Full text of Business Conditions Digest : April 1977
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) Business investment commitments (1 series) Velocity of money (2 series) Interest rates (2 series) Inventories on hand and on order (4 series) Unit labor costs and labor share (4 series) 1 nterest rates (4 series) Outstanding debt (3 series) Commodity prices (1 series) Profit share (1 series) Interest rates (1 series) B. Timing at Business Cycle Troughs 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 1975 Jan. 1976 3d Q 4th Q 1976 1976 1stQ 1977 Jan. 1977 Feb. 1977 Mar. 1977 Feb. to to Feb. 1977 Mar. 1977 3dQ to 4th Q 4th Q to IstQ 1976 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 Bil.dol 13.05 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. 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. 161.72 175.70 176.75 182.60 128.2 137.4 139.8 136.1 111.4 115.7 117.5 117.9 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 51.27 32.7 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 NA NA 92.3 -0.75 2.9 0.83 -2.7 -0.4 3.0 2.0 0.6 -11.4 -11.9 -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 . do. . . . do. do. do. do. do. do. do. ... ... ... ... ... ... ... 365.01 2 5 0 . 9 4 273.28 220.54 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 6.54 159.38 176.12 171.49 176.12 125.44 116.42 113.37 117.49 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 79 172 111 543 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 Average 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 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. 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 . . . 256. 257. 255. 252. 253. 250. 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 . . do do do do do do 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/ 1977 Federal Reserve BankAPRIL 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. PI 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 of St. Louis Federal Reserve Bank 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 T (Nov.) (Mar.) P 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 Current data for these series are shown on pages 65 and 66. Digitized for http://fraser.stlouisfed.org/ 1977 Federal Reserve Bank APRIL of St. Louis 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 80J ^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/ 1977 Federal Reserve BankAPRIL 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. http://fraser.stlouisfed.org/ Federal Reserve Bank 42 of St. Louis 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/ 1977 Federal Reserve Bank APRIL of St. Louis 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 http://fraser.stlouisfed.org/ Federal Reserve4R Bank of St. Louis 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. http://fraser.stlouisfed.org/ Federal Reserve Bank ofAPRIL St. Louis 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 http://fraser.stlouisfed.org/ Federal Reserve 4R Bank of St. Louis 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 T (Nov.) (Mar.) P T (Dec.) (Nov.) P Index: ra/Z-lil I jp 150 140130120- 310. Implicit price deflator, GHP, 110150140130- 311. Fixed weighted price index, gross business product,I (Nov.) (Mar.) P T T Pereart daiges at amial rate OlfLk AaMiAfue 4 NIC. ImnliAi* implicit ««*** price uciunor, 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 St. Louis 1977 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 T (Nov.) (Mar.) P 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 for overtime (in manufacturing only) and interindustry employment shifts and seasonality. FRASER Current data for these 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 for these series are shown on pages 86 and 87. FRASER 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^""^V / VV^ /A 37- Total unemployed _. v y ^ /^ ^^ 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 Federal Reserve Bank of St. Louis1977 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. http://fraser.stlouisfed.org/APRIL 1977 Federal Reserve Bank of St. Louis 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 Year and month 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) (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 BB EMPLOYMENT AND UNEMPLOYMENT Minor Economic Process Timing Class L, L,L 1. Average workweek of production workers, manufacturing Year and month (Hours) L, C, L L, L, L 2. Accession 21. Average weekly overtime rate, manufachours, produc- turing tion workers, manufacturing (Hours) (Per 100 employees) L, Lg, U L, C, L 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 T1 b(J. e n /i4/ 7 11 bu. en 10 1y l i^n bU c^n 1 bU. 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 October November December 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 rir 0 . /14ub 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 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 yq IH/P ' • 0 449 0 439 m\ r\n ZL^^ [H)pU.4bb Q n A i 4y . oi Ql O/l i i 1 °, 94 O1 OQ/1 QQ yo •\ r-\ OQ/l 97 O7/T Q/l y4 151 .71 11 b^i co . no 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 11 [H)plob.<i 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 Timing Class Year and month Comprehensive Unemployment Comprehensive Employment— Con. U,C,C C,C,C L, C, U U, Lg,U L, Lg, U L, Lg, U L, Lg, U Lg, Lg, Lg Lg, Lg, Lg 42. Persons engaged in nonagricultural activities, labor force survey 41. Employees on 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.) (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 )nP J ' ° [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 C,C,C C,C, C Timing Class 50. Gross national product in 1972 dollars Year and month (Ann. rate, bil.dol.) 51. Personal income less transfer payments in 1972 dollars C,C,C (Ann. rate, bikdol.) (Ann. rate, bil.dol.) 52. Constant (1972) dollars (Ann. rate, bil.dol.) C,C, C 53. Wages and salaries in mining mfg and construction in 1972 dollars (Ann. rate, bil.dol.) Personal income 223. Current dollars C,C,C 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 1/11 1 4 1 .i1 iA n Q 1 99 A 1 A9 A y,T pr O p •j/19 569!5 c~}c n K7Q .1i b/y 9 1 /| Q r r 70 7 b/o. / 1 4j. b y,1 /i o, 7 1977 January February March fu\n1 9Qfi ft [H/p 1 ,£^0.0 H H m\ r»l |H)pl /lAl /1C1 "3 c /I P£ 7 ,48b. / r 1 n R ') ft H n£9 i [TTSnl [H/pl 9H7K (j/o.oQ 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^-l r 1 QQ Jo. "3o m\ n i QC i |H)pl35.1 199 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»l /IK .11 r I4b 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 January February March 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 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 "BO "si 80.8 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 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 H)P84.2 rl,384 112.6 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 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.) (Ann. rate, bil.dol.) Inventories on Hand and on Order L, L, L L, L, L 31. Change in book value of mfg. and trade inventories, total 38. Change in stocks of materials and supplies on hand and on order, mfg. (Ann. rate, bil.dol.) (Bil.dol.) Lg, Lg, Lg Lg, Lg, Lg 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. Timing Class Year and month U,L, L L, L, L 81. Ratio, profits (after taxes) with IVA and CCA to corp. domestic income1 15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Percent) (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) 1975 January February March 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 106. Money supply (M2) in 1972 dollars 107. Ratio, gross national product to money supply (M1) (Bil.dol.) (Bil.dol.) (2) (2) -0.35 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 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 D1.24 .. 0.56 -0.10 1.17 1.04 0.84 0.74 0.36 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 April May June rO.48 0.77 0.06 pO.51 rO.55 pO.67 3 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 IRI MONEY AND CREDIT-Con. 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 ICC CQC oo 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 -441 95 1 67 onn 710 6 147 i nfi 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 . 114A 6 . 9/1 <i4 6 1£ C 6 . /14b Q9 5 .0£ 6.08 5.47 5.50 9 £.Q 1 9Q^ 3Q pep 07 9 ZLR *"> ^ .9Q ^y OC7 C.D/ i yi 61 H>136.88 /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 l 9 CQ 170 nnn QP pnc Af) poo po 070 c/i 616. o4 one j~ c oOb. 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 bc i 1 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 . . . . . . . . H9 MONEY AND CREDIT-Con. Minor Economic Process Timing Class 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) (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. BHI DIFFUSION INOEXES-Con. 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 52 r81.2 'so *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 February r + - + March p 966. INDEX OF INDUSTRIAL PRODUCTION l (1967=100) All industrial production + 2 Percent rising of 24 components 131.3 - (67) 130.8 130.4 (65) (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 . Steel 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). . - 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 200. Gross national product in current dollars 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) (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 IH 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 10.1 4.5 October November December 156.1 157.2 157.8 0.8 0.6 0.4 8.0 7.1 7.1 5.3 158.6 159.3 160.6 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 .... 9.1 124!3 130 '.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 109.6 3.3 12.9 0.6 6!4 -2.1 108J 8.9 7.3 11.3 i.i 8.7 8.1 113!i 14.0 4^3 106^6 4^7 10916 e!i ni!i 3!9 110.6 2.6 112.0 r3'.2 ll's'.Z P 2'.3 nV.b 12.0 11K2 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 01 CIVILIAN LABOR FORCE AND MAJOR COMPONENTS 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 NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. UInadjusted series are indicated by (u). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 56. 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 1 Sept. Oct. Nov. 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 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 . . Aug. 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 1 996 1*638 1*651 1,680 1,753 3,127 2,995 AVERAGE FOR PERIOD 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 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 +8 50. GNP in 1972 dollars etc] 50 SERIE 5 ^ N N . RATE Deviations from spec. Jrough Actual data for current cycle B I L . DOL. H34-0 1320 +6 » 1300 +4 • 1280 3 -1.9 1219.2 IV/75 4 0.3 1246.3 1/76 5 1.4 1260.0 11/76 6 2.4 1272.2 HI/76 7 3.0 1280.4 IV/76 8 4.4 1296.8 1/77 • 1280 +10 » 1260 +8 124.0 +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 +10 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 -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 -15 1 0.4 110 5 IV/75 2 2.3 112 6 1/76 3 4.4 114 9 11/76 4 6.7 117 5 111/76 +5 • 110 -12 -6 0 +6 +12 +18 +24 Months from reference troughs 5 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 -1+15 Actual data for current cycle > 12 SERIES 910 1967=100 123.2 -5.6 13 14 15 16 -5.7 -4.6 -3.7 -3.5 123.0 124.5 125.7 125.9 4/76 5/76 6/76 7/76 17 19 20 -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 12/76 1/77 2/77 3/77 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 910. Twelve leading indicators, composite index +5 0130 -5 120 -10 18 Percent 3/76 -,+25 -15 -20 13. Marginal employment adjustments, composite index Ul •+20 H25 -+15 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND 2/75 TROUGH DATA YEAR 1975 13 14 15 16 SERIES 910 1967=100 16.0 123.2 15.8 123.0 17.2 124.5 125.7 18.4 17 18 19 20 18.5 18.5 18.2 19.0 125.9 125.8 125.5 126.4 7/76 8/76 9/76 10/76 21 22 23 24 20.1 21.2 19.6 20.4 127.5 128.7 127.0 127.9 11/76 12/76 1/77 2/77 25 22.1 129.7 3/77 •+10 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 -12 -6 0 +6 +12 +18 +24 Months from reference troughs 106 Actual data for current cycle • 130 ' 140 1975 Deviations from spec, trough 150 +10 0 MONTHS DEVIFROM ATIONS CURRENT MONTH AND FROM ACTUAL REF. DATA YEAR TROUGH 11/73 SERIES 913 1967=100 97.9 8.8 96.0 6.7 96.5 7.2 6.8 96.1 +5 3/76 4/76 5/76 6/76 17 18 19 20 6.3 6.1 4.8 5.0 95.7 95.5 94.3 94.5 7/76 8/76 9/76 10/76 21 22 23 24 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 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 4/76 5/76 6/76 7/76 17 18 19 20 -2.6 -1.1 0.2 -0.1 106.6 108.2 109.6 109.3 8/76 9/76 10/76 11/76 21 22 23 24 0.0 0.0 1.1 1.8 109.4 109.4 110.6 111.4 12/76 1/77 2/77 3/77 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 Deviations from spec. trough Actual data for current cycle 3/76 • 105 MONTHS DEVIFROM ATIONS CURRENT MONTH FROM ACTUAL AND REF. 2/75 TROUGH DATA YEAR 915. Inventory investment and purchasing, composite index 13 14 15 16 SERIES 914 1967=100 8.7 106.0 7.6 104.9 7.6 104.9 9.2 106.5 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 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 1975 -15 • 90 -12 -6 0 -»-6 +12 +18 Months from reference troughs +24 +5 S E R I E S 915 1967=100 12 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 916. Profitability, composite index nn Deviations from Actual data ref. current cycle Percent +15 for MONTHS DEVIFROM ATIONS. CURRENT MONTH REF. AND FROM ACTUAL TROUGH 11/73 DATA YEAR • 120 12 • 115 • 105 • 100 -5 1975 -Mo 917. Money and financial flows, composite index in 3.9 3.5 3.7 4.1 108.4 108.0 108.2 108.6 4/76 5/76 6/76 7/76 17 18 19 20 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 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 SERIES 916 1967=100 16.6 108.3 16.7 108.4 3/76 4/76 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 21 22 23 24 15.9 15.1 14.7 16.7 107.7 106.9 106.6 108.4 9/76 10/76 11/76 12/76 25 26 27 16.4 15.9 16.1 108.1 107.7 107.9 1/77 2/77 3/77 +5 • 115 -5 • 105 -6 0 +6 +12 +18 +24 Months from reference troughs 108 • 100 SERIES 917 1967=100 -10.2 106.2 0 917. Money and financial flows, composite index mi Percent +20 • 120 3/76 13 14 15 16 -9.0 -8.8 -9.0 -8.5 107.6 107.9 107.7 108.3 4/76 5/76 6/76 7/76 17 18 19 20 -8.2 -8.1 -6.8 -6.3 108.6 108.7 110.3 110.9 8/76 9/76 10/76 11/76 21 22 23 24 -5.2 -5.8 -7.7 -8.7 112.1 111.4 109.2 108.0 12/76 1/77 2/77 3/77 +15 H15 +10 MONTHS DEVIFROM ATIONS CURRENT MONTH AND REF. FROM ACTUAL TROUGH DATA YEAR 2/75 13 14 15 16 -10 -12 95 9130 12 -Ms 3/76 13 14 15 16 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND TROUGH 11/73 DATA YEAR Percent —1+10 SERIES 916 1967=100 3.8 108.3 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 7/76 8/76 9/76 10/76 21 22 23 24 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 +5 • 105 ' 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' 4/72" 6/69 4/72 4/72* 8/68 1/77 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 . . 119 35 71 2/76 94 213 917 34 41 12 71 79 59 1/77 9/76* 11/76 311 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* 93 34 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 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 Charts 110 Tables Series Historical descriptions data (issue date) issue date) 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 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 11/73 5/69* 5/69* Implicit price deflator GNP Implicit price deflator, GNP, percent changes Imports-See Foreign trade and International transactions. Income Compensation, average hourly, all employees, nonfarm business sector Compensation, average hourly, all employees, nonfarm business sector, percent changes Compensation of employees Compensation of employees, pet. of nat'l. income .... Compensation, real average hourly, all employees, nonfarm business sector Compensation, real average hourly, all employees, nonfarm business sector, percent changes Consumer installment debt, ratio to personal income . . Corporate 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* 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* 341 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. 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 10/76 10/76 10/76* 11/76 10/76 69 25 66 2/77 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. 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 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) 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 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* 10/69* 292 293 614 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 6/69* 976 978 977 525 109 39 39 39 54 36 75 75 75 89 72 3/76* 3/76* 3/76* 9/75* 12/76 88 26 66 Mil S Salaries-See Compensation. Sales Final sales, constant dollars Machinery and equipment sales and business construction expenditures Manufacturing and trade sales, constant dollars Manufacturing and trade sales, current dollars Manufacturing and trade sales, Dl Ratio, inventories to sales, 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* Charts 93 89 249 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 67 114 115 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 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* 4 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* Velocity of money GNP to money supply Ml, ratio Personal income to money supply M2, ratio Vendor performance 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 1/77 112 11/72 10/69* 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. Tables Series Historical data descriptions (issue date) (issue date) U 50 50 51 12 10/69 10/69* 11/68* Current issue (page numbers) Series number T Treasury bill rate Treasury bond yields 358 370 370c 916 R Rental income of persons, with CCA Rental income of persons, with CCA, percent of national income 10/69 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 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) II-C. Labor Force, Employment, and Unemployment (47,81) 292. Personal saving (Q).-Source 1 293. 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 310. 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) 446. Number unemployed, both sexes 16-19 years of age, labor force survey (M).-Sources 2 and 3 (52, 88) 447. 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) 116 512. State and local government expenditures; nationa income and product accounts (Q).-Source 1 (53, 89] 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] 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 II-E. U.S. International Transactions 602. Exports, excluding (M).-Source2 military aid shipments, tota (55,90 604. 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*