports of goods and services, u

J

-10

Annual rate, billion dollars (1972)

256. Exports of goods and services, 0

257. Imports of goods and services, Q

255. Net exports of goods and services. Q

+20+10-

0-

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 81.


http://fraser.stlouisfed.org/
Federal Reserve Bank APRIL Louis
of St. 1977

lt€l»

45

OTHER IMPORTANT

ECONOMIC

NATIONAL INCOME AND PRODUCT—Con.
Chart A6. National Income and Its Components
(Aug.)(Apf.)
P
T

(July) (May)
P
T

(Dec) (Nov.)
P
T

(Apr.) (Feb.)
P I

(Nov.)
P

(Mar.)
T

Annual rate, billion dollars (current)

T{

u;i U0~

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

282. Proprietors' income with inventory valuation

Rental income of persons with capital
consumption adjustment, Q

1953 54

55

56



4R

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 81.

APDII

1Q77

OTHER IMPORTANT ECONOMIC
|A|

NATIONAL INCOME AND PRODUCT—Con.

Chart A7. Saving
(July) (May)

P

(Aiig AApr.

T

P

(Dec.) (Nov.)
P
I

(Apr.)(r'eb )

P

T

I

(Nov)

(Mar.)

P

T

Annual rate, billion dollars (current)
300-,
280-

260~
240220200180160-

298. Gross saving (private anil government), 8

298. Government surplus or deficit, Q

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 81 and 82.



APRIL 1977

BCII

47

OTHER IMPORTANT ECONOMIC
A

MEASURES

NATIONAL INCOME AND PRODUCT—Con.

Chart A8. Shares of GNP and National Income
(July) (May)
P
T

(Aug.)(Apr.)
P I

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

Percent of gross national product-

70-1

235. Personal consumption expenditures, Q

wsr

65-

60 J

20-,

268. State and local government purchases
of goods and services, 8

15-

10-

5-

249. Residential fixed investment, Q
0J

251. Net exports of goods and services, Q

247. Change in business inventories, Q

Percent of national income80~i

64. Compensation of employees, Q
75-

70-

65 J

33. Proprietors' income with inventory valuation and
capital consumption adjustments, 0

287. Corporate profits with inventory valuation and
capitai consumption adjustments, u

\

10-

285. Rental income of persons with capital consumption adjustment, 8
1953

54

55

56



4R

57

58

59

60

61

62

63

64

65

66

67

63

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 82.

APRIL 1Q77

ICMfc

OTHER IMPORTANT ECONOMIC MEASURES
Bj

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements
(Dec.) (Nov.)

P

(Nov.)

(Mar.)

P

T

T

(Nov.)

P

310. Implicit price deflator, GHP,

110150140130-

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

T

T

Index: ra/Z-lil I jp
150
140130120-

(Mar.)

P

(Dec.) (Nov.)

Pereart daiges at amial rate
OlfLk

4 NIC. ImnliAi* ««*** uciunor,
implicit price AaMiAfue
EHP (1-Q SMI)

+15+10-

+5-

0-

311c. Fixed weijltri price iiriex, gf»«*

+15+10-

+5-

120

/

110-

Consumer prices—

Wholesale prices—
330c. All cHMHriities

1967 68

69

70

71

72

73

74

75

76 1977

1967 68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 83,84, and 85.


http://fraser.stlouisfed.org/
Federal Reserve Bank ofAPRIL 1977
St. Louis

BCII

49

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.
Chart B2. Wages and Productivity
(Aug.)(Apr.)

(July) (May)

P

P

T

(Dec.) (Nov.)

(Apr.) (Feb.)

T

P

P

T

(Nov.)

(Mar.)

P

T

T

220210200190180170-

Average hourly compensation, all employees,
nonfarm business sector (current dollars), II

160150140130120110-

private

nonfann economy (current dollars)1

1009080-

130120110-

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

1009080-

346. (teal average hourly compensation, all employees,
nonfarm business sector, Q

70-

130-

370. Output per tor, all persons,
private business sector, Q

120110-

35S. Output per hour, all persons, nonfarm business sector, d

100908070-

1953

54

55

56

Digitized for


57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

1977

Adjusted
overtime
FRASER for for these (in manufacturing only) and interindustry employment shifts and seasonality.
Current data
series are shown on pages 86 and 87.
1

itr

OTHER
B I

IMPORTANT

ECONOMIC MEASURES

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart B2. Wages and Productivity—Con.
(July) (May)

P

P

(Dec.) ( N o v )
P
I

(Apr.) (Feb.)

(Aug.)(Apr.)

T

T

P

T

(Nov.)
P

(Mar.)

T

Change in average hourly earnings of production
workers, private nonfarm economy-1340c. Cwitnt dollar earnings

bfffi*™™

341c. teal earnings

Change in average hourly compensation, all employees,
nonfarm business sector, Q-

345c. Current dollar compensation
One-quarter spans (ann. rate)

A

. . /
.

A^-^r

v Foar-quarter spans
llfir

Real r.nmnpn^atinn

Negotiated wage and benefit decisions, alt industries348. First year avg. changes, Q (ann. rate)
+10-

34i. Average changes over life of
contract, 0 (ann. rate) -

+15-

370c. Change in output per hour, private business sector, I
+10-

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

^Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 2One-month percent changes have been multiplied by a constant (12) so that they may be shown against
the background of the annualized changes over 6-month spans. See basic data table for actual 1-month percent changes.
Current data
FRASER for these series are shown on pages 86 and 87.

Digitized for
http://fraser.stlouisfed.org/
BCD
APRIL 1977
Federal Reserve Bank of St. Louis

51

OTHER IMPORTANT ECONOMIC MEASURES
C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart Cl. Civilian Labor Force and Major Components
(Aug.)(Apr.)

(July) (May)

P

P

T

(Dec.) (Nov.)

(Apr.) (Feb.)

T

P

P

T

(Nov.)

(Mar.)

P

T

T

100-!

959085-

441. Civilian labor force, total (millions)

80-

75-

442. Total employed (millions)

70 J

Labor force participation rates (percent)--

90-1

451. Males 20 years and over

8580»

7560-

453. Both sexes, 16-19 years of age

55-

^

50-

xv/vx/v'^
^vwvr

45-

452. Females 20 years and over

4010n
98765-

•~*~+/~~r~*^
^1-t

Number unemployed (nilliofls)-

X' X^/^v

„

/ \ J^X^^VA
/ VV^
^""^V

/A

37- Total unemployed

_.

y ^v
/^
^^

y

4343-

444. Males 20 years and over

2-

445. Females 20 years
and over \
H

Bom sexes, ib-ia years ot age

765-

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

Number employed part-time tar economic

43-

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 88.




52

APRII

1Q77

itut

ECONOMIC MEASURES
DJ

GOVERNMENT ACTIVITIES

Chart Dl. Receipts and Expenditures
(Nov.)

(Mar.)

P

T

450400-

Annual rate, billion dollars (current),

350300250200-

582. Federal Government expenditures,
501. Federal Government receipts, 0

150-

J

100

J

500. Federal Government surplus or deficit, 0

511. State and local government receipts, Q512. State and local government
expenditures, Q

50-

510. State and local government surplus or deficit, 0 A/ V.

.1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

89

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 89.


http://fraser.stlouisfed.org/
APRIL 1977
Federal Reserve Bank of St. Louis

BCII

53

OTHER IMPORTANT

ECONOMIC MEASURES

GOVERNMENT ACTIVITIES—Con.
Chart D2. Defense Indicators
(Nov.)

(Mar.)

P

T

obligations, total (bil. dol.; MCD moving avg.-6-term)

516. Defense

^wWv

525. Military prime contract awards in U.S. (bil. dol.; MCD moving avg.-6-term)

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

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

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 89.




54

APRIl 1Q77

It

-.--.-.

./-. -•*.;RIANT ECONOMIC

MEASURES

U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade

1210-

602. Exports, excluding military aid shipments (bil. dol.; MCD moving avg.-6-term)

;

/
4.J

Exports of agricultural products,
total (bil. dol.

Exports of nonelectrical machinery (bil. dol.)

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

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

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

76 1977
Current data for these series are shown on page 90.


APRIL 1977


BCII

55

E I

U.S. INTERNATIONAL TRANSACTIONS—Con.

Chart E2. Goods and Services Movements

Annual rate, billion dollars

Cm]

Excess of receipts
Excess of payments

Goods and services-

667. Balance on goods and services,

622. Merchandise trade balance, 8

620. Imports, Q

Investment income651. Income on U.S. investments abroad, 0

\

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

Current data for these series are shown on page 91.




56

Annual totals are used prior to 1960.

APRIL 1977

ItCIt

•:„ f h * . : <

: MEASURES

INTERNATIONAL COMPARISONS
Chart Fl. Industrial Production

Current data for these series are shown on page 92.


APRIL 1977


ItCII

57

OTHER
F I

IMPORTANT ECONOMIC MEASURES

INTERNATIONAL COMPARISONS—Con.
Chart F3. Stock Prices

Chart F2. Consumer Prices

Stock prices-

Consumer prices: percent changes over
6-month spans (annual rate)-

rra.

160-

U? -

.^^rx

120-

735c. West Germany

746. France

1967

68

69

70

71

/?

73

74

75

76

1977

.967 68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 93 and 94.




58

APRIL 1977

HCII

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Qj COMPOSITE INDEXES
910. Index of
12 leading indicators (series
1,3,8, 12, 19,
20, 29, 32, 36,
92, 104, 105)

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

(1967=100)

Year
and
month

(1967=100)

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

(1967=100)

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

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

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

(1967=100)

(1967=100)

(1967=100)

916. Profitability (series
17, 19,80)

(1967=100)

917. Money
and financial
flows (series
104,105, 110)

(1967=100)

940. Ratio,
coincident
index to
lagging index

(1967=100)

1975

106.5
106.2
107.1

113.9
112.3
110.9

143.4
138.1
134.5

90.4
90.0
90.7

97.8
97.5
97.6

94.6
93.5
92.9

93.7
95.0
96.0

102.2
100.5
102.0

79.4
81,3
82.5

109.4
111.7
115.2

111.4
111.8
112.7

130.8
128.5
124.1

92.0
91.3
92.4

99.6

94.0
95.4
96.6

98.3

100.8
102.8

100.6
102.6

102.5
103.5
105.4

85.2
87.0
90.8

July
August
September

117.8
118.6
118.9

113.7
115.4
116.3

124.2
124.5
124.4

95.2
94.9
94.3

103.8
103.9
103.7

104.2
104.3
104.2

106.1
106.8
106.5

91.5
92.7
93.5

October
November
December

119.0
119.3
119.6

116.7
116.9
117.6

125.3
123.1
122.0

94.3
95.2
96.9

103.6
103,8
104.3

104.4
105.2
105.6

105.9
107.5
107.3

93.1
95.0
96.4

January
February
March

121.2
122.0
123.2

118.7
120.0
121.2

120.8
120.1
119.8

97.5
97.9
97.9

105.4
104.9
106.0

100.3
101.4

107.2
108.5
108.3

106.7
106.3
106.2

98.3
99.9

101.2

April
May
June

123.0
124.5
125.7

121.9
122.0
122.5

119.2
119.7
121.0

96.0
96.5
96,1

104,9
104.9
106.5

102.1
103.0
103.6

108.4
108.0
108.2

107.6
107.9
107.7

102.3
101.9
101.2

July
August
September

125.9
125.8
125.5

122.7
122.8
122.6

121.4
121.4
E)122.2

95.7
95.5
94.3

106.7
106.6
108.2

103,4
103.5
102.4

D108.6
108.1
107.7

108.3
H08.6
r!08.7

101.1
101.2
100.3

October
November
December

r!26.4
H27.5
r!28.7

122.2
123.6
125.5

122.1
121.3
H20.4

94.5
96.0
97.0

109.6
109.3
109.4

101.4
102.1
102.3

106.9
r!06.6
108.4

rllO.3
rllO.9
DH12.1

100.1
101.9
H04.2

127.0
127.9
DM29.7

H24.4
125.8
E> 2 127.9

H20.9
121.4
3
122.1

H09.4
rllO.6

101.1
rl01.7
E)pl03.6

rlOS.l
H07.7
p!07.9

rill. 4
H09.2
p!08.0

r!02.9
H03.6
(H)pl04.8

January
February
March
April
May
June

. ..

98.1
99.1

100,6
101.0
100.0
99.2

1976
99.3

1977

January
February
March

r95.6
r96.6
E>p98.4

D Pin •*

April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byD; for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 11 and 12.
Excludes series 12 and 36 for which data are not yet available.
2
Excludes series 57 for which data are not yet available,
3
Excludes series 70 and 95 for which data are not yet available.


APRIL 1977


59

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

B EMPLOYMENT AND UNEMPLOYMENT
B

Minor Economic
Process
Timing Class

L, L,L

1. Average
workweek of
production
workers,
manufacturing

Year
and
month

(Hours)

L, C, L

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

L, Lg, U

L, C, L

L, L, L

(Per 100 employees)

L, L, L

5. Average
weekly initial
claims, State
unemployment
insurance 1

3. Layoff rate,
manufacturing

4. Quite rate,
manufacturing

(Per 100 employees)

(Per 100 employees)

(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

L, Lg, U

L, Lg, U

60. Ratio, helpwanted advertising to persons
unemployed

46. Index of
help-wanted
advertising
in newspapers

(Ratio)

(1967=100)

U, C , C

48. Employee
hours in nonagricultural
establishments
(Ann. rate,
bil. hours)

1975

3 2
3 2

521
533
526

2 9
2 9
2 6

1 4
1 3
1 2

0 315
0 307
0 283

77
76
74

510
503
502

2 4
2 5
2 2

1 2
1 3
1 3

n 971
0 265
n 9Q&

7/1

-\AC

74

2 5

3 7
3 6
3 7

pi

14R 7fi
•j n c o/i

39.4
39 7
39.8

2 6
2 7
2 8

4 0
3 9
3 8

419
467
467

1 7
1 fi
1 8

1 4
1 4
1 3

n "31 n
n "31 9
n ^n.8

P/I

i zm fin

po
po

1 4fi £P
147 4 c;

39 8
39 9
40 3

2 8
2 9
3 0

3 7
3 7
3 9

445
398
348

] 7

1 4
1 fi
1 fi

O
O
O

o.n.7
QOO

po

1 AQ /IT

P7

1 /] O

CQ

'D/in

pp

1 AQ

£^1

[H)40 4
40 3
40 3

3 1
3 1
3 1

4 1
4 2
4 4

i fi

O
O
O

OC7

P7
O/

342
347

T b(J. /i 7
1 e n 4/
1 bu. 10
1 en 1 y
lbU. bU
1 i^n c^n

April
May
June

39 4
40 3
40 2

2 6
3 3
3 2

4 1
4 0
3 8

July
August
September

40 1
40 0
39 7

3 1

2.4
2.4

January
February .
March

39.1
38.9
38.9

April
May
June

39.0
39.1
39 3

2 4

July
August
September
October
November
December

...

2 3

2.3

3.1

1 R

1 3

147 79
146 14
14R 47
CC

1 4o. by

1976

January
February
March

o.cq

?fif)
oqp

1 i
1 n
i i
1 9

1 7

1 &

Qpp
oqq

1 £
1 7
1 p

O op/i
0 . /1 rir
4ub
O OQQ

O . oyqO . oo4
O

yo

QO

Q/l
y^f

yi

•] /] Q

151 .49
1 r -i riQ
1 b 1 .Do

397

3 8

4rn

1

Q 0

40P

1 A

i7
i7

3 0

3 6

424

1 7

1 c

39 9
40 1
40 0

October
November
December

i 4y . oi

Ql

O/l

i i
1 °,

2 9
3 1
3 2

•3

C

A.9R.

3 8
4 0

?cn

i A
1 "3

o/o
0 . 070

?4Q

1

1

1 c:
1 R
i7

0 . 4 1D

-i r>r

r39 5
r40 2
p40 3

3 2
3 3
fuTso3 3

4 n
H)4 6
04 5

1

^

1 8

H

/i

1 9
ruXnl y
q
IH/P ' •

0 449
0 439
m\ r\n ZL^^
[H)pU.4bb

Q n

A

94

O1

OQ/1

QQ

yo

•\ r-\

OQ/l

97

O7/T

Q/l

y4

151 .71
1 b^i . no
1 co Oo

96

152.70

Oopc
/1 T

£

-in

1 b I . /4

1 ro CO

QQ
yy

1 b^i. o^:
T r -5 /- -I

1 Ob

1977

January
February
March

.

-3QC

A 01
fuTsn^q

fu\ ni n

105

106
m\ <-»i OP
[H)pIU8

r!52. 15
Y*~\ R/I

fi

7

fO\ nT CR O 1
[H)plob.<i 1

April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by(g). Current high values are indicated by jj); for
series that move counter to movements in general business activity, current low values are indicated by(H). Series numbers are for identification only and do not reflect series relationships
or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphs of these series are shown on pages 1 3 , 1 7 , and 18.
x
Data exclude Puerto Rico which is included in figures published by the source agency.

60




APRIL 1977

!!€!»

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

Q EMPLOYMENT AND UNEMPLOYMENT-Con.
|

Minor Economic
Process

Comprehensive Unemployment

Comprehensive Employment— Con.

Timing Class

C,C,C

L, C, U

U, Lg,U

L, Lg, U

L, Lg, U

L, Lg, U

Lg, Lg, Lg

Lg, Lg, Lg

42. Persons
engaged in nonagricultural
activities, labor
force survey

41. Employees
on nonagricultural payrolls,
establishment
survey

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

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

37. Number of
persons unemployed, civilian
labor force

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate
State programs 1

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

(Thous.)

Year
and
month

U,C,C

(Thous.)

(Thous.)

(Percent)

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

1975

January
February
March

81,336
80,973

77,300
76,804

23,241
22,699

Of)

7C

99

April
May
June

80 963
80 940
81 135

July
August
September

pi

QAO

Cl p

AC?

55 62
55.27
cc I q

7 280
7,362
7 777

7 9
8.0
8 5

5 4
5.8
6 2

10 8
11.7
11 5

1.7
2.0
2 2

76 491
76 577
76 444

22 372
22 379
22 279

55 12
55 19
55 13

7 964
8 314
8 099

8 6
9 o
8 7

6 4
6 6
6 5

12 9
13 5
15 3

2 6
2 8
2 9

81 421

76 719
77 n^Q

cc

8 061
7 qpi

8 7

C.Q-J

22 294
99 d.cn

55 25

pi

p c

£f)Q

77 344

99

55 25

8 01 1

8 6

6 3
6 1
6 0

14 9
15 4
16 1

3 1
3 0
3 1

6R8

oo

pi

Cqp

77 cqc

99 7^0

CC

1 f.

p DAP

8 6

5 8

on

007

77 7^0

99

7RR

CC

1 £

7 pi q

p A

c q

15 5
icp

2 9
q p

00

1 00

7P ni 9

99

RQ?

cc

pq

7

p q

A p

"I fi Q

3 2

PP

qpl

7P Aflfi

pq ncc

cc c.c.

pq -iip

cc

7c

Cqn

pq

PAP

cc

qi

7017

7 fi
7 R

i c. q

pq

7P cqc
7P qpn

4 4
A p

16 9

070

7 ?A7
7 i pc

7 8

oo

4 1

16 0

3 0
2 7
2 5

OO

qqi

7Q qi 9
7Q °>1 Q

po /inq
pq qpi

cc

i c

7 n/19

7 t;

A

1C

p

p p

CM qnp

cc

pp

[R>fi Ql 1

7

1C

1

9 9

84 220

79 358

23 357

56 14

7 171

7 6

A q
4 4

16 9

2 3

July
August
September

84 450
84 462
84 516

79 513
79 618
79 918

23 344
23 310
23 463

56 22
56 17
56 06

7 406
7 517
7 448

7 8
7 9
7 8

4 6
4 8
4 9

15 6
15 4
15 4

2 4
2 5
2 4

October
November

84 428
84 972

79 819
80 106
on o/i/i
ol),o44

23 323
23 489
9 Q CHQ
£o,buo

55 96
56 19
cc p7

7 564
7 651
7 ci q

7 9
8 0

5 1
4 7
4 4

15 3
15 5
15 6

2 5
2 6
2 6

CC

p7

6 qcp

56.45
fu\ 55 71

7,183
7 064

7 q
7.5

October
November
December

7DR

1976

January
February
March
April
May
June

December

pc ip/i

"3

7 p

1

1977

January
February
March

pc

ncc>

85,872
[H)86 359

r&C\ ^f\l

r80,816
[u\nRl

"304

r23 589
r23,680
fu\n?3 QRS

[u\ 7 q

1

I C C

9 A

4.1

14.7

2.3

A

rrj\ q p

[H )n J ' °
P

[u\i A n

ffT>? n

April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by 0); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15,16,18, and 19.
x

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

ltd*


APRIL 1977


61

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

^H PRODUCTION AND INCOME

Minor Economic
Process

Industrial Production

Comprehensive Output and Income

50. Gross national product
in 1972 dollars

Year
and
month

(Ann. rate,
bikdol.)

(Ann. rate,
bil.dol.)

52. Constant
(1972) dollars

(Ann. rate,
bil.dol.)

51. Personal
income less
transfer payments in 1972
dollars

C,C,C

C,C, C

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

Personal income
223. Current
dollars

(Ann. rate,
bil.dol.)

C,C,C

C,C,C

C,C, C

Timing Class

C, L, L

C, C, C

C, C, C

73. Index of
ndustrial
production,
durable manu:
actures

74. Index of
industrial
production,
nondurable
manufactures

(1967=100)

(1967=100)

(1967=100)

47. Index of
ndustrial
production
total

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil.dol.)

1975

January
February
March

1,161.1

1,199.4
1,201.6
1,208.3

972.0
971.4
973.6

843.1
837.7
839.3

214.0
208.5
208.2

115.2
112.7
111.7

109.0
105.6
104.7

119.8
118.4
116.1

512.2

April
May
June

1 177 1

1,213.5
1,223.7
1,253.7

973.9
978.2
995.8

838.9
842.9
845.5

207.2
206.9
206.1

112.6
113 7
116.4

105.4
105 5
107.0

118 8
120 8
125 5

522 5

July
August
September

1 209 3

1,252.0
1 ,267.5
1 ,277 1

985.8
994.1
999 3

846.2
853 5
857 9

206.1
208 3
209 9

118.4
121 0
122 1

109.3
112 3
113 5

128 1
130 5
132 9

546 0

October
November
December

1,290.8
1 300 2
1 308 2

1,004.5
1 007 1
1 007 1

862.8
866 1
865 9

210.9
211 9
213 0

122.2

112.7

1 219 2

1 p-3 C

1 1 "3

124 4

1144

1 1?C\ ft

1 m9 Q
1,021.0
i n.9Q i

oyn o

pi C 1

1 9f(

TIC

1,331.4
1 341 9

875.9

216.4
PIP K

127.3
i pp i

117.9
11 q n

140.2
i /in 7

1 352 5
1 362 9
1 370 4

1 032 4
1 034 1
1 rn^ n

opo A

PI q q

1 9ft A

1 9D 1

892 1

9iq P

191 7

ftQA n

PI P P

i pq c
i ^n i

i /in 7
i AP q
i /n "5

1 ?ftfl ft

i rnp ft
i n^7 i
1 037 0

pqc 7

ppn n

1 on 7

pqp

7

91 P P

T 01

893 3

PI Q I

i on ft

PQ7 C

91 Q £
ppp /i

i ^n A.

191 c;

7

n on

T O O

01 -3 c

ppo c

133.6
A

c/iq q

1 oc 9

1 qc q

1976

January
February
March
April
May
June

1,246.3

... .
1 ,260.0
...

.

.

July
August
September
October
November
December

1 272 2

1

"^ftR R

1 391 7
....

1 404 2
1 280 4

1 491 A

1 439 5

i DAI v
i n^n 6
1 059 2

pop

QOZL

n

y,1

00

7

o

Q
"I

p

1 99

"5

1 QP A

19/1 9
19 r i

c~}c

1/11 .i
141 1
iA n Q

1 99 A

569!5

n

1 A9 A

y,T pr

O

p

•j/19

K7Q i
b/y .1

9

1 /| Q r

r 70
b/o. 7
/

1 4j. b

y,1 /i o, 7

1977

January
February
March

fu\n1 ,£^0.0
[H/p 1 9Qfi ft

H
H
m\ r»l
|H)pl

/lAl
/1C1

"3
c

/I P£ /
,48b. 7

r 1 n R ')

ft

H n£9 i
[TTSnl

H7K Q
[H/pl 9(j/o.o

vQfl-7

9

v>Q 1/1 P
rrj\r.Qor Q

[H)p925.9

y,PPf)

C

v>999 G

[H}p227.0
fi~i\ r>99 7

H

rT ^9 H
i^-l1 QQ "3
r Jo. o

m\ n i QC
|H)pl35.1i

199 n
1 ££ . 9
•i 9/1 r>

r I <:4.U
fi~i\ r\T 9 7 O
[H>pl27.3

-i n o

-i

r 1 4o. 1
v»lI4b . 1
r /IK 1

fi~i\ nCQI O

[H)p591 .8

EJ)pl46.3

April
May
June
July
August
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by 0); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15, 20, 21, and 41.

62




APRIL 1977

ItCII

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

H

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

RH CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Capacity Utilization

L, C, U

Timing Class

Year
and
month

PRODUCTION AND
INCOME-Con.

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

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

Orders and Deliveries

L, C, U

84. Rate of
capacity
utilization,
materials

(Percent)

L, L, L

L, L, L

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

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

L, L, L

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

L, L, L

L, Lg, U

L, L, L

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

32. Vendor
performance,
companies reporting slower
deliveries®

(Bil.dol.)

(Bil. dol.)

(Percent
reporting)

1975

70 '.9

7K5

40.16
40.16
38.59

29.97
29.75
28.52

26.65
26.76
26.45

-2.90
-2.70
-3.65

181.80
179.10
175.44

18
16
17

71 ! 3

7CK7

40.72
41.16
40.37

29.99
30.28
29.71

27.66
28.22
28.14

-2.68
-1.41
-2.59

172.76
171.35
168.76

22
24
26

75.3

74*9

43.53
43.67
44.18

32.01
31.79
32.20

29.67
30.00
30.50

-0.43
-1.18
-1.11

168.33
167.15
166.04

30
36
44

76.8

77*. 1

43.84
44.28
45.98

31.63
31.72
32.73

30.44
30.21
31.56

-1.40
-0.27
-0.79

164.63
164.37
163.58

45
44
39

79!6

79*.6

45.90
47.93
51.11

32.51
33.78
35.87

31.32
31.89
33.47

-1.38
-0.50
0.73

162.20
161.70
162.43

42
50
52

8CX2

January
February
March

8CL6

50.24
51.35
51.25

35.16
35.89
35.61

32.46
33.21
32.91

0.10
0.80
0.64

162.52
163.32
163.96

58
58
62

"75

April
May
June

*75

July
August
September
October
November
December

*79

*79

1976

January
February
March

*82

April
May
June

[H>82

July
August . .
September
October
November
December

"si

H>81 ! 3

51.18
50.38
50.07

35.37
34.67
34.13

32.46
32.17
31.25

0.09
-1.27
0.01

164.06
162.79
162.80

60
[H}64
60

so'e

r80.2

50.99
52.42
57.26

34.43
35.18
38.18

30.59
32.12
34.66

1.73
1.00
[H>1.74

164.52
165.52
167.26

50
48
45

|H>p82!6

"BO

80.8

p80.0

54.94
r55.16
[H>p58.93

36,46
r36.43
[H>p38.64

33.65
r34.14
H>p37.05

1.70
rO.43
pO.08

168.96
H69.39
DP169.48

44
55
56

1977

January
February
March

(NA)

April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byH); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 21, and 22.

ItCII

APRIL 1977



63

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

B

t^m CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con.

Minor Economic
Process

Formation of Business Enterprises

Consumption and trade

C,C,C

Timing Class

C,C,C

Manufacturing and trade sales
Year
and
month

56. Current
dollars

(Mil. dot.)

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

C, L, C

C, L,U

FIXED CAPITAL
INVESTMENT

U, L, U

75. Index of inSales of retail stores
dustrial production, consumer
goods
54. Current
59. Constant
dollars
(1972) dollars
(1967=100)

(Mil.dol.)

(Mil.dol.)

L, C, C

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

L, L, L

58. Index of
consumer
sentiment ®

(1stQ
1966=100)

L, L, L

12. Index of
net business
formation

(1967=100)

L, L, L

13. Number of
new business
incorporations

(Number)

1975

January
February
March

166,596
168,070
164,116

119,450
120,230
117,487

117.0
116.1
117.0

45,984
46,954
45,962

36,188
36,971
36,135

3e!6

BS'.O

102.9
101.7
103.0

24,406
24,298
24,922

April
May
June

167,687
167,995
170,625

119,320
119,615
121,184

119.0
120.4
124.3

46,948
48,171
48,652

36,531
37,439
37,732

37'.!

72.9

103.4
104.8
110.7

26,506
26,634
26,231

173,802
176,001
177,475

122,486
124,185
124,746

126.6
127.5
129.0

49,411
49,774
49,644

37,778
37,953
37,838

42!s

75.*8

113.7
112.6
113.1

28,571
28,632
29,000

178,621
178,119
181,647

124,971
123,941
125,656

128.7
131.1
132.3

49,995
50,552
51,734

38,004
38,185
38,844

45J

75!i

112.0
112.5
116.0

29,469
28,799
29,704

January
February
March

183,818
186,968
190,224

126,651
128,694
130,519

133.1
134.9
136.1

51,592
52,601
53,344

38,602
39,505
39,917

52.6

84^5

115.4
114.5
116.3

29,604
28,973
30,910

April
May
June

191,745
190,800
193,700

130,796
129,532
131,134

136.1
137.4
137.8

53,696
52,868
53,983

40,032
39,090
39,920

54.9

82!2

115.7
114.9
118.6

29,876
28,637
31,600

July
August
September

193,704
194,672
194,261

130,931
131,799
130,434

136.8
137.5
136.2

53,754
54,643
54,100

39,682
40,179
39,552

55*.2

117.8
117.8
118.3

30,114
32,746
32,368

October
November
December

192,992
196,965
r204,854

129,364
131,629
H>136,044

136.9
139.1

54,634
55,573
57,898

39,809
40,387
41,925

56.*2

120.1
121.3
121.0

32,887
33,496
33,495

r202,228
E)p207,518

rl33,666
p!35,895

r!40.1

r!23.3
[H)el24.0

D34,508
(NA)

|H>pl43.4

r40,792
r41,607
[H>P42,450

Dp64i5

(NA)

r56,660
r58,166
H)p59,558

. .

July
August
September

...

.

October
November
December
1976

H42.0

EDssls

86.0

1977

January
February
March

(NA)

140.9

87.'5

(NA)

April
May
June
July
August
September
October
November
December

. . .

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13,15,23, and 24.

64




APRIL 1977

ItO

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

Q FIXED CAPITAL INVESTMENT-Con.
|

Minor Economic
Process

Business Investment Commitments

L, L, L

Timing Class

L, L, L

Contracts and orders for plant
and equipment
Year
and
month

10. Current
dollars
(Bil.dol.)

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

L, L, L

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

L, C, U

U, Lg, U

C, Lg, Lg

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

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

97. Backlog of
capital appropriations, manufacturing1

(Bil.dol.)

(Bil.dol.)

L, L, L

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

Square feet

(Millions)

Square meters2

(Millions)

1975
January
February
March

13.06
12.21
11.88

9.88
9.21
8.92

11.62
10.59
10.15

April
May
June

13.36
14.07
13.87

9.93
10.44
10.23

July
August
September . . .

13.19
14.47
12.75

October
November
December

8.87
8.08
7.70

54.39
46.54
39.69

5.05
4.32
3.69

11 .' 39

10.75
10.56
10.30

8.09
7.98
7.74

56.90
44.79
50.54

5.29
4.16
4.70

10^98

9.73
10.66
9.42

11.32
10.92
11.07

8.43
8.17
8.24

52.60
43.25
50.12

4.89
4.02
4.66

10J8

12.64
12.68
12.37

9.25
9.21
9.02

11.19
11.37
11.05

8.23
8.29
8.10

54.10
41.99
50.71

5.03
3.90
4.71

12!87

14.88
H4.43
15.14

10.77

no. 50

8.55
8.75
8.69

44.27
50.95
52.32

4.11
4.73
4.86

1K34

10.75

11.66
11.90
12.17

April
May
June

14.33
13.89
15.63

10.43
9.93
11.00

12.48
12.67
12.61

9.15
9.09
8.95

52.83
52.65
53.85

4.91
4.89
5.00

12^49

July
August
September

15.55
14.04
14.98

11.00
9.94
10.47

13.78
12.69
13.47

9.79
9.02
9.44

52.21
50.78
48.53

4.85
4.72
4.51

11. *54

[H)17.39
14.52
16.00

0)12.17
10.11
rll.12

14.30
12.88
14.11

10.08
9.00
9.86

51.47
52.53
54.81

4.78
4.88
5.09

DPI 5. 'si

17.24
H6.78
p!6.00

11.95
11.54
plO.94

iH>14.78
r!4.34
p!4.07

H)10.30
9.91
p9.65

53.56
51.27
D67.45

4.98
4.76
[H)6.27

49.10

47. * 5 9

45. '34

46.45

1976
January
February
March

.

October
November .
December

46.' 05

46!oi

45*.72

E>p48'.29

1977
January
February
March

(NA)
(NA)

April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by D; for
series that move counter to movements in general business activity, current low values are indicated by D- Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13,24, and 25.
.
_
,
"This is a copyrighted series used by permission; it may not be reproduced without written permission from the source agency:
McGraw-Hill Information Systems Company, F . W . Dodge Division (series 9) or The Conference Board (series 11 and 9 7 ) .
Converted
to metric units by the Bureau of Economic Analysis.

IM]II
 APRIL 1977


65

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

RH FIXED CAPITAL INVESTMENT-Con.

Minor Economic
Process
Timing Class

Year
and
month

Residential Construction
Commitments and Investment

Business Investment Expenditures

C, Lg, Lg

C, Lg, Lg

69. Machinery
61. Business
and equipment
expenditures
for new plant
sales and business
and equipment, construction
expenditures
total
(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

C, Lg, U

C, Lg, C

Lg, Lg, Lg

C, Lg, C

76. Index of
Nonresidential fixed investment in 1972 dollars
industrial1 production, business
86. Total
87. Structures
88. Producers'
equipment
durable equip.
(1967=100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

L, L, L

28. New
private housing
units started,
total
(Ann. rate,
thous.)

L, L, L

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

L, L, L

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

1975

January
February ...
March

114.57

161.31
163.07
160.50

130.8
128.0
125.7

114*4

37*. 5

76'. 9

1,016
923
990

61.9
62.8
62.1

35*.4

April
May
June

ii2l46

159.56
158.63
159.41

125.6
126.0
126.6

110*6

36 ll

74l5

996
1,109
1,067

72.6
77.8
80.8

36*8

July
August
September

112*16

160.36
161.73
161.85

127.3
129.9
129.2

noli

36l6

73l5

1,229
1,253
1,281

87.6
86.0
94.1

39l6

October
November
December

iii'so

164.97
163.47
165.75

128.8
129.6
131.6

Il6'.5

36l7

73l8

1,368
1,370
1,336

95.7
97.1
94.0

41*9

January
February
March

114*72

165.63
171.08
172.10

131.0
132.6
134.0

112*6

37 ll

75l5

1,259
1,478
1,426

98.8
100.4
102.4

44J

April
May
June

118*12

175.09
174.64
171.82

134.1
134.6
135.0

nilg

37l9

7716

1,385
1,435
1,494

93.2
99.8
99.1

45*7

July
August
September

122155

176.12
178.19
175.94

136.9
137.7
137.5

nyls

38*.4

79*.2

1,413
1,530
1,768

104.7
111.7
129.6

47li

October
November
December

E>125.22

178.81
179.18
[H)rl89.81

135.9
140.2
r!43.2

117*9

0)38 1 9

79.0

1,715
1,706
1,889

128.6
137.0
130.5

51* ll

January
February
March

a!29.19

r!82.99
p!85.73
(NA)

r!42.0
H42.9
Dpi 45.1

DP121.9

p37.7

April
May
June

3132171

1976

1977

rl,384
H)P84.2

112.6

rl,815
H)p2,127

131.8
0)147.5

[H)p51.9

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byD; for
series that move counter to movements in general business activity, current low values are indicated by D- Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14,25, and 26.

66




APRIL 1977

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

M INVENTORIES AND INVENTORY INVESTMENT
|

Minor Economic
Process
Timing Class

Inventory Investment

L, L, L

.. . .

L, L, L

L, L, L

36. Change in inventories on
30. Change in
hand and on order in 1972
business invendollars
tories in 1972
dollars
Monthly
Smoothed
data
data1

Year
and
month

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Inventories on Hand and on Order

(Ann. rate,
bil.dol.)

L, L, L

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

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

(Ann. rate,
bil.dol.)

(Bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

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

65. Mfrs.'
inventories of
finished
70. Constant
goods, book
(1972) dollars value
(Bil.dol.)

(Bil.dol.)

Lg, Lg, Lg

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

L, Lg, Lg

78. Stocks of
materials and
supplies on
hand and on
order, mfg.
(Bil.dol.)

1975
January
February
March

-20'. 5

-35.36
-45.84
-38.53

-18.99
-27.76
-35.38

3.9
-10.1
-14.8

-1.84
-1.70
-2.88

278.71
277.87
276.63

225.40
223.47
221.69

49.42
49.54
49.72

1.89
1.86
1.89

139.22
137.52
134.64

April
May
June

-21 '.2

-31.31
-28.75
-19.43

-38.51
-35.71
-29.68

-12.1
-17.9
-8.7

-3.41
-1.40
-1.81

275.63
274.14
273.42

220.39
218.20
217.41

49.63
49.65
49.38

1.85
1.82
1.79

131.23
129.83
128.02

July
August .
September

-i!6

-3.37
2.05
-7.01

-21.84
-12.05
-4.85

-1.7
19.5
8.0

-0.58
-0.92
-0.75

273.28
274.91
275.58

217.05
217.43
217.15

48.90
49.24
49.61

1.77
1.75
1.74

127.43
126.51
125.76

October
November
December

-5^5

8.06
-11.93
-17.44

-0.87
-1.30
-5.36

25.2
-10.5
-15.8

0.12
0.24
-0.47

277.68
276.80
275.48

218.02
216.74
215.08

49.89
49.81
49.87

1.74
1.75
1.71

125.88
126.12
125.66

10*4

5.51
7.58
11.14

-7.53
-4.70
3.31

18.9
23.4
27.0

0.15
-0.51
1.49

277.06
279.01
281.26

215.78
216.42
217.05

49.83
49.97
50.07

1.70
1.68
1.66

125.80
125.29
126.78

Dii'.i

2.40
17.28
H)19.90

7.56
8.66
11.73

21.7
31.6
D41.3

-0.01
1.74
0.42

283.06
285.69
289.14

217.46
218.26
220.01

50.52
50.96
51.71

1.66
1.68
1.67

126.78
128.52
128.94

10*.2

4.94
7.00
10.56

D13.62
12.33
9.06

20.7
29.3
38.7

0.26
-0.96
0.59

290.87
293.31
296.54

220.58
221.72
223.05

51.96
52.74
53.36

1.69
1.68
1.70

129.19
128.23
128.82

6.*9

4.97
-2.96
r-3.11

7.50
5.85
rl.91

19.7
9.1
r2.2

1.13
1.53
rO.24

298.18
298.94
r299.12

223.42
223.09
r222.66

53.60
53.78
r53.75

0)1.73
1.69
1.64

129.95
131.48
r!31.72

pi!g

r!8.08
p6.52
(NA)

rl.82
p5.58
(NA)

r34.2
p22.1
(NA)

p)rl.93
pO.58
(NA)

r301.97
E)P303.81
(NA)

r223.72
|H>p223.95
(NA)

54.36
0)54.48
(NA)

1.67
pi. 65
(NA)

133.65
0>pl34.23
(NA)

1976
January
February
March
April
May
June
July
.
August
September

.

.

October
November
December
1977
January
February
March
April
May
June
July
August
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by0); for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14,16, 27, and 28.
1

Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.

 APRIL 1977


67

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

H9 PRICES, COSTS, AND PROFITS

Minor Economic
Process

Stock
Prices

Sensitive Commodity Prices

U, L, L

L, L, L

Timing Class

92. Change in sensitive prices
Year
and
month

Monthly
data

Smoothed
data2

23. Index of
industrial
materials
prices©

L, L, L

19. Index of
stock prices,
500 common
stocks©

Profits and Profit Margins

L, L, L

L, L, L

Corporate profits after taxes
16. Current
dollars
(Ann. rate,
bil. dol.)

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

L,C, L

L, C, L

Corporate profits after taxes
with IVA and CCA 1
79. Current
dollars
(Ann. rate,
bil. dol.)

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

L, L, L

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

(Percent)

(Percent)

-1.03
-0.86
-1.00

-1.04
-1.36
-1.23

180.1
181.1
182.3

72.56
80.10
83.78

54'.6

42!3

28.8

23*.4

l'.2

0.96
1.68
0.45

-0.63
0.13
0.79

186.4
184.2
173.2

84.72
90.10
92.40

61 '.0

47*.8

41 !s

33.0

7*.9

July
August
September

-1.07

0.69
0.30
0.64

171.5
179.6
184.2

92.49
85.71
84.67

72J

55!5

5CL5

39J

9!6

October
November
December

-0.86
-0.61

1.07
0.78
0.43

181.9
179.8
180.6

88.57
90.07
88.70

74J

55!6

48!4

36\9

9J

183.6
186.6
193.2

96.86
100.64
101.08

79.*7

59.6

53*.7

4CL5

9!3

2.73

0.72
0.74
0.44

2.36
0.41
1.15

0.66
1.36
1.57

200.9
202.7
205.2

101.93
101.16
101.77

82.7

6K3

52!9

39!e

<L5

2.39
0.67

214.1
209.6
206.2

104.20
103.29
E)105.45

85!l

62'.4

E>5o'.9

{H>4l'.9

H>9'.6

-0.47

1.31
1.36
1.13

3.67
3.54

1.08
1.77

101.89
101.19
104.66

Dr62.8

r50.4

r36.9

9.5

103.81
100.96
100.57

(NA)

(NA)

(1967=100)

(1941-43=10)

1975

January
February
March
April
May
June

1.35
2.84

2.67

1976

January
February
March

1.07

.

....

April
May
June
July
August
.
September

....

October
November
December

-2.45

-2.21

Dl.96

201.6
201.0
203.2

-1.20
0)3.96

0.86
0.11
0.94

210.2
216.4
H>.222.8

1X86.8

1977

January
February
March
April
May
June

2.31

3

222.3

(NA)

(NA)

(NA)

"99.49

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by[H>; for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 29, and 30. *IVA means inventory valuation adjustment; CCA means capital consumption adjustment.
2
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 3Average for
April 5, 12, and 19. "Average for April 6, 13, and 20.




APRIL 1977

ItUI

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Qj PRICES, COSTS, AND PROFITS-Con.
Profits and Profit Margins-Con.

U,L, L

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

(Percent)

Year
and
month

L, L, L

81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income1

Timing Class

(Cents)

Unit Labor Costs and Labor Share

Cash Flows

L, L, L

L, L, L

L, L, L

17. Ratio, price
Net cash flow, corporate
to unit labor
cost index,
manufacturing 34. Current
35. Constant
dollars
(1972) dollars
(1967=100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Lg, Lg, Lg

63. Index of
unit labor cost,
private business
sector

(1967=100)

Lg, Lg, Lg

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

Lg, Lg, Lg

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

(1967=100)

Lg, Lg, Lg

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

1975

January
February
March

3. *5

3.8

118.2
117.1
114.8

los'.y

84!s

162!9

0.863

143.5
144.5
147.0

78.6

April
May
June

5J

4^4

117.2
117.4
119.0

ii7!6

89^4

166!7

0.847

144.6
144.7
143.2

lY.2

July
August
September

s'.i

5*.6

120.5
120.4
121.5

isb'.o

97.0

159*.5

0.842

141.9
142.1
141.1

75".8

October
November
December

5*.6

5J

122.2
123.2
123.8

134'.8

98.2

163.3

0.860

142.4
141.8
141.5

76^2

January
February
March

s!g

B'.B

124.9
125.7
125.1

14CK9

loz'.o

164 '.6

0.869

140.9
140.1
141.1

76*.2

April
May
June

s'.s

E>5'.6

125.4
124.9
124.7

ui'.e

103'.4

166^0

0.876

142.0
142.6
143.7

76J

July
August
September

De'.l

5!3

124.2
122.7
122.2

147*.9

E>104'.8

167'.8

0.884

144.4
145.5
146.7

76\2

October
November
December

5.1

5.0

122.9
123.8
125.5

Ifi)rl49.5

r!04.5

r!71.1

[H)r0.904

. ..

1976

147.2
147.1
146.4

76.6

1977

January
February
March

(NA)

(NA)

r!25.3
r!25.7
B)pl26.2

(NA)

(NA)

[H)pl74.i

(NA)

H47.8
r!48.1
E>pl48.5

(NA)

April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 16, 30,and 31.
*IVA means inventory valuation adjustment; CCA means capital consumption adjustment.

APRIL 1977




69

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

j^l MONEY AND CREDIT

Minor Economic
Process

Velocity of Money

Money

L, L, L

Timing Class

85. Change in
money supply
(M1)

Year
and
month

(Percent)

L, L, L

L, C,U

102. Change
in money
supply plus
time deposits
at commercial
banks (M2)
(Percent)

104. Change in total liquid assets

Monthly
data
(Percent)

Smoothed
data 1
(Percent)

105. Money
supply (M1)
in 1972
dollars

(2)
0.39
0.59
0.74

0.65
0.65
0.61

0.39
0.45
0.57

225.9
224.6
225.3

0.58
1.13

0.66
0.99
1.13

0.64
0.70
0.84

0.95
0.73
0.69
0.97

0.00
0.71

(Bil.dol.)

(Bil.dol.)

-0.35

January
February
March

106. Money
supply (M2)
in 1972
dollars

107. Ratio,
gross national
product to
money supply
(M1)

(2)

1975

C,C,C

L, L, L

L, L, L

(2)

(2)

(Ratio)

(O

C, Lg, C

Credit Flows

L, L, L

33. Net change
108. Ratio,
personal income in mortgage debt
to money supply held by financial
institutions and
(M2)
life insurance
companies
(Ann. rate,
(Ratio)
bil.dol.)

(O

492.2
492.3
494.1

5.114

1.951
1.943
1.939

28.50
30.83
29.62

224.7
225.9
226.7

494.4
497.8
500.7

5.152

1.937
1.931
1.952

32.40
34.86
37.22

0.97
0.98
0.86

225.4
225.6
225.2

500.1
500.8
500.7

5.289

1.934
1.949
1.956

34.90
40.06
47.90

0.79
0.90

223.6
224.1
222.4

499.8
501.9
501.1

5.391

1.968
1,964
1.969

56.75
42.60
48.92

.

April
May
June

0.25
0.98
1.11

July
August
September

0.34
0.38
0.27

0.81
0.45
0.40

October
November
December

-0.10

H)1.35

-0.27

0.44
0.96
0.33

0.17
0.51
0.44

0.90
1.18
0.65

0.81
0.94
0.67

1.00
0.90
0.82

221.4
222.3
222.7

502.6
507.9
510.0

5.515

1.970
1.963
1.966

44.46
50.27
58.14

0.75

H>1.34

0.75

0)1.01

1976

January
February
March
April
May
June

1.17

..

0.56

-0.10

1.04

0.84

0.74
0.36

D1.24

0.81
0.76

0.86
0.86

224.6
224.3
223.2

513.8
514.3
514.0

5.532

1.958
1.959
1.963

45.77
44.83
44.23

1.06
0.67
0.75

0.87
0.85
0.83

223.5
r223.5
r223.1

516.7
r518.1
r520.6

r5.586

1.958
1.950
rl.943

57.88
52.64
50.72

1.25
0.90
0.87

0.86
0.93
0.99

r224.9
r224.3
E>r225.0

r525.6
r528.4
H>r531.8

r5.606

rl.935
rl.943
rl.947

57.64
[H)67.14
65.42

rl.03
rO.76
pO.47

rO.97
rO.91
pO.82

r224.3
r222.3
p222.0

r531.6
r529.4
p529.6

(H}p5.69C)

rl.935
rl.951
E>pl.970

r56.12
p60.24

July
August
September

0.59

1.00

rO.49
rO.13

rO.74
rO.83

October
November
December

rl.17
rO.03
rO.71

rO.83
rl.04

1.31

1977

January
February
March

rO.48
pO.51

rO.55
pO.67

3

April
May
June

0.77

0.06

3

1.91

(NA)

1.46

July
August
September
October
November
December

. ...

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated byH); for
series that move counter to movements in^general business activity,current low values are indicated by [R>. Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 32, and 33.
x
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 2See "New
Features and Changes for This Issue," page iii. 3Average for weeks ended April 6 and 13.

70




APRIL 1977 IM Jl

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

I I MONEY AND CREDIT-Con.
R

Minor Economic
Process
Timing Class

Credit Flows-Con.

L, L,L

....

L, L,L

112. Net change
in bank loans
to businesses

Year
and
month

(Ann. rate,
bil.dol.)

113. Net
change in
consumer installment
debt
(Ann. rate,
bil.dol.)

L, L, L

110. Total
private
borrowing

L, L, L

U L, L

(Ann. rate,
mil.dol.)

1,11,11

39. Delinquency 93. Free
rate, 30 days
reserves©
and over, consumer installment loans

14. Current
liabilities
of business
failures©

(Mil.dol.)

Interest Rates

Bank Reserves

Credit Difficulties

(Percent)

(Mil.dol.)

L, Lg, U

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

L, Lg, Lg

119. Federal
funds rate©

(Percent)

C, Lg, Lg

114. Treasury
bill rate©

(Percent)

1975
January
February
March

-11 .59
-39.71
-17.42

-1 75
3.80
-3 19

97,252

April
May
June . .

-22 73
-22 70
-18.34

0 20
-3 62
5 38

109 644

July
August
September

-7.32
-18 72
2 80

15 43
10 06
11 92

128 060

5 57
9 28
in ML

14 17
icon

October
November
December

....

U

391 14
384.76
343 35

2 59
2.71
9 Q4

372 08
357 79
175 92

2 74

242 03
222 44
205 53

onn

1 67

710

6

147
i nfi

-441
95

6.24

5.58

5

C/I

r

5
5
S

AQ

5 £Q
5 . 09
6c

i in

9

fiR

cp

en

9

fi^

poo

971

9

fin

P7c

P£l

nn

91 1

-i oc
- 1 OD

oyb

9 fi£.

P9
ec

r

AQ
C/l

"in

6 1n
6.1 A
14
6 . 9/1
<i4

6 1£
6 . /1 C
4b

CQC

Q9
5 .0£

6.08
5.47
5.50

£.Q

1 9Q^ 3Q
pep 07

9

ZLR

*">

^ .9Q
^y

OC7
C.D/

i yi
61

H>136.88

ICC

oo

9

/1 7
2 .47

148

127

5.22
5.20

2 .49
2.46
2.45

139
-51
386

79
76
58

4.87
4.77
4.84

4.96
4.85
5.05

2.34
2.41
2.40

56
272
17

44
121
120

4.82
5.29
5.48

4.88
5.18
5.44

2.39
2.39
2.36

-29
221
243

123
104
75

5.31
5.29
5.25

5.28
5.15
5.08

2.53
H)2.19
2.40

155
301
122

66
84
62

5.03
4.95
4.65

4.93
4.81
4.35

b1
4 . C1

4 .bu
en

4.68
4.69

4.66
4.61

OQ£

on
oU

1Q 1

6.38

1976
January
February
March

_OQ HA

1 o 04

-0.68

13.48

on 07

1 7 fiR

April
May
June

A7

1 Q£

U
U

9

CC

1 R Q£

July
August
September

1 £ AS

1 c; C.A
1 fi 8A
1 7 77

October
November
December

QQ

A

QA

10

79

?1 QZL

....

fu\pQ nn
i n ?R

pc7

159,272

pnc

l 9
CQ

170 nnn

QP

Af)

poo

po

070 c/i
616. o4
one
oOb. j~ c
bb

1 Q£ AQ£

PCO QC
prn op

i o 77

U

n-j

211.76
247.55

i po C7

[jj\nppc: ccp

P77 cr\

pnn AA

91 88

1977
January
February
March .

r-9 79
....

Q-3

n7 Qn
x

April
May
June
July
August
September

rlQ

po np
fjj\0/l

"ICQ

/'MA \
(IMA)

p£

/MA\
(NA;

C/l
loo. b4
( MA
(NA)\

/«.!« \

(NA)

A A1
44 1

r-102
pi 72

c1
bi
79
pill

11 c A

-6 95

1

AA

2

A fiQ

3

A cc

.. .

October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated byED; for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 33, 34, and 35.

*Average for weeks ended April 6, 13, and 20.
April 7, 14, and 21.

ItO

 APRIL 1977


2

Average for weeks ended April 6, 13, 20, and 27.

3

Average for weeks ended

71

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS . . . . . . . .

H MONEY AND CREDIT-Con.
9

Minor Economic
Process

Interest Rates-Con.

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

116. Corporate
bond yields®

11 5. Treasury
bond yields®

1 17. Municipal
bond yields®

118. Secondary
market yields
on FHA
mortgages®

(Percent)

Timing Class

(Percent)

(Percent)

(Percent)

Year
and
month

Outstanding Debt

Lg, Lg, Lg

67. Bank rates
on short-term
Business loans,
35 cities®

(Percent)

Lg, Lg, Lg

109. Average
prime rate
charged by
banks®

(Percent)

Lg, Lg, Lg

66. Consumer
installment
debt

(Mil.dol.)

Lg, Lg, Lg

72. Commercial
and industrial
loans outstan ding, weekly
reporting large
commercial
banks
(Mil.dol.)

Lg, Lg, Lg

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

1975

January
February
March

9.17
8.84
9.48

6.68
6.66
6.77

6.82
6.39
6.74

8.99
8.84
8.69

9^94

April
May
June

9.81
9.76
9.27

7.05
7.01
6.86

6.95
6.97
6.95

(NA)
9.16
9.06

July
August
September

9.56
9.70
9.89

6.89
7.11
7.28

7.07
7.17
7.44

9-.13

October
November .
December

9.54
9.48
9.59

7.29
7.21
7.17

7.39
7.43
7.31

January
February
March

8.97
8.71
8.73

6.93
6.92
6.88

April
May
June

8.68
9.00
8.90

July
August
September
October
November
December

10.05
8.96
7.93

152,051
152,368
152,102

133,817
130,508
129,056

12.68
12.68
12.59

8J6

7.50
7.40
7.07

152,119
151,817
152,265

127,162
125,270
123,742

12.54
12.41
12.15

8.22

7.15
7.66
7.88

153,551
154,389
155,382

123,132
121,572
121,805

12.26
12.18
12.17

9.53
9.41
9.32

8.29

7.96
7.53
7.26

156,563
157,887
159,377

122,269
123,042
123,887

12.13
12.14
12.18

7.07
6.94
6.92

9.06
9.04
(NA)

7!54

7.00
6.75
6.75

160,480
161,603
163,076

121,550
121,493
118,212

12.15
12.14
12.15

6.73
7.01
6.92

6.60
6.87
6.87

8.82
9.03
9.05

7!44

6.75
6.75
7.20

164,503
165,977
167,307

114,268
114,103
114,900

12.16
12.18
12.21

8.76
8.59
8.37

6.85
6.82
6.70

6.79
6.61
6.51

8.99
8.93
8.82

7!s6

7.25
7.01
7.00

168,610
170,013
171,494

113,343
112,931
113,824

12.21
12.27
12.32

8.25
8.17
7.90

6.65
6.62
6.38

6.30
6.29
5.94

8.55
8.45
8.25

7.'28

6.78
6.50
6.35

173,058
174,301
176,124

115,652
117,985
118,839

12.32
12.26
12.24

7.97
8.18
8.33

6.68
7.16
7.20

5.87
5.89
5.89

8.40
8.50
8.58

(NA)

6.25
6.25
6.25

178,042
H)180,064

rl!8.023
rl!9,592
|H)pl20,250

DH2.35
p!2.32

8.29

V.14

9.32
9.74

1976

1977

January
February
March
April
May
June

X

. . .

2

5.74

3

6.25

(NA)

(NA)

"119,671

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by[fi); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 16,35, and 36.
1
Average for weeks ended April 1, 8, 15, and 22. 2Average for weeks ended April 7, 14, and 21. 3Average for April 1 through 26.
**Average for weeks ended April 6, 13, and 20.

72



APRIL 1977 IMAw

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

^yj DIFFUSION INDEXES

Year
and
month

950. Twelve leading
indicator components
(series 1,3, 8, 12,19,
20,29,32,36,92, 104,

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

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

961 . Average workweek
of production workers,
manufacturing (21
industries)

105)

1-month
span

6-month
span

1-month
span

8.3

25.0
41.7
66.7

25.0
25.0

6-month
span

1 -month
span

6-month
span

1-month
span

9-month
span

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

1-month
span

9-month
span

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

1-month
span

6-month
span

1975

January
February
March

50.0
66.7

April
May
June

83.3
87.5
91.7

91.7

62.5

75.0

100.0

100.0

91.7

75.0

100.0
100.0

0.0
0.0
0.0

July
August
September

83.3
54.2
58.3

83.3
75.0
66.7

100.0
100.0
100.0

100.0
100.0
100.0

50.0
33.3
33.3

16.7
16.7
50.0

October
November
December

58.3
58.3
41.7

83.3
66.7
75.0

100.0
62.5
87.5

100.0
100.0
100.0

83.3
33.3
33.3

58.3
66.7
70.8

75.0
91.7
79.2

100.0
100.0
100.0

100.0
100.0
100.0

50.0
54.2
58.3

75.0
66.7
66.7

100.0
62.5

100.0
100.0

100.0

75.0

45.8

75.0
75.0
50.0

0.0

0.0
0.0

0.0

6.4

14.3
11.9
35.7

26.2
19.0

55.3
29.8
55.3

12.8
36.2

16.9
16.9
27.3

13.7
12.8
18.9

61.9
47.6
83.3

57.1
61.9
73.8

44.7
66.0
46.8

70.2
68.1
57.4

44.2
51.2
39.8

29.1
40.7
59.0

83.3
88.1
76.2

90.5
90.5
95.2

68.1
42.6
28.7

80.9
97.9
97.9

57.3
72.4
81.4

63.4
66.6
72.4

16.7
50.0

66.7
73.8
88.1

95.2
90.5
45.2

61.7
61.7
89.4

97.9
85.1
70.2

64.0
59.6
69.2

78.8
79.4
77.6

50.0
33.3
75.0

16.7
66.7
58.3

66.7
31.0
31.0

90.5
66.7
61.9

68.1
36.2
42.6

76.6
78.7
76.6

76.7
74.4
77.9

82.8
83.1
77.0

75.0
75.0
83.3

83.3
83.3
83.3

16.7
90.5
21.4

47.6
14.3
11.9

55.3
27.7
48.9

53.2
23.4
14.9

77.9
63.4
47.1

77.0
71.5
70.9

75.0
66.7
75.0

100.0

100.0
100.0

42.9
23.8
23.8

40.5
54.8
52.4

51.1
27.7
38.3

29.8
63.8
44.7

52.9
49.1
68.9

55.2
55.2
61.9

100.0
100.0
3
100.0

75.0
16.7
16.7

83.3
83.3

71.4
78.6
57.1

r40.5
p59.5

69.1
55.3
83.0

66.0
72.3

39.0
64.2
68.3

r70.1
r70.3
P75.9

25.0

16.7
25.0
33.3

16.7
16.7
16.7

0.0
0.0
0.0

8.3

1976

January
February
March
April
May
June

....

July
August
September

r37.5

r58.3
r58.3

33.3

75.0

October
November
December

50.0
58.3
58.3

58.3

25.0

r54.2
2
50.0

100.0
100.0

75.0

66.7
83.3

"75.0

1977

January
February
March

2

16.7
50.0

60.0

25.0
3

100.0
100.0

66.7
75.0
"87. 5

r4.8
r90.5
P50.0

29.8
55.3
66.0

r71.5
r62.5
P77.3

April
May
June
July
August
September
October
November
December ....
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span. Diffusion indexes 961, 962, and 963 are computed from seasonally adjusted components; indexes 950, 951, and 952 are computed from the components of the composite indexes. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
Component data are not available for publication and therefore are not shown in table C2.
2
Excludes series 12 and 36 for which data are not yet available.
Excludes series 57 for which data are not yet available.
"Excludes series 70 and 95 for which data are not yet available.

ItCII

APRIL 1977


73

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

B I DIFFUSION INOEXES-Con.
H

Year
and
month

964. Value of manufacturers' new orders,
durable goods industries (35 industries)

1 -month
span

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

9-month
span

1 -quarter
span

4-Q moving
avg.

966. Index of industrial
production (24
industries)

1 -month
span

6-month
span

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

1 -month
span

968. Index of stock
prices, 500 common
stocks® (62-65
industries) 2

9-month
span

1 -month
span

9-month
span

62.0
98.5

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

1 -quarter
span

4-quarter
span®

1975

January
February
March

37.1
45.7
42.9

25.7
22.9
48.6

27

April
May
June

75.7
34.3
55.7

62.9
60.0
71.4

48

July
August
September

80.0
45.7
45.7

68.6
85.7
74.3

30

October
November
December

65.7
48.6
54.3

77.1
85.7
80.0

68

January
February
March

54.3
68.6
62.9

97.1
82.9
87.1

56

April
May
June

55.7
50.0
50.0

82.9
82.9
82.9

59

July
August
September

64.3
47.1
50.0

68.6
71.4
82.9

42

October
November
December

40.0
51.4
71.4

80.0

p53

pSO.O

8.3

48

*34

25.0
33.3
20.8

16.7
54.2

53.8
42.3
38.5

11.5
15,4
15.4

95.4
93.8
86.2

100.0

70.8
83.3
87.5

46.2
38.5
61.5

38.5
61.5
61.5

69.2
61.0
70.8

95.4
93.8
89.2

53

43

70.8
62.5
85.4

87.5
95.8
91.7

57.7
65.4
76.9

53.8
53.8
46.2

64.6
40.0

80.8
66.2
90.8

70

*50

87.5
79.2
75.0
50.0

46.2
42.3
50.0

46.2
61.5
69.2

70.8
64.6
26.2

87.7
80.0
80.0

58

6.2

'57

'68

*53

62.5

91.7
91.7
95.8

87.5
83.3
83.3

76.9
42.3
88.5

53.8
69.2
65.4

100.0
83.1
53.1

90.8
93.8
95.4

62

*56

70.8
83.3
52.1
52.1
62.5

66.7
70.8
62.5

53.8
61.5
84.6

69.2
69.2
61.5

31.5
41.5
50.8

89.2
93.8
64.6

57

75.0
66.7
83.3

73.1
46.2
50.0

84.6
76.9
84.6

80.0
43.1
56.2

45.4
56.5
62.9

55

r68.8
r70.8
p85.4

61.5
69.2
61.5

84.6
69.2

15.4
50.8
91.9

57.3
56.5

'so

52

r81.2

*75

1976

p53

r56.2
r56.2

(NA)

66.7
64.6
52.1
62.5

r54.2

3

42.3

'69

'66

p63

1977

January
February
March
April
May
June

54.3

r54.3
p54.3

(NA)

r33.3
r75.0
p89.6

69.2
38.5
61.5
3

.

46.0
27.4
43.5

p49

30.8

. . . .

July
August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter, 3-quarter indexes on
the 1st month of the 3d quarter, and 4-quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment, and
index 969, which is adjusted as an index (1-quarter span only). Unadjusted series are indicated b y ® . The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
x
This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference
Board.
2
Based on 65 components through November 1976, and on 62 components thereafter. Component data are not shown in table C2
but are available from the source agency.
3
Average for April 6, 13, and 20.




74

APRIL 1977

ItCII

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

DIFFUSION INDEXES-Con.

Year
and
quarter

a. Actual
expenditures

(1-Qspan)

b. Later
anticipations

c. Early
anticipations

(1-Qspan)

(1-Qspan)

Anticipated

Actual

(4-Qspan)

973. Net sales, manufacturing
and trade 1 ®

972. Net profits, manufacturing
and trade 1 ®

971. New orders, manufacturing 1 ®

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

(4-Qspan)

(4-Q span)

(4-Qspan)

(4-Qspan)

Anticipated

Actual

Anticipated

Actual

(4-Qspan)

1974

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

77.8
86.1
61.1
63.9

72.2
77.8
61.1
55.6

75.0
86.1
69.4
61.1

82
74
59

86
80
85
80

74
76
71
63

74
79
77

70

78
86
82

38.9
44.4
38.9
36.1

36.1
41.7
50.0
61.1

66.7
52.8
66.7
61.1

50
54
64
71

72
59
70
73

52
53
58
66

58
66
67

57
58
66
70

75
62
73
74

66.7
80.6
72.2
47.2

61.1
77.8
72.2
63.9

75.0
61.1
66.7
83.3

80
80
78
78

82
84

76
74
72
74

76
80
84
82

82
81

82
84
90
87

(NA)

61.1

66.7
66.7

(NA)

80

(NA)

78
80

(NA)

82

82

1975

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

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

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

DIFFUSION INDEXES-Con.

Year
and
quarter

974. Number of employees,
manufacturing and trade 1 ®

975. Level of inventories,
manufacturing and trade 1 ®

976. Selling prices, manufacturing 1 ®

977. Selling prices, wholesale
trade 1 ®

Actual

Actual

Actual

Actual

Anticipated

Anticipated

Anticipated

(4-Qspan)

(4-Qspan)

(4-Qspan)

58
59
56
49

61
56
60
58

78
79
78
69

70
67
72
72

92
96
94

44
44
48
52

53
48
54
54

58
52
56
57

64
54
50
54

57
58

56
60
62
60

62
65
68
69

60
64
70

59
60

(NA)

65
68

(4-Q span)

(4-Qspan)

Anticipated

(4-Q span)

(4-Q span)

92
90

96
94
91

94
92
91

81
78
78
78

86
76
68
74

79
81
81

87
74
70
76

82
80
82

75
78
80
80

84
80
80

78
81

(NA)

(4-Qspan)

978. Selling prices, retail
trade 1 ®
Anticipated

Actual

(4-Qspan)

(4-Qspan)

1974

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

92
97
96
92

87
89
92
93

80
84
86

88
75
72
79

1975

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

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

58

80
82
82
84

92
86

81
82
84

1977

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

(NA)

(NA)

(NA)

84

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted except those, indicated by ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 39.
x
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet,
Inc. Dun and Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.

IICII

 APRIL 1977


75

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Ql SELECTED DIFFUSION INDEX COMPONENTS: Bas c Data and Direct ons of Change

Diffusion index components

1976

August

September

October

1977

November

December

Februaryr

January

MarchP

961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING l
(Average weekly hours)

All manufacturing industries

-

Percent rising of 21 components

. .

40.0

-

39.7

+

(24)

(24)

39.9

+

40.1

-

(79)

(71)

-

40.0

r39.5

+

(5)

(57)

40.2

+

40.3
(50)

(90)

Durable goods industries:

-

40.7
40.2
38.5

-

40.1
39.8
38.0

+
+
+

40.6
40.3
38.4

o
o
+

40.6
40.3
38.6

+
o
o

41.0
40.3
38.6

-

r39.9
r37.0

+
+

40.4
40.3
37.8

+
+

40.5
39.9
38.6

+
-

41.1
40.9

-

40.9
40.3

+
-

41.4
40.2

+

41.2
40.3

o

41.2
40.1

-

r39.9
r40.0

+
+

41.1
40.6

o
+

41.1
40.9

o
-

41.0
41.4

-

40.6
40.8

+

40.4
41.2

+
+

40.8
41.5

-

40.5
41.2

-

r39.9
r40.6

+
+

40.6
41.3

+
+

40.7
41.5

Electrical equipment and supplies
Transportation equipment

o
-

40.1
41.9

-

39.7
41.1

+
+

40.0
41.2

+
+

40.3
42.0

-

40.2
41.1

+

r39.4
r41.4

+
-

40.6
41.3

+

40.3
42.9

Instruments and related products
Miscellaneous manufacturing industries

-

40.4
38.5

-

39.9
38.2

+
+

40.3
38.7

+
+

40.4
39.0

+
-

40.7
38.9

-

r39.8
r38.2

+
+

40.7
39.5

-

40.1
38.9

Food and kindred products
Tobacco manufactures

+
+

40.1
36.8

+
+

40.2
37.1

+
+

40.3
37.5

+
-

40.4
36.9

+

40.1
37.5

-

r39.5
r36.1

+
+

40.1
37.5

+
-

40.3
36.7

Textile mill products
Apparel and other textile products

-

39.3
35.2

-

39.0
34.9

+
+

39.4
35.0

+
+

39.8
35.1

+
+

40.1
35.3

-

r39.7

+
+

40.4
35.5

+
+

40.6
35.6

Paper and allied products
Printing and publishing

-

42.1
37.5

+
-

42.2
37.4

+

42.1
37.5

+
+

42.4
37.6

+
+

42.6
37.7

-

r41.9

+
+

42.8
37.8

-

42.7
37.7

Chemicals and allied products
Petroleum and coal products

+

41.3
42.3

+
-

41.9
42.2

-

41.6
42.0

+
-

41.7
41.9

o
+

41.7
42.5

-

r42.3

+
+

42.9
42.4

+

41.9
42.6

-

40.0
36.7

+
-

40.5
36.5

+
-

41.1
36.4

+
o

41.2
36.4

+
+

41.5
36.5

-

r40.9
r35.3

+
+

41.5
36.6

-

41.3
36.4

Ordnance and accessories
Lumber and wood products
Furniture and fixturss
Stone, clay, and glass products
Primary metal industries

..

.

Fabricated metal products
Machinery, except electrical

. . .
. . ..

40.5

Nondurable goods industries:

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

.

..

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

- 50,380

Percent rising of 35 components

- 50,068

(47)

+ 50,993

(50)

+ 52,424

(40)

+ 57,265

(51)

34.2

37.4
41.6

2

- 54,943

+ 55,159

(54)

(71)

+ 58,932

(54)

(54)

Primary metals
Fabricated metal products

-

7,340
6,586

+
-

7,556
6,280

+

7,019
6,425

+
+

7,529
6,805

+

7,252
7,072

+
-

7,987
6,924

+

7,974
6,960

+
+

8,691
7,913

Machinery except electrical
Electrical machinery

+

9,082
6,088

+
-

9,283
5,963

+
+

9,413
6,463

-

9,336
6,408

+
+

9,629
7,139

+ 10,219
- 6,871

-

9,998
6,713

-

9,365
6,067

Transportation equipment
Other durable goods industries

- 11,203
+ 10,081

+ 15,580
+ 10,593

- 12,340
+ 10,602

+ 12,540
+ 10,974

+ 10,751
+ 10,234

+ 11,431
+ 10,242

+ 12,191
- 10,155

+ 15,081
+ 11,815

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.
x
Data are seasonally adjusted by the source agency.
2
Data for most of the 35 diffusion index components are not available for publication; however, they are all included in the
totals and directions of change for six major industry groups shown here.

76




APRIL 1977

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

JQ SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.

1976

Diffusion index components

August

September

October

1977

November

December1^

Januaryr

+

-

+

March p

February r

966. INDEX OF INDUSTRIAL PRODUCTION l
(1967=100)
All industrial production

+
2

Percent rising of 24 components

131.3

-

130.4

(65)

(67)

130.8

(52)

+

131.8
(62)

133.1

132.0
(33)

(54)

133.3

+ 135.1
(90)

(75)

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

+
+

118.6
125.8

+

114.1
126.6

-

109.9
123.5

+

107.3
126.7

+

102.7
128.2

-

99.2
125.3

+
+

100.4
125.5

+ 102.8
+ 127.9

Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments

+
+
+
-

136.4
135.3
115.0
149.6

+
-

136.8
133.7
104.4
148.7

+
+
+

134.1
135.0
104.7
150.3

+
+
+
o

137.5
135.8
112.7
150.3

+
+
+

141.2
135.6
118.2
155.7

-

139.6
134.0
113.5
153.7

+
+
+

139.5
138.6
113.7
156.8

+
+
+
o

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

+
+

138.1
128.1

+
+

138.4
128.7

o
+

138.4
130.7

+
-

142.2
129.0

-

142.0
127.5

+

137.2
132.7

+
-

140.1
132.2

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

+
-

134.4
142.1

+

133.0
143.8

+
-

134.5
142.2

+

134.0
143.7

+
+

135.7
146.8

-

134.1
146.4

+
+

134.8
149.6

-

135.1
123.7
77.3

+
+

135.7
122.5
77.9

+

134.2
126.4
77.2

-

132.2
125.9
75.8

+
+

133.3
128.0
73.4

+

131.8
123.6
74.8

+

133.7
(NA)
75.2

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

+

140.9
140.2
124.1
156.8

(NA)
(NA)

+

(NA)
149.8

(NA)
(NA)
(NA)

Paper and printing
Paper and products
Printing and publishing

+
-

134.6
120.6

o

132.1
120.6

+
-

132.3
119.2

+
+

132.5
119.3

+

131.8
123.1

+

130.6
124.7

+

134.9
124.5

+ 135.9
+ 125.1

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

+
-

170.4
133.8
186.1

+
+
+

170.5
134.1
212.4

+
-

170.6
130.2
211.1

+
+
+

174.2
135.8
215.7

+
-

173.5
138.9
212.3

+
-

172.0
141.3
211.9

+
+
+

174.6
145.1
214.7

(NA)
+ 145.6
(NA)

Foods and tobacco
Foods
Tobacco products

+
+

133.4
114.8

+
+

135.7
115.4

+

134.7
118.3

o
+

134.7
119.7

-

134.3
119.1

+
-

134.6
115.0

+

136.0
(NA)

+
+

112.6
112.3

+
+

121.3
113.3

+

132.3
112.5

-

125.1
112.4

+
+

125.9
112.8

+

95.3
113.5

+
+

100.8
114.1

+
+

127.5
119.0

+

123.6
119.2

+
+

127.4
120.0

+
+

128.1
121.4

+
-

130.4
117.9

+
+

136.6
121.6

-

136.3
120.2

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

(NA)
(NA)

+ 123.9
+ 117.0
(NA)
(NA)

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) - unchanged, and (-) - falling. The "r " indicates revised;
"p", preliminary; and "NA", not available.
l
Data are seasonally adjusted by the source agency,
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.

 APRIL 1977


77

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

|
H SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.
1976

Diffusion index components

August

October

September

1977

November

December

January

March

February

April

x

967. INDEX OF INDUSTRIAL MATERIALS PRICES 2

Industrial materials price index (1967=100) . . . .
Percent rising of 13 components .
Copper scrap

Lead scrap

.

-

..

209.6

-

206.2

-

(50)

(46)

201.6

-

(62)

+ 203.2

201.0

+

(62)

(69)

210.2

+

(69)

216.4

+

222.8

-

(62)

(38)

222.3
(31)

(pound). .
(kilogram). .
.

Steel scrap

-

0.518
1.142

+

0.530
1.168

-

0.443
0.977

+

0.447
0.985

+

0.489
1.078

+

0.523
1.153

-

0.516
1.138

-

0.497
1.096

-

0.450
0.992

(pound). .
(kilogram). .

+

0.091
0.201

+

0.093
0.205

+

0.099
0.218

-

0.095
0.209

-

0.093
0.205

+

0.101
0.223

+

0.119
0.262

+

0.128
0.282

-

0.123
0.271

(U.S. ton). .
(metric ton). .

- 84.681
93.344

- 74.211
81.803

- 63.126
69.584

+ 64.024
70.574

+ 69.767
76.904

+ 73.375
80.881

- 69.170
76.246

- 66.667
73.487

- 65.348
72.033

Tin

(pound). .
(kilogram). .

-

3.704
8.166

-

3.670
8.091

+

3.837
8.459

+

3.914
8.629

+

4.119
9.081

+

4.236
9.339

+

4.616
10.176

+

4.725
10.417

-

4.253
9.376

Zinc

(pound). .
(kilogram). .

+

0.389
0.858

+

0.407
0.897

-

0.394
0.869

-

0.381
0.840

-

0.373
0.822

-

0.370
0.816

-

0.364
0.802

+

0.369
0.813

-

0.365
0.805

(yard).
(meter). .

o

0.176
0.192

-

0.174
0.190

+

0.178
0.195

+

0.182
0.199

+

0.185
0.202

-

0.179
0.196

-

0.174
0.190

-

0.173
0.189

+

0.176
0.192

(pound). .
(kilogram). .

-

0.697
1.537

o

0.697
1.537

+

0.744
1.640

+

0.777
1.713

-

0.738
1.627

-

0.679
1.497

+

0.741
1.634

+

0.814
1.795

-

0.750
1.653

(yard). .
(meter). .

+

0.591
0.646

-

0.583
0.638

+

0.588
0.643

-

0.574
0.628

-

0.566
0.619

+

0.575
0.629

-

0.573
0.627

+

0.577
0.631

+

0.587
0.642

Wool tops

(pound).
(kilogram). .

0

2.537
5.593

-

2.527
5.571

+

2.574
5.675

+

2.666
5.877

+

2.669
5.884

+

2.699
5.950

+

2.738
6.036

+

2.758
6.080

-

2.726
6.010

Hides

(pound)
(kilogram). .

+

0.415
0.915

+

0.427
0.941

-

0.366
0.807

-

0.333
0.734

+

0.378
0.833

+

0.456
1.005

-

0.430
0.948

+

0.434
0.957

-

0.390
0.860

Burlap

Cotton, 12-market average

Print cloth, average

Rosin

.. .

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

+ 27.445
60.505

- 27.147
59.848

+ 27.228
60.027

+ 28.156
62.073

+ 28.934
63.788

- 27.886
61.477

+ 28.759
63.402

- 28.358
62.518

- 28.274
62.333

Rubber

(pound). .
(kilogram). .

-

0.405
0.893

+

0.419
0.924

+

0.439
0.968

+

0.459
1.012

-

0.398
0.877

+

0.413
0.910

-

0.394
0.869

+

0.399
0.880

+

0.405
0.893

Tallow

(pound). .
(kilogram). .

-

0.124
0.273

+

0.140
0.309

-

0.137
0.302

+

0.149
0.328

+

0.162
0.357

+

0.163
0.359

-

0.160
0.353

-

0.159
0.351

+

0.176
0.388

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.
Average for April 5, 12, and 19.
2
Series components are seasonally adjusted by the Bureau of Economic Analysis. The industrial materials price index is not
seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.

78




APRIL 1977

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

G N P A N D PERSONAL INCOME

Year
and
quarter

50. Gross national product in 1972 dollars

a. Total

a. Total

b. Difference

c. Percent
change at
annual rate

c. Percent
change at
annual rate

b. Difference

217. Per capita
GNPin1972
dollars

213. Final sales
in 1972 dollars

(Ann. rate,
dollars)

200. Gross national product in current dollars

(Ann. rate,
bil. dol.)

1,219.1
1,211.4
1,207.8
1,183.7

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1,372.7
1,399.4
1,431.6
1,449.2

17.6
26.7
32.2
17.6

5.3
8.0
9.5
5.0

1,230.4
1,220.8
1,212.9
1,191.7

-12.2
-9.6,
-7.9
-21.2

-3.9
-3.1
-2.6
-6.8

5,821

1,446.2
1,482.3
1,548.7
1,588.2

-3.0
36.1
66.4
39.5

-0.8
10.4
19.1
10.6

1,161.1
1,177.1
1,209.3
1,219.2

-30.6
16.0

-9.9
5.6

5,454

32.2
9.9

11.4
3.3

5,656

5,691

1,181.6
1,198.2
1,210.2
1,224.7

1,636.2
1,675.2
1,709.8
1,745.1

48.0
39.0
34.6
35.3

12.6
9.9
8.5
8.5

1,246.3
1,260.0
1,272.2
1,280.4

27.1
13.7
12.2

3.2

9.2
4.5
3.9
2.6

5,808
5,862
5,907
r5,933

1,235.9
1,248.8
1,262.0
1,279.5

pi,792.5

p47.4

pll.3

pi,296.8

p!6.4

p5.2

p5,999

pi,291.9

(Ann. rate,
bil. do!.)

(Ann. rate,
bil. dol.)

1974
First quarter ..
Second quarter
Third quarter..
Fourth quarter

5,767

5,718
5,606

1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter

5,519

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

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

G N P A N D PERSONAL INCOME-Con.

Year
and
quarter

PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars

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

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

231. Total in 1972
dollars

232. Durable goods
in current dollars

233. Dun
in 1972 dollars

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

(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1974
First quarter ..
Second quarter
Third quarter..
Fourth quarter

948.4
969.5
998.0

846.7
840.6

1,015.8

834.0

1,023.8
1,088.2
1,091.5
1,119.9

827.9
869.7

748.1

118.6
122.5
128.0
117.4

114.9
115.0
116.1
103.1

754.6
767.5
775.3
783.9

122.1
127.0
136.0
141.8

106.0
108.4
115.1
118.0

1,043.6
1,064.7
1,088.5
1,122.0

800.7
808.6
829.7

151.4
155.0
157.6
162.0

124.3
125.2
126.2
127.6

pi,156.8

p842.2

p!73.4

p!34.7

4,006
3,970
3,968
3,923

853.3
878.7
906.8

761.8
761.9

911.1

933.2
960.3
987.3

867.5

3,889
4,078
4,009
4,049

1,012.0

1,147.6
1,172.5
1,190.2
1,216.5

880.4
890.5
892.0
899.6

4,103
4,143
4,142
4,168

pi,245.5

p906.£

p4,195

841.7

764.7

1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter

857.1

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

815.7

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

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 41 and 42.

ItCII

APRIL 1977


79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

M PERSONAL CONSUMPTION EXPENDITURES-Con.
|
236. Nondurable
goods in current
dollars

Year
and
quarter

238. Nondurable
goods in 1972
dollars

237. Services in
current dollars

239. Services in
1972 dollars

jQj GROSS PRIVATE DOMESTIC INVESTMENT
240. Total in
current dollars

241. Total in
1972 dollars

242. Fixed investment, total, in
current dollars

243. Fixed investment, total, in
1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

374.1
384.3
394.9
405.2

341.8
342.9
343.7
345.1

216.4
218.8
213.3
211.5

194.8
187.9
176.2
169.1

203.8
205.8
206.0
201.7

183.4
178.5
171.1
161.1

300.6
307.2
306.8
309.5

416.7
427.4
436.7
448.6

348.0
351.8
353.4
356.4

172.4
164.4
196.7
201.4

129.3
126.2
148.7
147.0

194.6
194.3
198.6
205.7

149.8
147.4
149.7
152.5

429.1
434.8
441.8
456.0

314.6
317.6
318.9
325.9

463.2
474.9
489.1
504.0

361.8
365.8
370.6
376.2

229.6
239.2
247.0
242.8

167.1
171.7
175.2
169.8

214.7
223.2
231.9
241.0

156.7
160.6
165.0
169.0

p463.7

p326.0

p519.6

p381.5

p260.2

p!78.7

p252.7

p!73.8

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

360.6
371.9
383.8
388.5

305.1
304.0
304.9
299.8

394.4
405.8
414.6
421.6

(Ann. rate,
bil.dol.)
1974

First quarter
Second quarter
Third quarter
Fourth quarter
1975

First quarter
Second quarter
Third quarter
Fourth quarter

....

1976

First quarter
Second quarter
Third quarter
Fourth quarter
1977

First quarter
Second quarter
Third quarter
Fourth quarter

B
Year
and
quarter

GROSS PRIVATE
DOMESTIC INVEST.-Con.

245. Change in
business inventories in current
dollars
(Ann. rate,
bil.dol.)

^M GOVERNMENT PURCHASES OF GOODS AND SERVICES

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

11.4

261. Total in
1972 dollars

262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

288.0
298.0
308.6
318.5

255.4
256.1
257.1
256.9

325.6
333.2
343.2
353.8

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

106.1
108.9
113.5
118.1

95.3
94.7
95.8
95.4

181.9
189.1
195.1
200.4

160.1
161.4
161.3
161.5

257.1
259.1
262.4
265.2

120.3
122.4
124.6
130.4

94.8
95.3
95.6
97.2

205.3
210.9
218.6
223.4

162.2
163.8
166.9
168.0

261.9
263.6
265.5
265.3

129.2
131.2
134.5
138.9

95.4
96.0
97.3
98.1

225.5
230.9
235.0
237.4

166.6
167.7
168.2
167.3

p263.8

P139.5

p240.9

p!66.5

1974

First quarter
Second quarter
Third quarter
Fourth quarter . . .

12.6
13.0

7.3
9.7

9.4
5.1
8.0

1975

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

-22.2
-30.0

-20.5
-21.2

-2.0
-4.3

-1.0
-5.5

14.8
16.0
15.1

10.4
11.1
10.2

1.7

0.9

354.7
362.0
369.6
376.2

P7.5

p4.9

p380.4

1976

First quarter
Second quarter
Third quarter
Fourth quarter
1977

First quarter
Second quarter
Third quarter
Fourth quarter

p97.3

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 42,43, and 44.




APRIL 1977

IICII

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Con.

I

FOREIGN TRADE

250. Current
dollars

Imports of goods
and services

Exports of goods
and services

Net exports of
goods and services

Year
and
quarter

252. Current
dollars

255. Constant
(1972) dollars

256. Constant
(1972) dollars

253. Current
dollars

NATIONAL INCOME
AND ITS COMPONENTS

220. National income in current
dollars

280. Compensation of
employees

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

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

15.0
3.9
2.9
8.1

18.4
14.9
14.9
17.7

133.2
142.2
148.4
153.8

97.8
98.7
96.4
95.9

118.2
138.3
145.5
145.7

79.4
83.8
81.5
78.2

1,113.5
1,125.6
1,147.6
1,156.3

846.3
866.3

15.0
24.4
21.4
21.0

20.1
24.3
22.8
23.1

147.5
142.9
148.2
153.7

90.3
87.7
90.7
93.9

132.5
118.5
126.8
132.7

70.2
63.4
67.9
70.8

1,149.7
1,182.7
1,233.4
1,264.6

904.0
912.9
935.2
963.1

8.4
9.3
4.7
4.2

16.6
16.0
15.7
15.5

154.1
160.3
167.7
168.5

93.6
95.4
98.0
97.4

145.7
151.0
163.0
164.3

77.0
79.4
82.3
81.8

1,304.7
1,337.4

1,362.5
rl.389.3

994.4
1,017.2
1,037.5
1,064.5

p!2.1

p!70.5

p85.7

(NA)

pi,096.6

(Ann. rate,
bil.dol.)
1974

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1975

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

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

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

p-4.9

p!75.4

NATIONAL INCOME AND ITS COMPONENTS-Con.

Year
and
quarter

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

284. Rental income
of persons with
capital consumption adjustment

(Ann. rate,
bil.dol.)

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

SAVING

288. Net interest

(Ann. rate,
bil.dol.)

290. Gross saving
(private and government)

(Ann. rate,
bil.dol.)

295. Business
saving

292. Personal
saving

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

1974

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

72.6
67.8
67.6

91.2
85.0
86.0
85.5

20.9
20.6
21.0
21.5

95.7
87.8
81.7
74.1

59.4
65.9
70.0
73.2

213.0
206.5
200.0
201.7

143.8
138.6
133.4
141.6

81.1
86.8
95.5
97.2

21.9
22.3
22.4
22.9

69.0
86.6

73.7
74.0
74.9
75.8

172.1
180.2
204.6
208.0

150.0
168.6
182.3
185.7

104.5
80.5
83.7

93.2
100.3
96.1
97.1

23.3
23.1
23.4
24.3

rll7.8

78.6
80.3
83.5
85.6

222.1
234.2
234.2
r229.3

194.2
196.2
203.1
r!98.9

79.5
82.9
75.8
67.8

p!03.3

p25.1

(NA)

3.6

(NA)

1975

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

105.3
105.6

67.2

1976

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

115.1
116.4

122.0

1977

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

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 45,46, and 47.

!!€!» APRIL 1977




81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

^H SHARES OF GNP AND NATIONAL INCOME

Qj SAVING-Con.

Year
and
quarter

298. Government
surplus or deficit,
total

(Ann. rate,
bil.dol.)

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

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

248. Nonresidential
fixed investment

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services

1974

First quarter
Second quarter
Third quarter
Fourth quarter

-20.8

7.7
7.0
6.8
8.0

62.2
62.8
63.3
62.9

10.6
10.6
10.5
10.1

4.3
4.1
3.8
3.4

-45. G
-92.9
-58.1
-61.5

6.6
9.6
7.4
7.5

64.5
64.8
63.8
63.7

10.2

9.8
9.4
9.4

3.2
3.3
3.4
3.6

-51.6
-44.9
-44.7
r-37.4

6.9
7.1
6.4
5.6

63.8
63.6
63.7
64.3

9.4
9.4
9.5
9.5

3.7
3.9
4.0
4.3

4.7
0.2
-1.0

1.1
0.3
0.2
0.6

0.9
0.9
0.5
0.7

1975

First quarter
Second quarter
Third quarter
Fourth quarter

1.0
1.6
1.4
1.3

-1.5
-2.0
-0.1
-0.3

1976

First quarter
Second quarter
Third quarter
Fourth quarter

0.5
0.6
0.3
0.2

0.9
1.0
0.9
0.1

1977

First quarter
Second quarter
Third quarter
Fourth quarter

p5.0

(NA)

p64.5

p-0.3

pO.4

p4.4

p9.7

I
H SHARES OF GNP AND NATIONAL INCOME-Con.

Year
and
quarter

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

Percent of National Income

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

64. Compensation of 283. Proprietors'
employees
income with IVA
and CCA 1
(Percent)

285. Rental income
of persons with
CCA

(Percent)

1

(Percent)

287. Corporate
profits with IVA
and CCA 1

289. Net interest

(Percent)

(Percent)

1974

First quarter
Second quarter
Third quarter
Fourth quarter

7.7
7.8
7.9
8.2

13.2
13.5
13.6
13.8

76.0
77.0
77.4
78.0

8.2
7.6
7.5
7.4

1.9
1.8
1.8
1.9

8.6
7.8
7.1
6.4

5.3
5.9
6.1
6.3

8.3
8.3
8.0
8.2

14.2
14.2
14.1
14.1

78.6
77.2
75.8
76.2

7.1
7.3
7.7
7.7

1.9
1.9
1.8
1.8

6.0
7.3
8.5
8.4

6.4
6.3
6.1
6.0

7.9
7.8
7.9
8.0

13.8
13.8
13.7
13.6

76.2
76.1
76.2
76.6

7.1
7.5
7.1
7.0

1.8
1.7
1.7
1.7

8.8
8.7
9.0
8.5

6.0
6.0
6.1
6.2

p!3.4

(NA)

1975

First quarter
Second quarter
Third quarter
Fourth quarter
1976

First quarter
Second quarter
Third quarter .
Fourth quarter
1977

First quarter
Second quarter
Third quarter
Fourth quarter

p7.8

(NA)

(NA)

(NA)

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 47 and 48.
X

82

IVA means inventory valuation adjustment; CCA means capital consumption adjustment.




APRIL 1977

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

M PRICE MOVEMENTS
|
Fixed weighted price index,
gross business product

Implicit price deflator,
gross national product

Year
and
month

310. Index

310c. Change over
1-quarter spans1

(1972=100)

(Ann. rate, percent)

311. Index

(1972=100)

Consumer prices, all items

31 1c. Change over
1-quarter spans1

(Ann. rate, percent)

320. Index®

(1967=100)

320c. Changeover
1-month spans 1

(Percent)

320c. Change over
6-month spans1

(Ann. rate, percent)

1975

January
February
March

124'.6

April
May
June

125!9

July
August
September

128.1

9.1

8.0
7.1
7.1

158.6
159.3
160.6

0.5
0.4
0.8

7.4
6.8
7.0

7.4

162.3
162.8
163.6

0.9
0.3
0.4

7.2
7.4
6.8

6.2

164.6
165.6
166.3

0.6
0.5
0.5

6.1
5.7
5.3

3.7

166.7
167.1
167.5

0.6
0.1
0.2

4.9
5.1
5.0

5.2

168.2
169.2
170.1

0.4
0.7
0.4

4.7
5.5
5.7

4.3

171.1
171.9
172.6

0.5
0.5
0.3

5.5
4.8
4.8

4.9

173.3
173.8
174.3

0.3
0.3
0.4

5.5
6.5
7.1

p6.8

175.3
177.1
178.2

0.8
1.0
0.6

125!9
7.0

128.2
7.1

....

0.8
0.6
0.4

124!3

4.5

October
November
December

156.1
157.2
157.8

5.3

10.1

130 '.3

isoii

1976

3.2

January
February
March

13K3

April
May
June

133'.6

July
August
September

134^4

October
November
December

136.3

131 '.3
5.2

133!6

4.4
134*.4

5.8

136.0

1977

January
February
March
April
May
June

p5.8

p!38.2

pl38!3

...

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 49.
^Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, 1-month
changes are placed on the 2d month, and 6-month changes are placed on the 4th month.

IICII

 APRIL 1977


83

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

KM

Consumer prices, food
Year
and
month

322. Index

(1967=100)

322c. Change
over 1 -month
spans1

(Percent)

PRICE MOVEMENTS-Con.

Wholesale prices, crude materials

Wholesale prices, all commodities

322c. Change
over 6-month
spans1

(Ann. rate,
percent)

330. Index©

(1967=100)

330c. Change
over 1 -month
spans1

(Percent)

330c. Change
over 6-month
spans1

(Ann. rate,
percent)

331. Index

(1967=100)

331c. Change
over 1-month
spans 1

(Percent)

331c. Change
over 6-month
spans 1

(Ann. rate,
percent)

1975

January
February
March

171.1
171.2
171.0

April
May
June

171.3
172.5
174.6

July
August
September

177.8
177.5
177.9

....

October
November
December

179.5
180.3
181.0

0.6
0.1

5.7
4.9
5.5

171.8
171.3
170.4

0.2
0.7
1.2

8.0
7.5
8.2

172.1
173.2
173.7

1.8
0.2

9.8
9.2
7.5

0.9
0.4
0.4

0.1

-0.1

-0.2

2.1
0.3
1.4

189.8
187.9
182.8

0.9
0.5
0.1

2.8
5.4
7.6

192.6
198.8
196.5

175.7
176.7
177.7

0.8
0.8
0.6

8.2
7.2
7.2

199.9
200.2
203.0

3.7
2.3
0.7

178.9
178.2
178.7

1.2
0.0
0.1

6.0
4.0
3.3

205.3
202.9
201.6

-0.1

179.3
179.3
179.6

0.3

0.6
0.2

0.3

2.6
2.9
3.9

201.9
202.6
199.9

0.8
0.2
0.6

4.0
3.9
4.8

209.0
208.1
209.7

0.3
0.7

4.2
5.1
5.3

209.0
202.1
202.0

5.6
8.0
8.8

202.1
207.0
208.2

0.0
2.4
0.6

208.8
218.6
220.8

0.3
4.7
1.0

0.1
-0.5
-0.4

-2.5
-1.0
-2.7

-7.3
-3.2

2.0

5.4
3.2

10.9
13.5
23.3

-1.2

1.7
0.2
1.4

13.6

4.2
5.3

1.1

2.0
2.4

-1.2
-0.6

-3.0

1976

January
February
March

181.1
179.5
178.5

April
May
June

179.4
180.8
181.2

0.5
0.8
0.2

0.3
2.6
3.8

181.3
181.8
183.1

July
August
September

181.4
181.8
181.9

0.1
0.2
0.1

3.1
1.0
0.8

184.3
183.7
184.7

October .
November
December

182.2
181.7
181.9

2.3

185.2
185.6
187.1

0.5
0.6
0.6

188.0
190.0
191.9

0.5
0.9
1.1

-0.9
-0.6

0.2
-0.3

0.1

r5.9

7.0

-0.2

-0.2

0.1
0.3

3.6
5.2
8.2

-1.3

7.2

4.6
-0.4

-0.5

0.8

2.1

-0.3
-3.3

-6.5
-1.1
-1.4

0.0

-0.2
17.0
19.5

1977

January
February
March

183.5
187.1
188.2

0.9
2.0
0.6

April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 49.
Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.




APRIL

1977

BCII

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

JM PRICE MOVEMENTS-Con.

Wholesale prices, intermediate materials
Year
and
month

332. Index

332c. Change
over 1 -month
spans1

(1967=100)

(Percent)

January
February
March

179.6
179.4
178.6

-0.1
-0.4

April
May
June

179.3
178.5
177.9

-0.4
-0.3

July
August
September

178.8
179.6
180.2

October
November
December

332c. Change
over 6-month
spans1

(Ann. rate,
percent)

Wholesale prices, producer finished goods
333. Index

(1967=100)

333c. Change
over 1 -month
spans1

(Percent)

333c. Change
over 6-month
spans 1

(Ann. rate,
percent)

Wholesale prices, consumer finished goods
334. Index

(1967=100)

334c. Change
over 1-month
spans1

(Percent)

334c. Change
over 6-month
spans1

(Ann. rate,
percent)

1975

0.4

5.7
3.8
6.0

9.1

159.3
158.7
158.3

0.6
0.4
0.3

7.7
6.3
5.8

160.3
161.9
163.3

1.3
1.0
0.9

162.9
163.2
164.4

0.6
0.2
0.7

6.4
6.9
7.3

164.6
165.3
166.7

0.8
0.4
0.8

9.8
7.7
6.1

6.4
6.4
6.8

165.9
166.9
167.7

0.9
0.6
0.5

7.5
8.3
7.7

168.0
168.0
168.2

0.8
0.0
0.1

4.3
2.1
0.0

0.7
0.5
0.5

5.3
5.2
5.9

168.9
169.8
170.6

0.7
0.5
0.5

6.6
5.8
5.8

168.1
167.0
166.7

0.4
0.2
0.6

5.9
4.7
5.8

171.3
171.7
172.5

0.4
0.2
0.5

5.2
4.5
4.7

168.8
169.2
169.4

0.7
1.0

6.1
6.6
6.7

173.2
173.6
174.6

0.4
0.2
0.6

6.2
6.5
7.1

169.1
168.4
169.2

192.6
193.5
194.7

0.6
0.5
0.6

6.3
8.2
8.2

176.5
177.2
178.5

1.1
0.4
0.7

7.0
7.6
7.2

195.7
197.2
199.2

0.5
0.8
1.0

179.2
180.1
180.8

0.4
0.5
0.4

157.0
158.3
159.8

1.3
0.8
0.9

0.2
1.8

160.8
161.4
161.9

0.5
0.4
0.3

3.3
4.8
6.0

182.2
182.7
183.2

1.1
0.3
0.3

January
February
March

184.4
185.3
186.2

April
May
June

187.0
187.4
188.5

July
August
September

189.8
189.6
191.5

0.4

0.4

2.7
-0.7
-1.1
-0.9

12.8
10.3

-0.4
-0.3

6.8
8.5
10.9

1976

October
November
December

-0.1

-0.1
-0.7
-0.2

1.3
0.2
0.1

1.0
1.4
1.4
1.2
1.7
3.0

0.5

0.8
0.8
2.9

169.5
169.9
171.8

0.2
0.2
1.1

4.5
7.3
8.2

172.9
174.4
176.0

0.6
0.9
0.9

-0.2
-0.4

1977

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

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 49.
1
Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.

HCfl

APRIL 1977


85

OTHER IMPORTANT ECONOMIC MEASURES
B |

PRICES, WAGES, AND PRODUCTIVITY—Con.

BH WAGES AND PRODUCTIVITY
Average hourly compensation, all employees,
nonfarm business sector

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

Real earnings

Current dollar earnings
340. Index

(1967=100)

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

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

341. Index

341 c. Change
over 1 -month
spans 2

(1967=100)

(Percent)

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

345. Index

(1967=100)

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

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

1975

January
February
March

166.0
167.4
168.9

0.6
0.8
0.9

8.1
8.1
8.4

106.1
106.4
106.9

-0.1

April
May
June

169.3
170.3
171.8

0.2
0.6
0.9

8.2
8.3
7.1

106.6
106.8
106.9

-0.3

July
August
September

172.7
174.2
174.8

0.5
0.9
0.3

8.3
8.8
7.4

106.5
107.1
107.0

-0.4

October
November
December

176.2
177.6
178.0

0.8
0.8
0.2

7.9
7.2
7.3

107.2
107.4
107.2

January
February
March

179.4
180.3
181.1

0.8
0.5
0.4

6.8
6.5
6.8

107.3
107.8
108.0

April
May
June

182.1
183.3
184.0

0.6
0.7
0.4

6.7
6.9
6.9

July
August
September

185.2
186.4
187.2

0.7
0.6
0.4

6.8
6.8
7.1

October
November
December

188.2
189.4
190.4

0.5
0.6
0.5

0.1
0.9
1.2

173*.b

0.7
1.3
0.1

175.9

1.1
1.3
0.6

1 78*. 5

1.6
1.4
1.9

18l'.3

0.1
0.5
0.2

1.8
1.3
1.7

185J

108.1
108.1
108.1

0.1
0.0
0.0

1.9
1.4
1.1

188'. 4

108.3
108.5
108.6

0.2
0.2
0.1

1.2
1.9
2.3

1 9*1*. 6

108.8
109.2
109.3

0.2
0.4
0.1

0.3
0.5

0.2
0.1

0.6
-0.1

0.2
0.2
-0.2

11.9

9.'i

6.8
7*.8

6.1
7*. 6

6.5

y'.i

1976

r8.2
r7.3
p7.3

r2.6
rO.7
pO.2

8.8
7*. 3

7.3
rV.5

6.8
p8.0

r7.1

rl94*.'9

1977

January
February
March

H92.7
H93.1
p!93.9

rl.2
rO.2
pO.4

r!09.7
H08.9
p!08.7

rO.4

r-0.7
p-0.2

plO.7
p!99.9

April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 50 and 51.
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
Percent changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the
4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month
of the 3d quarter.




APRIL 1977

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

^9 WAGES AND PRODUCTIVITY-Con.

Year
and
month

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

(1967=100)

346c. Change
over 1-quarter
spans1
(Ann. rate,
percent)

346c. Change
over4-quarter
spans1
(Ann. rate,
percent)

Negotiated wage and benefit
decisions, all industries®
348. First year 349. Average
average changes changes over
life of
contract
(Ann. rate,
percent)

(Ann. rate,
percent)

Output per hour, all persons, private
business sector
370. Index

(1967=100)

370c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

370c. Change
over 4-quarter
spans 1

(Ann. rate,
percent)

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

(1967=100)

1975

January
February
March

lio'.o

April
May
June

no'.z

July
August
September

109.6

October
November
December

3.3

109.6

12.9

0.6

6!4

-2.1

8.9

7.3

4^7

8.7

10916

e!i

ni!i

3!9

110.6

2.6

112.0

r3'.2

ll's'.Z

P 2'.3

8.1

113!i
14.0

106^6

nV.b

12.0
11K2

11.3

i.i

4^3

108J

6*. 6

-0.2

1.4

7.7

6.*4

8.7

-2.1

112!s

1976

January
February
March

110.7

April
May
June

111.4

July
August .
September

111.6

October
November
December

H12.2

4.1

i'.s

2.6

rlO.5

114.'7

r8.9

r7.2

nsis

r2*.4

0.7

rlO.O

r7.4

ne!3

p2.6

r2.4

7.0

r8.0

r6.8

5.2

2.9

2.9

rO.3

H16.4

rl 1*3.6

1977

January
February
March

P2.3

pll2!9

p8.5

p6.7

piuii

p3.1

pl!4.4

April
May
June
July
August .
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 50 and 51.
'Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter
changes are placed on the middle month of the 3d quarter.

IICII

 APRIL 1977


87

OTHER IMPORTANT ECONOMIC MEASURES
C I LABOR FORCE, EMPLOYMENT, AND U N E M P L O Y M E N T

0 CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
1
Civilian labor force
Year
and
month

441. Total

442. Em-

ployed

(Thous.)

(Thous.)

January
February
March

91,953
91,621
92,020

April
May
June

Labor force participation rates
451. Males
20 years
and over

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

448. Num-

Number unemployed
37. Total

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

447. Fulltime
workers

ber employed
part-time
for economic
reasons

(Percent)

(Percent)

(Percent)

84,673
84,259
84,243

80.5
80.3
80.3

45.8
45.5
45.8

54.9
54.0
54.1

7,280
7,362
7,777

2,995
3,127
3,338

2,559
2,537
2,683

1,726
1,698
1,756

5,895
6,015
6,327

3,614
3,579
3,725

92,210
92,789
92,595

84,246
84,475
84,496

80.3
80.7
80.3

46.0
46.0
46.0

53.7
54.9
54.4

7,964
8,314
8,099

3,473
3,710
3,536

2,768
2,794
2,728

1,723
1,810
1,835

6,594
6,936
6,636

3,750
3,676
3,479

July
August
September

92,917
93,035
93,126

84,856
85,114
85,115

80.6
80.4
80.4

46.0
46.1
46.1

54.2
54.2
54.0

8,061
7,921
8,011

3,604
3,470
3,683

2,648
2,638
2,597

1,809
1,813
1,731

6,658
6,472
6,685

3,381
3,344
3,320

October
November
December

93,135
93,025
93,148

85,087
85,212
85,443

80.2
80.0
79.7

46.2
46.1
46.2

53.5
53.2
53.9

8,048
7,813
7,705

3,663
3,538
3,334

2,648
2,618
2,628

1,737
1,657
1,743

6,685
6,484
6,263

3,352
3,322
3,290

January
February
March

93,473
93,597
93,862

86,226
86,471
86,845

79.5
79.5
79.5

46.5
46.5
46.7

54.2
54.1
54.5

7,247
7,126
7,017

3,003
2,938
2,874

2,519
2,493
2,444

1,725
1,695
1,699

5,813
5,702
5,637

3,336
3,201
3,173

April
May
June

94,376
94,551
94,704

87,329
87,640
87,533

79.7
79.9
79.8

46.8
46.7
47.0

55.4
55.5
54.3

7,047
6,911
7,171

2,822
2,893
3,049

2,467
2,328
2,477

1,758
1,690
1,645

5,626
5,573
5,830

3,194
3,287
3,150

July
August
September

95,189
95,351
95,242

87,783
87,834
87,794

80.0
79.9
80.0

47.3
47.3
47.2

54.9
55.3
53.8

7,406
7,517
7,448

3,131
3,060
3,150

2,634
2,679
2,634

1,641
1,778
1,664

5,878
6,085
6,098

3,136
3,178
3,376

October
November
December

95,302
95,871
95,960

87,738
88,220
88,441

80.0
80.1
79.9

47.0
47.5
47.6

54.4
54.4
54.4

7,564
7,651
7,519

3,228
3,293
3,219

2,633
2,640
2,598

1,703
1,718
1,702

6,162
6,185
6,125

3,448
3,545
3,454

95,516
96,145
96,539

88,558
88,962
89,475

79.5
79.7
79.6

47.2
47.5
47.9

54.3
55.1
55.8

6,958
7,183
7,064

2,881
3,001
2,794

2,409
2,505
2,545

1,668
1,677
1,725

5,507
5,651
5,468

3,320
3,438
3,276

(Thous.)

(Thous.)

(Thous.)

(Thous.)

(Thous.)

(Thous.)

1975

1976

. ...

1977

January
February
March
AprjJ
May
June
July
August
September

. .

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasona! movement. Unadjusted seriesare indicated by @. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a"', anticipated; and
"NA", not available.
Graphs of these series are shown on page 52.




APRIL 1977

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Rl DEFENSE INDICATORS

^H RECEIPTS AND EXPENDITURES

Year
and
month

525. Military
prime contract awards
to U.S.
business
firms and
institutions

548. Value
of manufacturers' new
orders, defense
products

(Mil.dol.)

(Mil.dol.)

(Bil.dol.)

516. Defense
Department
obligations,
512. Expendi- total, extures
cluding
military
assistance

State and local governments 1

Federal Government 1
501. Receipts

502. Expenditures

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

January
February
March

-49!8

287.2

337.0

4.7

222^2

217^5

7,609
7,508
8,223

3,693
3,987
2,817

1.40
2.58
2.00

82!o

April
May
June

-99.*9

254^4

354^3

6^9

23CL4

223.4

7,952
8,235
8,450

4,122
3,926
3,773

2.44
2.27
1.80

83.4

July
August
September

-66*. 6

297*.7

363!7

j'.9

239!7

23K8

8,718
9,077
7,791

3,842
5,072
3,080

2.37
2.13
2.56

84 '.6

October
November
December

-69 '.4

306 ! 7

37616

j'.9

245 '.6

237^2

8,623
7,533
8,135

2,961
2,872
3,130

1.61
2.10
1.94

87J

January
February
March

-63.8

316\5

38CK3

12.2

25K6

239!5

8,152
8,020
9,040

3,407
2,993
6,309

1.44
2.19
2.82

86.2

April
May
June

-54.' 1

324.' 6

37o\7

9'.2

254^3

245 !i)

9,480
8,348
8,611

3,586
3,565
3,817

2.69
2.40
2.61

86^9

July
August
September

-57^4

333.*8

agi.'i

12.7

262^0

249! 3

8,248
6,602
10,314

2,234
3,665
4,929

1.24
1.92
2.15

88^5

October .
November
December

r-59.3

346 ! 3

405.' 6

21 '.9

r273.'6

25K8

11,908
10,387
11,496

5,942
5,175
5,198

2.90
3.19
4.00

9K3

(NA)

(NA)

(NA)

p255.5

9,409
9,999
(NA)

3,478
(NA)

1.70
rl.83
p2.52

p91.5

500. Surplus
or deficit

510. Surplus
or deficit

564. Federal
purchases
of goods
and services
for national
defense

511. Receipts

(Ann. rate,
bil.dol.)

1975

1976

1977

January
February
March

(NA)

(NA)

April
May
June
July
August
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 53 and 54.
1
Based on national income and product accounts.

1
APRIL 1977


OTHER IMPORTANT ECONOMIC MEASURES
E I

U.S. INTERNATIONAL TRANSACTIONS

m MERCHANDISE TRADE

Year
and
month

602. Exports, excluding
military aid shipments,
total

(Mil.dol.)

604. Exports of agricultural products

(Mil.dol.)

606. Exports of nonelectrical machinery

(Mil.dol.)

612. General imports,
total

(Mil.dol.)

614. Imports of
petroleum and
petroleum products

(Mil.dol.)

616. Imports of
automobiles and parts

(Mil.dol.)

1975

January
February
March

9,374
8,756
8,681

2,369
1,830
1,703

1,672
1,632
1,626

9,632
7,927
7,466

3,080
1,781
1,211

742
654
823

April
May
June

8,649
8,222
8,716

1,723
1,575
1,480

1,760
1,720
1,772

7,959
7,263
7,102

2,387
1,746
1,354

776
731
782

July
August
September

8,871
8,980
9,104

1,735
1,872
1,932

1,770
1,752
1,750

7,832
7,877
8,196

1,990
2,008
2,515

879
938
861

October
November
December

9,226
9,409
9,250

2,060
1,821
1,776

1,814
1,770
1,843

8,169
8,201
8,522

2,320
2,140
2,360

888
873
1,013

January
February
March

9,097
8,918
9,020

1,917
1,630
1,668

1,780
1,817
1,806

9,001
9,032
9,469

2,471
2,129
2,334

1 ? 085
1,041
1,117

April
May
June

9,369
9,563
9,722

1,892
1,950
1,948

1,818
1,836
1,871

9,643
9,182
10,153

2,699
1,874
2,739

1,221
976
1,169

July
August
September

9,956
9,737
9,788

2,039
2,058
2,160

1,952
1,675
1,883

10,717
10,477
10,651

2,824
2,803
3,053

1,025
1,055
1,238

October
November
December

9,699
9,589
10,410

2,231
1,750
1,860

1,821
1,814
1,983

10,555
10,623
11,020

2,753
3,134
3,087

871
1,128
1,221

9,599
9,808
10,072

1,762

1,831

1,083

(NA)

11,269
11,674
12,459

3,075

(NA)

(NA)

(NA)

1976

1977

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

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 55.

90




APRIL 1977

OTHER IMPORTANT ECONOMIC MEASURES
E

I

U.S. INTERNATIONAL TRANSACTIONS—Con.

H GOODS AND SERVICES MOVEMENTS ( E X C L U D I N G TRANSFERS UNDER MILITARY GRANTS)
|
Merchandise, adjusted 1

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

668. Exports

(Mil. dol.)

669. Imports

(Mil. dol.)

622. Balance

(Mil. dol.)

618. Exports

(Mil. dol.)

Income on nvestments

620. Imports

(Mil. dol.)

651. U.S. investments abroad

(Mil. dol.)

652. Foreign
investments in
the U.S.

(Mil. dol.)

1975
January
February
March

2,608

36,943

34,335

1,448

27,018

25,570

4,376

3,252

April
May
June

5,084

35,770

30,686

3,283

25,851

22,568

4,474

2,943

July
August
September

4,265

37,050

32,785

2,079

26,562

24,483

4,660

2,978

October
November
December

4,357

38,602

34,245

2,220

'27,657

25,437

4,709

3,039

January
February
March

1,419

38,746

37,327

r-1,327

26,997

28,324

5,500

3,214

April
May
June

1,558

40,360

38,802

r-1,536

28,378

29,914

5,599

3,131

July
August
September

1,196

42,589

41,393

r-2,787

29,600

32,387

5,795

3,011

October
November
December

p227

p42,507

p42,280

rp-3,574

p29,717

p33,291

p5,760

p2,760

1976

1977
January
February
March

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

April
May
June
July
August
September

. ..

October
November
December

Inadjusted series are indicated by (u). Series numbers are for identification only and
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. U
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 56.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and
Department of Defense purchases (imports),

APRIL 1977


91

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS

|
H INDUSTRIAL PRODUCTION

Year
and
month

47. United States, 721.0ECD 1
European counindex of industrial production tries, index of
industrial
production

(1967=100)

(1967=100)

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

(1967=100)

(1967=100)

(1967=100)

(1967=100)

119
119

727. Italy, index
of industrial
production

(1967=100)

723. Canada,
index of industrial production

(1967=100)

1975

rl!7

H28.5
H31.9
r!25.8

140.4
140.4
139.6

r!38
r!33
r!37

113
111
111

r!27.7
r!20.5
r!27.1

139.8
138.8
139.4

H30.4
r!38.0
r!37.2

rl34

111

r!34
r!37

no
112

H29.0
rl!4.4
r!28.1

138.9
139.2
138.0

171.3
169.5
173.0

r!40.1
r!43.1
H43.5

r!39
r!38
r!44

113
113
112

r!30.6
r!32.0
H25.8

138.0
141.3
142.1

149

rl!3
rl!6
rl!6

r!30.9
r!38.9
r!39.2

143.5
144.6
145.9

115.2
112.7
111.7

137
137
137

162.8
160.7
161.3

r!38.0
r!36.9
r!41.9

r!40
r!40
r!38

112.6
113.7
116.4

r!34

166.0
164.9
168.4

H34.7
r!36.7
r!34.4

July
August
September

118.4
121.0
122.1

132
132

170.6
168.7
171.2

October
November
December

122.2
123.5
124.4

January
February
March
April
May
June

....

132
133

r!34

137
138
r!39

1976

January
February
March

125.7
127.3
128.1

141
142
142

176.8
180.6
186.2

r!45.6
r!46.9
H43.1

r!48
r!50

April
May
June

128.4
129.6
130.1

r!44
r!44
r!44

192.4
188.6
191.0

r!48.2
r!45.3
H48.8

r!50
r!50
r!51

rl!6

119
113

r!38.7
r!45.1
H39.8

146.4
148.2
146.4

July
August
September

130.7
131.3
130.8

r!44

195.3
192.1
191.2

r!44.7
r!48.4
r!48.5

r!53
r!53
r!60

r!16
rl!5
rl!7

r!43.5
H39.1
H47.8

145.9
147.3
146.8

October
November
December

130.4
131.8
H33.1

191.5
196.4
196.4

r!53.6
rl48.6
r!46.6

153

rl!7

r!57

r!43.6
rl49.9
p!54.0

145.5
r!47.0
r!48.4

p!96.5

(NA)

143
148
148
r!49
r!48

154

118
rl!8

1977

January
February
March

H32.0
H33.3
p!35.1

p!43
(NA)

(NA)

p!60
(NA)

pl!9
(NA)

(NA)

r!49.8
p!49.9
(NA)

April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by @. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 57.

Organization for Economic Cooperation and Development.

92




APRIL 1977

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

Q CONSUMER PRICES

United States
Year
and
month

Japan

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

(1967=100)

(Ann. rate,
percent)

738. Index®

(1967=100)

738c. Change
over 6-month
spans 1

(Ann. rate,
percent)

735. Index®

(1967=100)

United Kingdom

France

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

(Ann. rate,
percent)

736. Index®

(1967=100)

736c. Change
over 6-month
spans 1

(Ann. rate,
percent)

732. Index® 732c. Change
over 6-month
spans 1

(1967=100)

(Ann. rate,
percent)

1975
January
February
March

156.1
157.2
157.8

8.0
7.1
7.1

195.5
196.2
198.2

9.4
8.8
8.8

140.6
141.3
142.0

5.9
5.7
6.8

170.8
172.1
173.5

11.3
10.4
9.9

192.7
196.0
199.8

27.2
31.9
32.6

April
May
June

158.6
159.3
160.6

7.4
6.8
7.0

203.1
205.3
205.3

10.3
10.6
10.7

143.0
143.9
145.0

6.2
6.0
6.2

175.1
176.3
177.6

9.5
9.4
9.2

207.5
216.2
220.4

30.8
29.9
28.2

July
August
September

162.3
162.8
163.6

7.2
7.4
6.8

205.6
204.8
208.9

10.8
8.9
7.6

145.0
144.8
145.5

5.7
5.1
4.1

178.9
180.1
181.6

9.2
9.4
9.3

222.7
224.0
225.9

24.6
18.9
17.9

October
November
December

164.6
165.6
166.3

6.1
5.7
5.3

212.2
211.0
210.6

9.8
11.2
10.2

145.9
146.4
146.8

4.3
4.9
4.6

183.0
184.2
185.2

9.7
9.7
10.2

229.0
231.8
234.7

19.4
16.3
14.7

January
February
March

166.7
167.1
167.5

4.9
5.1
5.0

215.1
217.7
218.8

9.5
9.1
9.8

148.0
149.0
149.6

4.8
5.0
4.3

187.2
188.5
190.2

9.7
9.7
9.1

240.8
240.8
242.1

13.6
11.9
9.8

April
May
June

168.2
169.2
170.1

4.7
5.5
5.7

223.9
223.9
223.2

8.5
6.0
8.5

150.5
151.1
151.0

4.9
4.2
3.6

191.8
193.1
193.9

9.2
9.4
9.5

246.8
249.5
250.8

6.6
11.4
13.9

July
August
September

171.1
171.9
172.6

5.5
4.8
4.8

224.5
222.2
228.3

7.7
10.0
12.3

151.7
151.4
151.4

3.0
2.4
3.6

195.8
197.2
199.3

10.3
10.5
10.6

251.2
254.8
258.2

16.0
18.1
20.6

October
November
December

173.3
173.8
174.3

5.5
6.5
7.1

230.4
231.2
233.7

11.5
r!2.5
10.0

151.5
151.8
152.6

3.1
3.7
4.3

201.2
202.8
203.5

8.9
(NA)

262.9
266,5
270.0

24.3
21.4
(NA)

1976

1977
January
February
March

175.3
177.1
178.2

236.6
r237.8
239.0

154.0
154.9
155.5

204.1
(NA)

277.1
279.9
(NA)

April
May
June
July
August
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.

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

1

APRIL 1977


93

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

Q

19. United
States, index
of stock
737. Index© 737c. Change 733. Index© 733c. Change prices, 500
over 6-month
over 6-month common
stocks®
spans1
spans1
Canada

Italy

Year
and
month

Qj STOCK PRICES

CONSUMER PRICES-Con.

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

748. Japan,
index of
stock
prices©

745. West
Germany,
index of
stock
prices©

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

747. Italy,
index of
stock
prices®

743. Canada,
index of
stock
prices®

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(1967=100)

1975

January
February
March

178.2
180.8
181.0

14.5
11.9
11.5

153.0
154.2
154.9

9.6
8.5
9.3

78.9
87.1
91.1

249.9
271.3
283.7

105.1
112.5
120.3

162.0
122.8
131.1

April
May
June .

183.4
184.9
186.4

10.1

155.7
157.1
159.4

10.7
10.1
10.0

92.2
98.0

290.1
298.2
296.6

124.6
119.3
114.6

July
August
September

187.1
188.3
189.8

10.6
10.9

161.6
163.0
163.4

11.3
12.0

9.6

93.2
92.1

292.8
280.3
270.6

October
November
December

191.9
194.1
195.6

11.9
14.4
18.2

164.9
166.4
166.6

8.2
7.9
8.0

96.3
98.0
96.5

January
February
March

197.7
202.1
206.1

21.2
23.2
22.0

167.5
168.1
168.9

6.7
5.6
5.8

April
May
June

211.6
215.8
216.8

21.4
19.8
17.9

169.6
170.9
171.7

July
August
September

217.9
220.3
224.0

18.9
19.4
22.1

172.4
173.3
174.0

October
November
December

230.5
235.5
238.6

(NA)

175.2
175.7
176.3

9.3
9.7
9.7

108.8

71.4
79.4
81.7

103.0
111.3
109.8

141.8
130.2
126.6

114.7
125.7
126.7

78.4
77.4
72.9

112.6
116.6
116.7

117.5
119.7
115.7

131.3
136.9
134.0

118.7
115.3
127.8

66.1
64.2
64.1

119.5
116.3
113.1

279.3
285.8
285.8

119.0
126.3
128.4

135.9
141.1
139.6

132.4
141.6
140.1

60.2
58.9
61.0

107.2
107.3
105.9

105.4
109.5
110.0

305.2
304.9
309.2

132.0
135.0
136.7

143.5
150.8
146.7

150.7
152.6
152.6

60.1
62.6
58.2

112.1
121.8
123.6

5.2
4.9
5.1

110.9
110.0
110.7

302.7
308.7
318.9

132.7
126.8
127.3

140.1
136.9
135.4

154.1
155.9
145.9

52.9
53.6
56.6

122.5
123.8
121.6

5.7
5.6
5.7

113.3
112.4
114.7

317.9
321.3
321.2

124.9
122.1
122.4

129.8
130.5
126.7

146.5
140.2
132.1

64.3
63.9
59.5

119.4
115.9
115.9

110.8
110.1
113.8

318.2
313.9
330.2

116.0
115.8
117.2

112.5
108.4
115.3

116.7
121.5
132.8

51.6
50.3
55.7

108.9
104.0
103.2

112.9
109.8
109.4

343.5
344.4
341.1

119.6
118.3
rpl!6.9

116.0
rpl!4.6
rpll8.9

p!50.7
p!58.1
rp!65.2

52.9
50.0

p48.7

107.0
108.1
rp!09.9

p!08.2

p341.6

p!22.8

pllS.O

p!64.4

p47.1

p!08.6

100.5
100.6

68.9
99.0

1976

r9.0
11.0
(NA)

1977

January
February
March
April
May
June

(NA)

H79.4
181.3
(NA)

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.
1
Changes over 6-month spans are centered on the 4th month.

94




APRIL 1977

APPENDIXES
B. Current Adjustment Factors
19/n

19 76
Series
July

5. Average weekly initial claims, State
unemployment insurance
13. New business incorporations

Aug.

Sept.

Nov.

Oct.

Dec.

Jan.

Feb.

Mar.

Apr.

May

79 9

104 3

79 4

73 2

84 2

100 4

139 1

154 7

113 5

97 0

89 5

104.5

1

93.4

95.6

93.5

89.1

98.8

98.1

91.7

112.5

105.2

1 5. Profits (after taxes) per dollar of sales,
manufacturing2
17. Ratio, price to unit labor cost index,
manufacturing3
. .

100.2

99.8

94.5

106.2

June

85 3
107.2

105.4

101 2

102 5

102 2

101 1

100 5

99 5

98 2

98 1

98 5

98 2

99 3

100 3

821

725

-23

-430

-383

261

-1448

-1218

-196

no

672

1119

99 1

98 3

98 7

99 2

99 4

100 2

101 3

101 5

101 3

101 2

100 4

99 4

101.3

100.5

100.3

99.8

99.2

99.7

100.0

98.3

99.3

100.4

100.5

99.9

516. Defense Department obligations, total

116 3

111 7

95 3

106 0

Q? fi

86 1

104 4

87 4

92 2

95 0

79 7

129 6

525. Military prime contract awards in U.S

116.0

108.3

100.1

105.5

88.5

87.4

96.6

82.4

89.3

73.3

70.6

177.9

93 2

90 6

33. Net change in mortgage debt held by financial
institutions and life insurance companies1 4 .
62. Index of labor cost per unit of output,
' manufacturing 3
..
72. Commercial and industrial loans outstanding. .

604. Exports of agricultural products

88 2

85 5

83 2

100 9

121 2

111 9

108 2

102 1

108 6

103 1

606. Exports of nonelectrical machinery

95.5

96.1

91.6

104.0

99.1

99.1

96.2

94.1

110.2

105.6

106.3

614. Imports of petroleum and products

101 9

106 6

91 2

94 8

91 1

100 9

107 2

93 4

106 4

101 1

103 7

96 1

92 6

82 9

80 8

102 4

104 1

100 6

104 5

92 4

112 8

105 9

112 0

108 4

616. Imports of automobiles and parts
969. Profits, manufacturing (Citibank)

5

-10

1

-8

101.8

18

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis or the National Bureau of Economic Research, Inc., rather than by the source agency. Seasonal adjustments
are kept current by the Bureau of Economic Analysis. Seasonally adjusted data prepared by the source agency will be used in Business Conditions Digest whenever they are available. For a description of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, The X-11 Variant of the Census Method II Seasonal Adjustment Program.
1

Factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
3
This series is derived from seasonally adjusted components; it is further adjusted by these factors to remove residual seasonal variation.
4
These quantities, in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to yield the seasonally adjusted net change. These factors are
computed by the additive version of the X-11 variant of the Census Method II seasonal adjustment program.
5
1-quarter diffusion index; factors are placed in the first month of the quarter. The unadjusted diffusion index is computed and these factors, computed by the additive version of the X-11
variant of the Census Method II seasonal adjustment program, are subtracted to yield the seasonally adjusted index.
2




95

C. Historical Data for Selected Series
Quarterly

Monthly
Year

Annual

Feb.

Jan.
6.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

VALUE OF MANUFACTURERS' NEW ORDERS FOR CONSUMER GOODS AND MATERIALS IN 1972 DOLLARS'
( B I L L I O N S OF DOLLARS)

II Q

III

Q

IV Q

TOTAL FOR PERIOD

1948...
1949...
1950. . .
1951...
1952...
1953.. .
1954. . .

12.33
11.01
12.34
20.27
14.43
18.53
13.67

12.22
10.66
12.39
18.13
14.52
17.75
14.39

12.87
10.44
12.31
18.62
16.22
18.00
14.44

12.52
9.98
12.88
16.95
16.74
18.62
14.50

12.90
10.03
14.37
16.28
14.74
18.13
14.50

13.88
9.57
14.49
15.76
17.12
17.80
15.24

13.65
10.24
18.05
15.67
16.09
17.62
14.57

13.46
11.86
20.21
14.31
15.71
15.39
15.00

12.71
11.96
15.96
13.73
16.58
13.77
15.78

12.30
11.17
16.11
15.21
15.72
13.32
15.97

11.91
11.66
14.68
14.66
15.78
13.56
16.92

11.40
11.45
15.55
14.19
17.05
13.68
18.14

37.42
32.11
37.04
57.02
45.17
54. 2d
42.50

39.30
29.58
41.74
48.99
48.60
54.55
44.24

39.82
34.06
54.22
43.71
48.38
46.78
45.35

35.61
34.28
46.34
44.06
48.55
40.56
51.03

152.15
130.03
179.34
193.78
190.70
196.17
183.12

1955...
1956...
1957...
1958...
1959. . .
196U. . .
1961...
1962.. .
1963.. .
1964. . .

19.03
18.88
17.78
14.34
18.92
18.57
16.61
20.45
20.47
22.95

18.88
18.33
18.52
14.69
20.44
18.39
16.68
20.25
21.65
22.56

20.21
18.21
18.14
14.87
20.41
17.80
17.90
20.17
21.69
22.43

19.67
18.48
17.56
14.80
20.04
17.73
18.37
19.17
22.01
23.43

19.52
17.90
17.48
15.25
19.34
17.73
18.86
19.69
21.67
23.08

19.91
17.48
17.63
16.06
19.36
18.01
19.41
19.37
20.91
23.05

20.28
17.59
16.93
16.19
18.59
17.86
18.45
19.93
21.75
23.91

19.67
17.84
17.13
16.65
17.72
17.93
19.40
20.30
21.27
23.38

19.35
17.38
17.19
16.94
18.11
18.13
19.11
20.37
21.23
24.38

19.13
17.95
16.46
17.12
17.70
17.61
19.20
20.58
22.04
22.98

19.85
18.02
15.81
18.04
17.31
17.43
20.22
20.46
21.97
23.57

19.46
18.19
14.91
18.24
19. O b
17.39
20.99
20.17
21.87
24 .82

58.12
55.42
54.44
43.90
59.77
54.76
51.19
60.87
63.81
67.94

59.10
53.86
52.57
46.11
58.74
53.47
56.64
58.23
64.59
69.56

59.30
52.81
51.25
49.78
54.42
53.92
56.96
60.60
64.25
71.67

58.44
54.16
47.18
53.40
54.07
52.43
60.41
61.21
65.88
71.37

234.96
216.25
205.54
193.19
227.00
214.58
225.20
240.91
258.53
280.54

1965...
1966.. .
1967.. .
1968.. .
1969...
197U.. .
1971...
1972...
1973...
1974...
1975...
1976...

24.84
26.93
26.28
28.67
30.04
27.97
28.81
30.31
36.07
34.93
26.65

25.16
27.31
26.03
28.29
29.91
27.54
28.71
31.07
36.73
34.52
26.76

25.40
28.53
26.03
28.55
30.07
27.62
29.14
31.11
37.36
34.52
26.45

25.40
27.78
26.30
28.16
29.91
27.23
28.29
31.07
35.80
34.09
27.66

25.34
27.55
26.59
28.96
29.76
27.93
28.39
31.56
36.84
35.44
28.22

25.31
27.58
26.81
28.93
29.91
28.37
27.99
32.12
36.13
34.68
28.14

26.08
27.22
26.93
28.36
30.56
27.36
28.63
31.64
35.73
33.39
29.67

25.68
27.45
28.19
27.72
29.87
27.20
28.38
32.77
35.68
32.92
30.00

25.18
27.07
26.91
29.34
30.14
27.27
28.11
33.41
35.36
31.57
30.50

25.57
27.30
26.30
29.91
30.13
25.59
28.51
33.39
35.72
30.55
30.44

26.55
26.66
27.40
30.26
29.13
25.40
29.58
34.36
36.46
29.77
30.21

27.34
26.46
29.36
29.71
28.96
28.04
29.82
35.27
34.91
27.13
31.56

75.40
82.77
78.34
85.51
90.02
83.13
86.66
92.49
110.16
103.97
7*. 86

76.05
U2.91
79.70
86.05
89.58
83.53
84.67
94.75
108.77
104.21
84.02

76.94
81.74
82.03
85.42
90.57
81.83
85.12
97.82
106.77
97.88
90.17

79.46
80.42
83.06
89.88
88.22
79.03
87.91
103.02
107.09
87.45
92.21

307.85
327.84
323.13
346.86
358.39
327.52
344.36
388.08
432.79
393.51
346.26

10.

CONTRACTS AND ORDERS FOR PLANT AND EQUIPMENT IN C U R R E N T DOLLARS 2
(BILLIONS OF DOLLARS)

TOTAL FOR PERIOD

1948.. .
1949...
1950. . .
1951.. .
1952. ..
1953...
1954...

1.50
1.31
1.60
3.43
2.51
2.84
2.20

1.72
1.42
1.60
3.51
2.55
2.88
2.24

1.66
1.41
1.74
3.19
2.59
2.64
1.91

1.84
1.21
1.74
3.21
2.56
2.88
1.96

1.59
1.25
2.16
4.36
2.39
2.76
2.00

1.84
1.37
2.09
2.98
2.69
2.16
2.05

1.68
1.26
2.53
2.84
2.76
2.66
2.15

1.60
1.36
3.20
2.73
2.48
2.23
2.15

1.59
1.49
3.01
2.36
3.34
2.57
2.31

1.62
1.43
2.71
2.63
2.50
2.72
2.43

1.60
1.61
2.72
2.63
2.36
2.34
2.25

1.59
1.46
3.00
2.83
2.83
2.14
2.40

4.88
4.14
4.94
10.13
7.65
8.36
6.35

5.27
3.83
5.99
10.55
7.64
7.80
6.01

4.87
4.11
8.74
7.93
8.58
7.46
6.61

4.81
4.50
8.43
8.09
7.69
7.20
7.08

19.83
16.58
28.10
36.70
31.56
30.82
26.05

1955...
1956...
1957...
1958.. .
1959.. .
1960. . .
1961...
1962.. .
1963.. .
1964. . .

2.50
3.35
3.65
2.77
3.09
3.27
3.48
3.62
3.80
4.70

2.72
3.26
3.55
2.67
3.19
3.35
3.40
3.94
3.91
4.24

3.15
3.28
3.52
2.66
3.73
3.27
3.25
3.65
3.88
4.43

2.93
3.40
3.15
2.69
3.35
3.52
3.27
3.85
3.98
4.46

2.80
3.56
3.29
2.72
3.46
3.51
3.22
3.68
4.36
4.82

2.99
3.60
3.13
2.85
3.54
3.41
3.41
3.61
3.99
4.95

2.97
3.43
3.06
2.75
3.61
3.41
3.49
3.65
3.96
4.64

3.15
3.41
3.13
3.13
3.22
3.41
3.67
3.66
4.07
4.69

3.33
3.33
2.83
3.14
3.63
3.44
3.43
3.64
4.20
4.75

3.20
3.34
2.89
3.04
3.50
3.34
3.51
3.73
4.28
4.79

3.45
3.79
2.89
3.00
3.30
3.20
3.72
4.00
4.50
5.10

3.45
3.58
2.74
2.91
3.49
3.49
3.43
4.08
4.56
5.17

8.37
9.d9
10.72
8.10
10.01
9.89
10.13
11.21
11.59
13.37

8.72
10.56
9.57
8.26
10.35
10.44
9.90
11.14
12.33
14.23

9.45
10.17
9.02
9.02
10.46
10.26
10.59
10.95
12.23
14.08

10.10
10.71
8.52
8.95
10.29
10.03
10.66
11.81
13.34
15.06

36.64
41.33
37.83
34.33
41.11
40.62
41.28
45.11
49.49
56.7-4

1965.. .
1966.. .
1967...
1968. . .
1969.. .
1970...
1971...
1972...
1973.. .
1974.. .
1975...
1976.. .

4.89
5.81
5.30
6.07
9.13
9.62
8.21
9.24
11.43
14.06
13.06

4.93
6.28
5.69
8.03
9.53
9.25
9.00
9.55
12.06
14.32
12.21

5.22
6.14
5.81
9.37
8.86
8.76
9.21
10.29
12.28
14.68
11.88

5.25
6.41
5.70
8.06
10.05
8.40
8.87
10.16
12.37
13.95
13.36

5.18
6.34
5.88
7.44
9.39
8.38
8.79
10.96
13.04
15.36
14.07

5.10
6.21
6.11
7.49
8.95
8.07
9.68
9.92
13.05
14.16
13.87

5.27
6.64
6.05
8.56
8.93
8.49
8.24
10.73
13.21
16.53
13.19

5.08
6.22
6.26
8.63
8.95
8.06
9.15
9.92
13.23
15.20
14.47

5.49
6.79
6.09
7.94
10.04
8.15
9.29
11.39
13.16
15.61
12.75

5.51
6.20
6.19
9.50
9.19
7.42
8.90
10.94
14.67
14.91
12.64

5.45
6.14
6.22
8.21
8.96
8.29
9.46
11.25
14.67
13.22
12.68

5.82
6.14
6.40
8.97
9.22
9.13
9.80
11.61
14.11
14.66
12.37

15.04
18.23
16.80
23.47
27.52
27.63
26.42
29.08
35.77
43.06
37.15

15.53
18.96
17.69
22.99
28.39
24.85
27.34
31.04
38.46
43.47
41.30

15.84
19.65
18.40
25.13
27.92
24.70
26.68
32.04
39.60
47.34
40.41

16.78
18.48
18.81
26.68
27.37
24.84
28.16
33.80
43.45
42.79
37.69

63.19
75.32
71.70
98.27
111.20
102.02
108.60
125.96
157.28
176.66
156.55

20.

CONTRACTS AND ORDERS FOR PLANT AND EQUIPMENT IN 1972 DOLLARS*
(BILLIONS OF DOLLARS)

TOTAL FOR PERIOD

1948.. .
1949. . .
1950...
1951...
1952...
1953. . .
1954.. .

3.66
2.94
3.63
6.79
4.88
5.56
4.12

4.19
3.19
3.64
6.92
4.97
5.61
4.20

4.02
3.15
3.92
6.28
5.04
5.11
3.57

4.45
2.71
3.93
6.29
4.97
5.53
3.67

3.79
2.81
4.86
8.37
4.62
5.27
3.74

4.39
3.07
4.68
5.80
5.21
4.10
3.84

3.93
2.83
5.62
5.54
5.36
5.00
4.03

3.68
3.07
6.93
5.33
4.81
4.18
4.04

3.61
3.38
6.42
4.61
6.39
4.77
4.35

3.66
3.25
5.70
5.14
4.89
5.03
4.56

3.60
3.63
5.66
5.14
4.59
4.37
4.23

3.59
3.32
6.04
5.49
5.47
4.00
4.49

11.87
9.28
11.19
19.99
14.89
16.28
11.89

12.63
8.59
13.47
20.46
14.80
14.90
11.25

11.22
9.28
18.97
15.48
16.56
13.95
12.42

10.85
10.20
17.40
15.77
14.95
13.40
13.28

46.57
37.35
61.03
71.70
61.20
58.53
48.84

1955...
1956...
1957...
1958...
1959.. .
1960...
1961...
1962. . .
1963...
1964...

4.68
5.85
5.89
4.34
4.80
5.00
5.37
5.55
5.79
7.12

5.08
5.65
5.70
4.18
4.95
5.12
5.22
6.05
5.97
6.41

5.85
5.67
5.62
4.17
5.79
4.98
4.96
5.60
5.93
6.69

5.42
5.83
5.02
4.21
5.20
5.38
5.03
5.88
6.07
6.73

5.19
6.05
5.22
4.25
5.34
5.38
4.95
5.63
6.66
7.27

5.49
6.11
4.96
4.46
5.44
5.22
5.23
5.52
6.07
7.47

5.43
5.79
4.84
4.30
5.53
5.24
5.34
5.59
6.02
7.00

5.71
5.72
4.93
4.90
4.93
5.23
5.63
5.60
6.19
7.07

5.94
5.51
4.44
4.92
5.57
5.29
5.26
5.57
6.36
7.16

5.70
5.49
4.52
4.76
5.37
5.13
5.38
5.68
6.48
7.22

6.10
6.16
4.51
4.68
5.05
4.93
5.71
6.11
6.83
7.68

6.07
5.80
4.28
4.52
5.34
5.37
5.26
6.24
6.91
7.79

15.61
17.17
17.21
12.69
15.54
15.10
15.55
17.20
17.69
20.22

16.10
17.99
15.20
12.92
15.98
15.98
15.21
17.03
18.80
21.47

17,08
17.02
14.21
14.12
16.03
15.76
16.23
16.76
18.57
21.23

17.87
17.45
13.31
13.96
15.76
15.43
16.35
18.03
20.22
22.69

66.66
69.63
59.93
53.69
63.31
62.27
63.34
69.02
75.28
85.61

1965...
1966...
1967...
1968...
1969
1970.. .
1971.. .
1972...
1973...
1974. ..
1975...
1976.. .

7.34
8.57
7.45
8.29
10.65
10.59
8.57
9.36
11.29
13.03
9.88

7.39
9.22
7.99
9.52
10.93
10.13
9.34
9.65
11.83
13.15
9.21

7.81
8.98
8.15
11.05
10.13
9.57
9.47
10.39
11.96
13.19
8.92

7.84
9.32
7.98
9.40
11.39
9.13
9.17
10.24
11.92
12.47
9.93

7.73
9.17
8.21
8.77
10.72
9.02
9.05
11.02
12.58
13.29
10.44

7.58
8.95
8.53
8.82
10.14
8.68
9.94
9.93
12.58
12.07
10.23

7.83
9.54
8.43
10.03
10.07
9.04
8.46
10.73
12.70
13.73
9.73

7.54
8.91
8.70
10.18
10.04
8.58
9.32
9.89
12.71
12.43
10.66

8.15
9.70
8.46
9.27
11.17
8.64
9.49
11.29
12.61
12.50
9.42

8.16
8.82
8.57
11.06
10.25
7.79
9.07
10.87
13.94
11.72
9.25

8.05
8.69
8.58
9.49
9.90
8.69
9.65
11.12
13.88
10.31
9.21

8.59
8.66
8.79
10.39
10.17
9.53
9.95
11.40
13.26
11.20
9.02

22.54
26.77
23.59
28.86
31.71
30.29
27.38
29.40
35.08
39.37
28.01

23.15
27.44
24.72
26.99
32.25
26.83
28.16
31.19
37.08
37.83
30.60

23.52
28.15
25.59
29.48
31.28
26.26
27.27
31.91
38.02
38.66
29.81

24.80
26.17
25.94
30.94
30.32
26.01
28.67
33.39
41.08
33.23
27.48

94.01
108.53
99.84
116.27
125.56
109.39
111.48
125.89
151.26
149.09
115.90

'This series contains revisions beginning with 1958.

96




2

This series contains revisions beginning with 1968.

(APRIL 1977)

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year

Annual

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

II

24. VALUE OF MANUFACTURERS' NEW ORDERS , CAPITAL GOODS INDUSTRIES, NONDEFENSE, IN CURRENT DOLLARS'
(BILLIONS OF DOLLARS)

III

Q

Q

IV Q

TOTAL FOR PERIOD

1945.. .
1946, ,
1947, ,
1948.. .
1949.. .
1950.. .
1951.. .
1952...
1953.. .
1954...

1.28
1.13
1.32
3.06
2.18
2.57
1.78

1.43
1.22
1.42
3.09
2.25
2.43
1.86

1.45
1.21
1.43
2.92
2.30
2.29
1.56

1.62
1.02
1.49
2.88
2.22
2.41
1.65

1.31
1.08
1.88
2.74
2.04
2.30
1.61

1.57
1.13
1.81
2.56
2.23
1.90
1.65

1.38
1.06
2.22
2.46
2.36
2.09
1.75

1.36
1.13
2.81
2.35
2.07
1.84
1.74

1.38
1.26
2.64
2.11
2.20
1.88
1.94

1.39
1.19
2.40
2.40
2.19
1.80
1.93

1.40
1.25
2.37
2.38
1.97
1.78
1.83

1.43
1.20
2.68
2.37
2.19
1.76
1.95

4.16
3.56
4.17
9.07
6.73
7.29
5.20

4.50
3.23
5.18
8.18
6.49
6.61
4.91

4.12
3.45
7.67
6.92
6.63
5.81
5.43

4.22
3.64
7.45
7.15
6.35
5.34
5.71

17.00
13.88
24.47
31.32
26.20
25.05
21.25

1955...
1956.. .
1957.. .
1958.. .
1959...
I960.. .
1961...
1962...
1963.. .
1964...

2.09
2.72
2.96
2.28
2.62
2.73
2.74
3.06
3.21
3.94

2.29
2.55
2.96
2.16
2.70
2.83
2.76
3.27
3.29
3.52

2.62
2.68
2.83
2.21
3.06
2.78
2.76
2.92
3.34
3.77

2.30
2.82
2.61
2.25
2.79
2.90
2.73
3.20
3.35
3.72

2.31
2.99
2.63
2.26
2.92
2.89
2.66
3.02
3.49
4.12

2.47
3.02
2.53
2.28
3.00
2.87
2.81
2.97
3.33
4.23

2.43
2.77
2.52
2.29
3.03
2.78
2.94
3.00
3.36
3.90

2.59
2.84
2.56
2.46
2.79
2.78
3.08
2.99
3.47
3.94

2.57
2.84
2.42
2.56
3.04
2.75
2.91
3.06
3.53
3.92

2.64
2.88
2.36
2.48
2.93
2.69
2.94
3.11
3.54
4.01

2.77
3.21
2.33
2.58
2.74
2.60
3.04
3.34
3.45
4.06

2.87
3.07
2.16
2.47
2.96
2.86
2.88
3.15
3.61
4.15

7 .00
7.95
b. 75
6.65
8.3d
8.34
8.26
9.25
9.84
11.23

7.08
8.83
7.77
6.79
8.71
8.66
8.20
9.19
10.17
12.07

7.59
8.45
7.50
7.31
8.86
8.31
8.93
9.05
10.36
11.76

8.28
9.16
6.85
7.53
8.63
8.15
8.86
9.60
10.60
12.22

29.95
34.39
30.87
28.28
34.58
33.46
34.25
37.09
40.97
47.28

1965...
1966...
1967...
1968.. .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976.. .

4.13
4.79
4.43
5.06
7 .00
7.60
6.80
7.78
9.67
12.44
11.62

4.06
5.25
4.69
6.93
8.19
7.47
7.41
8.36
10.16
12.57
10.59

4.40
5.17
4.73
8.18
7.61
7.16
7.57
8.71
10.68
13.01
10.15

4.34
5.33
4.78
7.37
9.00
6.68
7.20
8.54
11.02
12.62
10.75

4.23
5.37
4.88
6.17
7.68
7.08
7.36
9.29
11.15
12.59
10.56

4.38
5.31
5.03
6.17
7.61
6.62
8.12
8.47
10.85
12.41
10.30

4.46
5.57
5.13
7.24
7.52
7.02
6.92
9.15
11.16
14.22
11.32

4.34
5.20
5.24
6.89
7.68
6.70
7.40
8.52
10.86
13.47
10.92

4.50
5.46
4.99
6.54
8.67
6.83
7.92
9.65
11.30
13.42
11.07

4.63
5.36
5.04
7.88
7.65
6.58
7.67
9.30
12.31
11.97
11.19

4.72
5.15
5.12
6.96
7.80
6.96
7.97
9.62
12.44
11.58
11.37

5.05
5.19
5.40
7.49
7.46
7.70
8.40
9.96
12.32
11.57
11.05

12.59
15.21
13.85
20.17
22.80
22.23
21.78
24.85
30.51
38.02
32.36

12.95
16.01
14.69
19.71
24.29
20.38
22.68
26.30
33.02
37.62
31.61

13.30
16.23
15.36
20.67
23.87
20.55
22.24
27.32
33.32
41.11
33.31

14.40
15.70
15.56
22.33
22.91
21.24
24.04
28.88
37.07
35.12
33.61

53.24
63.15
59.46
82.88
93.87
84.40
90.74
107.35
133.92
151.87
130.89

27. VALUE OF MANUFACTURERS' NEW ORDERS , CAPITAL GOODS INDUSTRIES, NONDEFENSE, IN 1972 DOLLARS*
(BILLIONS OF DOLLARS)

TOTAL FOR PERIOD

1945. . .
1946. . .
1947. . .
1948...
1949...
1950.. .
1951...
1952...
1953...
1954.. .

3.19
2.56
3.04
6.08
4.30
5.07
3.38

3.57
2.77
3.27
6.13
4.43
4.79
3.53

3.58
2.74
3.27
5.78
4.51
4.50
2.95

3.98
2.30
3.40
5.68
4.36
4.70
3.11

3.22
2.45
4.29
5.40
4.00
4.45
3.05

3.82
2.58
4.11
5.04
4.40
3.64
3.12

3.32
2.41
4.97
4.84
4.66
3.99
3.32

3.19
2.58
6.15
4.64
4.08
3.51
3.30

3.19
2.89
5.69
4.15
4.34
3.58
3.69

3.18
2.74
5.07
4.72
4.34
3.42
3.67

3. 20
2.88
4.96
4 .68
3.89
3.38
3.47

3.24
2.77
5.41
4.66
4.32
3.33
3.69

10.34
8.07
9.58
17.99
13.24
14.36
9.86

11.02
7.33
11.80
16.12
12.76
12.79
9.28

9.70
7.88
16.81
13.63
13.08
11.08
10.31

9.62
8.39
15.44
14.06
12.55
10.13
10.83

40.68
31.67
53.63
61.80
51.63
48.36
40.28

1955...
1956...
1957...
1958.. .
1959.. .
I960.. .
1961...
1962...
1963...
1964...

3.94
.82
.80
.56
.05
.12
.14
.63
.85
5.93

.31
.48
.77
.37
.17
.26
.16
.95
4.99
5.28

4.90
4.70
4.54
3.45
4.71
4.20
4.16
4.41
5.07
5.66

4.30
4.88
4.18
3.49
4.28
4.36
4.13
4.82
5.08
5.56

4.32
5.12
4.20
3.51
4.47
4.36
4.03
4.55
5.28
6.17

4.59
5.15
4.04
3.54
4.56
4.34
4.25
4.49
5.02
6.34

4.49
4.73
4.01
3.56
4.58
4.20
4.45
4.53
5.06
5.83

4.74
4.80
4.05
3.82
4.22
4.20
4.67
4.52
5.23
5.89

4.63
4.73
3.80
3.99
4.59
4.16
4.41
4.63
5.31
5.86

4.74
4.76
3.69
3.86
4.43
4.07
4.45
4.69
5.33
6.00

4.94
5.25
3.64
4.00
4.14
3.94
4.60
5.05
5.19
6.06

5.09
5.00
3.38
3.82
4.47
4.34
4.37
4.76
5.41
6.20

13.15
14.00
14.11
10.38
12.93
12.58
12.46
13.99
14.91
16.87

13.21
15.15
12.42
10.54
13.31
13.06
12.41
13.86
15.38
18.07

13.86
14.26
11.86
11.37
13.39
12.56
13.53
13.68
15.60
17.58

14.77
15.01
10.71
11.68
13.04
12.35
13.42
14.50
15.93
18.26

54.99
58.42
49.10
43.97
52.67
50.55
51.82
56.03
61.82
70.78

1965...
1966.. .
1967.. .
1968...
1969...
1970...
1971.. .
1972...
1973.. .
1974.. .
1975...
1976.. .

6.,15
7.04
6.,21
6.93
7.88
8.,21
7.03
7..87
9.56
11.61
8.87

6.04
7.68
6.56
8.02
9.20
8.04
7.62
8.45
10.00
11.65
8.08

6.55
7.54
6.61
9.44
8.53
7.69
7.72
8.80
10.44
11.80
7.70

6.46
7.74
6.68
8.47
10.07
7.14
7.38
8.60
10.65
11.40
8.09

6.28
7.76
6.81
7.07
8.58
7.53
7.52
9.34
10.79
11.12
7.98

6.48
7.64
7.01
7.06
8.47
7.03
8.30
8.48
10.52
10.73
7.74

6.60
7.99
7.14
8.26
8.32
7.38
7.08
9.14
10.80
12.00
8.43

6.42
7.44
7.28
7.84
8.49
7.06
7.49
8.50
10.53
11.16
8.17

6.64
7.79
6.93
7.41
9.50
7.17
8.06
9.57
10.91
10.91
8.24

6.84
7.60
6.98
8.92
8.38
6.85
7.80
9.24
11.80
9.61
8.23

6.96
7.27
7.06
7.85
8.52
7.23
8.10
9.52
11.88
9.14
8.29

7.44
7.30
7.41
8.46
8.08
7.97
8.54
9.78
11.66
9.00
8.10

18.74
22.26
19.38
24.39
25.61
23.94
22.37
25.12
30.00
35.06
24.65

19.22
23.14
20.50
22.60
27.12
21.70
23.20
26.42
31.96
33.25
23.81

19.66
23.22
21.35
23.51
26.31
21.61
22.63
27.21
32.24
34.07
24.84

21.24
22.17
21.45
25.23
24.98
22.05
24.44
28.54
35.34
27.75
24.62

78.86
90.79
82.68
95.73
104.02
89.30
92.64
107.29
129.54
130.13
97.92

28. NEW PRIVATE HOUSING UNITS STARTED, TOTALS
(ANNUAL RATE, THOUSANDS)

AVERAGE FOR PERIOD

1945
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954.. .

1,040
1,052
1,385
1,196
1,883
1,928
1,388
1,484
1,358

1,085
1,074
1,200
1,137
1,834
1,638
1,516
1,460
1,417

1,167
1,032
1,379
1,171
1,976
1,481
1,483
1,506
1,411

1,057
1,039
1,501
1,292
1,945
1,352
1,412
1,498
1,433

1,028
1,090
1,450
1,319
2,052
1,359
1,408
1,425
1,412

985
1,174
1,441
1,341
2,042
1,419
1,353
1,380
1,498

972
1,252
1,419
1,384
2,051
1,257
1,438
1,346
1,559

1,007
1,355
1,329
1,500
2,121
1,334
1,443
1,324
1,563

958
1,532
1,303
1,603
1,821
1,456
1,483
1,348
1,618

974
1,571
1,190
1,662
1,605
1,386
1,513
1,342
1,610

957
1,557
1,196
1,785
1,561
1,324
1,475
1,383
1,730

991
1,447
1,218
1,824
1,900
1,330
1,476
1,343
1,807

1,097
1,053
1,321
1,168
1,898
1,682
1,462
1,483
1,395

1,023
1,101
1,464
1,317
2,013
1,377
1,391
1,434
1,448

979
1,380
1,350
1,496
1,998
1,349
1,455
1,339
1,580

974
1,525
1,201
1,757
1,689
1,347
1,488
1,356
1,716

1,015
1,265
1,344
1,430
1,908
1,420
1,446
1,402
1,532

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964.. .

1,757
1,441
1,151
1,170
1,657
1,460
1,183
1,361
1,244
1,603

,664
,444
,168
,107
,667
,503
1,226
1,278
1,456
1,820

1,684
1,401
1,173
1,108
1,620
1,109
1,312
1,443
1,534
1,517

1,708
1,408
1,147
1,154
1,590
1,289
1,166
1,524
1,689
1,448

1,730
1,375
1,174
1,191
1,498
1,271
1,228
1,483
1,641
1,467

1,704
1,325
1,175
1,236
1,503
1,247
1,382
1,404
1,588
1,550

1,632
1,289
1,191
1,337
1,547
1,197
1,335
1,450
1,614
1,562

1,625
1,313
1,193
1,374
1,430
1,344
1,312
1,517
1,639
1,569

1,580
1,234
1,191
1,451
1,540
1,097
1,429
1,324
1,763
1,455

1,490
1,266
1,204
1,472
1,355
1,246
1,415
1,533
1,779
1,524

1,434
1,212
1,162
1,593
1,416
1,246
1,385
1,622
1,622
1,486

1,431
1,184
1,146
1,598
1,601
1,063
1,365
1,564
1,491
1,484

1,702
1,429
1,164
1,128
1,648
1,357
1,240
1,361
1,411
1,647

1,714
1,369
1,165
1,194
1,530
1,269
1,259
1,470
1,639
1,488

1,612
1,279
1,192
1,387
1,506
1,213
1,359
1,430
1,672
1,529

1,452
1,221
1,171
1,554
1,457
1,185
1,388
1,573
1,631
1,498

1,627
1,325
1,175
1,314
1,517
1,252
1,313
1,463
1,603
1,529

1965...
1966...
1967...
1968...
1969.. .
1970...
1971...
1972...
1973...
1974...
1975...
1976...

1,361
1,370
1,067
1,380
1,769
1,085
1,828
2,494
2,481
1,451
1,016

1,433
1,378
1,123
1,520
1,705
1,305
1,741
2,390
2,289
1,752
923

1,423
1,394
1,056
1,466
1,561
1,319
1,910
2,334
2,365
1,555
990

1,438
1,352
,091
1,554
1,524
,264
,986
2,249
2,084
1,607
996

1,478
1,265
1,304
1,408
1,583
1,290
2,049
2,221
2,266
1,426
1,109

1,488
1,194
1,248
1,405
1,528
1,385
2,026
2,254
2,067
1,513
1,067

1,529
1,086
1,364
1,512
1,368
1,517
2,083
2,252
2,123
1,316
1,229

1,432
1,119
1,407
1,495
1,358
1,399
2,158
2,382
2,051
1,142
1,253

1,482
1,046
1,421
1,556
1,507
1,534
2,041
2,481
1,874
1,150
1,281

1,452
843
1,491
1,569
1,381
1,580
2,128
2,485
1,677
1,070
1,368

1,460
961
1,538
1,630
1,229
1,647
2,182
2,421
1,724
1,026
1,370

1,656
990
1,308
1,548
1,327
1,893
2,295
2,366
1,526
975
1,336

1,406
1,381
1,082
1,455
1,678
1,236
1,826
2,406
2,378
1,586
976

1,468
1,270
1,214
1,456
1,545
1,313
2,020
2,241
2,139
1,515
1,057

1,481
1,084
1,397
1,521
1,411
1,483
2,094
2,372
2,016
1,203
1,254

1,523
931
1,446
1,582
1,312
1,707
2,202
2,424
1,642
1,024
1,358

1,473
1,165
1,292
1,508
1,467
1,434
2,052
2,357
2,045
1,338
1,160

'This series contains revisions beginning with 1968.
beginning with 1974.




2

This series is shown in this appendix for the first time,

3

This series contains revisions

(APRIL 1977)

97

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year

Feb.

Jan.
33

Mar.

Apr.

May

June

July

Aug.

Sept.

Nov.

Oct.

Dec.

1 Q

NET CHANGE IN MORTGAGE DEBT HELD BY FINANCIAL INSTITUTIONS AND LIFE
INSURANCE COMPANIES1"
(ANNUAL RATE, BILLIONS OF DOLLARS)

II Q

III

Q

IV Q

AVERAGE FOR PERIOD

1946. . .

1951

21.17

20.94

12.08
13.86
17.47
21.80
22.13

21.10

20.06

20.88

22.25

22.38

12.20
19.67
25.16
18.98

11.28
21.14

21.40
13.42

21.92
14.09
17.70
16.61
15.55
18.16

21.32
11.62
21.07
17.26
18.83
17.66

28.55
42.64
49.97
40.56
30.83

17.32
15.28
21.72
19.56
17.15
32.14

21.74
13.31
16.70
17.59
19.96
16.91

45.46

36.02
47.04

51.17

55.81

43.92
34.86

37.93
37.22

39.49
43.00
52.85
38.57
34.90

39.98
52.79
53.94
33.37
40.06

23.45

21.11

19.30

25.33

10.22
21.41

12.72
12.72
9.90
8.70
14.24
13.26
11.74
17.00
18.98

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976.. .

21.28
28.37
44.05
49.98

40.01
28.50

12.96
10.69
8.57
10.81
14.75
12.73
14.22
17.76

14.29
11.68
8.50
9.05
15.88
11.78
13.85
17.76
21.52

13.70
12.64
8.58
7.14
15.32
12.32
13.36
17.33

14.40
12.24
10.03
8.88
13.14
12.73
12.12
15.82
19.68
19.19

22.97

13.99
11.81
8.03
9.64

14.16
11.80
7.94
9.67
16.07
11.72
12.84
17.68
21.38
21.61

13.38
12.32
9.72
9.25
14.60
12.13
12.06
16.79
19.54
21.86

1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963...
1964...

20.45

22.45

20.04
23.45

15.82

16.04

30.22

30.46
44.47
50.65
45.54
32.40

45.13
53.42
42.20
29.62

20.63

22.64

21.00

12.25
10.94
8.56
11.69
14.21
11.65
14.89
18.68
21.85
21.48

7.92
10.42
7.97
13.12
13.08
12.10
15.43

21.47

21.71
10.63

21.01
10.91
19.57

20.66

20.54
22.70

11.44
10.58
8.27
14.54
13.13
10.98
16.56
19.46

11.50
10.38
8.11
13.82
11.54
10.63
16.82
19.93

20.62

22.67

21.67

21.64

21.67
8.89
21.10
21.41

21.77
6.92
19.39

17.82
19.30

20.28

18.66

20.05

11.93

22.02
40.33
49.46
43.60

24.65
39.82

21.74
41.18

24.67
44.29

51.11

55.75
39.82
24.36
42.60

30.41
47.90

40.43
29.44
56.75

23.88

13.50
12.43
9.88
8.94
13.99
12.71
11.97
16.54
19.40
21. 5U

14.05
12.04
8.34
8.62
15.76
11.94
13.35
17.59
21.12
21.24

13.07
11.15
8.39
10.71
16.53
12.15
14.32
17.97
22.10
21.54

10.29
10.46
8.12
13.83
12.58
11.24
16.27
19.98

20.50
23.32

20.89

21.65
12.11
19.81
17.23
17.89
19.28

21.48
8.91

39.93
48.42

41.76

11.23
20.74
23.53

17.34
15.13
19.78
20.99

18.69

16.70

60.10

29.05
43.94

34.54

51.12

20.11

40.92
29.65

32.87
45.66
52.54
42.46
34.83

48.92

37. NUMBER OF PERSONS UNEMPLOYED, LABOR FORCE SURVEY'
(THOUSANDS)

50.13
34.12
40.95

22.00

21.59

20.02

21.86
16.88
23.69
55.65
38.26
24.64
49.42

12.73
11.52
8.68
10.53
14.72
12.01
13.98
18.02
21.15
21.47
21.13
15.42
16.55
19.90
19.82
19.59
35.90
48.42

48.01
35.53

38.71

AVERAGE FOR PERIOD

1945
1947 .
1948...
1949...
1950...
1951...
1952...
1953...
1954...

2,034
2,596
4,026
2,305

1,972
1,839
3,077

2,898

1,936
1,821

2,194
1,839
1,974

2,178
1,743
2,211

2,182
1,914

1,923
1,853

3,854

3,927

3,666

3,402

1,960
1,667
2,818
3,196

3,338

2,632
2,952
2,796
5,079
3,528
3,836
4,928

2,784

2,678
2,635
2,943

2,830

2,780

2,761

3,015

2,571

2,861

3,020
4,570

3,454

2,790
3,476

4,188

4,191

3,910

4,013

3,961

4,003
4,330
4,295
4,024

4,617
4,177

3,819
4,051

3,878
3,655

3,957

3,712

4,252
4,573
3,803
3,987
3,726

2,679
2,642
4,223
3,945
3,557
4,785
3,958

3,254
2,900
2,945
2,768
2,856
4,252

3,216

3,143

1,665

3,659

3,776
3,367

2,117
1,957
1,636
3,331

2,125
1,813
1,647

1,919
1,811
1,723

1,856
1,863
1,596

3,607

3,749

3,767

1,995
1,884
1,607
3,551

2,969
2,606
2,622
4,303
3,965
3,329
4,832

2,918

3,049
2,650
2,600

2,747

2,701

2,861
2,710
5,021

4,217

2,882
2,856
4,944
3,429
3,766
4,885
3,844
3,977

3,918

3,764

3,814

3,608

3,595
2,828
2,895
2,709
2,758
3,796
4,926
4,902
4,377
4,492
7,964

3,432
2,950
2,929
2,740

3,387
2,872
2,992
2,938

3,301

2,713
3,913
4,956
4,876
4,268
4,622

2,816
,016
,915
,880
,301
,846

8,314

8,099

3,871

3,921
4,072
3,950

1965...
1966.. .
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

3,572
2,988
2,968
2,878

3,730
2,820

3,510

2,718
3,213

2,692
3,448
4,877
4,876
4,378
4,629
7,362

7,280

4,118

3,459

2,214

3,707
3,434

4,238
3,932

4,519

2,288

3,581

2,118

4,074
4,029

4,968
4,966
4,246

2,254
2,825
3,946

2,386
3,260
3,575

3,157

3,615
4,671
4,081

2,429
4,063
2,63$,

2,350

2,399
3,030
3,876

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

2,666
2,796
3,875
4,068

2,285
3,996
2,589

2,239

2,625

2,213
4,111
3,120
1,950
1,991
1,660

2,328
2,849
3,936

2,915
3,001

2,764
2,509
4,492

3,801
3,726
4,853

2,887
2,889
2,877

2,712
3,628
4,956

4,981
4,308
4,520
7,777

5,016
3,571
3,620
4,893
3,906
4,055

3,479
3,569
5,003
3,863

4,193
2,799

1,933
2,087

2,701
2,747
5,025
3,588
3,946
4,682

2,302
4,049
2,774
2,067

4,821
3,775
3,884
4,676

4,992

4,264
4,976

2,798
2,958
2,686
3,040
4,454
5,032
4,833
4,332
5,439

8,061

7,921

8,011

2,876
2,944
2,883
2,868

4,180
5,015
4,877

4,251

5,132
4,912

2,259

4,916

4,151
3,551

3,653
3,907
3,975

3,651

4,128
3,970

3,143

3,073
2,770
3,066

3,031
2,912
3,018

2,689
3,049
4,637

2,715
2,856
4,885

2,685
2,884
5,056

5,001

5,141

5,112

4,924

4,163

4,557
4,342

4,417

4,941
4,311

5,58U
8,048

6,106
7,813

7,705

7,473

2,798

4,478

2,898
2,924

2,919
2,707
3,430
4,934

42. TOTAL NUMBER OF PERSONS ENGAGED IN NONAGRICULTURAL ACTIVITIES, LABOR FORCE SURVEY 2
(THOUSANDS)

1,983

2,324
4,325

2,618
2,111
1,750

2,278
3,636
3,289
2,054

2,334

1,884
1,836

3,689

1,715
3,813

3,421

3,533

2,832
2,798
2,722
4,994
3,493
3,652
4,927

2,698
2,763
2,829
4,975
3,630
3,889
4,762

2,790

2,853
2,752
2,859

3,871

3,931

3,911

4,U83
3,832

3,962
3,658

4,038
3,643

3,257
2,858
2,949
2,779

4,315

4,295
5,060
4,874
4,282

3,082
2,827
3,076
2,696
2,930
4,859
5,085
4,653
4,307

8,126

7,998

7,855

2,883
2,939
2,796
2,762
3,908
4,932
4,886

2,005

2,921

2,741
3,317
4,316
3,855
4,400
4,348

4,601
3,739
3,852

4,714
3,912
4,071
3,785
3,365
2,878
2,977

2,816
2,832
4,088
4,994
4,840
4,306
5,076
7,830

AVERAGE FOR PERIOD

1947. . .
1948...
1949...
1950...
1951...
1952...
1953...
1954...

49,984
50,385
50,570
52,808
53,312
54,958
53,951

50,500
50,186
50,694
52,923
53,442
55,421
54,073

50,338
50,035
50,612
53,543
53,440
55,590
53,791

50,734
49,836
51,319
53,167
53,384
55,082
54,043

50,713
49,485
51,372
53,436
53,861
55,082
53,698

51,152
49,370
51,767
53,091
53,690
55,095
53,630

51,366
49,169
51,875
53,555
53,637
55,130
53,421

50,894
49,793
52,549
53,204
53,616
54,832
53,766

50,648
50,287
52,583
53,155
53,984
54,708
53,829

50,761
50,455
52,432
53,374
53,769
54,797
54,028

50,793
50,512
52,534
53,137
54,239
54,393
54,423

50,756
50,466
52,669
53,432
54,593
54,048
54,268

50,274
50,202
50,625
53,091
53,398
55,323
53,938

50,866
49,564
51,486
53,231
53,645
55,086
53,790

50,969
49,750
52,336
53,305
53,746
54,890
53,672

50,770
50,478
52,545
53,314
54,200
54,413
54,240

50,716
49,992
51,759
53,236
53,753
54,921
53,904

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

54,640
57,163
57,842
57,389
58,387
59,889
60,354
61,014
62,190
63,724

54,873
57,061
58,13?
57,244
58,255
60,177
60,116
61,249
62,372
64,188

54,722
57,190
58,441
57,170
58,590
59,714
60,444
61,336
62,655
64,397

55,152
57,154
58,211
57,029
58,875
60,488
60,337
61,363
62,972
64,942

55,307
57,486
57,986
57,227
58,907
60,698
60,350
61,724
62,886
65,028

55,538
57,485
58,194
57,220
59,137
60,752
60,773
61,727
63,007
64,662

56,075
57,480
58,139
57,220
59,447
60,367
60,455
61,643
63,211
64,808

56,222
57,692
58,061
57,339
59,402
60,375
60,486
62,102
63,304
64,890

56,131
57,704
58,393
57,728
59,323
60,512
60,520
62,325
63,524
64,959

56,263
57,838
58,171
57,912
59,556
60,196
60,716
62,298
63,592
65,032

56,602
57,799
57,983
57,899
59,050
60,596
62,016
63,573
65,239

57,031
58,104
57,885
58,028
59,883
60,156
60,908
62,300
63,584
65,492

54,745
57,138
58,138
57,268
58,411
59,927
60,3U5
61,200
62,406
64,103

55,332
57,375
58,130
57,159
58,973
60,646
60,487
61,605
62,955
64,877

56,143
57,625
58,198
57,429
59,391
60,418
60,487
62,023
63,346
64,886

56,632
57,914
58,013
57,946
59,496
60,316
60,872
62,205
63,583
65,254

55,721
57,517
58,123
57,450
59,065
60,318
60,546
61,759
63,076
64,782

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

65,726
68,121
69,781
70,792
73,101
75,440
75,319
77,283
79,197
82,085
81,336

65,805
68,056
69,883
71,270
73,557
75,264
75,199
77,350
79,949
82,184
80,973

66,121
68,119
69,682
71,475
73,699
75,320
74,995
77,778
80,488
82,403
80,942

66,209
68,402
70,134
71,686
73,894
75,333
75,182
77,860
80,575
82,326
80,963

66,310
68,567
70,186
72,293
73,706
74,998
75,453
78,063
80,687
82,590
80,940

66,581
68,808
70,589
72,376
74,217
74,883
75,275
78,264
81,047
82,776
81,135

67,070
68,940
70,687
72,267
74,411
75,179
75,717
78,306
81,041
82,795
81,421

67,007
69,225
70,804
72,307
74,637
75,173
75,904
78,476
81,044
82,640
81,697

67,015
69,306
71,003
72,414
74,699
75,000
76,034
78,508
81,512
82,691
81,609

67,277
69,489
71,043
72,483
74,928
75,267
76,218
78,479
81,873
82,570
81,698

67,631
69,895
71,192
72,736
75,064
75,169
76,543
78,938
82,008
82,217
81,897

67,903
69,823
71,397
73,032
75,331
75,101
76,753
79,266
82,035
81,782
82,188

65,884
68,099
69,782
71,179
73,452
75,341
73,171
77,470
79,878
82,224
81,084

66,367
68,592
70,303
72,118
73,939
75,071
75,303
78,062
80,770
82,564
81,013

67,031
69,157
70,831
72,329
74,582
75,117
75,885
78,430
81,199
82,709
81,576

67,604
69,736
71,211
72,750
75,108
75,179
76,505
78,894
81,972
82,190
81,928

66,727
68,920
70,529
72,104
74,296
75,165
75,732
78,230
80,957
82,443
81,403

'This series contains revisions beginning with 1955.




2

This series contains revisions beginning with 1972.

60,yyi

(APRIL 1977)

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year

Annual
Feb.

Jan.

Apr.

Mar.

June

May

July

Aug.

Sept.

Oct.

Nov.

Dec.

1Q

II Q

III

Q

IVQ

43 . UNEMPLOYMENT RATE, TOTAL
AVERAGE FOR PERIOD

(PERCENT)

1945. . .
1946. . .
1947. . .

2.6
5.8

3.8
6.7
4.6
3.2
3.2
2.7
6.0

3.8
7.0
4.2
3.4
2.8
3.7
5.3

3.8
5.9
5.3
3.3
3.0
2.9
5.6

3.9
6.3
5.8
5.1
6.8
5.6
5.8
5.5

4.1
7.4
5.1
5.2
7.0
5.5
5.7
5.2

4.2
7.3
5.3
5.5
6.8
5.6
5.5
5.0

4.9
6.4
5.6
6.3
6.2
5.5
5.6
5.0

4.4
4.1
4.3
6.8
5.5
5.5
6.7
5.5
5.7
5.2

4.9
3.9
3.8
3.7
3.4
4.2
5.9
5.8
4.9
5.0
8.1

4.7
3.8
3.8
3.6
3.4
4.7
5.9
5.6
4.9
5.1
8.8

4.4
3.8
3.8
3.5
3.6
5.2
6.0
5.6
4.8
5.6
8.6

4.1
3.7
3.9
3.4
3.6
5.9
6.0
5.3
4.8
6.7
8.4

4.5
3.8
3.8
3.6
3.5
4.9
5.9
5.6
4.9
5.6
8.5

1948...
1949...
1950...
1951.. .
1952.. .
1953.. .
1954...

3.4
4.3
6.5
3.7
3.2
2.9
4.9

3.8
4.7
6.4
3.4
3.1
2.6
5.2

4.0
5.0
6.3
3.4
2.9
2.6
5.7

3.9
5.3
5.8
3.1
2.9
2.7
5.9

3.5
6.1
5.5
3.0
3.0
2.5
5.9

3.6
6.2
5.4
3.2
3.0
2.5
5.6

3.6
6.7
5.0
3.1
3.2
2.6
5.8

3.9
6.8
4.5
3.1

3.8
6.6
4.4
3.3

3.7
7.9
4.2
3.5

3.8
6.4
4.2
3.5

4.0
6.6
4.3
3.1

3.7
4.7
6.4
3.5

3.7
5.9
5.6
3.1

2.7
6.0

2.9
6.1

3.1
5.7

3.5
5.3

4.5
5.0

2.7
5.3

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964.. .

4.9
4.0
4.2
5.8
6.0
5.2
6.6
5.8
5.7
5.6

4.7
3.9
3.9
6.4
5.9
4.8
6.9
5.5

4.6
4.2
3.7
6.7
5.6
5.4
6.9
5.6

4.7
4.0
3.9

4.3
4.3
4.1

4.2
4.3
4.3

4.0

4.2

4.1

5.2
5.2
7.0
5.6

5.1
5.1
7.1
5.5

5.4

5.4

5.3

5.1

5.0
5.4
6.9
5.5
5.6
5.2

5.1
5.5
7.0
5.4
5.6
4.9

7.4
5.2
5.6
6.6
5.7
5.4
5.0

7.1
5.5
5.5
6.7
5.6
5.5
5.1

6.7
5.7
6.1
6.5
5.4
5.5
5.1

6.2
5.8
6.1
6.1
5.7
5.7
4.8

6.2
5.3
6.6
6.0
5.5
5.5
5.0

1965...
1966...
1967...
1968...
1969...
1970...
1971.. .
1972...
1973...
1974.. .
1975...
1976...

4.9
4.0
3.9

5.1
3.8
3.8

4.7
3.8
3.8

4.8
3.8
3.8

4.6
3.9
3.8

4.6
3.8
3.9

3.8
3.8

3.8
3.8

3.7
3.8

3.7
4.0

3.6
3.9

3.8
3.8

3.4
3.9
5.9
5.8
4.9
5.0
7.9

3.4
4.2
5.9
5.7
5.0
5.1
8.0

3.4
4.4
5.9
5.8
4.9
5.0
8.5

3.4
4.6
5.9
5.7
5.0
5.0
8.6

3.4
4.7
5.9
5.6
4.8
5.1
9.0

3.5
4.9
5.9
5.6
4.8
5.3
8.7

3.5
5.0
6.0
5.6
4.8
5.5
8.7

3.5
5.1
6.1
5.6
4.8
5.5
8.5

3.7
5.4
6.0
5.6
4.9
5.9
8.6

3.7
5.6
5.9
5.7
4.7
6.1
8.6

3.5
5.9
6.0
5.2
4.8
6.7
8.4

3.5
6.1
6.0
5.1
4.9
7.2
8.3

44.

4.2

UNEMPLOYMENT RATE, 15 WEEKS AND OVER
(PERCENT)

AVERAGE FOR PERIOD

1945. . .
1946
1947. . .

0.4
0.3
0.3
1.5

0.5
1.5
1.0
0.4
0.3
0.3
1.6

0.5
1.6
1.0
0.4
0.4
0.3
1.6

0.5
1.6
0.9
0.4
0.4
0.3
1.6

0.5
1.7
0.8
0.5
0.3
0.4
1.5

0.5
1.6
0.8
0.4
0.4
0.5
1.3

0.5
0.6
1.5
0.6
0.4
0.3
0.9

0.5
1.0
1.4
0.4
0.4
0.3
1.3

0.5
1.5
1.1
0.4
0.3
0.3
1.6

0.5
1.6
0.8
0.4
0.4
0.4
1.5

0.5
1.1
1.3
0.5
0.4
0.3
1.3

1.0
0.8
0.8
2.5
1.4
1.2
2.3
1.5
1.5
1.4

1.0
0.8
0.8
2.6
1.3
1.3
2.6
1.5
1.5
1.4

0.8
0.8
0.8
2.8
1.3
1.3
2.3
1.5
1.6
1.3

0.9
0.9
0.8
2.6
1.3
1.4
2.2
1.5
1.5
1.3

0.9
0.8
1.0
2.5
1.3
1.7
2.1
1.4
1.5
1.2

0.9
0.9
1.0
2.3
1.4
1.7
2.0
1.5
1.5
1.3

0.9
0.9
1.1
2.2
1.3
1.6
1.9
1.5
1.4
1.2

1.3
0.8
0.8
1.5
1.9
1.3
2.0
1.8
1.6
1.4

1.1
0.8
0.8
2.3
1.4
1.2
2.3
1.6
1.5
1.3

0.9
0.8
0.8
2.7
1.3
1.3
2.4
1.5
1.5
1.3

0.9
0.9
1.0
2.3
1.3
1.7
2.0
1.5
1.5
1.2

1.1
0.8
0.8
2.1
1.5
1.4
2.2
1.6
1.5
1.3

1.0
0.7
0.5
0.5
0.5
0.7
1.4

1.1
0.6
0.5
0.5
0.5
0.8
1.4

0.9
0.6
0.5
0.5
0.5
0.8
1.5

1.0
0.6
0.6
0.5
0.5
0.8
1.5

1.0
0.6
0.6
0.5
0.5
0.9
1.5

0.9
0.6
0.6
0.5
0.5
0.9
1.5

0.9
0.9
2.8

0.9
1.0
2.9

0.8
1.0
3.1

0.9
1.0
3.0

0.9
1.1
3.1

0.9
1.2
2.9

0.9
0.6
0.6
0.5
0.5
1.0
1.5
1.2
0.9
1.3
3.2

0.9
0.6
0.6
0.4
0.5
1.3
1.5
1.1
0.8
1.5
3.2

1.1
0.8
0.6
0.6
0.4
0.6
1.3
1.5
1.0
0.9
2.0

1.1
0.7
0.5
0.5
0.5
0.7
1.4
1.3
0.9
0.9
2.8

1.0
0.6
0.6
0.5
0.5
0.8
1.5
1.3
0.9
1.0
3.1

0.9
0.6
0.6
0.5
0.5
1.1
1.5
1.2
0.9
1.3
3.1

1.0
0.7
0.6
0.5
0.5
0.8
1.4
1.3
0.9
1.0
2.7

1948...
1949...
1950...
1951...
1952...
1953...
1954...

0.5
0.5
1.5
0.7
0.5
0.4
0.6

0.5
0.6
1.5
0.6
0.4
0.3
0.8

0.5
0.7
1.5
0.6
0.4
0.3
1.2

0.5
0.8

0.5
1.0

0.5
1.2

0.5
1.4

0.5
0.4
0.3
1.2

0.4
0.4
0.3
1.4

0.4
0.3
0.3
1.4

1955.. .
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

0.8
0.8
1.3
2.1
1.3
1.9
1.8
1.6
1.5

0.8
0.8
1.5
1.9
1.2
2.0
1.8
1.6
1.4

0.8
0.8
1.7
1.8
1.4
2.1
1.7
1.5
1.4

0.7
0.8
2.1
1.5
1.3
2.3
1.6
1.5
1.3

0.8
0.8
2.2
1.4
1.1
2.4
1.6
1.6
1.3

1.1
0.8
0.6
0.6
0.4
0.5
1.3
1.5
1.1
0.9
1.7

1.2
0.8
0.6
0.6
0.4
0.6
1.3
1.5
1.0
0.9
2.0

1.1
0.8
0.6
0.6
0.4
0.6
1.3
1.4
1.0
0.9
2.2

1.1
0.8
0.6
0.5
0.5
0.7
1.3
1.4
0.9
0.9
2.6

1965...
1966...
1967...
1968...
1969...
1970...
1971.. .
1972...
1973...
1974.. .
1975...
1976...

60.

1947
1948. ..

RATIO, HELP-WANTED ADVERTISING IN NEWSPAPERS TO NUMBER OF PERSONS UNEMPLOYED
(RATIO)

0.952
0.539

0.806

0.251
0.801
1.027
1.165

0.257
0.886

0.732
0.393
0.269
0.924

0.737
0.347
0.308
0.992

1.020
1.327

1.067
1.392

1.086
1.295

0.435

0.384

0.338

0.326

1.059
1.038
1.362
0.316

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

0.443
0.759
0.735
0.330
0.366

0.491

0.531

0.518

0.607

0.744

0.787

0.718

0.771

0.710

0.670

0.252

0.467

0.220
0.492
0.485
0.286
0.457
0.426
0.494

0.219

0.300
0.445
0.424
0.458

0.800
0.749
0.277
0.390
0.564
0.283
0.462
0.407
0.462

1965...
1966...
1967...
1968...
1969.. .
1970...
1971...
1972...
1973...
1974...
1975...
1976...

0.617

0.607

0.662

0.646

0.703

0.996

1.077
1.042
1.022
1.350
0.941

1.113
1.021
1.077
1.350

1.095
1.029
1.165
1.350

0.837
0.480
0.568
0.878

0.784
0.483
0.589
0.850
0.795
0.277

1.060
1.006
1.163
1.372
0.715

1949...
1950...
1951.. .
1952...
1953...
1954...

0.519

1.033
1.065
1.336
1.019
0.467
0.546
0.884

0.771
0.315

0.418

0.488
0.568
0.857
0.746
0.307

0.431
0.479
0.288
0.456

0.431

0.771
0.283

0.830
0.305
0.329

0.505
0.484

0.291
0.478
0.402

0.514

0.486
0.598
0.879
0.766
0.265

NOTE: These series contain revisions beginning with 1972.




0.781
0.246

0.748
0.234

0.410

0.521

0.977
0.987

0.986
0.956

1.201

1.145

0.344

0.325

0.309

0.639
0.702
0.605
0.229
0.538

0.679
0.655
0.639
0.234
0.540
0.427
0.308
0.468
0.434
0.569

0.674
0.739

0.739

0.778

1.097
0.981
1.126
1.236

1.078
1.021
1.194
1.220
0.616

0.793
0.276
0.354
0.940

1.027
1.296

0.451
0.311
0.465
0.427
0.523

0.721
1.098
0.985

1.074
1.268

0.731

0.634
0.493
0.623
0.903
0.704

0.298

0.310

0.689
0.509
0.604
0.879

0.618
0.243

0.515
0.408
0.337
0.438
0.445
0.554

0.487
0.636
0.880
0.682

0.312

0.802
0.235
0.536
0.908

0.751
0.188
0.612
0.882

AVERAGE FOR PERIOD

0.690
0.224
0.609
0.888

0.588

0.212
0.576
0.988

0.830
0.450
0.259
0.870

0.787
0.309
0.330
0.997

0.777
0.238
0.489
0.957

1.012
1.114
0.312

1.092

1.197

1.265

1.321

0.997
0.303

0.845
0.325

0.686
0.376

0.486

1.038
1.295

1.050
1.318

0.410

0.386

0.329

0.744
0.746
0.566
0.272
0.497
0.398
0.344
0.436
0.436
0.553

0.683

0.728

0.766

0.810
0.513

0.718

0.715

0.405
0.334
0.454
0.337
0.409
0.422
0.423
0.604

0.385
0.355
0.505
0.309

0.488
0.768
0.752
0.286
0.396
0.521
0.290
0.454

0.588
0.736
0.662
0.223
0.512
0.473
0.296
0.467

0.421

0.418

0.462

0.510

0.330
0.447
0.438
0.559

0.815
1.096
1.006
1.253
1.214

0.871
1.096

0.582

0.520
0.500

0.491
0.653
0.859
0.586
0.308

0.293
0.465
0.350

0.371
0.454
0.448

0.551

0.956

1.318
1.201
0.671
0.908
0.528
0.307

0.940

1.108
0.971
1.305
1.241
0.494
0.498
0.738
0.864
0.444
0.332

0.413
0.434
0.464
0.587

0.699

0.713
0.608
0.250

0.517
0.411

0.972

0.629

0.690

0.777

1.043

1.062
1.032
1.055
1.345

1.084
1.007
1.134
1.330

0.932
0.478
0.561
0.873
0.763
0.302

0.729
0.493
0.597
0.869
0.764
0.280

1.090
1.003
1.191
1.223
0.611

0.996

1.297
1.187
0.477

0.513
0.818
0.822
0.385
0.340

0.490
0.637

0.881
0.657

0.310

0.676
0.208
0.599

0.768

0.919
1.261

0.936

0.672
0.370
0.726
0.748
0.434
0.327
0.475
0.332
0.398
0.437
0.445

0.301
0.419
1.090
1.100
0.349
0.625

0.741
0.614
0.272
0.475
0.434
0.328

0.451
0.431

0.581

0.528

0.928

0.756

1.082

1.080
1.004
1.172
1.277

0.974

1.307
1.210
0.497
0.504
0.742
0.865
0.452
0.326

0.692

0.491
0.634
0.872
0.659
0.304

(APRIL 1977)

99

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Apr.

Mar.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

90. RATIO , CIVILIAN EMPLOYMENT TO TOTAL POPULATION OF WORKING AGE, LABOR FORCE SURVEY
(PERCENT)

II

Q

III

Q

IV Q

AVERAGE FOR PERIOD

1945

1947. . .
1948.. .
1949...
1950...
1951...
1952...
1953...
1954...

55.91
55.41

55.45
55.20
54.36

56.01

56.31

1955.. .
1956...
1957.. .
1958...
1959.. .
I960.. .
1961...
1962...
1963...
1964...

54.12

54.07
56.02

54.22
55.88

54.67
56.03

56.10

56.18

55.81

54.28
54.29
55.04
54.30
54.43
53.90
54.37

54.09
54.73

53.96
55.09
55.23
54.02

1965...

54.53
55.42
55.69

54.57
55.30
55.57
55.83
56.47
56.50
55.39
55.69
56.57
57.36
55.27

1966. .
.
1967.. .
1968.. .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

55.51
56.14
56.70
55.63
55.72

56.16
57.32
55.62

56.11

56.03
55.47
55.25

54.51

54.12
54.01
54.11

56.18
55.71
54.12

55.44
56.04
56.05
53.92

55.80
55.26
55.68
54.00

53.97

54.86
54.50

54.83

55.16

55.29
56.22
54.03

54.51

54.73

55.54
54.65

55.12

56.15

56.27
55.60
54.60

56.42

53.71

56.35
54.24
55.49
55.46
55.44
55.60
53.57

54.88

56.00
55.40
54.43
55.68
55.85
56.26

54.36
55.69
55.89

54.14

54.97
55.26
54.02
54.33

54.23

54.14

54.31

54.71

54.85

54.74
55.27
55.37
55.88

54.82
55.46
55.64
55.95
56.45
56.48
55.43
55.93
56.83

55.07
55.37
55.53
56.27
56.28

54.19
54.47
54.34
54.07

56.41
56.50
55.22
55.98
56.89
57.37

57.15
55.12

55.19

56.15
55.45
56.02

56.81
57.21
55.19

55.83
53.95
55.04
55.29
54.42
54.29
54.08
54.45

54.21
55.40

55.91
55.16
55.50

53.41

55.11

55.90
54.36
56.08
54.95
55.23
53.55

54.49
55.82
55.39
55.57
54.95
53.89

55.65

55.73

56.15

56.18

55.49

55.58

54.10
54.91

54.18

55.71

55.22
54.04
54.06

54.95

54.21
54.51

54.15

54.98
55.52
55.78
56.25
56.54
56.00

55.28
55.52
55.88

55.13

55.16

55.44
56.05
57.00

56.07
57.07

57.16
55.13

56.10
56.52

56.11

57.12
55.25

55.91

54.18
54.37
54.49

55.74

54.14
55.98
55.62

55.16

55.72
54.80
55.83
55.40
55.68

54.89
53.82

54.71

55.72
56.04
55.45
54.36
54.86
54.62

55.91

53.85

55.99
54.60
55.54
55.97
55.82
53.98
53.59

55.79
55.34
54.38
55.89
55.68
56.21
54.17

55.97
54.59
55.26
55.76
55.39
55.51
53.76

56.08
54.35
55.77
55.67
55.23
55.23
53.62

56.24
55.89
55.25
54.29

54.14
56.06
55.96
54.32
54.51
54.70
54.42
54.30
53.99
54.26

54.74
56. .1
55.78
54.01
55.03
55.26
54.15
54.25
54.15
54.67

55.61
56.12
55.71
54.07
54.94
55.12
54.03
54.30
54.22
54.50

54.61
55.33
55.54
55.74
56.34
56.57
55.41
55.80
56.54
57.35
55.36

54.96
55.45
55.65
56.16
56.42
56.21
55.35
56.01
56.90
57.17
55.15

55.13
55.62
55.91
56.02
56.58
55.94
55.47
56.11
56.96
56.99
55.28

54.30

55.83
55.07
54.29
54.48
54.93
54.20
54.00

54.31

54.21

54.10

54.43

54.47

54.46

55.19

55.38
55.80

56.91

55.23
55.70
55.99
55.96
56.62
55.80
55.56
56.04
57.24
56.72

55.25

55.16

54.80
55.20
53.87
54.46
54.29
54.50

55.66
55.94
55.98
56.65
55.95
55.50

54.99
55.67
55.92
55.99
56.57
55.77
55.48

56.19

56.10

56.85
56.94
55.33

57.03

54.13

55.96
55.97
56.07

56.61
55.66
55.70

56.19
57.36
56.39

55.16

55.11
54.57
54.00
53.99

56.15
56.20
56.68
55.54
55.74
56.39
57.34
56.00
55.23

91. AVERAGE (MEAN) DURATION OF UNEMPLOYMENT
(WEEKS)

55.82

55.91

54.51
55.78
55.66
55.55
54.53
53.75

54.70
55.30
55.75
55.46
55.37
53.82

55.96
55.92
55.26

56.05
55.68

55.11

54.31

54.18

54.82

54.82
54.95

54.71
54.11
54.10
54.21

54.18
54.24

54.14

54.45

54.47

55.27
55.82
56.04
56.08
56.64
55.67
55.67

54.99
55.55
55.79
56.00
56.49

56.21
57.31
56.37

55.18

56.10
55.47
56.03
56.93
56.97
55.24

AVERAGE FOR PERIOD

1945. . .
1946 . .
1947. . .
1948...
1949...
1950.. .
1951...
1952.. .
1953.. .
1954...

8.9
8.2
11.3
10.6
9.3
9.3
8.7

8.4
8.3
11.8
10.8
8.8
8.4
9.5

8.7
8.3
12.4
10.1
8.4
8.5
10.6

8.5
8.8
12.6
10.6
9.0
7.8
10.9

9.1
9.1
12.7
9.9
7.8
7.9
11.6

8.8
10.0
13.1
8.7
7.3
8.2
12.3

8.6
10.8
12.5
9.2
7.5
7.9
12.5

8.8
11.0
12.2
9.1
7.6
8.0
12.8

8.5
11.7
12.2
9.1
8.1
7.1
12.9

9.5
1U.9
12.3
8.9
9.1
7.2
13.3

7.8
11.6
10.7
9.7
9.5
7.9
13.2

8.1
11.8
10.7
9.3
8.8
8.0
13.4

8.7
8.3

8.8
9.3

11.8
10.5

12.8

11.2
12.3

8.8
8.7
9.6

9.7
8.0
8.0

9.1
7.7
7.7

11.6

1955. .
.

13.4
11.7
10.4
10.5
16.3
13.5
13.7
15.3
13.8
13.5

14.2
12.5
10.7
11.0
15.5
13.1
13.6
16.0
14.1
13.2

13.4
11.6
10.8
11.2
15.3
13.0
14.1
15.0
14.5
13.5

14.3
11.0
10.6
12.1
14.9
12.6
15.5
14.9
14.5
12.4

14.4
10.4
10.4
13.1
14.7
11.9
15.6
15.5
14.5
13.6

13.4
10.1
10.2
14.4
14.9
11.9
16.2
15.1
14.0
13.6

13.8
10.5
10.1
14.6
14.3
12.6
17.3
14.6
14.0
14.7

12.3
12.0
10.5
15.7
13.7
12.2
17.0
14.5
13.9
13.0

11.7
11.8
9.8
16.5
13.7
12.9
16.1
14.1
14.2
12.7

11.5
11.6
11.1
16.5
12.9
13.5
15.9
14.1
13.9
12.6

11.3
10.9
10.4
16.4
13.1
13.9
17.0
13.3
13.3
14.0

12.0
11.4
10.4
15.7
13.1
12.4
15.8
13.6
13.3
12.7

13.7
11.9
10.6
10.9
15.7
13.2
13.8
15.4
14.1
13.4

14.0
10.5
10.4
13.2
14.8
12.1
15.8
15.2
14.3
13.2

12.2
11.9
9.3
9.4
8.1
7.9
10.5
12.2
11.0
9.6
10.8

12.6
11.2
9.2
8.7
7.9
8.0
10.4
12.4
10.5
9.6
11.7

12.0
11.1
8.9
8.5
7.9
8.3
10.6
12.3
10.6
9.6
11.5

11.4
10.8
8.8
8.7
7.9
8.3
10.9
12.4
10.0
9.8
12.9

11.1
10.2
8.7
8.2
7.9
8.6
11.2
12.3
10.1
9.6
13.5

11.6
9.7
8.3
7.9
7.7
8.7
11.6
12.4
9.6
9.7
15.3

11.6
9.7
8.3
8.4
7.8
8.9
11.5
11.8
9.6
9.8
14.9

11.9
9.8
8.9
8.3
7.9
8.8
11.5
11.8
9.8
9.8
15.4

11.9
10.1
8.4
8.2
8.0
8.9
11.9
12.1
9.4
9.6
16.1

12.1
10.3
8.7
8.4
7.6
8.6
12.6
11.7
10.2
9.9
15.5

11.7
9.7
8.9
8.1
8.0
9.4
12.0
11.4
10.0
9.7
16.8

11.4
9.5
8.6
8.2
8.0
9.8
11.5
11.4
9.5
1U.2
16.9

12.3
11.4

11.4
10.2

9.1
8.9
8.0
8.1

8.6
b.3
7.8
8.5

9.9
8.5
8.3
7.9
8.9

10.5
12.3
10 .7

11.2
12.4

11.6
11.9

1956...
1957.. .
1958...
1959...
I960.. .
1961...
1962...
1963...
1964...
1965...
1966.. .
1967...
1968.. .
1969...
1970.. .
1971...
1972...
1973.. .
1974.. .
1975.. .
1976.. .

12.7

8.5
11.4
11.2
9.3
9.1
7.7
13.3

8.6
10.0
12.1
9.7
8.4
8.0
11.8

12.6
11.4
10.1
15.6
13.9
12.6
16.8
14.4
14.0
13.5

11.6
11.3
10.6
16.2
13.0
13.3
16.2
13.7
13.5
13.1

13.0
11.3
10.5
13.9
14.4
12.8
15.6
14.7
14.0
13.3

11.8

11.7
9.8
8.7
8.2
7.9
9.3
12.0
11.5
9.9
9.9
16.4

11.8
10.4
8.7
8.4
7.8
8.6
11.3
12.0
10.0
9.8
14.2

8.6

9.6

9.9
9.7

9.6
9.7

11.3

13.9

15.5

441. TOTAL CIVILIAN LABOR FORCE, LABOR FORCE SURVEY
(THOUSANDS)

AVERAGE FOR PERIOD

1945 . .
.
1946
1947
1948.. .
1949...
1950...
1951...
1952...
1953...
1954...

60,095
60,771
61,661
61,941
62,432
63,439
63,101

60,524
61,057
61,687
61,778
62,419
63,520
63,994

60,070
61,073
61,604
62,526
61,721
63,657
63,793

60,677
61,007
62,158
61,808
61,720
63,167
63,934

59,972
61,259
62,083
62,044
62,058
62,615
63,675

60,957
60,948
62,419
61,615
62,103
63,063
63,343

61,181
61,301
62,121
62,106
61,962
63,057
63,302

60,806
61,590
62,596
61,927
61,877
62,816
63,707

60,815
61,633
62,349
61,780
62,457
62,727
64,209

60,646
62,185
62,428
62,204
61,971
62,867
63,936

60,702
62,005
62,286
62,014
62,491
62,949
63,759

61,169
61,908
62,068
62,457
62,621
62,795
63,312

60,230
60,967
61,651
62,082
62,191
63,539
63,629

60,535
61,071
62,220
61,822
61,960
62,948
63,651

60,934
61,508
62,355
61,938
62,099
62,867
63,739

60,839
62,033
62,261
62,225
62,361
62,870
63,669

60,622
61,288
62,210
62,017
62,139
63,016
63,642

1955...
1956.. .
1957...
1958.. .
1959...
1960...
1961...
1962...

63,910
66,419
66,428
67,095
67,936
68,962
70,447
70,189
71,146
72,356

63,696
66,124
66,879
67,201
67,649
68,949
70,420
70,409
71,262
72,683

63,882
66,175
66,913
67,223
68,068
68,399
70,703
70,414
71,423
72,713

64,564
66,264
66,647
67,647
68,339
69,579
70,267
70,278
71,697
73,274

64,381
66,722
66,695
67,895
68,178
69,626
70,452
70,551
71,832
73,395

64,482
66,702
67,052
67,674
68,278
69,934
70,878
70,514
71,626
73,032

65,145
66,752
67,336
67,824
68,539
69,745
70,536
70,302
71,956
73,007

65,581
66,673
66,706
68,037
68,432
69,841
70,534
70,981
71,786
73,118

65,628
66,714
67,064
68,002
68,545
70,151
70,217
71,153
72,131
73,290

65,821
66,546
67,066
68,045
68,821
69,884
70,492
70,917
72,281
73,308

66,037
66,657
67,123
67,658
68,533
70,439
70,376
70,871
72,418
73,286

66,445
66,700
67,398
67,740
68,994
70,395
70,077
70,854
72,188
73,465

63,829
66,239
66,740
67,173
67,884
68,770
70,523
70,337
71,277
72,584

64,476
66,563
66,798
67,739
68,265
69,713
70,532
70,448
71,718
73,234

65,451
66,713
67,035
67,954
68,505
69,912
70,429
70,812
71,958
73,138

66,101
66,634
67,196
67,814
68,783
70,239
70,315
70,881
72,296
73,353

65,023
66,553
66,928
67,637
68,368
69,629
70,460
70,615
71,834
73,090

73,569
75,186
76,639
77,578
79,523
82,077
83,678
85,596
86,868
90,308
91,953

73,857
74,954
76,521
78,230
80,019
82,155
83,346
85,567
87,708
90,582
91,621

73,949
75,075
76,328
78,256
80,079
82,446
83,302
86,189
88,247
90,611
92,020

74,228
75,338
76,777
78,270
80,281
82,690
83,682
86,132
88,339
90,373
92,210

74,466
75,447
76,773
78,847
80,125
82,456
83,847
86,340
88,314
90,720
92,789

74,412
75,647
77,270
79,120
80,696
82,446
83,514
86,534
88,842
90,997
92,595

74,761
75,736
77,464
78,970
80,827
82,876
84,114
86,635
88,818
91,205
92,917

74,616
76,046
77,712
78,811
81,106
82,843
84,428
86,982
88,722
91,032
93,035

74,502
76,056
77,812
78,858
81,290
82,906
84,431
86,902
89,182
91,586
93,126

74,838
76,199
78,194
78,913
81,494
83,250
84,626
87,027
89,450
91,568
93,135

74,797
76,610
78,191
79,209
81,397
83,442
85,085
87,000
89,932
91,714
93,025

75,093
76,641
78,491
79,463
81,624
83,536
85,227
87,331
90,103
91,700
93,148

73,792
75,072
76,496
78,021
79,874
82,226
83,442
85,784
87,608
90,500
91,865

74,369
75,477
76,940
78,746
80,367
82,531
83,681
86,335
88,498
90,697
92,531

74,626
75,946
77,663
78,880
81,074
82,875
84,324
86,840
88,907
91,274
93,026

74,909
76,483
78,292
79,195
81,505
83,409
84,979
87,119
89,828
91,661
93,103

74,453
IS, 111
77,350
78,737
80,734
82,715
84,113
86,542
88,714
91,011
92,613

1963.

.
.

1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

NOTE: These series contain revisions beginning with 1972.




100

(APRIL 1977)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Annual

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

442. TOTAL CIVILIAN EMPLOYMENT, LABOR FORCE SURVEYi
(THOUSANDS)

II

Q

III

Q

IV Q

AVERAGE FOR PERIOD

1945. . .
1946.. .
1947. . .
1948.. .
1949...
1950.. .
1951...
1952...
1953.. .
1954...

58,061
58,175
57,635
59,636
60,460
61,600
60,024

58,196
58,208
57,751
59,661
60,462
61,884
60,663

57,671
58,043
57,728
60,401
59,908
62,010
60,186

58,291
57,747
58,583
59,889
59,909
61,444
60,185

57,854
57,552
58,649
60,188
60,195
61,019
59,908

58,743
57,172
59,052
59,620
60,219
61,456
59,792

58,968
57,190
59,001
60,156
59,971
61,397
59,643

58,456
57,397
59,797
59,994
59,790
61,151
59,853

58,513
57,584
59,575
59,713
60,521
60,906
60,282

58,387
57,269
59,803
60,010
60,132
60,893
60,270

58,417
58,009
59,697
59,836
60,748
60,738
60,357

58,740
57,845
59,429
60,497
60,954
59,977
60,116

57,976
58,142
57,705
59,899
6U,277
61,831
60,291

58,296
57,490
58,761
59,899
60,108
61,306
59,962

58,646
57,390
59,458
59,954
60,094
61,151
59,926

58,515
57,708
59,643
60,114
60,611
60,536
60,248

58,344
57,652
58,921
59,963
60,255
61,180
60,109

1955...
1956...
1957.. .
1958.. .
1959.. .
I960.. .
1961...
1962...
1963...
1964...

60,753
63,753
63,632
63,220
63,868
65,347
65,776
66,108
67,072
68,327

60,727
63,518
64,257
62,898
63,684
65,620
65,588
66,538
67,024
68,751

60,964
63,411
64,404
62,731
64,267
64,673
65,850
66,493
67,351
68,763

61,515
63,614
64,047
62,631
64,768
65,959
65,374
66,372
67,642
69,356

61,634
63,861
63,985
62,874
64,699
66,057
65,449
66,688
67,615
69,631

61,781
63,820
64,196
62,730
64,849
66,168
65,993
66,670
67,649
69,218

62,513
63,800
64,540
62,745
65,011
65,909
65,608
66,483
67,905
69,399

62,797
63,972
63,959
63,012
64,844
65,895
65,852
66,968
67,908
69,463

62,950
64,079
64,121
63,181
64,770
66,267
65,541
67,192
68,174
69,578

62,991
63,975
64,046
63,475
64,911
65,632
65,919
67,114
68,294
69,582

63,257
63,796
63,669
63,470
64,530
66,109
66,081
66,847
68,267
69,735

63,684
63,910
63,922
63,549
65,341
65,778
65,900
66,947
68,213
69,814

60,815
63,561
64,098
62,950
63,940
65,213
65,738
66,380
67,149
68,614

61,643
63,765
64,076
62,745
64,772
66,061
65,605
66,577
67,635
69,402

62,753
63,950
64,207
62,979
64,875
66,024
65,667
66,881
67,996
69,480

63,311
63,894
63,879
63,498
64,927
65,840
65,967
66,969
68,258
69,710

62,170
63,801
64,069
63,036
64,629
65,777
65,746
66,703
67,763
69,305

1965.. .
1966...
1967...
1968...
1969. . .
1970...
1971.. .
1972...
1973...
1974...
1975...
1976...

69,997
72,198
73,671
74,700
76,805
78,864
78,710
80,630
82,622
85,789
84,673

70,127
72,134
73,606
75,229
77,327
78,707
78,469
80,691
83,330
85,953
84,259

70,439
72,188
73,439
75,379
77,367
78,818
78,346
81,208
83,939
86,091
84,243

70,633
72,510
73,882
75,561
77,523
78,894
78,756
81,230
83,962
85,881
84,246

71,034
72,497
73,844
76,107
77,412
78,543
78,891
81,464
84,046
86,098
84,475

71,025
72,775
74,278
76,182
77,880
78,430
78,599
81,654
84,541
86,151
84,496

71,460
72,860
74,520
76,087
77,959
78,696
79,099
81,758
84,567
86,213
84,856

71,362
73,146
74,767
76,043
78,250
78,591
79,296
82,070
84,458
86,056
85,114

71,286
73,258
74,854
76,172
78,250
78,452
79,399
82,069
84,850
86,147
85,115

71,695
73,401
75,051
76,224
78,445
78,613
79,625
82,103
85,287
85,988
85,087

71,724
73,840
75,125
76,494
78,541
78,537
79,944
82,443
85,590
85,608
85,212

72,062
73,729
75,473
76,778
78,740
78,480
80,115
82,853
85,686
85,136
85,443

70,188
72,173
73,572
75,103
77,166
78,796
78,508
80,843
83,297
85,944
84,392

70,897
72,594
74,001
75,950
77,605
78,622
78,749
81,449
84,183
86,043
84,406

71,369
73,088
74,714
76,101
78,153
78,580
79,265
81,966
84,625
86,139
85,028

71,827
73,657
75,216
76,499
78,575
78,543
79,895
82,466
85,521
85,577
85,247

71,088
72,899
74,373
75,921
77,902
78,627
79,119
81,702
84,410
85,935
84,784

444. NUMBER UNEMPLOYED , MALES 20 YEARS AND OVER , LABOR FORCE SURVEY 2
(THOUSANDS)
1945. . .
1946. . .
1947...
1948...
1949...
1950...
1951.. .
1952...
1953. .
.
1954.. .

1,233
1,570

1,281
1,734

1,334
1,874

1,367
1,936

2,349

2,295

2,327

2,235

1,236
998
1,078
1,662

1,096
994
901
1,816

1,007
947
842
1,989

1955...
1956...
1957...
1958...
1959.. .
1960...
1961...
1962...
1963...
1964.. .

1,812
1,442
1,457
2,216

1,719
1,425
1,391

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972 . .
.
1973*.".!
1974...
1975...
1976...

1,199

1,191

1,309

1,340

1,335

1,357

2,265

2,333

2,522

2,553

2,456

3,273

2,468

2,446

1,283
1,726

1,287
2,178

1,917
994
1,001
884
2,113

1,817
961
1,078
917
2,121

1,632
1,002
1,168
905

1,557
1,013
1,064
981

1,459
1,147
930
1,044

1,387
1,087
876
1,278

2,057

2,280

2,293

2,254

2,008

1,427
968
872
1,575
1,876

2,324

910
938
975
2,133

2,019
898
904
933
2,175

1,113
980
940
1,822

1,712
1,459
1,280

1,833
1,376
1,415

1,529
1,477
1,420

1,482
1,491
1,512

1,420
1,455
1,447

1,464
1,412
1,463

1,354
1,404
1,644

1,465
1,330
1,710

1,455
1,481
1,947

1,439
1,532

2,899

2,964

2,985

3,027

2,997

1,827
1,923

1,810
1,893

1,811
1,968

1,850

2,646
2,076
2,295

2,569
2,039

1,994
1,900
1,663

2,082

2,466
2,009

2,439
2,297
2,353
2,269
2,043

2,413
1,883

2,787

1,877
2,124
2,531

2,772
2,093

2,045
2,622

1,839
1,633

1,804
1,703

1,970
1,543

1,386
1,125
1,067
987
957
1,753
2,166

1,344
1,063
991
962
1,072
1,827
2,146

1,224
1,078
1,071
933
1,003
2,014
2,158

1,204
1,119
1,089
887
1,062
2,158
2,155

2,284

2,460
2,258

2,635
2,062

1,926

1,772

2,544
2,042
2,087

2,579

1,977
2,581

1,296

2,008
2,053

1,887

1,948
2,137
1,805

2,656
2,043
2,006

1,780

1,748

1,667

1,913
1,743

1,600
1,203
1,057
1,065
927
1,189

1,615
1,161
1,040
1,105
903
1,331

1,525
1,174
1,078
1,043
900
1,383

1,570
1,103
1,079
976
904
1,490

1,517
1,085
1,077
947
904
1,548

1,404
1,105
1,077
1,013
923
1,623

1,394
1,121
1,034
962
985
1,734

2,024

2,069

2,045

2,072

2,083

2,052

2,033

2 (J37

1 960

2,021
2,000

2,139

2,371
1,932
1,851
1,740
1,260
1,016
1,046
950
1,064
1,934

1 996

1*638

1*651

1,680

1,753
3,127

2,995

AVERAGE FOR PERIOD

2,098

1^549

1,810

1*561
1,942

2,001

1,982
1,516
2,216

3,604

3,470

3,683

3,663

1*642

1*622

1*639

l',594

1*546

1,663

1,723

1,751

3,338

3,473

1,695
3,710

3,536

1,450

2,030

1,381

934
948
931
2,140

1,280
2,510
1,669
992
1,103
934
2,231

1,748
1,442
1,376

1,615
1,448
1,449

1,413
1,424
1,518

2,499
2,085
2,385
2,274
2,003

1,424
1,067
893
1,299

1,305
2,219
1,922
1,029
980
1,019

2,046

2,035

1,453
1,448
1,896

1,580
1,442
1,541
2,681

2,729

2,437

2,949

2,932

2,508

2,201
1,892

1,940
2,103

2,182

2,568

1,816
1,928
2,671

2,035

1,999

2,034

2,540
2,028

1,908
1,596

2,092

1,973
1,719

1,848
1,666

1,910
1,626

1,497
1,098
1,078
979
910
1,554

1,229
1,071
1,069
923
1,043

2,426

1 , 928
1,594
1,918

3,512

3,428

1,536

1,587

2,374
3,538

2,689
3,334

1,824
1,580

2,056

2,046

1,998
1,644
1,699
3,153

1,974
1,618
1,723

1,375
1,103
1,031
970
1,005
1,771
2,128
1 , 907
1,552
1,918

3,573

3,586

1,17!)

1,058
1,071
910
1,301

445. NUMBER UNEMPLOYED, FEMALES 20 YEARS AND OVER, LABOR FORCE SURVEY'
(THOUSANDS)

2,035

2,137
1 , 818
1,546

2,022
2,060

2,518
2,016
1,971
1,718
1,435
1,120
1,060
993
963
1,636
2,086

AVERAGE FOR PERIOD

1945
1946...
1947. . .
1948.. .
1949...
1950...
1951...
1952.. .
1953...
1954.. .

418
589
1,030
721
592
475
918

593
646
999
692
623
445
955

584
621
962
769
537
520
1,071

584
751
342
693
567
455
1,058

520
857
861
683
592
411
1,054

590
877
945
663
534
440
1,038

590
996
839
631
558
453
1,035

620
1,002
714
589
582
466
1,018

578
957
751
711
515
551
1,071

560
965
718
733
576
553
934

537
922
799
706
531
594
957

600
955
743
674
485
775
852

532
619
997
727
584
480
981

565
828
883
680
564
435
1,050

596
985
768
644
552
490
1,041

566
947
753
704
531
641
914

564
841
854
689
559
510
997

1955.. .
1956.. .
1957...
1958.. .
1959.. .
1960...
1961...
1962. . .
1963...
1964. .
.

891
765
851
1,058
1,163
1,003
1,283
1,257
1,201
1,272

822
697
783
1,225
1,140
937
1,408
1,144
1,216
1,281

782
824
745
1,239
1,137
1,01?
1,421
1,161
1,167
1,295

792
823
713
1,385
1,064
1,003
1,447
1,126
1,196
1,274

783
863
806
1,349
1,040
996
1,456
1,133
1,242
1,212

796
851
838
1,321
1,004
1,060
1,482
1,119
1,193
1,171

789
1,009
838
1,304
1,029
1,120
1,448
1,144
1,220
1,161

843
857
804
1,351
985
1,084
1,285
1,235
1,210
1,123

848
812
828
1,269
1,002
1,039
1,327
1,243
1,238
1,135

893
816
844
1 ? 221
1,113
1,172
1,371
1,174
1,231
1,130

807
842
927
1,065
1,017
,254
,224
,190
,257
,157

830
844
882
1,127
1,050
1,318
1,258
1,168
1,226
1,112

832
762
793
1,174
1,147
986
1,371
1,187
1,195
1,283

790
846
786
1,352
1,036
1,020
1,462
1,126
1,210
1,219

827
893
823
1,308
1,005
1,081
1,353
1,207
1,223
1,140

843
834
884
1,138
1,060
1,248
1,284
1,177
1,238
1,133

823
832
821
1,242
1,063
1,080
1,368
1,175
1,216
1,195

1965...
1966...
1967...
1968.. .
1969...
1970,. .
1971.. .
1972.. .
1973...
1974.. 1975...
1975.. .

1,069
945
1,131
1,061
993
1,048
1,632
1,610
1,529
1,559

1,196
879
1,029
1,052
992
1,161
1,623
1,493
1,470
1,567

1,107
884
1,065
1,006
981
1,285
1,681
1,611
1,474
1,548

1,093
889
1,040
963
1,029
1,245
1,694
1,604
1,456
1,542

1,055
1,001
1,035
968
979
1,346
1,650
1,683
1,381
1,586

1,119
905
1,067
992
1,038
1,288
1,615
1,651
1,519
1,643

1,038
890
1,051
989
979
1,379
1,603
1,689
1,513
1,707

1,040
938
985
967
1,043
1,359
1,685
1,670
1,529
1,746

970
904
1,134
928
1,068
1,428
1,649
1,643
1,523
1,904

967
955
1,199
954
1,074
1,464
1,635
1,674
1,397
1,829

970
980
1,088
955
977
1,619

1,124
903
1,075
1,040
989
1,155
1,645
1.571
1,491
1,558

1,089
932
1,047
974
1,015
1,293
1,653
1,646
1,452
1,590

1,016
911
1,05?
961
1,030
1,389
1,646
1,667
1,522
1,786

990
945
1,130
962
1,021
1,558
1,665
1,558
1,483
2,085

1,056
921
1,078
985
1,016
1,347
1,650
1,610
1,486
1,748

2,559

2,537

2,683

2,768

2,794

2,728

2,648

2,638

2,597

2,648

1,033
900
1,102
976
1,013
1,591
1,695
1,508
1,500
2,151
2,618

2,593

2,763

2,628

2,631

2,649

!

This series contains revisions beyinning with 197?,




J

i h i s series is shown in this appendix for the first time.

I,6b4

1,493
1,551
2,275
2,628

(APRIL 1977)

101

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year

Annual

Jan.

Feb.

Mar.

Apr.

June

May

July

Aug.

Sept.

Oct.

Nov.

Dec.

1Q

II Q

446. NUMBER UNEMPLOYED, BOTH SEXES 16-19 YEARS OF AGE, LABOR FORCE SURVEY
(THOUSANDS)

III

Q

IV Q

AVERAGE FOR PERIOD

1945
1946
1947 .
.
1948.. .
1949. . .
1950.. .
1951.. .
1952. .
.
1953. . .
1954...

383
437
647
348
382
286
497

454
469
642
329
340
290
560

481
535
587
349
329
285
547

435
573
498
316
306
293
558

302
585
554
275
367
252
538

425
566
505
338
349
283
400

432
593
464
358
355
290
503

421
638
453
342
337
294
556

384
636
466
343
357
289
563

364
678
448
314
333
377
478

391
606
403
385
336
339
437

379
662
469
318
310
468
468

439
460
625
342
350
287
535

387
575
519
310
341
276
499

412
622
461
348
350
291
541

378
649
440
339
326
395
461

409
576
513
336
345
307
501

1955. . .
1956.. .
1957...
1958.. .
1959...
196U. .
.
1961...
1962...
1963. .
.
1964.. .

454
459
488
601
621
686
844
782
786
870

428
484
448
618
567
620
845
779
885
846

424
481
484
618
602
732
851
752
852
875

424
451
472
732
680
694
790
737
853
896

435
521
484
708
629
680
760
709
975
885

423
540
506
638
614
738
834
686
871
900

423
488
511
748
649
671
858
681
931
784

477
432
480
677
726
738
866
696
829
899

476
419
471
780
680
706
883
709
915
874

472
425
466
703
721
785
831
697
905
856

518
538
580
684
689
723
802
791
924
851

492
414
564
651
72vJ
791
737
704
841
943

435
475
473
612
597
679
847
771
841
864

427
504
487
693
641
704
795
711
900
894

459
446
487
735
685
705
869
695
892
852

494
459
537
679
710
766
790
731
890
883

450
478
497
678
654
712
828
721
884
872

1965. . .
1966.. .
1967...
1968.. .
1969.. .
1970.. .
1971.. .
1972.. .
1973.. .
1974...
1975...
1976...

903
840
780
752
798
976
1,253
1,319
1,079
1,280
1,726

919
780
846
844
797
956
1,202
1,423
1,257
1,309
1,698

878
829
746
828
831
960
1,242
1,374
1,192
1,309
1,756

932
836
776
770
825
1,061
1,208
1,314
1,299
1,227
1,723

860
864
817
825
830
1,019
1,237
1,213
1,248
1,341
1,810

864
862
848
933
855
1,105
1,255
1,272
1,188
1,452
1,835

869
865
859
932
904
1,067
1,340
1,241
1,192
1,475
1,809

828
837
893
814
856
1,140
1,281
1,350
1,174
1,288
1,813

902
831
833
796
900
1,199
1,237
1,307
1,260
1,534
1,731

916
827
898
785
911
1,239
1,268
1,268
1,250
1,535
1,737

816
792
893
806
840
1,280
1,288
1,280
1,306
1,581
1,657

857
813
841
843
845
1,279
1,293
1,283
1,279
1,600
1,743

90U
816
791
aOb
809
964

885
854
814
843
837
1,062

866
644
862
847
887
1,135
1,286
1,299
1,209
1,432
1,784

863
811
877
811
865
1,266
1,283
1,277
1,278
1,572
1,712

874
837
839
838
853
1,105
1,258
1,302
1,226
1,410
1,752

1,232

i,233

1,372
1,176
1,299
1,727

1,266
1,245
1,340
1,789

447. NUMBER UNEMPLOYED, FULL-TIME WORKERS, LABOR FORCE SURVEY
AVERAGE FOR PERIOD

(THOUSANDS)
1945. . .
1947
194b
1949

195U . . .
1951. . .
1952. . .
ly53

1954
1955
1956. . .
1957. . .
1958
1959
1960
1961
1962. . .
1963...
1964.. .

1965.. .
1966. . .
1967.. .
1968...
1969. . .
1970.. .
1971. . .
1972.. .
1973.. .
1974.. .
1975.. .
1976. . .

3,719
3,466

3,041
2,391
2,285
2,257
2,088
2,404
3,889
3,896
3,344
3,474
5,895

3,722
3,377

3,624

3,163
2,301
2,193

2,980
2,349
2,250

2,333

2,201

2,071

2,026
2,777
3,866
3,857
3,337
3,476
6,327

2,664
3,838

3,811
3,395

3,541
6,015

3,391

3,539
3,339

3,613
3,196

3,365

3,422
2,985

3,317

3,283

3,451
3,029

3,688
3,411

3,506
3,227

3,5U5

3,105

3,520
2,925

3,460

3,053

3,410
3,081

3,341

3,146

3,048

3,012

3,178

3,029
2,365
2,247
2,009

2,875
2,423
2,277
2,049
2,026

2,794
2,295
2,296

2,692
2,277
2,236

2,696
2,235
2,267

2,610

2,470

2,218
2,417

2,115
2,137

3,061
2,347
2,243
2,264
2,062

2,899
2,361
2,273
2,076
2,098

2,791
2,315

2,179
2,171

3,081

3,669

3,861

6 ; 636

6,658

3,330
4,062
3,853
3,255
3,877
6,472

2,615

3,195

3,277
3,990
3,875
3,202

2,459
2,286
2,347
1,934
2,190
4,045
4,090
3,382
3,378
5,237
6,263

2,666
2,246
2,266

2,171
2,162
3,143
3,910

2,493
2,279
2,388
2,042

2,474

2,225
2,295
2,042
2,286
3,489
4,050
3,720
3,257

3,864
3,855
3,359
3,497
6,079

3,885
3,843
3,259
3,588
6,722

2,107
2,939
3,830

3,812
3,318
3,529
6,594

3,160
3,915
3,916
3,264
3,565
6,936

3,800

4,211
6,685

2,046
2,240
3,690
3,965

3,812
3,144
4,423
6,685

2,169
3,959

4,113
3,439
3,353
4,844
6,484

448. NUMBER EMPLOYED, PART-TIME WORKERS FOR ECONOMIC REASONS, LABOR FORCE SURVEY
(THOUSANDS)

2,112
2,198
3,365
4,034

3,816
3,238
3,983

6 ,605

2,261
2,384
2,007
2,200
3,898
4,056
3,544
3,292
4,835
6,477

2,293

2,138
2,142
3,202
3,949
3,770
3,292
3,942
6,439

AVERAGE FOR PERIOD

1945. . .
1946

1949
1950. .
1951. . .
1953
1954 .

1955. . .
1956. .
.
1957.. .
1958. . .
1959.. .
I960.. .
1961...
1962...
1963.. .
1964. . .

1965.. .
1966.. .
1967...
1968.. .
1969.. .
1970.. .
1971...
1972.. .
1973. . .
1974.. .
1975...
1976...

1,847
1,923

1,874
2,086

1,678
2,091

3,022

3,174
2,314

3,440
2,475

2,197

2,120

2,379
3,278
2,296
2,282
2,232

2,108
1,797

1,973
1,637

1,994
1,627

2,048

2,077

2,039

1,653
1,721
1,993

1,819
1,707
1,902

1,748
1,810
1,970

2,540
2,456
2,003

2,523
2,323

2,461
3,614

2,627
3,579

2,511
2,287
3,087

2,161
2,298

2,153

3,024

2,414
2,281
2,166

2,498

2,418
2,145
2,431
3,725

1,846
2,034
3,334

2,310
2,545
2,994
2,280
2,296
2,246

1,927
1,629
2,104
1,659
1,686
2,321
2,462
2,499

1,805
1,992
2,127
3,306

2,123
2,413
2,932
2,403
2,249
2,205

1,983
1,706
1,702
1,714
1,746
2,233
2,474

2,115

2,361
2,181

2,326
3,750

2,628
3,676

1,755

1,912

2,088

2,026
2,207

2,187
3,019

102

1,864
2,138
2,158

2,808
2,282

2,756
2,205
2,755
2,647
2,390

2,205
2,577
2,748
2,290
2,288

2,302
2,552
2,727
2,369

2,179

2,419

2,173

2,062

2,043

2,381
2,114

1,898
1,737
1,838
1,826
1,854
2,145
2,211

,986
,723
,850
,727
,750
2,271

1,963
1,563
1,765
1,705
1,875
2,192
2,415

1,776
1,616
1,875
1,659
1,907
2,111
2,341

2,526

2,408
2,403
2,892
3,320

2,557
2,509
2,538
3,479

NOTE: These series are shown in this appendix for the first time.




2,771

1,881
2,107
2,133

2,405
2,493
2,460
2,567

3,381

2 558
2,731
2,288

2,419
2,707
3,344

1,836
2,036
2,249
2,646
2,423
2,737
2,563
2,398
2,330

2,119

1,872
2,018
2,378

2,414
2,469
2,864
2,549
2,485
2,277
2,025

1,859
1,592
1,840
1,658
1,897

1,884
1,566

2,368
2,484
2,295
2,397
2,948
3,352

2,357
2,565
2,230

2,034

1,742
1,855

2,412
3,20d
3,322

1,884
2,009
2,501
2,514
2,462
2,960
2,405
2,322
2,200
2,143
1,761
1,807
1,832
1,697
1,869
2,542
2,399
2,174
2,555
3,330
3,290

1,886
1,800

1,975

2,090

2,033
3,212
2,433
2,288

2,116
3,220
2,213
2,512

2,166

3,130

2,891

2,290
2,287
2,173

2,324
2,278
2,208

2,025

1,936

1,687

1,691

2,055

1,881

1,740
1,746

1,733
1,762

1,955
2,520
2,399
2,100
2,506
3,639

2,233
2,382
2,472
2,268
2,497
3,635

2,778
2,263
2,622
2,702
2,349
2,326
, 2,073

1,908
1,634
1,830
1,697
1,844
2,191
2,387
2,476
2,427
2,722
3,348

1,864
2,021
2,376
2,525

2,451
2,854
2,506
2,402
2,269
2,096

1,835
1,655
1,902
1,699
1,874
2,422
2,483
2,233
2,455

3,162
3,321

1,839
1,967
2,169
2,953
2,336
2,560

2,813
2,337

2,291
2,137
1,928
1,664
1,913
1,715
1,810
2,196
2,440
2,408

2,311
2,709
3,490

(APRIL 1977)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Annual

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

451. CIVILIAN LABOR FORCE PARTICIPATION RATE, MALES 20 YEARS AND OVER, LABOR FORCE SURVEY
(PERCENT)

III

II Q

Q

IV Q

AVERAGE FOR PERIOD

1946
1948...
1949...
1950...
1951. . .
1952...
1953...
1954...

88.7
88.5
88.1
88.0
88.8
88.3
87.8

89.0
88.5
88.0
88.4
89.0
88.6
88.1

88.2
88.5
88.0
88.8
88.6
88.7
87.7

88.3
88.4
88.2
88.3
88.5
88.2
88.2

88.1
88.4
88.4
88.4
88.4
88.0
87.9

88.5
88.4
88.3
88.4
88.4
88.0
87.8

88.7
88.2
88.1
88.2
88.3
88.1
87.7

88.8
88.7
88.5
86.5
88.0
87.9
88.2

88.5
88.6
88.4
88.2
88.0
87.6
88.4

88.8
89.5
88.2
88.6
87.6
87.6
88.0

88.7
88.7
88.2
88.4
87.6
88.0
87.6

89.0
88.7
88.2
88.7
88.5
87.8
87.3

88.6
88.5
88.0
88.4
88.8
88.5
87.9

88.3
88.4
88.3
88.4
88.4
88.1
88.0

88.7
88.5
88.3
87.6
88.1
87.9
88.1

88.8
89.0
88.2
88.6
87.9
87.8
87.6

88.6
88.6
88.2
88.2
88.3
88.1
87.9

1955...
1956...
1957...
1958...
1959.. .
1960...
1961...
1962.. .
1963...
1964...

87.4
88.1
87.0
86.4
86.2
86.2
86.1
85.1
84.3
84.2

87.2
87.9
87.2
86.2
86.0
86.0
85.8
85.3
84.3
84.1

87.4
87.9
87.2
86.2
86.3
85.6
85.9
85.3
84.4
84.0

87.5
87.8
87.1
86.6
86.4
86.1
85.8
84.7
84.4
84.5

87.4
87.6
87.0
86.9
86.2
86.0
85.9
85.0
84.3
84.5

87.2
87.6
87.3
86.8
86.1
85.9
85.8
84.8
84.3
84.0

87.6
87.5
87.1
87.0
86.6
85.9
85.6
84.4
84.5
84.3

87.6
87.5
86.7
87.1
86.3
86.0
85.6
84.9
84.3
84.1

87.6
87.3
86.9
87.1
86.5
86.2
85.5
84.8
84.4
84.2

87.6
87.2
86.6
87.0
86.4
86.1
85.5
84.6
84.2
84.2

87.7
87.3
86.5
86.5
86.3
86.3
85.5
84.6
84.3
84.0

87.8
87.3
86.6
86.3
86.5
86.3
85.3
84.4
84.2
83.9

87.3
88.0
87.1
86.3
86.2
85.9
85.9
85.2
84.3
84.1

87.4
87.7
87.1
86.8
86.2
86.0
85.8
84.8
84.3
84.3

87.6
87.4
86.9
87.1
86.5
86.0
85.6
84.7
84.4
84.2

87.7
87.3
86.6
86.6
86.4
86.2
85.4
84.5
84.2
84.0

87.5
87.6
86.9
86.7
86.3
86.0
85.7
84.8
84.3
84.2

1965...
1966...
1967...
1968...
1969...
1970...
1971.. .
1972...
1973.. .
1974...
1975...
1976...

84.1
83.6
83.7
83.1
82.9
82.8
82.3
81.6
81.1
81.7
80.5

84.1
83.5
83.5
83.1
83.1
82.8
81.9
81.5
81.3
81.6
80.3

84.1
83.6
83.3
83.0
83.0
82.8
81.9
81.8
81.6
81.3
80.3

84.1
83.7
83.5
83.1
82.8
82.9
82.2
81.6
81.3
80.9
80.3

84.3
83.6
83.4
83.2
82.7
82.8
82.3
81.6
81.2
81.1
80.7

83.8
83.6
83.5
83.4
82.7
82.6
82.0
81.7
81.3
81.0
80.3

83.9
83.4
83.5
83.3
82.7
82.6
82.1
81.8
81.4
80.8
80.6

83.8
83.5
83.4
83.2
82.9
82.5
82.2
81.6
81.1
80.9
80.4

83.6
83.5
83.2
83.0
82.9
82.5
82.1
81.6
81.1
80.9
80.4

83.6
83.4
83.4
82.9
82.8
82.5
81.9
81.6
81.2
81.0
80.2

83.5
83.5
83.3
82.9
82.5
82.5
81.9
81.4
81.3
80.9
80.0

83.6
83.6
83.4
83.1
82.6
82.5
81.9
81.5
81.4
80.7
79.7

84.1
83.6
83.5
83.1
83.0
82.8
82.0
81.6
81.3
81.5
80.4

84.1
83.6
83.5
83.2
82.7
82.8
82.2
81.6
81.3
81.0
80.4

83.8
83.5
83.4
83.2
82.8
82.5
82.1
81.7
81.2
80.9
80.5

83.6
83.5
83.4
83.0
82.6
82.5
81.9
81.5
81.3
80.9
80.0

83.9
83.5
83.4
83.1
82.8
82.6
82.1
81.6
81.3
81.0
80.3

452. CIVILIAN LABOR FORCE PARTICIPATION RATE, FEMALES 20 YEARS AND OVER, LABOR FORCE SURVEY
(PERCENT)

AVERAGE FOR PERIOD

1945. . .
1948...
1949...
1950...
1951...
1952...
1953...
1954.. .

31.0
31.7
32.7
33.7
34.4
34.6
33.4

31.4
32.1
32.8
33.6
34.3
34.2
34.5

31.1
31.9
32.7
34.3
33.5
34.5
34.5

32.1
31.9
33.4
33.8
33.6
34.0
34.4

31.3
32.3
33.0
34.1
34.0
33.4
34.3

32.5
32.2
33.8
33.6
33.8
34.1
34.1

32.7
32.9
33.2
34.5
33.7
34.1
33.8

32.0
32.7
33.6
33.9
33.9
33.7
33.9

32.3
32.5
33.1
33.8
34.9
33.7
34.5

31.7
32.7
33.6
34.2
34.2
34.0
34.4

31.8
32.9
33.7
34.1
34.8
33.6
34.4

32.1
32.7
33.3
34.5
34.2
33.2
34.0

31.2
31.9
32.7
33.9
34.1
34.4
34.1

32.0
32.1
33.4
33.8
33.8
33.8
34.3

32.3
32.7
33.3
34.1
34.2
33.8
34.1

31.9
32.8
33.5
34.3
34.4
33.6
34.3

31.8
32.4
33.2
34.0
34.1
33.9
34.2

1955...
1956.. .
1957. . .
1958.. .
1959...
1960...
1961...
1962...
1963...
1964.. .

34.5
36.3
36.2
36.7
37.0
36.9
38.1
37.9
38.0
38.5

34.4
36.0
36.7
36.8
36.7
36.9
38.4
38.0
38.2
38.8

34.3
36.0
36.5
36.8
37.0
36.3
38.5
37.7
38.2
38.8

35.1
36.2
36.2
37.1
37.1
37.6
37.9
37.6
38.4
39.5

34.7
36.7
36.3
37.0
37.1
37.7
38.1
37.6
38.4
39.3

35.0
36.4
36.4
37.0
37.2
37.9
38.4
37.5
38.2
39.0

35.5
36.6
36.9
37.0
37.1
37.9
38.0
37.6
38.3
38.7

36.0
36.6
36.4
37.2
36.9
37.9
37.7
38.1
38.1
38.9

35.9
36.8
36.5
36.8
36.9
38.1
37.5
38.3
38.4
38.6

36.0
36.6
36.6
36.8
37.3
37.6
37.9
37.9
38.6
38.8

36.0
36.4
36.6
36.6
37.0
38.2
37.6
37.8
38.7
38.7

36.4
36.4
36.9
36.7
37.2
38.2
37.5
37.8
38.5
38.9

34.4
36.1
36.5
36.8
36.9
36.7
38.3
37.9
38.1
38.7

34.9
36.4
36.3
37.0
37.1
37.7
38.1
37.6
38.3
39.3

35.8
36.7
36.6
37.0
37.0
38.0
37.7
38.0
38.3
38.7

36.1
36.5
36.7
36.7
37.2
38.0
37.7
37.8
38.6
38.8

35.3
36.4
36.5
36.9
37.0
37.6
38.0
37.8
38.3
38.9

1965...
1966...
1967...
1968.. .
1969.. .
1970...
1971...
1972...
1973. .
.
1974.. .
1975...
1976...

39.0
39.8
40.7
40.9
42.0
43.2
43.6
43.6
43.5
44.6
45.8

39.2
39.6
40.5
41.3
42.4
43.1
43.3
43.4
43.9
44.9
45.5

39.2
39.6
40.4
41.4
42.4
43.4
43.2
43.7
44.1
45.0
45.8

39.2
39.8
40.8
41.4
42.6
43.5
43.2
43.6
44.2
45.1
46.0

39.2
40.0
40.8
42.0
42.5
43.0
43.1
43.7
44.2
45.1
46.0

39.7
39.9
40.9
41.9
42.8
43.2
43.0
43.6
44.5
45.3
46.0

39.7
40.0
41.0
41.7
42.7
43.5
42.9
43.6
44.5
45.8
46.0

39.6
40.3
41.1
41.3
42.7
43.3
43.2
43.8
44.4
45.4
46.1

39.3
40.6
41.4
41.6
42.8
43.0
43.4
43.7
44.6
45.5
46.1

39.4
40.6
41.7
41.6
42.9
43.4
43.5
43.7
44.5
45.2
46.2

39.5
40.9
41.6
41.9
42.8
43.4
43.8
43.6
44.9
45.4
46.1

39.6
40.8
41.8
41.9
42.9
43.4
43.8
43.7
44.8
45.5
46.2

39.1
39.7
40.5
41.2
42.3
43.2
43.4
43.6
43.8
44.8
45.7

39.4
39.9
40.8
41.8
42.6
43.2
43.1
43.6
44.3
45.2
46.0

39.5
40.3
41.2
41.5
42.7
43.3
43.2
43.7
44.5
45.6
46.1

39.5
40.8
41.7
41.8
42.9
43.4
43.7
43.7
44.7
45.4
46.2

39.4
40.2
41.1
41.6
42.7
43.3
43.3
43.6
44.4
45.2
46.0

453. CIVILIAN LABOR FORCE PARTICIPATION RATE, BOTH SEXES, 16-19 YEARS OF AGE, LABOR FORCE SURVEY
(PERCENT)

AVERAGE FOR PERIOD

1948.. .
1949...
1950...
1951...
1952...
1953...
1954...

53.2
52.8
51.9
51.4
52.2
52.4
50.9

53.7
53.7
51.7
51.0
51.8
54.0
51.4

54.1
54.5
50.2
53.3
50.9
53.1
51.7

54.2
53.0
50.8
50.9
50.7
51.8
50.1

50.9
53.4
50.9
52.6
52.3
49.5
48.6

53.8
49.8
50.4
51.3
52.8
50.9
46.3

52.6
50.3
50.8
52.6
51.2
49.5
47.1

51.5
51.9
52.0
53.0
50.0
49.6
48.0

51.5
53.1
52.5
52.7
50.5
49.1
48.5

50.6
52.5
53.5
52.4
50.2
48.2
47.3

51.0
52.9
52.6
51.9
51.4
48.9
46.3

53.1
52.6
52.5
52.9
51.1
49.2
44.6

53.7
53.7
51.3
51.9
51.6
53.2
51.3

53.0
52.1
50.7
51.6
51.9
50.7
48.3

51.9
51.8
51.8
52.8
50.6
49.4
47.9

51.6
52.7
52.9
52.4
50.9
48.8
46.1

52.5
52.5
51.6
52.2
51.3
50.5
48.4

1955...
1956...
1957.. .
1958...
1959...
1960...
1961. .
.
1962...
1963...
1964.. .

46.8
51.4
49.5
47.4
47.5
47.2
47.4
45.6
45.4
44.4

45.4
50.5
49.8
48.0
46.7
47.4
46.7
45.9
45.1
45.3

46.3
50.0
50.6
47.5
46.7
46.7
47.6
46.8
44.8
45.0

47.3
49.4
49.5
48.1
47.7
48.5
46.0
46.5
45.3
44.0

47.6
52.1
49.4
48.9
46.2
48.1
45.8
47.4
46.2
44.8

46.7
52.5
50.2
46.5
46.0
49.7
47.8
47.8
44.6
44.4

48.4
51.7
50.2
46.8
46.3
47.3
47.1
46.5
45.0
44.0

49.6
50.6
48.4
47.1
46.6
46.9
48.0
46.4
44.8
44.2

50.5
50.3
49.3
47.9
46.9
47.4
46.4
45.8
45.7
45.5

51.1
49.7
49.3
47.9
46.6
47.3
46.4
45.3
45.8
44.1

52.7
50.4
49.4
46.8
46.3
47.4
47.4
44.9
44.8
44.1

53.4
50.3
49.3
47.1
47.4
46.5
45.6
44.8
43.9
44.3

46.2
50.6
50.0
47.6
47.0
47.1
47.2
46.1
45.1
44.9

47.2
51.3
49.7
47.8
46.6
48.8
46.5
47.2
45.4
44.4

49.5
50.9
49.3
47.3
46.6
47.2
47.2
46.2
45.2
44.6

52.4
50.1
49.3
47.3
46.8
47.1
46.5
45.0
44.8
44.2

48.8
50.7
49.6
47.5
46.7
47.5
46.8
46.1
45.1
44.5

1965.. .
1966...
1967...
1968...
1969...
1970.. .
1971...
1972...
1973.. .
1974.. .
1975.. .
1976.. .

43.0
48.0
48.3
46.6
47.7
50.5
49.9
51.2
50.9
55.5
54.9

43.7
46.7
48.2
48.5
47.8
50.3
49.7
51.3
53.0
55.5
54.0

44.1
46.9
47.5
48.2
48.3
50.2
48.9
51.8
53.7
55.3
54.1

45.3
47.4
47.6
47.9
48.7
49.8
49.5
51.8
53.9
54.1
53.7

45.6
46.9
47.2
48.2
47.5
49.7
49.3
51.6
53.4
54.6
54.9

44.0
48.5
48.8
49.3
49.6
49.0
48.0
52.0
54.4
55.3
54.4

46.3
49.1
49.0
49.1
50.0
49.5
50.7
51.4
52.7
54.3
54.2

45.5
49.3
49.5
49.0
50.0
49.9
50.6
52.8
52.9
53.6
54.2

46.5
47.5
48.3
47.9
50.5
50.6
49.3
51.7
54.6
55.9
54.0

47.8
48.2
48.7
48.0
50.9
50.2
49.6
52.0
55.0
55.6
53.5

47.1
49.1
48.3
47.7
50.9
50.1
50.5
52.4
55. 3
55.1
53.2

48.1
49.3
48.3
47.8
50.4
50.0
50.6
52.9
55.2
54.5
53.9

43.6
47.2
48.0
47.8
47.9
50.3
49.5
51.4
52.5
55.4
54.3

45.0
47.6
47.9
48.5
48.6
49.5
48.9
51.8
53.9
54.7
54.3

46.1
48.6
48.9
48.7
50.2
50.0
50.2
52.0
53.4
54.6
54.1

47.7
48.9
48.4
47.8
50.7
50.1
50.2
52.4
55.2
55.1
53.5

45.6
48.1
48.4
48.3
49.4
49.9
49.7
52.0
53.7
54.9
54.1

NOTE:

These series are shown in this appendix for the first time.




(APRIL 1977)

103

G. Experimental Data and Analyses
Recovery Comparisons: Current and Selected Historical Patterns

HOW TO READ CYCLICAL COMPARISON CHARTS

These charts show graphically, for selected indicators,
the path of the current business recovery. To set the current
cyclical movements into historical perspective, cyclical
paths over generally similar historical periods are also
shown. The selected periods are superimposed so as to compare the current business recovery with corresponding
historical patterns and to facilitate critical assessment of the
amplitude, duration, and severity of the indicators'current
movements.

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;and U = unclassified.

This number indicates latest calendar
month of data plotted (1 = January).

1. Two cyclical comparison charts are shown for each
indicator. The left panel shows a comparison based on
reference peak levels and reference trough dates; in the
right panel, a chart is aligned according to both the levels
and the dates of the specific troughs in each indicator. (See
charts on the following pages.)
2. The vertical line represents trough dates: reference
trough dates in the left panel and specific trough dates in
the right panel. The current recovery and the corresponding
historical periods are positioned so that their reference
trough dates (left panel) and specific trough dates (right
panel) are on this vertical line.
3. The horizontal line represents the level of data at reference cycle peaks (left panel) and at specific cycle troughs
(right panel). The current recovery and the corresponding
historical periods are positioned so that their reference
peaks (left panel) and specific troughs (right panel) are on
this horizontal line.
4. For most series, deviations (percent or actual differences) from the reference peak and specific trough levels
are computed and plotted. For series measured in percent
units (e.g., the unemployment rate), these units (actual data)
are plotted rather than deviations. The numerical values of
these deviations for the current cycle are shown in the
tables accompanying the charts.
5. For series that move counter to movements in general
business activity (e.g., the unemployment rate), an inverted
scale is used; i.e., declines in data are shown as upward
movements in the plotted lines, and increases in data, as
downward movements in plotted lines.
6. In each chart, several curves are shown. The heavy
solid line (—•) describes the current recovery. The dotted
line (•••) represents the median pattern of the five postWorld War II recoveries. The remaining lines represent
selected business recoveries. In the left panel, each line
is labeled according to the year of the reference trough.
In the right panel, the label for each line indicates the
month and year of the specific trough.
7. The business cycle (reference) peaks and troughs used
in these charts are those designated by the National Bureau
of Economic Research as follows: peaks, Nov. 1948
(IVQ 1948), July 1953 (IIQ 1953), Aug. 1957 (IIIQ 1957),
Apr. 1960 (IIQ 1960), Dec. 1969 (IVQ 1969), Nov. 1973
(IVQ 1973); troughs, Oct. 1949 (IVQ 1949), May 1954
(IIQ 1954), Apr. 1958 (IIQ 1958), Feb. 1961 (IQ 1961),
Nov. 1970 (IVQ 1970), Mar. 1975 (IQ 1975).

This scale measures time in months before
(-) and after (+) reference trough dates
(left panel) and specific trough dates
(right panel).

104




-6

0

+6

+12

Months from troughs

This scale shows deviations (percent or
actual differences) from reference peak
levels (left panel) and specific trough
levels (right panel).

This scale shows actual series units and
applies only to the current business cycle
(heavy solid line).

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
Deviations
from

50. GNP in 1972 dollars

ret.

peak

Actual
data
for
current
cycle

whTRS . DEVIFKOM ATIONS CURRENT QRTR.
AND
FROM ACTUAL
REF.
DATA YEAR
TROUGH IV/73

Percent

etc]

Actual
data
for
current
cycle

B I L . DOL.

H34-0

1320

+6

» 1300

3

-1.9

1219.2

IV/75

4

+8

50. GNP in 1972 dollars

50
SERIE 5
^ N N . RATE

Deviations
from
spec.
Jrough

0.3

1246.3

1/76

5

1.4

1260.0

11/76

6

2.4

1272.2 HI/76

7

+4
• 1280

3.0

1280.4

4.4

1296.8

» 1260

+8

IV/76

8

• 1280

+10

1/77
124.0

+2
• 1260

• 12^0

+6
QRTRS . DEVIFROM ATIONS CURRENT QRTR.
REF.
FROM ACTUAL
AND
TROUGH
1/75
DATA YEAR
SERIES

3

50
ANN. RATE
BIL. DOL.
5 0 1219 .2 IV/75

4

7 3

1246 .3

1/76

5

8 5

1260 .0

11/76

6

9 6

1272 .2 HI/76

7

10 3

1280 .4

IV/76

8

11 7

1296 .8

1/77

-2

1975
-4
• 1180

-6

QRTRS . DEVIFROM ATIONS CURRENT QRTR.
REF.
FROM ACTUAL
AND
TROUGH IV/73
DATA YEAR

86. Nonresidential fixed investment,
total, 1972 dollars

'i

+15

+4

+2
• 1180

• 1160

86. Nonresidential fixed investment,
total, 1972 dollars
,

• 135
86
flN N . RATE
E I L . DOL.
110.5
IV/75

SERIES

• 150
3

-16.5

4

-15.0

112.6

1/76

5

-13.2

114.9

11/76

6

-11.3

117.5

HI/76

7

-11.0

117.9

IV/76

8

+10

-7.9

121.9

1/77

+20
> 130

+5

• HO

i

+15
> 125

130
QRTRS . DEVIFROM ATIONS CURRENT QRTR.
AND
FROM ACTUAL
REF.
TROUGH HI/75
DATA YEAR

-5

+10

SERIES
86
ANN . RATE

BIL. DOL.

-10

1

110 5

IV/75

2

2.3

112 6

1/76

3

4.4

114 9

11/76

4

-15

0.4

6.7

117 5 111/76

+5

• 110

5

-12

-6

0

+6

+12 +18 +24

Months from reference troughs




7.1

117 9

IV/76

6

10.7

121 9

1/77

• 110

-12

-6

0

+6

+12 +18 +24

Months from specific troughs

105

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
10. Twelve leading indicators,
composite index

Deviations
from
ref.
peak

Actual
data
for
current
cycle

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
DATA YEAR
TROUGH 11/73

12

-1+15

13
14
15
16

123.0
124.5
125.7
125.9

4/76
5/76
6/76
7/76

17

-3.6
-3.8
-3.1
-2.3

125.8
125.5
126.4
127.5

8/76
9/76
10/76
11/76

21
22
23
24

-1.4
-2.7
-2.0
-0.6

128.7
127.0
127.9
129.7

910. Twelve leading indicators,
composite index

12/76
1/77
2/77
3/77

+5

0130

-5
120

-10

18

Percent

3/76

-,+25

H25

13
14
15
16

Ul

125.9
125.8
125.5
126.4

-+15

20.1
21.2
19.6
20.4

127.5
128.7
127.0
127.9

11/76
12/76
1/77
2/77

22.1

129.7

•+10

7/76
8/76
9/76
10/76

25

13. Marginal employment adjustments,
composite index

18.5
18.5
18.2
19.0

21
22
23
24

-20

SERIES 910
1967=100
16.0
123.2
15.8
123.0
17.2
124.5
125.7
18.4

17
18
19
20

-15

•+20

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
2/75
TROUGH
DATA YEAR

1975

3/77

3/76
4/76
5/76
6/76

+5

913. Marginal employment adjustments,
composite index

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
DATA YEAR
TROUGH 11/73

Percen

1+15

12

SERIES 913
1967=100
97.9
-2.8

13
14
15
16

-4.7
-4.2
-4.6
-5.0

96.0
96.5
96.1
95.7

4/76
5/76
6/76
7/76

17
18
19
20

-5.2
-6.4
-6.2
-4.7

95.5
94.3
94.5
96.0

8/76
9/76
10/76
11/76

21
22
23
24

-3.7
-5.1
-4.1
-2.3

97.0
95.6
96.6
98.4

12/76
1/77
2/77
3/77

+5

• 100

-5
• 95

3/76

• 102

-+10

96

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
DATA YEAR
2/75
TROUGH

-10
90

13
14
15
16

SERIES 913
1967=100
97.9
8.8
96.0
6.7
96.5
7.2
6.8
96.1

0

+6

+12 +18 +24

Months from reference troughs




106

6.3
6.1
4.8
5.0

95.7
95.5
94.3
94.5

6.7
7.8
6.2
7.3

96.0
97.0
95.6
96.6

11/76
12/76
1/77
2/77

25

9.3

98.4

3/77

• 92

7/76
8/76
9/76
10/76

21
22
23
24

-6

+5

3/76
4/76
5/76
6/76

17
18
19
20

-12

Actual
data
for
current
cycle

• 130
' 140

1975

Deviations
from
spec,
trough

150

+10

0

-5.7
-4.6
-3.7
-3.5

19
20

>

SERIES 910
1967=100
123.2
-5.6

II I I I I I I I I I I I I I I I I I I I I IM I I I I I I I I I I I I I I I I

0

-12

-6

0

+6

+12 +18 +24

Months from specific troughs

• 90

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
M IM IIIIIIIIIM IIIIIIIIM IIIIIM M

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
REF.
TROUGH 11/73
DATA YEAR

914. Capital investment commitments,

12

SERIES 914
1967=100
-3.1
106.0

13
14
15
Ib

-4.1
-4.1
-2.7
-2.5

104.9
104.9
106.5
106.7

-2.6
-1.1
0.2
-0.1

106.6
108.2
109.6
109.3

0.0
0.0
1.1
1.8

109.4
109.4
110.6
111.4

12/76
1/77
2/77
3/77

Actual
data
for
current
cycle

8/76
9/76
10/76
11/76

21
22
23
24

Deviations
from
spec.
trough

4/76
5/76
6/76
7/76

17
18
19
20

I 1 1 I I HIT I I I I T i l M i l l I I I I I I I I I I 1 1 j M I I I I I

914. Capital investment commitments,
composite index

3/76

• 105

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
REF.
2/75
TROUGH
DATA YEAR

13
14
15
16
17
18
19
20

9.4
9.3
11.0
12.4

106.7
106.6
108.2
109.6

7/76
8/76
9/76
10/76

21
22
23
24

12.1
12.2
12.2
13.4

109.3
109.4
109.4
110.6

11/76
12/76
1/77
2/77

25

915. Inventory investment and
purchasing, composite index

SERIES 914
1967=100
8.7
106.0
7.6
104.9
7.6
104.9
9.2
106.5

14.3

111.4

3/77

3/76
4/76
5/76
6/76

• 100

915. Inventory investment and
purchasing, composite index

TU

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
REF.
AND
TROUGH 11/73
DATA YEAR

Percent

12

SERIES 915
1967=100
-7.5
101.4

13
14
15
Ib

-6.8
-6.0
-5.5
-5.7

102.1
103.0
103.6
103.4

4/76
5/76
6/76
7/76

17
18
19
20

-5.6
-6.6
-7.5
-6.8

103.5
102.4
101.4
102.1

8/76
9/76
10/76
11/76

21
22
23
24

-6.7
-7.8
-7.2
-5.5

102.3
101.1
101.7
103.6

12/76
1/77
2/77
3/77

+5

+15

3/76

+10

• 100
MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
3/75
DATA YEAR
TROUGH

-10

+5

S E R I E S 915
1967=100

12

1975
-15

• 90

-12

-6

0

-»-6

+12

+18

Months from reference troughs




+24

9.1

101.4

3/76

13
14
15
16

9.9
10.9
11.5
11.3

102.1
103.0
103.6
103.4

4/76
5/76
6/76
7/76

17
18
19
20

11.4
10.2
9.1
9.9

103.5
102.4
101.4
102.1

8/76
9/76
10/76
11/76

21
22
23
24

10.1
8.8
9.5
11.5

102.3
101.1
101.7
103.6

12/76
1/77
2/77
3/77

-12

-6

0

+6

+12

+18 +24

Months from specific troughs

107

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns

nn

Deviations
from

Actual
data

ref.

916. Profitability, composite index

current
cycle

Percent

+15

for

MONTHS DEVIFROM ATIONS. CURRENT MONTH
REF.
AND
FROM ACTUAL
TROUGH 11/73
DATA YEAR

• 120
12

SERIES 916
1967=100
3.8
108.3

3/76

3.9
3.5
3.7
4.1

108.4
108.0
108.2
108.6

4/76
5/76
6/76
7/76

3.6
3.3
2.5
2.2

108.1
107.7
106.9
106.6

8/76
9/76
10/76
11/76

21
22
23
24

• 105

13
14
15
16
17
18
19
20

• 115

3.9
3.6
3.3
3.5

108.4
108.1
107.7
107.9

12/76
1/77
2/77
3/77

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
AND
FROM ACTUAL
TROUGH 12/74
DATA YEAR

15
16

1975

-Mo
917. Money and financial flows,
composite index

in

17
18
19
20

16.3
16.5
16.9
16.4

108.0
108.2
108.6
108.1

5/76
6/76
7/76
8/76

15.9
15.1
14.7
16.7

107.7
106.9
106.6
108.4

9/76
10/76
11/76
12/76

16.4
15.9
16.1

108.1
107.7
107.9

1/77
2/77
3/77

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR

Percent

—1+10

3/76
4/76

25
26
27

-5

SERIES 916
1967=100
16.6
108.3
16.7
108.4

21
22
23
24

• 100

SERIES 917
1967=100
-10.2
106.2

-5

• 105

+6

+12 +18 +24

Months from reference troughs


108


917. Money and financial flows,
composite index

mi

+20
• 120

4/76
5/76
6/76
7/76

-8.2
-8.1
-6.8
-6.3

108.6
108.7
110.3
110.9

8/76
9/76
10/76
11/76

-5.2
-5.8
-7.7
-8.7

112.1
111.4
109.2
108.0

12/76
1/77
2/77
3/77

• 100

+15
H15

+10

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
REF.
FROM ACTUAL
TROUGH
DATA YEAR
2/75

13
14
15
16

-10

0

107.6
107.9
107.7
108.3

21
22
23
24
• 115

-9.0
-8.8
-9.0
-8.5

17
18
19
20

-6

0
Percent

3/76

13
14
15
16

+5

-12

95

9130

12

-Ms

1 1 1 1 1 1 1 I 1 1 I I I I I I I 1 1 III II I I 111 II I I [IN

916. Profitability, composite index

SERIES 917
1967=100
106.2
5.7
7.1
107.6
107.9
7.4
107.7
7.2

3/76
4/76
5/76
6/76

17
18
19
20

7.8
8.1
8.2
9.8

108.3
108.6
108.7
110.3

10.3
11.5
10.8
8.7

110.9
112.1
111.4
109.2

11/76
12/76
1/77
2/77

25

7.5

108,0

3/77

• 105

7/76
8/76
9/76
10/76

21
22
23
24

+5

' 100

-12

-6

0

+6

+12 +18 +24

Months from specific troughs

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series, "following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date) (issue date)

A

Accession rate, manufacturing
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Consumer sentiment index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Prices, selling, manufacturing, Dl
Prices, selling, retail trade, Dl
Prices, selling, wholesale trade, Dl
Profits, net, manufacturing and trade, Dl
Sales, net, manufacturing and trade, Dl
Automobiles
Expenditures, personal consumption
Imports of automobiles and parts

2
604

17
55

60
90

12/76

8/68

61
970
58
974
975
971
976
978
977
972
973

25
39
23
39
39
39
39
39
39
39
39

66
75
64
75
75
75
75
75
75
75
75

2/76

11/68

2/76*
3/76*
3/76*
3/76*
3/76*
3/76*
3/76*
3/76*
3/76*

11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*

55
616

23
55

64
90

1/77

10/69*

1/77

B

Balance of payments-See International transactions.
Bank loans to businesses, loans outstanding
Bank loans to businesses, net change
Bank rates-See Interest rates.
Bank reserves
Free reserves
,
Member bank borrowing from Federal Reserve
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Building-See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl . . . .
Business failures, current liabilities
Business formation
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving

72
112

93
94

16,36
33

34
34

72
71

71
71

12/76
7/76

2/76
1/77

11/72
11/72

11/72

29
76
61
970
14
12
13

14,26
25
25
39
34
13 24
24

66
66
66
75
71
64
64

12/76
1/77
2/76

4/69

2/76*

11/68*

295

47

81

2/77

11/68

7/76
12/76
1/77

C

Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital investment-See Investment, capital.
Capital investment commitments Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Total
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector percent changes
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, manufacturing, and
construction

83
82
84

21
21
21

63
63
63

12/76
12/76
12/76

97
11
965

25
25
38

65
65
74

10/76
10/76

914
35
34

12
30
30

59
69
69

11/76
8/76
8/76

10/76*

\'m

52
19
52
19,52

88
61
88
61,88

Mil
4/77
4/77
4/77

4/72*
4/72*

920
920c
951
940
9
72
112

11
40
37
12
24
16,36
33

59

11/76

11/75*

345

50

4/72*

7/76*

86

1/77
11/76
10/76
12/76
7/76

6/76*

11/72
11/72

10/72*

345c
280

51
46

86
81

6/76*

64

31,48

69,82

1/77

10/69*

346

50

87

6/76*

10/72*

346c

51

87

6/76*

10/72*

340

50

86

2/77

6/72*

9/76

10/72*
10/69

340c

51

86

2/77

6/72*

341

50

86

2/77

6/72*

341c

51
51
51

86
87
87

2/77

348
349

6/72*
6/72*
6/72*

53

20

62

3/77

7/76*
7/76*

Composite indexes
Coincident indicators
Four coinciders
Four coinciders, rate of change
Ratio, to lagging indicator index
Lagging indicators
Six laggers
Six laggers rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
Profitability
Twelve leaders
Twelve leaders rate of change
Construction
Building permits new private housing
Contracts awarded, commercial and industrial bldgs. . .
Expenditures, plus machinery and equipment sales
Gross private domestic fixed investment
Nonresidential, as percent of GNP
Nonresidential structures, constant dollars
Nonresidential, total, constant dollars
Residential as percent of GNP
Residential, total, constant dollars
Housing starts
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices-See also International comparisons.
All items, index
All items percent changes
Food, index
Food, percent changes
Consumer sentiment index
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol. .
Contracts and orders, plant and equipment, current dol. . .
Corporate bond yields
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses, net change
Borrowing total private
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt, net change
Crude materials-See Wholesale prices.

Current issue
(page numbers)

Series
number

Charts

920
920c
940

11
40
12

930
930c
914
915
913
917
916
910

Tables

59

Series
Historical
descriptions
data
(issue date) (issue date)

11/76

11/75*

7/76*

59

11/76

11
40

59

11/76

11/75*

59
59
59
59
59
59

11/76
11/76
11/76
11/76
11/76
11/76

5/75 ;

910c

12
12
12
12
12
11
40

29
9
69

14,26
24
25

66
65
66

12/76
10/76
2/77

4/69

248
87
86
249
89
28

48
26
26
48
26
26

82
66
66
82
66
66

8/76*

10/69*

8
75

13,22
23

63
64

Mil
Mil

66
113
95
39

36
33
16,36
34

72
71
72
71

9/76
9/76
12/76
10/76

10/72
10/72

320
320c
322
322c
58

49
49,58

83,93
83,93

49
49
23

84
84
64

3/77
3/77
3/77
3/77
1/77

5/69*
5/69*
5/69*
5/69*
11/68*

20
10
116

13,24
24
35

65
65
72

4/77
4/77
2/76

9/68"
7/64

112
110
72

33
33
16,36

71
71
72

7/76
12/76
12/76

11/72
7/64
11/72

66
113
95
39
33

36
33
16,36
34
33

72
71
72
71
70

9/76
9/76
12/76
10/76
Mil

10/72
10/72

525
564
548
516

54
54
54
54

89
89
89
89

9/75*

39
32

34
13,22

71
63

10/76
12/76

11/72
12/74

970
965
951
974
963
967

39
38
37
39
37
38

75
74
73
75
73
74
78
74
77
73
75
73
73
74
76
75
74
75
75
75
74
75
75
73
76

2/76*
10/76*

11/68*

9/68*

1/77
1/77
8/76*

10/69*

1/77
Mil

6/72'

il/72

11/72

D

1/72

442
90
441
37

73
59
65
72
71

Series titles
(See complete titles in "Titles and Sources of
Series, "following this index)

Debt-See Credit.
Defense
Military prime contract awards
National defense purchases
. ...
New orders defense products
Obligations incurred, total
Deficit-See Government.
Deflators-See Price indexes.
Delinquency rate, consumer installment loans
Deliveries vendor performance
Diffusion indexes
Business expenditures, new plant and equipment
Capital appropriations, manufacturing
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagricultural payrolls
Industrial materials prices
Industrial materials prices, components
Industrial production
Industrial production components
Initial claims, State unemployment insurance
Inventories manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components ....
New orders manufacturing
. ...
Prices, 500 common stocks
Prices selling manufacturing
Prices, selling, retail trade
Prices, selling, wholesale trade
Profits manufacturing
Profits, net, manufacturing and trade
Sales, net, manufacturing and trade
Workweek mfg production workers
Workweek, mfg. production workers, components ....
Disposable personal income-See Income.

966

38

962
975
952
950
964

37
39
37
37
38

971
968
976
978
977
969
972
973
961

39'"
38
39
39
39
38
39
39
37

9/75*
9/76*

10/69*

2/77

1/77
3/76*

11/68*

12/76
1/76*

4/69*

1/77'
10/76*
3/76*

6/69*
11/68*

1/77
1/77
2/77
3/76*

1/76*
3/76*
3/76*
3/76*
10/75*
3/76*
3/76*

11/68*
5/69*
11/68*
11/68*
11/68*
11/68*
11/68*

1/77

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




109

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical

Series
Ascriptions
(issue date) issue date)

E
Earnings-See Compensation.
Employment and unemployment
Accession rate manufacturing
Civilian labor force, total
Employee hours in nonagricultural
establishments
Employee hours in nonagricultural
establishments, rate of change
Employees in mining, mfg., and construction
Employees manufacturing and trade Dl
Employees on nonagricultural payrolls
Employees on private nonag payrolls Dl
Employment, ratio to population
Employment, total civilian
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl
Layoff rate, manufacturing
Marginal employment adjustments Cl
Overtime hours, mfg. production workers
Participation rate, both sexes, 1 6-1 9 years old
Participation rate, females 20 years and over
Participation rate males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities . . .t
Quit rate manufacturing
Unemployed , both sexes, 16-19 years old
Unemployed females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment rate, 1 5 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate, total
Unemployment, total civilian
Workweek, mfg. production workers
Workweek, mfg. production workers, components
Workweek, mfg. production workers, Dl
Equ pment-See Investment, capital.
Exports— See Foreign trade and International transactions.

2
441

17
52

60
88

12/76
Mil

48

18

60

12/75

48c
40
974
41
963
90
442
46
60
5
962
3
913
21
453
452
451
448
42
4
446
445
447
444
91
44
45
43
37
1

40
18
39
15,18
37
19
52
18
18
17
37
13,17
12
17
52
52
52
52
18
17
52
52
52
52
16,19
19
19
19
19,52
13,17

961

37'

61 '"
75
61
73
61
88
60
60
60
73
60
59
60
88
88
88
88
61
60
88
88
88
88
61
61
61
61
61,88
60
76
73

7/76
12/76
3/76*
12/76
12/76
Mil
Mil
7/76
Mil
10/76
10/76*
12/76
11/76
12/76
Mil
Mil
Mil
Mil
4/77
12/76
4/77
Mil
Mil
Mil
Mil
Mil
7/76
4/77
4/77
12/76

Gross business product
Fixed weighted price index
Fixed weighted price index, percent changes
Gross domestic product, labor cost per unit
Gross national product
8/68
GNP, constant dollars
4/72*
GNP constant dollars differencps
GNP constant dollars percent changes
8/68*
GNP, current dollars
8/68*
GNP current dollars differences
GNP, current dollars, percent changes
11/68*
GNP ratio to money supply
8/68
Goods output in constant dollars
Implicit price deflator
Implicit price deflator, percent changes
4/72*
Per capita GNP constant dollars
12/74
Gross private domestic invest. -See Investment, capital.
6/69"
6/69*
8/68*
12/74

4/72'

Exports of goods and services, constant dol., NIPA ....
Exports of goods and services, current dol., NIPA
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports merchandise adjusted exc military
mports, merchandise, total
mports of automobiles and parts
mports of goods and services, constant dol., NIPA ....
mports of goods and services, current dol., NIPA
mports of goods and services, total
mports of petroleum and products
Net exports, goods and services, constant dol., NIPA
Net exports, goods and services, current dol., NIPA ...
Net exports, goods and services, percent of GNP, NIPA
France— See International comparisons.
Free reserves . .

4/72"
6/69
4/72
4/72*
8/68

119

35

71

2/76

34
41
12

71
79
59

311
311c

49
49

83
83

8/76*
8/76*

667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251

56
56
56
55
55
45
45
56
55
56
55
55
45
45
56
55
45
45
48

91
91
91
90
90
81
81
91
90
91
90
90
81
81
91
90
81
81
82

2/77
2/77
2/77
7/76*

71

2/77
9/76
2/77
2/77
7/76*
2/77
9/76
2/77
2/77
9/76
9/76*
2/76

G
Goods output in constant dollars
Government budget, NIPA
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit total
Government purchases of goods and services
Federal, constant dollars
Federal current dollars
Federal, percent of GNP
National defense
State and local, constant dollars
State and local, current dollars
State and local percent of GNP
Total, constant dollars
Total, current dollars

11/73

1/77
9/76*
11/76

34

Charts

49
49
31

83
83
69

8/76*
8/76*
8/76

50
50b
50c
200
200b
200c
107
49
310
310c
217

20,41

8/76*
8/76*
8/76*
8/76
8/76
8/76
1/77
Mil
8/76*
8/76*
8/76

10/69*
10/69*
10/69*
10/69
10/69
10/69

32'"
21
49
49
41

62,79
79
79
79
79
79
70
62
83
83
79

46
60

18
18

60
60

7/76
Mil

12/74

21
1

17
13,17

12/76
12/76

12/74
8/68

961

37

60
60
76
73

28
29
89
249

26
14,26
26
48

66
66
66
82

Mil
12/76
Mil
8/76*

6/72
4/69

310
310c

49
49

83
83

8/76*
8/76*

10/69*
10/69*

311
311c
68

110

40
41

7/68'

io/69*
10/69*
10/69

H
Help-wanted advertising in newspapers
Help-wanted advertising ratio to unemployment
Hours of production workers, manufacturing
Average weekly overtime
Average workweek
Average workweek components
Average workweek Dl
.
Housing
Housing starts
Housing units authorized by local bldg. permits
Residential GPDI constant dollars
Residential GPDI, percent of GNP

Implicit price deflator GNP
Implicit price deflator, GNP, percent changes
Imports-See Foreign trade and International transactions.
Income
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, pet. of nat'l. income ....
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Consumer installment debt, ratio to personal income . .
Corporate profits with IVA and CCA
Corp. profits with IVA and CCA, pet. of nat'l. income .
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita, constant dol. . .
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production

i/77'

10/69*

49

21

62

Mil

502
501
500
512
511
510
298

53
53
53
53
53
53
47

89
89
89
89
89
89
82

8/76*
8/76*
8/76*
2/77
2/77
2/77
9/76

263
262
265
564
267
266
268
261
260

44
44
48
54
44
44
48
44
44

80
80
82
89
80
80
82
80
80

9/76
9/76
9/76*
9/76*
9/76
9/76
9/76*
2/77
9/76

5/69*
5/69*

Earnings, real average hourly, production
5/69"
workers, private nonfarm economy, percent changes .
5/69*
Income on foreign investment in the U.S
Income on U S investments abroad
5/69*
Interest net
5/69*
Interest, net, percent of national income
National income
Personal income constant dollars
5/69"
Personal income, current dollars
5/69*
Personal income, less transfers, constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
5/69'
Proprietors' income with IVA and CCA
10/69*
Proprietors' income with IVA and CCA, percent
of national income
11/72
Rental income of persons with CCA
Rental income of persons with CCA, pet. of nat'l. income
Wage and benefit decisions first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, mfg., and construction ....
Incorporations, new businesses
7/68*
Industrial materials prices
7/68*
Industrial materials prices components
7/68*
Industrial materials prices Dl
Industrial production - See also International comparisons.
Business equipment
Consumer goods
10/69
Durable manufactures
Nondurable manufactures
11/73
Total
10/69
Total components
10/69*
Total, Dl
10/69*
Total rate of change
11/73
Installment debt-See Credit.
Insured unemployment
10/69
Avg. weekly initial claims, unemploy. insurance
10/69*
Avg. weekly initial claims, unemploy. insurance, Dl ...
Avg weekly insured unemployment rate
10/69

345

50

86

6/76*

10/72*

345c
280
64

51
46
31,48

86
81
69,82

6/76*
9/76
1/77

10/72*
10/69
10/69*

346

50

87

6/76*

10/72*

346c
95
286
287
225
224
227

51
16,36
46
48
41
41
41

87
72
81
82
79
79
79

6/76*
12/76
9/76
9/76*
8/76
8/76
8/76

10/72*

340

50

86

2/77

6/72*

340c

51

86

2/77

6/72*

50

86

2/77

6/72*

341 c
652
651
288
289
220
52
223
51
51c
108
282

51
56
56
46
48
46
20
41
15,20
40
32
46

86
91
91
81
82
81
62
62
62

2/77
2/77
2/77
9/76
9/76*
8/76
1/77
8/76*
12/76

6/72*
5/69*
5/69*
10/69
10/69*
10/69

70
81

1/77
9/76

283
284
285
348
349
53
13
23

48
46
48
51
51
20
24
29

9/76*
9/76
9/76*
7/76*
7/76*
3/77
Mil
Mil

10/69*
10/69
10/69*
6/72*
6/72*

967

38

82
81
82
87
87
62
64
68
78
74

1/76*

4/69*

76
75
73
74
47

25
23
21
21
15,21,57

Mil
Mil
Mil
Mil
12/76

11/68

966
47 c

38
40

66
64
62
62
62,92
77
74

5
962
45

17
37
19

60
73
61

10/76
10/76*
7/76

NOTE: The following abbreviations are used in this index: C I, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




Tables

Series
Historical
descriptions
data
(issue date) issue date)

341

1/77

94
213
917

93

Current issue
(page n jmbers)

Series

1

F
Federal funds rate
Federal Government— See Government.
Federal Reserve, member bank borrowing from
Final sales in constant dollars
Financial flows, and money, Cl .
Fixed investment-See Investment, capital.
Fixed weighted price index NIPA
Fixed weighted price index, percent changes, NIPA
Food-See Consumer prices.
Foreign trade-See also International transactions.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

10/69
10/69*
10/69
10/69
10/69

7/68*

10/69

4/69"

i/77'
2/76
6/69
6/69*
6/69

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Interest, net
Interest net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials-See Wholesale prices.
International comparisons
Consumer prices
Canada, index
Canada percent changes
France, index
France, percent changes
Italy index
Italy, percent changes
Japan index
Japan, percent changes
United Kingdom, index
United Kingdom, percent changes
United States, index
United States, percent changes
West Germany, index
West Germany, percent changes
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States
,
West Germany
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions-See also Foreign trade.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, exc. military
Imports, merchandise, total
1 mports of automobiles and parts
Imports of goods and services, total
Imports of petroleum and products
Income on foreign investments in U S
Income on U.S. investments abroad
Inventories
Business inventories, change, constant dollars
Business inventories change current dollars
Business inventories, change, percent of GNP
Finished goods manufacturers'
Inventories on hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated)
Inventory investment and purchasing, Cl
Manufacturing and trade constant dollars
Manufacturing and trade, current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade, Dl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.,
change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations manufacturing new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial . . . .
Construction expenditures, business and machinery
and equipment sales
Gross private domestic investment
Fixed investment, constant dollars
Fixed investment, current dollars
Inventories, business, change in-See Inventories.
Nonresidential, total constant dollars
Nonresidential total percent of GNP
Producers' durable equip., nonresid., constant dol. . .
Residential, total, constant dollars
Residential, total, percent of GNP
Structures, nonresidential, constant dollars
Total constant dollars
Total, current dollars
....
New orders, capital goods, nondefense, constant
dollars
New orders, capital goods, nondefense, current
dollars

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date) (issue date)

288
289

46
48

81
82

9/76
9/76*

10/69
10/69*

67
116
119
118
117
109
114
115

36
35
35
35
35
36
35
35

72
72
71
72
72
72
71
72

10/75
2/76
2/76
2/76
2/76
12/76
2/76
2/76

12/74
7/64
11/73
7/64
7/64
11/73
7/64
7/64

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Plant and equipment
Business expenditures, new
Business expenditures, new, Dl
Contracts and orders, constant dollars
Contracts and orders, current dollars
Investment, foreign
Income on foreign investments in U.S
Income on U S investments abroad
Italy-See International comparisons.

Curren issue
(page numbers)

Series
number

Tables

Charts

Historical
Series
descriptions
data
(issue date) (issue date)

61
970
20
10

25
39
13,24
24

66
75
65
65

2/76
2/76*
Mil
Mil

9/68'

652
651

56
56

91
91

2/77
2/77

5/69*
5/69*

68
62
63
17

31
16,31
31
30

69
69
69
69

8/76
12/76
Mil
12/76

7/68
11/68
10/72
11/68

930
930c
952
3

n

59

11/76

11/75*

40
37
13,17

73
60

Mil
12/76

8/68*

910
910c
950
14
104

11
40
37
34
14,32

59

11/76

5/75*

73
71
70

1/77
7/76
11/76

913
78

12
28

59
67

11/76
2/77

38

27

67

8
84

13,22
21

63
63

11/68
11/68*

J
Japan-See International comparisons.

4/76*

9/72*

4/76*

9/72*

4/76*

9/72*

4/76*

9/72*

4/76*

9/72*

3/77
3/77
4/76*

5/69*
5/69*
9/72*

58'"

94
94
93
93
94
94
93
93
93
93
83,93
83,93
93
93

723
726
111
728
721
111
47
725

57
57
57
57
57
57
15,21,57
57

92
92
92
92
92
92
62,92
92

9/75*
9/75*
9/75*
9/75*
9/75*
9/75*
12/76
9/75*

743
746
747
748
742
19
745

58
58
58
58
58
58
58

94
94
94
94
94
94
94

5/76*
5/76*
5/76*
5/76*
5/76*
5/76
5/76*

667
622
618
602
604
668
606
620
612
616
669
614
652
651

56
56
56
55
55
56
55
56
55
55
56
55
56
56

91
91
91
90
90
91
90
91
90
90
91
90
91
91

2/77
2/77
2/77
7/76*

30
245
247
65
36
77
915
70
71
31
975
78

27,43
43
48
28
14,27
28
12
16,28
28
27
39
28

67,80
80
82
67
67
67
59
67
67
67
75
67

1/77
8/76
8/76*
2/77
11/76

38

27

67

733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c

58'"

58
58'"
58'"
58'"
49
49,58

2/77'
2/77'
7/76*
2/77'
2/77
2/77

ii/76
12/76
2/77
12/75
3/76*
2/77

97
11
965
914
9

25
25
38
12
24

65
65
74
59
65

25

66

2/77

M
i6/72*
11/68
10/72* Man-hours-See Employment and unemployment.
Marginal employment adjustments Cl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.
change
Materials, crude and intermediate-See Wholesale prices.
Materials, industrial-See Price indexes.
Materials, new orders for consumer goods and
Materials, rate of capacity utilization
Merchandise trade-See Foreign trade.
Military-See Defense.
Money and financial flows Cl
5/69*
Money supply
5/69*
Liquid assets, change in total
Money supply M1
5/69*
Money supply Ml, percent changes
Money supply M2
5/69*
Money supply M2, percent changes
5/69*
Ratio GNP to money supply Ml
Ratio personal income to money supply M2
5/69*
Mortgage debt net change
Mortage yields secondary market
Municipal bond yields
5/69*
5/69*
N
National defense-See Defense.
National Government-See Government.
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondefense, constant dol
Capital goods industries, nondefense, current dol
Consumer goods and materials, constant dollars
Contracts and orders, plant and equip., constant dol. . .
2/69
Contracts and orders, plant and equip., current dol. . . .
2/69
Defense products
11/68*

Mil
12/76

917

12

59

11/76

104
105
85
106
102
107
108
33
118
117

14,32
14,32
32
32
32
32
32
33
35
35

70
70
70
70
70
70
70
70
72
72

11/76
11/76
1/77
1/77
Mil
Mil
Mil
Mil
2/76
2/76

10/72
io/72'

7/ei'
7/64

10/69
10/69*
9/68

Durable goods industries current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment, GPDI
Producers' durable equipment, constant dollars
Structures constant dollars
Total, constant dollars
Total, percent of GNP

10/76
10/76
10/76*
11/76
10/76

69

10/72*
10/72*
10/72*
10/72*

L
Labor cost per unit of gross domestic product
Labor cost per unit of output manufacturing
Labor cost per unit of output, private business sector
Labor cost price per unit of manufacturing
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index . .
Composite index rate of change
Diffusion index . .
Layoff rate manufacturing
Leading indicators, twelve
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets change in total
Loans-See Credit.

4/77
4/77
Mil
Mil
Mil
2/77

964
971

38
39

65
65
63
65
65
89
63
63
76
74
75

88
87
86
248

26
26
26
48

516
721

49
62
358
370
370c
83
82
84
21

27
24
8
20
10
548
7
6

24
24
13,22
13,24
24
54
22
22

9/68

9/68

6/76

9/68

2/77'
3/76*

ii/68*

66
66
66
82

1/77
1/77
Mil
8/76*

10/69*

54
57

89
92

9/75*
9/75*

21
16,31
50
50
51
21
21
21
17

62
69
87
87
87
63
63
63
60

1/77
12/76
6/76*
6/76*
6/76*
12/76
12/76
12/76
12/76

9/68*

O
243
242

43
43

80
80

2/77
2/77

86
248
88
89
249
87
241
240

26
48
26
26
48
26
43
43

66
82
66
66
82
66
80
80

Mil
8/76*
Mil
Mil
8/76*
Mil
2/77
8/76

27

24

65

Mil

24

24

65

Mil

Obligations incurred Defense Department
OECD, European countries, industrial production
Orders-See New orders and Unfilled orders.
10/69* Output-See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
l'6/69*
Per hour nonfarm business sector
Per hour private business sector
10/69
Per hour, private business sector, percent changes
Ratio to capacity manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity materials
9/68
Overtime hours, production workers, manufacturing

ii/68
6/68*
10/72*
10/72*

i2/74

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




111

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date) (issue date)

Plant and equipment-See also Investment, capital.
Business expenditures for
Business expenditues for Dl
Contracts and orders for, constant dollars
Contracts and orders for, current dollars
Population, civilian employment as percent of
Price indexes
Consumer prices— See also International comparisons.
All items index
All items, percent changes
Food index
Food, percent changes
Deflators, NIPA
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
Implicit price deflator, GNP, index
Implicit price deflator, .GNP, percent changes
Industrial materials
Industrial materials, components
Industrial materials, Dl
Labor cost, price per unit of
Sensitive prices, change in
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, D I
Wholesale prices
All commodities, index
All commodities, percent change
Consumer finished goods index
Consumer finished goods, percent changes
Crude materials index
Crude materials, percent changes
Intermediate materials index
Intermediate materials, percent changes
Producer finished goods, index
Producer finished goods, percent changes
Price to unit labor cost manufacturing
Prices, selling
Manufacturing, Dl
Retail trade Dl
Wholesale trade, D I
Prime contracts, military
Prime rate charged by banks
Producer finished goods-See Wholesale prices.
Producers' durable equipment nonresid GPDI
Production-See Industrial production and GNP.
Productivity
Output per hour nonfarm business sector
Output per hour, private business sector
Output per hour, private business sector, pet. changes .
Profitability, Cl
Profits
Corporate, after taxes, constant dollars
Corporate, after taxes, current dollars
Corporate, after taxes, with I VA and CCA,
constant dollar
Corporate, after taxes, with I VA and CCA, cur. dol. . . .
Corporate, with IVA and CCA
Corporate, with IVA and CCA, pet. of nat'l. income . . .
Manufacturing and trade, Dl
Manufacturing Dl
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCA to corporate domestic
income
.
. . .
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc. .

453
452
451

52
52
52

88
88
88

4/77
4/77
4/77

55
233
232
238
236
239
237
231
230
235

23
42
42
42
42
42
42
42
42
48

64
79
79
80
80
80
80
79
79
82

1/77
2/77
8/76
2/77
8/76
2/77
8/76
8/76
8/76
8/76*

47
47
55

81
82
90

9/76
10/76*

10/69
7/68*

61
970
20
10
90

25
39
13,24
24
19

66
75
65
65
61

2/76
2/76*
Mil
4/77
Mil

11/68
11/68*

320
320c
322
322c

49
49,58
49
49

83,93
83,93
84
84

3/77
3/77
3/77
3/77

5/69*
5/69*
5/69*
5/69*

311
311c
310
310c
23

49
49
49
49
29

8/76*
8/76*
8/76*
8/76*
Mil

10/69*
10/69*
4/69

967
17
92

38
30
14,29

83
83
83
83
68
78
74
69
68

1/76*
12/76
3/77

4/69*
11/68

19
968

14,29
38

68
74

12/76
1/76*

5/69
5/69*

330
330c
334
334c
331
331c
332
332c
333
333c
17

49
49
49
49
49
49
49
49
49
49
30

84
84
85
85
84
84
85
85
85
85
69

3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
12/76

39
39
39
54
36

75
75
75
89
72

3/76*
3/76*
3/76*
9/75*
12/76

88

26

66

Mil

10/69

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, mfg. and trade
Retail sales constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving, private and government
Personal saving
Personal saving rate
Selling prices-See Prices, selling.
Sensitive prices, change in
State and local government-See Government.
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Stocks of materials and supplies on hand and on order . . .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.

10/69
10/69
10/69
10/69*

9/68*

34
26
48

71
66
82

2/76
1/77
8/76*

59
54

23
23

64
64

10/76
10/76

213

41

79

9/76*

69
57
56
973
77
59
54

25
15,23
23
39
28
23
23

66
64
64
75
67
64
64

2/77
12/76
2/77
3/76*
10/76
10/76

6/72"

295
298
290
292
293

47
47
47
47
47

81
82
81
81
82

2/77
9/76
9/76
9/76
10/76*

io/69
10/69
10/69
7/68*

92

14,29

68

3/77

19
968
78

14,29
38
28

68
74
67

12/76
1/76*
2/77

5/69
5/69*

38

27

67

35
35

71
72

2/76
2/76

7/64
7/64

91
60
5
962
3

16,19
18
17
37
13,17

61
60
60
73
60

Mil
Mil
10/76
10/76*
12/76

6/69
6/69*
3/68*

446
445
447
444
37
4

52
52
52
52
19,52
17

88
88
88
88
61,88
60

Mil
Mil
Mil
Mil
4/77
12/76

44
45
43

19
19
19

61
61
61

Mil
7/76
4/77

4/72
6/69
4/72

96
25

22
22

63
63

2/77
6/76

9/68
9/68

107
108
32

32
32
13,22

70
70
63

1/77
1/77
12/76

12/74

330
330c
334
334c
331
331c
332
332c
333
333c
92
1

49
49
49
49
49
49
49
49
49
49
14,29
13,17

84
84
85
85
84
84
85
85
85
85
68
60

3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
12/76

37

76
73

1/77

50
50
51
12

87
87
87
59

6/76*
6/76*
6/76*
11/76

18
16

29
29

68
68

8/76
8/76

1/72
7/68

80
79
286
287
972
969
15
916
22

29
29
46
48
39
38
30
12
30

68
68
81
82
75
74
69
59
68

12/76
12/76
9/76
9/76*
3/76*
10/75*
4/76
11/76
8/76

81
282
283

30
46
48

69
81
82

Mil
9/76
9/76*

17

60

12/76

284

46

81

9/76

Wages and salaries-See Compensation.
West Germany-See International comparisons.
3/69"
Wholesale prices
All commodities index
7/68'
All commodities, percent changes
Consumer finished goods, index
Consumer finished goods, percent changes
10/69
Crude materials, index
10/69*
Crude materials percent changes
Intermediate materials, index
Intermediate materials percent changes
Producer finished goods, index
Producer finished goods, percent changes
Sensitive prices, change in
Workweek of production workers, manufacturing
Workweek of production workers, manufacturing,
10/69

285

48

82

9/76*

10/69*

10/69
10/69*
11/68*

Velocity of money
GNP to money supply Ml, ratio
Personal income to money supply M2, ratio
Vendor performance

6/72'

9/68*
2/69"
11/68*

4/72*

W

Workweek of production workers, manufacturing, Dl . . . .

961

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.

112

10/69*

U

358
370
370c
916

R




11/72

T
Treasury bill rate
Treasury bond yields

4

Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income

93
89
249

S

10/69

Unemployment
Duration of unemployment, average
Help-wanted advertising to unemployment, ratio
Initial claims, avg. weekly, unemploy. insurance
Initial claims, avg. weekly, unemploy. insurance, Dl . . .
Layoff rate, manufacturing
Number unemployed, civilian labor force
Both sexes, 16-19 years of age
Females, 20 years and over
Full-time workers
ii/68
Males, 20 years and over
Total unemployed
11/68*
Quit rate, manufacturing
11/68*
Unemployment rates
11/68*
1 5 weeks and over
Insured, average weekly
11/73
Total
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries change in
United Kingdom-See International comparisons.
6/68*
10/72*
10/72*
V

Q
Quit rate, manufacturing

Tables

6/69*

976
978
977
525
109

Charts

Series
Historical
data
descriptions
(issue date) (issue date)

10/69*

292
293
614

Current issue
(page numbers)

Series
number

114
115

Reserves, free
Residential fixed investment, constant dollars, GPDI . . . .
Residential fixed investment, percent of GNP
Residential structures-See Housing.
Retail sales, constant dollars
Retail sales, current dollars

P
Participation rates, civilian labor force
Both sexes, 1 6-1 9 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services current dollars
Total, constant dollars
Total, current dollars
Total percent of GNP
Personal income-See Income.
Personal saving
Personal saving rate

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

6/69*

8/68'

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. "M" following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1-Department of Commerce, Bureau of Economic
Analysis;
Source 2-Department of Commerce, Bureau of the Census;
Source 3-Department of Labor, Bureau of Labor Statistics;
Source 4-Board of Governors of the Federal Reserve Sys-

5. Average weekly initial claims for unemployment insurance, State programs (M).-Department of Labor,
Employment Training Administration; seasonal adjustment by Bureau of Economic Analysis
(17, 60)
6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2
(22,63,76)

22. Ratio of profits (after taxes) to total corporate domestic income (Q).-Source 1
(30, 68)
23. Index of industrial materials prices (M).-Source 3
(29, 68, 78)
24. Value of manufacturers' new orders, capital goods industries, nondefense, in current dollars (M).-Source 2
(24, 65)

7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and 3
(22,63)

25. Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(22, 63)

8. Value of manufacturers' new orders for consumer
goods and materials in 1972 dollars (M).-Sources 1, 2,
and 3
(13,22,63)

27. Value of manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (M).-Sources 1,
2, and 3
(24, 65)

tem.

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.

9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).-McGraw-Hill
Information Systems Company; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
Economic Research, Inc. (Used by permission. This
series may not be reproduced without written permission from the source.)
(24,65)

I-A. Composite Indexes

10. Contracts and orders for plant and equipment in current dollars (M).-Source 2 and McGraw-Hill Information Systems Company; seasonal adjustment by Bureau
of the Census and Bureau of Economic Analysis
(24, 65)

910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 105)
(M).-Source 1
(11,40,59)

11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).-The Conference Board. (Used
by permission. This series may not be reproduced without written permission from the source.)
(25, 65)

913. Composite index of marginal employment adjustments
(includes series 1,2, 3, 5) (M).-Source 1
(12, 59)
914. Composite index of capital investment commitments
(includesseries 12,20,29) (M).-Source 1
(12,59)
915. Composite index of inventory investment and purchasing (includes series 8, 32, 36,92) (M).-Source 1
(12,59)
916. Composite index of profitability (includes series 17,
19,80)(M).-Source1
(12,59)
917. Composite index of money and financial flows (includes series 104,105,110 ) (M).-Source! (12,59)

12. Index of net business formation (M).-Source 1; seasonal adjustment by Bureau of Economic Analysis and
National Bureau of Economic Research, Inc.
(13,24,64)
13. Number of new business incorporations (M).-Dun and
Bradstreet, Inc.; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc.
(24,64)
14. Current liabilities of business failures (M).-Dun and
Bradstreet, Inc.
(34,71)

920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source 1
(11,40,59)

15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Q).-Federal Trade Commission
and Securities and Exchange Commission; seasonal
adjustment by Bureau of Economic Analysis (30, 69)

930. Composite index of six lagging indicators (includes
series 62, 70, 72,91,95,109) (M).-Source 1(11,40,59)

16. Corporate profits after taxes in current dollars (Q).Source 1
(29, 68)

940. Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).-Source 1
(12,59)

17. Index of price per unit of labor cost, manufacturingratio, index of wholesale prices of manufactured goods
(unadjusted) to seasonally adjusted index of compensation of employees in manufacturing (sum of wages,
salaries, and supplements to wages and salaries) per unit
of output (M).-Sources 1, 3, and 4
(30, 69)
18. Corporate profits after taxes in 1972 dollars (Q).Source!
(29,68)

I-B. Cyclical Indicators
1. Average workweek of production workers, manufacturing (M).-Source 3
(13,17,60,76)
2. Accession rate, manufacturing (M).-Source 3 (17,60)

19. Index of stock prices, 500 common stocks (M).Standard and Poor's Corporation (14, 29, 58, 68, 94)

28. New private housing units started, total (M).-Source 2
(26, 66)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(14, 26, 66)
30. Gross private domestic investment, change in business
inventories,all industries, in 1972 dollars (Q).-Source 1
(27, 43, 67, 80)
31. Change in book value of manufacturing and trade inventories, total (M).-Sources 1 and 2
(27, 67)
32. Vendor performance, percent of companies reporting
slower deliveries (M).-Purchasing Management Association of Chicago
(13,22,63)
33. Net change in mortgage debt held by financial institutions and life insurance companies (M).-American
Council of Life Insurance; Federal National Mortgage
Association; Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks;
U.S. Savings and Loan League; and source 4; seasonal
adjustment by Bureau of Economic Analysis (33, 70)
34. Net cash flow, corporate, in current dollars (Q).Source 1
(30, 69)
35. Net cash flow, corporate, in 1972 dollars (Q).-Source 1
(30,69)
36. Net change in inventories on hand and on order in
1972 dollars (smoothed) (M).-Sources 1,2, and 3
(14,27,67)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(19, 52, 61, 88)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(27, 67)
39. Percent of consumer installment loans delinquent 30
days and over (EOM).-American Bankers Association
(34,71)
40. Number of employees in nonagricultural goods-producing industries-mining, manufacturing, and construction (M).-Source 3
(18,61)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(15, 18, 61)
42. Number of persons engaged in nonagricultural activities, labor force survey (M).-Sources 2 and 3 (18, 61)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company
(13, 24, 65)

43. Unemployment rate, total (M).-Sources 2 and 3
(19,61)

21. Average weekly overtime hours of production workers,
manufacturing (M).-Source 3
(17, 60)

44. Unemployment rate, 15 weeks and over (M).-Sources
2and3
(19,61)

3. Layoff rate, manufacturing (M).-Source 3 (13,17,60)
4. Quit rate, manufacturing (M).-Source 3




(17,60)

113

TITLES AND SOURCES OF SERIES-Continued
45. Average weekly insured unemployment rate, State programs (M).-Department of Labor, Employment Training Administration
(19,61)

46. Index of help-wanted advertising in newspapers (M).The Conference Board
(18,60)
47. Index of industrial production, total (M).-Source 4
(15,21,40,57,62,77,92)
48. Employee hours in nonagricultural establishments (M).—
SourceS
(18,40,60)
49. Value of goods output in 1972 dollars (Q).-Source 1
(21,62)
50. Gross national product in 1972 dollars (Q).-Source 1
(20,40,41,62,79)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(15,20,40,62)

52. Personal income, total, in 1972 dollars (M).-Source 1
(20, 62)
53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).-Sources 1 and 3
(20,62)

68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporationsratio of current-dollar compensation of employees to
real gross corporate product (Q).-Source 1
(31,69)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).-Source 2
(25, 66)
70. Manufacturing and trade inventories, total book value,
in 1972 dollars (EOM).-Sources 1,2, and 3(16,28.67)
71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2
(28,67)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).-Source 4; seasonal adjustment by Bureau of Economic Analysis
(16,36,72)
73. Index of industrial production, durable manufactures
(M).-Source4
(21,62)
74. Index of industrial production, nondurable manufactures (M).-Source 4
(21,62)
75. Index of industrial production, consumer goods (M).Source4
(23,64)

54. Sales of retail stores in current dollars (M).-Source 2
(23, 64)

76. Index of industrial production, business equipment
(M).-Source4
(25,66)

55. Personal consumption expenditures, automobiles (Q).Sourcel
(23,64)

77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).Sources1,2,and3
(28,67)

56. Manufacturing and trade
(M).-Sources 1 and 2

sales in current dollars
(23,64)

57. Manufacturing and trade sales in 1972 dollars (M).Sources1,2, and 3
(15,23,64)

58. Index of consumer sentiment (Q).-University of
Michigan, Survey Research Center
(23, 64)

78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(28, 67)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).-Source 1
(29,68)

59. Sales of retail stores in 1972 dollars (M).-Sources 1
and 3
(23, 64)

80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(29,68)

60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).-Sources 1, 2, 3, and The Conference Board
(18,60)

81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Sourrje 1
(30, 69)

61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(25,66)
62. Index of labor cost per unit of output, total manufacturing-ratio, index of compensation of employees in
manufacturing (sum of wages, salaries, and supplements
to wages and salaries) to index of industrial production,
manufacturing (M).-Sources 1 and 4
(16,31,69)

63. Index of unit
(Q).-Source3

labor cost, private business sector
(31,69)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(31,48,69,82)
65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).-Source 2
(28, 67)
66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(36,72)
67. Bank rates on short-term business loans, 35 cities

(Q).-Source4


http://fraser.stlouisfed.org/
114
Federal Reserve Bank of St. Louis

(36,72)

82. Rate of capacity
Source 4

utilization,

manufacturing (Q).—
(21,63)

91. Average (mean) duration of unemployment in we
(M).-Sources2and3
(16, 19,

92. Change in sensitive prices (WPI of crude materials
eluding foods, feeds, and fibers) (smoothed) (M
Sources 1 and 3
(14,29,

93. Free reserves (member banks excess reserves mi
borrowings) (M).-Source 4
(34,

94. Member bank borrowings from the Federal Rest
(M).-Source4
(34,

95. Ratio, consumer installment debt to personal incc
(EOM).-Sourcesl and 4
(16,36,

96. Manufacturers' unfilled orders, durable goods indust
(EOM).-Source2
(22,
97.

Backlog of capital appropriations, manufactui
(EOQ).-The Conference Board. (Used by permissi
This series may not be reproduced without written |
mission from the source.)
(25,

102. Change in money supply M2 (demand deposits and
rency plus time deposits at commercial banks o
than large CD's) (M).-Source 4
(32,

104. Change in total liquid assets (smoothed) (M).-Sou
land 4
(14,32,
105. Money supply M1 (demand deposits plus currency
1972 dollars (M).-Sources 1, 3, and 4
(14, 32,

106. Money supply M2 (demand deposits and currency |
time deposits at commercial banks other than Ic
CD's) in 1972 dollars (M).-Sources 1, 3, and 4 (32,
107. Ratio, gross national product to money supply
(Q).-Sources 1 and 4
(32,

108. Ratio, personal income to money supply M2 (IV
Sources 1 and 4
(32,

109. Average prime rate charged by banks (M).-Source L
(36,

110. Total funds raised by private nonfinancial borrowei
credit markets (Q).-Source 4
(33,

112. Net change in bank loans to businesses (M).-Sourc
seasonal adjustment by Bureau of Economic Anal
(33,

83. Rate of capacity utilization, manufacturing (EOQ).Sourcel
(21,63)

113. Net change in consumer installment debt (M).-Sou n
84. Rate of capacity utilization, materials (Q).-Source 4
(21,63)
85. Change in money supply M1 (demand deposits plus
currency) (M).-Source 4
(32,70)
86. Gross private domestic fixed investment, total nonresidentiai, in 1972 dollars (Q).-Source 1
(26, 66)
87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(26, 66)

(33,

114. Discount rate on new issues of 91-day Treasury
(M).-Source4
(35,

115. Yield on long-term Treasury bonds (M).-Departn
of the Treasury
(35,

116. Yield on new issues of high-grade corporate b(
(M).-Citibank and Department of the Treasury
(35,

88. Gross private domestic fixed investment, nonresidential
p r o d u c e r s ' durable equipment, in 1972 dollars
(Q).-Source!
(26,66)
89. Gross private domestic fixed investment, total residential, in 1972 dollars (Q).-Source 1
(26, 66)
90. Ratio, civilian employment to total population of
working age (M).-Sources 1,2, and 3
(19, 61)

117. Yield on municipal bonds, 20-bond average
Bond Buyer

(M).(35,

118. Secondary market yields on FHA mortgages (ft
Department of Housing and Urban Development,
eral Housing Administration
(35,
119. Federal funds rate (M).-Source 4

(35,

TITLES AND SOURCES OF SERIES-Continued
I-C. Diffusion Indexes
950. Diffusion index of twelve leading indicator components
(M).-Source 1
(37,73)
951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(37,73)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(37,73)
961. Diffusion index of average workweek of production
workers, manufacturing-21 industries (M).-Sources 1
and 3
(37,73,76)
962. Diffusion index of initial claims for unemployment
insurance, State programs-47 areas (M).-Source 1 and
Department of Labor, Employment Training Administration; seasonal adjustment by Bureau of Economic
Analysis
(37,73)

975. Diffusion index of level of inventories, manufacturing
and trade-about 1400 businessmen reporting (Q).Dun and Bradstreet, Inc. (Used by permission. This
series may not be reproduced without written permission from the source.)
(39,75)
976. Diffusion index of selling prices, manufacturing-about
700 businessmen reporting (Q).-Dun and Bradstreet,
Inc. (Used by permission. This series may not be reproduced without written permission from the source.)
(39,75)
977. Diffusion index of selling prices, wholesale tradeabout 450 businessmen reporting (Q).-Dun and Bradstreet, Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(39,75)
978. Diffusion index of selling prices, retail trade-about
250 businessmen reporting (Q).-Dun and Bradstreet,
Inc. (Used by permission. This series may not be reproduced without written permission from the source.)

237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(42, 80)
238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(42,80)
239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(42, 80)
240. Gross private domestic investment, total, in current
dollars (Q).-Source 1
(43,80)
241. Gross private domestic investment, total, in 1972
dollars (Q).-Source 1
(43,80)
242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(43, 80)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(43,80)

(39, 75)
963. Diffusion index of number of employees on private
nonagricultural payrolls-172 industries (M).-Source 3
(37,73)

245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(43,80)

II-A. National Income and Product

964. Diffusion index of value of manufacturers'new orders,
durable goods industries-35 industries (M).-Sources 1
and 2
(38,74,76)

247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(48,82)

30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source 1
(27,43,67,80)

965. Diffusion index of newly approved capita! appropriations, deflated—17 industries (Q).—The Conference
Board. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,74)

50. Gross national product in 1972 dollars (Q).-Source 1
(20,40,41,62,79)

966. Diffusion index of industrial production-24 industries
(M).-Sources! and 4
(38,74,77)
967. Diffusion index of industrial materials prices-13 industrial materials (M).-Sources 1 and 3; seasonal adjustment by Bureau of Economic Analysis
(38,74,78)
968. Diffusion index of stock prices, 500 common stocks62-82 industries (M).-Standard and Poor's Corporation
(38, 74)
969. Diffusion index of profits, manufacturing-about 1,000
corporations (Q).-Citibank; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
Economic Research, Inc.
(38,74)
970. Diffusion index of business expenditures for new plant
and equipment, total-18 industries (Q).-Source 1
(39, 75)
971. Diffusion index of new orders, manufacturing-about
700 businessmen reporting (Q).-Dun and Bradstreet,
Inc. (Used by permission. This series may not be reproduced without written permission from the source.)
(39,75)
972. Diffusion index of net profits, manufacturing and
trade-about 1400 businessmen reporting (Q).-Dun
and Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(39,75)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).-Dun and Bradstreet, Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(39,75)
974. Diffusion index of number of employees, manufacturing and trade-about 1400 businessmen reporting
(Q).-Dun and Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written permission from the source.)
(39,75)




64. Compensation of employees as a percent of national
income (Q).-Source 1
(31,48,69,82)

248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).-Source 1
(48,82)
249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).-Source 1
(48, 82)

200. Gross national product in current dollars (Q).-Source 1
(41,79)

250. Net exports of goods and services in current dollars;
national income and product accounts (Q).-Source 1
(45,81)

213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Sourcel
(41,79)

251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(48, 82)

217. Per capita gross national product in 1972 dollars
(Q).-Sources 1 and 2
(41,79)

252. Exports of goods and services in current dollars;
national income and product accounts (Q).-Source 1
(45,81)

220. National income in current dollars (Q).-Source 1
(46,81)
223. Personal income in current dollars (M).-Source 1
(41,62)
224. Disposable personal income in current dollars (Q).Source!
(41,79)
225. Disposable personal income in 1972 dollars (Q).Source!
(41,79)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources l a n d 2
(41,79)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(42,79)
231. Personal consumption expenditures, total, in 1972
dollars (Q).-Source 1
(42,79)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1 '
(42,79)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(42,79)

253. Imports of goods and services in current dollars;
national income and product accounts (Q).-Source 1
(45,81)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).-Source 1
(45,81)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (45, 81)
257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (45, 81)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(44, 80)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(44,80)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(44, 80)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(44,80)

235. Personal consumption expenditures, total, as a percent
of gross national product (Q).-Source 1
(48, 82)

265. Federal Government purchases of goods and services as
a percent of gross national product (Q).-Source 1
(48, 82)

236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(42, 80)

266. State and local government purchases of goods and
services in current dollars (Q).-Source 1
(44, 80)

115

TITLES AND SOURCES OF SERIES-Continued
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(44, 80)

334. Index of wholesale prices, consumer finished goods
(M).-Source3
(49,85)

502. Federal Government expenditures; national income am
product accounts (Q).-Source 1
(53, 89

268. State and local government purchases of goods and
services as a percent of gross national product (Q).Sourcel
(48,82)

340.

510. State and local government surplus or deficit; nationa
income and product accounts (Q).-Source 1 (53, 89

280. Compensation of employees (Q).-Source 1

(46, 81)

282. Proprietors' income with inventory valuation and capital consumption adjustments (Q).-Source 1
(46, 81)
283. Proprietors' income with inventory valuation and capital consumption adjustments as a percent of national
income (Q).-Source 1
(48, 82)
284.

Rental income of persons with capital consumption
adjustment (Q).-Source 1
(46,81)

285. Rental income of persons with capital consumption adjustment as a percent of national income (Q).-Source 1
(48, 82)

286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).-Source 1
(46, 81)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(48,82)
288. Net interest (Q).-Source 1
289.

Index of average hourly earnings of production workers, private nonfarm economy-adjusted for overtime
(in manufacturing only), interindustry employment
shifts, and seasonality (M).-Source 3
(50, 86)

341. Index of real average hourly earnings of production
workers, private nonfarm economy-adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonality (M).-Source 3
(50, 86)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(50, 86)
346. Index of real average hourly compensation, all employees, nonfarm business sector (Q).-Source 3
(50, 87)
348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).-Source 3
(51,87)
349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).Source3
(51,87)

290. Gross saving-private saving plus government surplus or
deficit (Q).-Sourcel
(47,81)

370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(50,87)

293. Personal saving rate-personal saving as a percent of
disposable personal income (Q).-Source 1
(47, 82)
295. Business saving-undistributed corporate profits plus
capital consumption allowances with inventory valuation and capital consumption adjustments (Q).Source!
(47,81)
298. Government surplus or deficit, total (Q).-Source 1

37. Number of persons unemployed, labor force survey
(M).-Sources2and3
(19,52,61,88)
441. Total civilian labor force, labor force survey (M).Sources2and3
(52,88)
442. Total civilian employment, labor force survey (M).Sources2and3
(52,88)
444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(52,88)

(47, 82)

445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(52, 88)

II-B. Prices, Wages,
and Productivity

446.

Implicit price deflator, gross national product (Q).Sourcel
(49,83)

311. Fixed weighted price index, gross business product
(Q).-Sourcel
(49,83)
320. Index of consumer prices, all items (M).-Source 3

(49, 58, 83, 93)
322. Index of consumer prices, food (M).-Source 3 (49, 84)

330. Index of wholesale prices, all commodities
(M).SourceS
(49,84)

Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(52, 88)

447.
310.

unemployed, full-time workers, labor force
(M).-Sources 2 and 3
(52,88)
employed, part-time workers for economic
labor force survey (M).-Sources 2 and 3
(52,88)

Number
survey
448. Number
reasons,

451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(52, 88)
452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(52, 88)
453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(52, 88)

331. Index of wholesale prices, crude materials for further
processing (M).-Source 3
(49, 84)

II-D. Government Activities

332. Index of wholesale prices, intermediate
supplies, and components (M).-Source 3

materials,
(49,85)

500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(53,89)

333. Index of wholesale prices, producer finished goods
(M).-Source 3
(49,85)

501. Federal Government receipts; national income and
product accounts (Q).-Source 1
(53, 89)




116

516. Defense Department obligations incurred, total, exclud
ing military assistance (M).-Department of Defense
Fiscal Analysis Division; seasonal adjustment by Bureai
of Economic Analysis
(54, 89)

525. Military prime contract awards to U.S. business firm;
and institutions (M).-Department of Defense, Direc
torate for Statistical Services; seasonal adjustment b\
Bureau of Economic Analysis
(54, 89!

548. Value of manufacturers' new orders, defense product!
(M).-Source2
(54,89!

564. Federal Government purchases of goods and service;
for national defense (Q).-Source 1
(54, 89]

II-E. U.S. International
Transactions
602.

Exports, excluding
(M).-Source2

604.

II-C. Labor Force, Employment,
and Unemployment

(47,81)

292. Personal saving (Q).-Source 1

512. State and local government expenditures; nationa
income and product accounts (Q).-Source 1 (53, 89]

358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(50,87)

(46,81)

Net interest as a percent of national income (Q).Source!
(48,82)

511. State and local government receipts; national incorm
and product accounts (Q).-Source 1
(53, 89

military

aid shipments, tota
(55,90

Exports of agricultural products (M).-Source 2; sea
sonal adjustment by Bureau of Economic Analysis
(55,90

606. Exports of nonelectrical machinery (M).-Source 2
seasonal adjustment by Bureau of Economic Analysi
(55, 90
612. General imports, total (M).-Source 2

(55,90

614. Imports of petroleum and petroleum product
(M).-Source 2; seasonal adjustment by Bureau o
Economic Analysis
(55,90

616. Imports of automobiles and parts (M).-Source 2
seasonal adjustment by Bureau of Economic Analysi
(55,90
618. Merchandise exports, adjusted, excluding military
grants (Q).-Source 1
(56,91)
620. Merchandise imports,
(Q).-Sourcel

adjusted, excluding military
(56,91!

622. Balance on merchandise trade (Q).-Source 1
(56,91

651. Income on U.S. investments abroad (Q).-Source 1
(56,91]
652. Income on foreign investments in the U.S.
Sourcel

(Q).(56,91

667. Balance on goods and services (Q).-Source 1

(56, 91 ]

668. Exports of goods and services, excluding transfer*
under U.S. military grants (Q).-Source 1
(56, 91!

669. Imports of goods and services, total (Q).-Source 1
(56,91]

FITLES AND SOURCES OF SERIES-Continued
I-F. International Comparisons
9. United States, index of stock prices, 500 common stocks
(M).-Standard and Poor's Corporation (14,29,58,68,94)

737. Italy, index of consumer prices (M).-Institute Centrale
di Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(58, 94)

727. Italy, index of industrial production (M).-lnstituto
Centrale di Statistica (Rome)
(57, 92)'

738. Japan, index of consumer prices (M).-Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(58, 93)

of industrial production, total
(15, 21, 40, 57, 62, 77, 92)

728. Japan, index of industrial production (M).-Ministry of
International Trade and Industry (Tokyo)
(57, 92)

States, index of consumer prices, all items

732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (58, 93)

i7. United States, index
(M).-Source 4
120. United

726. France, index of industrial production (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(57,92)

(M).-Source3

(49,58,83,93)

'21. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).-Organization for Economic Cooperation and
Development (Paris)
(57,92)

'22. United Kingdom, index of industrial
(M).-Central Statistical Office (London)

production
(57, 92)

'23. Canada, index of industrial production (M).-Dominion
Bureau of Statistics (Ottawa)
(57, 92)
f25. West Germany, index of industrial production
(M).-Statistisches Bundesamt (Wiesbaden); seasonal
adjustment by OECD
(57,92)




733. Canada, index of consumer prices (M).-Dominion
Bureau of Statistics (Ottawa); percent changes seasonally adjusted by Bureau of Economic Analysis
(58, 94)
735. West Germany, index of consumer prices (M).Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

(58,93)
736. France, index of consumer prices (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(58,93)

742. United Kingdom, index of stock prices (M).-The
Financial Times (London)
(58,94)

743. Canada, index of stock prices (M).-Dominion Bureau
of Statistics (Ottawa)
(58, 94)

745. West Germany, index of stock prices (M).-Statistisches
Bundesamt (Wiesbaden)
(58, 94)

746. France, index of stock prices (M).-lnstitut National de
la Statistique et des Etudes Economiques (Paris)
(58,94)
747. Italy, index of stock prices (M).-lnstituto Centrale di
Statistica (Rome)
(58,94)
748. Japan, index of stock prices (M).-Tokyo Stock Exchange (Tokyo)
(58,94)

Superintendent of Documents
U,S. Government Printing Office
Washington, D.C. 20402

POSTAG£ AND i:FES PAID
U.S. DEPARTMENT OF COMMERCE
COM-209

OFFICIAL BUSIfJESS

FIRST GLASS MAIL




X"*^

/y\

O

.

nn?^R?!i»^

1
*


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102